-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VfuyeXYGius24O8UKhmRZZAwWXgfLfaqM2KjqRujN6IRzU6YXkl+FmrgvoyIAHz6 lr+7HypQ71Hgyye1HUNR+A== 0000315700-07-000030.txt : 20071231 0000315700-07-000030.hdr.sgml : 20071231 20071231111345 ACCESSION NUMBER: 0000315700-07-000030 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071031 FILED AS OF DATE: 20071231 DATE AS OF CHANGE: 20071231 EFFECTIVENESS DATE: 20071231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SECURITIES FUND CENTRAL INDEX KEY: 0000754510 IRS NUMBER: 000000000 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04118 FILM NUMBER: 071333605 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391706 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109

0000754510 S000007191 Fidelity OTC Portfolio

C000019679 Fidelity OTC Portfolio FOCPX

0000754510 S000007192 Fidelity Real Estate Income Fund

C000019680 Fidelity Real Estate Income Fund FRIFX

0000754510 S000007193 Fidelity Small Cap Growth Fund

C000019681 Fidelity Small Cap Growth Fund FCPGX

C000019682 Fidelity Advisor Small Cap Growth Fund: Class A FCAGX

C000019683 Fidelity Advisor Small Cap Growth Fund: Class B FCBGX

C000019684 Fidelity Advisor Small Cap Growth Fund: Class C FCCGX

C000019685 Fidelity Advisor Small Cap Growth Fund: Class T FCTGX

C000019686 Fidelity Advisor Small Cap Growth Fund: Institutional Class FCIGX

0000754510 S000007194 Fidelity Small Cap Value Fund

C000019687 Fidelity Small Cap Value Fund FCPVX

C000019688 Fidelity Advisor Small Cap Value Fund: Class A FCVAX

C000019689 Fidelity Advisor Small Cap Value Fund: Class B FCVBX

C000019690 Fidelity Advisor Small Cap Value Fund: Class C FCVCX

C000019691 Fidelity Advisor Small Cap Value Fund: Class T FCVTX

C000019692 Fidelity Advisor Small Cap Value Fund: Institutional Class FCVIX

0000754510 S000007195 Fidelity Blue Chip Growth Fund

C000019693 Fidelity Blue Chip Growth Fund FBGRX

0000754510 S000007196 Fidelity Blue Chip Value Fund

C000019694 Fidelity Blue Chip Value Fund FBCVX

0000754510 S000007197 Fidelity Dividend Growth Fund

C000019695 Fidelity Dividend Growth Fund FDGFX

0000754510 S000007198 Fidelity Growth & Income Portfolio

C000019696 Fidelity Growth & Income Portfolio FGRIX

0000754510 S000007199 Fidelity International Real Estate Fund

C000019697 Fidelity International Real Estate Fund FIREX

C000047149 Fidelity Advisor International Real Estate Fund: Class A

C000047150 Fidelity Advisor International Real Estate Fund: Class B

C000047151 Fidelity Advisor International Real Estate Fund: Class C

C000047152 Fidelity Advisor International Real Estate Fund: Class T

C000047153 Fidelity Advisor International Real Estate Fund: Institutional Class

0000754510 S000007200 Fidelity Leveraged Company Stock Fund

C000019698 Fidelity Leveraged Company Stock Fund FLVCX

0000754510 S000015587 Fidelity Small Cap Opportunities Fund

C000042507 Fidelity Small Cap Opportunities Fund

C000042508 Fidelity Advisor Small Cap Opportunities Fund: Class A

C000042509 Fidelity Advisor Small Cap Opportunities Fund: Class B

C000042510 Fidelity Advisor Small Cap Opportunities Fund: Class C

C000042511 Fidelity Advisor Small Cap Opportunities Fund: Class T

C000042512 Fidelity Advisor Small Cap Opportunities Fund: Institutional Class

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, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Blue Chip Growth Fund

October 31, 2007

BCF-QTLY-1207

1.809076.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.3%
Diversified Consumer Services - 0.0%
Weight Watchers International, Inc.	143,300		$ 7,343
Hotels, Restaurants & Leisure - 3.1%
IHOP Corp. (e)	945,211		59,860
McDonald's Corp.	4,226,500		252,322
Starbucks Corp. (a)	3,717,600		99,186
Yum! Brands, Inc.	4,068,900		163,855
			575,223
Household Durables - 1.3%
Centex Corp.	758,700		19,013
Furniture Brands International, Inc. (d)	1,714,300		20,657
KB Home	1,607,300		44,426
La-Z-Boy, Inc. (d)(e)	4,574,100		36,090
Lennar Corp. Class A	995,900		22,756
Sony Corp. sponsored ADR	1,985,300		98,193
			241,135
Internet & Catalog Retail - 0.9%
Amazon.com, Inc. (a)	1,756,300		156,574
Media - 1.9%
E.W. Scripps Co. Class A	2,194,901		98,792
Interpublic Group of Companies, Inc. (a)(d)	12,213,300		126,408
Lamar Advertising Co. Class A (d)	928,800		49,654
Time Warner, Inc.	4,247,100		77,552
			352,406
Specialty Retail - 1.1%
Guess?, Inc.	2,526,300		129,827
J. Crew Group, Inc. (a)	1,827,429		68,346
			198,173
Textiles, Apparel & Luxury Goods - 1.0%
NIKE, Inc. Class B (d)	2,441,100		161,747
Under Armour, Inc. Class A (sub. vtg.) (a)(d)	335,000		20,854
			182,601
TOTAL CONSUMER DISCRETIONARY			1,713,455
CONSUMER STAPLES - 10.8%
Beverages - 3.8%
PepsiCo, Inc.	2,452,462		180,795
The Coca-Cola Co.	8,336,200		514,844
			695,639
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - 2.9%
Kroger Co.	4,686,600		$ 137,739
Metro AG	708,400		64,289
Safeway, Inc.	3,132,000		106,488
Sysco Corp.	4,091,200		140,287
Wal-Mart Stores, Inc.	2,023,655		91,489
			540,292
Food Products - 1.0%
Groupe Danone	677,500		58,434
Nestle SA sponsored ADR	1,037,000		119,774
Tyson Foods, Inc. Class A	86,729		1,370
			179,578
Household Products - 2.3%
Church & Dwight Co., Inc.	1,345,200		63,641
Procter & Gamble Co.	4,146,530		288,267
Reckitt Benckiser Group PLC	1,234,700		71,594
			423,502
Personal Products - 0.8%
Avon Products, Inc.	3,361,400		137,750
TOTAL CONSUMER STAPLES			1,976,761
ENERGY - 9.1%
Energy Equipment & Services - 5.0%
Compagnie Generale de Geophysique SA (a)	161,200		52,817
FMC Technologies, Inc. (a)	867,100		52,572
Fugro NV (Certificaten Van Aandelen) unit	630,900		55,300
GlobalSantaFe Corp.	743,200		60,221
National Oilwell Varco, Inc. (a)	506,700		37,111
Oceaneering International, Inc. (a)	1,198,285		92,591
Schlumberger Ltd. (NY Shares)	4,550,600		439,451
Weatherford International Ltd. (a)	1,875,200		121,719
			911,782
Oil, Gas & Consumable Fuels - 4.1%
Canadian Natural Resources Ltd.	872,900		72,628
Chesapeake Energy Corp.	1,406,600		55,533
Enterprise Products Partners LP	890,900		28,500
Exxon Mobil Corp.	4,884,300		449,307
Newfield Exploration Co. (a)	407,800		21,956
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Sasol Ltd. sponsored ADR	1,713,500		$ 87,149
Southwestern Energy Co. (a)	875,600		45,295
			760,368
TOTAL ENERGY			1,672,150
FINANCIALS - 8.3%
Capital Markets - 2.2%
Charles Schwab Corp.	6,359,900		147,804
Janus Capital Group, Inc.	2,372,300		81,868
T. Rowe Price Group, Inc.	2,583,681		165,976
			395,648
Diversified Financial Services - 1.6%
Bovespa Holding SA (a)	1,650,500		31,434
CME Group, Inc.	270,463		180,196
Deutsche Boerse AG	548,000		86,460
			298,090
Insurance - 3.2%
ACE Ltd.	1,376,400		83,424
AFLAC, Inc.	2,580,400		161,998
AMBAC Financial Group, Inc.	501,100		18,456
American International Group, Inc.	1,692,255		106,815
MBIA, Inc.	461,900		19,880
Principal Financial Group, Inc.	1,732,100		117,211
Prudential Financial, Inc.	843,100		81,545
			589,329
Real Estate Management & Development - 0.1%
GAGFAH SA (d)	785,500		14,794
Thrifts & Mortgage Finance - 1.2%
Fannie Mae	1,966,900		112,192
Freddie Mac	2,060,200		107,604
			219,796
TOTAL FINANCIALS			1,517,657
HEALTH CARE - 13.4%
Biotechnology - 3.8%
Amylin Pharmaceuticals, Inc. (a)(d)	975,500		43,917
Celgene Corp. (a)	2,658,400		175,454
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
CSL Ltd.	3,080,320		$ 104,719
Genentech, Inc. (a)	2,234,100		165,614
Gilead Sciences, Inc. (a)	4,701,200		217,148
			706,852
Health Care Equipment & Supplies - 3.5%
Alcon, Inc.	672,300		102,331
Becton, Dickinson & Co.	3,009,500		251,173
C.R. Bard, Inc.	925,800		77,406
Medtronic, Inc.	4,311,200		204,523
			635,433
Health Care Providers & Services - 0.9%
AMN Healthcare Services, Inc. (a)(e)	2,642,300		50,230
Cross Country Healthcare, Inc. (a)(e)	2,176,037		34,186
UnitedHealth Group, Inc.	1,553,600		76,359
			160,775
Life Sciences Tools & Services - 0.4%
Thermo Fisher Scientific, Inc. (a)	1,305,900		76,800
Pharmaceuticals - 4.8%
Allergan, Inc.	1,738,100		117,461
Merck & Co., Inc.	7,759,800		452,086
Nastech Pharmaceutical Co., Inc. (a)(d)(e)	2,067,400		28,179
Pronova BioPharma ASA	5,609,403		25,818
Schering-Plough Corp.	8,567,700		261,486
			885,030
TOTAL HEALTH CARE			2,464,890
INDUSTRIALS - 7.1%
Aerospace & Defense - 2.2%
Lockheed Martin Corp.	1,793,200		197,324
Raytheon Co.	2,365,100		150,444
United Technologies Corp.	713,200		54,624
			402,392
Electrical Equipment - 0.6%
Renewable Energy Corp. AS (a)(d)	1,728,000		88,066
Vestas Wind Systems AS (a)	339,700		30,308
			118,374
Industrial Conglomerates - 4.3%
3M Co.	3,423,700		295,671
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - continued
General Electric Co.	9,576,900		$ 394,185
Siemens AG sponsored ADR	747,700		101,964
			791,820
TOTAL INDUSTRIALS			1,312,586
INFORMATION TECHNOLOGY - 34.8%
Communications Equipment - 7.3%
Cisco Systems, Inc. (a)	22,167,100		732,841
Motorola, Inc.	6,379,000		119,861
QUALCOMM, Inc.	5,229,400		223,452
Research In Motion Ltd. (a)	2,166,200		269,714
			1,345,868
Computers & Peripherals - 9.3%
Apple, Inc. (a)	3,251,400		617,603
Dell, Inc. (a)	7,190,900		220,042
Hewlett-Packard Co.	7,367,300		380,742
International Business Machines Corp.	4,150,900		482,003
			1,700,390
Electronic Equipment & Instruments - 1.1%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	16,229,680		123,244
Tyco Electronics Ltd.	2,448,125		87,325
			210,569
Internet Software & Services - 3.1%
Google, Inc. Class A (sub. vtg.) (a)	800,200		565,741
IT Services - 3.1%
Accenture Ltd. Class A	2,740,200		107,005
Cognizant Technology Solutions Corp. Class A (a)	1,999,440		82,897
Fidelity National Information Services, Inc.	1,201,900		55,432
Gartner, Inc. Class A (a)	1,127,767		24,698
Infosys Technologies Ltd. sponsored ADR (d)	1,463,400		74,546
Satyam Computer Services Ltd. sponsored ADR	2,653,400		80,531
The Western Union Co.	6,435,700		141,843
			566,952
Semiconductors & Semiconductor Equipment - 5.3%
Applied Materials, Inc.	9,092,500		176,576
Broadcom Corp. Class A (a)	3,988,300		129,819
Cypress Semiconductor Corp. (a)	962,800		35,190
Intel Corp.	17,038,740		458,342
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Maxim Integrated Products, Inc.	2,689,700		$ 72,891
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	9,055,478		96,441
			969,259
Software - 5.6%
Intuit, Inc. (a)(d)	3,838,200		123,475
Microsoft Corp.	8,375,500		308,302
Oracle Corp. (a)	13,716,900		304,104
Synopsys, Inc. (a)	2,207,200		62,375
Take-Two Interactive Software, Inc. (a)(d)	3,536,700		66,419
Ubisoft Entertainment SA (a)	419,600		34,463
VMware, Inc. Class A	1,111,500		138,749
			1,037,887
TOTAL INFORMATION TECHNOLOGY			6,396,666
MATERIALS - 3.8%
Chemicals - 2.1%
Monsanto Co.	2,632,000		256,962
Praxair, Inc.	840,300		71,829
Syngenta AG sponsored ADR	1,187,100		57,539
			386,330
Metals & Mining - 1.7%
ArcelorMittal SA (NY Shares) Class A	1,225,100		97,947
BHP Billiton Ltd. sponsored ADR (d)	1,670,000		145,724
Freeport-McMoRan Copper & Gold, Inc. Class B	583,200		68,631
			312,302
TOTAL MATERIALS			698,632
TELECOMMUNICATION SERVICES - 1.5%
Diversified Telecommunication Services - 1.5%
AT&T, Inc.	3,195,400		133,536
Verizon Communications, Inc.	3,167,000		145,904
			279,440
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 1.3%
Electric Utilities - 1.3%
E.ON AG sponsored ADR	1,820,900		$ 118,541
Electricite de France	1,003,300		120,342
			238,883
TOTAL COMMON STOCKS (Cost $14,154,916)		18,271,120
Money Market Funds - 2.4%

Fidelity Cash Central Fund, 4.97% (b)	160,319,873		160,320
Fidelity Securities Lending Cash Central Fund, 5.02% (b)(c)	283,532,226		283,532
TOTAL MONEY MARKET FUNDS (Cost $443,852)		443,852
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $14,598,768)			18,714,972
NET OTHER ASSETS - (1.8)%			(336,092)
NET ASSETS - 100%		$ 18,378,880

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

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	$ 731
Fidelity Securities Lending Cash Central Fund	1,155
Total	$ 1,886

Other Affiliated Issuers

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

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
AMN Healthcare Services, Inc.	$ 69,129	$ -	$ 10,653	$ -	$ 50,230
Cross Country Healthcare, Inc.	50,352	-	14,747	-	34,186
IHOP Corp.	24,601	36,368	-	236	59,860
La-Z-Boy, Inc.	45,787	-	-	549	36,090
Nastech Pharmaceutical Co., Inc.	26,132	-	-	-	28,179
Total	$ 216,001	$ 36,368	$ 25,400	$ 785	$ 208,545

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $14,632,914,000. Net unrealized appreciation aggregated $4,082,058,000, of which $4,433,889,000 related to appreciated investment securities and $351,831,000 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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Blue Chip Value Fund

October 31, 2007

BCV-QTLY-1207

1.809087.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value
CONSUMER DISCRETIONARY - 6.9%
Automobiles - 0.5%
General Motors Corp. (d)	46,900		$ 1,838,011
Renault SA	13,000		2,182,907
			4,020,918
Hotels, Restaurants & Leisure - 0.4%
McDonald's Corp.	50,000		2,985,000
Household Durables - 1.4%
Bassett Furniture Industries, Inc.	39,800		422,278
Beazer Homes USA, Inc. (d)	62,100		697,383
KB Home	246,800		6,821,552
Standard Pacific Corp. (d)	217,838		1,045,622
Whirlpool Corp.	15,200		1,203,536
			10,190,371
Leisure Equipment & Products - 0.7%
Brunswick Corp.	52,400		1,169,044
Eastman Kodak Co.	73,500		2,106,510
Mattel, Inc.	82,400		1,721,336
			4,996,890
Media - 1.5%
News Corp. Class A	130,200		2,821,434
Regal Entertainment Group Class A	90,600		2,044,842
Time Warner, Inc.	353,800		6,460,388
			11,326,664
Multiline Retail - 0.6%
Retail Ventures, Inc. (a)	69,100		599,097
Sears Holdings Corp. (a)	24,400		3,288,876
Tuesday Morning Corp.	28,500		217,170
			4,105,143
Specialty Retail - 1.6%
Advance Auto Parts, Inc.	49,200		1,678,704
Home Depot, Inc.	51,200		1,613,312
PetSmart, Inc.	60,300		1,805,985
Ross Stores, Inc.	92,500		2,499,350
Staples, Inc.	113,500		2,649,090
Williams-Sonoma, Inc.	61,300		1,927,272
			12,173,713
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - 0.2%
Liz Claiborne, Inc.	56,100		$ 1,597,167
TOTAL CONSUMER DISCRETIONARY			51,395,866
CONSUMER STAPLES - 6.5%
Food & Staples Retailing - 0.8%
Rite Aid Corp. (a)	382,900		1,497,139
SUPERVALU, Inc.	52,200		2,022,750
Winn-Dixie Stores, Inc. (a)	98,862		2,337,098
			5,856,987
Food Products - 1.7%
Cermaq ASA	94,400		1,446,828
Chiquita Brands International, Inc. (a)	84,900		1,591,875
Marine Harvest ASA (a)	2,175,000		2,204,789
Nestle SA (Reg.)	16,469		7,608,678
			12,852,170
Household Products - 2.4%
Central Garden & Pet Co. Class A (non-vtg.) (a)	141,200		1,174,784
Procter & Gamble Co.	245,800		17,088,016
			18,262,800
Tobacco - 1.6%
Altria Group, Inc.	81,300		5,929,209
British American Tobacco PLC sponsored ADR	76,700		5,881,356
			11,810,565
TOTAL CONSUMER STAPLES			48,782,522
ENERGY - 16.1%
Energy Equipment & Services - 2.3%
Expro International Group PLC	73,000		1,856,155
Exterran Holdings, Inc. (a)	16,835		1,417,507
National Oilwell Varco, Inc. (a)	86,514		6,336,285
Smith International, Inc.	46,100		3,044,905
Transocean, Inc. (a)	36,200		4,321,194
			16,976,046
Oil, Gas & Consumable Fuels - 13.8%
Chesapeake Energy Corp.	58,700		2,317,476
ConocoPhillips (d)	377,600		32,080,896
CONSOL Energy, Inc.	70,600		3,988,900
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
EnCana Corp.	29,300		$ 2,051,186
EOG Resources, Inc.	97,000		8,594,200
EXCO Resources, Inc. (a)	83,600		1,411,168
Exxon Mobil Corp.	215,000		19,777,850
Occidental Petroleum Corp.	138,400		9,556,520
Quicksilver Resources, Inc. (a)	53,650		3,058,050
Suncor Energy, Inc.	30,200		3,308,822
Ultra Petroleum Corp. (a)	97,200		6,887,592
Uranium One, Inc. (a)	85,700		952,121
Valero Energy Corp.	127,800		9,000,954
			102,985,735
TOTAL ENERGY			119,961,781
FINANCIALS - 30.4%
Capital Markets - 4.5%
Ares Capital Corp.	84,900		1,412,736
Bear Stearns Companies, Inc.	34,400		3,907,840
Charles Schwab Corp.	69,732		1,620,572
Franklin Resources, Inc.	17,500		2,269,400
Goldman Sachs Group, Inc.	15,300		3,793,176
Julius Baer Holding AG (Bearer)	27,992		2,421,478
KKR Private Equity Investors, LP	116,179		2,300,344
KKR Private Equity Investors, LP Restricted Depositary Units (e)	7,700		152,460
Legg Mason, Inc.	25,100		2,081,794
Lehman Brothers Holdings, Inc.	111,900		7,087,746
State Street Corp.	81,744		6,520,719
			33,568,265
Commercial Banks - 2.6%
Associated Banc-Corp.	51,037		1,472,928
DnB Nor ASA	124,200		2,048,206
HSBC Holdings PLC sponsored ADR	33,300		3,314,016
Mizuho Financial Group, Inc.	173		972,548
Siam City Bank PCL NVDR	2,289,200		1,192,858
Sterling Financial Corp., Washington	56,400		1,269,000
Unicredito Italiano SpA	219,300		1,874,559
Wachovia Corp.	160,042		7,318,721
			19,462,836
Consumer Finance - 0.2%
Discover Financial Services	67,600		1,304,680
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 11.0%
Bank of America Corp.	678,716		$ 32,768,408
Citigroup, Inc.	713,100		29,878,890
JPMorgan Chase & Co.	417,152		19,606,144
			82,253,442
Insurance - 8.2%
ACE Ltd.	96,980		5,877,958
Admiral Group PLC	56,800		1,217,508
AMBAC Financial Group, Inc.	70,815		2,608,116
American International Group, Inc.	415,500		26,226,360
Argo Group International Holdings, Ltd. (a)	42,988		1,831,719
Assurant, Inc.	39,400		2,302,536
Hartford Financial Services Group, Inc.	52,100		5,055,263
IPC Holdings Ltd.	146,232		4,373,799
Max Capital Group Ltd.	87,591		2,477,949
Montpelier Re Holdings Ltd.	127,100		2,275,090
Platinum Underwriters Holdings Ltd.	100,770		3,627,720
Principal Financial Group, Inc.	45,000		3,045,150
			60,919,168
Real Estate Investment Trusts - 1.1%
Alexandria Real Estate Equities, Inc.	23,400		2,413,476
Annaly Capital Management, Inc.	159,600		2,727,564
General Growth Properties, Inc.	28,800		1,565,568
Home Properties, Inc.	32,000		1,645,440
			8,352,048
Real Estate Management & Development - 0.2%
CB Richard Ellis Group, Inc. Class A (a)	55,700		1,357,966
Thrifts & Mortgage Finance - 2.6%
BankUnited Financial Corp. Class A (d)	125,047		1,079,156
Countrywide Financial Corp.	157,300		2,441,296
Fannie Mae	173,940		9,921,538
FirstFed Financial Corp. (a)(d)	33,300		1,424,574
New York Community Bancorp, Inc.	112,500		2,093,625
Washington Federal, Inc.	86,336		2,085,878
			19,046,067
TOTAL FINANCIALS			226,264,472
Common Stocks - continued
	Shares		Value
HEALTH CARE - 6.5%
Biotechnology - 1.7%
Amgen, Inc. (a)	147,200		$ 8,553,792
Biogen Idec, Inc. (a)	24,300		1,808,892
Cephalon, Inc. (a)	20,500		1,511,670
PDL BioPharma, Inc. (a)	46,200		979,440
			12,853,794
Health Care Equipment & Supplies - 1.6%
Becton, Dickinson & Co.	35,100		2,929,446
C.R. Bard, Inc.	28,200		2,357,802
Covidien Ltd.	59,585		2,478,736
Medtronic, Inc.	86,500		4,103,560
			11,869,544
Health Care Providers & Services - 0.3%
Brookdale Senior Living, Inc.	49,200		1,814,988
Life Sciences Tools & Services - 0.2%
Thermo Fisher Scientific, Inc. (a)	29,600		1,740,776
Pharmaceuticals - 2.7%
Johnson & Johnson	108,000		7,038,360
Merck & Co., Inc.	194,600		11,337,396
Wyeth	31,200		1,517,256
			19,893,012
TOTAL HEALTH CARE			48,172,114
INDUSTRIALS - 10.7%
Aerospace & Defense - 3.5%
General Dynamics Corp.	94,700		8,613,912
Honeywell International, Inc.	110,860		6,697,053
Raytheon Co.	39,500		2,512,595
United Technologies Corp.	108,700		8,325,333
			26,148,893
Air Freight & Logistics - 0.3%
United Parcel Service, Inc. Class B	33,300		2,500,830
Airlines - 0.3%
Delta Air Lines, Inc. (a)	60,900		1,266,720
US Airways Group, Inc. (a)	26,200		724,692
			1,991,412
Building Products - 0.1%
Masco Corp.	43,800		1,054,704
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - 0.9%
Allied Waste Industries, Inc. (a)	207,300		$ 2,620,272
Robert Half International, Inc.	45,100		1,357,059
The Brink's Co.	39,700		2,487,205
			6,464,536
Construction & Engineering - 0.3%
Fluor Corp.	11,500		1,817,000
Industrial Conglomerates - 3.9%
General Electric Co.	598,550		24,636,318
Siemens AG sponsored ADR	32,200		4,391,114
			29,027,432
Machinery - 0.9%
Bucyrus International, Inc. Class A	31,400		2,590,500
Oshkosh Truck Co.	37,700		2,043,340
Sulzer AG (Reg.)	1,185		1,900,829
			6,534,669
Road & Rail - 0.5%
Knight Transportation, Inc.	112,100		1,790,237
Ryder System, Inc.	44,700		2,138,895
			3,929,132
TOTAL INDUSTRIALS			79,468,608
INFORMATION TECHNOLOGY - 6.3%
Communications Equipment - 1.0%
Alcatel-Lucent SA sponsored ADR	147,300		1,427,337
Comverse Technology, Inc. (a)	68,700		1,320,414
Motorola, Inc.	253,400		4,761,386
			7,509,137
Computers & Peripherals - 2.6%
Hewlett-Packard Co.	189,100		9,772,688
International Business Machines Corp.	45,800		5,318,296
NCR Corp. (a)	75,000		2,069,250
Sun Microsystems, Inc. (a)	435,600		2,487,276
			19,647,510
Electronic Equipment & Instruments - 1.1%
Agilent Technologies, Inc. (a)	54,200		1,997,270
Amphenol Corp. Class A	9,400		416,138
Flextronics International Ltd. (a)	138,100		1,700,011
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Motech Industries, Inc.	191,713		$ 2,012,114
Tyco Electronics Ltd.	59,585		2,125,397
			8,250,930
Internet Software & Services - 0.2%
VeriSign, Inc. (a)	50,000		1,704,500
IT Services - 0.5%
The Western Union Co.	88,600		1,952,744
Unisys Corp. (a)	255,300		1,552,224
			3,504,968
Semiconductors & Semiconductor Equipment - 0.9%
Analog Devices, Inc.	33,800		1,130,948
Applied Materials, Inc.	69,000		1,339,980
Maxim Integrated Products, Inc.	61,000		1,653,100
Novellus Systems, Inc. (a)	55,400		1,573,914
ON Semiconductor Corp. (a)	23,100		235,620
Volterra Semiconductor Corp. (a)	56,900		699,301
			6,632,863
TOTAL INFORMATION TECHNOLOGY			47,249,908
MATERIALS - 4.2%
Chemicals - 1.2%
Agrium, Inc.	63,700		4,047,871
Albemarle Corp.	45,290		2,163,050
Chemtura Corp.	93,500		871,420
Ecolab, Inc.	36,900		1,740,573
			8,822,914
Metals & Mining - 3.0%
Alcoa, Inc.	118,200		4,679,538
Allegheny Technologies, Inc.	11,900		1,215,823
ArcelorMittal SA (NY Shares) Class A	37,800		3,022,110
Carpenter Technology Corp.	15,900		2,304,069
Freeport-McMoRan Copper & Gold, Inc. Class B	31,900		3,753,992
Goldcorp, Inc.	36,000		1,266,977
Lihir Gold Ltd. (a)	468,599		1,860,394
Newcrest Mining Ltd.	60,681		1,849,764
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Randgold Resources Ltd. sponsored ADR	31,300		$ 1,124,922
Reliance Steel & Aluminum Co.	28,000		1,633,800
			22,711,389
TOTAL MATERIALS			31,534,303
TELECOMMUNICATION SERVICES - 7.0%
Diversified Telecommunication Services - 6.6%
AT&T, Inc.	898,910		37,565,449
Cincinnati Bell, Inc. (a)	308,800		1,673,696
Verizon Communications, Inc.	212,900		9,808,303
			49,047,448
Wireless Telecommunication Services - 0.4%
American Tower Corp. Class A (a)	35,200		1,555,136
Sprint Nextel Corp.	80,300		1,373,130
			2,928,266
TOTAL TELECOMMUNICATION SERVICES			51,975,714
UTILITIES - 5.3%
Electric Utilities - 2.1%
E.ON AG sponsored ADR	32,100		2,089,710
Entergy Corp.	53,400		6,401,058
PPL Corp.	84,800		4,384,160
Reliant Energy, Inc. (a)	114,000		3,137,280
			16,012,208
Independent Power Producers & Energy Traders - 1.8%
AES Corp. (a)	104,300		2,233,063
Constellation Energy Group, Inc.	80,100		7,585,470
NRG Energy, Inc. (a)	73,400		3,351,444
			13,169,977
Multi-Utilities - 1.4%
CMS Energy Corp.	62,300		1,057,231
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - continued
Public Service Enterprise Group, Inc.	71,100		$ 6,797,160
Sempra Energy	37,200		2,288,172
			10,142,563
TOTAL UTILITIES			39,324,748
TOTAL COMMON STOCKS (Cost $678,787,042)		744,130,036
Money Market Funds - 3.2%

