N-Q 1 sec.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4118

Fidelity Securities Fund
(Exact name of registrant as specified in charter)

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	July 31

Date of reporting period:	April 30, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® International Real Estate Fund

April 30, 2012

1.815812.107

IRE-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%
	Shares		Value
Australia - 14.7%
Abacus Property Group unit	1,261,637		$ 2,747,172
ALE Property Group	253,881		550,172
Charter Hall Group unit	1,352,714		3,551,499
Goodman Group unit	1,227,736		4,604,820
Mirvac Group unit	4,795,522		6,470,098
Westfield Group unit	2,198,420		21,163,519
TOTAL AUSTRALIA			39,087,280
Bailiwick of Jersey - 1.2%
Atrium European Real Estate Ltd.	648,750		3,160,440
Belgium - 0.8%
Warehouses de Pauw (d)	41,485		2,155,525
Bermuda - 8.8%
C C Land Holdings Ltd.	2,382,000		506,570
Csi Properties Ltd.	38,507,682		1,563,406
Great Eagle Holdings Ltd.	1,138,088		3,359,117
Hongkong Land Holdings Ltd.	1,352,000		8,395,920
K Wah International Holdings Ltd.	3,309,000		1,398,893
Kerry Properties Ltd.	1,488,000		6,798,812
Soundwill Holdings Ltd.	853,000		1,341,290
TOTAL BERMUDA			23,364,008
Brazil - 1.7%
Companhia Brasileira de Desenvolvimento Imobiliario Turistico SA (a)	103,700		1,255,618
Even Construtora e Incorporadora SA	340,800		1,274,771
Multiplan Empreendimentos Imobiliarios SA	85,400		2,016,106
TOTAL BRAZIL			4,546,495
Cayman Islands - 2.3%
KWG Property Holding Ltd.	1,499,500		991,466
Shui On Land Ltd.	3,850,000		1,612,716
SOHO China Ltd.	3,049,500		2,370,062
SouFun Holdings Ltd. ADR	42,000		758,520
SPG Land (Holdings) Ltd.	1,144,000		232,968
TOTAL CAYMAN ISLANDS			5,965,732
Chile - 0.5%
Parque Arauco SA	732,471		1,423,117
France - 6.8%
Altarea	10,581		1,596,672
Klepierre SA (d)	83,200		2,634,553
Common Stocks - continued
	Shares		Value
France - continued
Societe de la Tour Eiffel	24,400		$ 1,271,033
Societe Fonciere Lyonnaise SA (d)	61,300		2,637,341
Unibail-Rodamco	52,857		9,880,060
TOTAL FRANCE			18,019,659
Germany - 3.1%
alstria office REIT-AG	142,065		1,513,928
Deutsche EuroShop AG	66,775		2,429,585
GSW Immobilien AG	123,150		4,099,288
GSW Immobilien AG rights 5/3/12 (a)	123,150		144,654
TOTAL GERMANY			8,187,455
Hong Kong - 11.4%
Hang Lung Properties Ltd.	2,170,500		8,028,890
Hysan Development Co. Ltd.	1,251,500		5,669,830
Magnificent Estates Ltd.	27,344,000		1,127,784
Sun Hung Kai Properties Ltd.	1,008,226		12,163,192
Wharf Holdings Ltd.	550,000		3,282,143
TOTAL HONG KONG			30,271,839
India - 0.5%
Phoenix Mills Ltd.	325,916		1,298,033
Italy - 0.5%
Beni Stabili SpA SIIQ	2,373,400		1,316,459
Japan - 18.0%
BLife Investment Corp.	761		5,213,125
Goldcrest Co. Ltd.	76,340		1,309,649
Japan Retail Fund Investment Corp.	3,747		5,974,704
Kenedix, Inc. (a)(d)	7,153		1,286,969
Mitsui Fudosan Co. Ltd.	894,000		16,376,255
Nomura Real Estate Holdings, Inc.	305,700		5,344,330
Sumitomo Realty & Development Co. Ltd.	509,000		12,138,753
TOTAL JAPAN			47,643,785
Netherlands - 0.6%
Eurocommercial (Certificaten Van Aandelen) unit	46,000		1,612,494
Russia - 0.5%
LSR Group OJSC GDR (Reg. S)	232,400		1,243,340
Singapore - 8.1%
CapitaLand Ltd.	2,607,870		6,194,916
CDL Hospitality Trusts unit	900,000		1,374,379
Global Logistic Properties Ltd. (a)	3,440,000		5,725,690
Common Stocks - continued
	Shares		Value
Singapore - continued
Parkway Life REIT	2,688,000		$ 4,017,937
Wing Tai Holdings Ltd.	4,235,000		4,054,842
TOTAL SINGAPORE			21,367,764
Sweden - 3.0%
Castellum AB	323,400		4,092,574
Wihlborgs Fastigheter AB	274,900		3,814,221
TOTAL SWEDEN			7,906,795
United Kingdom - 12.9%
Big Yellow Group PLC	1,247,400		6,001,077
British Land Co. PLC	745,689		5,923,344
Derwent London PLC	205,300		5,804,735
Hammerson PLC	950,000		6,439,162
Helical Bar PLC	1,176,800		3,624,347
Metric Property Investments PLC	555,000		806,234
Quintain Estates & Development PLC (a)	1,737,100		1,078,454
Safestore Holdings PLC	700,000		1,272,510
St. Modwen Properties PLC	1,240,200		3,376,755
TOTAL UNITED KINGDOM			34,326,618
TOTAL COMMON STOCKS (Cost $288,243,341)		252,896,838
Money Market Funds - 6.0%

Fidelity Cash Central Fund, 0.14% (b)	10,408,330		10,408,330
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	5,647,997		5,647,997
TOTAL MONEY MARKET FUNDS (Cost $16,056,327)		16,056,327
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $304,299,668)		268,953,165
NET OTHER ASSETS (LIABILITIES) - (1.4)%		(3,785,758)
NET ASSETS - 100%		$ 265,167,407

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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	$ 11,044
Fidelity Securities Lending Cash Central Fund	25,063
Total	$ 36,107

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of April 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 2,402,555	$ 2,402,555	$ -	$ -
Financials	249,735,763	202,091,978	47,643,785	-
Information Technology	758,520	758,520	-	-
Money Market Funds	16,056,327	16,056,327	-	-
Total Investments in Securities:	$ 268,953,165	$ 221,309,380	$ 47,643,785	$ -

Transfers from Level 1 to Level 2 during the period were $51,041,465.

Income Tax Information

At April 30, 2012, the cost of investment securities for income tax purposes was $308,089,974. Net unrealized depreciation aggregated $39,136,809, of which $7,144,501 related to appreciated investment securities and $46,281,310 related to depreciated investment securities.

Investment Valuation

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

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 ® OTC Portfolio -
OTC
Class K

April 30, 2012

1.800345.108

OTC-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 14.9%
Auto Components - 0.2%
Amerigon, Inc. (a)	708,782		$ 10,136
Gentex Corp.	116,500		2,560
			12,696
Automobiles - 2.1%
Tesla Motors, Inc. (a)(d)	5,182,664		171,702
Diversified Consumer Services - 0.0%
Coinstar, Inc. (a)(d)	11,900		747
K12, Inc. (a)(d)	37,800		964
			1,711
Hotels, Restaurants & Leisure - 1.8%
BJ's Restaurants, Inc. (a)	28,200		1,218
Bravo Brio Restaurant Group, Inc. (a)	661,025		13,353
China Lodging Group Ltd. ADR (a)(d)	73,400		934
Dunkin' Brands Group, Inc.	37,400		1,211
Las Vegas Sands Corp.	15,500		860
Starbucks Corp.	2,106,900		120,894
Texas Roadhouse, Inc. Class A	181,425		3,130
Wynn Resorts Ltd.	4,700		627
			142,227
Household Durables - 1.3%
D.R. Horton, Inc.	2,427,400		39,688
iRobot Corp. (a)(d)	151,993		3,589
Lennar Corp. Class A	221,900		6,156
PulteGroup, Inc. (a)	1,567,400		15,423
SodaStream International Ltd. (a)(d)	228,258		7,841
Techtronic Industries Co. Ltd.	548,500		662
Toll Brothers, Inc. (a)	1,246,100		31,651
			105,010
Internet & Catalog Retail - 2.2%
Amazon.com, Inc. (a)	621,996		144,241
ASOS PLC (a)	33,500		804
E-Commerce China Dangdang, Inc. ADR (a)(d)	62,900		503
Netflix, Inc. (a)	15,400		1,234
Ocado Group PLC (a)	494,665		1,042
Start Today Co. Ltd. (d)	2,103,100		32,365
			180,189
Media - 2.8%
Comcast Corp. Class A	4,647,300		140,953
DIRECTV (a)	45,500		2,242
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Discovery Communications, Inc. (a)	463,900		$ 25,245
DISH Network Corp. Class A	952,900		30,464
Focus Media Holding Ltd. ADR	23,500		561
Lions Gate Entertainment Corp. (a)(d)	788,957		9,649
Pandora Media, Inc. (d)	192,042		1,652
Sirius XM Radio, Inc. (a)(d)	3,073,984		6,947
Virgin Media, Inc.	481,200		11,818
WPP PLC sponsored ADR	9,700		658
			230,189
Specialty Retail - 2.5%
Barnes & Noble, Inc. (a)(d)(e)	4,178,642		86,707
Bed Bath & Beyond, Inc. (a)	929,200		65,406
Francescas Holdings Corp. (a)(d)	608,909		19,089
I.T Ltd.	722,000		380
Inditex SA	45,936		4,132
Teavana Holdings, Inc. (a)(d)	10,300		215
Urban Outfitters, Inc. (a)	806,800		23,365
			199,294
Textiles, Apparel & Luxury Goods - 2.0%
Deckers Outdoor Corp. (a)(d)	112,230		5,725
lululemon athletica, Inc. (a)	1,653,346		122,579
Michael Kors Holdings Ltd.	19,300		881
Ralph Lauren Corp.	4,200		724
Steven Madden Ltd. (a)	20,650		892
Trinity Ltd.	700,000		586
Tumi Holdings, Inc.	1,037,900		26,435
			157,822
TOTAL CONSUMER DISCRETIONARY			1,200,840
CONSUMER STAPLES - 2.7%
Beverages - 0.0%
Monster Beverage Corp. (a)	12,600		818
Food & Staples Retailing - 0.0%
Drogasil SA	69,161		745
Whole Foods Market, Inc.	8,900		739
			1,484
Food Products - 2.7%
Diamond Foods, Inc. (d)	36,000		752
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - continued
Green Mountain Coffee Roasters, Inc. (a)(d)	4,408,404		$ 214,910
Tingyi (Cayman Islands) Holding Corp. ADR	11,100		588
Want Want China Holdings Ltd. ADR	24,200		1,500
			217,750
Personal Products - 0.0%
USANA Health Sciences, Inc. (a)(d)	18,300		763
TOTAL CONSUMER STAPLES			220,815
ENERGY - 2.9%
Energy Equipment & Services - 1.7%
Cameron International Corp. (a)	101,900		5,222
Halliburton Co.	1,575,800		53,924
National Oilwell Varco, Inc.	293,400		22,228
Ocean Rig UDW, Inc. (United States)	677,900		11,816
Schlumberger Ltd.	581,900		43,142
			136,332
Oil, Gas & Consumable Fuels - 1.2%
Alpha Natural Resources, Inc. (a)	96,521		1,557
Amyris, Inc. (a)(d)	1,020,008		3,193
Cobalt International Energy, Inc. (a)	1,496,498		40,046
Energy XXI (Bermuda) Ltd.	155,925		5,875
Georesources, Inc. (a)	277,864		10,478
Gulfport Energy Corp. (a)	267,920		7,022
Kosmos Energy Ltd.	499,642		6,086
Noble Energy, Inc.	30,600		3,039
Petroleum Development Corp. (a)	49,730		1,710
Plains Exploration & Production Co. (a)	111,800		4,567
Rosetta Resources, Inc. (a)	183,400		9,220
Solazyme, Inc. (d)	112,341		1,236
			94,029
TOTAL ENERGY			230,361
FINANCIALS - 3.6%
Capital Markets - 0.2%
Goldman Sachs Group, Inc.	300		35
WisdomTree Investments, Inc. (a)	2,285,920		19,545
			19,580
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - 2.4%
Associated Banc-Corp.	44,600		$ 595
Fulton Financial Corp.	51,900		544
HDFC Bank Ltd. sponsored ADR	83,100		2,853
Huntington Bancshares, Inc.	8,204,200		54,886
National Penn Bancshares, Inc.	72,000		664
Popular, Inc. (a)	271,600		483
Standard Chartered PLC	26,500		644
SVB Financial Group (a)	12,700		814
UMB Financial Corp.	413,600		19,873
Wells Fargo & Co.	2,426,800		81,128
Zions Bancorporation	1,460,600		29,782
			192,266
Consumer Finance - 0.2%
Capital One Financial Corp.	325,300		18,048
Diversified Financial Services - 0.8%
Citigroup, Inc.	1,632,160		53,927
CME Group, Inc.	22,000		5,848
Hong Kong Exchanges and Clearing Ltd.	34,800		557
JPMorgan Chase & Co.	14,400		619
NBH Holdings Corp. Class A (a)(f)	110,800		1,884
			62,835
TOTAL FINANCIALS			292,729
HEALTH CARE - 12.1%
Biotechnology - 5.4%
Achillion Pharmaceuticals, Inc. (a)	1,340,500		8,914
Alkermes PLC (a)	722,405		12,498
Alnylam Pharmaceuticals, Inc. (a)	223,300		2,543
Amarin Corp. PLC ADR (a)(d)	3,851,161		47,023
Amgen, Inc.	169,800		12,074
Amylin Pharmaceuticals, Inc. (a)	494,639		12,816
Anthera Pharmaceuticals, Inc. (a)	1,679,800		2,620
ARIAD Pharmaceuticals, Inc. (a)	53,600		874
ArQule, Inc. (a)	2,197,761		15,494
Biogen Idec, Inc. (a)	411,800		55,185
BioMarin Pharmaceutical, Inc. (a)	26,400		916
Cepheid, Inc. (a)	93,800		3,603
Clovis Oncology, Inc.	320,948		5,755
Dendreon Corp. (a)(d)	20,836		243
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Genomic Health, Inc. (a)	21,420		$ 614
Gilead Sciences, Inc. (a)	1,940,400		100,920
Idenix Pharmaceuticals, Inc. (a)	416,975		3,657
ImmunoGen, Inc. (a)	297,309		3,791
InterMune, Inc. (a)	1,115,720		11,648
Ironwood Pharmaceuticals, Inc. Class A (a)	2,270,800		29,997
Isis Pharmaceuticals, Inc. (a)	80,849		647
Medivation, Inc. (a)	719,920		58,227
Mesoblast Ltd. (a)(d)	142,597		1,122
NPS Pharmaceuticals, Inc. (a)	337,200		2,414
OncoGenex Pharmaceuticals, Inc. (a)(d)	311,465		4,049
Seattle Genetics, Inc. (a)	48,603		961
Targacept, Inc. (a)	156,349		743
Theravance, Inc. (a)	106,500		2,305
Threshold Pharmaceuticals, Inc. (a)	606,500		4,415
Vertex Pharmaceuticals, Inc. (a)	772,830		29,738
Vical, Inc. (a)(d)	341,600		1,066
ZIOPHARM Oncology, Inc. (a)	338,900		1,613
			438,485
Health Care Equipment & Supplies - 0.2%
Abiomed, Inc. (a)	475,996		11,581
Endologix, Inc. (a)	60,200		902
Mako Surgical Corp. (a)(d)	78,363		3,237
Masimo Corp. (a)	22,700		502
Volcano Corp. (a)	66,900		1,816
			18,038
Health Care Providers & Services - 2.1%
Accretive Health, Inc. (a)(d)(e)	9,777,802		98,365
Express Scripts Holding Co. (a)	1,199,800		66,937
			165,302
Health Care Technology - 0.3%
athenahealth, Inc. (a)	39,600		2,869
Merge Healthcare, Inc. (a)	365,992		1,574
SXC Health Solutions Corp. (a)	12,200		1,106
SXC Health Solutions Corp. (a)	238,300		21,585
			27,134
Life Sciences Tools & Services - 0.0%
Fluidigm Corp. (a)	35,083		548
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - 4.1%
Elan Corp. PLC sponsored ADR (a)	1,978,100		$ 27,278
Jazz Pharmaceuticals PLC (a)	464,000		23,678
Questcor Pharmaceuticals, Inc. (a)(d)(e)	6,211,640		278,903
Roche Holding AG sponsored ADR	19,400		889
			330,748
TOTAL HEALTH CARE			980,255
INDUSTRIALS - 0.3%
Airlines - 0.0%
Delta Air Lines, Inc. (a)	83,200		912
United Continental Holdings, Inc. (a)	38,500		844
			1,756
Building Products - 0.1%
Quanex Building Products Corp.	369,123		6,803
Construction & Engineering - 0.0%
Foster Wheeler AG (a)	49,384		1,136
Electrical Equipment - 0.0%
Polypore International, Inc. (a)(d)	25,400		949
Machinery - 0.0%
Westport Innovations, Inc. (a)	72,506		2,269
Marine - 0.1%
DryShips, Inc. (a)	725,300		2,292
Professional Services - 0.1%
Qualicorp SA	764,400		6,657
Trading Companies & Distributors - 0.0%
Rush Enterprises, Inc. Class A (a)	28,400		513
TOTAL INDUSTRIALS			22,375
INFORMATION TECHNOLOGY - 57.5%
Communications Equipment - 4.1%
Acme Packet, Inc. (a)	1,051,575		29,518
Aruba Networks, Inc. (a)(d)	1,219,246		25,750
Cisco Systems, Inc.	3,482,300		70,168
HTC Corp.	35,542		540
Polycom, Inc. (a)	428,870		5,691
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
QUALCOMM, Inc.	2,813,009		$ 179,582
Riverbed Technology, Inc. (a)	1,013,290		19,992
			331,241
Computers & Peripherals - 17.4%
Apple, Inc. (a)	2,080,200		1,215,332
Catcher Technology Co. Ltd.	110,000		706
Dell, Inc. (a)	506,300		8,288
Fusion-io, Inc. (d)	1,822,923		46,758
SanDisk Corp. (a)	3,297,850		122,053
Seagate Technology	97,000		2,984
Silicon Graphics International Corp. (a)(d)	1,177,474		11,115
			1,407,236
Electronic Equipment & Components - 0.1%
Corning, Inc.	23,600		339
E Ink Holdings, Inc.	824,000		904
E Ink Holdings, Inc. GDR (a)(f)	35,700		392
InvenSense, Inc. (d)	109,100		1,754
IPG Photonics Corp. (a)	13,258		642
Itron, Inc. (a)	23,100		942
Maxwell Technologies, Inc. (a)	85,043		809
			5,782
Internet Software & Services - 8.6%
Active Network, Inc.	41,700		701
Angie's List, Inc. (d)	29,200		407
Baidu.com, Inc. sponsored ADR (a)	334,500		44,388
Constant Contact, Inc. (a)(d)	1,446,015		34,950
eBay, Inc. (a)	732,000		30,049
Facebook, Inc. Class B (g)	335,669		10,329
Google, Inc. Class A (a)	879,222		532,132
LinkedIn Corp. (a)	8,600		933
LogMeIn, Inc. (a)	55,806		2,010
Mail.ru Group Ltd. GDR (a)(f)	11,300		489
Rackspace Hosting, Inc. (a)	532,256		30,919
Renren, Inc. ADR (d)	97,700		596
SINA Corp. (a)	15,800		924
Velti PLC (a)	227,151		2,714
			691,541
IT Services - 1.4%
Cognizant Technology Solutions Corp. Class A (a)	845,545		61,995
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - continued
HiSoft Technology International Ltd. ADR (a)	1,478,580		$ 21,025
MasterCard, Inc. Class A	2,100		950
ServiceSource International, Inc. (a)	2,027,300		33,613
			117,583
Semiconductors & Semiconductor Equipment - 11.5%
Advanced Micro Devices, Inc. (a)	1,602,800		11,797
Altera Corp.	4,205,000		149,572
Applied Micro Circuits Corp. (a)	522,000		2,913
ASML Holding NV	599,200		30,553
Broadcom Corp. Class A	74,000		2,708
Cirrus Logic, Inc. (a)	577,912		15,823
Cree, Inc. (a)(d)	433,600		13,398
Cypress Semiconductor Corp.	32,550		505
GT Advanced Technologies, Inc. (a)(d)	118,600		772
Inphi Corp. (a)(e)	2,816,170		28,584
Marvell Technology Group Ltd. (a)	290,600		4,362
Maxim Integrated Products, Inc.	65,800		1,946
Mellanox Technologies Ltd. (a)	1,524,151		89,300
NVE Corp. (a)(e)	433,157		21,952
NVIDIA Corp. (a)	24,319,312		316,151
NXP Semiconductors NV (a)	3,880,989		100,324
ON Semiconductor Corp. (a)	111,100		918
RF Micro Devices, Inc. (a)	7,226,600		31,291
Skyworks Solutions, Inc. (a)	1,161,500		31,523
Standard Microsystems Corp. (a)	23,700		628
Texas Instruments, Inc.	1,045,400		33,390
TriQuint Semiconductor, Inc. (a)	395,800		1,932
Volterra Semiconductor Corp. (a)	1,206,500		39,682
			930,024
Software - 14.4%
Activision Blizzard, Inc.	4,803,600		61,822
Ariba, Inc. (a)	284,674		10,875
BMC Software, Inc. (a)	13,600		561
BroadSoft, Inc. (a)(d)	874,780		37,449
Citrix Systems, Inc. (a)	845,718		72,402
Electronic Arts, Inc. (a)	279,839		4,304
Envivio, Inc.	1,303,600		12,058
Fortinet, Inc. (a)	27,100		708
Gameloft (a)(e)	7,579,787		47,160
Guidewire Software, Inc.	627,200		17,072
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Infoblox, Inc.	406,900		$ 8,301
Informatica Corp. (a)	17,700		815
Jive Software, Inc.	399,079		9,502
Kingdee International Software Group Co. Ltd.	1,288,800		287
Microsoft Corp.	11,632,965		372,488
MicroStrategy, Inc. Class A (a)	284,900		39,823
Oracle Corp.	6,570,800		193,116
Proofpoint, Inc.	24,700		324
QLIK Technologies, Inc. (a)	845,300		24,353
RealPage, Inc. (a)	930,400		16,887
salesforce.com, Inc. (a)	248,000		38,621
Sourcefire, Inc. (a)	26,600		1,356
Splunk, Inc.	454,678		15,436
Synchronoss Technologies, Inc. (a)(e)	3,850,927		120,534
Take-Two Interactive Software, Inc. (a)	81,500		1,149
Ubisoft Entertainment SA (a)(e)	8,211,717		56,517
Ubisoft Entertainment SA warrants 10/10/13 (a)	6,470,130		231
Zynga, Inc. (d)	173,725		1,449
			1,165,600
TOTAL INFORMATION TECHNOLOGY			4,649,007
MATERIALS - 3.0%
Chemicals - 0.0%
Celanese Corp. Class A	13,300		645
CF Industries Holdings, Inc.	4,600		888
Innophos Holdings, Inc.	12,256		603
The Mosaic Co.	30,000		1,585
			3,721
Metals & Mining - 3.0%
Agnico-Eagle Mines Ltd. (Canada)	1,063,900		42,502
Fortescue Metals Group Ltd. sponsored ADR	128,650		1,505
Randgold Resources Ltd. sponsored ADR	1,677,133		149,516
Royal Gold, Inc.	716,900		44,419
U.S. Silica Holdings, Inc. (d)	67,118		1,216
			239,158
TOTAL MATERIALS			242,879
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - 2.4%
Diversified Telecommunication Services - 0.1%
Cbeyond, Inc. (a)	20,502		$ 132
Level 3 Communications, Inc. (a)	324,700		7,488
			7,620
Wireless Telecommunication Services - 2.3%
Clearwire Corp. Class A (a)	1,615,234		2,366
NII Holdings, Inc. (a)(e)	12,636,019		176,841
Sprint Nextel Corp. (a)	2,538,581		6,296
			185,503
TOTAL TELECOMMUNICATION SERVICES			193,123
TOTAL COMMON STOCKS (Cost $7,018,653)		8,032,384
Nonconvertible Preferred Stocks - 0.0%

CONSUMER DISCRETIONARY - 0.0%
Automobiles - 0.0%
Porsche Automobil Holding SE (Germany) (Cost $923)	16,775		1,024
Money Market Funds - 5.7%

Fidelity Cash Central Fund, 0.14% (b)	34,343,789		34,344
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	424,808,672		424,809
TOTAL MONEY MARKET FUNDS (Cost $459,153)		459,153
TOTAL INVESTMENT PORTFOLIO - 105.1% (Cost $7,478,729)			8,492,561
NET OTHER ASSETS (LIABILITIES) - (5.1)%			(412,602)
NET ASSETS - 100%		$ 8,079,959

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 $2,765,000 or 0.0% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,329,000 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 35
Fidelity Securities Lending Cash Central Fund	21,709
Total	$ 21,744

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
Accretive Health, Inc.	$ 225,437	$ 60,544	$ 1,757	$ -	$ 98,365
Aruba Networks, Inc.	179,343	10,093	155,102	-	-
Barnes & Noble, Inc.	-	119,841	52,721	-	86,707
Gameloft	51,802	565	-	-	47,160
Georesources, Inc.	47,705	-	47,464	-	-
Inphi Corp.	-	40,849	-	-	28,584
iRobot Corp.	57,960	9,102	49,977	-	-
Meru Networks, Inc.	8,324	3,822	8,935	-	-
MicroStrategy, Inc. Class A	64,003	30,314	46,517	-	-
NII Holdings, Inc.	-	288,386	30,310	-	176,841
NVE Corp.	-	25,275	1,512	-	21,952
Petroleum Development Corp.	44,294	-	38,940	-	-
Questcor Pharmaceuticals, Inc.	-	213,845	25,026	-	278,903
Rackspace Hosting, Inc.	228,165	40,271	293,129	-	-
Synchronoss Technologies, Inc.	94,771	32,412	13,745	-	120,534
Ubisoft Entertainment SA	-	57,893	1,513	-	56,517
Vical, Inc.	11,079	5,826	10,976	-	-
Total	$ 1,012,883	$ 939,038	$ 777,624	$ -	$ 915,563

Other Information

The following is a summary of the inputs used, as of April 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,201,864	$ 1,169,499	$ 32,365	$ -
Consumer Staples	220,815	220,815	-	-
Energy	230,361	230,361	-	-
Financials	292,729	290,845	-	1,884
Health Care	980,255	980,255	-	-
Industrials	22,375	22,375	-	-
Information Technology	4,649,007	4,638,678	-	10,329
Materials	242,879	242,879	-	-
Telecommunication Services	193,123	193,123	-	-
Money Market Funds	459,153	459,153	-	-
Total Investments in Securities:	$ 8,492,561	$ 8,447,983	$ 32,365	$ 12,213

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

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$ 10,386
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	1,827
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 12,213
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ 1,827

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

Income Tax Information

At April 30, 2012, the cost of investment securities for income tax purposes was $7,553,683,000. Net unrealized appreciation aggregated $938,878,000, of which $1,526,592,000 related to appreciated investment securities and $587,714,000 related to depreciated investment securities.