Fidelity Securities Lending Cash Central Fund, 5.02% (b)(c) (Cost $23,730,500)	23,730,500		23,730,500
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $702,517,542)			767,860,536
NET OTHER ASSETS - (3.1)%			(22,879,703)
NET ASSETS - 100%		$ 744,980,833

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 $152,460 or 0.0% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 34,590
Fidelity Securities Lending Cash Central Fund	27,526
Total	$ 62,116

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $703,880,461. Net unrealized appreciation aggregated $63,980,075, of which $107,294,971 related to appreciated investment securities and $43,314,896 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Dividend Growth Fund

October 31, 2007

DGF-QTLY-1207

1.809095.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.5%
Automobiles - 0.2%
Ford Motor Co. (a)	3,415,974		$ 30,300
Media - 6.5%
Clear Channel Communications, Inc.	12,381,398		467,645
News Corp. Class A	1,085,800		23,529
Omnicom Group, Inc.	1,130,118		57,613
Time Warner, Inc.	28,087,800		512,883
			1,061,670
Multiline Retail - 1.2%
Kohl's Corp. (a)	1,080,900		59,417
Target Corp.	2,212,025		135,730
			195,147
Specialty Retail - 2.6%
Gap, Inc.	2,502,200		47,292
Home Depot, Inc.	10,209,368		321,697
Staples, Inc.	2,527,682		58,996
			427,985
TOTAL CONSUMER DISCRETIONARY			1,715,102
CONSUMER STAPLES - 4.5%
Food & Staples Retailing - 3.4%
CVS Caremark Corp.	6,315,900		263,815
Wal-Mart Stores, Inc.	6,447,847		291,507
			555,322
Household Products - 0.9%
Kimberly-Clark Corp.	496,700		35,211
Procter & Gamble Co.	1,532,400		106,532
			141,743
Tobacco - 0.2%
Altria Group, Inc.	438,800		32,002
TOTAL CONSUMER STAPLES			729,067
ENERGY - 5.7%
Energy Equipment & Services - 2.5%
Diamond Offshore Drilling, Inc. (d)	1,602,500		181,451
GlobalSantaFe Corp.	2,255,429		182,757
Halliburton Co. (d)	1,044,800		41,186
			405,394
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - 3.2%
Chesapeake Energy Corp.	1,918,200		$ 75,731
ConocoPhillips	2,145,525		182,284
EOG Resources, Inc.	288,200		25,535
Marathon Oil Corp.	289,700		17,130
Quicksilver Resources, Inc. (a)	476,900		27,183
Ultra Petroleum Corp. (a)	834,300		59,118
Valero Energy Corp.	1,477,945		104,092
XTO Energy, Inc.	367,900		24,421
			515,494
TOTAL ENERGY			920,888
FINANCIALS - 23.6%
Capital Markets - 1.9%
Bank New York Mellon Corp.	1,629,607		79,606
Franklin Resources, Inc.	200,300		25,975
Goldman Sachs Group, Inc.	332,600		82,458
KKR Private Equity Investors, LP	605,700		11,993
KKR Private Equity Investors, LP Restricted Depositary Units (e)	2,296,400		45,469
Merrill Lynch & Co., Inc.	117,900		7,784
State Street Corp.	641,200		51,149
			304,434
Commercial Banks - 3.2%
PNC Financial Services Group, Inc.	4,095,707		295,546
U.S. Bancorp, Delaware	683,900		22,678
Wachovia Corp.	4,223,771		193,153
Wells Fargo & Co.	74,200		2,524
			513,901
Consumer Finance - 0.7%
American Express Co.	1,980,400		120,705
Diversified Financial Services - 6.9%
Bank of America Corp.	16,003,503		772,649
Citigroup, Inc.	8,308,995		348,147
			1,120,796
Insurance - 10.8%
ACE Ltd.	897,500		54,397
AFLAC, Inc.	290,600		18,244
AMBAC Financial Group, Inc.	488,300		17,984
American International Group, Inc.	15,267,600		963,691
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
Genworth Financial, Inc. Class A (non-vtg.)	1,058,400		$ 28,894
Hartford Financial Services Group, Inc.	4,306,720		417,881
MBIA, Inc. (d)	849,100		36,545
MetLife, Inc.	2,082,400		143,373
The Chubb Corp.	1,443,400		77,005
			1,758,014
Thrifts & Mortgage Finance - 0.1%
Fannie Mae	254,433		14,513
TOTAL FINANCIALS			3,832,363
HEALTH CARE - 19.7%
Biotechnology - 0.4%
Amgen, Inc. (a)	1,023,424		59,471
Health Care Equipment & Supplies - 0.3%
Medtronic, Inc.	904,100		42,891
Health Care Providers & Services - 7.2%
Cardinal Health, Inc. (d)	17,341,770		1,179,764
UnitedHealth Group, Inc.	39,200		1,927
			1,181,691
Pharmaceuticals - 11.8%
Johnson & Johnson (d)	15,154,232		987,601
Merck & Co., Inc.	4,299,005		250,460
Schering-Plough Corp.	5,039,430		153,803
Wyeth	11,024,260		536,110
			1,927,974
TOTAL HEALTH CARE			3,212,027
INDUSTRIALS - 6.7%
Aerospace & Defense - 1.7%
General Dynamics Corp.	599,455		54,526
Honeywell International, Inc.	1,840,200		111,166
Raytheon Co.	1,673,900		106,477
			272,169
Air Freight & Logistics - 0.3%
United Parcel Service, Inc. Class B	703,190		52,810
Electrical Equipment - 0.4%
Cooper Industries Ltd. Class A	1,385,133		72,567
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - 3.4%
3M Co.	229,800		$ 19,846
General Electric Co.	12,135,385		499,492
Tyco International Ltd.	836,772		34,450
			553,788
Machinery - 0.9%
Illinois Tool Works, Inc.	1,787,974		102,379
Ingersoll-Rand Co. Ltd. Class A	831,200		41,851
			144,230
TOTAL INDUSTRIALS			1,095,564
INFORMATION TECHNOLOGY - 20.1%
Communications Equipment - 5.2%
Cisco Systems, Inc. (a)	11,387,100		376,458
Motorola, Inc.	23,415,420		439,976
QUALCOMM, Inc.	712,200		30,432
			846,866
Computers & Peripherals - 4.4%
Dell, Inc. (a)	3,314,630		101,428
EMC Corp. (a)	2,998,300		76,127
Hewlett-Packard Co.	4,942,200		255,413
International Business Machines Corp.	2,440,319		283,370
			716,338
Electronic Equipment & Instruments - 0.4%
Tyco Electronics Ltd.	1,951,972		69,627
IT Services - 1.5%
Accenture Ltd. Class A	3,685,260		143,909
The Western Union Co.	4,769,194		105,113
			249,022
Semiconductors & Semiconductor Equipment - 4.0%
Altera Corp.	294,600		5,780
Analog Devices, Inc.	1,329,400		44,482
Applied Materials, Inc.	4,359,600		84,663
Intel Corp.	11,561,700		311,010
Lam Research Corp. (a)	828,593		41,595
Linear Technology Corp. (d)	2,279,619		75,273
National Semiconductor Corp.	1,172,777		29,484
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	2,558,969		$ 27,253
Texas Instruments, Inc.	694,200		22,631
			642,171
Software - 4.6%
BEA Systems, Inc. (a)	3,976,400		67,201
Microsoft Corp.	12,035,087		443,012
Oracle Corp. (a)	10,968,700		243,176
			753,389
TOTAL INFORMATION TECHNOLOGY			3,277,413
TELECOMMUNICATION SERVICES - 5.8%
Diversified Telecommunication Services - 5.4%
AT&T, Inc.	20,276,884		847,371
Qwest Communications International, Inc. (a)	4,598,257		33,015
			880,386
Wireless Telecommunication Services - 0.4%
Sprint Nextel Corp.	3,337,686		57,074
TOTAL TELECOMMUNICATION SERVICES			937,460
TOTAL COMMON STOCKS (Cost $12,511,635)		15,719,884

Convertible Bonds - 0.4%
	Principal Amount (000s)
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Ford Motor Co. 4.25% 12/15/36	$ 12,030		14,431
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
Qwest Communications International, Inc. 3.5% 11/15/25	36,750		50,109
TOTAL CONVERTIBLE BONDS (Cost $48,780)		64,540

Money Market Funds - 3.9%
	Shares		Value (000s)
Fidelity Cash Central Fund, 4.97% (b)	540,593,199		$ 540,593
Fidelity Securities Lending Cash Central Fund, 5.02% (b)(c)	92,962,450		92,962
TOTAL MONEY MARKET FUNDS (Cost $633,555)		633,555
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $13,193,970)			16,417,979
NET OTHER ASSETS - (0.9)%			(139,523)
NET ASSETS - 100%		$ 16,278,456

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 3,950
Fidelity Securities Lending Cash Central Fund	70
Total	$ 4,020

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $13,206,209,000. Net unrealized appreciation aggregated $3,211,770,000, of which $3,544,976,000 related to appreciated investment securities and $333,206,000 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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth & Income Portfolio

October 31, 2007

GAI-QTLY-1207

1.809089.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 12.2%
Diversified Consumer Services - 0.9%
Apollo Group, Inc. Class A (non-vtg.) (a)	2,500,000		$ 198,150
Hotels, Restaurants & Leisure - 0.8%
Starbucks Corp. (a)(d)	6,100,000		162,748
Household Durables - 2.2%
Centex Corp. (d)	2,000,000		50,120
D.R. Horton, Inc.	7,000,000		88,830
KB Home (d)	3,800,000		105,032
Ryland Group, Inc. (d)(e)	3,700,000		105,191
Standard Pacific Corp. (d)(e)	4,000,000		19,200
Toll Brothers, Inc. (a)(d)	4,900,000		112,259
			480,632
Media - 2.9%
Comcast Corp. Class A (a)	21,700,000		456,785
Focus Media Holding Ltd. ADR (a)(d)	1,200,000		74,400
Grupo Televisa SA de CV (CPO) sponsored ADR	3,700,000		91,945
			623,130
Multiline Retail - 0.6%
Target Corp.	2,100,000		128,856
Specialty Retail - 4.8%
Home Depot, Inc.	18,300,000		576,633
Staples, Inc.	19,000,000		443,460
			1,020,093
TOTAL CONSUMER DISCRETIONARY			2,613,609
CONSUMER STAPLES - 4.6%
Food & Staples Retailing - 0.3%
X5 Retail Group NV GDR (a)(f)	2,000,000		72,000
Food Products - 0.7%
Nestle SA (Reg.)	328,429		151,734
Household Products - 3.6%
Procter & Gamble Co.	11,100,000		771,672
TOTAL CONSUMER STAPLES			995,406
ENERGY - 13.0%
Energy Equipment & Services - 2.9%
National Oilwell Varco, Inc. (a)	1,200,000		87,888
Schlumberger Ltd. (NY Shares)	3,800,000		366,966
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Smith International, Inc.	1,200,000		$ 79,260
Weatherford International Ltd. (a)	1,400,000		90,874
			624,988
Oil, Gas & Consumable Fuels - 10.1%
Canadian Natural Resources Ltd.	3,400,000		282,889
Chesapeake Energy Corp.	6,800,000		268,464
EOG Resources, Inc.	3,300,000		292,380
Occidental Petroleum Corp.	3,300,000		227,865
Petroplus Holdings AG	1,300,000		112,907
Plains Exploration & Production Co. (a)	2,600,000		132,470
Suncor Energy, Inc.	1,100,000		120,520
Ultra Petroleum Corp. (a)	1,860,992		131,870
Valero Energy Corp.	5,500,000		387,365
XTO Energy, Inc.	3,300,000		219,054
			2,175,784
TOTAL ENERGY			2,800,772
FINANCIALS - 33.2%
Capital Markets - 5.2%
AP Alternative Assets, L.P. Restricted Depositary Units (a)(f)	4,454,200		75,098
KKR Private Equity Investors, LP	3,874,500		76,715
KKR Private Equity Investors, LP Restricted Depositary Units (f)	6,842,100		135,474
Lehman Brothers Holdings, Inc.	3,400,000		215,356
Morgan Stanley	2,900,000		195,054
State Street Corp.	2,900,000		231,333
UBS AG (NY Shares)	3,500,000		187,915
			1,116,945
Commercial Banks - 5.7%
Erste Bank AG	1,700,000		137,926
Societe Generale Series A	700,000		117,950
Standard Chartered PLC (United Kingdom)	2,700,000		104,747
Wachovia Corp.	19,000,000		868,870
			1,229,493
Diversified Financial Services - 9.5%
African Bank Investments Ltd.	16,000,000		88,875
Bank of America Corp. (d)	23,500,000		1,134,580
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - continued
JPMorgan Chase & Co.	15,200,000		$ 714,400
Moody's Corp. (d)	2,800,000		122,416
			2,060,271
Insurance - 11.3%
ACE Ltd.	2,400,000		145,464
AFLAC, Inc.	1,900,000		119,282
AMBAC Financial Group, Inc. (d)	4,200,000		154,686
American International Group, Inc. (d)	21,800,000		1,376,016
Hartford Financial Services Group, Inc.	1,600,000		155,248
RenaissanceRe Holdings Ltd.	3,200,000		186,688
The Chubb Corp.	3,100,000		165,385
W.R. Berkley Corp.	4,169,943		125,474
			2,428,243
Thrifts & Mortgage Finance - 1.5%
Countrywide Financial Corp. (d)	13,000,000		201,760
MGIC Investment Corp. (d)(e)	4,688,385		90,767
Radian Group, Inc. (d)	2,500,000		31,475
			324,002
TOTAL FINANCIALS			7,158,954
HEALTH CARE - 12.0%
Biotechnology - 3.6%
Amgen, Inc. (a)	4,300,000		249,873
Celgene Corp. (a)	1,500,000		99,000
Cephalon, Inc. (a)(d)	1,800,000		132,732
Genentech, Inc. (a)	1,900,000		140,847
MannKind Corp. (a)(d)	3,085,144		28,167
MannKind Corp. (a)	414,856		3,788
Vertex Pharmaceuticals, Inc. (a)	3,400,000		109,956
			764,363
Health Care Equipment & Supplies - 0.4%
C.R. Bard, Inc.	1,087,464		90,923
Health Care Providers & Services - 2.3%
Cardinal Health, Inc.	3,300,000		224,499
UnitedHealth Group, Inc.	5,600,000		275,240
			499,739
Life Sciences Tools & Services - 0.6%
Illumina, Inc. (a)(d)	2,400,000		134,760
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - 5.1%
Allergan, Inc.	3,600,000		$ 243,288
Elan Corp. PLC sponsored ADR (a)	7,500,000		178,500
Johnson & Johnson	7,200,000		469,224
Roche Holding AG (participation certificate)	574,751		98,225
Sirtris Pharmaceuticals, Inc. (d)	340,125		5,769
Teva Pharmaceutical Industries Ltd. sponsored ADR (d)	2,400,000		105,624
			1,100,630
TOTAL HEALTH CARE			2,590,415
INDUSTRIALS - 12.0%
Aerospace & Defense - 1.3%
Honeywell International, Inc.	4,700,000		283,927
Commercial Services & Supplies - 1.2%
Robert Half International, Inc. (e)	8,300,000		249,747
Electrical Equipment - 2.1%
Evergreen Solar, Inc. (a)	3,800,000		43,928
Q-Cells AG (a)	700,000		89,145
Renewable Energy Corp. AS (a)	1,400,000		71,350
SolarWorld AG (d)	1,400,000		94,966
Sunpower Corp. Class A (a)	550,000		69,553
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	1,600,000		94,224
			463,166
Industrial Conglomerates - 6.4%
General Electric Co.	33,500,000		1,378,858
Machinery - 1.0%
Illinois Tool Works, Inc.	3,600,000		206,136
TOTAL INDUSTRIALS			2,581,834
INFORMATION TECHNOLOGY - 10.5%
Electronic Equipment & Instruments - 0.4%
Motech Industries, Inc.	8,999,031		94,449
Internet Software & Services - 3.1%
Google, Inc. Class A (sub. vtg.) (a)	800,000		565,600
ValueClick, Inc. (a)	3,500,000		95,165
			660,765
IT Services - 2.1%
Cognizant Technology Solutions Corp. Class A (a)	5,000,000		207,300
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - continued
Infosys Technologies Ltd. sponsored ADR (d)	2,600,000		$ 132,444
Satyam Computer Services Ltd. sponsored ADR	3,700,000		112,295
			452,039
Semiconductors & Semiconductor Equipment - 4.9%
Applied Materials, Inc.	8,000,000		155,360
ARM Holdings PLC	62,000,000		191,418
ASML Holding NV (NY Shares) (a)	2,700,000		94,284
LDK Solar Co. Ltd. Sponsored ADR (d)	1,000,000		39,610
Marvell Technology Group Ltd. (a)	4,500,000		81,135
Maxim Integrated Products, Inc.	3,800,000		102,980
MEMC Electronic Materials, Inc. (a)	1,800,000		131,796
Renesola Ltd. (a)(d)	4,700,000		46,415
Siliconware Precision Industries Co. Ltd. sponsored ADR (d)	4,000,000		46,320
Taiwan Semiconductor Manufacturing Co. Ltd.	86,999,942		171,341
			1,060,659
TOTAL INFORMATION TECHNOLOGY			2,267,912
MATERIALS - 0.7%
Metals & Mining - 0.7%
ArcelorMittal SA (NY Shares) Class A (d)	1,700,000		135,915
TOTAL COMMON STOCKS (Cost $18,469,170)		21,144,817
Money Market Funds - 3.3%

Fidelity Cash Central Fund, 4.97% (b)	64,743,814		64,744
Fidelity Securities Lending Cash Central Fund, 5.02% (b)(c)	651,043,360		651,043
TOTAL MONEY MARKET FUNDS (Cost $715,787)		715,787
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $19,184,957)			21,860,604
NET OTHER ASSETS - (1.5)%			(313,241)
NET ASSETS - 100%		$ 21,547,363

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 $282,572,000 or 1.3% 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	$ 568
Fidelity Securities Lending Cash Central Fund	543
Total	$ 1,111

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Illumina, Inc.	$ 132,153	$ -	$ 27,941	$ -	$ -
MGIC Investment Corp.	180,856	392	-	1,172	90,767
RenaissanceRe Holdings Ltd.	208,806	-	27,115	799	-
Robert Half International, Inc.	305,910	3,125	25,450	900	249,747
Ryland Group, Inc.	106,400	13,164	-	444	105,191
Standard Pacific Corp.	59,240	-	-	160	19,200
Total	$ 993,365	$ 16,681	$ 80,506	$ 3,475	$ 464,905

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $19,199,280,000. Net unrealized appreciation aggregated $2,661,324,000, of which $4,269,891,000 related to appreciated investment securities and $1,608,567,000 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Real Estate Fund

October 31, 2007

IRE-QTLY-1207

1.809077.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%
	Shares		Value
Australia - 19.4%
Aspen Group unit	4,838,506		$ 12,140,531
CFS Retail Property Trust	7,006,178		16,003,190
Charter Hall Group unit	5,839,284		16,658,995
DB RREEF Trust unit	12,645,011		24,770,499
Goodman Group unit	4,901,779		31,774,141
Stockland Corp. Ltd. unit	1,914,290		16,080,752
The GPT Group unit	5,481,129		23,714,647
Westfield Group unit	2,655,771		54,302,201
TOTAL AUSTRALIA			195,444,956
Bermuda - 0.4%
HKC Holdings Ltd.	11,849,000		4,280,483
Brazil - 0.2%
MRV Engenharia e Participacoes SA	109,500		2,277,848
Cayman Islands - 1.8%
New World China Land Ltd. (d)	14,916,200		17,520,190
Finland - 1.4%
Citycon Oyj	2,131,403		13,895,895
France - 5.1%
Fonciere Des Regions	83,900		12,242,951
Unibail-Rodamco	157,017		39,041,187
TOTAL FRANCE			51,284,138
Germany - 4.1%
DIC Asset AG	156,960		5,334,890
IVG Immobilien AG	534,500		24,184,000
Patrizia Immobilien AG (d)	875,100		11,676,851
TOTAL GERMANY			41,195,741
Greece - 2.3%
Babis Vovos International Technical SA (a)	692,830		23,227,287
Hong Kong - 19.2%
Cheung Kong Holdings Ltd.	1,489,000		29,206,993
China Overseas Land & Investment Ltd.	10,436,000		24,979,317
Hong Kong Land Holdings Ltd.	2,937,000		14,626,260
Hysan Development Co. Ltd.	3,558,032		10,750,822
Kerry Properties Ltd.	2,554,911		22,222,898
Link (REIT)	2,966,500		6,730,506
Sino Land Co.	5,134,000		16,093,095
Sun Hung Kai Properties Ltd.	3,626,000		69,295,415
TOTAL HONG KONG			193,905,306
Common Stocks - continued
	Shares		Value
Italy - 0.4%
Immobiliare Grande Distribuzione SpA	1,009,700		$ 3,946,778
Japan - 19.2%
Japan Logistics Fund, Inc.	409		2,932,112
Japan Retail Fund Investment Corp.	433		3,216,167
Joint Corp. (d)	93,000		2,643,178
Mitsubishi Estate Co. Ltd.	2,459,000		73,732,571
Mitsui Fudosan Co. Ltd.	1,224,000		33,868,050
New City Residence Investment Corp.	1,756		8,180,637
Nippon Residential Investment Corp.	2,320		11,735,207
NTT Urban Development Co.	5,951		13,427,499
Sankei Building Co. Ltd.	330,000		3,474,782
Sumitomo Realty & Development Co. Ltd.	907,000		32,019,636
Tokyo Tatemono Co. Ltd.	666,000		8,570,051
TOTAL JAPAN			193,799,890
Netherlands - 0.7%
Eurocommercial Properties NV (Certificaten Van Aandelen) unit	119,172		7,023,662
Philippines - 2.0%
Ayala Land, Inc.	27,356,760		9,449,658
Filinvest Land, Inc.	205,814,000		8,910,313
Vista Land & Lifescapes, Inc.	14,171,000		1,794,830
TOTAL PHILIPPINES			20,154,801
Russia - 0.8%
PIK Group:
GDR (a)	263,600		7,183,100
GDR (Reg. S) unit (a)	25,000		681,250
TOTAL RUSSIA			7,864,350
Singapore - 4.5%
Ascendas Real Estate Investment Trust (A-REIT)	1,400,000		2,524,858
CapitaLand Ltd.	6,582,900		37,064,604
City Developments Ltd.	556,000		6,138,985
TOTAL SINGAPORE			45,728,447
United Kingdom - 13.2%
British Land Co. PLC	2,013,400		45,375,799
Brixton PLC	618,000		4,760,380
Capital & Regional PLC	1,327,000		18,746,721
Derwent London PLC	349,000		12,059,280
Hammerson PLC	435,600		10,070,652
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Land Securities Group PLC	891,700		$ 30,477,933
Songbird Estates PLC Class B	988,200		3,790,584
Unite Group PLC	904,000		7,823,257
TOTAL UNITED KINGDOM			133,104,606
TOTAL COMMON STOCKS (Cost $813,151,608)		954,654,378
Investment Companies - 0.7%

Luxembourg - 0.7%
ProLogis European Properties Fund (Cost $8,230,911)	417,000		6,591,272
Money Market Funds - 8.1%

Fidelity Cash Central Fund, 4.97% (b)	39,260,416		39,260,416
Fidelity Securities Lending Cash Central Fund, 5.02% (b)(c)	42,287,450		42,287,450
TOTAL MONEY MARKET FUNDS (Cost $81,547,866)		81,547,866
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $902,930,385)			1,042,793,516
NET OTHER ASSETS - (3.5)%			(34,860,523)
NET ASSETS - 100%		$ 1,007,932,993

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	$ 172,596
Fidelity Securities Lending Cash Central Fund	111,485
Total	$ 284,081

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $906,187,386. Net unrealized appreciation aggregated $136,606,130, of which $192,097,688 related to appreciated investment securities and $55,491,558 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

October 31, 2007

AIRE-QTLY-1207

1.859110.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%
	Shares		Value
Australia - 19.4%
Aspen Group unit	4,838,506		$ 12,140,531
CFS Retail Property Trust	7,006,178		16,003,190
Charter Hall Group unit	5,839,284		16,658,995
DB RREEF Trust unit	12,645,011		24,770,499
Goodman Group unit	4,901,779		31,774,141
Stockland Corp. Ltd. unit	1,914,290		16,080,752
The GPT Group unit	5,481,129		23,714,647
Westfield Group unit	2,655,771		54,302,201
TOTAL AUSTRALIA			195,444,956
Bermuda - 0.4%
HKC Holdings Ltd.	11,849,000		4,280,483
Brazil - 0.2%
MRV Engenharia e Participacoes SA	109,500		2,277,848
Cayman Islands - 1.8%
New World China Land Ltd. (d)	14,916,200		17,520,190
Finland - 1.4%
Citycon Oyj	2,131,403		13,895,895
France - 5.1%
Fonciere Des Regions	83,900		12,242,951
Unibail-Rodamco	157,017		39,041,187
TOTAL FRANCE			51,284,138
Germany - 4.1%
DIC Asset AG	156,960		5,334,890
IVG Immobilien AG	534,500		24,184,000
Patrizia Immobilien AG (d)	875,100		11,676,851
TOTAL GERMANY			41,195,741
Greece - 2.3%
Babis Vovos International Technical SA (a)	692,830		23,227,287
Hong Kong - 19.2%
Cheung Kong Holdings Ltd.	1,489,000		29,206,993
China Overseas Land & Investment Ltd.	10,436,000		24,979,317
Hong Kong Land Holdings Ltd.	2,937,000		14,626,260
Hysan Development Co. Ltd.	3,558,032		10,750,822
Kerry Properties Ltd.	2,554,911		22,222,898
Link (REIT)	2,966,500		6,730,506
Sino Land Co.	5,134,000		16,093,095
Sun Hung Kai Properties Ltd.	3,626,000		69,295,415
TOTAL HONG KONG			193,905,306
Common Stocks - continued
	Shares		Value
Italy - 0.4%
Immobiliare Grande Distribuzione SpA	1,009,700		$ 3,946,778
Japan - 19.2%
Japan Logistics Fund, Inc.	409		2,932,112
Japan Retail Fund Investment Corp.	433		3,216,167
Joint Corp. (d)	93,000		2,643,178
Mitsubishi Estate Co. Ltd.	2,459,000		73,732,571
Mitsui Fudosan Co. Ltd.	1,224,000		33,868,050
New City Residence Investment Corp.	1,756		8,180,637
Nippon Residential Investment Corp.	2,320		11,735,207
NTT Urban Development Co.	5,951		13,427,499
Sankei Building Co. Ltd.	330,000		3,474,782
Sumitomo Realty & Development Co. Ltd.	907,000		32,019,636
Tokyo Tatemono Co. Ltd.	666,000		8,570,051
TOTAL JAPAN			193,799,890
Netherlands - 0.7%
Eurocommercial Properties NV (Certificaten Van Aandelen) unit	119,172		7,023,662
Philippines - 2.0%
Ayala Land, Inc.	27,356,760		9,449,658
Filinvest Land, Inc.	205,814,000		8,910,313
Vista Land & Lifescapes, Inc.	14,171,000		1,794,830
TOTAL PHILIPPINES			20,154,801
Russia - 0.8%
PIK Group:
GDR (a)	263,600		7,183,100
GDR (Reg. S) unit (a)	25,000		681,250
TOTAL RUSSIA			7,864,350
Singapore - 4.5%
Ascendas Real Estate Investment Trust (A-REIT)	1,400,000		2,524,858
CapitaLand Ltd.	6,582,900		37,064,604
City Developments Ltd.	556,000		6,138,985
TOTAL SINGAPORE			45,728,447
United Kingdom - 13.2%
British Land Co. PLC	2,013,400		45,375,799
Brixton PLC	618,000		4,760,380
Capital & Regional PLC	1,327,000		18,746,721
Derwent London PLC	349,000		12,059,280
Hammerson PLC	435,600		10,070,652
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Land Securities Group PLC	891,700		$ 30,477,933
Songbird Estates PLC Class B	988,200		3,790,584
Unite Group PLC	904,000		7,823,257
TOTAL UNITED KINGDOM			133,104,606
TOTAL COMMON STOCKS (Cost $813,151,608)		954,654,378
Investment Companies - 0.7%

Luxembourg - 0.7%
ProLogis European Properties Fund (Cost $8,230,911)	417,000		6,591,272
Money Market Funds - 8.1%

Fidelity Cash Central Fund, 4.97% (b)	39,260,416		39,260,416
Fidelity Securities Lending Cash Central Fund, 5.02% (b)(c)	42,287,450		42,287,450
TOTAL MONEY MARKET FUNDS (Cost $81,547,866)		81,547,866
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $902,930,385)			1,042,793,516
NET OTHER ASSETS - (3.5)%			(34,860,523)
NET ASSETS - 100%		$ 1,007,932,993

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	$ 172,596
Fidelity Securities Lending Cash Central Fund	111,485
Total	$ 284,081

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® Leveraged Company Stock Fund

October 31, 2007

LSF-QTLY-1207

1.809078.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 7.6%
Auto Components - 0.6%
Delphi Corp. (a)	2,000,000		$ 320
IdleAire Technologies Corp. warrants 12/15/15 (a)(g)	24,470		24
The Goodyear Tire & Rubber Co. (a)(e)	564,063		17,006
TRW Automotive Holdings Corp. (a)	622,000		18,467
WABCO Holdings, Inc.	211,533		10,750
			46,567
Automobiles - 0.2%
Ford Motor Co. (a)	1,420,000		12,595
Diversified Consumer Services - 3.1%
Carriage Services, Inc. Class A (a)	266,200		2,548
Regis Corp.	132,946		4,467
Service Corp. International (f)	15,606,400		225,825
Stewart Enterprises, Inc. Class A	2,979,752		27,026
			259,866
Hotels, Restaurants & Leisure - 1.0%
Bally Technologies, Inc. (a)(e)	1,152,360		46,475
Six Flags, Inc. (a)(e)	3,295,400		10,677
Station Casinos, Inc.	221,000		19,846
Steak n Shake Co. (a)(e)	659,400		9,990
			86,988
Household Durables - 0.3%
Foamex International, Inc. (a)	590,352		4,841
Lennar Corp. Class A (e)	983,400		22,471
			27,312
Leisure Equipment & Products - 0.2%
Callaway Golf Co.	970,287		16,805
Media - 1.5%
Charter Communications, Inc. Class A (a)(e)	12,399,171		25,666
Cinemark Holdings, Inc. (e)	1,554,497		26,753
GateHouse Media, Inc. (e)	555,500		6,383
Gray Television, Inc.	1,995,535		18,878
Knology, Inc. (a)	113,144		1,900
Liberty Global, Inc.:
Class A (a)	570,854		22,406
Class C (a)	33,815		1,240
Nexstar Broadcasting Group, Inc. Class A (a)	1,040,500		9,812
Virgin Media, Inc.	643,680		14,232
			127,270
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Multiline Retail - 0.2%
The Bon-Ton Stores, Inc. (e)(f)	761,057		$ 13,471
Specialty Retail - 0.5%
Gamestop Corp. Class A (a)	452,000		26,767
The Pep Boys - Manny, Moe & Jack (e)	1,185,692		17,442
			44,209
TOTAL CONSUMER DISCRETIONARY			635,083
CONSUMER STAPLES - 2.3%
Food & Staples Retailing - 1.2%
Koninklijke Ahold NV sponsored ADR	2,484,960		37,399
Kroger Co.	339,300		9,972
SUPERVALU, Inc.	1,347,217		52,205
			99,576
Food Products - 1.1%
Corn Products International, Inc.	994,019		42,286
Dean Foods Co.	989,600		27,481
Interstate Bakeries Corp. (a)(f)	2,911,700		259
Smithfield Foods, Inc. (a)	711,700		20,404
			90,430
Personal Products - 0.0%
Revlon, Inc. Class A (sub. vtg.) (a)	3,694,361		4,249
TOTAL CONSUMER STAPLES			194,255
ENERGY - 36.9%
Energy Equipment & Services - 8.8%
Basic Energy Services, Inc. (a)	249,300		4,934
Exterran Holdings, Inc. (a)(e)(f)	3,932,894		331,150
Grant Prideco, Inc. (a)	2,243,420		110,287
Grey Wolf, Inc. (a)	8,326,600		46,879
Hercules Offshore, Inc. (a)(e)	1,072,822		29,009
Nabors Industries Ltd. (a)	808,800		22,711
Noble Corp.	696,000		36,853
Oil States International, Inc. (a)	270,700		11,692
Parker Drilling Co. (a)	1,200,000		10,128
Petroleum Geo-Services ASA	1,049,100		30,888
Petroleum Geo-Services ASA sponsored ADR	2,244,777		66,333
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Pride International, Inc. (a)	646,100		$ 23,841
Rowan Companies, Inc.	321,100		12,516
			737,221
Oil, Gas & Consumable Fuels - 28.1%
Alpha Natural Resources, Inc. (a)(f)	3,830,295		105,103
Anadarko Petroleum Corp.	340,948		20,123
Arch Coal, Inc.	688,255		28,218
Cabot Oil & Gas Corp.	787,400		31,252
Chesapeake Energy Corp. (e)	4,710,100		185,955
ConocoPhillips	414,631		35,227
Double Hull Tankers, Inc. (f)	2,298,600		35,697
El Paso Corp.	9,622,112		169,926
EOG Resources, Inc.	368,700		32,667
Forest Oil Corp. (a)(f)	4,814,100		233,917
Frontier Oil Corp.	1,583,600		72,513
Frontline Ltd. (NY Shares)	1,810,700		82,206
General Maritime Corp. (f)	3,049,200		85,926
Mariner Energy, Inc. (a)	2,921,653		73,041
Massey Energy Co.	2,557,500		81,022
Nexen, Inc.	1,663,200		56,350
OPTI Canada, Inc. (a)	1,311,300		26,457
Overseas Shipholding Group, Inc. (f)	2,008,500		149,432
Paladin Resources Ltd. (a)(e)	2,042,400		15,901
Peabody Energy Corp.	2,451,813		136,689
Petrohawk Energy Corp. (a)	2,719,148		50,304
Plains Exploration & Production Co. (a)	299,100		15,239
Pogo Producing Co.	304,600		18,142
Range Resources Corp.	3,489,300		156,774
Ship Finance International Ltd.:
(Norway)	53,099		1,405
(NY Shares)	1,275,051		34,911
Stone Energy Corp. (a)	557,646		24,860
Teekay Corp.	3,343,200		187,052
Valero Energy Corp.	1,387,400		97,715
Williams Companies, Inc.	1,784,400		65,113
XTO Energy, Inc.	456,996		30,335
			2,339,472
TOTAL ENERGY			3,076,693
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - 0.9%
Capital Markets - 0.5%
Legg Mason, Inc.	454,000		$ 37,655
Commercial Banks - 0.1%
PNC Financial Services Group, Inc.	157,200		11,344
Insurance - 0.1%
American Financial Group, Inc.	400,550		11,976
Real Estate Management & Development - 0.2%
CB Richard Ellis Group, Inc. Class A (a)	553,200		13,487
TOTAL FINANCIALS			74,462
HEALTH CARE - 2.6%
Biotechnology - 0.0%
Lexicon Pharmaceuticals, Inc. (a)	392,187		1,416
Health Care Equipment & Supplies - 1.1%
Baxter International, Inc.	430,100		25,810
Beckman Coulter, Inc.	354,200		25,084
Covidien Ltd.	631,050		26,252
Hospira, Inc. (a)	361,900		14,957
			92,103
Health Care Providers & Services - 1.4%
Community Health Systems, Inc. (a)	484,500		15,955
DaVita, Inc. (a)	1,389,200		90,562
Rural/Metro Corp. (a)	834,200		2,511
Tenet Healthcare Corp. (a)(e)	1,543,452		5,418
			114,446
Pharmaceuticals - 0.1%
Adams Respiratory Therapeutics, Inc. (a)	207,300		9,109
TOTAL HEALTH CARE			217,074
INDUSTRIALS - 14.6%
Aerospace & Defense - 1.3%
American Science & Engineering, Inc. (e)	314,591		19,014
DRS Technologies, Inc.	138,500		7,955
Teledyne Technologies, Inc. (a)	368,594		19,281
United Technologies Corp.	832,550		63,765
			110,015
Air Freight & Logistics - 0.1%
Park-Ohio Holdings Corp. (a)	179,465		4,284
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Airlines - 1.0%
AirTran Holdings, Inc. (a)(e)	861,500		$ 8,968
AMR Corp. (a)	670,630		16,095
Delta Air Lines, Inc. (a)	2,112,876		43,948
Northwest Airlines Corp. (a)	204,709		3,797
UAL Corp. (a)	280,400		13,431
			86,239
Building Products - 1.6%
American Standard Companies, Inc.	634,600		23,652
Armstrong World Industries, Inc. (a)	120,989		4,962
Goodman Global, Inc. (a)	426,400		10,511
Lennox International, Inc.	130,700		4,666
Owens Corning (a)(e)	3,613,249		83,502
Owens Corning warrants 10/31/13 (a)	406,600		1,733
			129,026
Commercial Services & Supplies - 3.6%
Allied Waste Industries, Inc. (a)	6,312,500		79,790
Cenveo, Inc. (a)(e)(f)	3,848,400		86,897
Deluxe Corp.	355,000		14,321
Interface, Inc. Class A	266,673		5,101
Layne Christensen Co. (a)	261,929		14,914
Republic Services, Inc.	744,750		25,463
The Brink's Co.	244,500		15,318
Waste Management, Inc.	1,494,300		54,378
			296,182
Construction & Engineering - 0.8%
Foster Wheeler Ltd. (a)	447,900		66,401
Great Lakes Dredge & Dock Corp. (a)	429,400		3,843
			70,244
Electrical Equipment - 1.2%
Baldor Electric Co. (e)	404,900		16,326
Belden, Inc.	497,736		29,003
Emerson Electric Co.	389,900		20,380
General Cable Corp. (a)	197,700		14,232
GrafTech International Ltd. (a)	468,960		8,863
Superior Essex, Inc. (a)	321,722		10,697
			99,501
Machinery - 1.9%
Accuride Corp. (a)	1,384,197		14,119
Badger Meter, Inc. (e)	406,854		15,644
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Cummins, Inc.	412,000		$ 49,424
Dover Corp.	542,300		24,946
Eaton Corp.	278,800		25,811
FreightCar America, Inc.	151,247		6,534
Ingersoll-Rand Co. Ltd. Class A	405,600		20,422
Thermadyne Holdings Corp. (a)	64,900		876
Timken Co.	92,800		3,087
			160,863
Marine - 2.4%
Genco Shipping & Trading Ltd.	1,096,400		78,820
Navios Maritime Holdings, Inc. (f)	5,740,486		103,731
OceanFreight, Inc. (f)	740,600		19,730
			202,281
Trading Companies & Distributors - 0.6%
H&E Equipment Services, Inc. (a)	12,900		227
UAP Holding Corp.	846,600		26,947
United Rentals, Inc. (a)	655,600		22,415
			49,589
Transportation Infrastructure - 0.1%
Aegean Marine Petroleum Network, Inc.	215,300		8,821
TOTAL INDUSTRIALS			1,217,045
INFORMATION TECHNOLOGY - 14.7%
Communications Equipment - 0.3%
Motorola, Inc.	1,155,400		21,710
Computers & Peripherals - 1.7%
EMC Corp. (a)	3,501,700		88,908
Seagate Technology	1,230,800		34,265
Sun Microsystems, Inc. (a)	3,927,500		22,426
			145,599
Electronic Equipment & Instruments - 3.5%
Cogent, Inc. (a)(e)	1,966,117		29,040
DDi Corp. (a)	295,899		1,942
Flextronics International Ltd. (a)	13,177,863		162,219
Itron, Inc. (a)	350,800		37,707
Merix Corp. (a)(f)	1,545,123		10,785
TTM Technologies, Inc. (a)	852,523		10,938
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Tyco Electronics Ltd.	631,050		$ 22,510
Viasystems Group, Inc. (a)	775,300		7,055
Viasystems Group, Inc. (h)	625,780		5,695
Vishay Intertechnology, Inc. (a)	450,613		5,673
			293,564
Internet Software & Services - 0.1%
VeriSign, Inc. (a)	194,300		6,624
IT Services - 0.8%
CACI International, Inc. Class A (a)	348,000		18,740
Cognizant Technology Solutions Corp. Class A (a)	56,200		2,330
Global Cash Access Holdings, Inc. (a)	1,435,000		14,336
SAIC, Inc. (e)	1,381,400		27,227
			62,633
Semiconductors & Semiconductor Equipment - 7.3%
Advanced Micro Devices, Inc. (a)(e)	8,842,500		115,660
AMIS Holdings, Inc. (a)(f)	4,524,524		34,703
Amkor Technology, Inc. (a)(e)(f)	12,599,836		142,756
Atmel Corp. (a)	5,381,223		26,314
Cypress Semiconductor Corp. (a)	751,200		27,456
Fairchild Semiconductor International, Inc. (a)	200,000		3,650
Infineon Technologies AG sponsored ADR (a)	1,211,200		17,780
Intel Corp.	1,361,300		36,619
Micron Technology, Inc. (a)(e)	1,361,300		14,307
ON Semiconductor Corp. (a)(e)(f)	17,876,600		182,341
Skyworks Solutions, Inc. (a)	1,112,647		10,259
			611,845
Software - 1.0%
Autodesk, Inc. (a)	491,900		24,054
Sybase, Inc. (a)(e)	396,100		11,328
Symantec Corp. (a)(e)	2,549,400		47,878
			83,260
TOTAL INFORMATION TECHNOLOGY			1,225,235
MATERIALS - 14.3%
Chemicals - 5.2%
Agrium, Inc.	344,200		21,872
Albemarle Corp.	1,113,706		53,191
Arch Chemicals, Inc.	648,542		29,586
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Celanese Corp. Class A	4,293,100		$ 180,138
Georgia Gulf Corp. (e)	609,840		7,379
H.B. Fuller Co.	2,983,010		87,790
Monsanto Co.	469,600		45,847
Nalco Holding Co.	128,300		3,190
Pliant Corp. (a)	567		0
Texas Petrochemicals, Inc. (a)	11,700		351
			429,344
Containers & Packaging - 1.2%
Owens-Illinois, Inc. (a)	1,263,090		56,106
Smurfit-Stone Container Corp. (a)	3,726,482		45,128
			101,234
Metals & Mining - 6.2%
Freeport-McMoRan Copper & Gold, Inc. Class B	3,821,352		449,694
Ormet Corp. (a)	330,000		5,891
Ormet Corp. (a)(h)	1,075,000		17,270
Reliance Steel & Aluminum Co.	498,683		29,098
United States Steel Corp.	160,000		17,264
			519,217
Paper & Forest Products - 1.7%
AbitibiBowater, Inc. (e)	606,788		20,789
Domtar Corp. (a)	1,901,400		16,314
International Paper Co. (e)	896,100		33,120
Neenah Paper, Inc.	518,300		17,622
Weyerhaeuser Co.	694,300		52,704
			140,549
TOTAL MATERIALS			1,190,344
TELECOMMUNICATION SERVICES - 0.7%
Diversified Telecommunication Services - 0.7%
Level 3 Communications, Inc. (a)	1,000,000		3,030
McLeodUSA, Inc. (a)	1,701,867		25,294
Qwest Communications International, Inc. (a)(e)	3,203,500		23,001
XO Holdings, Inc. (a)	926,500		2,965
			54,290
UTILITIES - 3.6%
Electric Utilities - 0.2%
Allegheny Energy, Inc.	269,300		16,336
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Gas Utilities - 0.2%
ONEOK, Inc.	317,600		$ 15,861
Independent Power Producers & Energy Traders - 2.3%
AES Corp. (a)	6,222,740		133,229
Dynegy, Inc. Class A (a)	1,987,000		18,300
Mirant Corp. (a)	714,500		30,266
NRG Energy, Inc. (a)	137,700		6,287
			188,082
Multi-Utilities - 0.9%
Aquila, Inc. (a)	351,962		1,471
CMS Energy Corp.	4,552,600		77,258
			78,729
TOTAL UTILITIES			299,008
TOTAL COMMON STOCKS (Cost $5,875,853)		8,183,489
Preferred Stocks - 0.3%

Convertible Preferred Stocks - 0.3%
ENERGY - 0.3%
Oil, Gas & Consumable Fuels - 0.3%
EXCO Resources, Inc. Series A1:
11.00% (h)	2,173		21,914
7.00% (h)	527		5,315
			27,229
Nonconvertible Preferred Stocks - 0.0%
MATERIALS - 0.0%
Chemicals - 0.0%
Pliant Corp. Series AA 13.00%	5,008		2,254
TOTAL PREFERRED STOCKS (Cost $29,411)		29,483

Corporate Bonds - 0.4%
	Principal Amount (000s)		Value (000s)
Convertible Bonds - 0.2%
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
ICO North America, Inc. 7.5% 8/15/09 (h)	$ 15,495		$ 16,270
Nonconvertible Bonds - 0.2%
CONSUMER DISCRETIONARY - 0.2%
Auto Components - 0.2%
IdleAire Technologies Corp. 0% 12/15/12 (d)	24,470		13,948
INDUSTRIALS - 0.0%
Airlines - 0.0%
Delta Air Lines, Inc. 8% 12/15/07 (a)(g)	4,145		269
Northwest Airlines, Inc. 9.875% 3/15/07 (a)	7,000		280
			549
TOTAL NONCONVERTIBLE BONDS			14,497
TOTAL CORPORATE BONDS (Cost $38,469)		30,767

Money Market Funds - 6.2%
	Shares
Fidelity Cash Central Fund, 4.97% (b)	55,707,171		55,707
Fidelity Securities Lending Cash Central Fund, 5.02% (b)(c)	459,435,030		459,435
TOTAL MONEY MARKET FUNDS (Cost $515,142)		515,142
Equity Funds - 0.0%

Other - 0.0%
Delta Air Lines ALPA Claim (a) (Cost $789)	64,750,000		4,306
TOTAL INVESTMENT PORTFOLIO - 105.1% (Cost $6,459,664)			8,763,187
NET OTHER ASSETS - (5.1)%			(426,180)
NET ASSETS - 100%		$ 8,337,007

Legend

(a) Non-income producing

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

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

(f) Affiliated company

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $293,000 or 0.0% of net assets.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $66,464,000 or 0.8% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
EXCO Resources, Inc. Series A1, 11.00%	3/28/07	$ 21,730
EXCO Resources, Inc. Series A1, 7.00%	3/28/07	$ 5,270
ICO North America, Inc. 7.5% 8/15/09	8/12/05 - 2/14/07	$ 15,649
Ormet Corp.	2/27/07 - 4/4/07	$ 20,556
Viasystems Group, Inc.	2/13/04	$ 12,594

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	$ 1,762
Fidelity Securities Lending Cash Central Fund	1,071
Total	$ 2,833

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Alpha Natural Resources, Inc.	$ 68,371	$ -	$ -	$ -	$ 105,103
AMIS Holdings, Inc.	46,648	-	-	-	34,703
Amkor Technology, Inc.	155,734	-	-	-	142,756
Cenveo, Inc.	80,855	-	-	-	86,897
Double Hull Tankers, Inc.	40,938	-	-	896	35,697
Exterran Holdings, Inc.	-	34,678	-	-	331,150
Forest Oil Corp.	160,969	34,970	-	-	233,917
Friendly Ice Cream Corp.	6,478	-	6,563	-	-
General Maritime Corp.	84,479	-	5,306	162	85,926
Interstate Bakeries Corp.	5,678	-	-	-	259
Merix Corp.	11,635	-	-	-	10,785
Navios Maritime Holdings, Inc.	73,496	1,727	-	375	103,731
OceanFreight, Inc.	17,693	-	-	289	19,730
ON Semiconductor Corp.	211,301	-	-	-	182,341
Overseas Shipholding Group, Inc.	140,663	13,883	-	567	149,432
Service Corp. International	192,786	-	4,257	477	225,825
The Bon-Ton Stores, Inc.	-	15,705	-	7	13,471
Universal Compression Holdings, Inc.	148,600	-	-	-	-
Total	$ 1,446,324	$ 100,963	$ 16,126	$ 2,773	$ 1,761,723

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $6,460,022,000. Net unrealized appreciation aggregated $2,303,165,000, of which $2,612,578,000 related to appreciated investment securities and $309,413,000 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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® OTC Portfolio