Investment Valuation

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2012

1.800339.108

GAI-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 13.0%
Auto Components - 0.5%
Gentex Corp.	460,202		$ 10,111
Johnson Controls, Inc.	567,467		18,142
			28,253
Automobiles - 0.4%
Bayerische Motoren Werke AG (BMW)	218,263		20,749
Distributors - 0.3%
Li & Fung Ltd.	4,974,000		10,642
LKQ Corp. (a)	172,800		5,780
			16,422
Diversified Consumer Services - 0.1%
Strayer Education, Inc. (d)	59,387		5,860
Hotels, Restaurants & Leisure - 1.5%
McDonald's Corp.	660,636		64,379
Yum! Brands, Inc.	267,122		19,428
			83,807
Household Durables - 1.5%
D.R. Horton, Inc.	1,012,471		16,554
Newell Rubbermaid, Inc.	625,689		11,388
Ryland Group, Inc.	1,232,462		27,743
Toll Brothers, Inc. (a)	1,165,226		29,597
			85,282
Leisure Equipment & Products - 0.5%
Hasbro, Inc.	666,449		24,485
Media - 4.7%
Comcast Corp. Class A	3,441,300		104,375
Informa PLC	243,238		1,637
The Walt Disney Co.	571,223		24,625
Thomson Reuters Corp. (d)	478,500		14,301
Time Warner Cable, Inc.	211,424		17,009
Time Warner, Inc.	2,217,977		83,085
Viacom, Inc. Class B (non-vtg.)	370,418		17,184
			262,216
Multiline Retail - 1.6%
JCPenney Co., Inc.	31,900		1,150
Target Corp.	1,504,090		87,147
			88,297
Specialty Retail - 1.9%
Destination Maternity Corp.	211,201		4,190
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Lowe's Companies, Inc.	2,933,283		$ 92,310
Staples, Inc.	597,975		9,209
			105,709
TOTAL CONSUMER DISCRETIONARY			721,080
CONSUMER STAPLES - 11.8%
Beverages - 3.4%
Dr Pepper Snapple Group, Inc.	959,325		38,929
Molson Coors Brewing Co. Class B	45,200		1,879
PepsiCo, Inc.	911,079		60,131
The Coca-Cola Co.	1,156,034		88,229
			189,168
Food & Staples Retailing - 1.2%
CVS Caremark Corp.	628,704		28,053
Safeway, Inc.	203,277		4,133
Tesco PLC	1,327,100		6,836
Walgreen Co.	789,144		27,667
			66,689
Food Products - 1.1%
Danone SA	431,277		30,345
Kellogg Co.	593,786		30,028
			60,373
Household Products - 4.1%
Colgate-Palmolive Co.	329,056		32,557
Kimberly-Clark Corp.	952,939		74,777
Procter & Gamble Co.	1,708,829		108,750
Reckitt Benckiser Group PLC	140,700		8,192
WD-40 Co.	12,241		552
			224,828
Tobacco - 2.0%
British American Tobacco PLC sponsored ADR	637,332		65,594
Lorillard, Inc.	333,359		45,100
			110,694
TOTAL CONSUMER STAPLES			651,752
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 11.4%
Energy Equipment & Services - 1.6%
Exterran Partners LP	375,407		$ 8,387
Halliburton Co.	1,510,950		51,705
Schlumberger Ltd.	374,855		27,792
			87,884
Oil, Gas & Consumable Fuels - 9.8%
ARC Resources Ltd. (d)	451,150		9,290
Atlas Pipeline Partners, LP	269,000		9,404
Bonavista Energy Corp. (e)	220,600		3,980
BP PLC sponsored ADR	456,963		19,837
Chevron Corp.	1,776,016		189,252
Exxon Mobil Corp.	1,627,836		140,547
Holly Energy Partners LP	34,200		2,057
Inergy LP	73,444		1,431
Inergy Midstream LP	49,957		1,059
Legacy Reserves LP	164,930		4,707
Markwest Energy Partners LP	64,517		3,881
Occidental Petroleum Corp.	170,100		15,517
Penn West Petroleum Ltd.	397,700		6,817
Royal Dutch Shell PLC Class A (United Kingdom)	1,977,992		70,556
Suncor Energy, Inc.	1,275,600		42,139
Williams Companies, Inc.	735,180		25,018
			545,492
TOTAL ENERGY			633,376
FINANCIALS - 18.0%
Capital Markets - 3.7%
Ashmore Group PLC	1,956,029		12,147
Charles Schwab Corp.	3,233,573		46,240
Greenhill & Co., Inc.	204,311		7,937
ICAP PLC	1,335,500		8,231
KKR & Co. LP	1,586,884		22,407
Morgan Stanley	1,988,613		34,363
Northern Trust Corp.	610,321		29,045
State Street Corp.	248,095		11,467
T. Rowe Price Group, Inc.	163,385		10,312
The Blackstone Group LP	1,129,517		15,316
UBS AG (NY Shares)	412,300		5,100
			202,565
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - 6.8%
Bank of Montreal (d)	53,300		$ 3,166
BB&T Corp.	1,136,432		36,411
City National Corp.	198,559		10,575
Comerica, Inc.	193,743		6,204
DBS Group Holdings Ltd.	197,164		2,224
First Niagara Financial Group, Inc.	240,865		2,153
HSBC Holdings PLC sponsored ADR	104,600		4,725
Standard Chartered PLC (United Kingdom)	385,356		9,420
SunTrust Banks, Inc.	1,287,438		31,259
U.S. Bancorp	2,015,512		64,839
UMB Financial Corp.	19,800		951
Wells Fargo & Co.	6,187,457		206,847
			378,774
Diversified Financial Services - 6.2%
Citigroup, Inc.	1,896,369		62,656
CME Group, Inc.	110,549		29,386
JPMorgan Chase & Co.	5,059,017		217,437
KKR Financial Holdings LLC	3,533,118		32,081
			341,560
Insurance - 0.8%
ACE Ltd.	59,400		4,513
MetLife, Inc.	620,459		22,355
MetLife, Inc. unit (a)	282,800		19,541
			46,409
Real Estate Investment Trusts - 0.4%
American Capital Agency Corp.	214,000		6,685
Education Realty Trust, Inc.	217,100		2,447
Rayonier, Inc.	54,495		2,471
Sun Communities, Inc.	161,559		7,068
Two Harbors Investment Corp.	488,100		5,106
			23,777
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. (a)	175,288		606
Radian Group, Inc.	1,357,637		4,236
			4,842
TOTAL FINANCIALS			997,927
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - 10.2%
Biotechnology - 1.0%
Amgen, Inc.	728,816		$ 51,826
ARIAD Pharmaceuticals, Inc. (a)	251,881		4,106
			55,932
Health Care Equipment & Supplies - 0.3%
Baxter International, Inc.	72,200		4,001
St. Jude Medical, Inc.	279,306		10,815
			14,816
Health Care Providers & Services - 2.2%
Aetna, Inc.	451,373		19,878
McKesson Corp.	574,264		52,493
United Drug PLC (Ireland)	877,334		2,689
WellPoint, Inc.	713,782		48,409
			123,469
Life Sciences Tools & Services - 0.2%
QIAGEN NV (a)	634,083		10,608
Pharmaceuticals - 6.5%
Abbott Laboratories	661,527		41,054
AstraZeneca PLC sponsored ADR	12,300		540
Cardiome Pharma Corp. (a)	935,300		524
Eli Lilly & Co.	164,000		6,788
GlaxoSmithKline PLC sponsored ADR	1,015,354		46,940
Johnson & Johnson	1,295,492		84,324
Merck & Co., Inc.	2,503,079		98,221
Pfizer, Inc.	3,069,200		70,377
Sanofi SA	143,608		10,970
			359,738
TOTAL HEALTH CARE			564,563
INDUSTRIALS - 12.9%
Aerospace & Defense - 3.5%
Honeywell International, Inc.	549,357		33,324
Meggitt PLC	487,000		3,229
MTU Aero Engines Holdings AG	54,787		4,614
Raytheon Co.	495,112		26,805
Rockwell Collins, Inc.	721,756		40,339
The Boeing Co.	488,300		37,501
United Technologies Corp.	613,800		50,111
			195,923
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Air Freight & Logistics - 1.1%
C.H. Robinson Worldwide, Inc.	388,530		$ 23,211
United Parcel Service, Inc. Class B	502,082		39,233
			62,444
Building Products - 1.0%
Compagnie de St. Gobain	54,000		2,262
Lennox International, Inc.	411,934		17,878
Owens Corning (a)	1,007,915		34,622
			54,762
Commercial Services & Supplies - 0.6%
Healthcare Services Group, Inc.	11,948		254
Interface, Inc. Class A	667,743		9,455
Intrum Justitia AB	139,800		2,122
Republic Services, Inc.	862,477		23,606
			35,437
Electrical Equipment - 0.6%
Emerson Electric Co.	607,498		31,918
Industrial Conglomerates - 3.3%
3M Co.	4,116		368
Danaher Corp.	659,800		35,774
DCC PLC (Ireland)	134,100		3,391
General Electric Co.	5,877,014		115,072
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.) (d)	1,533,560		30,656
			185,261
Machinery - 1.6%
Douglas Dynamics, Inc.	929,449		13,133
Illinois Tool Works, Inc.	192,950		11,071
Ingersoll-Rand PLC	781,175		33,216
Schindler Holding AG (participation certificate)	70,066		9,064
Stanley Black & Decker, Inc.	277,335		20,290
			86,774
Marine - 0.2%
Kuehne & Nagel International AG	69,720		8,473
Professional Services - 0.8%
Bureau Veritas SA	227,395		20,262
Michael Page International PLC	3,355,348		22,634
			42,896
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Road & Rail - 0.0%
J.B. Hunt Transport Services, Inc.	15,500		$ 858
Trading Companies & Distributors - 0.2%
Watsco, Inc.	168,415		12,117
TOTAL INDUSTRIALS			716,863
INFORMATION TECHNOLOGY - 17.5%
Communications Equipment - 1.4%
Cisco Systems, Inc.	2,187,093		44,070
Juniper Networks, Inc. (a)	597,378		12,802
QUALCOMM, Inc.	286,802		18,309
			75,181
Computers & Peripherals - 5.9%
Apple, Inc. (a)	463,964		271,058
EMC Corp. (a)	1,125,400		31,748
Hewlett-Packard Co.	988,120		24,466
			327,272
Electronic Equipment & Components - 0.0%
Premier Farnell PLC	383,979		1,338
Internet Software & Services - 1.6%
Google, Inc. Class A (a)	147,093		89,025
IT Services - 5.9%
Accenture PLC Class A	187,410		12,172
Cognizant Technology Solutions Corp. Class A (a)	282,116		20,685
Fidelity National Information Services, Inc.	994,862		33,497
IBM Corp.	153,050		31,694
MasterCard, Inc. Class A	143,950		65,104
Paychex, Inc.	2,494,499		77,280
The Western Union Co.	1,793,720		32,969
Total System Services, Inc.	73,200		1,722
Visa, Inc. Class A	389,513		47,902
			323,025
Software - 2.7%
Intuit, Inc.	196,293		11,379
Microsoft Corp.	3,287,643		105,270
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Oracle Corp.	779,390		$ 22,906
Royalblue Group PLC	437,936		11,018
			150,573
TOTAL INFORMATION TECHNOLOGY			966,414
MATERIALS - 0.5%
Chemicals - 0.4%
E.I. du Pont de Nemours & Co.	187,160		10,006
Syngenta AG (Switzerland)	40,410		14,172
			24,178
Metals & Mining - 0.1%
Reliance Steel & Aluminum Co.	37,515		2,097
TOTAL MATERIALS			26,275
TELECOMMUNICATION SERVICES - 0.6%
Diversified Telecommunication Services - 0.1%
CenturyLink, Inc.	71,420		2,754
Cogent Communications Group, Inc. (a)	28,930		542
Koninklijke KPN NV	315,031		2,828
			6,124
Wireless Telecommunication Services - 0.5%
Vodafone Group PLC sponsored ADR	982,201		27,335
TOTAL TELECOMMUNICATION SERVICES			33,459
UTILITIES - 2.3%
Electric Utilities - 1.0%
American Electric Power Co., Inc.	188,162		7,308
Edison International	61,800		2,720
FirstEnergy Corp.	473,458		22,167
NextEra Energy, Inc.	147,168		9,470
PPL Corp.	414,353		11,333
			52,998
Gas Utilities - 0.1%
National Fuel Gas Co.	159,515		7,548
Multi-Utilities - 1.2%
National Grid PLC	3,455,474		37,319
PG&E Corp.	273,316		12,075
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Multi-Utilities - continued
Sempra Energy	153,309		$ 9,925
TECO Energy, Inc.	435,248		7,843
			67,162
TOTAL UTILITIES			127,708
TOTAL COMMON STOCKS (Cost $4,920,133)		5,439,417
Preferred Stocks - 1.1%

Convertible Preferred Stocks - 0.6%
HEALTH CARE - 0.5%
Health Care Equipment & Supplies - 0.5%
Alere, Inc. 3.00%	124,041		29,045
UTILITIES - 0.1%
Electric Utilities - 0.1%
PPL Corp. 8.75%	101,200		5,212
TOTAL CONVERTIBLE PREFERRED STOCKS			34,257
Nonconvertible Preferred Stocks - 0.5%
CONSUMER DISCRETIONARY - 0.5%
Automobiles - 0.5%
Volkswagen AG	131,875		24,982
TOTAL PREFERRED STOCKS (Cost $60,356)		59,239

Corporate Bonds - 0.6%
	Principal Amount (000s)
Convertible Bonds - 0.5%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Amyris, Inc. 3% 2/27/17 (f)	$ 5,615		4,057
Chesapeake Energy Corp. 2.5% 5/15/37	4,240		3,685
			7,742
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Convertible Bonds - continued
HEALTH CARE - 0.4%
Health Care Equipment & Supplies - 0.3%
HeartWare International, Inc. 3.5% 12/15/17	$ 3,980		$ 4,448
Integra LifeSciences Holdings Corp. 1.625% 12/15/16 (e)	11,790		11,068
			15,516
Life Sciences Tools & Services - 0.1%
Illumina, Inc. 0.25% 3/15/16 (e)	3,790		3,496
TOTAL HEALTH CARE			19,012
TOTAL CONVERTIBLE BONDS			26,754
Nonconvertible Bonds - 0.1%
FINANCIALS - 0.1%
Thrifts & Mortgage Finance - 0.1%
Radian Group, Inc. 5.625% 2/15/13	8,060		7,214
TOTAL CORPORATE BONDS (Cost $33,182)		33,968

Money Market Funds - 0.8%
	Shares
Fidelity Cash Central Fund, 0.14% (b)	9,429,539		9,430
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	36,991,725		36,992
TOTAL MONEY MARKET FUNDS (Cost $46,422)		46,422
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $5,060,093)			5,579,046
NET OTHER ASSETS (LIABILITIES) - (0.7)%			(40,918)
NET ASSETS - 100%		$ 5,538,128

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 $18,544,000 or 0.3% of net assets.

(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 $4,057,000 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Amyris, Inc. 3% 2/27/17	2/27/12	$ 5,615

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	$ 11
Fidelity Securities Lending Cash Central Fund	148
Total	$ 159

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 746,062	$ 746,062	$ -	$ -
Consumer Staples	651,752	651,752	-	-
Energy	633,376	562,820	70,556	-
Financials	997,927	978,386	19,541	-
Health Care	593,608	582,638	10,970	-
Industrials	716,863	716,863	-	-
Information Technology	966,414	966,414	-	-
Materials	26,275	12,103	14,172	-
Telecommunication Services	33,459	33,459	-	-
Utilities	132,920	90,389	42,531	-
Corporate Bonds	33,968	-	33,968	-
Money Market Funds	46,422	46,422	-	-
Total Investments in Securities:	$ 5,579,046	$ 5,387,308	$ 191,738	$ -

Income Tax Information

At April 30, 2012, the cost of investment securities for income tax purposes was $5,091,077,000. Net unrealized appreciation aggregated $487,969,000, of which $693,439,000 related to appreciated investment securities and $205,470,000 related to depreciated investment securities.