October 31, 2007

OTC-QTLY-1207

1.809071.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 7.5%
Auto Components - 0.1%
Johnson Controls, Inc.	241,600		$ 10,563
Diversified Consumer Services - 0.8%
Apollo Group, Inc. Class A (non-vtg.) (a)	979,700		77,651
Capella Education Co.	90,000		5,580
			83,231
Hotels, Restaurants & Leisure - 1.0%
BJ's Restaurants, Inc. (a)	488,408		9,666
Home Inns & Hotels Management, Inc. ADR (d)	464,200		20,439
Morgans Hotel Group Co. (a)	1,329,300		30,255
Red Robin Gourmet Burgers, Inc. (a)	358,000		14,327
Starbucks Corp. (a)	855,600		22,827
Texas Roadhouse, Inc. Class A (a)	250,000		3,168
			100,682
Household Durables - 0.1%
Garmin Ltd.	127,000		13,640
Internet & Catalog Retail - 1.1%
Amazon.com, Inc. (a)(d)	1,183,300		105,491
Media - 0.8%
Dolan Media Co.	637,739		17,219
EchoStar Communications Corp. Class A (a)	321,000		15,716
Focus Media Holding Ltd. ADR (a)(d)	332,900		20,640
Pyramid Saimira Theatre Ltd.	532,953		3,867
TiVo, Inc. (a)(d)	3,854,075		27,480
			84,922
Multiline Retail - 0.8%
Sears Holdings Corp. (a)(d)	583,500		78,650
Specialty Retail - 0.6%
Gamestop Corp. Class A (a)	667,700		39,541
Staples, Inc.	864,700		20,182
Ulta Salon, Cosmetics & Fragrance, Inc.	9,300		318
			60,041
Textiles, Apparel & Luxury Goods - 2.2%
Crocs, Inc. (a)(d)	382,600		28,599
Deckers Outdoor Corp. (a)(e)	736,500		102,955
Fuqi International, Inc. (a)(d)	223,900		1,845
Gitanjali Gems Ltd.	200,000		2,028
Lululemon Athletica, Inc. (d)	781,900		41,613
Provogue (India) Ltd.	405,999		10,010
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Provogue (India) Ltd. (g)	700,000		$ 15,431
Steven Madden Ltd.	1,000,000		22,290
			224,771
TOTAL CONSUMER DISCRETIONARY			761,991
CONSUMER STAPLES - 1.6%
Food & Staples Retailing - 1.3%
Costco Wholesale Corp.	460,200		30,953
Whole Foods Market, Inc. (d)	1,405,300		69,619
Winn-Dixie Stores, Inc. (a)(d)	1,152,500		27,245
			127,817
Food Products - 0.2%
Green Mountain Coffee Roasters, Inc. (a)(d)	374,000		13,950
SunOpta, Inc. (a)	340,600		5,102
			19,052
Personal Products - 0.1%
Bare Escentuals, Inc.	556,500		13,746
TOTAL CONSUMER STAPLES			160,615
ENERGY - 1.2%
Oil, Gas & Consumable Fuels - 1.2%
China Shenhua Energy Co. Ltd. (H Shares)	500,000		3,222
Hess Corp.	144,900		10,376
Occidental Petroleum Corp.	143,900		9,936
Petronet LNG Ltd.	3,440,000		7,774
Valero Energy Corp.	1,313,500		92,510
			123,818
FINANCIALS - 2.9%
Capital Markets - 2.1%
Ashmore Group plc	1,772,000		10,758
Charles Schwab Corp.	3,504,700		81,449
FCStone Group, Inc.	146,100		5,150
GFI Group, Inc. (a)	178,600		15,417
Goldman Sachs Group, Inc.	132,000		32,725
Lehman Brothers Holdings, Inc.	440,000		27,870
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
T. Rowe Price Group, Inc.	533,800		$ 34,291
TD Ameritrade Holding Corp. (a)	524,400		10,037
			217,697
Commercial Banks - 0.2%
East West Bancorp, Inc.	212,350		7,165
UCBH Holdings, Inc.	603,500		10,302
			17,467
Consumer Finance - 0.3%
Capital One Financial Corp. (d)	467,600		30,670
Diversified Financial Services - 0.1%
Bovespa Holding SA (a)	116,000		2,209
CME Group, Inc.	10,000		6,663
			8,872
Insurance - 0.1%
AMBAC Financial Group, Inc.	296,353		10,915
Real Estate Investment Trusts - 0.0%
SWA REIT Ltd. (a)	154,800		115
Real Estate Management & Development - 0.1%
DLF Ltd.	141,397		3,425
Indiabulls Real Estate Ltd. (a)	475,950		7,976
			11,401
TOTAL FINANCIALS			297,137
HEALTH CARE - 13.5%
Biotechnology - 8.7%
Acadia Pharmaceuticals, Inc. (a)	267,800		4,119
Alexion Pharmaceuticals, Inc. (a)	217,880		16,668
Alkermes, Inc. (a)	1,694,941		27,458
Amgen, Inc. (a)	913,100		53,060
Amylin Pharmaceuticals, Inc. (a)(d)	1,613,800		72,653
Biogen Idec, Inc. (a)	2,320,900		172,768
Celgene Corp. (a)	3,426,492		226,148
Cougar Biotechnology, Inc. (a)	897,698		30,432
CytRx Corp. (a)	1,558,467		5,891
Gilead Sciences, Inc. (a)	2,778,500		128,339
GTx, Inc. (a)	264,100		4,167
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Indevus Pharmaceuticals, Inc. (a)	3,661,361		$ 28,192
Myriad Genetics, Inc. (a)	300,000		16,608
ONYX Pharmaceuticals, Inc. (a)	582,200		27,195
Regeneron Pharmaceuticals, Inc. (a)	1,258,100		27,678
Seattle Genetics, Inc. (a)	377,200		4,530
Transition Therapeutics, Inc. (a)	560,633		6,027
Vertex Pharmaceuticals, Inc. (a)	911,988		29,494
			881,427
Health Care Equipment & Supplies - 1.2%
Accuray, Inc.	538,500		10,824
Cynosure, Inc. Class A (a)	354,700		13,482
Gen-Probe, Inc. (a)	500,500		35,045
Respironics, Inc. (a)	862,100		43,157
Zoll Medical Corp. (a)	811,200		19,842
			122,350
Health Care Providers & Services - 0.9%
athenahealth, Inc.	238,600		9,122
Express Scripts, Inc. (a)	1,090,400		68,804
Henry Schein, Inc. (a)	164,600		9,860
			87,786
Health Care Technology - 0.2%
Cerner Corp. (a)	413,200		24,610
Life Sciences Tools & Services - 1.3%
Affymetrix, Inc. (a)	787,341		20,046
AMAG Pharmaceuticals, Inc.	309,000		20,193
Exelixis, Inc. (a)	553,000		6,083
Illumina, Inc. (a)(d)	1,076,046		60,420
Illumina, Inc.:
warrants 11/22/10 (a)(g)	354,776		4,575
warrants 1/19/11 (a)(g)	452,917		5,870
Medivation, Inc. (a)(d)	578,600		12,087
Sequenom, Inc. (a)(d)	350,000		3,399
			132,673
Pharmaceuticals - 1.2%
Elan Corp. PLC sponsored ADR (a)	2,312,900		55,047
Sepracor, Inc. (a)(d)	2,598,900		71,574
			126,621
TOTAL HEALTH CARE			1,375,467
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 6.7%
Aerospace & Defense - 0.2%
Honeywell International, Inc.	315,800		$ 19,077
Air Freight & Logistics - 0.1%
Expeditors International of Washington, Inc.	103,400		5,237
Airlines - 0.7%
JetBlue Airways Corp. (a)(d)	2,715,775		24,795
UAL Corp. (a)	959,200		45,946
US Airways Group, Inc. (a)	169,370		4,685
			75,426
Commercial Services & Supplies - 0.1%
Corporate Executive Board Co.	161,500		11,507
Construction & Engineering - 1.1%
Fluor Corp.	63,100		9,970
Foster Wheeler Ltd. (a)	183,000		27,130
Great Lakes Dredge & Dock Corp. (a)	1,406,100		12,585
IVRCL Infrastructures & Projects Ltd.	170,000		2,214
Jaiprakash Associates Ltd.	180,000		6,757
KHD Humboldt Wedag International Ltd. (a)	257,200		11,528
Larsen & Toubro Ltd.	130,000		14,213
Washington Group International, Inc. (a)	235,700		22,945
			107,342
Electrical Equipment - 2.6%
ABB Ltd. sponsored ADR	378,800		11,447
American Superconductor Corp. (a)	404,200		10,974
Bharat Heavy Electricals Ltd.	191,762		12,836
Crompton Greaves Ltd.	1,010,000		10,557
First Solar, Inc.	223,100		35,431
JA Solar Holdings Co. Ltd. ADR	1,354,600		78,025
Nexans SA	25,300		4,299
Prysmian SpA	270,300		7,766
Renewable Energy Corp. AS (a)	502,800		25,625
Sunpower Corp. Class A (a)(d)	527,900		66,758
			263,718
Industrial Conglomerates - 0.1%
Siemens India Ltd.	170,000		8,602
Machinery - 1.0%
Bucyrus International, Inc. Class A	162,000		13,365
Force Protection, Inc. (a)(d)	711,100		12,729
Navistar International Corp. (a)	743,200		46,822
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Sulzer AG (Reg.)	3,307		$ 5,305
TurboChef Technologies, Inc. (a)(d)	1,448,094		22,243
			100,464
Marine - 0.5%
DryShips, Inc.	123,800		14,591
Eagle Bulk Shipping, Inc.	709,400		24,183
Genco Shipping & Trading Ltd.	70,200		5,047
Paragon Shipping, Inc. (d)	325,000		8,151
Quintana Maritime Ltd.	150,000		4,193
			56,165
Trading Companies & Distributors - 0.3%
Rush Enterprises, Inc. Class A (a)	259,437		4,397
UAP Holding Corp.	700,000		22,281
			26,678
Transportation Infrastructure - 0.0%
Tianjin Port Development Holdings Ltd.	3,888,000		4,041
TOTAL INDUSTRIALS			678,257
INFORMATION TECHNOLOGY - 65.0%
Communications Equipment - 11.0%
Blue Coat Systems, Inc. (a)	682,000		27,682
Cisco Systems, Inc. (a)	13,474,200		445,457
F5 Networks, Inc. (a)	800,600		28,846
Infinera Corp.	865,142		19,094
Juniper Networks, Inc. (a)	854,987		30,780
Polycom, Inc. (a)	543,300		15,202
QUALCOMM, Inc.	1,725,600		73,735
Research In Motion Ltd. (a)	3,577,866		445,480
Riverbed Technology, Inc.	316,400		10,691
Sonus Networks, Inc. (a)	3,125,883		21,569
			1,118,536
Computers & Peripherals - 13.0%
Apple, Inc. (a)	3,860,100		733,226
Dell, Inc. (a)	5,664,850		173,344
EMC Corp. (a)	2,423,300		61,528
Hewlett-Packard Co.	2,160,500		111,655
High Tech Computer Corp.	1,205,000		24,587
Network Appliance, Inc. (a)	5,158,671		162,447
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
Palm, Inc.	5,013,159		$ 45,219
Rackable Systems, Inc. (a)(d)	1,258,069		17,185
			1,329,191
Electronic Equipment & Instruments - 1.4%
Brightpoint, Inc. (a)	2,099,086		34,005
Comverge, Inc. (d)	260,300		9,163
Hon Hai Precision Industry Co. Ltd. (Foxconn)	7,944,540		60,329
Ibiden Co. Ltd.	209,900		17,796
Motech Industries, Inc.	728,715		7,648
Trimble Navigation Ltd. (a)	354,700		14,791
			143,732
Internet Software & Services - 11.2%
Akamai Technologies, Inc. (a)(d)	1,133,275		44,413
Alibaba.com Ltd. (a)	209,500		676
Blinkx PLC	4,390,080		2,898
eBay, Inc. (a)	1,125,587		40,634
Equinix, Inc. (a)	268,500		31,323
Google, Inc. Class A (sub. vtg.) (a)	1,237,440		874,866
Greenfield Online, Inc. (a)	331,600		5,060
India Infoline Ltd.	210,000		5,948
INFO Edge India Ltd.	210,000		6,512
Mercadolibre, Inc.	693,850		31,001
Visual Sciences, Inc. (a)	933,000		16,981
Yahoo!, Inc. (a)	2,759,216		85,812
			1,146,124
IT Services - 1.7%
Cognizant Technology Solutions Corp. Class A (a)	3,247,350		134,635
Infosys Technologies Ltd. sponsored ADR	719,000		36,626
			171,261
Semiconductors & Semiconductor Equipment - 8.6%
Advanced Micro Devices, Inc. (a)	2,326,400		30,429
Applied Materials, Inc.	1,592,500		30,926
Broadcom Corp. Class A (a)(d)	9,121,550		296,906
Cavium Networks, Inc.	45,415		1,321
Cree, Inc. (a)(d)	1,962,400		54,947
Cypress Semiconductor Corp. (a)	1,385,150		50,627
Hittite Microwave Corp. (a)	155,401		7,809
Intel Corp.	6,162,700		165,777
Manz Automation AG (a)	8,400		1,887
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Marvell Technology Group Ltd. (a)	1,724,900		$ 31,100
Maxim Integrated Products, Inc.	2,022,800		54,818
Omnivision Technologies, Inc. (a)(d)(e)	3,989,948		88,377
PMC-Sierra, Inc. (a)	1,238,096		11,155
Power Integrations, Inc. (a)	413,200		13,441
Silicon Image, Inc. (a)	1,935,895		12,332
Tessera Technologies, Inc. (a)	304,400		11,625
TriQuint Semiconductor, Inc. (a)	831,359		5,213
Veeco Instruments, Inc. (a)	354,200		6,400
			875,090
Software - 18.1%
Activision, Inc. (a)	3,394,500		80,280
Adobe Systems, Inc. (a)	1,468,856		70,358
Ansys, Inc. (a)	81,700		3,171
BladeLogic, Inc.	7,000		215
Callidus Software, Inc. (a)	1,000,000		7,390
Electronic Arts, Inc. (a)	1,694,600		103,574
Gameloft (a)	772,363		7,956
Longtop Financial Technologies Ltd. ADR (a)	319,500		9,074
Microsoft Corp.	9,073,800		334,007
Nintendo Co. Ltd.	1,030,300		647,028
Nintendo Co. Ltd. ADR	3,675,200		288,503
Oracle Corp. (a)	1,637,500		36,303
Perfect World Co. Ltd. sponsored ADR Class B	243,700		8,454
Quest Software, Inc. (a)	1,584,921		27,578
Salesforce.com, Inc. (a)	518,700		29,239
Shanda Interactive Entertainment Ltd. sponsored ADR (a)	1,382,500		54,429
Take-Two Interactive Software, Inc. (a)(d)	2,828,421		53,118
Ubisoft Entertainment SA (a)	202,000		16,591
VMware, Inc. Class A	497,500		62,103
			1,839,371
TOTAL INFORMATION TECHNOLOGY			6,623,305
MATERIALS - 1.5%
Chemicals - 1.0%
Celanese Corp. Class A	380,200		15,953
Monsanto Co.	508,600		49,655
The Mosaic Co. (a)	270,900		18,909
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Uralkali JSC ADR (a)(f)	227,700		$ 5,715
Zoltek Companies, Inc. (a)(d)	221,200		9,788
			100,020
Metals & Mining - 0.5%
Century Aluminum Co. (a)(d)	315,300		18,347
Goldcorp, Inc.	66,800		2,351
Horsehead Holding Corp. (d)	96,900		2,209
Lihir Gold Ltd. sponsored ADR	157,000		6,291
Steel Dynamics, Inc.	243,900		12,980
Sterlite Industries (India) Ltd. ADR (a)	492,700		12,795
			54,973
TOTAL MATERIALS			154,993
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
SBA Communications Corp. Class A (a)	324,000		11,534
UTILITIES - 0.2%
Electric Utilities - 0.2%
Reliance Energy Ltd.	370,000		17,763
Tata Power Co. Ltd.	70,000		2,187
			19,950
TOTAL COMMON STOCKS (Cost $7,269,710)		10,207,067
Money Market Funds - 5.5%

Fidelity Cash Central Fund, 4.97% (b)	72,586,274		72,586
Fidelity Securities Lending Cash Central Fund, 5.02% (b)(c)	487,229,467		487,229
TOTAL MONEY MARKET FUNDS (Cost $559,815)		559,815
Cash Equivalents - 0.2%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements in a joint trading account at 4.54%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Treasury Obligations) # (Cost $24,412)	$ 24,415		$ 24,412
TOTAL INVESTMENT PORTFOLIO - 105.9% (Cost $7,853,937)		10,791,294
NET OTHER ASSETS - (5.9)%			(599,677)
NET ASSETS - 100%		$ 10,191,617

Legend

(a) Non-income producing

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

(e) Affiliated company

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $25,876,000 or 0.3% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Illumina, Inc. warrants 11/22/10	11/21/05	$ 0
Illumina, Inc. warrants 1/19/11	1/18/06	$ 0
Provogue (India) Ltd.	2/21/07	$ 7,157

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

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$24,412,000 due 11/01/07 at 4.54%
Banc of America Securities LLC	$ 13,861
Lehman Brothers, Inc.	10,551
	$ 24,412

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	$ 537
Fidelity Securities Lending Cash Central Fund	1,355
Total	$ 1,892

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Deckers Outdoor Corp.	$ 69,644	$ 5,734	$ -	$ -	$ 102,955
Omnivision Technologies, Inc.	67,769	953	-	-	88,377
Total	$ 137,413	$ 6,687	$ -	$ -	$ 191,332

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $7,880,583,000. Net unrealized appreciation aggregated $2,910,711,000, of which $3,205,651,000 related to appreciated investment securities and $294,940,000 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Real Estate Income Fund

October 31, 2007

REI-QTLY-1207

1.809106.103

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 18.8%
	Shares		Value
CONSUMER DISCRETIONARY - 0.8%
Hotels, Restaurants & Leisure - 0.8%
Red Lion Hotels Corp. (a)	89,500		$ 878,890
Starwood Hotels & Resorts Worldwide, Inc.	44,300		2,518,898
			3,397,788
FINANCIALS - 16.2%
Real Estate Investment Trusts - 16.1%
Acadia Realty Trust (SBI)	92,200		2,443,300
Alexandria Real Estate Equities, Inc.	42,600		4,393,764
AMB Property Corp. (SBI)	10,700		699,245
American Financial Realty Trust (SBI)	57,100		384,854
Annaly Capital Management, Inc.	850,600		14,536,743
Anworth Mortgage Asset Corp.	394,300		2,693,069
AvalonBay Communities, Inc.	25,000		3,066,250
Boston Properties, Inc.	9,500		1,029,230
CaPlease, Inc.	97,000		907,920
Corporate Office Properties Trust (SBI)	6,800		281,044
Cousins Properties, Inc.	25,300		728,387
Cypress Sharpridge Investments, Inc. (c)	399,375		2,995,313
DCT Industrial Trust, Inc.	128,000		1,373,440
Developers Diversified Realty Corp.	52,600		2,651,040
Equity Lifestyle Properties, Inc.	53,430		2,684,323
Equity Residential (SBI)	59,100		2,469,198
Federal Realty Investment Trust (SBI)	5,000		441,100
General Growth Properties, Inc.	54,940		2,986,538
GMH Communities Trust	80,900		597,042
HCP, Inc.	106,600		3,628,664
Host Hotels & Resorts, Inc.	52,949		1,173,350
Inland Real Estate Corp.	196,800		2,932,320
Kilroy Realty Corp.	7,900		513,816
Kimco Realty Corp.	25,200		1,046,304
LaSalle Hotel Properties (SBI)	10,300		425,596
LTC Properties, Inc.	25,000		633,500
MFA Mortgage Investments, Inc.	602,800		5,159,968
National Retail Properties, Inc.	15,000		380,250
Nationwide Health Properties, Inc.	54,600		1,704,612
Newcastle Investment Corp.	110,200		1,636,470
Potlatch Corp.	9,100		433,706
ProLogis Trust	11,966		858,441
Simon Property Group, Inc.	6,804		708,364
UDR, Inc.	34,900		828,526
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Ventas, Inc.	58,800		$ 2,521,932
Vornado Realty Trust	26,700		2,982,924
			74,930,543
Real Estate Management & Development - 0.1%
Meruelo Maddux Properties, Inc.	113,600		546,416
TOTAL FINANCIALS			75,476,959
HEALTH CARE - 1.8%
Health Care Providers & Services - 1.8%
Capital Senior Living Corp. (a)	208,000		1,859,520
Emeritus Corp. (a)	133,900		4,418,700
Sun Healthcare Group, Inc. (a)	130,000		2,099,500
			8,377,720
TOTAL COMMON STOCKS (Cost $74,602,542)		87,252,467
Preferred Stocks - 17.0%

Convertible Preferred Stocks - 0.5%
FINANCIALS - 0.5%
Real Estate Investment Trusts - 0.5%
Annaly Capital Management, Inc. Series B, 6.00%	20,000		670,020
HRPT Properties Trust 6.50%	80,000		1,765,840
Lexington Corporate Properties Trust Series C 6.50%	3,000		126,450
			2,562,310
Nonconvertible Preferred Stocks - 16.5%
FINANCIALS - 16.5%
Diversified Financial Services - 0.5%
DRA CRT Acquisition Corp. Series A, 8.50%	25,000		535,000
Red Lion Hotels Capital Trust 9.50%	77,750		2,002,063
			2,537,063
Insurance - 0.4%
Hilltop Holdings, Inc. Series A, 8.25%	84,200		1,822,930
Real Estate Investment Trusts - 15.1%
Accredited Mortgage Loan Trust Series A, 9.75%	202,295		2,467,999
Alexandria Real Estate Equities, Inc. Series C, 8.375%	65,000		1,651,000
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
American Home Mtg Investment Corp.:
Series A, 9.375%	120,300		$ 51,729
Series B, 9.25%	124,100		31,025
Annaly Capital Management, Inc. Series A, 7.875%	182,900		4,508,485
Anthracite Capital, Inc. Series C, 9.375%	13,200		256,080
Anworth Mortgage Asset Corp. Series A, 8.625%	229,327		5,469,449
Apartment Investment & Management Co.:
Series G, 9.375%	66,600		1,692,306
Series T, 8.00%	57,500		1,420,825
Ashford Hospitality Trust, Inc. Series A, 8.55%	85,000		1,989,850
Cedar Shopping Centers, Inc. 8.875%	70,000		1,802,500
CenterPoint Properties Trust Series D, 5.377%	3,575		3,003,000
Colonial Properties Trust (depositary shares) Series D, 8.125%	28,500		714,210
Cousins Properties, Inc. Series A, 7.75%	71,700		1,781,745
Developers Diversified Realty Corp. (depositary shares) Series G, 8.00%	20,000		503,200
Digital Realty Trust, Inc. Series A, 8.50%	75,000		1,890,750
Eagle Hospitality Properties Trust, Inc. Series A, 8.25%	24,000		384,000
EastGroup Properties, Inc. Series D, 7.95%	100,500		2,487,375
Equity Inns, Inc. Series B, 8.75%	35,300		617,750
Glimcher Realty Trust Series F, 8.75%	27,000		661,230
Gramercy Capital Corp. Series A, 8.125%	20,000		418,800
HomeBanc Mortgage Corp. Series A, 10.00%	104,685		47,108
Hospitality Properties Trust:
Series B, 8.875%	67,975		1,708,212
Series C, 7.00%	55,000		1,201,200
Host Hotels & Resorts, Inc. Series E, 8.875%	50,000		1,307,500
HRPT Properties Trust Series B, 8.75%	41,200		1,030,000
Innkeepers USA Trust Series C, 8.00%	62,400		967,200
Kimco Realty Corp. Series G, 7.75%	34,700		879,645
LaSalle Hotel Properties Series B, 8.375%	19,400		487,910
LBA Realty Fund II:
Series A, 8.75% (a)(c)	69,000		3,087,750
Series B, 7.625% (a)	31,240		577,940
Lexington Corporate Properties Trust Series B, 8.05%	29,500		717,735
Lexington Realty Trust 7.55%	30,000		693,600
LTC Properties, Inc. Series F, 8.00%	20,000		477,800
MFA Mortgage Investments, Inc. Series A, 8.50%	274,400		6,536,208
Mid-America Apartment Communities, Inc. Series H, 8.30%	27,800		710,012
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Newcastle Investment Corp.:
Series B, 9.75%	199,700		$ 4,221,658
Series D, 8.375%	51,300		995,220
Omega Healthcare Investors, Inc. Series D, 8.375%	64,800		1,620,000
Prime Group Realty Trust Series B, 9.00%	20,398		252,119
ProLogis Trust Series C, 8.54%	6,478		343,399
RAIT Financial Trust:
Series A, 7.75%	13,500		162,540
Series B, 8.375%	56,500		748,625
Realty Income Corp. 8.25%	66,933		1,722,855
Saul Centers, Inc. 8.00%	103,300		2,577,335
Simon Property Group, Inc. Series J, 8.375%	5,600		322,560
Strategic Hotel & Resorts, Inc. 8.50% (c)	119,500		2,868,000
			70,067,439
Thrifts & Mortgage Finance - 0.5%
MFH Financial Trust I 9.50% (a)(c)	22,660		2,266,000
TOTAL FINANCIALS			76,693,432
TOTAL PREFERRED STOCKS (Cost $96,171,991)		79,255,742

Corporate Bonds - 34.5%
		Principal Amount (g)
Convertible Bonds - 3.0%
FINANCIALS - 3.0%
Real Estate Investment Trusts - 3.0%
American Financial Realty Trust 4.375% 7/15/24		$ 10,250,000		9,645,250
Anthracite Capital, Inc. 11.75% 9/1/27 (c)		500,000		481,800
BioMed Realty LP 4.5% 10/1/26 (c)		1,000,000		935,100
CaPlease, Inc. 7.5% 10/1/27 (c)		2,040,000		1,960,644
Washington (REIT) 3.875% 9/15/26		750,000		715,200
				13,737,994
Corporate Bonds - continued
		Principal Amount (g)		Value
Nonconvertible Bonds - 31.5%
CONSUMER DISCRETIONARY - 5.7%
Hotels, Restaurants & Leisure - 0.4%
Host Marriott LP 7% 8/15/12		$ 2,000,000		$ 2,022,500
Household Durables - 5.3%
Beazer Homes USA, Inc.:
8.125% 6/15/16		1,000,000		795,000
8.375% 4/15/12		1,000,000		815,000
D.R. Horton, Inc. 4.875% 1/15/10		1,000,000		920,000
K. Hovnanian Enterprises, Inc.:
6% 1/15/10		420,000		319,200
6.25% 1/15/16		1,000,000		785,000
7.5% 5/15/16		1,000,000		790,000
7.75% 5/15/13		4,000,000		2,800,000
KB Home:
5.875% 1/15/15		2,000,000		1,770,000
6.25% 6/15/15		3,500,000		3,150,000
7.75% 2/1/10		1,500,000		1,443,750
Kimball Hill, Inc. 10.5% 12/15/12		5,225,000		4,023,250
Lennar Corp. 5.5% 9/1/14		500,000		428,602
M/I Homes, Inc. 6.875% 4/1/12		1,400,000		1,148,000
Meritage Homes Corp. 6.25% 3/15/15		2,500,000		1,987,500
Standard Pacific Corp. 6.5% 8/15/10		500,000		377,500
Stanley-Martin Communities LLC 9.75% 8/15/15		4,620,000		3,095,400
				24,648,202
TOTAL CONSUMER DISCRETIONARY				26,670,702
CONSUMER STAPLES - 0.3%
Food & Staples Retailing - 0.3%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20		1,425,527		1,475,421
FINANCIALS - 24.4%
Diversified Financial Services - 0.1%
Prime Property Funding, Inc. 5.7% 4/15/17 (c)		500,000		477,558
Real Estate Investment Trusts - 20.9%
Arden Realty LP 5.25% 3/1/15		400,000		397,345
AvalonBay Communities, Inc. 5.5% 1/15/12		1,000,000		999,605
Bay Apartment Communities, Inc. 6.625% 1/15/08		840,000		841,778
Brandywine Operating Partnership LP 4.5% 11/1/09		1,000,000		982,687
BRE Properties, Inc. 5.75% 9/1/09		1,800,000		1,819,364
Corporate Bonds - continued
		Principal Amount (g)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Camden Property Trust:
4.375% 1/15/10		$ 2,370,000		$ 2,324,548
4.7% 7/15/09		500,000		496,260
Colonial Realty LP 6.05% 9/1/16		1,000,000		956,871
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15		100,000		97,033
6.25% 6/15/14		500,000		502,382
Developers Diversified Realty Corp.:
5% 5/3/10		1,000,000		996,755
7.5% 7/15/18		200,000		217,725
Duke Realty LP:
5.25% 1/15/10		200,000		199,643
6.8% 2/12/09		1,500,000		1,527,458
Federal Realty Investment Trust 6.125% 11/15/07		1,200,000		1,200,169
Health Care Property Investors, Inc.:
6% 3/1/15		500,000		489,833
6% 1/30/17		1,000,000		964,889
6.3% 9/15/16		4,500,000		4,447,062
Health Care REIT, Inc.:
6% 11/15/13		1,000,000		990,938
6.2% 6/1/16		1,500,000		1,446,542
8% 9/12/12		2,450,000		2,653,720
Healthcare Realty Trust, Inc. 8.125% 5/1/11		1,790,000		1,923,260
Highwoods/Forsyth LP:
5.85% 3/15/17		1,000,000		930,000
7.125% 2/1/08		950,000		952,634
HMB Capital Trust V 9.2944% 12/15/36 (c)(d)		2,530,000		506,000
Hospitality Properties Trust:
5.625% 3/15/17		915,000		857,231
6.75% 2/15/13		610,000		625,249
Host Hotels & Resorts LP 6.875% 11/1/14		1,000,000		1,007,500
HRPT Properties Trust:
6.25% 6/15/17		870,000		851,165
6.2944% 3/16/11 (d)		787,000		779,307
6.5% 1/15/13		200,000		203,306
iStar Financial, Inc.:
6.0344% 9/15/09 (d)		1,000,000		963,719
7% 3/15/08		1,800,000		1,802,250
Kimco Realty Corp. 6.875% 2/10/09		1,000,000		1,020,104
Corporate Bonds - continued
		Principal Amount (g)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Mack-Cali Realty LP 7.25% 3/15/09		$ 180,000		$ 184,518
Nationwide Health Properties, Inc.:
6% 5/20/15		1,000,000		976,899
6.25% 2/1/13		1,000,000		1,006,705
6.5% 7/15/11		1,500,000		1,525,463
8.25% 7/1/12		1,300,000		1,414,559
Omega Healthcare Investors, Inc. 7% 4/1/14		3,970,000		3,999,775
ProLogis Trust 7.1% 4/15/08		775,000		777,731
Reckson Operating Partnership LP 7.75% 3/15/09		2,600,000		2,685,935
Rouse Co.:
5.375% 11/26/13		2,000,000		1,812,352
7.2% 9/15/12		3,220,000		3,236,306
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (c)		500,000		492,500
Security Capital Industrial Trust 7.95% 5/15/08		32,000		32,026
Senior Housing Properties Trust:
7.875% 4/15/15		355,000		369,644
8.625% 1/15/12		6,050,000		6,526,438
Shurgard Storage Centers, Inc.:
5.875% 3/15/13		1,000,000		988,483
7.75% 2/22/11		500,000		532,317
Simon Property Group LP:
5% 3/1/12		1,000,000		978,291
5.375% 8/28/08		550,000		548,764
Simon Property Group, Inc. 3.75% 1/30/09		500,000		489,280
Tanger Properties LP 9.125% 2/15/08		300,000		302,538
Thornburg Mortgage, Inc. 8% 5/15/13		6,995,000		6,085,650
UDR, Inc. 5.5% 4/1/14		500,000		490,099
United Dominion Realty Trust, Inc.:
4.5% 3/3/08		2,250,000		2,246,607
5% 1/15/12		1,000,000		987,928
5.13% 1/15/14		500,000		482,103
6.05% 6/1/13		2,500,000		2,497,758
6.5% 6/15/09		325,000		334,690
Ventas Realty LP:
6.5% 6/1/16		2,730,000		2,682,225
6.625% 10/15/14		3,920,000		3,900,400
6.75% 6/1/10		2,100,000		2,110,500
6.75% 4/1/17		2,000,000		1,990,000
8.75% 5/1/09		800,000		824,000
Corporate Bonds - continued
		Principal Amount (g)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Ventas Realty LP: - continued
9% 5/1/12		$ 5,511,000		$ 6,006,990
Vornado Realty LP 4.5% 8/15/09		1,000,000		985,414
				97,479,220
Real Estate Management & Development - 2.6%
American Real Estate Partners/American Real Estate Finance Corp. 8.125% 6/1/12		2,190,000		2,200,950
ERP Operating LP 5.2% 4/1/13		1,000,000		968,987
First Industrial LP:
5.25% 6/15/09		1,000,000		1,003,034
7.375% 3/15/11		2,100,000		2,214,528
Post Apartment Homes LP:
5.125% 10/12/11		2,500,000		2,454,673
7.7% 12/20/10		2,500,000		2,679,228
Price Development Co. LP 7.29% 3/11/08		550,000		551,375
				12,072,775
Thrifts & Mortgage Finance - 0.8%
Wrightwood Capital LLC 9% 6/1/14 (f)		4,000,000		3,720,000
TOTAL FINANCIALS				113,749,553
HEALTH CARE - 0.5%
Health Care Providers & Services - 0.5%
Sun Healthcare Group, Inc. 9.125% 4/15/15		2,150,000		2,209,125
TELECOMMUNICATION SERVICES - 0.6%
Wireless Telecommunication Services - 0.6%
American Tower Corp. 7.125% 10/15/12		2,500,000		2,575,000
TOTAL NONCONVERTIBLE BONDS				146,679,801
TOTAL CORPORATE BONDS (Cost $168,840,787)			160,417,795
Asset-Backed Securities - 4.5%
		Principal Amount (g)		Value
American Tower Trust I Series 2007-1A Class D, 5.9568% 4/15/37 (c)		$ 3,000,000		$ 2,875,500
Ameriquest Mortgage Securities, Inc. Series 2004-R9 Class M9, 7.3725% 10/25/34 (c)(d)		1,070,684		829,418
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 6.4975% 3/20/50 (c)(d)		2,250,000		1,950,975
Concord Real Estate CDO Ltd./LLC Series 2006-1A Class F, 6.6225% 12/25/46 (c)(d)		750,000		508,711
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33		500,000		466,010
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A Class D, 9% 12/28/35 (c)		500,000		479,279
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (c)		850,000		814,108
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		1,968,860
Fairfield Street Solar Corp. Series 2004-1A Class E1, 8.87% 11/28/39 (c)(d)		550,000		446,468
Gramercy Real Estate CDO Ltd. Series 2005-1A Class H, 7.0838% 7/25/35 (c)(d)		2,000,000		1,705,649
Green Tree Financial Corp. Series 1996-4 Class M1, 7.75% 6/15/27		1,788,179		1,412,661
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 7.3725% 6/25/35 (d)(f)		1,259,000		586,335
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 6.4225% 8/26/30 (c)(d)		735,000		634,452
Class E, 6.8725% 8/26/30 (c)(d)		1,420,000		1,230,572
Merit Securities Corp. Series 13 Class M1, 8.63% 12/28/33		1,923,000		1,711,470
Park Place Securities, Inc. Series 2004-WHQ2 Class M10, 7.3725% 2/25/35 (c)(d)		1,500,000		1,088,004
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 8.01% 2/5/36 (c)(d)		3,000,000		2,190,000
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 7.45% 11/21/40 (c)(d)		250,000		214,032
TOTAL ASSET-BACKED SECURITIES (Cost $24,538,446)			21,112,504
Collateralized Mortgage Obligations - 3.8%
		Principal Amount (g)		Value
Private Sponsor - 3.7%
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (c)		$ 185,950		$ 156,840
Series 2002-R2 Class 2B3, 6.5644% 7/25/33 (c)(d)		260,147		106,269
Series 2003-40 Class B3, 4.5% 10/25/18 (c)		236,433		204,880
Series 2003-R2 Class B3, 5.5% 5/25/43 (c)		567,348		169,405
Series 2003-R3:
Class B2, 5.5% 11/25/33 (c)		1,790,913		626,392
Class B3, 5.5% 11/25/33 (c)		536,257		124,597
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (c)(d)		588,932		76,426
Diversified REIT Trust:
Series 1999-1A Class H, 6.78% 3/18/11 (c)(d)		1,785,000		1,745,195
Series 2000-1A:
Class F, 6.971% 3/8/10 (c)		1,512,000		1,544,402
Class G, 6.971% 3/8/10 (c)		1,720,000		1,665,579
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 17.07% 7/10/35 (c)(d)		919,099		973,371
Series 2004-C Class B5, 6.47% 9/10/36 (c)(d)		381,909		356,146
Series 2005-A Class B6, 7.12% 3/10/37 (c)(d)		1,922,029		1,745,956
Series 2005-B Class B6, 6.72% 6/10/37 (c)(d)		954,141		836,510
Series 2005-D Class B6, 7.3413% 12/15/37 (c)(d)		481,733		435,818
Series 2006-B Class B6, 6.7913% 6/15/38 (c)(d)		991,331		876,841
Residential Funding Mortgage Securities I, Inc. Series 2002-S20 Class M3, 5.25% 12/25/17		75,907		74,327
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (c)		157,271		146,842
RESIX Finance Ltd. floater:
Series 2003-D Class B8, 11.62% 12/10/35 (c)(d)		694,840		700,539
Series 2004-A Class B7, 9.37% 2/10/36 (c)(d)		660,720		631,169
Series 2004-B Class B7, 9.12% 2/10/36 (c)(d)		793,893		745,515
Series 2005-C Class B7, 8.22% 9/10/37 (c)(d)		1,940,300		1,711,708
Series 2006-B Class B7, 8.9413% 7/15/38 (c)(d)		991,331		914,770
Series 2007-A Class BB, 8.4413% 2/15/39 (c)(d)		795,495		685,026
TOTAL PRIVATE SPONSOR				17,254,523
U.S. Government Agency - 0.1%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (f)		255,902		102,316
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 6.2977% 2/25/42 (c)(d)		152,930		80,548
Collateralized Mortgage Obligations - continued
		Principal Amount (g)		Value
U.S. Government Agency - continued
Fannie Mae REMIC Trust: - continued
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (f)		$ 321,076		$ 86,354
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 6.4475% 6/25/43 (d)		186,546		132,479
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 6.6892% 10/25/42 (c)(d)		80,401		57,451
TOTAL U.S. GOVERNMENT AGENCY				459,148
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $21,195,951)			17,713,671
Commercial Mortgage Securities - 9.1%

Asset Securitization Corp. Series 1997-D4 Class B2, 7.525% 4/14/29		515,000		550,865
Banc of America Commercial Mortgage, Inc. Series 2003-2:
Class BWF, 7.55% 10/11/37 (c)		500,785		556,999
Class BWG, 8.155% 10/11/37 (c)		485,346		554,250
Class BWK, 10.676% 10/11/37 (c)		329,032		416,485
Class BWL, 10.1596% 10/11/37 (c)		554,819		688,212
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 7.0913% 3/15/22 (c)(d)		700,000		684,443
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1997-C2 Class F, 7.46% 1/17/35 (d)		2,000,000		2,153,002
Series 2004-TF2A Class AX, 0% 11/15/19 (c)(d)(e)		4,742,624		949
Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (c)		1,000,000		1,133,477
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		1,200,000		981,244
First Chicago/Lennar Trust I weighted average coupon Series 1997-CHL1 Class E, 8.094% 4/29/39 (c)(d)		1,107,157		1,123,504
Global Signal Trust III Series 2006-1 Class F, 7.036% 2/15/36		1,015,000		999,755
Global Towers Partners Acquisition Partners I LLC Series 2007-1A Class G, 7.8737% 5/15/37 (c)		1,000,000		957,410
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2 Class F, 6.75% 4/15/29 (d)		2,767,000		2,774,350
Series 1999-C3 Class J, 6.974% 8/15/36 (c)		1,500,000		1,499,063
Series 2000-C1 Class K, 7% 3/15/33 (c)		1,100,000		1,042,078
Series 2003-J10 Class B2, 6.75% 4/15/29 (d)		1,000,000		1,000,000
Commercial Mortgage Securities - continued
		Principal Amount (g)		Value
GS Mortgage Securities Corp. II floater Series 2007-EOP Class L, 6.4219% 3/1/20 (c)(d)		$ 1,400,000		$ 1,358,000
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-A:
Class G, 6% 10/15/32 (c)(d)		2,895,000		2,772,860
Class X, 1.8186% 10/15/32 (c)(d)(e)		18,705,515		476,429
JPMorgan Commercial Mortgage Finance Corp.:
Series 1997-C5 Class F, 7.5605% 9/15/29		2,000,000		2,112,300
Series 1999-C7 Class F, 6% 10/15/35 (c)		350,000		351,397
Series 1999-C8:
Class G, 6% 7/15/31 (c)		1,385,000		1,373,962
Class H, 6% 7/15/31 (c)		2,638,000		2,389,870
Merrill Lynch Financial Asset, Inc. Series 2005-CA16:
Class F, 4.384% 7/12/15	CAD	710,000		640,051
Class G, 4.384% 7/12/15	CAD	355,000		310,271
Class H, 4.384% 7/12/15	CAD	236,000		183,135
Class J, 4.384% 7/12/15	CAD	355,000		255,676
Class K, 4.384% 7/12/15	CAD	355,000		241,072
Class L, 4.384% 7/12/15	CAD	236,000		151,222
Class M, 4.384% 7/12/15	CAD	995,000		449,380
Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (c)		3,359,000		3,336,428
Mezz Capital Commercial Mortgage Trust Series 2004-C1:
Class D, 6.988% 9/15/13		750,000		766,370
Class E, 7.983% 10/15/13		1,453,000		1,515,957
Class IO, 8.0691% 1/15/18 (d)(e)		6,883,869		2,064,623
SBA CMBS Trust Series 2006-1A Class J, 7.825% 11/15/36 (c)		1,000,000		947,957
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (c)		2,000,000		1,950,620
Wachovia Ltd./Wachovia LLC Series 2006-1 Class 1ML, 10.7025% 9/25/26 (c)(d)		2,000,000		1,681,199
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $40,721,921)			42,444,865
Floating Rate Loans - 4.0%

CONSUMER DISCRETIONARY - 1.1%
Hotels, Restaurants & Leisure - 0.2%
Intrawest Resorts term loan 8.1287% 4/24/08 (d)		1,164,781		1,158,957
Floating Rate Loans - continued
		Principal Amount (g)		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - 0.9%
The Pep Boys - Manny, Moe & Jack term loan 7.54% 10/27/13 (d)		$ 59,943		$ 59,044
Toys 'R' US, Inc. term loan 8.1288% 12/9/08 (d)		4,100,000		4,053,875
				4,112,919
TOTAL CONSUMER DISCRETIONARY				5,271,876
CONSUMER STAPLES - 0.3%
Food & Staples Retailing - 0.3%
Cumberland Farms, Inc. term loan 6.9776% 9/29/13 (d)		1,483,759		1,461,503
FINANCIALS - 2.2%
Diversified Financial Services - 0.9%
LandSource Communities Development LLC:
Tranche 2LN, term loan 9.9988% 2/27/14 (d)		2,880,000		2,217,600
Tranche B 1LN, term loan 8.2488% 2/27/13 (d)		1,965,150		1,719,506
				3,937,106
Real Estate Investment Trusts - 0.7%
Apartment Investment & Management Co. term loan 6.3925% 3/22/11 (d)		2,200,000		2,156,000
Capital Automotive (REIT) Tranche B, term loan 6.88% 12/16/10 (d)		593,026		586,355
General Growth Properties, Inc. Tranche A1, term loan 6.38% 2/24/10 (d)		697,368		686,908
				3,429,263
Real Estate Management & Development - 0.3%
MDS Realty Holdings LLC Tranche M3, term loan 8.6219% 1/8/08 (d)		363,352		363,352
Realogy Corp.:
Tranche B, term loan 8.24% 10/10/13 (d)		785,909		726,966
8.24% 10/10/13 (d)		212,121		196,212
Tishman Speyer Properties term loan 6.88% 12/27/12 (d)		210,000		206,325
				1,492,855
Thrifts & Mortgage Finance - 0.3%
Charter Municipal Mortgage Acceptance Co. term loan 8.0575% 8/15/12 (d)		1,485,000		1,351,350
TOTAL FINANCIALS				10,210,574
Floating Rate Loans - continued
		Principal Amount (g)		Value
HEALTH CARE - 0.3%
Health Care Providers & Services - 0.3%
HealthSouth Corp. term loan 7.6278% 3/10/13 (d)		$ 1,287,794		$ 1,262,038
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
Crown Castle International Corp. Tranche B, term loan 6.7306% 3/6/14 (d)		169,150		164,498
TOTAL FLOATING RATE LOANS (Cost $19,644,200)			18,370,489

Preferred Securities - 0.6%

FINANCIALS - 0.6%
Diversified Financial Services - 0.6%
Cairn High Grade ABS CDO PLC Series 2006-2A Class SUB, 1/13/47 (c)	1,000,000		445,000
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (c)	500,000		365,699
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (c)	590,000		509,977
Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (c)	810,000		394,875
Ipswich Street CDO Series 2006-1, 6/27/46 (c)	1,350,000		405,000
Kent Funding III Ltd. 11/5/47 (c)	1,650,000		495,000
			2,615,551
TOTAL PREFERRED SECURITIES (Cost $5,664,847)		2,615,551
Money Market Funds - 6.5%
	Shares		Value
Fidelity Cash Central Fund, 4.97% (b) (Cost $30,197,876)	30,197,876	$ 30,197,876
TOTAL INVESTMENT PORTFOLIO - 98.8% (Cost $481,578,561)		459,380,960
NET OTHER ASSETS - 1.2%			5,804,478
NET ASSETS - 100%		$ 465,185,438

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 $78,236,031 or 16.8% 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.

(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 $4,495,005 or 1.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Fannie Mae REMIC Trust Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41	5/21/03	$ 216,339
Fannie Mae REMIC Trust Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42	3/25/03	$ 237,424
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 7.3725% 6/25/35	6/3/05	$ 1,110,697
Wrightwood Capital LLC 9% 6/1/14	1/1/05	$ 4,000,000

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

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	$ 366,533

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $481,726,458. Net unrealized depreciation aggregated $22,345,498, of which $20,682,445 related to appreciated investment securities and $43,027,943 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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Small Cap Growth Fund

October 31, 2007

SCP-QTLY-1207

1.823237.102

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
CONSUMER DISCRETIONARY - 7.3%
Auto Components - 1.0%
WABCO Holdings, Inc.	284,200		$ 14,443,044
Diversified Consumer Services - 1.3%
Apollo Group, Inc. Class A (non-vtg.) (a)	137,000		10,858,620
Career Education Corp. (a)	195,500		6,987,170
			17,845,790
Hotels, Restaurants & Leisure - 1.5%
Life Time Fitness, Inc. (a)(d)	140,900		8,544,176
McCormick & Schmick's Seafood Restaurants (a)	306,700		5,207,766
Ruth's Chris Steak House, Inc. (a)	633,566		8,008,274
			21,760,216
Media - 0.8%
New Frontier Media, Inc.	643,044		3,903,277
R.H. Donnelley Corp. (a)	122,800		6,735,580
			10,638,857
Specialty Retail - 1.5%
Asbury Automotive Group, Inc.	325,000		5,957,250
Collective Brands, Inc. (a)	390,300		7,216,647
The Men's Wearhouse, Inc.	178,400		7,539,184
			20,713,081
Textiles, Apparel & Luxury Goods - 1.2%
Iconix Brand Group, Inc. (a)	479,100		10,947,435
Volcom, Inc. (a)(d)	195,900		5,730,075
			16,677,510
TOTAL CONSUMER DISCRETIONARY			102,078,498
CONSUMER STAPLES - 2.7%
Food Products - 0.3%
Tyson Foods, Inc. Class A	240,000		3,792,000
Personal Products - 2.4%
Bare Escentuals, Inc. (d)	390,000		9,633,000
Chattem, Inc. (a)	212,500		15,788,750
Physicians Formula Holdings, Inc. (a)(e)	728,005		8,663,260
			34,085,010
TOTAL CONSUMER STAPLES			37,877,010
Common Stocks - continued
	Shares		Value
ENERGY - 11.9%
Energy Equipment & Services - 3.5%
Atwood Oceanics, Inc. (a)	173,300		$ 14,598,792
Hornbeck Offshore Services, Inc. (a)(d)	170,600		6,670,460
NATCO Group, Inc. Class A (a)	148,800		7,932,528
Superior Energy Services, Inc. (a)(d)	535,500		19,856,340
			49,058,120
Oil, Gas & Consumable Fuels - 8.4%
Cabot Oil & Gas Corp.	331,100		13,141,359
EXCO Resources, Inc. (a)	755,000		12,744,400
Forest Oil Corp. (a)	353,033		17,153,873
Mariner Energy, Inc. (a)	478,210		11,955,250
Petrohawk Energy Corp. (a)	696,900		12,892,650
Petroplus Holdings AG	80,000		6,948,114
Range Resources Corp.	216,350		9,720,606
Tesoro Corp.	349,600		21,161,288
Western Refining, Inc.	360,700		13,230,476
			118,948,016
TOTAL ENERGY			168,006,136
FINANCIALS - 8.2%
Capital Markets - 1.9%
Janus Capital Group, Inc.	317,000		10,939,670
MF Global Ltd.	520,000		15,371,200
			26,310,870
Commercial Banks - 0.7%
UMB Financial Corp.	232,724		9,774,408
Consumer Finance - 1.0%
Dollar Financial Corp. (a)	412,378		13,525,998
Diversified Financial Services - 0.2%
Endeavor Acquisition Corp. (a)	225,700		2,776,110
Insurance - 3.8%
Aspen Insurance Holdings Ltd.	293,800		8,038,368
National Financial Partners Corp.	275,200		15,045,184
StanCorp Financial Group, Inc.	159,982		8,819,808
Universal American Financial Corp. (a)	450,831		10,937,160
Willis Group Holdings Ltd.	252,600		10,692,558
			53,533,078
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - 0.6%
CB Richard Ellis Group, Inc. Class A (a)	363,100		$ 8,852,378
TOTAL FINANCIALS			114,772,842
HEALTH CARE - 17.6%
Biotechnology - 1.5%
Cephalon, Inc. (a)(d)	160,100		11,805,774
Grifols SA	325,000		8,593,195
			20,398,969
Health Care Equipment & Supplies - 5.5%
American Medical Systems Holdings, Inc. (a)(d)	834,700		10,675,813
ArthroCare Corp. (a)	126,700		8,215,228
Integra LifeSciences Holdings Corp. (a)(d)	254,600		12,340,462
Inverness Medical Innovations, Inc. (a)	148,200		8,905,338
Kinetic Concepts, Inc. (a)	130,000		7,813,000
Respironics, Inc. (a)	371,400		18,592,284
Sirona Dental Systems, Inc. (a)(d)	337,500		11,353,500
			77,895,625
Health Care Providers & Services - 5.6%
Healthways, Inc. (a)	211,218		12,820,933
Henry Schein, Inc. (a)	188,700		11,303,130
Humana, Inc. (a)	194,900		14,607,755
PSS World Medical, Inc. (a)	568,399		11,481,660
Sun Healthcare Group, Inc. (a)	698,800		11,285,620
VCA Antech, Inc. (a)	361,600		16,651,680
			78,150,778
Health Care Technology - 1.3%
Allscripts Healthcare Solutions, Inc. (a)(d)	394,000		10,913,800
Cerner Corp. (a)	113,500		6,760,060
			17,673,860
Life Sciences Tools & Services - 1.9%
Harvard Bioscience, Inc. (a)	446,652		2,143,930
ICON PLC sponsored ADR	149,890		8,693,620
Pharmaceutical Product Development, Inc.	373,400		15,772,416
			26,609,966
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 1.8%
Adams Respiratory Therapeutics, Inc. (a)	263,100		$ 11,560,614
Medicis Pharmaceutical Corp. Class A	485,500		14,414,495
			25,975,109
TOTAL HEALTH CARE			246,704,307
INDUSTRIALS - 17.4%
Aerospace & Defense - 2.0%
Hexcel Corp. (a)(d)	629,200		15,748,876
Ladish Co., Inc. (a)	258,700		11,871,743
			27,620,619
Airlines - 0.6%
Delta Air Lines, Inc. (a)	409,600		8,519,680
Commercial Services & Supplies - 5.8%
CDI Corp.	519,200		14,309,152
Clean Harbors, Inc. (a)	158,500		7,802,955
Corrections Corp. of America (a)	485,000		13,720,650
CoStar Group, Inc. (a)	181,736		10,449,820
Huron Consulting Group, Inc. (a)(d)	219,000		15,303,720
InnerWorkings, Inc. (a)(d)	454,300		7,309,687
Navigant Consulting, Inc. (a)	321,500		4,237,370
The Brink's Co.	142,000		8,896,300
			82,029,654
Construction & Engineering - 3.3%
Chicago Bridge & Iron Co. NV (NY Shares)	327,700		16,385,000
Fluor Corp.	77,200		12,197,600
Quanta Services, Inc. (a)	304,303		10,041,999
Washington Group International, Inc. (a)	83,800		8,157,930
			46,782,529
Electrical Equipment - 1.1%
EnerSys (a)	412,200		7,469,064
Q-Cells AG (a)(d)	61,100		7,781,056
			15,250,120
Industrial Conglomerates - 0.6%
Raven Industries, Inc.	176,600		7,630,886
Machinery - 3.2%
Bucyrus International, Inc. Class A	252,800		20,856,000
Flowserve Corp.	211,000		16,660,560
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Hexagon AB (B Shares)	17,000		$ 409,365
IDEX Corp.	210,753		7,464,871
			45,390,796
Road & Rail - 0.3%
Knight Transportation, Inc.	300,000		4,791,000
Transportation Infrastructure - 0.5%
Quixote Corp.	379,900		6,948,371
TOTAL INDUSTRIALS			244,963,655
INFORMATION TECHNOLOGY - 24.8%
Communications Equipment - 4.5%
F5 Networks, Inc. (a)	204,200		7,357,326
Harris Corp.	366,700		22,207,350
NETGEAR, Inc. (a)	300,000		10,602,000
Nice Systems Ltd. sponsored ADR (a)	281,500		11,099,545
Polycom, Inc. (a)	422,500		11,821,550
			63,087,771
Computers & Peripherals - 0.7%
Wincor Nixdorf AG	100,000		9,932,973
Electronic Equipment & Instruments - 1.9%
Cogent, Inc. (a)(d)	618,000		9,127,860
ScanSource, Inc. (a)	190,600		7,040,764
Trimble Navigation Ltd. (a)	255,300		10,646,010
			26,814,634
Internet Software & Services - 5.2%
CyberSource Corp. (a)(d)	351,060		5,739,831
Equinix, Inc. (a)(d)	160,200		18,688,932
j2 Global Communications, Inc. (a)(d)	537,800		18,118,482
Telecity Group PLC (a)	1,336,500		8,933,361
ValueClick, Inc. (a)	457,000		12,425,830
VistaPrint Ltd. (a)	197,000		9,371,290
			73,277,726
IT Services - 4.5%
Authorize.Net Holdings, Inc. (a)	420,900		9,836,433
CACI International, Inc. Class A (a)	211,700		11,400,045
Datacash Group PLC	1,625,600		9,733,547
Perot Systems Corp. Class A (a)	590,000		8,614,000
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
IT Services - continued
Satyam Computer Services Ltd. sponsored ADR	570,100		$ 17,302,535
WNS Holdings Ltd. ADR (a)	325,500		6,975,465
			63,862,025
Semiconductors & Semiconductor Equipment - 5.0%
FormFactor, Inc. (a)	358,900		14,036,579
Hittite Microwave Corp. (a)	340,521		17,111,180
Microsemi Corp. (a)(d)	373,400		9,936,174
Rudolph Technologies, Inc. (a)	213,744		2,785,084
SiRF Technology Holdings, Inc. (a)	322,300		9,607,763
Tessera Technologies, Inc. (a)	424,900		16,226,931
			69,703,711
Software - 3.0%
Ansys, Inc. (a)	343,000		13,311,830
Blackbaud, Inc.	757,459		20,413,520
Fair Isaac Corp.	202,400		7,675,008
			41,400,358
TOTAL INFORMATION TECHNOLOGY			348,079,198
MATERIALS - 5.0%
Metals & Mining - 5.0%
Carpenter Technology Corp.	122,300		17,722,493
IAMGOLD Corp.	1,300,400		11,403,635
Reliance Steel & Aluminum Co.	284,700		16,612,245
Titanium Metals Corp. (a)(d)	493,500		17,371,200
Yamana Gold, Inc.	506,004		7,631,325
			70,740,898
TELECOMMUNICATION SERVICES - 0.7%
Diversified Telecommunication Services - 0.7%
Cbeyond, Inc. (a)	270,500		10,581,960
UTILITIES - 1.2%
Multi-Utilities - 1.2%
AEM SpA	2,103,700		8,850,929
CMS Energy Corp.	493,200		8,369,604
			17,220,533
TOTAL COMMON STOCKS (Cost $1,162,687,934)		1,361,025,037
Money Market Funds - 9.9%
	Shares		Value
Fidelity Cash Central Fund, 4.97% (b)	53,969,831		$ 53,969,831
Fidelity Securities Lending Cash Central Fund, 5.02% (b)(c)	84,743,025		84,743,025
TOTAL MONEY MARKET FUNDS (Cost $138,712,856)		138,712,856
TOTAL INVESTMENT PORTFOLIO - 106.7% (Cost $1,301,400,790)			1,499,737,893
NET OTHER ASSETS - (6.7)%			(94,760,681)
NET ASSETS - 100%		$ 1,404,977,212