Investment Valuation

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Blue Chip Growth Fund

April 30, 2012

1.800333.108

BCF-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 21.6%
Auto Components - 0.6%
Autoliv, Inc.	277,200		$ 17,392
Delphi Automotive PLC	500,700		15,366
Tenneco, Inc. (a)	642,398		19,805
TRW Automotive Holdings Corp. (a)	998,600		45,646
			98,209
Automobiles - 0.8%
Harley-Davidson, Inc.	177,600		9,294
Hyundai Motor Co.	75,033		17,827
Kia Motors Corp.	152,660		11,266
Tesla Motors, Inc. (a)(d)	2,682,954		88,886
			127,273
Diversified Consumer Services - 0.3%
Coinstar, Inc. (a)(d)	221,800		13,927
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	1,217,400		32,541
			46,468
Hotels, Restaurants & Leisure - 5.6%
Arcos Dorados Holdings, Inc.	1,524,400		27,241
Bravo Brio Restaurant Group, Inc. (a)	750,800		15,166
Buffalo Wild Wings, Inc. (a)	53,400		4,478
Chipotle Mexican Grill, Inc. (a)	133,700		55,372
Dunkin' Brands Group, Inc.	533,300		17,263
Jubilant Foodworks Ltd. (a)	533,088		11,999
Las Vegas Sands Corp.	1,671,600		92,757
McDonald's Corp.	2,589,130		252,311
Panera Bread Co. Class A (a)	619,200		97,784
Starbucks Corp.	3,041,400		174,516
Wyndham Worldwide Corp.	736,885		37,095
Wynn Resorts Ltd.	96,400		12,860
Yum! Brands, Inc.	932,100		67,792
			866,634
Household Durables - 1.4%
D.R. Horton, Inc.	415,200		6,789
KB Home	14,700		128
Lennar Corp. Class A	1,890,752		52,449
Newell Rubbermaid, Inc.	980,000		17,836
PulteGroup, Inc. (a)	2,974,400		29,268
SodaStream International Ltd. (a)	286,400		9,838
Tempur-Pedic International, Inc. (a)	500,300		29,438
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Toll Brothers, Inc. (a)	1,366,400		$ 34,707
Tupperware Brands Corp.	471,300		29,357
			209,810
Internet & Catalog Retail - 2.8%
Amazon.com, Inc. (a)	1,282,800		297,481
Expedia, Inc.	669,100		28,524
Priceline.com, Inc. (a)	151,000		114,884
			440,889
Media - 0.9%
Comcast Corp. Class A	3,922,400		118,966
Time Warner Cable, Inc.	174,500		14,039
			133,005
Multiline Retail - 1.3%
Dollar General Corp. (a)	608,800		28,894
Dollar Tree, Inc. (a)	222,500		22,619
Dollarama, Inc.	420,234		23,391
JCPenney Co., Inc.	709,700		25,592
Macy's, Inc.	2,325,400		95,388
			195,884
Specialty Retail - 4.3%
Advance Auto Parts, Inc.	35,100		3,222
Bed Bath & Beyond, Inc. (a)	504,800		35,533
Body Central Corp. (a)	378,640		11,499
Cia.Hering SA	254,600		6,318
Foot Locker, Inc.	750,000		22,943
Francescas Holdings Corp. (a)	615,300		19,290
Gap, Inc.	235,200		6,703
GNC Holdings, Inc.	220,000		8,593
Home Depot, Inc.	1,733,900		89,799
Limited Brands, Inc.	2,536,200		126,049
Lowe's Companies, Inc.	2,404,100		75,657
Ross Stores, Inc.	386,400		23,798
TJX Companies, Inc.	3,547,380		147,961
Tractor Supply Co.	71,000		6,987
Ulta Salon, Cosmetics & Fragrance, Inc.	390,800		34,461
Urban Outfitters, Inc. (a)	1,746,800		50,587
			669,400
Textiles, Apparel & Luxury Goods - 3.6%
Arezzo Industria e Comercio SA	1,681,000		26,456
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Brunello Cucinelli SpA	561,900		$ 8,926
Fossil, Inc. (a)	524,300		68,510
Gitanjali Gems Ltd.	1,983,811		12,310
Liz Claiborne, Inc. (a)(d)	2,485,111		33,300
lululemon athletica, Inc. (a)	363,531		26,952
Michael Kors Holdings Ltd.	2,118,900		96,770
Michael Kors Holdings Ltd. (f)	945,237		38,852
NIKE, Inc. Class B	822,200		91,980
PVH Corp.	898,900		79,822
Ralph Lauren Corp.	157,200		27,081
Samsonite International SA	2,379,000		4,612
Steven Madden Ltd. (a)	128,050		5,533
Tumi Holdings, Inc.	52,600		1,340
Under Armour, Inc. Class A (sub. vtg.) (a)	89,500		8,765
VF Corp.	130,000		19,767
			550,976
TOTAL CONSUMER DISCRETIONARY			3,338,548
CONSUMER STAPLES - 11.0%
Beverages - 3.7%
Anheuser-Busch InBev SA NV ADR (d)	434,100		31,524
Beam, Inc.	259,300		14,723
Dr Pepper Snapple Group, Inc.	74,500		3,023
Monster Beverage Corp. (a)	2,462,200		159,945
PepsiCo, Inc.	1,123,900		74,177
SABMiller PLC	181,900		7,642
The Coca-Cola Co.	3,729,000		284,597
			575,631
Food & Staples Retailing - 1.8%
Costco Wholesale Corp.	157,700		13,904
CVS Caremark Corp.	2,564,200		114,415
Drogasil SA	1,456,285		15,692
Wal-Mart Stores, Inc.	202,400		11,923
Walgreen Co.	260,600		9,137
Whole Foods Market, Inc.	1,369,500		113,764
			278,835
Food Products - 1.7%
Annie's, Inc.	13,200		525
Calbee, Inc. (d)	408,300		24,710
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - continued
Danone SA	396,900		$ 27,926
Green Mountain Coffee Roasters, Inc. (a)(d)	3,233,965		157,656
Kraft Foods, Inc. Class A	377,300		15,043
Mead Johnson Nutrition Co. Class A	163,300		13,972
Tata Global Beverages Ltd.	1,377,900		3,059
The Hershey Co.	113,700		7,619
The J.M. Smucker Co.	137,000		10,909
			261,419
Household Products - 0.5%
Colgate-Palmolive Co.	500,300		49,500
Kimberly-Clark Corp.	118,500		9,299
Procter & Gamble Co.	438,700		27,919
			86,718
Personal Products - 0.7%
Estee Lauder Companies, Inc. Class A	750,100		49,019
Herbalife Ltd.	869,631		61,152
			110,171
Tobacco - 2.6%
Altria Group, Inc.	1,688,000		54,370
Lorillard, Inc.	772,000		104,444
Philip Morris International, Inc.	2,640,600		236,360
Souza Cruz SA	202,200		3,149
			398,323
TOTAL CONSUMER STAPLES			1,711,097
ENERGY - 7.9%
Energy Equipment & Services - 2.7%
Cameron International Corp. (a)	214,500		10,993
Ensco International Ltd. ADR	204,400		11,170
Forum Energy Technologies, Inc.	97,000		2,243
Halliburton Co.	2,234,200		76,454
McDermott International, Inc. (a)	1,312,000		14,826
National Oilwell Varco, Inc.	1,232,000		93,336
Noble Corp.	190,400		7,247
Schlumberger Ltd.	2,084,200		154,523
Seadrill Ltd.	808,600		31,641
Transocean Ltd. (United States)	288,000		14,512
			416,945
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - 5.2%
Alpha Natural Resources, Inc. (a)	2,936,499		$ 47,366
Anadarko Petroleum Corp.	997,000		72,990
Apache Corp.	309,200		29,665
Cheniere Energy, Inc. (a)	463,300		8,483
Chevron Corp.	892,400		95,094
Cobalt International Energy, Inc. (a)	822,900		22,021
EOG Resources, Inc.	283,900		31,175
Exxon Mobil Corp.	2,594,300		223,992
Golar LNG Ltd. (NASDAQ)	122,600		4,534
Hess Corp.	238,200		12,420
Marathon Petroleum Corp.	496,100		20,643
Markwest Energy Partners LP	217,100		13,059
Noble Energy, Inc.	31,100		3,089
Occidental Petroleum Corp.	1,127,100		102,814
Peabody Energy Corp.	1,451,100		45,144
Pioneer Natural Resources Co.	280,800		32,522
Plains Exploration & Production Co. (a)	636,000		25,981
Williams Companies, Inc.	254,100		8,647
			799,639
TOTAL ENERGY			1,216,584
FINANCIALS - 2.5%
Capital Markets - 0.6%
Morgan Stanley	5,794,700		100,132
Commercial Banks - 0.2%
ICICI Bank Ltd.	666,777		11,170
Punjab National Bank	133,123		2,227
UMB Financial Corp.	70,300		3,378
Wells Fargo & Co.	412,700		13,797
			30,572
Consumer Finance - 0.4%
Discover Financial Services	1,298,000		44,002
Shriram Transport Finance Co. Ltd.	1,042,803		11,340
			55,342
Diversified Financial Services - 1.1%
Citigroup, Inc.	4,095,720		135,323
JPMorgan Chase & Co.	867,900		37,302
			172,625
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Management & Development - 0.2%
Parsvnath Developers Ltd. (a)(e)	21,771,340		$ 23,460
TOTAL FINANCIALS			382,131
HEALTH CARE - 8.6%
Biotechnology - 3.2%
Alexion Pharmaceuticals, Inc. (a)	699,400		63,170
Alkermes PLC (a)	917,100		15,866
Alnylam Pharmaceuticals, Inc. (a)	271,500		3,092
Amylin Pharmaceuticals, Inc. (a)	2,398,000		62,132
ARIAD Pharmaceuticals, Inc. (a)	1,698,200		27,681
Biogen Idec, Inc. (a)	832,500		111,563
Clovis Oncology, Inc.	195,300		3,502
Exelixis, Inc. (a)	3,424,800		16,439
Gilead Sciences, Inc. (a)	1,108,100		57,632
Halozyme Therapeutics, Inc. (a)	450,000		3,641
InterMune, Inc. (a)	262,900		2,745
Ironwood Pharmaceuticals, Inc. Class A (a)	473,000		6,248
Medivation, Inc. (a)	149,500		12,092
Merrimack Pharmaceuticals, Inc.	265,000		2,094
Merrimack Pharmaceuticals, Inc. (f)	2,142,858		15,236
ONYX Pharmaceuticals, Inc. (a)	190,400		8,665
Regeneron Pharmaceuticals, Inc. (a)	286,600		38,766
Spectrum Pharmaceuticals, Inc. (a)(d)	1,347,100		14,320
Vertex Pharmaceuticals, Inc. (a)	924,300		35,567
ZIOPHARM Oncology, Inc. (a)	613,169		2,919
			503,370
Health Care Equipment & Supplies - 1.3%
Alere, Inc. (a)	553,600		13,226
Align Technology, Inc. (a)	164,700		5,223
Covidien PLC	709,000		39,158
Hologic, Inc. (a)	1,805,500		34,521
Insulet Corp. (a)	310,600		5,547
Intuitive Surgical, Inc. (a)	36,400		21,046
Mako Surgical Corp. (a)	114,700		4,738
The Cooper Companies, Inc.	730,272		64,388
William Demant Holding A/S (a)	126,000		11,894
Zeltiq Aesthetics, Inc. (d)	1,022,500		6,360
			206,101
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - 1.7%
Apollo Hospitals Enterprise Ltd.	649,448		$ 7,773
Express Scripts Holding Co. (a)	2,273,227		126,823
Health Net, Inc. (a)	13,400		477
McKesson Corp.	1,144,400		104,610
UnitedHealth Group, Inc.	414,000		23,246
			262,929
Health Care Technology - 0.2%
athenahealth, Inc. (a)(d)	154,575		11,199
Cerner Corp. (a)	128,200		10,396
SXC Health Solutions Corp. (a)	61,900		5,614
			27,209
Life Sciences Tools & Services - 0.2%
Illumina, Inc. (a)	549,300		24,460
Pharmaceuticals - 2.0%
Allergan, Inc.	126,100		12,106
AVANIR Pharmaceuticals Class A (a)(d)	2,885,556		8,801
Bristol-Myers Squibb Co.	229,800		7,668
Elan Corp. PLC sponsored ADR (a)	2,231,100		30,767
Jazz Pharmaceuticals PLC (a)	143,300		7,313
Johnson & Johnson	1,154,100		75,120
Pfizer, Inc.	822,300		18,855
Questcor Pharmaceuticals, Inc. (a)(d)	985,500		44,249
Salix Pharmaceuticals Ltd. (a)	621,800		30,717
Shire PLC sponsored ADR	138,000		13,463
Valeant Pharmaceuticals International, Inc. (Canada) (a)	733,200		40,789
VIVUS, Inc. (a)	557,800		13,510
			303,358
TOTAL HEALTH CARE			1,327,427
INDUSTRIALS - 10.0%
Aerospace & Defense - 3.0%
Honeywell International, Inc.	869,400		52,738
Precision Castparts Corp.	612,900		108,097
The Boeing Co.	1,835,800		140,989
United Technologies Corp.	2,041,100		166,635
			468,459
Air Freight & Logistics - 0.8%
United Parcel Service, Inc. Class B	1,650,600		128,978
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Building Products - 0.3%
Armstrong World Industries, Inc.	664,500		$ 29,265
Owens Corning (a)	263,000		9,034
			38,299
Commercial Services & Supplies - 0.0%
Swisher Hygiene, Inc. (a)	1,159,960		2,349
Swisher Hygiene, Inc.	935,531		1,894
			4,243
Construction & Engineering - 0.7%
Fluor Corp.	1,163,100		67,169
Foster Wheeler AG (a)	1,467,000		33,741
			100,910
Industrial Conglomerates - 1.1%
Carlisle Companies, Inc.	349,400		19,238
Danaher Corp.	2,862,300		155,194
			174,432
Machinery - 3.4%
Caterpillar, Inc.	1,060,100		108,946
Chart Industries, Inc. (a)	62,800		4,800
Cummins, Inc.	870,800		100,865
Deere & Co.	248,800		20,491
Illinois Tool Works, Inc.	256,300		14,706
Ingersoll-Rand PLC	1,506,900		64,073
Jain Irrigation Systems Ltd. DVR (a)	39,000		31
Joy Global, Inc.	1,317,800		93,261
Manitowoc Co., Inc.	534,000		7,396
Stanley Black & Decker, Inc.	1,055,500		77,220
WABCO Holdings, Inc. (a)	342,400		21,581
Westport Innovations, Inc. (a)	158,100		4,949
			518,319
Marine - 0.0%
DryShips, Inc. (a)	1,425,725		4,505
Professional Services - 0.2%
Manpower, Inc.	506,800		21,590
Qualicorp SA	836,000		7,280
			28,870
Road & Rail - 0.4%
Union Pacific Corp.	565,100		63,540
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Trading Companies & Distributors - 0.1%
H&E Equipment Services, Inc. (a)	340,400		$ 6,570
Mills Estruturas e Servicos de Engenharia SA	827,400		10,761
United Rentals, Inc. (a)	67,600		3,156
			20,487
TOTAL INDUSTRIALS			1,551,042
INFORMATION TECHNOLOGY - 35.5%
Communications Equipment - 2.4%
Aruba Networks, Inc. (a)	250,000		5,280
Juniper Networks, Inc. (a)	1,304,800		27,962
QUALCOMM, Inc.	5,235,100		334,209
			367,451
Computers & Peripherals - 11.0%
Apple, Inc. (a)	2,617,300		1,529,130
EMC Corp. (a)	2,235,500		63,063
Fusion-io, Inc.	624,335		16,014
Gemalto NV	199,873		14,894
Hewlett-Packard Co.	582,500		14,423
NetApp, Inc. (a)	1,392,800		54,082
SanDisk Corp. (a)	124,200		4,597
			1,696,203
Electronic Equipment & Components - 0.0%
InvenSense, Inc. (d)	234,000		3,763
Internet Software & Services - 6.5%
Akamai Technologies, Inc. (a)	1,202,700		39,208
Baidu.com, Inc. sponsored ADR (a)	324,200		43,021
Bankrate, Inc. (d)	600,500		14,064
Bazaarvoice, Inc. (d)	52,900		1,048
Demandware, Inc. (d)	300,000		8,175
eBay, Inc. (a)	402,900		16,539
ExactTarget, Inc.	30,900		835
Facebook, Inc. Class B (f)	636,167		19,575
Google, Inc. Class A (a)	1,109,667		671,604
IAC/InterActiveCorp	618,300		29,771
INFO Edge India Ltd.	293,110		4,257
Rackspace Hosting, Inc. (a)	1,259,600		73,170
SINA Corp. (a)(d)	340,000		19,893
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
Velti PLC (a)	1,163,000		$ 13,898
Yahoo!, Inc. (a)	3,051,200		47,416
			1,002,474
IT Services - 3.2%
Accenture PLC Class A	477,700		31,027
Cognizant Technology Solutions Corp. Class A (a)	1,649,200		120,919
EPAM Systems, Inc.	303,400		6,262
IBM Corp.	36,100		7,476
MasterCard, Inc. Class A	460,500		208,270
Teradata Corp. (a)	330,500		23,062
Total System Services, Inc.	264,300		6,216
Vantiv, Inc.	427,200		9,621
VeriFone Systems, Inc. (a)	771,000		36,730
Visa, Inc. Class A	404,800		49,782
			499,365
Semiconductors & Semiconductor Equipment - 5.2%
Altera Corp.	757,300		26,937
Analog Devices, Inc.	333,600		13,004
Applied Micro Circuits Corp. (a)	377,944		2,109
ASML Holding NV	410,100		20,911
Avago Technologies Ltd.	2,128,000		73,373
Broadcom Corp. Class A	5,087,300		186,195
Cirrus Logic, Inc. (a)	1,376,728		37,695
Cree, Inc. (a)	768,200		23,737
Freescale Semiconductor Holdings I Ltd.	3,840,258		47,658
LSI Corp. (a)	2,473,700		19,889
Marvell Technology Group Ltd. (a)	4,887,886		73,367
Maxim Integrated Products, Inc.	591,700		17,502
Mellanox Technologies Ltd. (a)	380,700		22,305
NVIDIA Corp. (a)	4,594,873		59,733
NXP Semiconductors NV (a)	6,910,900		178,647
Samsung Electronics Co. Ltd.	7,550		9,286
			812,348
Software - 7.2%
Activision Blizzard, Inc.	6,140,000		79,022
Allot Communications Ltd. (a)	672,624		16,506
Ariba, Inc. (a)	506,800		19,360
Aspen Technology, Inc. (a)	134,800		2,666
BroadSoft, Inc. (a)	595,300		25,485
Check Point Software Technologies Ltd. (a)	1,197,500		69,611
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Citrix Systems, Inc. (a)	1,527,500		$ 130,769
Guidewire Software, Inc.	297,400		8,095
Infoblox, Inc.	56,700		1,157
Informatica Corp. (a)	505,400		23,259
Jive Software, Inc. (d)	533,500		12,703
Microsoft Corp.	8,075,500		258,578
Oracle Corp.	2,604,000		76,532
Proofpoint, Inc. (d)	45,600		597
QLIK Technologies, Inc. (a)	724,348		20,868
Red Hat, Inc. (a)	1,020,700		60,844
salesforce.com, Inc. (a)	1,333,165		207,614
SolarWinds, Inc. (a)	40,200		1,886
Splunk, Inc.	240,100		8,151
VMware, Inc. Class A (a)	834,500		93,230
			1,116,933
TOTAL INFORMATION TECHNOLOGY			5,498,537
MATERIALS - 2.3%
Chemicals - 1.8%
Airgas, Inc.	35,200		3,226
Albemarle Corp.	266,300		17,389
CF Industries Holdings, Inc.	158,300		30,561
Dow Chemical Co.	621,200		21,046
E.I. du Pont de Nemours & Co.	1,638,100		87,573
LyondellBasell Industries NV Class A	1,121,800		46,869
Monsanto Co.	564,700		43,019
Westlake Chemical Corp. (d)	586,900		37,532
			287,215
Containers & Packaging - 0.1%
Rock-Tenn Co. Class A	190,200		11,855
Metals & Mining - 0.4%
Freeport-McMoRan Copper & Gold, Inc.	1,452,700		55,638
TOTAL MATERIALS			354,708
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - 0.0%
Wireless Telecommunication Services - 0.0%
SBA Communications Corp. Class A (a)	120,800		$ 6,492
TOTAL COMMON STOCKS (Cost $10,900,436)		15,386,566
Nonconvertible Preferred Stocks - 0.5%

CONSUMER DISCRETIONARY - 0.5%
Automobiles - 0.5%
Volkswagen AG (Cost $52,053)	469,300		88,902
Money Market Funds - 2.1%

Fidelity Cash Central Fund, 0.14% (b)	15,050,901		15,051
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	308,762,946		308,763
TOTAL MONEY MARKET FUNDS (Cost $323,814)		323,814
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $11,276,303)			15,799,282
NET OTHER ASSETS (LIABILITIES) - (2.0)%			(317,143)
NET ASSETS - 100%		$ 15,482,139

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 15,909
Merrimack Pharmaceuticals	3/31/11	$ 15,000
Michael Kors Holdings Ltd.	7/8/11	$ 11,456

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	$ 31
Fidelity Securities Lending Cash Central Fund	2,608
Total	$ 2,639

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Parsvnath Developers Ltd.	$ 22,924	$ -	$ -	$ -	$ 23,460
Spectrum Pharmaceuticals, Inc.	-	42,886	19,181	-	-
Total	$ 22,924	$ 42,886	$ 19,181	$ -	$ 23,460

Other Information

The following is a summary of the inputs used, as of April 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,427,450	$ 3,388,598	$ 38,852	$ -
Consumer Staples	1,711,097	1,686,387	24,710	-
Energy	1,216,584	1,216,584	-	-
Financials	382,131	368,734	13,397	-
Health Care	1,327,427	1,312,191	15,236	-
Industrials	1,551,042	1,546,799	4,243	-
Information Technology	5,498,537	5,478,962	-	19,575
Materials	354,708	354,708	-	-
Telecommunication Services	6,492	6,492	-	-
Money Market Funds	323,814	323,814	-	-
Total Investments in Securities:	$ 15,799,282	$ 15,683,269	$ 96,438	$ 19,575

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

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$ 45,904
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	3,671
Cost of Purchases	-
Proceeds of Sales	(30,000)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 19,575
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ 3,671

Income Tax Information

At April 30, 2012, the cost of investment securities for income tax purposes was $11,336,005,000. Net unrealized appreciation aggregated $4,463,277,000, of which $4,736,132,000 related to appreciated investment securities and $272,855,000 related to depreciated investment securities.

Investment Valuation

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Small Cap Value Fund
Small Cap Value

Class F

April 30, 2012

1.815774.107

SCV-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
CONSUMER DISCRETIONARY - 14.6%
Diversified Consumer Services - 2.6%
Regis Corp. (e)	3,795,824		$ 69,653,370
Household Durables - 6.6%
Ethan Allen Interiors, Inc.	567,112		13,156,998
KB Home (d)	3,300,000		28,644,000
M.D.C. Holdings, Inc. (d)	1,974,300		55,497,573
Meritage Homes Corp. (a)	1,286,160		36,514,082
Ryland Group, Inc. (d)	1,906,237		42,909,395
			176,722,048
Media - 1.1%
Valassis Communications, Inc. (a)	1,484,641		29,692,820
Specialty Retail - 3.1%
Asbury Automotive Group, Inc. (a)	965,159		26,947,239
Ascena Retail Group, Inc. (a)	1,621,400		33,206,272
Tsutsumi Jewelry Co. Ltd.	791,400		23,151,233
			83,304,744
Textiles, Apparel & Luxury Goods - 1.2%
Hanesbrands, Inc. (a)	1,100,000		31,042,000
TOTAL CONSUMER DISCRETIONARY			390,414,982
CONSUMER STAPLES - 3.8%
Food Products - 2.6%
Chiquita Brands International, Inc. (a)(e)	2,916,210		24,787,785
Dean Foods Co. (a)	3,600,000		44,208,000
			68,995,785
Household Products - 1.2%
Spectrum Brands Holdings, Inc. (a)	937,476		32,352,297
TOTAL CONSUMER STAPLES			101,348,082
ENERGY - 3.2%
Energy Equipment & Services - 1.5%
Superior Energy Services, Inc. (a)	1,466,700		39,483,564
Oil, Gas & Consumable Fuels - 1.7%
Berry Petroleum Co. Class A	1,025,000		46,688,750
TOTAL ENERGY			86,172,314
Common Stocks - continued
	Shares		Value
FINANCIALS - 36.2%
Capital Markets - 4.7%
Knight Capital Group, Inc. Class A (a)	3,454,903		$ 45,397,425
Monex Beans Holdings, Inc. (f)	139,737		27,753,003
Waddell & Reed Financial, Inc. Class A	1,610,000		51,487,800
			124,638,228
Commercial Banks - 11.5%
Associated Banc-Corp.	4,432,650		59,087,225
CapitalSource, Inc.	6,548,461		42,237,573
City National Corp.	784,900		41,803,774
National Penn Bancshares, Inc.	4,266,604		39,338,089
PacWest Bancorp (e)	1,857,600		44,248,032
TCF Financial Corp.	6,739,200		77,298,624
Western Liberty Bancorp (a)(e)	1,000,000		2,950,000
			306,963,317
Insurance - 7.6%
Alterra Capital Holdings Ltd.	2,337,411		55,934,245
Aspen Insurance Holdings Ltd.	1,920,200		54,380,064
Platinum Underwriters Holdings Ltd.	1,694,139		62,039,370
ProAssurance Corp.	350,000		30,831,500
			203,185,179
Real Estate Investment Trusts - 7.3%
DCT Industrial Trust, Inc.	12,180,586		72,230,875
Franklin Street Properties Corp.	3,160,000		31,821,200
Highwoods Properties, Inc. (SBI)	1,720,330		59,747,061
National Retail Properties, Inc.	1,140,000		31,213,200
			195,012,336
Real Estate Management & Development - 1.1%
Forestar Group, Inc. (a)(e)	1,996,875		30,711,938
Thrifts & Mortgage Finance - 4.0%
Astoria Financial Corp. (d)(e)	5,418,152		52,501,893
Washington Federal, Inc.	3,086,175		54,131,510
			106,633,403
TOTAL FINANCIALS			967,144,401
HEALTH CARE - 6.3%
Health Care Equipment & Supplies - 1.0%
Integra LifeSciences Holdings Corp. (a)	680,775		25,345,253
Health Care Providers & Services - 5.3%
Chemed Corp.	465,200		28,070,168
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
MEDNAX, Inc. (a)	779,700		$ 54,766,128
Team Health Holdings, Inc. (a)	2,787,898		60,051,323
			142,887,619
TOTAL HEALTH CARE			168,232,872
INDUSTRIALS - 13.4%
Commercial Services & Supplies - 6.9%
ACCO Brands Corp. (a)	1,870,000		19,728,500
HNI Corp. (d)(e)	2,674,619		64,511,810
Knoll, Inc.	1,712,898		25,333,761
Quad/Graphics, Inc. (d)	1,414,900		19,016,256
United Stationers, Inc.	1,980,800		56,175,488
			184,765,815
Electrical Equipment - 0.7%
GrafTech International Ltd. (a)	1,632,688		19,167,757
Machinery - 2.2%
Blount International, Inc. (a)(e)	2,604,723		42,118,371
Columbus McKinnon Corp. (NY Shares) (a)(e)	1,047,872		15,539,942
			57,658,313
Trading Companies & Distributors - 3.6%
H&E Equipment Services, Inc. (a)	992,000		19,145,600
WESCO International, Inc. (a)	1,153,633		76,589,695
			95,735,295
TOTAL INDUSTRIALS			357,327,180
INFORMATION TECHNOLOGY - 11.3%
Communications Equipment - 2.1%
Polycom, Inc. (a)	710,112		9,423,186
ViaSat, Inc. (a)	984,472		47,549,998
			56,973,184
Electronic Equipment & Components - 6.5%
Ingram Micro, Inc. Class A (a)	2,853,100		55,521,326
Macnica, Inc.	677,400		15,800,436
Ryoyo Electro Corp. (e)	1,972,700		21,832,512
SYNNEX Corp. (a)	784,210		29,870,559
Tech Data Corp. (a)	964,600		51,885,834
			174,910,667
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 0.8%
j2 Global, Inc. (d)	813,904		$ 21,023,140
Semiconductors & Semiconductor Equipment - 0.5%
Miraial Co. Ltd. (e)	720,200		12,936,680
Software - 1.4%
Monotype Imaging Holdings, Inc. (a)(e)	2,622,574		37,214,325
TOTAL INFORMATION TECHNOLOGY			303,057,996
MATERIALS - 4.6%
Chemicals - 0.9%
PolyOne Corp.	1,750,000		24,255,000
Metals & Mining - 3.7%
Carpenter Technology Corp.	409,380		22,786,091
Haynes International, Inc.	496,108		30,942,256
RTI International Metals, Inc. (a)(e)	1,875,205		46,036,283
			99,764,630
TOTAL MATERIALS			124,019,630
UTILITIES - 4.9%
Electric Utilities - 1.9%
Westar Energy, Inc.	1,760,000		50,494,400
Gas Utilities - 3.0%
Southwest Gas Corp.	836,756		35,160,487
UGI Corp.	1,502,654		43,847,444
			79,007,931
TOTAL UTILITIES			129,502,331
TOTAL COMMON STOCKS (Cost $2,171,741,604)		2,627,219,788
Nonconvertible Preferred Stocks - 1.3%

CONSUMER DISCRETIONARY - 0.5%
Household Durables - 0.5%
M/I Homes, Inc. Series A, 9.75% (a)	750,400		12,584,208
Nonconvertible Preferred Stocks - continued
	Shares		Value
FINANCIALS - 0.8%
Real Estate Investment Trusts - 0.8%
DDR Corp. Series H, 7.375%	818,790		$ 20,527,065
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $20,354,770)		33,111,273
Money Market Funds - 1.3%

Fidelity Cash Central Fund, 0.14% (b)	13,793,731		13,793,731
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	20,641,825		20,641,825
TOTAL MONEY MARKET FUNDS (Cost $34,435,556)		34,435,556

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $2,226,531,930)

2,694,766,617

NET OTHER ASSETS (LIABILITIES) - (0.9)%

(22,844,041)

NET ASSETS - 100%

$ 2,671,922,576

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 purchased on a delayed delivery or when-issued basis.