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 613,702
Fidelity Securities Lending Cash Central Fund	99,119
Total	$ 712,821

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Physicians Formula Holdings, Inc.	$ 5,827,585	$ 3,948,990	$ -	$ -	$ 8,663,260
Quixote Corp.	8,618,526	-	1,512,158	-	-
Total	$ 14,446,111	$ 3,948,990	$ 1,512,158	$ -	$ 8,663,260

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,303,897,277. Net unrealized appreciation aggregated $195,840,616, of which $246,387,135 related to appreciated investment securities and $50,546,519 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

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, 2007

ASCP-QTLY-1207

1.824307.102

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
CONSUMER DISCRETIONARY - 7.3%
Auto Components - 1.0%
WABCO Holdings, Inc.	284,200		$ 14,443,044
Diversified Consumer Services - 1.3%
Apollo Group, Inc. Class A (non-vtg.) (a)	137,000		10,858,620
Career Education Corp. (a)	195,500		6,987,170
			17,845,790
Hotels, Restaurants & Leisure - 1.5%
Life Time Fitness, Inc. (a)(d)	140,900		8,544,176
McCormick & Schmick's Seafood Restaurants (a)	306,700		5,207,766
Ruth's Chris Steak House, Inc. (a)	633,566		8,008,274
			21,760,216
Media - 0.8%
New Frontier Media, Inc.	643,044		3,903,277
R.H. Donnelley Corp. (a)	122,800		6,735,580
			10,638,857
Specialty Retail - 1.5%
Asbury Automotive Group, Inc.	325,000		5,957,250
Collective Brands, Inc. (a)	390,300		7,216,647
The Men's Wearhouse, Inc.	178,400		7,539,184
			20,713,081
Textiles, Apparel & Luxury Goods - 1.2%
Iconix Brand Group, Inc. (a)	479,100		10,947,435
Volcom, Inc. (a)(d)	195,900		5,730,075
			16,677,510
TOTAL CONSUMER DISCRETIONARY			102,078,498
CONSUMER STAPLES - 2.7%
Food Products - 0.3%
Tyson Foods, Inc. Class A	240,000		3,792,000
Personal Products - 2.4%
Bare Escentuals, Inc. (d)	390,000		9,633,000
Chattem, Inc. (a)	212,500		15,788,750
Physicians Formula Holdings, Inc. (a)(e)	728,005		8,663,260
			34,085,010
TOTAL CONSUMER STAPLES			37,877,010
Common Stocks - continued
	Shares		Value
ENERGY - 11.9%
Energy Equipment & Services - 3.5%
Atwood Oceanics, Inc. (a)	173,300		$ 14,598,792
Hornbeck Offshore Services, Inc. (a)(d)	170,600		6,670,460
NATCO Group, Inc. Class A (a)	148,800		7,932,528
Superior Energy Services, Inc. (a)(d)	535,500		19,856,340
			49,058,120
Oil, Gas & Consumable Fuels - 8.4%
Cabot Oil & Gas Corp.	331,100		13,141,359
EXCO Resources, Inc. (a)	755,000		12,744,400
Forest Oil Corp. (a)	353,033		17,153,873
Mariner Energy, Inc. (a)	478,210		11,955,250
Petrohawk Energy Corp. (a)	696,900		12,892,650
Petroplus Holdings AG	80,000		6,948,114
Range Resources Corp.	216,350		9,720,606
Tesoro Corp.	349,600		21,161,288
Western Refining, Inc.	360,700		13,230,476
			118,948,016
TOTAL ENERGY			168,006,136
FINANCIALS - 8.2%
Capital Markets - 1.9%
Janus Capital Group, Inc.	317,000		10,939,670
MF Global Ltd.	520,000		15,371,200
			26,310,870
Commercial Banks - 0.7%
UMB Financial Corp.	232,724		9,774,408
Consumer Finance - 1.0%
Dollar Financial Corp. (a)	412,378		13,525,998
Diversified Financial Services - 0.2%
Endeavor Acquisition Corp. (a)	225,700		2,776,110
Insurance - 3.8%
Aspen Insurance Holdings Ltd.	293,800		8,038,368
National Financial Partners Corp.	275,200		15,045,184
StanCorp Financial Group, Inc.	159,982		8,819,808
Universal American Financial Corp. (a)	450,831		10,937,160
Willis Group Holdings Ltd.	252,600		10,692,558
			53,533,078
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - 0.6%
CB Richard Ellis Group, Inc. Class A (a)	363,100		$ 8,852,378
TOTAL FINANCIALS			114,772,842
HEALTH CARE - 17.6%
Biotechnology - 1.5%
Cephalon, Inc. (a)(d)	160,100		11,805,774
Grifols SA	325,000		8,593,195
			20,398,969
Health Care Equipment & Supplies - 5.5%
American Medical Systems Holdings, Inc. (a)(d)	834,700		10,675,813
ArthroCare Corp. (a)	126,700		8,215,228
Integra LifeSciences Holdings Corp. (a)(d)	254,600		12,340,462
Inverness Medical Innovations, Inc. (a)	148,200		8,905,338
Kinetic Concepts, Inc. (a)	130,000		7,813,000
Respironics, Inc. (a)	371,400		18,592,284
Sirona Dental Systems, Inc. (a)(d)	337,500		11,353,500
			77,895,625
Health Care Providers & Services - 5.6%
Healthways, Inc. (a)	211,218		12,820,933
Henry Schein, Inc. (a)	188,700		11,303,130
Humana, Inc. (a)	194,900		14,607,755
PSS World Medical, Inc. (a)	568,399		11,481,660
Sun Healthcare Group, Inc. (a)	698,800		11,285,620
VCA Antech, Inc. (a)	361,600		16,651,680
			78,150,778
Health Care Technology - 1.3%
Allscripts Healthcare Solutions, Inc. (a)(d)	394,000		10,913,800
Cerner Corp. (a)	113,500		6,760,060
			17,673,860
Life Sciences Tools & Services - 1.9%
Harvard Bioscience, Inc. (a)	446,652		2,143,930
ICON PLC sponsored ADR	149,890		8,693,620
Pharmaceutical Product Development, Inc.	373,400		15,772,416
			26,609,966
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 1.8%
Adams Respiratory Therapeutics, Inc. (a)	263,100		$ 11,560,614
Medicis Pharmaceutical Corp. Class A	485,500		14,414,495
			25,975,109
TOTAL HEALTH CARE			246,704,307
INDUSTRIALS - 17.4%
Aerospace & Defense - 2.0%
Hexcel Corp. (a)(d)	629,200		15,748,876
Ladish Co., Inc. (a)	258,700		11,871,743
			27,620,619
Airlines - 0.6%
Delta Air Lines, Inc. (a)	409,600		8,519,680
Commercial Services & Supplies - 5.8%
CDI Corp.	519,200		14,309,152
Clean Harbors, Inc. (a)	158,500		7,802,955
Corrections Corp. of America (a)	485,000		13,720,650
CoStar Group, Inc. (a)	181,736		10,449,820
Huron Consulting Group, Inc. (a)(d)	219,000		15,303,720
InnerWorkings, Inc. (a)(d)	454,300		7,309,687
Navigant Consulting, Inc. (a)	321,500		4,237,370
The Brink's Co.	142,000		8,896,300
			82,029,654
Construction & Engineering - 3.3%
Chicago Bridge & Iron Co. NV (NY Shares)	327,700		16,385,000
Fluor Corp.	77,200		12,197,600
Quanta Services, Inc. (a)	304,303		10,041,999
Washington Group International, Inc. (a)	83,800		8,157,930
			46,782,529
Electrical Equipment - 1.1%
EnerSys (a)	412,200		7,469,064
Q-Cells AG (a)(d)	61,100		7,781,056
			15,250,120
Industrial Conglomerates - 0.6%
Raven Industries, Inc.	176,600		7,630,886
Machinery - 3.2%
Bucyrus International, Inc. Class A	252,800		20,856,000
Flowserve Corp.	211,000		16,660,560
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Hexagon AB (B Shares)	17,000		$ 409,365
IDEX Corp.	210,753		7,464,871
			45,390,796
Road & Rail - 0.3%
Knight Transportation, Inc.	300,000		4,791,000
Transportation Infrastructure - 0.5%
Quixote Corp.	379,900		6,948,371
TOTAL INDUSTRIALS			244,963,655
INFORMATION TECHNOLOGY - 24.8%
Communications Equipment - 4.5%
F5 Networks, Inc. (a)	204,200		7,357,326
Harris Corp.	366,700		22,207,350
NETGEAR, Inc. (a)	300,000		10,602,000
Nice Systems Ltd. sponsored ADR (a)	281,500		11,099,545
Polycom, Inc. (a)	422,500		11,821,550
			63,087,771
Computers & Peripherals - 0.7%
Wincor Nixdorf AG	100,000		9,932,973
Electronic Equipment & Instruments - 1.9%
Cogent, Inc. (a)(d)	618,000		9,127,860
ScanSource, Inc. (a)	190,600		7,040,764
Trimble Navigation Ltd. (a)	255,300		10,646,010
			26,814,634
Internet Software & Services - 5.2%
CyberSource Corp. (a)(d)	351,060		5,739,831
Equinix, Inc. (a)(d)	160,200		18,688,932
j2 Global Communications, Inc. (a)(d)	537,800		18,118,482
Telecity Group PLC (a)	1,336,500		8,933,361
ValueClick, Inc. (a)	457,000		12,425,830
VistaPrint Ltd. (a)	197,000		9,371,290
			73,277,726
IT Services - 4.5%
Authorize.Net Holdings, Inc. (a)	420,900		9,836,433
CACI International, Inc. Class A (a)	211,700		11,400,045
Datacash Group PLC	1,625,600		9,733,547
Perot Systems Corp. Class A (a)	590,000		8,614,000
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
IT Services - continued
Satyam Computer Services Ltd. sponsored ADR	570,100		$ 17,302,535
WNS Holdings Ltd. ADR (a)	325,500		6,975,465
			63,862,025
Semiconductors & Semiconductor Equipment - 5.0%
FormFactor, Inc. (a)	358,900		14,036,579
Hittite Microwave Corp. (a)	340,521		17,111,180
Microsemi Corp. (a)(d)	373,400		9,936,174
Rudolph Technologies, Inc. (a)	213,744		2,785,084
SiRF Technology Holdings, Inc. (a)	322,300		9,607,763
Tessera Technologies, Inc. (a)	424,900		16,226,931
			69,703,711
Software - 3.0%
Ansys, Inc. (a)	343,000		13,311,830
Blackbaud, Inc.	757,459		20,413,520
Fair Isaac Corp.	202,400		7,675,008
			41,400,358
TOTAL INFORMATION TECHNOLOGY			348,079,198
MATERIALS - 5.0%
Metals & Mining - 5.0%
Carpenter Technology Corp.	122,300		17,722,493
IAMGOLD Corp.	1,300,400		11,403,635
Reliance Steel & Aluminum Co.	284,700		16,612,245
Titanium Metals Corp. (a)(d)	493,500		17,371,200
Yamana Gold, Inc.	506,004		7,631,325
			70,740,898
TELECOMMUNICATION SERVICES - 0.7%
Diversified Telecommunication Services - 0.7%
Cbeyond, Inc. (a)	270,500		10,581,960
UTILITIES - 1.2%
Multi-Utilities - 1.2%
AEM SpA	2,103,700		8,850,929
CMS Energy Corp.	493,200		8,369,604
			17,220,533
TOTAL COMMON STOCKS (Cost $1,162,687,934)		1,361,025,037
Money Market Funds - 9.9%
	Shares		Value
Fidelity Cash Central Fund, 4.97% (b)	53,969,831		$ 53,969,831
Fidelity Securities Lending Cash Central Fund, 5.02% (b)(c)	84,743,025		84,743,025
TOTAL MONEY MARKET FUNDS (Cost $138,712,856)		138,712,856
TOTAL INVESTMENT PORTFOLIO - 106.7% (Cost $1,301,400,790)			1,499,737,893
NET OTHER ASSETS - (6.7)%			(94,760,681)
NET ASSETS - 100%		$ 1,404,977,212

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 613,702
Fidelity Securities Lending Cash Central Fund	99,119
Total	$ 712,821

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Physicians Formula Holdings, Inc.	$ 5,827,585	$ 3,948,990	$ -	$ -	$ 8,663,260
Quixote Corp.	8,618,526	-	1,512,158	-	-
Total	$ 14,446,111	$ 3,948,990	$ 1,512,158	$ -	$ 8,663,260

Income Tax Information

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Small Cap
Opportunities Fund

October 31, 2007

SMO-QTLY-1207

1.858552.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
CONSUMER DISCRETIONARY - 16.0%
Auto Components - 2.4%
Aftermarket Technology Corp. (a)	261,900		$ 9,040,788
Amerigon, Inc. (a)	441,900		8,678,916
Spartan Motors, Inc.	183,800		2,580,552
TRW Automotive Holdings Corp. (a)	272,700		8,096,463
			28,396,719
Distributors - 0.8%
DXP Enterprises, Inc. (a)	198,000		9,389,160
Diversified Consumer Services - 0.6%
Regis Corp.	216,600		7,277,760
Hotels, Restaurants & Leisure - 2.7%
Denny's Corp. (a)	1,735,300		8,364,146
Life Time Fitness, Inc. (a)(d)	183,200		11,109,248
MTR Gaming Group, Inc. (a)	188,702		1,643,594
Ruth's Chris Steak House, Inc. (a)	421,100		5,322,704
Town Sports International Holdings, Inc. (a)	397,964		6,053,032
			32,492,724
Leisure Equipment & Products - 0.3%
Nautilus, Inc. (d)	367,300		2,361,739
Summer Infant, Inc. (a)	361,205		1,946,895
			4,308,634
Media - 1.0%
Martha Stewart Living Omnimedia, Inc. Class A (d)	508,599		7,013,580
TiVo, Inc. (a)(d)	706,600		5,038,058
			12,051,638
Specialty Retail - 6.4%
Asbury Automotive Group, Inc.	326,200		5,979,246
Casual Male Retail Group, Inc. (a)(d)	803,600		6,718,096
Charlotte Russe Holding, Inc. (a)	630,800		9,140,292
Citi Trends, Inc. (a)	298,205		5,832,890
Collective Brands, Inc. (a)(d)	629,900		11,646,851
Gymboree Corp. (a)	194,500		6,618,835
Jos. A. Bank Clothiers, Inc. (a)	371,000		10,836,910
Shoe Carnival, Inc. (a)	215,377		3,441,724
The Men's Wearhouse, Inc.	323,200		13,658,432
Tween Brands, Inc. (a)(d)	82,800		2,541,960
			76,415,236
Textiles, Apparel & Luxury Goods - 1.8%
Delta Apparel, Inc.	238,838		3,893,059
Fuqi International, Inc. (a)(d)	26,100		215,064
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Phillips-Van Heusen Corp.	188,900		$ 9,029,420
Steven Madden Ltd.	183,300		4,085,757
Volcom, Inc. (a)	140,800		4,118,400
			21,341,700
TOTAL CONSUMER DISCRETIONARY			191,673,571
CONSUMER STAPLES - 2.5%
Food & Staples Retailing - 0.7%
Nash-Finch Co.	66,900		2,505,405
The Great Atlantic & Pacific Tea Co. (a)(d)	170,800		5,528,796
			8,034,201
Food Products - 0.3%
Corn Products International, Inc.	85,000		3,615,900
Personal Products - 1.5%
Bare Escentuals, Inc.	261,900		6,468,930
Chattem, Inc. (a)	79,190		5,883,817
Physicians Formula Holdings, Inc. (a)	294,009		3,498,707
Prestige Brands Holdings, Inc. (a)	184,009		1,924,734
			17,776,188
TOTAL CONSUMER STAPLES			29,426,289
ENERGY - 6.5%
Energy Equipment & Services - 3.2%
ENGlobal Corp. (a)	219,691		3,049,311
Exterran Holdings, Inc. (a)(d)	92,652		7,801,298
NATCO Group, Inc. Class A (a)	171,200		9,126,672
Oceaneering International, Inc. (a)	100,400		7,757,908
Superior Energy Services, Inc. (a)	301,450		11,177,766
			38,912,955
Oil, Gas & Consumable Fuels - 3.3%
Banpu PCL unit	318,700		4,196,006
Concho Resources, Inc.	233,000		4,541,170
EXCO Resources, Inc. (a)	682,300		11,517,224
Kodiak Oil & Gas Corp. (a)	1,314,300		3,022,890
Petrohawk Energy Corp. (a)	402,540		7,446,990
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Uranium One, Inc. (a)	372,400		$ 4,137,340
World Fuel Services Corp.	96,300		4,265,127
			39,126,747
TOTAL ENERGY			78,039,702
FINANCIALS - 17.5%
Capital Markets - 2.4%
Ares Capital Corp.	194,679		3,239,459
GFI Group, Inc. (a)	60,400		5,213,728
Janus Capital Group, Inc.	173,900		6,001,289
MF Global Ltd.	324,400		9,589,264
Penson Worldwide, Inc. (a)(d)	265,970		4,502,872
			28,546,612
Commercial Banks - 3.5%
Associated Banc-Corp.	256,400		7,399,704
Columbia Banking Systems, Inc.	242,000		7,518,940
First Community Bancorp, California	103,470		5,038,989
Intervest Bancshares Corp. Class A	342,802		7,161,134
Prosperity Bancshares, Inc.	141,800		4,582,976
Renasant Corp.	331,400		7,705,050
UMB Financial Corp.	30,100		1,264,200
Westamerica Bancorp.	27,100		1,302,968
			41,973,961
Consumer Finance - 1.8%
Cash America International, Inc.	156,400		6,099,600
Dollar Financial Corp. (a)	480,100		15,747,280
			21,846,880
Diversified Financial Services - 0.8%
Endeavor Acquisition Corp. (a)	161,700		1,988,910
Freedom Acquisition Holdings, Inc. warrants 12/28/11 (a)	107,000		588,500
JSE Ltd.	492,000		6,548,392
			9,125,802
Insurance - 4.1%
Affirmative Insurance Holdings, Inc.	192,700		2,096,576
American Equity Investment Life Holding Co.	710,300		6,939,631
American Safety Insurance Group Ltd. (a)	455,900		9,227,416
Argo Group International Holdings, Ltd. (a)	161,979		6,901,925
Aspen Insurance Holdings Ltd.	219,400		6,002,784
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
IPC Holdings Ltd.	176,300		$ 5,273,133
Max Capital Group Ltd.	211,700		5,988,993
United America Indemnity Ltd. Class A (a)	328,722		7,248,320
			49,678,778
Real Estate Investment Trusts - 4.2%
Alexandria Real Estate Equities, Inc.	30,700		3,166,398
American Campus Communities, Inc.	23,300		662,652
Annaly Capital Management, Inc.	560,400		9,577,236
Cedar Shopping Centers, Inc.	118,500		1,522,725
DCT Industrial Trust, Inc.	576,800		6,189,064
Entertainment Properties Trust (SBI)	88,600		4,861,482
FelCor Lodging Trust, Inc.	55,800		1,168,452
Home Properties, Inc.	19,500		1,002,690
Medical Properties Trust, Inc. (d)	440,200		5,779,826
National Retail Properties, Inc.	288,800		7,321,080
ProLogis Trust	97,000		6,958,780
Senior Housing Properties Trust (SBI)	80,500		1,804,810
			50,015,195
Real Estate Management & Development - 0.0%
CB Richard Ellis Group, Inc. Class A (a)	22,900		558,302
Thrifts & Mortgage Finance - 0.7%
Encore Bancshares, Inc.	123,800		2,649,320
Fremont General Corp.	49,100		136,007
Washington Federal, Inc.	210,100		5,076,016
			7,861,343
TOTAL FINANCIALS			209,606,873
HEALTH CARE - 12.2%
Biotechnology - 2.3%
Cougar Biotechnology, Inc. (a)	13,200		447,480
Indevus Pharmaceuticals, Inc. (a)	869,400		6,694,380
Isis Pharmaceuticals, Inc. (a)	287,000		5,056,940
ONYX Pharmaceuticals, Inc. (a)	181,000		8,454,510
Theravance, Inc. (a)	255,800		6,400,116
			27,053,426
Health Care Equipment & Supplies - 2.4%
Align Technology, Inc. (a)(d)	286,500		5,930,550
American Medical Systems Holdings, Inc. (a)	588,700		7,529,473
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Quidel Corp. (a)	362,000		$ 7,475,300
Zoll Medical Corp. (a)	344,900		8,436,254
			29,371,577
Health Care Providers & Services - 5.3%
Air Methods Corp. (a)	216,500		11,684,505
Emergency Medical Services Corp. Class A (a)(d)	280,700		8,524,859
Genoptix, Inc. (a)	70,900		1,751,230
Healthways, Inc. (a)	132,000		8,012,400
MWI Veterinary Supply, Inc. (a)	284,300		11,869,525
Pediatrix Medical Group, Inc. (a)	162,800		10,663,400
PSS World Medical, Inc. (a)	438,100		8,849,620
U.S. Physical Therapy, Inc. (a)	109,191		1,604,016
			62,959,555
Health Care Technology - 0.7%
Omnicell, Inc. (a)	310,000		8,184,000
Life Sciences Tools & Services - 1.5%
Pharmaceutical Product Development, Inc.	235,700		9,955,968
QIAGEN NV (a)	368,500		8,674,490
			18,630,458
TOTAL HEALTH CARE			146,199,016
INDUSTRIALS - 13.6%
Aerospace & Defense - 0.7%
Alliant Techsystems, Inc. (a)	70,100		7,738,339
Building Products - 0.5%
Lennox International, Inc.	161,000		5,747,700
Commercial Services & Supplies - 5.2%
American Reprographics Co. (a)	242,600		4,919,928
Clean Harbors, Inc. (a)	89,200		4,391,316
Corrections Corp. of America (a)	405,000		11,457,450
CoStar Group, Inc. (a)	23,753		1,365,798
Diamond Management & Technology Consultants, Inc.	539,028		5,756,819
eTelecare Global Solutions, Inc. ADR	777,400		6,794,476
Huron Consulting Group, Inc. (a)	118,500		8,280,780
InnerWorkings, Inc. (a)(d)	347,979		5,598,982
Navigant Consulting, Inc. (a)	372,300		4,906,914
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - continued
The Brink's Co.	71,400		$ 4,473,210
Waste Services, Inc. (a)(d)	446,400		4,089,024
			62,034,697
Construction & Engineering - 0.1%
Quanta Services, Inc. (a)	49,328		1,627,824
Electrical Equipment - 1.2%
Genlyte Group, Inc. (a)	87,100		5,670,210
GrafTech International Ltd. (a)	459,400		8,682,660
			14,352,870
Machinery - 4.2%
Astec Industries, Inc. (a)	167,400		7,586,568
Bucyrus International, Inc. Class A	111,500		9,198,750
CIRCOR International, Inc.	147,800		7,423,994
Columbus McKinnon Corp. (NY Shares) (a)	291,200		9,662,016
Crane Co.	36,400		1,726,816
Force Protection, Inc. (a)(d)	326,100		5,837,190
Manitowoc Co., Inc.	110,400		5,438,304
Titan International, Inc.	130,300		3,942,878
			50,816,516
Road & Rail - 0.2%
Knight Transportation, Inc.	160,600		2,564,782
Trading Companies & Distributors - 1.5%
Genesis Lease Ltd. ADR	366,000		8,030,040
H&E Equipment Services, Inc. (a)	276,300		4,871,169
Rush Enterprises, Inc. Class A (a)	291,300		4,937,535
			17,838,744
TOTAL INDUSTRIALS			162,721,472
INFORMATION TECHNOLOGY - 20.2%
Communications Equipment - 4.2%
Airspan Networks, Inc. (a)	1,489,800		3,530,826
Arris Group, Inc. (a)	599,700		6,896,550
NETGEAR, Inc. (a)	424,009		14,984,478
ORBCOMM, Inc. (d)	339,740		2,802,855
Plantronics, Inc.	237,300		6,490,155
Polycom, Inc. (a)	224,800		6,289,904
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
RADWARE Ltd. (a)	300,000		$ 5,076,000
Starent Networks Corp.	169,000		4,187,820
			50,258,588
Computers & Peripherals - 0.0%
STEC, Inc. (a)	41,300		265,972
Electronic Equipment & Instruments - 1.4%
Gerber Scientific, Inc. (a)	560,200		6,190,210
IPG Photonics Corp.	533,358		10,155,136
			16,345,346
Internet Software & Services - 5.2%
Digital River, Inc. (a)(d)	107,200		5,688,032
DivX, Inc. (d)	482,700		6,048,231
Equinix, Inc. (a)	21,680		2,529,189
Goldleaf Financial Solutions, Inc. (a)(e)	884,547		2,476,732
j2 Global Communications, Inc. (a)(d)	602,100		20,284,749
RealNetworks, Inc. (a)	351,000		2,548,260
SAVVIS, Inc. (a)	140,975		5,326,036
ValueClick, Inc. (a)	79,700		2,167,043
VistaPrint Ltd. (a)	324,858		15,453,495
			62,521,767
IT Services - 0.4%
Perot Systems Corp. Class A (a)	365,400		5,334,840
Semiconductors & Semiconductor Equipment - 4.1%
Atheros Communications, Inc. (a)	112,000		3,931,200
Axcelis Technologies, Inc. (a)	606,700		2,845,423
California Micro Devices Corp. (a)(e)	1,307,693		5,727,695
Cavium Networks, Inc.	1,000		29,080
FormFactor, Inc. (a)	95,900		3,750,648
Hittite Microwave Corp. (a)	98,000		4,924,500
LTX Corp. (a)	435,860		1,442,697
MIPS Technologies, Inc. (a)	60,822		480,494
Netlogic Microsystems, Inc. (a)(d)	104,100		3,456,120
Supertex, Inc. (a)	1,598		58,391
Varian Semiconductor Equipment Associates, Inc. (a)	133,700		6,152,874
Volterra Semiconductor Corp. (a)	330,380		4,060,370
Zoran Corp. (a)	459,800		11,724,900
			48,584,392
Software - 4.9%
Blackbaud, Inc.	1,041,200		28,060,339
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
CommVault Systems, Inc.	528,500		$ 10,749,690
Jack Henry & Associates, Inc.	269,000		7,860,180
OpenTV Corp. Class A (a)	934,900		1,271,464
Sonic Solutions, Inc. (a)(d)	557,600		6,691,200
SourceForge, Inc. (a)	1,286,000		3,407,900
			58,040,773
TOTAL INFORMATION TECHNOLOGY			241,351,678
MATERIALS - 5.2%
Chemicals - 1.6%
Airgas, Inc.	133,000		6,712,510
Hercules, Inc.	298,300		5,611,023
Rockwood Holdings, Inc. (a)	196,600		7,685,094
			20,008,627
Metals & Mining - 3.6%
Carpenter Technology Corp.	33,270		4,821,156
Compass Minerals International, Inc.	234,700		8,662,777
First Uranium Corp. (a)	532,300		6,099,858
Haynes International, Inc. (a)	66,900		5,855,088
Mount Gibson Iron Ltd. (a)	2,115,186		5,980,023
Randgold Resources Ltd. sponsored ADR	273,600		9,833,184
Titanium Metals Corp. (a)	45,300		1,594,560
			42,846,646
TOTAL MATERIALS			62,855,273
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 0.8%
Cbeyond, Inc. (a)	86,140		3,369,797
Cincinnati Bell, Inc. (a)	841,310		4,559,900
Iowa Telecommunication Services, Inc.	87,650		1,728,458
			9,658,155
Wireless Telecommunication Services - 0.3%
SBA Communications Corp. Class A (a)	90,850		3,234,260
TOTAL TELECOMMUNICATION SERVICES			12,892,415
Common Stocks - continued
	Shares		Value
UTILITIES - 2.6%
Electric Utilities - 1.9%
Allete, Inc.	110,600		$ 4,832,114
Great Plains Energy, Inc.	217,300		6,484,232
ITC Holdings Corp.	138,350		7,919,154
Pepco Holdings, Inc.	116,000		3,304,840
			22,540,340
Multi-Utilities - 0.7%
CMS Energy Corp.	529,400		8,983,918
TOTAL UTILITIES			31,524,258
TOTAL COMMON STOCKS (Cost $1,153,054,530)		1,166,290,547
Investment Companies - 0.7%

KBW Bank ETF	51,200		2,596,864
KBW Regional Banking ETF	130,350		5,468,183
TOTAL INVESTMENT COMPANIES (Cost $8,016,103)		8,065,047

U.S. Treasury Obligations - 0.1%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 3.73% to 4.18% 12/6/07 to 1/17/08 (f) (Cost $1,067,334)	$ 1,075,000	1,067,551

Money Market Funds - 8.3%
	Shares
Fidelity Cash Central Fund, 4.97% (b)	45,830,383		45,830,383
Fidelity Securities Lending Cash Central Fund, 5.02% (b)(c)	54,053,450		54,053,450
TOTAL MONEY MARKET FUNDS (Cost $99,883,833)		99,883,833
Cash Equivalents - 0.0%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 4.55%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Treasury Obligations) # (Cost $89,000)	$ 89,011		$ 89,000
TOTAL INVESTMENT PORTFOLIO - 106.5% (Cost $1,262,110,800)			1,275,395,978
NET OTHER ASSETS - (6.5)%			(78,271,560)
NET ASSETS - 100%		$ 1,197,124,418

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
169 Mini-Russell 2000 Index Contracts	Dec. 2007	$ 14,065,870	$ 650,930

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,037,795.

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

Repurchase Agreement / Counterparty	Value
$89,000 due 11/01/07 at 4.55%
ABN AMRO Bank N.V., New York Branch	$ 42,429
Banc of America Securities LLC	25,616
Merrill Lynch Government Securities, Inc.	2,974
Mizuho Securities USA, Inc.	16,971
Morgan Stanley & Co., Inc.	1,010
	$ 89,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 562,615
Fidelity Securities Lending Cash Central Fund	194,575
Total	$ 757,190

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
California Micro Devices Corp.	$ 5,410,465	$ 378,047	$ -	$ -	$ 5,727,695
Goldleaf Financial Solutions, Inc.	4,599,644	-	-	-	2,476,732
Total	$ 10,010,109	$ 378,047	$ -	$ -	$ 8,204,427

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,265,124,952. Net unrealized appreciation aggregated $10,271,026, of which $101,708,207 related to appreciated investment securities and $91,437,181 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

October 31, 2007

Class A, Class T, Class B, Class C
and Institutional Class are classes of
Small Cap Opportunities Fund

ASMO-QTLY-1207

1.858551.100

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
CONSUMER DISCRETIONARY - 16.0%
Auto Components - 2.4%
Aftermarket Technology Corp. (a)	261,900		$ 9,040,788
Amerigon, Inc. (a)	441,900		8,678,916
Spartan Motors, Inc.	183,800		2,580,552
TRW Automotive Holdings Corp. (a)	272,700		8,096,463
			28,396,719
Distributors - 0.8%
DXP Enterprises, Inc. (a)	198,000		9,389,160
Diversified Consumer Services - 0.6%
Regis Corp.	216,600		7,277,760
Hotels, Restaurants & Leisure - 2.7%
Denny's Corp. (a)	1,735,300		8,364,146
Life Time Fitness, Inc. (a)(d)	183,200		11,109,248
MTR Gaming Group, Inc. (a)	188,702		1,643,594
Ruth's Chris Steak House, Inc. (a)	421,100		5,322,704
Town Sports International Holdings, Inc. (a)	397,964		6,053,032
			32,492,724
Leisure Equipment & Products - 0.3%
Nautilus, Inc. (d)	367,300		2,361,739
Summer Infant, Inc. (a)	361,205		1,946,895
			4,308,634
Media - 1.0%
Martha Stewart Living Omnimedia, Inc. Class A (d)	508,599		7,013,580
TiVo, Inc. (a)(d)	706,600		5,038,058
			12,051,638
Specialty Retail - 6.4%
Asbury Automotive Group, Inc.	326,200		5,979,246
Casual Male Retail Group, Inc. (a)(d)	803,600		6,718,096
Charlotte Russe Holding, Inc. (a)	630,800		9,140,292
Citi Trends, Inc. (a)	298,205		5,832,890
Collective Brands, Inc. (a)(d)	629,900		11,646,851
Gymboree Corp. (a)	194,500		6,618,835
Jos. A. Bank Clothiers, Inc. (a)	371,000		10,836,910
Shoe Carnival, Inc. (a)	215,377		3,441,724
The Men's Wearhouse, Inc.	323,200		13,658,432
Tween Brands, Inc. (a)(d)	82,800		2,541,960
			76,415,236
Textiles, Apparel & Luxury Goods - 1.8%
Delta Apparel, Inc.	238,838		3,893,059
Fuqi International, Inc. (a)(d)	26,100		215,064
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Phillips-Van Heusen Corp.	188,900		$ 9,029,420
Steven Madden Ltd.	183,300		4,085,757
Volcom, Inc. (a)	140,800		4,118,400
			21,341,700
TOTAL CONSUMER DISCRETIONARY			191,673,571
CONSUMER STAPLES - 2.5%
Food & Staples Retailing - 0.7%
Nash-Finch Co.	66,900		2,505,405
The Great Atlantic & Pacific Tea Co. (a)(d)	170,800		5,528,796
			8,034,201
Food Products - 0.3%
Corn Products International, Inc.	85,000		3,615,900
Personal Products - 1.5%
Bare Escentuals, Inc.	261,900		6,468,930
Chattem, Inc. (a)	79,190		5,883,817
Physicians Formula Holdings, Inc. (a)	294,009		3,498,707
Prestige Brands Holdings, Inc. (a)	184,009		1,924,734
			17,776,188
TOTAL CONSUMER STAPLES			29,426,289
ENERGY - 6.5%
Energy Equipment & Services - 3.2%
ENGlobal Corp. (a)	219,691		3,049,311
Exterran Holdings, Inc. (a)(d)	92,652		7,801,298
NATCO Group, Inc. Class A (a)	171,200		9,126,672
Oceaneering International, Inc. (a)	100,400		7,757,908
Superior Energy Services, Inc. (a)	301,450		11,177,766
			38,912,955
Oil, Gas & Consumable Fuels - 3.3%
Banpu PCL unit	318,700		4,196,006
Concho Resources, Inc.	233,000		4,541,170
EXCO Resources, Inc. (a)	682,300		11,517,224
Kodiak Oil & Gas Corp. (a)	1,314,300		3,022,890
Petrohawk Energy Corp. (a)	402,540		7,446,990
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Uranium One, Inc. (a)	372,400		$ 4,137,340
World Fuel Services Corp.	96,300		4,265,127
			39,126,747
TOTAL ENERGY			78,039,702
FINANCIALS - 17.5%
Capital Markets - 2.4%
Ares Capital Corp.	194,679		3,239,459
GFI Group, Inc. (a)	60,400		5,213,728
Janus Capital Group, Inc.	173,900		6,001,289
MF Global Ltd.	324,400		9,589,264
Penson Worldwide, Inc. (a)(d)	265,970		4,502,872
			28,546,612
Commercial Banks - 3.5%
Associated Banc-Corp.	256,400		7,399,704
Columbia Banking Systems, Inc.	242,000		7,518,940
First Community Bancorp, California	103,470		5,038,989
Intervest Bancshares Corp. Class A	342,802		7,161,134
Prosperity Bancshares, Inc.	141,800		4,582,976
Renasant Corp.	331,400		7,705,050
UMB Financial Corp.	30,100		1,264,200
Westamerica Bancorp.	27,100		1,302,968
			41,973,961
Consumer Finance - 1.8%
Cash America International, Inc.	156,400		6,099,600
Dollar Financial Corp. (a)	480,100		15,747,280
			21,846,880
Diversified Financial Services - 0.8%
Endeavor Acquisition Corp. (a)	161,700		1,988,910
Freedom Acquisition Holdings, Inc. warrants 12/28/11 (a)	107,000		588,500
JSE Ltd.	492,000		6,548,392
			9,125,802
Insurance - 4.1%
Affirmative Insurance Holdings, Inc.	192,700		2,096,576
American Equity Investment Life Holding Co.	710,300		6,939,631
American Safety Insurance Group Ltd. (a)	455,900		9,227,416
Argo Group International Holdings, Ltd. (a)	161,979		6,901,925
Aspen Insurance Holdings Ltd.	219,400		6,002,784
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
IPC Holdings Ltd.	176,300		$ 5,273,133
Max Capital Group Ltd.	211,700		5,988,993
United America Indemnity Ltd. Class A (a)	328,722		7,248,320
			49,678,778
Real Estate Investment Trusts - 4.2%
Alexandria Real Estate Equities, Inc.	30,700		3,166,398
American Campus Communities, Inc.	23,300		662,652
Annaly Capital Management, Inc.	560,400		9,577,236
Cedar Shopping Centers, Inc.	118,500		1,522,725
DCT Industrial Trust, Inc.	576,800		6,189,064
Entertainment Properties Trust (SBI)	88,600		4,861,482
FelCor Lodging Trust, Inc.	55,800		1,168,452
Home Properties, Inc.	19,500		1,002,690
Medical Properties Trust, Inc. (d)	440,200		5,779,826
National Retail Properties, Inc.	288,800		7,321,080
ProLogis Trust	97,000		6,958,780
Senior Housing Properties Trust (SBI)	80,500		1,804,810
			50,015,195
Real Estate Management & Development - 0.0%
CB Richard Ellis Group, Inc. Class A (a)	22,900		558,302
Thrifts & Mortgage Finance - 0.7%
Encore Bancshares, Inc.	123,800		2,649,320
Fremont General Corp.	49,100		136,007
Washington Federal, Inc.	210,100		5,076,016
			7,861,343
TOTAL FINANCIALS			209,606,873
HEALTH CARE - 12.2%
Biotechnology - 2.3%
Cougar Biotechnology, Inc. (a)	13,200		447,480
Indevus Pharmaceuticals, Inc. (a)	869,400		6,694,380
Isis Pharmaceuticals, Inc. (a)	287,000		5,056,940
ONYX Pharmaceuticals, Inc. (a)	181,000		8,454,510
Theravance, Inc. (a)	255,800		6,400,116
			27,053,426
Health Care Equipment & Supplies - 2.4%
Align Technology, Inc. (a)(d)	286,500		5,930,550
American Medical Systems Holdings, Inc. (a)	588,700		7,529,473
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Quidel Corp. (a)	362,000		$ 7,475,300
Zoll Medical Corp. (a)	344,900		8,436,254
			29,371,577
Health Care Providers & Services - 5.3%
Air Methods Corp. (a)	216,500		11,684,505
Emergency Medical Services Corp. Class A (a)(d)	280,700		8,524,859
Genoptix, Inc. (a)	70,900		1,751,230
Healthways, Inc. (a)	132,000		8,012,400
MWI Veterinary Supply, Inc. (a)	284,300		11,869,525
Pediatrix Medical Group, Inc. (a)	162,800		10,663,400
PSS World Medical, Inc. (a)	438,100		8,849,620
U.S. Physical Therapy, Inc. (a)	109,191		1,604,016
			62,959,555
Health Care Technology - 0.7%
Omnicell, Inc. (a)	310,000		8,184,000
Life Sciences Tools & Services - 1.5%
Pharmaceutical Product Development, Inc.	235,700		9,955,968
QIAGEN NV (a)	368,500		8,674,490
			18,630,458
TOTAL HEALTH CARE			146,199,016
INDUSTRIALS - 13.6%
Aerospace & Defense - 0.7%
Alliant Techsystems, Inc. (a)	70,100		7,738,339
Building Products - 0.5%
Lennox International, Inc.	161,000		5,747,700
Commercial Services & Supplies - 5.2%
American Reprographics Co. (a)	242,600		4,919,928
Clean Harbors, Inc. (a)	89,200		4,391,316
Corrections Corp. of America (a)	405,000		11,457,450
CoStar Group, Inc. (a)	23,753		1,365,798
Diamond Management & Technology Consultants, Inc.	539,028		5,756,819
eTelecare Global Solutions, Inc. ADR	777,400		6,794,476
Huron Consulting Group, Inc. (a)	118,500		8,280,780
InnerWorkings, Inc. (a)(d)	347,979		5,598,982
Navigant Consulting, Inc. (a)	372,300		4,906,914
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - continued
The Brink's Co.	71,400		$ 4,473,210
Waste Services, Inc. (a)(d)	446,400		4,089,024
			62,034,697
Construction & Engineering - 0.1%
Quanta Services, Inc. (a)	49,328		1,627,824
Electrical Equipment - 1.2%
Genlyte Group, Inc. (a)	87,100		5,670,210
GrafTech International Ltd. (a)	459,400		8,682,660
			14,352,870
Machinery - 4.2%
Astec Industries, Inc. (a)	167,400		7,586,568
Bucyrus International, Inc. Class A	111,500		9,198,750
CIRCOR International, Inc.	147,800		7,423,994
Columbus McKinnon Corp. (NY Shares) (a)	291,200		9,662,016
Crane Co.	36,400		1,726,816
Force Protection, Inc. (a)(d)	326,100		5,837,190
Manitowoc Co., Inc.	110,400		5,438,304
Titan International, Inc.	130,300		3,942,878
			50,816,516
Road & Rail - 0.2%
Knight Transportation, Inc.	160,600		2,564,782
Trading Companies & Distributors - 1.5%
Genesis Lease Ltd. ADR	366,000		8,030,040
H&E Equipment Services, Inc. (a)	276,300		4,871,169
Rush Enterprises, Inc. Class A (a)	291,300		4,937,535
			17,838,744
TOTAL INDUSTRIALS			162,721,472
INFORMATION TECHNOLOGY - 20.2%
Communications Equipment - 4.2%
Airspan Networks, Inc. (a)	1,489,800		3,530,826
Arris Group, Inc. (a)	599,700		6,896,550
NETGEAR, Inc. (a)	424,009		14,984,478
ORBCOMM, Inc. (d)	339,740		2,802,855
Plantronics, Inc.	237,300		6,490,155
Polycom, Inc. (a)	224,800		6,289,904
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
RADWARE Ltd. (a)	300,000		$ 5,076,000
Starent Networks Corp.	169,000		4,187,820
			50,258,588
Computers & Peripherals - 0.0%
STEC, Inc. (a)	41,300		265,972
Electronic Equipment & Instruments - 1.4%
Gerber Scientific, Inc. (a)	560,200		6,190,210
IPG Photonics Corp.	533,358		10,155,136
			16,345,346
Internet Software & Services - 5.2%
Digital River, Inc. (a)(d)	107,200		5,688,032
DivX, Inc. (d)	482,700		6,048,231
Equinix, Inc. (a)	21,680		2,529,189
Goldleaf Financial Solutions, Inc. (a)(e)	884,547		2,476,732
j2 Global Communications, Inc. (a)(d)	602,100		20,284,749
RealNetworks, Inc. (a)	351,000		2,548,260
SAVVIS, Inc. (a)	140,975		5,326,036
ValueClick, Inc. (a)	79,700		2,167,043
VistaPrint Ltd. (a)	324,858		15,453,495
			62,521,767
IT Services - 0.4%
Perot Systems Corp. Class A (a)	365,400		5,334,840
Semiconductors & Semiconductor Equipment - 4.1%
Atheros Communications, Inc. (a)	112,000		3,931,200
Axcelis Technologies, Inc. (a)	606,700		2,845,423
California Micro Devices Corp. (a)(e)	1,307,693		5,727,695
Cavium Networks, Inc.	1,000		29,080
FormFactor, Inc. (a)	95,900		3,750,648
Hittite Microwave Corp. (a)	98,000		4,924,500
LTX Corp. (a)	435,860		1,442,697
MIPS Technologies, Inc. (a)	60,822		480,494
Netlogic Microsystems, Inc. (a)(d)	104,100		3,456,120
Supertex, Inc. (a)	1,598		58,391
Varian Semiconductor Equipment Associates, Inc. (a)	133,700		6,152,874
Volterra Semiconductor Corp. (a)	330,380		4,060,370
Zoran Corp. (a)	459,800		11,724,900
			48,584,392
Software - 4.9%
Blackbaud, Inc.	1,041,200		28,060,339
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
CommVault Systems, Inc.	528,500		$ 10,749,690
Jack Henry & Associates, Inc.	269,000		7,860,180
OpenTV Corp. Class A (a)	934,900		1,271,464
Sonic Solutions, Inc. (a)(d)	557,600		6,691,200
SourceForge, Inc. (a)	1,286,000		3,407,900
			58,040,773
TOTAL INFORMATION TECHNOLOGY			241,351,678
MATERIALS - 5.2%
Chemicals - 1.6%
Airgas, Inc.	133,000		6,712,510
Hercules, Inc.	298,300		5,611,023
Rockwood Holdings, Inc. (a)	196,600		7,685,094
			20,008,627
Metals & Mining - 3.6%
Carpenter Technology Corp.	33,270		4,821,156
Compass Minerals International, Inc.	234,700		8,662,777
First Uranium Corp. (a)	532,300		6,099,858
Haynes International, Inc. (a)	66,900		5,855,088
Mount Gibson Iron Ltd. (a)	2,115,186		5,980,023
Randgold Resources Ltd. sponsored ADR	273,600		9,833,184
Titanium Metals Corp. (a)	45,300		1,594,560
			42,846,646
TOTAL MATERIALS			62,855,273
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 0.8%
Cbeyond, Inc. (a)	86,140		3,369,797
Cincinnati Bell, Inc. (a)	841,310		4,559,900
Iowa Telecommunication Services, Inc.	87,650		1,728,458
			9,658,155
Wireless Telecommunication Services - 0.3%
SBA Communications Corp. Class A (a)	90,850		3,234,260
TOTAL TELECOMMUNICATION SERVICES			12,892,415
Common Stocks - continued
	Shares		Value
UTILITIES - 2.6%
Electric Utilities - 1.9%
Allete, Inc.	110,600		$ 4,832,114
Great Plains Energy, Inc.	217,300		6,484,232
ITC Holdings Corp.	138,350		7,919,154
Pepco Holdings, Inc.	116,000		3,304,840
			22,540,340
Multi-Utilities - 0.7%
CMS Energy Corp.	529,400		8,983,918
TOTAL UTILITIES			31,524,258
TOTAL COMMON STOCKS (Cost $1,153,054,530)		1,166,290,547
Investment Companies - 0.7%

KBW Bank ETF	51,200		2,596,864
KBW Regional Banking ETF	130,350		5,468,183
TOTAL INVESTMENT COMPANIES (Cost $8,016,103)		8,065,047

U.S. Treasury Obligations - 0.1%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 3.73% to 4.18% 12/6/07 to 1/17/08 (f) (Cost $1,067,334)	$ 1,075,000	1,067,551

Money Market Funds - 8.3%
	Shares
Fidelity Cash Central Fund, 4.97% (b)	45,830,383		45,830,383
Fidelity Securities Lending Cash Central Fund, 5.02% (b)(c)	54,053,450		54,053,450
TOTAL MONEY MARKET FUNDS (Cost $99,883,833)		99,883,833
Cash Equivalents - 0.0%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 4.55%, dated 10/31/07 due 11/1/07 (Collateralized by U.S. Treasury Obligations) # (Cost $89,000)	$ 89,011		$ 89,000
TOTAL INVESTMENT PORTFOLIO - 106.5% (Cost $1,262,110,800)			1,275,395,978
NET OTHER ASSETS - (6.5)%			(78,271,560)
NET ASSETS - 100%		$ 1,197,124,418

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
169 Mini-Russell 2000 Index Contracts	Dec. 2007	$ 14,065,870	$ 650,930

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,037,795.

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

Repurchase Agreement / Counterparty	Value
$89,000 due 11/01/07 at 4.55%
ABN AMRO Bank N.V., New York Branch	$ 42,429
Banc of America Securities LLC	25,616
Merrill Lynch Government Securities, Inc.	2,974
Mizuho Securities USA, Inc.	16,971
Morgan Stanley & Co., Inc.	1,010
	$ 89,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 562,615
Fidelity Securities Lending Cash Central Fund	194,575
Total	$ 757,190

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
California Micro Devices Corp.	$ 5,410,465	$ 378,047	$ -	$ -	$ 5,727,695
Goldleaf Financial Solutions, Inc.	4,599,644	-	-	-	2,476,732
Total	$ 10,010,109	$ 378,047	$ -	$ -	$ 8,204,427