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	$ 8,649
Fidelity Securities Lending Cash Central Fund	110,883
Total	$ 119,532

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Astoria Financial Corp.	$ 56,131,471	$ 5,135,258	$ -	$ 2,061,079	$ 52,501,893
Blount International, Inc.	43,316,543	-	-	-	42,118,371
Chiquita Brands International, Inc.	24,519,456	7,698,539	-	-	24,787,785
Columbus McKinnon Corp. (NY Shares)	15,792,000	1,137,487	-	-	15,539,942
DCT Industrial Trust, Inc.	74,961,776	-	7,151,583	2,561,423	-
Forestar Group, Inc.	-	24,473,760	-	-	30,711,938
H&E Equipment Services, Inc.	29,272,896	2,743,497	34,273,157	-	-
Haynes International, Inc.	42,301,857	-	8,879,973	337,509	-
HNI Corp.	49,131,621	18,981,945	17,053,493	1,897,797	64,511,810
Ingles Markets, Inc. Class A	10,225,970	-	9,904,080	78,182	-
M.D.C. Holdings, Inc.	54,813,423	-	11,538,174	1,818,225	-
Miraial Co. Ltd.	15,046,860	-	-	259,439	12,936,680
Monotype Imaging Holdings, Inc.	35,396,690	549,189	-	-	37,214,325
PacWest Bancorp	36,873,360	-	-	687,312	44,248,032
Providence Service Corp.	12,045,466	-	15,255,161	-	-
Regis Corp.	60,080,486	-	4,464,726	725,248	69,653,370
RTI International Metals, Inc.	27,932,874	27,009,845	3,701,784	-	46,036,283
Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Ryoyo Electro Corp.	$ 19,684,709	$ -	$ -	$ 355,315	$ 21,832,512
Western Liberty Bancorp	7,248,000	-	3,576,868	-	2,950,000
Total	$ 614,775,458	$ 87,729,520	$ 115,798,999	$ 10,781,529	$ 465,042,941

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 402,999,190	$ 379,847,957	$ 23,151,233	$ -
Consumer Staples	101,348,082	101,348,082	-	-
Energy	86,172,314	86,172,314	-	-
Financials	987,671,466	959,918,463	27,753,003	-
Health Care	168,232,872	168,232,872	-	-
Industrials	357,327,180	357,327,180	-	-
Information Technology	303,057,996	252,488,368	50,569,628	-
Materials	124,019,630	124,019,630	-	-
Utilities	129,502,331	129,502,331	-	-
Money Market Funds	34,435,556	34,435,556	-	-
Total Investments in Securities:	$ 2,694,766,617	$ 2,593,292,753	$ 101,473,864	$ -

Income Tax Information

At April 30, 2012, the cost of investment securities for income tax purposes was $2,227,631,358. Net unrealized appreciation aggregated $467,135,259, of which $564,366,272 related to appreciated investment securities and $97,231,013 related to depreciated investment securities.

Investment Valuation

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Blue Chip Value Fund

April 30, 2012

1.800334.108

BCV-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
CONSUMER DISCRETIONARY - 6.5%
Household Durables - 1.7%
Garmin Ltd. (d)	112,156		$ 5,285,912
Media - 1.6%
Time Warner, Inc.	47,232		1,769,311
Washington Post Co. Class B (d)	8,729		3,301,046
			5,070,357
Multiline Retail - 3.2%
JCPenney Co., Inc. (d)	259,557		9,359,625
Target Corp.	14,267		826,630
			10,186,255
TOTAL CONSUMER DISCRETIONARY			20,542,524
CONSUMER STAPLES - 9.5%
Beverages - 2.6%
Grupo Modelo SAB de CV Series C	1,159,239		8,185,198
Food & Staples Retailing - 2.6%
CVS Caremark Corp.	17,461		779,110
Wal-Mart Stores, Inc.	70,100		4,129,591
Walgreen Co.	93,676		3,284,281
			8,192,982
Food Products - 1.9%
Kraft Foods, Inc. Class A	150,355		5,994,654
Household Products - 2.4%
Procter & Gamble Co.	119,231		7,587,861
TOTAL CONSUMER STAPLES			29,960,695
ENERGY - 11.5%
Energy Equipment & Services - 1.1%
Cameron International Corp. (a)	68,359		3,503,399
Oil, Gas & Consumable Fuels - 10.4%
Alpha Natural Resources, Inc. (a)	102,641		1,655,599
Anadarko Petroleum Corp.	52,003		3,807,140
Apache Corp.	12,200		1,170,468
Chevron Corp.	92,433		9,849,660
Exxon Mobil Corp.	80,758		6,972,646
Marathon Petroleum Corp.	16,027		666,883
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Occidental Petroleum Corp.	62,316		$ 5,684,466
Williams Companies, Inc.	81,975		2,789,609
			32,596,471
TOTAL ENERGY			36,099,870
FINANCIALS - 26.7%
Capital Markets - 4.8%
Ameriprise Financial, Inc.	13,100		710,151
Bank of New York Mellon Corp.	94,700		2,239,655
E*TRADE Financial Corp. (a)	515,552		5,480,318
Goldman Sachs Group, Inc.	16,047		1,847,812
Lazard Ltd. Class A	25,602		704,311
Morgan Stanley	66,053		1,141,396
State Street Corp.	63,370		2,928,961
			15,052,604
Commercial Banks - 8.3%
Aozora Bank Ltd.	2,214,000		5,678,785
Fifth Third Bancorp	173,300		2,466,059
KeyCorp	602,359		4,842,966
U.S. Bancorp	99,798		3,210,502
Wells Fargo & Co.	237,798		7,949,587
Zions Bancorporation	104,537		2,131,509
			26,279,408
Consumer Finance - 0.7%
Capital One Financial Corp.	38,100		2,113,788
Diversified Financial Services - 6.7%
Bank of America Corp.	283,235		2,297,036
Citigroup, Inc.	342,430		11,313,887
JPMorgan Chase & Co.	178,616		7,676,916
			21,287,839
Insurance - 5.1%
Allstate Corp.	26,400		879,912
Assurant, Inc.	27,200		1,097,248
Berkshire Hathaway, Inc. Class B (a)	25,421		2,045,119
MetLife, Inc.	66,755		2,405,183
RenaissanceRe Holdings Ltd.	22,752		1,776,021
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
The Chubb Corp.	51,816		$ 3,786,195
XL Group PLC Class A	186,624		4,014,282
			16,003,960
Real Estate Investment Trusts - 0.6%
Weyerhaeuser Co.	100,522		2,046,628
Thrifts & Mortgage Finance - 0.5%
Radian Group, Inc.	479,299		1,495,413
TOTAL FINANCIALS			84,279,640
HEALTH CARE - 15.9%
Biotechnology - 0.9%
Amgen, Inc.	41,300		2,936,843
Health Care Equipment & Supplies - 0.6%
CareFusion Corp. (a)	69,619		1,803,828
Health Care Providers & Services - 0.5%
Omnicare, Inc.	50,100		1,745,484
Pharmaceuticals - 13.9%
Eli Lilly & Co.	59,049		2,444,038
Johnson & Johnson	138,279		9,000,580
Merck & Co., Inc.	272,395		10,688,780
Pfizer, Inc.	631,553		14,481,511
Sanofi SA sponsored ADR (d)	186,936		7,137,216
			43,752,125
TOTAL HEALTH CARE			50,238,280
INDUSTRIALS - 5.9%
Aerospace & Defense - 1.4%
Textron, Inc.	160,663		4,280,062
Construction & Engineering - 0.5%
Jacobs Engineering Group, Inc. (a)	39,950		1,751,009
Industrial Conglomerates - 3.0%
General Electric Co.	480,075		9,399,869
Machinery - 1.0%
Fiat Industrial SpA	272,729		3,094,101
TOTAL INDUSTRIALS			18,525,041
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 11.4%
Communications Equipment - 3.6%
Cisco Systems, Inc.	254,307		$ 5,124,286
Comverse Technology, Inc. (a)	987,119		6,366,918
			11,491,204
Computers & Peripherals - 2.5%
Hewlett-Packard Co.	321,636		7,963,707
Electronic Equipment & Components - 1.6%
Corning, Inc.	351,299		5,041,141
Office Electronics - 1.1%
Xerox Corp.	423,794		3,297,117
Semiconductors & Semiconductor Equipment - 2.1%
Advanced Micro Devices, Inc. (a)	878,795		6,467,931
Software - 0.5%
Microsoft Corp.	51,558		1,650,887
TOTAL INFORMATION TECHNOLOGY			35,911,987
MATERIALS - 1.4%
Metals & Mining - 1.4%
Newmont Mining Corp.	89,840		4,280,876
TELECOMMUNICATION SERVICES - 2.9%
Diversified Telecommunication Services - 2.9%
AT&T, Inc.	120,453		3,964,108
CenturyLink, Inc.	30,300		1,168,368
Verizon Communications, Inc.	99,838		4,031,458
			9,163,934
UTILITIES - 5.3%
Electric Utilities - 4.4%
Edison International	9,600		422,496
Exelon Corp.	126,483		4,934,102
FirstEnergy Corp.	88,457		4,141,557
NextEra Energy, Inc.	68,765		4,425,028
			13,923,183
Multi-Utilities - 0.9%
Sempra Energy	41,300		2,673,762
TOTAL UTILITIES			16,596,945
TOTAL COMMON STOCKS (Cost $316,310,319)		305,599,792

U.S. Treasury Obligations - 0.1%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 0.08% 7/5/12 (Cost $449,934)	$ 450,000	$ 449,939

Money Market Funds - 9.8%
	Shares
Fidelity Cash Central Fund, 0.14% (b)	8,431,654		8,431,654
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	22,438,998		22,438,998
TOTAL MONEY MARKET FUNDS (Cost $30,870,652)		30,870,652
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $347,630,905)			336,920,383
NET OTHER ASSETS (LIABILITIES) - (6.9)%			(21,684,615)
NET ASSETS - 100%		$ 315,235,768

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	$ 12,944
Fidelity Securities Lending Cash Central Fund	156,597
Total	$ 169,541

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 20,542,524	$ 20,542,524	$ -	$ -
Consumer Staples	29,960,695	29,960,695	-	-
Energy	36,099,870	36,099,870	-	-
Financials	84,279,640	78,600,855	5,678,785	-
Health Care	50,238,280	50,238,280	-	-
Industrials	18,525,041	18,525,041	-	-
Information Technology	35,911,987	35,911,987	-	-
Materials	4,280,876	4,280,876	-	-
Telecommunication Services	9,163,934	9,163,934	-	-
Utilities	16,596,945	16,596,945	-	-
U.S. Government and Government Agency Obligations	449,939	-	449,939	-
Money Market Funds	30,870,652	30,870,652	-	-
Total Investments in Securities:	$ 336,920,383	$ 330,791,659	$ 6,128,724	$ -

Income Tax Information

At April 30, 2012, the cost of investment securities for income tax purposes was $354,850,466. Net unrealized depreciation aggregated $17,930,083, of which $17,755,187 related to appreciated investment securities and $35,685,270 related to depreciated investment securities.

Investment Valuation

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series Small Cap
Opportunities Fund

April 30, 2012

1.847958.105

SMO-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%
	Shares		Value
CONSUMER DISCRETIONARY - 13.1%
Auto Components - 0.8%
Tenneco, Inc. (a)	533,486		$ 16,447,373
Hotels, Restaurants & Leisure - 1.8%
Cracker Barrel Old Country Store, Inc.	182,812		10,515,346
Life Time Fitness, Inc. (a)	320,899		14,941,057
Wyndham Worldwide Corp.	302,400		15,222,816
			40,679,219
Household Durables - 1.8%
iRobot Corp. (a)(d)	419,883		9,913,438
La-Z-Boy, Inc. (a)	673,890		10,155,522
Skullcandy, Inc. (a)(d)	567,393		9,146,375
Tempur-Pedic International, Inc. (a)	179,606		10,568,017
			39,783,352
Media - 0.8%
John Wiley & Sons, Inc. Class A	263,934		11,927,177
MDC Partners, Inc. Class A (sub. vtg.)	548,300		5,658,456
			17,585,633
Multiline Retail - 0.6%
Dollarama, Inc.	254,066		14,141,786
Specialty Retail - 5.1%
Ascena Retail Group, Inc. (a)	933,760		19,123,405
DSW, Inc. Class A	271,958		15,300,357
Express, Inc. (a)	678,883		16,035,216
Fourlis Holdings SA (a)	112,062		176,534
GameStop Corp. Class A	453,600		10,323,936
Jos. A. Bank Clothiers, Inc. (a)	281,275		13,374,626
Shoe Carnival, Inc. (a)	617,724		12,008,555
Signet Jewelers Ltd.	314,300		15,328,411
Ulta Salon, Cosmetics & Fragrance, Inc.	139,148		12,270,071
			113,941,111
Textiles, Apparel & Luxury Goods - 2.2%
Iconix Brand Group, Inc. (a)	598,910		9,187,279
PVH Corp.	165,000		14,652,000
Steven Madden Ltd. (a)	366,161		15,821,817
Vera Bradley, Inc. (a)(d)	308,198		8,006,984
			47,668,080
TOTAL CONSUMER DISCRETIONARY			290,246,554
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 3.3%
Beverages - 0.4%
Monster Beverage Corp. (a)	123,900		$ 8,048,544
Food & Staples Retailing - 1.4%
Casey's General Stores, Inc.	228,440		12,872,594
Fresh Market, Inc. (a)(d)	161,186		8,247,888
United Natural Foods, Inc. (a)	224,055		11,043,671
			32,164,153
Food Products - 0.6%
Calavo Growers, Inc.	224,743		6,445,629
Green Mountain Coffee Roasters, Inc. (a)	142,800		6,961,500
			13,407,129
Personal Products - 0.9%
Elizabeth Arden, Inc. (a)	239,584		9,338,984
Nu Skin Enterprises, Inc. Class A	212,807		11,342,613
			20,681,597
TOTAL CONSUMER STAPLES			74,301,423
ENERGY - 6.2%
Energy Equipment & Services - 1.0%
Atwood Oceanics, Inc. (a)	254,000		11,259,820
Total Energy Services, Inc.	659,450		9,820,814
			21,080,634
Oil, Gas & Consumable Fuels - 5.2%
Atlas Pipeline Partners, LP	479,329		16,757,342
Berry Petroleum Co. Class A	349,446		15,917,265
Cheniere Energy, Inc. (a)	530,533		9,714,059
Cloud Peak Energy, Inc. (a)	710,700		10,937,673
Energen Corp.	73,538		3,851,920
Petroleum Development Corp. (a)	442,178		15,206,501
Stone Energy Corp. (a)	571,600		16,033,380
Targa Resources Corp.	358,900		17,259,501
Western Refining, Inc. (d)	552,860		10,531,983
			116,209,624
TOTAL ENERGY			137,290,258
FINANCIALS - 22.0%
Capital Markets - 3.0%
Affiliated Managers Group, Inc. (a)	92,500		10,509,850
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Duff & Phelps Corp. Class A	1,125,277		$ 17,891,904
Knight Capital Group, Inc. Class A (a)	1,284,585		16,879,447
Waddell & Reed Financial, Inc. Class A	636,241		20,346,987
			65,628,188
Commercial Banks - 6.3%
Associated Banc-Corp.	1,167,128		15,557,816
Bank of the Ozarks, Inc.	601,305		18,580,325
BBCN Bancorp, Inc. (a)	1,611,197		17,690,943
Bridge Capital Holdings (a)	191,626		2,929,962
Cathay General Bancorp	743,324		12,800,039
City National Corp.	343,211		18,279,418
Columbia Banking Systems, Inc.	813,983		16,678,512
National Penn Bancshares, Inc.	2,257,716		20,816,142
PacWest Bancorp	716,839		17,075,105
			140,408,262
Insurance - 3.3%
Allied World Assurance Co. Holdings Ltd.	257,600		18,536,896
Alterra Capital Holdings Ltd.	845,711		20,237,864
Amerisafe, Inc. (a)	664,700		17,760,784
ProAssurance Corp.	180,576		15,906,940
			72,442,484
Real Estate Investment Trusts - 8.7%
American Assets Trust, Inc.	954,000		22,428,540
Colonial Properties Trust (SBI)	1,155,089		25,839,341
DCT Industrial Trust, Inc.	3,474,600		20,604,378
Glimcher Realty Trust	2,488,305		24,609,336
Highwoods Properties, Inc. (SBI)	634,200		22,025,766
Home Properties, Inc.	452,449		27,622,014
National Retail Properties, Inc. (d)	991,000		27,133,580
Ramco-Gershenson Properties Trust (SBI)	1,951,350		23,494,254
			193,757,209
Thrifts & Mortgage Finance - 0.7%
Washington Federal, Inc.	898,150		15,753,551
TOTAL FINANCIALS			487,989,694
HEALTH CARE - 11.1%
Biotechnology - 4.5%
Achillion Pharmaceuticals, Inc. (a)	538,616		3,581,796
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
Alnylam Pharmaceuticals, Inc. (a)	154,325		$ 1,757,762
ARIAD Pharmaceuticals, Inc. (a)	770,820		12,564,366
BioMarin Pharmaceutical, Inc. (a)	181,294		6,290,902
Dynavax Technologies Corp. (a)	1,779,559		8,915,591
Infinity Pharmaceuticals, Inc. (a)(d)	679,644		9,175,194
Isis Pharmaceuticals, Inc. (a)	717,972		5,743,776
Medivation, Inc. (a)	100,100		8,096,088
Merrimack Pharmaceuticals, Inc.	40,800		322,320
Merrimack Pharmaceuticals, Inc. (f)	380,800		2,707,488
Neurocrine Biosciences, Inc. (a)	88,621		658,454
OncoGenex Pharmaceuticals, Inc. (a)	371,471		4,829,123
Rigel Pharmaceuticals, Inc. (a)	490,000		3,787,700
Synageva BioPharma Corp. (a)	208,813		7,930,718
Targacept, Inc. (a)	1,044,883		4,963,194
Theravance, Inc. (a)(d)	428,531		9,273,411
Threshold Pharmaceuticals, Inc. (a)	628,528		4,575,684
XOMA Corp. (a)(d)	1,740,841		5,031,030
			100,204,597
Health Care Equipment & Supplies - 2.5%
Align Technology, Inc. (a)	541,733		17,178,353
Analogic Corp.	52,243		3,563,495
Cerus Corp. (a)(d)	2,487,278		9,799,875
Conceptus, Inc. (a)	372,887		6,999,089
ICU Medical, Inc. (a)	33,200		1,742,668
Natus Medical, Inc. (a)	455,410		5,574,218
NxStage Medical, Inc. (a)	198,237		3,370,029
Sirona Dental Systems, Inc. (a)	139,575		7,049,933
			55,277,660
Health Care Providers & Services - 2.4%
Air Methods Corp. (a)	101,344		8,524,044
Centene Corp. (a)	273,447		10,825,767
Corvel Corp. (a)	204,920		8,911,971
Humana, Inc.	99,872		8,057,673
MEDNAX, Inc. (a)	127,362		8,945,907
Wellcare Health Plans, Inc. (a)	130,375		7,976,343
			53,241,705
Health Care Technology - 0.3%
Epocrates, Inc. (a)	857,689		6,981,588
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Life Sciences Tools & Services - 0.5%
Biodelivery Sciences International, Inc. (a)(d)	873,738		$ 3,320,204
Luminex Corp. (a)	328,345		8,221,759
			11,541,963
Pharmaceuticals - 0.9%
Jazz Pharmaceuticals PLC (a)	142,000		7,246,260
Optimer Pharmaceuticals, Inc. (a)(d)	193,113		2,858,072
ViroPharma, Inc. (a)	323,378		7,033,472
XenoPort, Inc. (a)	552,700		2,525,839
			19,663,643
TOTAL HEALTH CARE			246,911,156
INDUSTRIALS - 15.1%
Aerospace & Defense - 1.4%
Alliant Techsystems, Inc.	163,149		8,695,842
Teledyne Technologies, Inc. (a)	349,149		22,562,008
			31,257,850
Air Freight & Logistics - 0.4%
UTI Worldwide, Inc.	573,900		9,566,913
Building Products - 1.1%
AAON, Inc.	538,250		10,980,300
Armstrong World Industries, Inc.	286,674		12,625,123
			23,605,423
Commercial Services & Supplies - 1.7%
Swisher Hygiene, Inc.	961,491		1,947,019
Sykes Enterprises, Inc. (a)	619,098		9,812,703
Tetra Tech, Inc. (a)	501,913		13,401,077
United Stationers, Inc.	450,000		12,762,000
			37,922,799
Construction & Engineering - 0.9%
Foster Wheeler AG (a)	462,028		10,626,644
MasTec, Inc. (a)	596,310		10,369,831
			20,996,475
Electrical Equipment - 1.5%
General Cable Corp. (a)	577,285		16,995,270
GrafTech International Ltd. (a)	668,503		7,848,225
II-VI, Inc. (a)	456,848		9,324,268
			34,167,763
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - 0.6%
Carlisle Companies, Inc.	247,900		$ 13,649,374
Machinery - 2.7%
Actuant Corp. Class A	505,531		13,785,830
Altra Holdings, Inc. (a)	479,543		8,766,046
CLARCOR, Inc.	312,786		15,019,984
TriMas Corp. (a)	468,097		10,302,815
Wabtec Corp.	151,754		11,803,426
			59,678,101
Marine - 0.4%
DryShips, Inc. (a)(d)	2,677,703		8,461,541
Professional Services - 3.0%
Advisory Board Co. (a)	159,932		14,579,401
Equifax, Inc.	299,300		13,713,926
Manpower, Inc.	286,800		12,217,680
Stantec, Inc.	503,200		16,439,650
Towers Watson & Co.	136,500		8,927,100
			65,877,757
Trading Companies & Distributors - 1.4%
Interline Brands, Inc. (a)	683,593		14,382,797
Watsco, Inc.	234,777		16,892,205
			31,275,002
TOTAL INDUSTRIALS			336,458,998
INFORMATION TECHNOLOGY - 16.4%
Communications Equipment - 3.0%
Acme Packet, Inc. (a)	391,500		10,989,405
Brocade Communications Systems, Inc. (a)	2,863,417		15,863,330
Ixia (a)	1,043,708		13,150,721
NETGEAR, Inc. (a)	212,513		8,181,751
Polycom, Inc. (a)	827,026		10,974,635
Riverbed Technology, Inc. (a)	410,248		8,094,193
			67,254,035
Computers & Peripherals - 2.5%
NCR Corp. (a)	577,200		13,564,200
Quantum Corp. (a)	6,566,845		15,629,091
Super Micro Computer, Inc. (a)	984,260		17,372,189
Synaptics, Inc. (a)	312,521		9,597,520
			56,163,000
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - 0.7%
Fabrinet (a)	937,939		$ 15,776,134
Internet Software & Services - 2.8%
Constant Contact, Inc. (a)(d)	186,789		4,514,690
InfoSpace, Inc. (a)	873,036		9,716,891
QuinStreet, Inc. (a)	849,786		8,931,251
Rackspace Hosting, Inc. (a)	131,099		7,615,541
VeriSign, Inc.	339,499		13,956,804
Web.com, Inc. (a)	1,264,318		16,372,918
			61,108,095
IT Services - 1.1%
Euronet Worldwide, Inc. (a)	853,917		18,470,225
HiSoft Technology International Ltd. ADR (a)(d)	386,924		5,502,059
			23,972,284
Semiconductors & Semiconductor Equipment - 2.9%
Advanced Micro Devices, Inc. (a)	731,061		5,380,609
Cirrus Logic, Inc. (a)	108,500		2,970,730
Cymer, Inc. (a)	160,200		8,304,768
Entegris, Inc. (a)	629,230		5,568,686
Marvell Technology Group Ltd. (a)	681,856		10,234,659
Micron Technology, Inc. (a)	931,088		6,135,870
ON Semiconductor Corp. (a)	887,832		7,333,492
RF Micro Devices, Inc. (a)	2,267,300		9,817,409
Spansion, Inc. Class A (a)	686,476		8,278,901
			64,025,124
Software - 3.4%
Aspen Technology, Inc. (a)	405,873		8,028,168
BroadSoft, Inc. (a)(d)	213,377		9,134,669
Gameloft (a)	596,215		3,709,566
JDA Software Group, Inc. (a)	167,333		4,832,577
Kenexa Corp. (a)	214,250		6,999,548
Mentor Graphics Corp. (a)	682,016		9,855,131
Micro Focus International PLC	920,571		6,956,896
Parametric Technology Corp. (a)	773,497		16,692,065
Synchronoss Technologies, Inc. (a)	315,844		9,885,917
			76,094,537
TOTAL INFORMATION TECHNOLOGY			364,393,209
Common Stocks - continued
	Shares		Value
MATERIALS - 4.3%
Chemicals - 1.3%
Cabot Corp.	379,797		$ 16,380,645
Kraton Performance Polymers, Inc. (a)	487,139		12,665,614
			29,046,259
Containers & Packaging - 1.0%
Aptargroup, Inc.	191,650		10,446,842
Rock-Tenn Co. Class A	187,800		11,705,574
			22,152,416
Metals & Mining - 2.0%
Carpenter Technology Corp.	215,887		12,016,270
Coeur d'Alene Mines Corp. (a)	459,000		9,891,450
Compass Minerals International, Inc.	201,800		15,441,736
HudBay Minerals, Inc.	658,300		6,931,228
			44,280,684
TOTAL MATERIALS			95,479,359
TELECOMMUNICATION SERVICES - 0.8%
Diversified Telecommunication Services - 0.1%
AboveNet, Inc. (a)	37,688		3,134,511
Wireless Telecommunication Services - 0.7%
Clearwire Corp. Class A (a)(d)	8,175,336		11,976,867
MetroPCS Communications, Inc. (a)	182,800		1,334,440
NII Holdings, Inc. (a)	157,396		2,202,757
			15,514,064
TOTAL TELECOMMUNICATION SERVICES			18,648,575
UTILITIES - 3.0%
Electric Utilities - 1.7%
Cleco Corp.	314,300		12,823,440
Empire District Electric Co.	392,023		8,044,312
IDACORP, Inc.	238,393		9,712,131
PNM Resources, Inc.	421,451		7,906,421
			38,486,304
Gas Utilities - 0.9%
Atmos Energy Corp.	261,737		8,527,391
Northwest Natural Gas Co.	239,181		10,930,572
			19,457,963
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - 0.4%
NorthWestern Energy Corp.	237,400		$ 8,432,448
TOTAL UTILITIES			66,376,715
TOTAL COMMON STOCKS (Cost $1,794,841,521)		2,118,095,941
Convertible Preferred Stocks - 0.1%

HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Agios Pharmaceuticals, Inc. Series C (f) (Cost $1,738,254)	353,944		1,738,254

U.S. Treasury Obligations - 0.1%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.06% to 0.09% 5/24/12 to 7/12/12 (e) (Cost $2,749,773)	$ 2,750,000	2,749,789

Money Market Funds - 6.1%
	Shares
Fidelity Cash Central Fund, 0.14% (b)	86,801,708		86,801,708
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	47,840,150		47,840,150
TOTAL MONEY MARKET FUNDS (Cost $134,641,858)		134,641,858
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $1,933,971,406)			2,257,225,842
NET OTHER ASSETS (LIABILITIES) - (1.6)%			(35,298,691)
NET ASSETS - 100%		$ 2,221,927,151

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
105 E-mini Russell 2000 Index Contracts	June 2012	$ 8,556,450	$ 142,908

The face value of futures purchased as a percentage of net assets is 0.4%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $899,866.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Agios Pharmaceuticals, Inc. Series C	11/16/11	$ 1,738,254
Merrimack Pharmaceuticals, Inc.	3/31/11	$ 2,665,600

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 86,211
Fidelity Securities Lending Cash Central Fund	1,365,432
Total	$ 1,451,643

Other Affiliated Issuers

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

Other Information

The following is a summary of the inputs used, as of April 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 290,246,554	$ 290,246,554	$ -	$ -
Consumer Staples	74,301,423	74,301,423	-	-
Energy	137,290,258	137,290,258	-	-
Financials	487,989,694	487,989,694	-	-
Health Care	248,649,410	244,203,668	2,707,488	1,738,254
Industrials	336,458,998	334,511,979	1,947,019	-
Information Technology	364,393,209	364,393,209	-	-
Materials	95,479,359	95,479,359	-	-
Telecommunication Services	18,648,575	18,648,575	-	-
Utilities	66,376,715	66,376,715	-	-
U.S. Government and Government Agency Obligations	2,749,789	-	2,749,789	-
Money Market Funds	134,641,858	134,641,858	-	-
Total Investments in Securities:	$ 2,257,225,842	$ 2,248,083,292	$ 7,404,296	$ 1,738,254
Derivative Instruments:
Assets
Futures Contracts	$ 142,908	$ 142,908	$ -	$ -

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

Investments in Securities:
Beginning Balance	$ 2,665,600
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	1,738,254
Proceeds of Sales	(2,665,600)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 1,738,254
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ -

Income Tax Information

At April 30, 2012, the cost of investment securities for income tax purposes was $1,938,197,247. Net unrealized appreciation aggregated $319,028,595, of which $407,612,839 related to appreciated investment securities and $88,584,244 related to depreciated investment securities.

Investment Valuation

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report
for
Fidelity® Advisor Real Estate Income Fund
Class A
Class T
Class C
Institutional Class
April 30, 2012

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

1.907554.102

REIA-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 22.3%
	Shares		Value
CONSUMER DISCRETIONARY - 1.3%
Household Durables - 1.3%
NVR, Inc. (a)	6,700		$ 5,252,398
Standard Pacific Corp. (a)(f)	3,375,200		17,078,512
Stanley Martin Communities LLC Class B (a)	4,620		3,966,131
Toll Brothers, Inc. (a)	183,100		4,650,740
			30,947,781
FINANCIALS - 19.7%
Capital Markets - 0.2%
HFF, Inc. (a)	243,214		3,974,117
Real Estate Investment Trusts - 19.1%
Acadia Realty Trust (SBI)	1,694,649		39,281,964
American Campus Communities, Inc.	87,200		3,876,040
American Tower Corp.	186,500		12,230,670
Annaly Capital Management, Inc.	329,150		5,371,728
Anworth Mortgage Asset Corp.	1,065,710		7,182,885
Apartment Investment & Management Co. Class A	316,400		8,590,260
Brandywine Realty Trust (SBI)	274,400		3,254,384
Canadian (REIT)	107,800		4,222,508
CapLease, Inc.	2,240,300		9,297,245
CBL & Associates Properties, Inc.	789,473		14,707,882
Chartwell Seniors Housing (REIT)	509,700		4,809,318
Chartwell Seniors Housing (REIT) rights	78,500		743,872
Chesapeake Lodging Trust	223,500		4,045,350
Colony Financial, Inc.	101,637		1,726,813
CommonWealth REIT	278,000		5,212,500
Coresite Realty Corp.	83,600		2,082,476
Cousins Properties, Inc.	190,400		1,496,544
Cys Investments, Inc. (f)	992,339		13,624,814
DCT Industrial Trust, Inc.	1,175,300		6,969,529
DiamondRock Hospitality Co.	531,400		5,648,782
Douglas Emmett, Inc.	237,900		5,528,796
Dynex Capital, Inc.	1,602,186		15,108,614
EastGroup Properties, Inc.	53,000		2,665,900
Education Realty Trust, Inc.	281,800		3,175,886
Equity Lifestyle Properties, Inc.	637,430		44,581,854
Excel Trust, Inc.	697,228		8,359,764
First Potomac Realty Trust	135,615		1,687,051
H&R REIT/H&R Finance Trust	256,500		6,336,219
Hatteras Financial Corp.	258,200		7,521,366
Healthcare Realty Trust, Inc.	146,300		3,142,524
Highwoods Properties, Inc. (SBI)	56,400		1,958,772
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Lexington Corporate Properties Trust	2,229,500		$ 19,842,550
LTC Properties, Inc.	339,113		11,285,681
MFA Financial, Inc.	5,160,781		38,086,564
Mid-America Apartment Communities, Inc.	58,900		4,009,323
Monmouth Real Estate Investment Corp. Class A	455,073		4,669,049
National Health Investors, Inc.	90,306		4,467,438
National Retail Properties, Inc.	114,100		3,124,058
Newcastle Investment Corp.	400,000		2,828,000
Omega Healthcare Investors, Inc.	142,279		3,046,193
Prologis, Inc.	650,087		23,260,113
Retail Properties America, Inc.	216,700		1,961,135
Select Income (REIT)	155,600		3,560,128
Senior Housing Properties Trust (SBI)	215,600		4,760,448
Simon Property Group, Inc.	26,501		4,123,556
Stag Industrial, Inc.	382,692		5,327,073
Summit Hotel Properties, Inc.	592,100		4,949,956
Sunstone Hotel Investors, Inc. (a)	211,700		2,159,340
Terreno Realty Corp.	220,264		3,149,775
Two Harbors Investment Corp.	501,880		5,249,665
Ventas, Inc.	723,646		42,543,148
Weyerhaeuser Co.	545,229		11,100,862
Whitestone REIT Class B	379,067		5,238,706
			463,185,071
Real Estate Management & Development - 0.4%
Brookfield Asset Management, Inc. Class A	171,900		5,673,440
Kennedy-Wilson Holdings, Inc.	248,200		3,489,692
			9,163,132
TOTAL FINANCIALS			476,322,320
HEALTH CARE - 1.1%
Health Care Providers & Services - 1.1%
Brookdale Senior Living, Inc. (a)	733,300		13,940,033
Capital Senior Living Corp. (a)	852,950		8,265,086
Emeritus Corp. (a)	356,493		6,131,680
			28,336,799
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
SBA Communications Corp. Class A (a)	81,900		$ 4,401,306
TOTAL COMMON STOCKS (Cost $442,332,514)		540,008,206
Preferred Stocks - 13.3%

Convertible Preferred Stocks - 1.5%
FINANCIALS - 1.5%
Real Estate Investment Trusts - 1.5%
Alexandria Real Estate Equities, Inc. Series D 7.00%	95,000		2,517,500
CommonWealth REIT 6.50%	389,844		8,260,794
Excel Trust, Inc. 7.00% (g)	248,200		5,772,512
Health Care REIT, Inc. Series I, 6.50%	46,800		2,497,950
Lexington Corporate Properties Trust Series C, 6.50%	350,566		15,035,776
Ramco-Gershenson Properties Trust (SBI) Series D, 7.25%	40,000		1,946,800
			36,031,332
Nonconvertible Preferred Stocks - 11.8%
CONSUMER DISCRETIONARY - 0.0%
Household Durables - 0.0%
M/I Homes, Inc. Series A, 9.75% (a)	36,700		615,459
FINANCIALS - 11.8%
Diversified Financial Services - 0.2%
DRA CRT Acquisition Corp. Series A, 8.50%	25,000		181,250
Red Lion Hotels Capital Trust 9.50%	163,225		4,162,238
			4,343,488
Real Estate Investment Trusts - 11.6%
American Capital Agency Corp. 8.00% (a)	200,000		5,090,000
American Home Mortgage Investment Corp.:
Series A, 9.375% (a)	120,300		1,203
Series B, 9.25% (a)	124,100		124
Annaly Capital Management, Inc. Series A, 7.875%	134,900		3,553,266
Anworth Mortgage Asset Corp. Series A, 8.625%	309,630		8,019,417
Apartment Investment & Management Co.:
Series T, 8.00%	57,500		1,466,250
Series U, 7.75%	150,773		3,817,572
Ashford Hospitality Trust, Inc. Series E, 9.00%	85,751		2,223,523
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Brandywine Realty Trust:
Series C, 7.50%	37,615		$ 943,384
Series D, 7.375%	34,596		868,360
Campus Crest Communities, Inc. Series A, 8.00%	248,431		6,471,628
CapLease, Inc.:
Series A, 8.125%	132,510		3,312,750
Series B, 8.375% (a)	320,000		8,000,000
CBL & Associates Properties, Inc.:
(depositary shares) Series C, 7.75%	147,962		3,731,602
7.375%	274,876		6,935,121
Cedar Shopping Centers, Inc. 8.875%	290,352		7,418,494
CenterPoint Properties Trust Series D, 5.377%	3,575		2,118,188
Colony Financial, Inc. Series A, 8.50%	252,171		6,480,795
Corporate Office Properties Trust Series H, 7.50%	5,000		126,100
Cousins Properties, Inc. Series A, 7.75%	205,970		5,128,653
CubeSmart Series A, 7.75%	40,000		1,023,200
DDR Corp. Series I, 7.50%	24,684		619,568
Digital Realty Trust, Inc.:
Series E, 7.00%	40,000		1,059,600
Series F, 6.625%	40,000		1,016,800
Duke Realty LP:
8.375%	128,517		3,371,001
Series L, 6.60%	10,666		268,250
Eagle Hospitality Properties Trust, Inc. 8.25% (a)	24,000		76,800
Equity Lifestyle Properties, Inc. 8.034%	885,479		22,623,988
Essex Property Trust, Inc. Series H, 7.125%	40,000		1,034,800
Excel Trust, Inc. Series B, 8.125%	400,000		10,104,000
First Potomac Realty Trust 7.75%	288,377		7,272,868
Gladstone Commercial Corp. Series C, 7.125%	232,238		5,963,872
Glimcher Realty Trust:
Series F, 8.75%	18,745		475,373
Series G, 8.125%	221,111		5,527,775
Health Care REIT, Inc. Series J, 6.50%	20,000		516,600
Hersha Hospitality Trust Series B, 8.00%	162,538		4,055,323
HomeBanc Mortgage Corp. Series A (a)	104,685		1
Hospitality Properties Trust:
Series C, 7.00%	58,500		1,474,200
Series D, 7.125%	40,800		1,058,352
Hudson Pacific Properties, Inc. 8.375%	303,800		7,917,028
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Inland Real Estate Corp. Series A, 8.125%	423,500		$ 10,739,960
Kilroy Realty Corp. Series G, 6.875%	40,000		1,007,200
Kimco Realty Corp. Series G, 7.75%	113,026		2,876,512
Kite Realty Group Trust 8.25%	96,100		2,449,589
LaSalle Hotel Properties:
Series E, 8.00%	50,468		1,270,784
Series G, 7.25%	114,485		2,871,284
Series H, 7.50%	126,308		3,249,905
LBA Realty Fund II:
Series A, 8.75% (a)	69,000		2,346,000
Series B, 7.625% (a)	31,240		531,080
Lexington Corporate Properties Trust Series B, 8.05%	104,300		2,607,500
Lexington Realty Trust 7.55%	23,800		594,762
MFA Financial, Inc.:
8.00%	502,080		12,501,792
Series A, 8.50%	485,381		12,498,561
Monmouth Real Estate Investment Corp. 7.625%	80,000		2,044,000
National Retail Properties, Inc. Series D, 6.625%	62,437		1,590,270
Newcastle Investment Corp. Series B, 9.75%	34,530		875,336
Parkway Properties, Inc. Series D, 8.00%	237,900		5,995,080
Pebblebrook Hotel Trust:
Series A, 7.875%	372,000		9,493,440
Series B, 8.00%	185,085		4,723,369
Prologis, Inc. Series Q, 8.54%	94,446		5,256,515
PS Business Parks, Inc.:
(depositary shares) Series H, 7.00%	13,300		335,692
6.875%	50,000		1,319,500
Series P, 6.70%	36,000		910,080
Public Storage Series N, 7.00%	4,200		107,730
Regency Centers Corp. Series 6, 6.625%	62,261		1,590,769
Saul Centers, Inc.:
8.00%	93,700		2,401,531
Series B (depositary shares) 9.00%	118,550		3,153,430
Stag Industrial, Inc. Series A, 9.00%	280,000		7,229,600
Summit Hotel Properties, Inc. Series A, 9.25%	138,340		3,552,571
Sunstone Hotel Investors, Inc.:
Series A, 8.00%	366,039		9,004,559
Series D, 8.00%	57,862		1,446,550
UMH Properties, Inc. Series A, 8.25%	330,000		8,507,400
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Vornado Realty Trust 6.75%	20,000		$ 505,600
Weingarten Realty Investors (SBI) Series F, 6.50%	56,230		1,409,686
Winthrop Realty Trust Series D, 9.25%	65,000		1,667,250
			279,830,716
Real Estate Management & Development - 0.0%
Vornado Realty LP 7.875%	54,682		1,517,426
TOTAL FINANCIALS			285,691,630
TOTAL NONCONVERTIBLE PREFERRED STOCKS			286,307,089
TOTAL PREFERRED STOCKS (Cost $321,585,555)		322,338,421

Corporate Bonds - 24.6%
		Principal Amount (e)
Convertible Bonds - 0.8%
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
Morgans Hotel Group Co. 2.375% 10/15/14		$ 2,920,000		2,496,600
FINANCIALS - 0.7%
Real Estate Investment Trusts - 0.5%
Annaly Capital Management, Inc. 4% 2/15/15		1,000,000		1,190,000
CapLease, Inc. 7.5% 10/1/27 (g)		5,180,000		5,192,950
Developers Diversified Realty Corp. 1.75% 11/15/40		1,000,000		1,082,300
ProLogis LP:
1.875% 11/15/37		2,450,000		2,440,813
2.625% 5/15/38		1,500,000		1,503,825
				11,409,888
Corporate Bonds - continued
		Principal Amount (e)		Value
Convertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - 0.2%
Corporate Office Properties LP 4.25% 4/15/30 (g)		$ 5,460,000		$ 5,309,850
Grubb & Ellis Co. 7.95% 5/1/15 (g)		5,500,000		165,000
				5,474,850
TOTAL FINANCIALS				16,884,738
TOTAL CONVERTIBLE BONDS				19,381,338
Nonconvertible Bonds - 23.8%
CONSUMER DISCRETIONARY - 8.1%
Hotels, Restaurants & Leisure - 0.9%
CityCenter Holdings LLC/CityCenter Finance Corp.:
7.625% 1/15/16		1,945,000		2,066,563
7.625% 1/15/16 (g)		1,560,000		1,653,600
FelCor Lodging LP 6.75% 6/1/19		5,875,000		5,933,750
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17		1,700,000		1,912,500
Times Square Hotel Trust 8.528% 8/1/26 (g)		9,137,049		9,673,080
				21,239,493
Household Durables - 6.8%
D.R. Horton, Inc. 4.75% 5/15/17		2,000,000		2,046,250
KB Home:
5.875% 1/15/15		7,000,000		6,790,000
6.25% 6/15/15		10,000,000		9,725,000
7.25% 6/15/18		7,420,000		7,160,300
8% 3/15/20		8,465,000		8,232,213
9.1% 9/15/17		17,595,000		18,122,850
Lennar Corp.:
5.5% 9/1/14		1,000,000		1,033,750
5.6% 5/31/15		6,000,000		6,240,000
6.5% 4/15/16		4,000,000		4,230,000
6.95% 6/1/18		14,280,000		14,994,000
M/I Homes, Inc. 8.625% 11/15/18		17,655,000		17,566,725
Meritage Homes Corp.:
7% 4/1/22 (g)		7,525,000		7,675,500
7.15% 4/15/20		7,060,000		7,271,800
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Ryland Group, Inc.:
6.625% 5/1/20		$ 1,555,000		$ 1,547,225
8.4% 5/15/17		5,420,000		6,016,200
Standard Pacific Corp.:
7% 8/15/15		4,000,000		4,000,000
8.375% 5/15/18		28,983,000		30,901,675
10.75% 9/15/16		8,415,000		9,677,250
Toll Brothers Finance Corp. 5.875% 2/15/22		1,550,000		1,588,750
				164,819,488
Multiline Retail - 0.4%
Sears Holdings Corp. 6.625% 10/15/18		9,820,000		8,690,700
TOTAL CONSUMER DISCRETIONARY				194,749,681
CONSUMER STAPLES - 0.2%
Food & Staples Retailing - 0.2%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20		1,086,076		1,227,266
C&S Group Enterprises LLC 8.375% 5/1/17 (g)		3,960,000		4,158,000
				5,385,266
FINANCIALS - 14.1%
Diversified Financial Services - 0.6%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
7.75% 1/15/16		10,820,000		11,388,050
8% 1/15/18		3,070,000		3,281,063
				14,669,113
Real Estate Investment Trusts - 8.7%
Alexandria Real Estate Equities, Inc. 4.6% 4/1/22		1,500,000		1,505,355
American Tower Corp. 4.7% 3/15/22		2,500,000		2,564,808
Camden Property Trust 5% 6/15/15		1,100,000		1,186,119
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15		2,526,000		2,764,197
6.25% 6/15/14		5,005,000		5,368,833
Developers Diversified Realty Corp.:
5.375% 10/15/12		500,000		504,284
5.5% 5/1/15		4,000,000		4,228,120
7.5% 4/1/17		6,000,000		6,879,864
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Developers Diversified Realty Corp.: - continued
7.5% 7/15/18		$ 8,756,000		$ 10,053,727
7.875% 9/1/20		4,637,000		5,566,009
9.625% 3/15/16		3,836,000		4,668,274
Equity One, Inc.:
5.375% 10/15/15		3,500,000		3,687,247
6.25% 12/15/14		4,081,000		4,400,261
6.25% 1/15/17		3,000,000		3,250,836
Health Care Property Investors, Inc.:
6% 6/15/14		2,340,000		2,494,162
6% 3/1/15		1,000,000		1,085,577
7.072% 6/8/15		1,500,000		1,680,353
Health Care REIT, Inc.:
4.125% 4/1/19		2,000,000		2,014,260
6% 11/15/13		1,000,000		1,060,692
6.2% 6/1/16		750,000		831,842
Healthcare Realty Trust, Inc.:
5.125% 4/1/14		5,084,000		5,295,693
5.75% 1/15/21		2,000,000		2,086,972
6.5% 1/17/17		2,875,000		3,171,740
HMB Capital Trust V 4.0737% 12/15/36 (d)(g)(h)		2,530,000		0
Hospitality Properties Trust:
5.625% 3/15/17		915,000		983,632
6.75% 2/15/13		1,765,000		1,783,848
7.875% 8/15/14		1,000,000		1,094,366
HRPT Properties Trust:
5.75% 11/1/15		4,826,000		5,051,287
6.25% 8/15/16		7,500,000		7,955,055
6.25% 6/15/17		1,055,000		1,127,749
6.5% 1/15/13		200,000		201,148
6.65% 1/15/18		3,000,000		3,247,848
iStar Financial, Inc.:
5.85% 3/15/17		1,467,000		1,296,461
5.875% 3/15/16		31,260,000		27,899,550
5.95% 10/15/13		7,330,000		6,963,500
6.05% 4/15/15		4,725,000		4,347,000
6.5% 12/15/13		6,880,000		6,579,000
8.625% 6/1/13		6,155,000		6,131,919
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
MPT Operating Partnership LP/MPT Finance Corp.:
6.375% 2/15/22		$ 3,110,000		$ 3,102,225
6.875% 5/1/21		2,000,000		2,075,000
Nationwide Health Properties, Inc.:
6.25% 2/1/13		1,000,000		1,029,700
8.25% 7/1/12		1,300,000		1,312,091
Omega Healthcare Investors, Inc.:
6.75% 10/15/22		2,115,000		2,226,038
7.5% 2/15/20		1,000,000		1,070,000
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14		1,750,000		1,865,518
Potlatch Corp. 7.5% 11/1/19		1,000,000		1,060,000
ProLogis LP:
6.625% 5/15/18		6,480,000		7,418,045
7.625% 7/1/17		4,690,000		5,441,934
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20		2,000,000		2,301,400
Senior Housing Properties Trust:
4.3% 1/15/16		5,000,000		5,005,490
6.75% 4/15/20		11,000,000		11,798,655
6.75% 12/15/21		8,000,000		8,661,992
United Dominion Realty Trust, Inc.:
5.13% 1/15/14		500,000		525,250
5.25% 1/15/15		1,000,000		1,073,826
5.25% 1/15/16		4,000,000		4,339,660
				211,318,412
Real Estate Management & Development - 4.7%
AMB Property LP 5.9% 8/15/13		400,000		417,977
BioMed Realty LP 3.85% 4/15/16		2,000,000		2,075,254
Brandywine Operating Partnership LP:
5.4% 11/1/14		6,750,000		7,134,548
7.5% 5/15/15		1,000,000		1,117,573
CB Richard Ellis Services, Inc.:
6.625% 10/15/20		1,205,000		1,289,350
11.625% 6/15/17		1,500,000		1,710,000
Colonial Properties Trust:
6.15% 4/15/13		1,500,000		1,545,870
6.25% 6/15/14		3,094,000		3,291,923
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - continued
Colonial Properties Trust: - continued
6.875% 8/15/12		$ 1,000,000		$ 1,011,736
Colonial Realty LP 6.05% 9/1/16		2,500,000		2,704,128
Duke Realty LP 6.25% 5/15/13		750,000		784,256
Forest City Enterprises, Inc.:
6.5% 2/1/17		17,120,000		16,135,600
7.625% 6/1/15		34,050,000		33,539,250
Highwoods/Forsyth LP 5.85% 3/15/17		2,800,000		3,025,453
Host Hotels & Resorts LP:
5.25% 3/15/22 (g)		2,000,000		1,987,500
5.875% 6/15/19		2,725,000		2,908,938
6.875% 11/1/14		250,000		254,375
9% 5/15/17		750,000		832,500
Kennedy-Wilson, Inc. 8.75% 4/1/19		2,785,000		2,896,400
Post Apartment Homes LP 6.3% 6/1/13		2,000,000		2,084,810
Realogy Corp.:
7.875% 2/15/19 (g)		7,085,000		6,943,300
9% 1/15/20 (g)		1,920,000		1,939,200
Regency Centers LP:
5.25% 8/1/15		4,509,000		4,862,519
5.875% 6/15/17		400,000		451,808
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17		2,490,000		2,726,550
Toys 'R' Us Property Co. II LLC 8.5% 12/1/17		1,000,000		1,040,000
Ventas Realty LP:
4% 4/30/19		2,262,000		2,299,070
4.25% 3/1/22		1,550,000		1,534,767
Vornado Realty LP 5% 1/15/22		2,000,000		2,099,666
Wells Operating Partnership II LP 5.875% 4/1/18		3,000,000		3,062,616
				113,706,937
Thrifts & Mortgage Finance - 0.1%
Wrightwood Capital LLC 1.9% 4/20/20		4,349,567		1,826,818
TOTAL FINANCIALS				341,521,280
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
HEALTH CARE - 1.4%
Health Care Equipment & Supplies - 0.5%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp.:
7.75% 2/15/19		$ 7,290,000		$ 7,654,500
7.75% 2/15/19 (g)		3,120,000		3,276,000
				10,930,500
Health Care Providers & Services - 0.9%
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18		20,545,000		21,907,134
TOTAL HEALTH CARE				32,837,634
TOTAL NONCONVERTIBLE BONDS				574,493,861
TOTAL CORPORATE BONDS (Cost $573,034,438)			593,875,199
Asset-Backed Securities - 5.1%

Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (g)		1,384,000		1,389,951
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.5998% 3/23/19 (g)(h)		283,441		243,759
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.7398% 3/20/50 (g)(h)		2,250,000		0
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (g)		5,158,513		5,184,306
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.7192% 1/20/37 (g)(h)		1,280,028		1,049,623
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (g)		1,189,634		1,034,982
CBRE Realty Finance CDO LLC Series 2007-1A Class A1, 0.7192% 4/7/52 (g)(h)		13,310,989		8,918,363
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33		500,000		279,970
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (g)		1,570,000		1,514,265
Class B2, 1.8227% 12/28/35 (g)(h)		1,575,000		1,433,250
Class D, 9% 12/28/35 (g)		500,000		95,000
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A:
Class B1, 1.9727% 6/28/38 (g)(h)		$ 1,230,000		$ 1,156,200
Class D, 9% 6/28/38 (g)		997,000		697,900
Crest Ltd. Series 2002-IGA Class B, 1.8159% 7/28/35 (g)(h)		317,440		316,805
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27		9,500,000		8,759,010
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.8556% 11/28/39 (g)(h)		560,621		16,819
Green Tree Financial Corp.:
Series 1996-4 Class M1, 7.75% 6/15/27		1,788,179		1,649,490
Series 1997-3 Class M1, 7.53% 3/15/28		7,510,983		6,241,387
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7388% 6/25/35 (h)(j)		1,259,000		34,846
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 1.7888% 8/26/30 (g)(h)		735,000		580,650
Class E, 2.2388% 8/26/30 (g)(h)		1,512,215		725,863
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40		1,196,814		484,441
Merit Securities Corp. Series 13 Class M1, 7.9008% 12/28/33 (h)		1,923,000		1,779,142
N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (g)		899,989		740,421
Newcastle Investment Trust Series 2011-MH1 Class A, 2.45% 12/10/33 (g)		3,719,900		3,757,252
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class D, 5.194% 7/24/39 (g)		4,590,000		4,544,100
Prima Capital Ltd. Series 2006-CR1A Class A2, 5.533% 12/28/48 (g)		9,370,000		9,182,600
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3.1806% 2/5/36 (g)(h)		3,553,722		355
TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp. Series 2002-1A Class IIFX, 6.77% 5/22/37 (g)		2,212,848		2,218,380
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 6.0237% 9/25/26 (g)(h)		2,000,000		840,000
Series 2006-1A:
Class A1A, 0.7337% 9/25/26 (g)(h)		20,661,147		19,111,561
Class A1B, 0.8037% 9/25/26 (g)(h)		22,506,000		18,004,800
Class A2A, 0.6937% 9/25/26 (g)(h)		6,933,773		6,483,078
Class A2B, 0.7837% 9/25/26 (g)(h)		1,550,000		1,302,000
Class B, 0.8337% 9/25/26 (g)(h)		890,000		707,550
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Wachovia Ltd./Wachovia LLC: - continued
Series 2006-1A:
Class C 1.0037% 9/25/26 (g)(h)		$ 3,830,000		$ 3,006,550
Class G, 1.8237% 9/25/26 (g)(h)		1,150,000		782,000
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A:
Class A1, 0.8131% 11/21/40 (g)(h)		10,500,000		8,925,000
Class F, 2.4431% 11/21/40 (g)(h)		250,000		50,000
TOTAL ASSET-BACKED SECURITIES (Cost $122,294,415)			123,241,669
Collateralized Mortgage Obligations - 0.9%

Private Sponsor - 0.9%
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.4203% 6/15/22 (g)(h)		1,899,478		1,846,534
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (g)		68,818		20,184
Series 2002-R2 Class 2B3, 3.8803% 7/25/33 (g)(h)		215,137		91,696
Series 2003-40 Class B3, 4.5% 10/25/18 (g)		109,203		74,810
Series 2003-R3:
Class B2, 5.5% 11/25/33 (g)		1,429,318		301,995
Class B3, 5.5% 11/25/33		168,717		11,243
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (g)(h)		126,578		4,917
FREMF Mortgage Trust:
Series 2010 K7 Class B, 5.4353% 4/25/20 (g)(h)		3,200,000		3,440,362
Series 2010-K6 Class B, 5.3615% 12/25/46 (g)(h)		4,500,000		4,803,993
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (g)		7,120,000		7,182,521
Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (g)		1,600,000		1,598,491
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 12.1913% 7/10/35 (g)(h)		352,134		250,297
Series 2005-A Class B6, 2.2413% 3/10/37 (g)(h)		1,501,292		96,083
Series 2005-B Class B6, 1.8413% 6/10/37 (g)(h)		861,294		33,160
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (g)		50,277		42,806
RESIX Finance Ltd. floater:
Series 2003-D Class B8, 6.7413% 12/10/35 (g)(h)		331,511		135,323
Series 2004-A Class B7, 4.4913% 2/10/36 (g)(h)		364,099		180,957
Collateralized Mortgage Obligations - continued
		Principal Amount (e)		Value
Private Sponsor - continued
RESIX Finance Ltd. floater: - continued
Series 2004-B Class B7, 4.2413% 2/10/36 (g)(h)		$ 438,959		$ 196,127
Series 2005-C Class B7, 3.3413% 9/10/37 (g)(h)		393,090		786
TOTAL PRIVATE SPONSOR				20,312,285
U.S. Government Agency - 0.0%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (j)		167,852		39,041
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.2971% 2/25/42 (g)(h)		104,308		48,271
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (j)		244,232		71,591
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.3661% 6/25/43 (g)(h)		154,619		30,823
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 3.4228% 10/25/42 (g)(h)		67,773		9,797
TOTAL U.S. GOVERNMENT AGENCY				199,523
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $24,226,848)			20,511,808
Commercial Mortgage Securities - 21.6%

ACGS Series 2004-1 Class P, 7.4651% 8/1/19 (j)		5,304,938		5,137,087
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (g)		2,000,000		2,224,961
Asset Securitization Corp. Series 1997-D4 Class B2, 7.525% 4/14/29		241,658		248,979
Banc of America Commercial Mortgage, Inc.:
sequential payer Series 2002-2 Class F, 5.487% 7/11/43		4,185,000		4,221,824
Series 2005-1 Class CJ, 5.3601% 11/10/42 (h)		3,580,000		3,730,299
Series 2005-6 Class AJ, 5.1931% 9/10/47 (h)		5,000,000		5,013,750
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 1.99% 11/15/15 (g)(h)		120,250,176		112,819,902
Banc of America Large Loan, Inc. floater Series 2005-MIB1:
Class J, 1.2903% 3/15/22 (g)(h)		2,000,000		1,810,148
Class K, 2.2403% 3/15/22 (g)(h)		4,190,000		2,325,760
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4518% 3/11/39 (h)		$ 5,700,000		$ 5,479,712
Bear Stearns Commercial Mortgage Securities Trust Series 2006-T22 Class B, 5.5407% 4/12/38 (g)(h)		2,520,000		2,314,542
COMM pass-thru certificates:
floater Series 2006-FL12 Class AJ, 0.3703% 12/15/20 (g)(h)		8,000,000		7,241,280
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (g)		7,373,156		7,410,022
Commercial Mortgage pass-thru certificates:
Series 2005-C6 Class AJ, 5.209% 6/10/44 (h)		5,000,000		5,010,345
Series 2011-STRT Class C, 4.755% 12/10/24 (g)		2,000,000		2,022,120
Commercial Mortgage Trust pass-thru certificates Series 2012-LC4:
Class C, 5.825% 12/10/44 (h)		2,000,000		1,974,978
Class D, 5.825% 12/10/44 (g)(h)		8,000,000		6,671,368
Communication Mortgage Trust Series 2011-THL:
Class E, 5.949% 6/9/28 (g)		3,690,000		3,742,059
Class F, 4.867% 6/9/28 (g)		11,090,000		9,997,934
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1998-C1 Class F, 6% 5/17/40 (g)		2,525,980		2,667,978
Series 1998-C2 Class F, 6.75% 11/15/30 (g)		3,000,000		3,206,769
CRESI Finance Ltd. Partnership floater Series 2006-A Class E, 1.8888% 3/25/17 (g)(h)		2,512,000		1,934,240
CRESIX Finance Ltd. Series 2006-AA:
Class F, 4.4388% 3/25/17 (g)(h)		3,860,000		3,088,000
Class G, 7.2388% 3/25/17 (g)(h)		3,272,000		2,454,000
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.5568% 11/10/46 (g)(h)		12,490,000		11,235,967
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		1,200,000		1,002,912
DLJ Commercial Mortgage Corp.:
Series 1998-CG1 Class B4, 7.4444% 6/10/31 (g)(h)		2,500,000		2,605,373
Series 2000-CKP1 Class B3, 7.824% 11/10/33 (h)		2,970,000		2,960,968
Extended Stay America Trust Series 2010-ESHA Class D, 5.4983% 11/5/27 (g)		6,000,000		6,079,510
FHMLC Multi-class participation certificates guaranteed:
Series K013 Class X3, 2.7898% 1/25/43 (h)(i)		14,360,000		2,424,858
Series KAIV Class X2, 3.6146% 6/25/46 (h)(i)		7,430,000		1,560,879
Freddie Mac:
Series K011 Class X3, 2.5749% 12/25/43 (h)(i)		12,206,096		1,884,402
Series K012 Class X3, 2.2878% 1/25/41 (h)(i)		21,072,886		2,903,127
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (g)		11,329,138		10,422,807
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
GE Capital Commercial Mortgage Corp. Series 2002-1A Class H, 7.2709% 12/10/35 (g)(h)		$ 991,000		$ 990,855
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2:
Class F, 6.75% 4/15/29 (h)		1,483,855		1,533,753
Class G, 6.75% 4/15/29 (h)		1,250,000		1,379,348
Series 1999-C3:
Class G, 6.974% 8/15/36 (g)		28,581		28,504
Class J, 6.974% 8/15/36		1,500,000		1,484,151
Series 2000-C1 Class K, 7% 3/15/33		469,146		354,331
Series 2002-C3 Class D, 5.27% 7/10/39		3,000,000		3,022,563
Greenwich Capital Commercial Funding Corp.:
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (g)		2,000,000		2,031,906
Series 2002-C1 Class H, 5.903% 1/11/35 (g)		880,000		882,350
GS Mortgage Securities Corp. II:
floater Series 2007-EOP Class L, 5.4585% 3/6/20 (g)(h)		1,400,000		1,405,603
Series 2010-C1:
Class D, 5.9969% 8/10/43 (g)(h)		4,000,000		3,646,776
Class E, 4% 8/10/43 (g)		3,000,000		2,152,236
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (g)		9,185,000		9,055,492
GS Mortgage Securities Trust:
Series 2011-GC5 Class C, 5.3086% 8/10/44 (g)(h)		9,000,000		9,116,840
Series 2012-GC6 Class C, 5.451% 1/10/45 (g)(h)		3,600,000		3,522,192
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2001-A:
Class G, 6% 10/15/32 (g)(h)		2,038,274		2,652
Class X, 0.6261% 10/15/32 (g)(h)(i)		4,870,680		15,213
Series 2002-C1 Class E, 6.135% 7/12/37 (g)		3,000,000		2,998,848
Series 2009-IWST Class D, 7.4455% 12/5/27 (g)(h)		6,500,000		7,031,785
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (g)		8,000,000		8,361,191
Series 2010-CNTR:
Class D, 6.184% 8/5/32 (g)(h)		4,500,000		4,588,979
Class XB, 0.9305% 8/5/32 (g)(i)		32,655,000		1,708,506
JPMorgan Chase Commercial Mortgage Securities Trust Series 2005-LDP5 Class AJ, 5.3259% 12/15/44 (h)		3,470,000		3,436,526
JPMorgan Chase Commercial Mortgage Security Trust Series 2011-C5 Class C, 5.3142% 8/15/46 (g)(h)		6,525,375		6,349,908
JPMorgan Commercial Mortgage Finance Corp.:
Series 1997-C5 Class F, 7.5605% 9/15/29		558,471		563,685
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
JPMorgan Commercial Mortgage Finance Corp.: - continued
Series 1999-C8:
Class G, 6% 7/15/31 (g)		$ 1,024,947		$ 1,047,578
Class H, 6% 7/15/31 (g)		1,341,102		455,606
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (g)		2,810,637		2,943,782
LB-UBS Commercial Mortgage Trust:
sequential payer:
Series 2004-C2 Class E, 4.487% 3/15/36		2,060,000		2,062,828
Series 2005-C3 Class AJ, 4.843% 7/15/40		6,620,000		6,565,987
Series 2005-C7 Class AJ, 5.323% 11/15/40		8,000,000		8,061,128
Series 2006-C7 Class AM, 5.378% 11/15/38		2,040,000		2,034,955
Series 2004-C7 Class E, 4.918% 10/15/36		5,120,000		5,017,595
Series 2005-C1 Class E, 4.924% 2/15/40		4,000,000		3,642,908
Series 2005-C2 Class AJ, 5.205% 4/15/30 (h)		8,910,000		9,082,899
Series 2006-C4:
Class AJ, 5.886% 6/15/38 (h)		7,005,000		5,761,220
Class AM, 5.886% 6/15/38 (h)		6,700,000		7,021,935
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2007-LLFA Class E, 1.1403% 6/15/22 (g)(h)		6,230,000		5,077,450
Lstar Commercial Mortgage Trust:
Series 2011-1 Class D, 5.6691% 6/25/43 (g)(h)		4,699,000		4,235,688
Series 2011-1 Class B, 5.6691% 6/25/43 (g)(h)		5,720,000		6,186,872
Merrill Lynch Financial Asset, Inc. Series 2005-CA16:
Class F, 4.384% 7/12/37	CAD	710,000		519,660
Class G, 4.384% 7/12/37	CAD	355,000		252,866
Class H, 4.384% 7/12/37	CAD	236,000		163,624
Class J, 4.384% 7/12/37	CAD	355,000		239,613
Class K, 4.384% 7/12/37	CAD	355,000		233,306
Class L, 4.384% 7/12/37	CAD	236,000		151,042
Class M, 4.384% 7/12/37	CAD	995,000		536,365
Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (g)		2,389,530		1,397,875
Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.6603% 5/12/39 (h)		1,200,000		1,279,417
Mezz Capital Commercial Mortgage Trust:
sequential payer:
Series 2004-C1 Class A, 4.836% 1/15/37 (g)		4,280,910		3,681,583
Series 2004-C2 Class A, 5.318% 10/15/40 (g)		10,002,787		7,752,160
Series 2004-C1:
Class D, 6.988% 1/15/37 (g)		750,000		75
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Mezz Capital Commercial Mortgage Trust: - continued
Series 2004-C1:
Class E, 7.983% 1/15/37 (g)		$ 1,453,000		$ 145
Class IO, 8.3236% 1/15/37 (g)(h)(i)		4,746,340		355,975
Morgan Stanley Capital I Trust:
sequential payer:
Series 2012-C4 Class E, 5.71% 3/15/45 (g)		4,630,000		3,879,847
Series 2004-RR2 Class A2, 5.45% 10/28/33 (g)		1,213,184		1,219,250
Series 2006-HQ10 Class AM, 5.36% 11/12/41		8,200,000		8,661,094
Series 1997-RR Class F, 7.3534% 4/30/39 (g)(h)		1,695,683		1,492,201
Series 1998-CF1 Class G, 7.35% 7/15/32 (g)		2,611,210		1,269,048
Series 2005-HQ5 Class B, 5.272% 1/14/42		2,000,000		1,995,996
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43		7,500,000		7,578,218
Series 2011-C1 Class C, 5.2551% 9/15/47 (g)(h)		2,000,000		1,979,120
Series 2011-C2:
Class D, 5.3184% 6/15/44 (g)(h)		4,610,000		4,150,199
Class E, 5.3184% 6/15/44 (g)(h)		9,600,000		8,019,648
Class F, 5.3184% 6/15/44 (g)(h)		4,440,000		3,515,770
Class XB, 0.4649% 6/15/44 (g)(h)(i)		63,708,222		1,973,681
Series 2011-C3 Class D, 5.357% 7/15/49 (g)		7,400,000		6,474,785
NationsLink Funding Corp. Series 1999-SL Class X, 11/10/30 (i)		1,713,313		1,627,648
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g)		3,506,029		3,591,576
RBSCF Trust Series 2010-MB1 Class D, 4.6744% 4/15/24 (g)(h)		5,820,000		5,867,288
Salomon Brothers Mortgage Securities VII, Inc. Series 2001-MMA:
Class E3, 6.5% 2/18/34 (g)(h)		3,000,000		3,103,500
Class E5, 6.5% 2/18/34 (g)(h)		3,000,000		3,014,352
Structured Asset Securities Corp. Series 1997-LLI Class F, 7.3% 10/12/34 (g)		2,170,000		2,170,996
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.6557% 8/15/39 (h)		2,080,000		2,167,761
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (g)		10,630,000		9,821,982
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.8153% 7/15/24 (g)(h)		1,200,000		802,306
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 5.8751% 1/10/45 (g)(h)		3,000,000		3,314,064
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/28 (g)		2,540,000		2,669,007
Wachovia Bank Commercial Mortgage Trust:
Series 2004-C10 Class E, 4.931% 2/15/41		2,000,000		1,977,060
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Wachovia Bank Commercial Mortgage Trust: - continued
Series 2004-C11:
Class D, 5.3754% 1/15/41 (h)		$ 5,177,000		$ 4,723,220
Class E, 5.4254% 1/15/41 (h)		3,785,000		3,198,450
Series 2004-C12 Class D, 5.3166% 7/15/41 (h)		2,750,000		2,769,498
Series 2004-C14 Class B, 5.17% 8/15/41		3,180,000		3,086,047
WF-RBS Commercial Mortgage Trust Series 2011-C3 Class C, 5.335% 3/15/44 (g)		4,900,000		4,734,115
WFDB Commercial Mortgage Trust Series 2011-BXR Class D, 5.914% 7/5/24 (g)		4,000,000		4,126,556
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $512,885,275)			522,229,473
Floating Rate Loans - 3.9%

CONSUMER DISCRETIONARY - 0.6%
Hotels, Restaurants & Leisure - 0.4%
Extended Stay America, Inc. term loan 9.75% 11/1/15		9,000,000		9,090,000
Media - 0.1%
PRIMEDIA, Inc. Tranche B, term loan 7.5% 1/13/18 (h)		2,828,625		2,489,190
Specialty Retail - 0.1%
The Pep Boys - Manny, Moe & Jack term loan 2.49% 10/27/13 (h)		1,971,108		1,968,644
TOTAL CONSUMER DISCRETIONARY				13,547,834
FINANCIALS - 2.0%
Diversified Financial Services - 0.2%
Pilot Travel Centers LLC Tranche B, term loan 4.25% 3/30/18 (h)		3,885,475		3,900,239
Real Estate Investment Trusts - 0.0%
iStar Financial, Inc. Tranche A 1LN, term loan 5% 6/28/13 (h)		969,296		969,296
Real Estate Management & Development - 1.7%
CB Richard Ellis Group, Inc.:
Tranche A, term loan 2.4898% 11/9/15 (h)		2,914,286		2,903,357
Tranche B, term loan 3.4898% 11/9/16 (h)		3,000,000		3,000,000
CB Richard Ellis Services, Inc. Tranche D, term loan 3.7403% 9/4/19 (h)		4,750,553		4,744,615
CityCenter term loan 8.75% 7/1/13 (h)		8,000,000		7,924,000
EOP Operating LP term loan 1.992% 2/5/13 (h)		5,000,000		4,725,000
Floating Rate Loans - continued
		Principal Amount (e)		Value
FINANCIALS - continued
Real Estate Management & Development - continued
Equity Inns Reality LLC:
Tranche A, term loan 9.5% 11/2/12 (h)		$ 2,184,917		$ 1,699,046
Tranche B 2LN, term loan 6.55% 11/2/12 (h)		5,000,000		4,500,000
Realogy Corp.:
Credit-Linked Deposit 3.2413% 10/10/13 (h)		520,165		491,556
Credit-Linked Deposit 4.4913% 10/10/16 (h)		712,318		661,565
term loan 4.77% 10/10/16 (h)		8,058,859		7,484,665
Tranche 2LN, term loan 13.5% 10/15/17		3,500,000		3,587,500
				41,721,304
Thrifts & Mortgage Finance - 0.1%
Ocwen Financial Corp. Tranche B, term loan 7% 9/1/16 (h)		2,412,575		2,424,638
TOTAL FINANCIALS				49,015,477
HEALTH CARE - 0.4%
Health Care Providers & Services - 0.4%
Community Health Systems, Inc. term loan 3.9886% 1/25/17 (h)		2,903,247		2,866,957
Health Management Associates, Inc. Tranche B, term loan 4.5% 11/18/18 (h)		1,995,000		1,995,000
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (h)		5,209,946		5,125,284
				9,987,241
INDUSTRIALS - 0.5%
Construction & Engineering - 0.5%
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (h)		11,907,850		11,252,918
TELECOMMUNICATION SERVICES - 0.4%
Wireless Telecommunication Services - 0.4%
Crown Castle Operating Co. Tranche B, term loan 4% 1/31/19 (h)		7,436,375		7,436,375
TowerCo Finance LLC Tranche B, term loan 4.5% 2/2/17 (h)		3,641,608		3,650,712
				11,087,087
TOTAL FLOATING RATE LOANS (Cost $96,253,680)			94,890,557

Preferred Securities - 0.0%
	Principal Amount (e)		Value
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (g)	500,000		$ 15,000
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (g)	1,220,000		122,000
Ipswich Street CDO Series 2006-1, 6/27/46 (d)(g)	1,350,000		0
			137,000
TOTAL PREFERRED SECURITIES (Cost $2,593,896)		137,000
Money Market Funds - 9.3%
	Shares
Fidelity Cash Central Fund, 0.14% (b)	196,486,523		196,486,523
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	28,570,838		28,570,838
TOTAL MONEY MARKET FUNDS (Cost $225,057,361)		225,057,361
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $2,320,263,982)			2,442,289,694
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(24,519,862)
NET ASSETS - 100%		$ 2,417,769,832

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

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

(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 $554,775,464 or 22.9% of net assets.

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

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

(j) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,282,564 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
ACGS Series 2004-1 Class P, 7.4651% 8/1/19	2/17/11	$ 5,137,113
Fannie Mae REMIC Trust: Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41	5/21/03	$ 145,454
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42	3/25/03	$ 184,052
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7388% 6/25/35	6/3/05	$ 1,110,697

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 149,455
Fidelity Securities Lending Cash Central Fund	54,364
Total	$ 203,819

Other Information

The following is a summary of the inputs used, as of April 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 31,563,240	$ 27,597,109	$ -	$ 3,966,131
Financials	798,045,282	774,505,236	19,074,530	4,465,516
Health Care	28,336,799	28,336,799	-	-
Telecommunica-tion Services	4,401,306	4,401,306	-	-
Corporate Bonds	593,875,199	-	592,048,381	1,826,818
Asset-Backed Securities	123,241,669	-	81,065,636	42,176,033
Collateralized Mortgage Obligations	20,511,808	-	18,871,901	1,639,907
Commercial Mortgage Securities	522,229,473	-	488,345,433	33,884,040
Floating Rate Loans	94,890,557	-	73,151,557	21,739,000
Preferred Securities	137,000	-	-	137,000
Money Market Funds	225,057,361	225,057,361	-	-
Total Investments in Securities:	$ 2,442,289,694	$ 1,059,897,811	$ 1,272,557,438	$ 109,834,445

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

Investments in Securities:
Equities - Consumer Discretionary
Beginning Balance	$ 3,528,571
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	437,560
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 3,966,131
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ 437,560
Investments in Securities:
Equities - Financials
Beginning Balance	$ 4,941,370
Total Realized Gain (Loss)	(607)
Total Unrealized Gain (Loss)	(475,371)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	124
Transfers out of Level 3	-
Ending Balance	$ 4,465,516
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ (475,371)
Corporate Bonds
Beginning Balance	$ 9,384,800
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	77,251
Cost of Purchases	4,349,567
Proceeds of Sales	(4,000,000)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(7,984,800)
Ending Balance	$ 1,826,818
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ (2,522,749)
Asset-Backed Securities
Beginning Balance	$ 79,390,084
Total Realized Gain (Loss)	800,887
Total Unrealized Gain (Loss)	4,788,372
Cost of Purchases	846,386
Proceeds of Sales	(15,155,630)
Amortization/Accretion	746,393
Transfers in to Level 3	3,448,211
Transfers out of Level 3	(32,688,670)
Ending Balance	$ 42,176,033
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ 4,900,195
Investments in Securities:
Collateralized Mortgage Obligations
Beginning Balance	$ 862,000
Total Realized Gain (Loss)	(340,006)
Total Unrealized Gain (Loss)	280,318
Cost of Purchases	-
Proceeds of Sales	(647,708)
Amortization/Accretion	(180,392)
Transfers in to Level 3	1,665,695
Transfers out of Level 3	-
Ending Balance	$ 1,639,907
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ (56,370)
Commercial Mortgage Securities
Beginning Balance	$ 31,940,633
Total Realized Gain (Loss)	(89,486)
Total Unrealized Gain (Loss)	1,083,913
Cost of Purchases	8,837,780
Proceeds of Sales	(3,377,194)
Amortization/Accretion	(113,529)
Transfers in to Level 3	5,151,372
Transfers out of Level 3	(9,549,449)
Ending Balance	$ 33,884,040
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ 840,922
Floating Rate Loans
Beginning Balance	$ 9,000,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	34,629
Cost of Purchases	4,675,000
Proceeds of Sales	-
Amortization/Accretion	44,571
Transfers in to Level 3	7,984,800
Transfers out of Level 3	-
Ending Balance	$ 21,739,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ 34,629
Investments in Securities:
Preferred Securities
Beginning Balance	$ 442,008
Total Realized Gain (Loss)	(785,700)
Total Unrealized Gain (Loss)	478,595
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	2,097
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 137,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ (307,097)

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

Income Tax Information

At April 30, 2012, the cost of investment securities for income tax purposes was $2,321,483,277. Net unrealized appreciation aggregated $120,806,417, of which $186,791,359 related to appreciated investment securities and $65,984,942 related to depreciated investment securities.

Investment Valuation

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

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, floating rate loans and preferred securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. For asset backed securities, collateralized mortgage obligations and commercial mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2012

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

1.847932.105

AIRE-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%
	Shares		Value
Australia - 14.7%
Abacus Property Group unit	1,261,637		$ 2,747,172
ALE Property Group	253,881		550,172
Charter Hall Group unit	1,352,714		3,551,499
Goodman Group unit	1,227,736		4,604,820
Mirvac Group unit	4,795,522		6,470,098
Westfield Group unit	2,198,420		21,163,519
TOTAL AUSTRALIA			39,087,280
Bailiwick of Jersey - 1.2%
Atrium European Real Estate Ltd.	648,750		3,160,440
Belgium - 0.8%
Warehouses de Pauw (d)	41,485		2,155,525
Bermuda - 8.8%
C C Land Holdings Ltd.	2,382,000		506,570
Csi Properties Ltd.	38,507,682		1,563,406
Great Eagle Holdings Ltd.	1,138,088		3,359,117
Hongkong Land Holdings Ltd.	1,352,000		8,395,920
K Wah International Holdings Ltd.	3,309,000		1,398,893
Kerry Properties Ltd.	1,488,000		6,798,812
Soundwill Holdings Ltd.	853,000		1,341,290
TOTAL BERMUDA			23,364,008
Brazil - 1.7%
Companhia Brasileira de Desenvolvimento Imobiliario Turistico SA (a)	103,700		1,255,618
Even Construtora e Incorporadora SA	340,800		1,274,771
Multiplan Empreendimentos Imobiliarios SA	85,400		2,016,106
TOTAL BRAZIL			4,546,495
Cayman Islands - 2.3%
KWG Property Holding Ltd.	1,499,500		991,466
Shui On Land Ltd.	3,850,000		1,612,716
SOHO China Ltd.	3,049,500		2,370,062
SouFun Holdings Ltd. ADR	42,000		758,520
SPG Land (Holdings) Ltd.	1,144,000		232,968
TOTAL CAYMAN ISLANDS			5,965,732
Chile - 0.5%
Parque Arauco SA	732,471		1,423,117
France - 6.8%
Altarea	10,581		1,596,672
Klepierre SA (d)	83,200		2,634,553
Common Stocks - continued
	Shares		Value
France - continued
Societe de la Tour Eiffel	24,400		$ 1,271,033
Societe Fonciere Lyonnaise SA (d)	61,300		2,637,341
Unibail-Rodamco	52,857		9,880,060
TOTAL FRANCE			18,019,659
Germany - 3.1%
alstria office REIT-AG	142,065		1,513,928
Deutsche EuroShop AG	66,775		2,429,585
GSW Immobilien AG	123,150		4,099,288
GSW Immobilien AG rights 5/3/12 (a)	123,150		144,654
TOTAL GERMANY			8,187,455
Hong Kong - 11.4%
Hang Lung Properties Ltd.	2,170,500		8,028,890
Hysan Development Co. Ltd.	1,251,500		5,669,830
Magnificent Estates Ltd.	27,344,000		1,127,784
Sun Hung Kai Properties Ltd.	1,008,226		12,163,192
Wharf Holdings Ltd.	550,000		3,282,143
TOTAL HONG KONG			30,271,839
India - 0.5%
Phoenix Mills Ltd.	325,916		1,298,033
Italy - 0.5%
Beni Stabili SpA SIIQ	2,373,400		1,316,459
Japan - 18.0%
BLife Investment Corp.	761		5,213,125
Goldcrest Co. Ltd.	76,340		1,309,649
Japan Retail Fund Investment Corp.	3,747		5,974,704
Kenedix, Inc. (a)(d)	7,153		1,286,969
Mitsui Fudosan Co. Ltd.	894,000		16,376,255
Nomura Real Estate Holdings, Inc.	305,700		5,344,330
Sumitomo Realty & Development Co. Ltd.	509,000		12,138,753
TOTAL JAPAN			47,643,785
Netherlands - 0.6%
Eurocommercial (Certificaten Van Aandelen) unit	46,000		1,612,494
Russia - 0.5%
LSR Group OJSC GDR (Reg. S)	232,400		1,243,340
Singapore - 8.1%
CapitaLand Ltd.	2,607,870		6,194,916
CDL Hospitality Trusts unit	900,000		1,374,379
Global Logistic Properties Ltd. (a)	3,440,000		5,725,690
Common Stocks - continued
	Shares		Value
Singapore - continued
Parkway Life REIT	2,688,000		$ 4,017,937
Wing Tai Holdings Ltd.	4,235,000		4,054,842
TOTAL SINGAPORE			21,367,764
Sweden - 3.0%
Castellum AB	323,400		4,092,574
Wihlborgs Fastigheter AB	274,900		3,814,221
TOTAL SWEDEN			7,906,795
United Kingdom - 12.9%
Big Yellow Group PLC	1,247,400		6,001,077
British Land Co. PLC	745,689		5,923,344
Derwent London PLC	205,300		5,804,735
Hammerson PLC	950,000		6,439,162
Helical Bar PLC	1,176,800		3,624,347
Metric Property Investments PLC	555,000		806,234
Quintain Estates & Development PLC (a)	1,737,100		1,078,454
Safestore Holdings PLC	700,000		1,272,510
St. Modwen Properties PLC	1,240,200		3,376,755
TOTAL UNITED KINGDOM			34,326,618
TOTAL COMMON STOCKS (Cost $288,243,341)		252,896,838
Money Market Funds - 6.0%

Fidelity Cash Central Fund, 0.14% (b)	10,408,330		10,408,330
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	5,647,997		5,647,997
TOTAL MONEY MARKET FUNDS (Cost $16,056,327)		16,056,327
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $304,299,668)		268,953,165
NET OTHER ASSETS (LIABILITIES) - (1.4)%		(3,785,758)
NET ASSETS - 100%		$ 265,167,407

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	$ 11,044
Fidelity Securities Lending Cash Central Fund	25,063
Total	$ 36,107

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 2,402,555	$ 2,402,555	$ -	$ -
Financials	249,735,763	202,091,978	47,643,785	-
Information Technology	758,520	758,520	-	-
Money Market Funds	16,056,327	16,056,327	-	-
Total Investments in Securities:	$ 268,953,165	$ 221,309,380	$ 47,643,785	$ -

Transfers from Level 1 to Level 2 during the period were $51,041,465.

Income Tax Information

Investment Valuation

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Real Estate Income Fund

April 30, 2012

1.800347.108

REI-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 22.3%
	Shares		Value
CONSUMER DISCRETIONARY - 1.3%
Household Durables - 1.3%
NVR, Inc. (a)	6,700		$ 5,252,398
Standard Pacific Corp. (a)(f)	3,375,200		17,078,512
Stanley Martin Communities LLC Class B (a)	4,620		3,966,131
Toll Brothers, Inc. (a)	183,100		4,650,740
			30,947,781
FINANCIALS - 19.7%
Capital Markets - 0.2%
HFF, Inc. (a)	243,214		3,974,117
Real Estate Investment Trusts - 19.1%
Acadia Realty Trust (SBI)	1,694,649		39,281,964
American Campus Communities, Inc.	87,200		3,876,040
American Tower Corp.	186,500		12,230,670
Annaly Capital Management, Inc.	329,150		5,371,728
Anworth Mortgage Asset Corp.	1,065,710		7,182,885
Apartment Investment & Management Co. Class A	316,400		8,590,260
Brandywine Realty Trust (SBI)	274,400		3,254,384
Canadian (REIT)	107,800		4,222,508
CapLease, Inc.	2,240,300		9,297,245
CBL & Associates Properties, Inc.	789,473		14,707,882
Chartwell Seniors Housing (REIT)	509,700		4,809,318
Chartwell Seniors Housing (REIT) rights	78,500		743,872
Chesapeake Lodging Trust	223,500		4,045,350
Colony Financial, Inc.	101,637		1,726,813
CommonWealth REIT	278,000		5,212,500
Coresite Realty Corp.	83,600		2,082,476
Cousins Properties, Inc.	190,400		1,496,544
Cys Investments, Inc. (f)	992,339		13,624,814
DCT Industrial Trust, Inc.	1,175,300		6,969,529
DiamondRock Hospitality Co.	531,400		5,648,782
Douglas Emmett, Inc.	237,900		5,528,796
Dynex Capital, Inc.	1,602,186		15,108,614
EastGroup Properties, Inc.	53,000		2,665,900
Education Realty Trust, Inc.	281,800		3,175,886
Equity Lifestyle Properties, Inc.	637,430		44,581,854
Excel Trust, Inc.	697,228		8,359,764
First Potomac Realty Trust	135,615		1,687,051
H&R REIT/H&R Finance Trust	256,500		6,336,219
Hatteras Financial Corp.	258,200		7,521,366
Healthcare Realty Trust, Inc.	146,300		3,142,524
Highwoods Properties, Inc. (SBI)	56,400		1,958,772
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Lexington Corporate Properties Trust	2,229,500		$ 19,842,550
LTC Properties, Inc.	339,113		11,285,681
MFA Financial, Inc.	5,160,781		38,086,564
Mid-America Apartment Communities, Inc.	58,900		4,009,323
Monmouth Real Estate Investment Corp. Class A	455,073		4,669,049
National Health Investors, Inc.	90,306		4,467,438
National Retail Properties, Inc.	114,100		3,124,058
Newcastle Investment Corp.	400,000		2,828,000
Omega Healthcare Investors, Inc.	142,279		3,046,193
Prologis, Inc.	650,087		23,260,113
Retail Properties America, Inc.	216,700		1,961,135
Select Income (REIT)	155,600		3,560,128
Senior Housing Properties Trust (SBI)	215,600		4,760,448
Simon Property Group, Inc.	26,501		4,123,556
Stag Industrial, Inc.	382,692		5,327,073
Summit Hotel Properties, Inc.	592,100		4,949,956
Sunstone Hotel Investors, Inc. (a)	211,700		2,159,340
Terreno Realty Corp.	220,264		3,149,775
Two Harbors Investment Corp.	501,880		5,249,665
Ventas, Inc.	723,646		42,543,148
Weyerhaeuser Co.	545,229		11,100,862
Whitestone REIT Class B	379,067		5,238,706
			463,185,071
Real Estate Management & Development - 0.4%
Brookfield Asset Management, Inc. Class A	171,900		5,673,440
Kennedy-Wilson Holdings, Inc.	248,200		3,489,692
			9,163,132
TOTAL FINANCIALS			476,322,320
HEALTH CARE - 1.1%
Health Care Providers & Services - 1.1%
Brookdale Senior Living, Inc. (a)	733,300		13,940,033
Capital Senior Living Corp. (a)	852,950		8,265,086
Emeritus Corp. (a)	356,493		6,131,680
			28,336,799
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
SBA Communications Corp. Class A (a)	81,900		$ 4,401,306
TOTAL COMMON STOCKS (Cost $442,332,514)		540,008,206
Preferred Stocks - 13.3%

Convertible Preferred Stocks - 1.5%
FINANCIALS - 1.5%
Real Estate Investment Trusts - 1.5%
Alexandria Real Estate Equities, Inc. Series D 7.00%	95,000		2,517,500
CommonWealth REIT 6.50%	389,844		8,260,794
Excel Trust, Inc. 7.00% (g)	248,200		5,772,512
Health Care REIT, Inc. Series I, 6.50%	46,800		2,497,950
Lexington Corporate Properties Trust Series C, 6.50%	350,566		15,035,776
Ramco-Gershenson Properties Trust (SBI) Series D, 7.25%	40,000		1,946,800
			36,031,332
Nonconvertible Preferred Stocks - 11.8%
CONSUMER DISCRETIONARY - 0.0%
Household Durables - 0.0%
M/I Homes, Inc. Series A, 9.75% (a)	36,700		615,459
FINANCIALS - 11.8%
Diversified Financial Services - 0.2%
DRA CRT Acquisition Corp. Series A, 8.50%	25,000		181,250
Red Lion Hotels Capital Trust 9.50%	163,225		4,162,238
			4,343,488
Real Estate Investment Trusts - 11.6%
American Capital Agency Corp. 8.00% (a)	200,000		5,090,000
American Home Mortgage Investment Corp.:
Series A, 9.375% (a)	120,300		1,203
Series B, 9.25% (a)	124,100		124
Annaly Capital Management, Inc. Series A, 7.875%	134,900		3,553,266
Anworth Mortgage Asset Corp. Series A, 8.625%	309,630		8,019,417
Apartment Investment & Management Co.:
Series T, 8.00%	57,500		1,466,250
Series U, 7.75%	150,773		3,817,572
Ashford Hospitality Trust, Inc. Series E, 9.00%	85,751		2,223,523
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Brandywine Realty Trust:
Series C, 7.50%	37,615		$ 943,384
Series D, 7.375%	34,596		868,360
Campus Crest Communities, Inc. Series A, 8.00%	248,431		6,471,628
CapLease, Inc.:
Series A, 8.125%	132,510		3,312,750
Series B, 8.375% (a)	320,000		8,000,000
CBL & Associates Properties, Inc.:
(depositary shares) Series C, 7.75%	147,962		3,731,602
7.375%	274,876		6,935,121
Cedar Shopping Centers, Inc. 8.875%	290,352		7,418,494
CenterPoint Properties Trust Series D, 5.377%	3,575		2,118,188
Colony Financial, Inc. Series A, 8.50%	252,171		6,480,795
Corporate Office Properties Trust Series H, 7.50%	5,000		126,100
Cousins Properties, Inc. Series A, 7.75%	205,970		5,128,653
CubeSmart Series A, 7.75%	40,000		1,023,200
DDR Corp. Series I, 7.50%	24,684		619,568
Digital Realty Trust, Inc.:
Series E, 7.00%	40,000		1,059,600
Series F, 6.625%	40,000		1,016,800
Duke Realty LP:
8.375%	128,517		3,371,001
Series L, 6.60%	10,666		268,250
Eagle Hospitality Properties Trust, Inc. 8.25% (a)	24,000		76,800
Equity Lifestyle Properties, Inc. 8.034%	885,479		22,623,988
Essex Property Trust, Inc. Series H, 7.125%	40,000		1,034,800
Excel Trust, Inc. Series B, 8.125%	400,000		10,104,000
First Potomac Realty Trust 7.75%	288,377		7,272,868
Gladstone Commercial Corp. Series C, 7.125%	232,238		5,963,872
Glimcher Realty Trust:
Series F, 8.75%	18,745		475,373
Series G, 8.125%	221,111		5,527,775
Health Care REIT, Inc. Series J, 6.50%	20,000		516,600
Hersha Hospitality Trust Series B, 8.00%	162,538		4,055,323
HomeBanc Mortgage Corp. Series A (a)	104,685		1
Hospitality Properties Trust:
Series C, 7.00%	58,500		1,474,200
Series D, 7.125%	40,800		1,058,352
Hudson Pacific Properties, Inc. 8.375%	303,800		7,917,028
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Inland Real Estate Corp. Series A, 8.125%	423,500		$ 10,739,960
Kilroy Realty Corp. Series G, 6.875%	40,000		1,007,200
Kimco Realty Corp. Series G, 7.75%	113,026		2,876,512
Kite Realty Group Trust 8.25%	96,100		2,449,589
LaSalle Hotel Properties:
Series E, 8.00%	50,468		1,270,784
Series G, 7.25%	114,485		2,871,284
Series H, 7.50%	126,308		3,249,905
LBA Realty Fund II:
Series A, 8.75% (a)	69,000		2,346,000
Series B, 7.625% (a)	31,240		531,080
Lexington Corporate Properties Trust Series B, 8.05%	104,300		2,607,500
Lexington Realty Trust 7.55%	23,800		594,762
MFA Financial, Inc.:
8.00%	502,080		12,501,792
Series A, 8.50%	485,381		12,498,561
Monmouth Real Estate Investment Corp. 7.625%	80,000		2,044,000
National Retail Properties, Inc. Series D, 6.625%	62,437		1,590,270
Newcastle Investment Corp. Series B, 9.75%	34,530		875,336
Parkway Properties, Inc. Series D, 8.00%	237,900		5,995,080
Pebblebrook Hotel Trust:
Series A, 7.875%	372,000		9,493,440
Series B, 8.00%	185,085		4,723,369
Prologis, Inc. Series Q, 8.54%	94,446		5,256,515
PS Business Parks, Inc.:
(depositary shares) Series H, 7.00%	13,300		335,692
6.875%	50,000		1,319,500
Series P, 6.70%	36,000		910,080
Public Storage Series N, 7.00%	4,200		107,730
Regency Centers Corp. Series 6, 6.625%	62,261		1,590,769
Saul Centers, Inc.:
8.00%	93,700		2,401,531
Series B (depositary shares) 9.00%	118,550		3,153,430
Stag Industrial, Inc. Series A, 9.00%	280,000		7,229,600
Summit Hotel Properties, Inc. Series A, 9.25%	138,340		3,552,571
Sunstone Hotel Investors, Inc.:
Series A, 8.00%	366,039		9,004,559
Series D, 8.00%	57,862		1,446,550
UMH Properties, Inc. Series A, 8.25%	330,000		8,507,400
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Vornado Realty Trust 6.75%	20,000		$ 505,600
Weingarten Realty Investors (SBI) Series F, 6.50%	56,230		1,409,686
Winthrop Realty Trust Series D, 9.25%	65,000		1,667,250
			279,830,716
Real Estate Management & Development - 0.0%
Vornado Realty LP 7.875%	54,682		1,517,426
TOTAL FINANCIALS			285,691,630
TOTAL NONCONVERTIBLE PREFERRED STOCKS			286,307,089
TOTAL PREFERRED STOCKS (Cost $321,585,555)		322,338,421