Income Tax Information

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Small Cap Value Fund

October 31, 2007

SCV-QTLY-1207

1.823236.102

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
CONSUMER DISCRETIONARY - 11.5%
Auto Components - 0.5%
Aftermarket Technology Corp. (a)	150,000		$ 5,178,000
TRW Automotive Holdings Corp. (a)	70,000		2,078,300
			7,256,300
Hotels, Restaurants & Leisure - 1.7%
Pinnacle Entertainment, Inc. (a)(d)	412,700		12,050,840
Red Robin Gourmet Burgers, Inc. (a)	140,000		5,602,800
Town Sports International Holdings, Inc. (a)	31,651		481,412
Wyndham Worldwide Corp.	175,000		5,745,250
			23,880,302
Household Durables - 2.6%
Directed Electronics, Inc. (a)	244,600		604,162
Ethan Allen Interiors, Inc. (d)	285,300		8,804,358
Jarden Corp. (a)(d)	719,600		25,560,192
Ryland Group, Inc.	55,000		1,563,650
			36,532,362
Leisure Equipment & Products - 1.8%
Brunswick Corp.	110,300		2,460,793
Callaway Golf Co.	220,000		3,810,400
MarineMax, Inc. (a)	30,000		427,200
RC2 Corp. (a)	644,555		19,220,630
			25,919,023
Media - 1.0%
Charter Communications, Inc. Class A (a)	1,250,000		2,587,500
Sinclair Broadcast Group, Inc. Class A	1,030,500		12,407,220
			14,994,720
Multiline Retail - 0.0%
Retail Ventures, Inc. (a)	23,100		200,277
Specialty Retail - 2.4%
Advance Auto Parts, Inc.	230,000		7,847,600
Asbury Automotive Group, Inc.	385,000		7,057,050
Collective Brands, Inc. (a)	275,000		5,084,750
Gymboree Corp. (a)	205,000		6,976,150
Lithia Motors, Inc. Class A (sub. vtg.)	54,000		916,920
Select Comfort Corp. (a)(d)	515,000		5,886,450
Shoe Carnival, Inc. (a)	46,864		748,887
			34,517,807
Textiles, Apparel & Luxury Goods - 1.5%
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	505,000		12,417,950
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Steven Madden Ltd.	265,000		$ 5,906,850
Warnaco Group, Inc. (a)	70,000		2,848,300
			21,173,100
TOTAL CONSUMER DISCRETIONARY			164,473,891
CONSUMER STAPLES - 3.9%
Food & Staples Retailing - 0.9%
The Pantry, Inc. (a)(d)	471,000		13,197,420
Food Products - 2.0%
Chiquita Brands International, Inc. (a)	171,000		3,206,250
Corn Products International, Inc.	130,000		5,530,200
Diamond Foods, Inc.	270,400		5,905,536
Fresh Del Monte Produce, Inc.	60,000		2,176,800
Hain Celestial Group, Inc. (a)	140,000		4,908,400
Marine Harvest ASA (a)	7,155,000		7,252,995
			28,980,181
Household Products - 0.4%
Central Garden & Pet Co. Class A (non-vtg.) (a)	738,300		6,142,656
Personal Products - 0.6%
Physicians Formula Holdings, Inc. (a)	118,054		1,404,843
Prestige Brands Holdings, Inc. (a)	625,439		6,542,092
			7,946,935
TOTAL CONSUMER STAPLES			56,267,192
ENERGY - 12.2%
Energy Equipment & Services - 2.9%
Exterran Holdings, Inc. (a)	85,000		7,157,000
Hornbeck Offshore Services, Inc. (a)	154,100		6,025,310
NATCO Group, Inc. Class A (a)	50,000		2,665,500
Oil States International, Inc. (a)	169,760		7,331,934
Superior Energy Services, Inc. (a)	500,000		18,540,000
			41,719,744
Oil, Gas & Consumable Fuels - 9.3%
Alpha Natural Resources, Inc. (a)	114,600		3,144,624
Cabot Oil & Gas Corp.	320,000		12,700,800
Forest Oil Corp. (a)	260,300		12,647,977
Mariner Energy, Inc. (a)	530,000		13,250,000
Petrohawk Energy Corp. (a)	790,000		14,615,000
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Petroleum Development Corp. (a)	127,622		$ 5,796,591
Southwestern Energy Co. (a)	320,000		16,553,600
Tesoro Corp. (d)	892,600		54,029,077
			132,737,669
TOTAL ENERGY			174,457,413
FINANCIALS - 22.6%
Capital Markets - 1.9%
American Capital Strategies Ltd. (d)	78,700		3,416,367
GFI Group, Inc. (a)	20,000		1,726,400
KBW, Inc. (d)	234,329		7,097,825
MF Global Ltd.	245,000		7,242,200
Penson Worldwide, Inc. (a)	105,000		1,777,650
TradeStation Group, Inc. (a)	508,300		6,201,260
			27,461,702
Commercial Banks - 4.9%
Boston Private Financial Holdings, Inc. (d)	630,200		18,124,552
Cathay General Bancorp	260,420		8,065,207
Center Financial Corp., California	254,052		3,249,325
Colonial Bancgroup, Inc.	130,000		2,493,400
East West Bancorp, Inc.	28,800		971,712
First State Bancorp.	383,500		6,507,995
Hanmi Financial Corp.	68,140		750,903
Investors Bancorp, Inc. (a)(d)	190,000		2,850,000
Nara Bancorp, Inc.	87,670		1,357,132
South Financial Group, Inc.	370,000		7,644,200
Sterling Bancshares, Inc.	235,000		2,867,000
UMB Financial Corp.	195,000		8,190,000
Wintrust Financial Corp.	193,860		7,122,416
			70,193,842
Consumer Finance - 0.8%
Advanta Corp. Class B	97,500		1,540,500
Cash America International, Inc.	90,000		3,510,000
Dollar Financial Corp. (a)	210,000		6,888,000
			11,938,500
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 0.7%
Endeavor Acquisition Corp. (a)(d)	341,000		$ 4,194,300
MarketAxess Holdings, Inc. (a)	400,000		6,268,000
			10,462,300
Insurance - 11.0%
American Equity Investment Life Holding Co.	1,289,506		12,598,474
Aspen Insurance Holdings Ltd.	360,200		9,855,072
Delphi Financial Group, Inc. Class A	327,850		12,704,188
HCC Insurance Holdings, Inc.	515,920		15,420,849
Infinity Property & Casualty Corp.	235,000		9,451,700
IPC Holdings Ltd.	573,740		17,160,563
Max Capital Group Ltd.	175,000		4,950,750
National Financial Partners Corp. (d)	431,300		23,579,171
Navigators Group, Inc. (a)	104,862		6,323,179
PartnerRe Ltd.	30,000		2,497,500
Platinum Underwriters Holdings Ltd.	329,700		11,869,200
United America Indemnity Ltd. Class A (a)	142,922		3,151,430
Universal American Financial Corp. (a)	150,000		3,639,000
Willis Group Holdings Ltd.	195,000		8,254,350
Zenith National Insurance Corp.	394,000		15,830,920
			157,286,346
Real Estate Investment Trusts - 0.7%
Annaly Capital Management, Inc.	200,000		3,418,000
GMH Communities Trust	264,100		1,949,058
MFA Mortgage Investments, Inc.	448,800		3,841,728
			9,208,786
Real Estate Management & Development - 1.3%
Jones Lang LaSalle, Inc. (d)	193,000		18,398,690
Thrifts & Mortgage Finance - 1.3%
Downey Financial Corp. (d)	50,000		2,036,500
Farmer Mac Class C (non-vtg.)	140,000		4,109,000
FirstFed Financial Corp. (a)(d)	100,000		4,278,000
Provident Financial Services, Inc.	140,000		2,217,600
Washington Federal, Inc.	265,000		6,402,400
			19,043,500
TOTAL FINANCIALS			323,993,666
Common Stocks - continued
	Shares		Value
HEALTH CARE - 4.0%
Biotechnology - 0.5%
Theravance, Inc. (a)	300,000		$ 7,506,000
Health Care Equipment & Supplies - 0.2%
Zoll Medical Corp. (a)	133,200		3,258,072
Health Care Providers & Services - 2.0%
Air Methods Corp. (a)	209,167		11,288,743
AMERIGROUP Corp. (a)	245,000		8,575,000
Capital Senior Living Corp. (a)	165,000		1,475,100
Pediatrix Medical Group, Inc. (a)	110,000		7,205,000
			28,543,843
Life Sciences Tools & Services - 0.8%
PerkinElmer, Inc.	50,000		1,376,000
Pharmaceutical Product Development, Inc.	223,100		9,423,744
			10,799,744
Pharmaceuticals - 0.5%
Adams Respiratory Therapeutics, Inc. (a)	175,000		7,689,500
TOTAL HEALTH CARE			57,797,159
INDUSTRIALS - 17.2%
Aerospace & Defense - 2.4%
AAR Corp. (a)	361,711		11,592,838
DRS Technologies, Inc.	144,000		8,271,360
Hexcel Corp. (a)	250,200		6,262,506
Orbital Sciences Corp. (a)	325,000		8,297,250
			34,423,954
Air Freight & Logistics - 0.9%
Hub Group, Inc. Class A (a)	180,000		4,566,600
Park-Ohio Holdings Corp. (a)	356,646		8,513,140
			13,079,740
Airlines - 0.2%
AirTran Holdings, Inc. (a)(d)	310,000		3,227,100
Commercial Services & Supplies - 2.3%
FTI Consulting, Inc. (a)	360,000		19,548,000
Interface, Inc. Class A	148,590		2,842,527
Navigant Consulting, Inc. (a)	125,000		1,647,500
Team, Inc. (a)	284,256		9,150,201
			33,188,228
Construction & Engineering - 4.6%
Quanta Services, Inc. (a)	214,025		7,062,825
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - continued
Shaw Group, Inc. (a)	418,000		$ 31,182,800
Washington Group International, Inc. (a)	285,000		27,744,750
			65,990,375
Electrical Equipment - 1.4%
Belden, Inc.	345,000		20,103,150
Machinery - 2.2%
Accuride Corp. (a)	235,000		2,397,000
AGCO Corp. (a)	65,000		3,879,200
Astec Industries, Inc. (a)	116,600		5,284,312
Bucyrus International, Inc. Class A	33,300		2,747,250
Force Protection, Inc. (a)(d)	570,000		10,203,000
Manitowoc Co., Inc.	133,040		6,553,550
			31,064,312
Road & Rail - 0.4%
YRC Worldwide, Inc. (a)	195,000		4,793,100
Trading Companies & Distributors - 2.8%
Kaman Corp.	193,822		7,309,028
Rush Enterprises, Inc. Class A (a)	174,600		2,959,470
UAP Holding Corp.	870,980		27,723,293
WESCO International, Inc. (a)	43,000		2,005,950
			39,997,741
TOTAL INDUSTRIALS			245,867,700
INFORMATION TECHNOLOGY - 15.3%
Communications Equipment - 2.4%
Arris Group, Inc. (a)(d)	1,735,000		19,952,500
Avocent Corp. (a)	53,945		1,458,133
Polycom, Inc. (a)	460,000		12,870,800
			34,281,433
Computers & Peripherals - 1.2%
Brocade Communications Systems, Inc. (a)	1,310,000		12,458,100
Diebold, Inc.	50,000		2,092,000
Lexmark International, Inc. Class A (a)	50,000		2,099,500
			16,649,600
Electronic Equipment & Instruments - 4.1%
Amphenol Corp. Class A	40,000		1,770,800
Ingram Micro, Inc. Class A (a)	762,700		16,199,748
Insight Enterprises, Inc. (a)	680,600		18,811,784
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Mettler-Toledo International, Inc. (a)	113,700		$ 12,091,995
Vishay Intertechnology, Inc. (a)	777,491		9,788,612
			58,662,939
Internet Software & Services - 1.2%
j2 Global Communications, Inc. (a)	430,800		14,513,652
United Online, Inc.	135,000		2,376,000
			16,889,652
IT Services - 2.5%
CACI International, Inc. Class A (a)	135,000		7,269,750
ManTech International Corp. Class A (a)	105,000		4,174,800
Ness Technologies, Inc. (a)	215,200		2,517,840
Telvent GIT SA	876,000		21,628,440
			35,590,830
Semiconductors & Semiconductor Equipment - 1.6%
Entegris, Inc. (a)	500,000		4,565,000
Integrated Device Technology, Inc. (a)	195,400		2,624,222
MKS Instruments, Inc. (a)	208,900		4,194,712
Rudolph Technologies, Inc. (a)	165,244		2,153,129
Zoran Corp. (a)	385,000		9,817,500
			23,354,563
Software - 2.3%
Blackbaud, Inc.	340,000		9,163,000
Quest Software, Inc. (a)	790,000		13,746,000
THQ, Inc. (a)	365,000		9,887,850
			32,796,850
TOTAL INFORMATION TECHNOLOGY			218,225,867
MATERIALS - 7.3%
Chemicals - 1.9%
Airgas, Inc.	170,000		8,579,900
CF Industries Holdings, Inc.	115,000		10,108,500
H.B. Fuller Co.	175,000		5,150,250
Tronox, Inc. Class A	350,000		2,978,500
			26,817,150
Containers & Packaging - 0.2%
Smurfit-Stone Container Corp. (a)	190,000		2,300,900
Metals & Mining - 5.2%
Carpenter Technology Corp.	265,000		38,401,150
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Compass Minerals International, Inc.	406,466		$ 15,002,660
Meridian Gold, Inc. (a)	428,400		17,218,577
Titanium Metals Corp. (a)	120,000		4,224,000
			74,846,387
TOTAL MATERIALS			103,964,437
TELECOMMUNICATION SERVICES - 0.5%
Diversified Telecommunication Services - 0.5%
Level 3 Communications, Inc. (a)	800,000		2,424,000
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	230,000		5,345,200
			7,769,200
UTILITIES - 3.4%
Electric Utilities - 1.5%
ITC Holdings Corp.	368,400		21,087,216
Independent Power Producers & Energy Traders - 1.0%
Dynegy, Inc. Class A (a)	630,000		5,802,300
NRG Energy, Inc. (a)	168,000		7,670,880
			13,473,180
Multi-Utilities - 0.9%
CMS Energy Corp.	792,500		13,448,725
TOTAL UTILITIES			48,009,121
TOTAL COMMON STOCKS (Cost $1,196,679,343)		1,400,825,646
Money Market Funds - 8.6%

Fidelity Cash Central Fund, 4.97% (b)	42,683,792		$ 42,683,792
Fidelity Securities Lending Cash Central Fund, 5.02% (b)(c)	80,442,425		80,442,425
TOTAL MONEY MARKET FUNDS (Cost $123,126,217)		123,126,217
TOTAL INVESTMENT PORTFOLIO - 106.5% (Cost $1,319,805,560)			1,523,951,863
NET OTHER ASSETS - (6.5)%			(93,001,493)
NET ASSETS - 100%		$ 1,430,950,370

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	$ 363,243
Fidelity Securities Lending Cash Central Fund	272,141
Total	$ 635,384

Income Tax Information

At October 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,319,902,583. Net unrealized appreciation aggregated $204,049,280, of which $290,711,500 related to appreciated investment securities and $86,662,220 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

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, 2007

ASCV-QTLY-1207

1.824309.102

Investments October 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
CONSUMER DISCRETIONARY - 11.5%
Auto Components - 0.5%
Aftermarket Technology Corp. (a)	150,000		$ 5,178,000
TRW Automotive Holdings Corp. (a)	70,000		2,078,300
			7,256,300
Hotels, Restaurants & Leisure - 1.7%
Pinnacle Entertainment, Inc. (a)(d)	412,700		12,050,840
Red Robin Gourmet Burgers, Inc. (a)	140,000		5,602,800
Town Sports International Holdings, Inc. (a)	31,651		481,412
Wyndham Worldwide Corp.	175,000		5,745,250
			23,880,302
Household Durables - 2.6%
Directed Electronics, Inc. (a)	244,600		604,162
Ethan Allen Interiors, Inc. (d)	285,300		8,804,358
Jarden Corp. (a)(d)	719,600		25,560,192
Ryland Group, Inc.	55,000		1,563,650
			36,532,362
Leisure Equipment & Products - 1.8%
Brunswick Corp.	110,300		2,460,793
Callaway Golf Co.	220,000		3,810,400
MarineMax, Inc. (a)	30,000		427,200
RC2 Corp. (a)	644,555		19,220,630
			25,919,023
Media - 1.0%
Charter Communications, Inc. Class A (a)	1,250,000		2,587,500
Sinclair Broadcast Group, Inc. Class A	1,030,500		12,407,220
			14,994,720
Multiline Retail - 0.0%
Retail Ventures, Inc. (a)	23,100		200,277
Specialty Retail - 2.4%
Advance Auto Parts, Inc.	230,000		7,847,600
Asbury Automotive Group, Inc.	385,000		7,057,050
Collective Brands, Inc. (a)	275,000		5,084,750
Gymboree Corp. (a)	205,000		6,976,150
Lithia Motors, Inc. Class A (sub. vtg.)	54,000		916,920
Select Comfort Corp. (a)(d)	515,000		5,886,450
Shoe Carnival, Inc. (a)	46,864		748,887
			34,517,807
Textiles, Apparel & Luxury Goods - 1.5%
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	505,000		12,417,950
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Steven Madden Ltd.	265,000		$ 5,906,850
Warnaco Group, Inc. (a)	70,000		2,848,300
			21,173,100
TOTAL CONSUMER DISCRETIONARY			164,473,891
CONSUMER STAPLES - 3.9%
Food & Staples Retailing - 0.9%
The Pantry, Inc. (a)(d)	471,000		13,197,420
Food Products - 2.0%
Chiquita Brands International, Inc. (a)	171,000		3,206,250
Corn Products International, Inc.	130,000		5,530,200
Diamond Foods, Inc.	270,400		5,905,536
Fresh Del Monte Produce, Inc.	60,000		2,176,800
Hain Celestial Group, Inc. (a)	140,000		4,908,400
Marine Harvest ASA (a)	7,155,000		7,252,995
			28,980,181
Household Products - 0.4%
Central Garden & Pet Co. Class A (non-vtg.) (a)	738,300		6,142,656
Personal Products - 0.6%
Physicians Formula Holdings, Inc. (a)	118,054		1,404,843
Prestige Brands Holdings, Inc. (a)	625,439		6,542,092
			7,946,935
TOTAL CONSUMER STAPLES			56,267,192
ENERGY - 12.2%
Energy Equipment & Services - 2.9%
Exterran Holdings, Inc. (a)	85,000		7,157,000
Hornbeck Offshore Services, Inc. (a)	154,100		6,025,310
NATCO Group, Inc. Class A (a)	50,000		2,665,500
Oil States International, Inc. (a)	169,760		7,331,934
Superior Energy Services, Inc. (a)	500,000		18,540,000
			41,719,744
Oil, Gas & Consumable Fuels - 9.3%
Alpha Natural Resources, Inc. (a)	114,600		3,144,624
Cabot Oil & Gas Corp.	320,000		12,700,800
Forest Oil Corp. (a)	260,300		12,647,977
Mariner Energy, Inc. (a)	530,000		13,250,000
Petrohawk Energy Corp. (a)	790,000		14,615,000
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Petroleum Development Corp. (a)	127,622		$ 5,796,591
Southwestern Energy Co. (a)	320,000		16,553,600
Tesoro Corp. (d)	892,600		54,029,077
			132,737,669
TOTAL ENERGY			174,457,413
FINANCIALS - 22.6%
Capital Markets - 1.9%
American Capital Strategies Ltd. (d)	78,700		3,416,367
GFI Group, Inc. (a)	20,000		1,726,400
KBW, Inc. (d)	234,329		7,097,825
MF Global Ltd.	245,000		7,242,200
Penson Worldwide, Inc. (a)	105,000		1,777,650
TradeStation Group, Inc. (a)	508,300		6,201,260
			27,461,702
Commercial Banks - 4.9%
Boston Private Financial Holdings, Inc. (d)	630,200		18,124,552
Cathay General Bancorp	260,420		8,065,207
Center Financial Corp., California	254,052		3,249,325
Colonial Bancgroup, Inc.	130,000		2,493,400
East West Bancorp, Inc.	28,800		971,712
First State Bancorp.	383,500		6,507,995
Hanmi Financial Corp.	68,140		750,903
Investors Bancorp, Inc. (a)(d)	190,000		2,850,000
Nara Bancorp, Inc.	87,670		1,357,132
South Financial Group, Inc.	370,000		7,644,200
Sterling Bancshares, Inc.	235,000		2,867,000
UMB Financial Corp.	195,000		8,190,000
Wintrust Financial Corp.	193,860		7,122,416
			70,193,842
Consumer Finance - 0.8%
Advanta Corp. Class B	97,500		1,540,500
Cash America International, Inc.	90,000		3,510,000
Dollar Financial Corp. (a)	210,000		6,888,000
			11,938,500
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 0.7%
Endeavor Acquisition Corp. (a)(d)	341,000		$ 4,194,300
MarketAxess Holdings, Inc. (a)	400,000		6,268,000
			10,462,300
Insurance - 11.0%
American Equity Investment Life Holding Co.	1,289,506		12,598,474
Aspen Insurance Holdings Ltd.	360,200		9,855,072
Delphi Financial Group, Inc. Class A	327,850		12,704,188
HCC Insurance Holdings, Inc.	515,920		15,420,849
Infinity Property & Casualty Corp.	235,000		9,451,700
IPC Holdings Ltd.	573,740		17,160,563
Max Capital Group Ltd.	175,000		4,950,750
National Financial Partners Corp. (d)	431,300		23,579,171
Navigators Group, Inc. (a)	104,862		6,323,179
PartnerRe Ltd.	30,000		2,497,500
Platinum Underwriters Holdings Ltd.	329,700		11,869,200
United America Indemnity Ltd. Class A (a)	142,922		3,151,430
Universal American Financial Corp. (a)	150,000		3,639,000
Willis Group Holdings Ltd.	195,000		8,254,350
Zenith National Insurance Corp.	394,000		15,830,920
			157,286,346
Real Estate Investment Trusts - 0.7%
Annaly Capital Management, Inc.	200,000		3,418,000
GMH Communities Trust	264,100		1,949,058
MFA Mortgage Investments, Inc.	448,800		3,841,728
			9,208,786
Real Estate Management & Development - 1.3%
Jones Lang LaSalle, Inc. (d)	193,000		18,398,690
Thrifts & Mortgage Finance - 1.3%
Downey Financial Corp. (d)	50,000		2,036,500
Farmer Mac Class C (non-vtg.)	140,000		4,109,000
FirstFed Financial Corp. (a)(d)	100,000		4,278,000
Provident Financial Services, Inc.	140,000		2,217,600
Washington Federal, Inc.	265,000		6,402,400
			19,043,500
TOTAL FINANCIALS			323,993,666
Common Stocks - continued
	Shares		Value
HEALTH CARE - 4.0%
Biotechnology - 0.5%
Theravance, Inc. (a)	300,000		$ 7,506,000
Health Care Equipment & Supplies - 0.2%
Zoll Medical Corp. (a)	133,200		3,258,072
Health Care Providers & Services - 2.0%
Air Methods Corp. (a)	209,167		11,288,743
AMERIGROUP Corp. (a)	245,000		8,575,000
Capital Senior Living Corp. (a)	165,000		1,475,100
Pediatrix Medical Group, Inc. (a)	110,000		7,205,000
			28,543,843
Life Sciences Tools & Services - 0.8%
PerkinElmer, Inc.	50,000		1,376,000
Pharmaceutical Product Development, Inc.	223,100		9,423,744
			10,799,744
Pharmaceuticals - 0.5%
Adams Respiratory Therapeutics, Inc. (a)	175,000		7,689,500
TOTAL HEALTH CARE			57,797,159
INDUSTRIALS - 17.2%
Aerospace & Defense - 2.4%
AAR Corp. (a)	361,711		11,592,838
DRS Technologies, Inc.	144,000		8,271,360
Hexcel Corp. (a)	250,200		6,262,506
Orbital Sciences Corp. (a)	325,000		8,297,250
			34,423,954
Air Freight & Logistics - 0.9%
Hub Group, Inc. Class A (a)	180,000		4,566,600
Park-Ohio Holdings Corp. (a)	356,646		8,513,140
			13,079,740
Airlines - 0.2%
AirTran Holdings, Inc. (a)(d)	310,000		3,227,100
Commercial Services & Supplies - 2.3%
FTI Consulting, Inc. (a)	360,000		19,548,000
Interface, Inc. Class A	148,590		2,842,527
Navigant Consulting, Inc. (a)	125,000		1,647,500
Team, Inc. (a)	284,256		9,150,201
			33,188,228
Construction & Engineering - 4.6%
Quanta Services, Inc. (a)	214,025		7,062,825
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - continued
Shaw Group, Inc. (a)	418,000		$ 31,182,800
Washington Group International, Inc. (a)	285,000		27,744,750
			65,990,375
Electrical Equipment - 1.4%
Belden, Inc.	345,000		20,103,150
Machinery - 2.2%
Accuride Corp. (a)	235,000		2,397,000
AGCO Corp. (a)	65,000		3,879,200
Astec Industries, Inc. (a)	116,600		5,284,312
Bucyrus International, Inc. Class A	33,300		2,747,250
Force Protection, Inc. (a)(d)	570,000		10,203,000
Manitowoc Co., Inc.	133,040		6,553,550
			31,064,312
Road & Rail - 0.4%
YRC Worldwide, Inc. (a)	195,000		4,793,100
Trading Companies & Distributors - 2.8%
Kaman Corp.	193,822		7,309,028
Rush Enterprises, Inc. Class A (a)	174,600		2,959,470
UAP Holding Corp.	870,980		27,723,293
WESCO International, Inc. (a)	43,000		2,005,950
			39,997,741
TOTAL INDUSTRIALS			245,867,700
INFORMATION TECHNOLOGY - 15.3%
Communications Equipment - 2.4%
Arris Group, Inc. (a)(d)	1,735,000		19,952,500
Avocent Corp. (a)	53,945		1,458,133
Polycom, Inc. (a)	460,000		12,870,800
			34,281,433
Computers & Peripherals - 1.2%
Brocade Communications Systems, Inc. (a)	1,310,000		12,458,100
Diebold, Inc.	50,000		2,092,000
Lexmark International, Inc. Class A (a)	50,000		2,099,500
			16,649,600
Electronic Equipment & Instruments - 4.1%
Amphenol Corp. Class A	40,000		1,770,800
Ingram Micro, Inc. Class A (a)	762,700		16,199,748
Insight Enterprises, Inc. (a)	680,600		18,811,784
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Mettler-Toledo International, Inc. (a)	113,700		$ 12,091,995
Vishay Intertechnology, Inc. (a)	777,491		9,788,612
			58,662,939
Internet Software & Services - 1.2%
j2 Global Communications, Inc. (a)	430,800		14,513,652
United Online, Inc.	135,000		2,376,000
			16,889,652
IT Services - 2.5%
CACI International, Inc. Class A (a)	135,000		7,269,750
ManTech International Corp. Class A (a)	105,000		4,174,800
Ness Technologies, Inc. (a)	215,200		2,517,840
Telvent GIT SA	876,000		21,628,440
			35,590,830
Semiconductors & Semiconductor Equipment - 1.6%
Entegris, Inc. (a)	500,000		4,565,000
Integrated Device Technology, Inc. (a)	195,400		2,624,222
MKS Instruments, Inc. (a)	208,900		4,194,712
Rudolph Technologies, Inc. (a)	165,244		2,153,129
Zoran Corp. (a)	385,000		9,817,500
			23,354,563
Software - 2.3%
Blackbaud, Inc.	340,000		9,163,000
Quest Software, Inc. (a)	790,000		13,746,000
THQ, Inc. (a)	365,000		9,887,850
			32,796,850
TOTAL INFORMATION TECHNOLOGY			218,225,867
MATERIALS - 7.3%
Chemicals - 1.9%
Airgas, Inc.	170,000		8,579,900
CF Industries Holdings, Inc.	115,000		10,108,500
H.B. Fuller Co.	175,000		5,150,250
Tronox, Inc. Class A	350,000		2,978,500
			26,817,150
Containers & Packaging - 0.2%
Smurfit-Stone Container Corp. (a)	190,000		2,300,900
Metals & Mining - 5.2%
Carpenter Technology Corp.	265,000		38,401,150
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Compass Minerals International, Inc.	406,466		$ 15,002,660
Meridian Gold, Inc. (a)	428,400		17,218,577
Titanium Metals Corp. (a)	120,000		4,224,000
			74,846,387
TOTAL MATERIALS			103,964,437
TELECOMMUNICATION SERVICES - 0.5%
Diversified Telecommunication Services - 0.5%
Level 3 Communications, Inc. (a)	800,000		2,424,000
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	230,000		5,345,200
			7,769,200
UTILITIES - 3.4%
Electric Utilities - 1.5%
ITC Holdings Corp.	368,400		21,087,216
Independent Power Producers & Energy Traders - 1.0%
Dynegy, Inc. Class A (a)	630,000		5,802,300
NRG Energy, Inc. (a)	168,000		7,670,880
			13,473,180
Multi-Utilities - 0.9%
CMS Energy Corp.	792,500		13,448,725
TOTAL UTILITIES			48,009,121
TOTAL COMMON STOCKS (Cost $1,196,679,343)		1,400,825,646
Money Market Funds - 8.6%

Fidelity Cash Central Fund, 4.97% (b)	42,683,792		$ 42,683,792
Fidelity Securities Lending Cash Central Fund, 5.02% (b)(c)	80,442,425		80,442,425
TOTAL MONEY MARKET FUNDS (Cost $123,126,217)		123,126,217
TOTAL INVESTMENT PORTFOLIO - 106.5% (Cost $1,319,805,560)			1,523,951,863
NET OTHER ASSETS - (6.5)%			(93,001,493)
NET ASSETS - 100%		$ 1,430,950,370

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	$ 363,243
Fidelity Securities Lending Cash Central Fund	272,141
Total	$ 635,384

Income Tax Information

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity 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/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	December 31, 2007

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/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	December 31, 2007

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

Date:	December 31, 2007

EX-99.CERT 2 ex99.htm

Exhibit EX-99.CERT

I, Kimberley Monasterio, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: December 31, 2007

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

I, Joseph B. Hollis, certify that:

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

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

Date: December 31, 2007

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

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