Corporate Bonds - 24.6%
		Principal Amount (e)
Convertible Bonds - 0.8%
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
Morgans Hotel Group Co. 2.375% 10/15/14		$ 2,920,000		2,496,600
FINANCIALS - 0.7%
Real Estate Investment Trusts - 0.5%
Annaly Capital Management, Inc. 4% 2/15/15		1,000,000		1,190,000
CapLease, Inc. 7.5% 10/1/27 (g)		5,180,000		5,192,950
Developers Diversified Realty Corp. 1.75% 11/15/40		1,000,000		1,082,300
ProLogis LP:
1.875% 11/15/37		2,450,000		2,440,813
2.625% 5/15/38		1,500,000		1,503,825
				11,409,888
Corporate Bonds - continued
		Principal Amount (e)		Value
Convertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - 0.2%
Corporate Office Properties LP 4.25% 4/15/30 (g)		$ 5,460,000		$ 5,309,850
Grubb & Ellis Co. 7.95% 5/1/15 (g)		5,500,000		165,000
				5,474,850
TOTAL FINANCIALS				16,884,738
TOTAL CONVERTIBLE BONDS				19,381,338
Nonconvertible Bonds - 23.8%
CONSUMER DISCRETIONARY - 8.1%
Hotels, Restaurants & Leisure - 0.9%
CityCenter Holdings LLC/CityCenter Finance Corp.:
7.625% 1/15/16		1,945,000		2,066,563
7.625% 1/15/16 (g)		1,560,000		1,653,600
FelCor Lodging LP 6.75% 6/1/19		5,875,000		5,933,750
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17		1,700,000		1,912,500
Times Square Hotel Trust 8.528% 8/1/26 (g)		9,137,049		9,673,080
				21,239,493
Household Durables - 6.8%
D.R. Horton, Inc. 4.75% 5/15/17		2,000,000		2,046,250
KB Home:
5.875% 1/15/15		7,000,000		6,790,000
6.25% 6/15/15		10,000,000		9,725,000
7.25% 6/15/18		7,420,000		7,160,300
8% 3/15/20		8,465,000		8,232,213
9.1% 9/15/17		17,595,000		18,122,850
Lennar Corp.:
5.5% 9/1/14		1,000,000		1,033,750
5.6% 5/31/15		6,000,000		6,240,000
6.5% 4/15/16		4,000,000		4,230,000
6.95% 6/1/18		14,280,000		14,994,000
M/I Homes, Inc. 8.625% 11/15/18		17,655,000		17,566,725
Meritage Homes Corp.:
7% 4/1/22 (g)		7,525,000		7,675,500
7.15% 4/15/20		7,060,000		7,271,800
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Ryland Group, Inc.:
6.625% 5/1/20		$ 1,555,000		$ 1,547,225
8.4% 5/15/17		5,420,000		6,016,200
Standard Pacific Corp.:
7% 8/15/15		4,000,000		4,000,000
8.375% 5/15/18		28,983,000		30,901,675
10.75% 9/15/16		8,415,000		9,677,250
Toll Brothers Finance Corp. 5.875% 2/15/22		1,550,000		1,588,750
				164,819,488
Multiline Retail - 0.4%
Sears Holdings Corp. 6.625% 10/15/18		9,820,000		8,690,700
TOTAL CONSUMER DISCRETIONARY				194,749,681
CONSUMER STAPLES - 0.2%
Food & Staples Retailing - 0.2%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20		1,086,076		1,227,266
C&S Group Enterprises LLC 8.375% 5/1/17 (g)		3,960,000		4,158,000
				5,385,266
FINANCIALS - 14.1%
Diversified Financial Services - 0.6%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
7.75% 1/15/16		10,820,000		11,388,050
8% 1/15/18		3,070,000		3,281,063
				14,669,113
Real Estate Investment Trusts - 8.7%
Alexandria Real Estate Equities, Inc. 4.6% 4/1/22		1,500,000		1,505,355
American Tower Corp. 4.7% 3/15/22		2,500,000		2,564,808
Camden Property Trust 5% 6/15/15		1,100,000		1,186,119
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15		2,526,000		2,764,197
6.25% 6/15/14		5,005,000		5,368,833
Developers Diversified Realty Corp.:
5.375% 10/15/12		500,000		504,284
5.5% 5/1/15		4,000,000		4,228,120
7.5% 4/1/17		6,000,000		6,879,864
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Developers Diversified Realty Corp.: - continued
7.5% 7/15/18		$ 8,756,000		$ 10,053,727
7.875% 9/1/20		4,637,000		5,566,009
9.625% 3/15/16		3,836,000		4,668,274
Equity One, Inc.:
5.375% 10/15/15		3,500,000		3,687,247
6.25% 12/15/14		4,081,000		4,400,261
6.25% 1/15/17		3,000,000		3,250,836
Health Care Property Investors, Inc.:
6% 6/15/14		2,340,000		2,494,162
6% 3/1/15		1,000,000		1,085,577
7.072% 6/8/15		1,500,000		1,680,353
Health Care REIT, Inc.:
4.125% 4/1/19		2,000,000		2,014,260
6% 11/15/13		1,000,000		1,060,692
6.2% 6/1/16		750,000		831,842
Healthcare Realty Trust, Inc.:
5.125% 4/1/14		5,084,000		5,295,693
5.75% 1/15/21		2,000,000		2,086,972
6.5% 1/17/17		2,875,000		3,171,740
HMB Capital Trust V 4.0737% 12/15/36 (d)(g)(h)		2,530,000		0
Hospitality Properties Trust:
5.625% 3/15/17		915,000		983,632
6.75% 2/15/13		1,765,000		1,783,848
7.875% 8/15/14		1,000,000		1,094,366
HRPT Properties Trust:
5.75% 11/1/15		4,826,000		5,051,287
6.25% 8/15/16		7,500,000		7,955,055
6.25% 6/15/17		1,055,000		1,127,749
6.5% 1/15/13		200,000		201,148
6.65% 1/15/18		3,000,000		3,247,848
iStar Financial, Inc.:
5.85% 3/15/17		1,467,000		1,296,461
5.875% 3/15/16		31,260,000		27,899,550
5.95% 10/15/13		7,330,000		6,963,500
6.05% 4/15/15		4,725,000		4,347,000
6.5% 12/15/13		6,880,000		6,579,000
8.625% 6/1/13		6,155,000		6,131,919
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
MPT Operating Partnership LP/MPT Finance Corp.:
6.375% 2/15/22		$ 3,110,000		$ 3,102,225
6.875% 5/1/21		2,000,000		2,075,000
Nationwide Health Properties, Inc.:
6.25% 2/1/13		1,000,000		1,029,700
8.25% 7/1/12		1,300,000		1,312,091
Omega Healthcare Investors, Inc.:
6.75% 10/15/22		2,115,000		2,226,038
7.5% 2/15/20		1,000,000		1,070,000
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14		1,750,000		1,865,518
Potlatch Corp. 7.5% 11/1/19		1,000,000		1,060,000
ProLogis LP:
6.625% 5/15/18		6,480,000		7,418,045
7.625% 7/1/17		4,690,000		5,441,934
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20		2,000,000		2,301,400
Senior Housing Properties Trust:
4.3% 1/15/16		5,000,000		5,005,490
6.75% 4/15/20		11,000,000		11,798,655
6.75% 12/15/21		8,000,000		8,661,992
United Dominion Realty Trust, Inc.:
5.13% 1/15/14		500,000		525,250
5.25% 1/15/15		1,000,000		1,073,826
5.25% 1/15/16		4,000,000		4,339,660
				211,318,412
Real Estate Management & Development - 4.7%
AMB Property LP 5.9% 8/15/13		400,000		417,977
BioMed Realty LP 3.85% 4/15/16		2,000,000		2,075,254
Brandywine Operating Partnership LP:
5.4% 11/1/14		6,750,000		7,134,548
7.5% 5/15/15		1,000,000		1,117,573
CB Richard Ellis Services, Inc.:
6.625% 10/15/20		1,205,000		1,289,350
11.625% 6/15/17		1,500,000		1,710,000
Colonial Properties Trust:
6.15% 4/15/13		1,500,000		1,545,870
6.25% 6/15/14		3,094,000		3,291,923
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - continued
Colonial Properties Trust: - continued
6.875% 8/15/12		$ 1,000,000		$ 1,011,736
Colonial Realty LP 6.05% 9/1/16		2,500,000		2,704,128
Duke Realty LP 6.25% 5/15/13		750,000		784,256
Forest City Enterprises, Inc.:
6.5% 2/1/17		17,120,000		16,135,600
7.625% 6/1/15		34,050,000		33,539,250
Highwoods/Forsyth LP 5.85% 3/15/17		2,800,000		3,025,453
Host Hotels & Resorts LP:
5.25% 3/15/22 (g)		2,000,000		1,987,500
5.875% 6/15/19		2,725,000		2,908,938
6.875% 11/1/14		250,000		254,375
9% 5/15/17		750,000		832,500
Kennedy-Wilson, Inc. 8.75% 4/1/19		2,785,000		2,896,400
Post Apartment Homes LP 6.3% 6/1/13		2,000,000		2,084,810
Realogy Corp.:
7.875% 2/15/19 (g)		7,085,000		6,943,300
9% 1/15/20 (g)		1,920,000		1,939,200
Regency Centers LP:
5.25% 8/1/15		4,509,000		4,862,519
5.875% 6/15/17		400,000		451,808
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17		2,490,000		2,726,550
Toys 'R' Us Property Co. II LLC 8.5% 12/1/17		1,000,000		1,040,000
Ventas Realty LP:
4% 4/30/19		2,262,000		2,299,070
4.25% 3/1/22		1,550,000		1,534,767
Vornado Realty LP 5% 1/15/22		2,000,000		2,099,666
Wells Operating Partnership II LP 5.875% 4/1/18		3,000,000		3,062,616
				113,706,937
Thrifts & Mortgage Finance - 0.1%
Wrightwood Capital LLC 1.9% 4/20/20		4,349,567		1,826,818
TOTAL FINANCIALS				341,521,280
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
HEALTH CARE - 1.4%
Health Care Equipment & Supplies - 0.5%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp.:
7.75% 2/15/19		$ 7,290,000		$ 7,654,500
7.75% 2/15/19 (g)		3,120,000		3,276,000
				10,930,500
Health Care Providers & Services - 0.9%
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18		20,545,000		21,907,134
TOTAL HEALTH CARE				32,837,634
TOTAL NONCONVERTIBLE BONDS				574,493,861
TOTAL CORPORATE BONDS (Cost $573,034,438)			593,875,199
Asset-Backed Securities - 5.1%

Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (g)		1,384,000		1,389,951
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.5998% 3/23/19 (g)(h)		283,441		243,759
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.7398% 3/20/50 (g)(h)		2,250,000		0
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (g)		5,158,513		5,184,306
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.7192% 1/20/37 (g)(h)		1,280,028		1,049,623
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (g)		1,189,634		1,034,982
CBRE Realty Finance CDO LLC Series 2007-1A Class A1, 0.7192% 4/7/52 (g)(h)		13,310,989		8,918,363
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33		500,000		279,970
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (g)		1,570,000		1,514,265
Class B2, 1.8227% 12/28/35 (g)(h)		1,575,000		1,433,250
Class D, 9% 12/28/35 (g)		500,000		95,000
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A:
Class B1, 1.9727% 6/28/38 (g)(h)		$ 1,230,000		$ 1,156,200
Class D, 9% 6/28/38 (g)		997,000		697,900
Crest Ltd. Series 2002-IGA Class B, 1.8159% 7/28/35 (g)(h)		317,440		316,805
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27		9,500,000		8,759,010
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.8556% 11/28/39 (g)(h)		560,621		16,819
Green Tree Financial Corp.:
Series 1996-4 Class M1, 7.75% 6/15/27		1,788,179		1,649,490
Series 1997-3 Class M1, 7.53% 3/15/28		7,510,983		6,241,387
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7388% 6/25/35 (h)(j)		1,259,000		34,846
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 1.7888% 8/26/30 (g)(h)		735,000		580,650
Class E, 2.2388% 8/26/30 (g)(h)		1,512,215		725,863
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40		1,196,814		484,441
Merit Securities Corp. Series 13 Class M1, 7.9008% 12/28/33 (h)		1,923,000		1,779,142
N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (g)		899,989		740,421
Newcastle Investment Trust Series 2011-MH1 Class A, 2.45% 12/10/33 (g)		3,719,900		3,757,252
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class D, 5.194% 7/24/39 (g)		4,590,000		4,544,100
Prima Capital Ltd. Series 2006-CR1A Class A2, 5.533% 12/28/48 (g)		9,370,000		9,182,600
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3.1806% 2/5/36 (g)(h)		3,553,722		355
TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp. Series 2002-1A Class IIFX, 6.77% 5/22/37 (g)		2,212,848		2,218,380
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 6.0237% 9/25/26 (g)(h)		2,000,000		840,000
Series 2006-1A:
Class A1A, 0.7337% 9/25/26 (g)(h)		20,661,147		19,111,561
Class A1B, 0.8037% 9/25/26 (g)(h)		22,506,000		18,004,800
Class A2A, 0.6937% 9/25/26 (g)(h)		6,933,773		6,483,078
Class A2B, 0.7837% 9/25/26 (g)(h)		1,550,000		1,302,000
Class B, 0.8337% 9/25/26 (g)(h)		890,000		707,550
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Wachovia Ltd./Wachovia LLC: - continued
Series 2006-1A:
Class C 1.0037% 9/25/26 (g)(h)		$ 3,830,000		$ 3,006,550
Class G, 1.8237% 9/25/26 (g)(h)		1,150,000		782,000
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A:
Class A1, 0.8131% 11/21/40 (g)(h)		10,500,000		8,925,000
Class F, 2.4431% 11/21/40 (g)(h)		250,000		50,000
TOTAL ASSET-BACKED SECURITIES (Cost $122,294,415)			123,241,669
Collateralized Mortgage Obligations - 0.9%

Private Sponsor - 0.9%
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.4203% 6/15/22 (g)(h)		1,899,478		1,846,534
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (g)		68,818		20,184
Series 2002-R2 Class 2B3, 3.8803% 7/25/33 (g)(h)		215,137		91,696
Series 2003-40 Class B3, 4.5% 10/25/18 (g)		109,203		74,810
Series 2003-R3:
Class B2, 5.5% 11/25/33 (g)		1,429,318		301,995
Class B3, 5.5% 11/25/33		168,717		11,243
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (g)(h)		126,578		4,917
FREMF Mortgage Trust:
Series 2010 K7 Class B, 5.4353% 4/25/20 (g)(h)		3,200,000		3,440,362
Series 2010-K6 Class B, 5.3615% 12/25/46 (g)(h)		4,500,000		4,803,993
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (g)		7,120,000		7,182,521
Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (g)		1,600,000		1,598,491
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 12.1913% 7/10/35 (g)(h)		352,134		250,297
Series 2005-A Class B6, 2.2413% 3/10/37 (g)(h)		1,501,292		96,083
Series 2005-B Class B6, 1.8413% 6/10/37 (g)(h)		861,294		33,160
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (g)		50,277		42,806
RESIX Finance Ltd. floater:
Series 2003-D Class B8, 6.7413% 12/10/35 (g)(h)		331,511		135,323
Series 2004-A Class B7, 4.4913% 2/10/36 (g)(h)		364,099		180,957
Collateralized Mortgage Obligations - continued
		Principal Amount (e)		Value
Private Sponsor - continued
RESIX Finance Ltd. floater: - continued
Series 2004-B Class B7, 4.2413% 2/10/36 (g)(h)		$ 438,959		$ 196,127
Series 2005-C Class B7, 3.3413% 9/10/37 (g)(h)		393,090		786
TOTAL PRIVATE SPONSOR				20,312,285
U.S. Government Agency - 0.0%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (j)		167,852		39,041
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.2971% 2/25/42 (g)(h)		104,308		48,271
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (j)		244,232		71,591
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.3661% 6/25/43 (g)(h)		154,619		30,823
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 3.4228% 10/25/42 (g)(h)		67,773		9,797
TOTAL U.S. GOVERNMENT AGENCY				199,523
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $24,226,848)			20,511,808
Commercial Mortgage Securities - 21.6%

ACGS Series 2004-1 Class P, 7.4651% 8/1/19 (j)		5,304,938		5,137,087
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (g)		2,000,000		2,224,961
Asset Securitization Corp. Series 1997-D4 Class B2, 7.525% 4/14/29		241,658		248,979
Banc of America Commercial Mortgage, Inc.:
sequential payer Series 2002-2 Class F, 5.487% 7/11/43		4,185,000		4,221,824
Series 2005-1 Class CJ, 5.3601% 11/10/42 (h)		3,580,000		3,730,299
Series 2005-6 Class AJ, 5.1931% 9/10/47 (h)		5,000,000		5,013,750
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 1.99% 11/15/15 (g)(h)		120,250,176		112,819,902
Banc of America Large Loan, Inc. floater Series 2005-MIB1:
Class J, 1.2903% 3/15/22 (g)(h)		2,000,000		1,810,148
Class K, 2.2403% 3/15/22 (g)(h)		4,190,000		2,325,760
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4518% 3/11/39 (h)		$ 5,700,000		$ 5,479,712
Bear Stearns Commercial Mortgage Securities Trust Series 2006-T22 Class B, 5.5407% 4/12/38 (g)(h)		2,520,000		2,314,542
COMM pass-thru certificates:
floater Series 2006-FL12 Class AJ, 0.3703% 12/15/20 (g)(h)		8,000,000		7,241,280
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (g)		7,373,156		7,410,022
Commercial Mortgage pass-thru certificates:
Series 2005-C6 Class AJ, 5.209% 6/10/44 (h)		5,000,000		5,010,345
Series 2011-STRT Class C, 4.755% 12/10/24 (g)		2,000,000		2,022,120
Commercial Mortgage Trust pass-thru certificates Series 2012-LC4:
Class C, 5.825% 12/10/44 (h)		2,000,000		1,974,978
Class D, 5.825% 12/10/44 (g)(h)		8,000,000		6,671,368
Communication Mortgage Trust Series 2011-THL:
Class E, 5.949% 6/9/28 (g)		3,690,000		3,742,059
Class F, 4.867% 6/9/28 (g)		11,090,000		9,997,934
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1998-C1 Class F, 6% 5/17/40 (g)		2,525,980		2,667,978
Series 1998-C2 Class F, 6.75% 11/15/30 (g)		3,000,000		3,206,769
CRESI Finance Ltd. Partnership floater Series 2006-A Class E, 1.8888% 3/25/17 (g)(h)		2,512,000		1,934,240
CRESIX Finance Ltd. Series 2006-AA:
Class F, 4.4388% 3/25/17 (g)(h)		3,860,000		3,088,000
Class G, 7.2388% 3/25/17 (g)(h)		3,272,000		2,454,000
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.5568% 11/10/46 (g)(h)		12,490,000		11,235,967
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		1,200,000		1,002,912
DLJ Commercial Mortgage Corp.:
Series 1998-CG1 Class B4, 7.4444% 6/10/31 (g)(h)		2,500,000		2,605,373
Series 2000-CKP1 Class B3, 7.824% 11/10/33 (h)		2,970,000		2,960,968
Extended Stay America Trust Series 2010-ESHA Class D, 5.4983% 11/5/27 (g)		6,000,000		6,079,510
FHMLC Multi-class participation certificates guaranteed:
Series K013 Class X3, 2.7898% 1/25/43 (h)(i)		14,360,000		2,424,858
Series KAIV Class X2, 3.6146% 6/25/46 (h)(i)		7,430,000		1,560,879
Freddie Mac:
Series K011 Class X3, 2.5749% 12/25/43 (h)(i)		12,206,096		1,884,402
Series K012 Class X3, 2.2878% 1/25/41 (h)(i)		21,072,886		2,903,127
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (g)		11,329,138		10,422,807
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
GE Capital Commercial Mortgage Corp. Series 2002-1A Class H, 7.2709% 12/10/35 (g)(h)		$ 991,000		$ 990,855
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2:
Class F, 6.75% 4/15/29 (h)		1,483,855		1,533,753
Class G, 6.75% 4/15/29 (h)		1,250,000		1,379,348
Series 1999-C3:
Class G, 6.974% 8/15/36 (g)		28,581		28,504
Class J, 6.974% 8/15/36		1,500,000		1,484,151
Series 2000-C1 Class K, 7% 3/15/33		469,146		354,331
Series 2002-C3 Class D, 5.27% 7/10/39		3,000,000		3,022,563
Greenwich Capital Commercial Funding Corp.:
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (g)		2,000,000		2,031,906
Series 2002-C1 Class H, 5.903% 1/11/35 (g)		880,000		882,350
GS Mortgage Securities Corp. II:
floater Series 2007-EOP Class L, 5.4585% 3/6/20 (g)(h)		1,400,000		1,405,603
Series 2010-C1:
Class D, 5.9969% 8/10/43 (g)(h)		4,000,000		3,646,776
Class E, 4% 8/10/43 (g)		3,000,000		2,152,236
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (g)		9,185,000		9,055,492
GS Mortgage Securities Trust:
Series 2011-GC5 Class C, 5.3086% 8/10/44 (g)(h)		9,000,000		9,116,840
Series 2012-GC6 Class C, 5.451% 1/10/45 (g)(h)		3,600,000		3,522,192
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2001-A:
Class G, 6% 10/15/32 (g)(h)		2,038,274		2,652
Class X, 0.6261% 10/15/32 (g)(h)(i)		4,870,680		15,213
Series 2002-C1 Class E, 6.135% 7/12/37 (g)		3,000,000		2,998,848
Series 2009-IWST Class D, 7.4455% 12/5/27 (g)(h)		6,500,000		7,031,785
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (g)		8,000,000		8,361,191
Series 2010-CNTR:
Class D, 6.184% 8/5/32 (g)(h)		4,500,000		4,588,979
Class XB, 0.9305% 8/5/32 (g)(i)		32,655,000		1,708,506
JPMorgan Chase Commercial Mortgage Securities Trust Series 2005-LDP5 Class AJ, 5.3259% 12/15/44 (h)		3,470,000		3,436,526
JPMorgan Chase Commercial Mortgage Security Trust Series 2011-C5 Class C, 5.3142% 8/15/46 (g)(h)		6,525,375		6,349,908
JPMorgan Commercial Mortgage Finance Corp.:
Series 1997-C5 Class F, 7.5605% 9/15/29		558,471		563,685
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
JPMorgan Commercial Mortgage Finance Corp.: - continued
Series 1999-C8:
Class G, 6% 7/15/31 (g)		$ 1,024,947		$ 1,047,578
Class H, 6% 7/15/31 (g)		1,341,102		455,606
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (g)		2,810,637		2,943,782
LB-UBS Commercial Mortgage Trust:
sequential payer:
Series 2004-C2 Class E, 4.487% 3/15/36		2,060,000		2,062,828
Series 2005-C3 Class AJ, 4.843% 7/15/40		6,620,000		6,565,987
Series 2005-C7 Class AJ, 5.323% 11/15/40		8,000,000		8,061,128
Series 2006-C7 Class AM, 5.378% 11/15/38		2,040,000		2,034,955
Series 2004-C7 Class E, 4.918% 10/15/36		5,120,000		5,017,595
Series 2005-C1 Class E, 4.924% 2/15/40		4,000,000		3,642,908
Series 2005-C2 Class AJ, 5.205% 4/15/30 (h)		8,910,000		9,082,899
Series 2006-C4:
Class AJ, 5.886% 6/15/38 (h)		7,005,000		5,761,220
Class AM, 5.886% 6/15/38 (h)		6,700,000		7,021,935
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2007-LLFA Class E, 1.1403% 6/15/22 (g)(h)		6,230,000		5,077,450
Lstar Commercial Mortgage Trust:
Series 2011-1 Class D, 5.6691% 6/25/43 (g)(h)		4,699,000		4,235,688
Series 2011-1 Class B, 5.6691% 6/25/43 (g)(h)		5,720,000		6,186,872
Merrill Lynch Financial Asset, Inc. Series 2005-CA16:
Class F, 4.384% 7/12/37	CAD	710,000		519,660
Class G, 4.384% 7/12/37	CAD	355,000		252,866
Class H, 4.384% 7/12/37	CAD	236,000		163,624
Class J, 4.384% 7/12/37	CAD	355,000		239,613
Class K, 4.384% 7/12/37	CAD	355,000		233,306
Class L, 4.384% 7/12/37	CAD	236,000		151,042
Class M, 4.384% 7/12/37	CAD	995,000		536,365
Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (g)		2,389,530		1,397,875
Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.6603% 5/12/39 (h)		1,200,000		1,279,417
Mezz Capital Commercial Mortgage Trust:
sequential payer:
Series 2004-C1 Class A, 4.836% 1/15/37 (g)		4,280,910		3,681,583
Series 2004-C2 Class A, 5.318% 10/15/40 (g)		10,002,787		7,752,160
Series 2004-C1:
Class D, 6.988% 1/15/37 (g)		750,000		75
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Mezz Capital Commercial Mortgage Trust: - continued
Series 2004-C1:
Class E, 7.983% 1/15/37 (g)		$ 1,453,000		$ 145
Class IO, 8.3236% 1/15/37 (g)(h)(i)		4,746,340		355,975
Morgan Stanley Capital I Trust:
sequential payer:
Series 2012-C4 Class E, 5.71% 3/15/45 (g)		4,630,000		3,879,847
Series 2004-RR2 Class A2, 5.45% 10/28/33 (g)		1,213,184		1,219,250
Series 2006-HQ10 Class AM, 5.36% 11/12/41		8,200,000		8,661,094
Series 1997-RR Class F, 7.3534% 4/30/39 (g)(h)		1,695,683		1,492,201
Series 1998-CF1 Class G, 7.35% 7/15/32 (g)		2,611,210		1,269,048
Series 2005-HQ5 Class B, 5.272% 1/14/42		2,000,000		1,995,996
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43		7,500,000		7,578,218
Series 2011-C1 Class C, 5.2551% 9/15/47 (g)(h)		2,000,000		1,979,120
Series 2011-C2:
Class D, 5.3184% 6/15/44 (g)(h)		4,610,000		4,150,199
Class E, 5.3184% 6/15/44 (g)(h)		9,600,000		8,019,648
Class F, 5.3184% 6/15/44 (g)(h)		4,440,000		3,515,770
Class XB, 0.4649% 6/15/44 (g)(h)(i)		63,708,222		1,973,681
Series 2011-C3 Class D, 5.357% 7/15/49 (g)		7,400,000		6,474,785
NationsLink Funding Corp. Series 1999-SL Class X, 11/10/30 (i)		1,713,313		1,627,648
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g)		3,506,029		3,591,576
RBSCF Trust Series 2010-MB1 Class D, 4.6744% 4/15/24 (g)(h)		5,820,000		5,867,288
Salomon Brothers Mortgage Securities VII, Inc. Series 2001-MMA:
Class E3, 6.5% 2/18/34 (g)(h)		3,000,000		3,103,500
Class E5, 6.5% 2/18/34 (g)(h)		3,000,000		3,014,352
Structured Asset Securities Corp. Series 1997-LLI Class F, 7.3% 10/12/34 (g)		2,170,000		2,170,996
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.6557% 8/15/39 (h)		2,080,000		2,167,761
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (g)		10,630,000		9,821,982
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.8153% 7/15/24 (g)(h)		1,200,000		802,306
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 5.8751% 1/10/45 (g)(h)		3,000,000		3,314,064
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/28 (g)		2,540,000		2,669,007
Wachovia Bank Commercial Mortgage Trust:
Series 2004-C10 Class E, 4.931% 2/15/41		2,000,000		1,977,060
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Wachovia Bank Commercial Mortgage Trust: - continued
Series 2004-C11:
Class D, 5.3754% 1/15/41 (h)		$ 5,177,000		$ 4,723,220
Class E, 5.4254% 1/15/41 (h)		3,785,000		3,198,450
Series 2004-C12 Class D, 5.3166% 7/15/41 (h)		2,750,000		2,769,498
Series 2004-C14 Class B, 5.17% 8/15/41		3,180,000		3,086,047
WF-RBS Commercial Mortgage Trust Series 2011-C3 Class C, 5.335% 3/15/44 (g)		4,900,000		4,734,115
WFDB Commercial Mortgage Trust Series 2011-BXR Class D, 5.914% 7/5/24 (g)		4,000,000		4,126,556
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $512,885,275)			522,229,473
Floating Rate Loans - 3.9%

CONSUMER DISCRETIONARY - 0.6%
Hotels, Restaurants & Leisure - 0.4%
Extended Stay America, Inc. term loan 9.75% 11/1/15		9,000,000		9,090,000
Media - 0.1%
PRIMEDIA, Inc. Tranche B, term loan 7.5% 1/13/18 (h)		2,828,625		2,489,190
Specialty Retail - 0.1%
The Pep Boys - Manny, Moe & Jack term loan 2.49% 10/27/13 (h)		1,971,108		1,968,644
TOTAL CONSUMER DISCRETIONARY				13,547,834
FINANCIALS - 2.0%
Diversified Financial Services - 0.2%
Pilot Travel Centers LLC Tranche B, term loan 4.25% 3/30/18 (h)		3,885,475		3,900,239
Real Estate Investment Trusts - 0.0%
iStar Financial, Inc. Tranche A 1LN, term loan 5% 6/28/13 (h)		969,296		969,296
Real Estate Management & Development - 1.7%
CB Richard Ellis Group, Inc.:
Tranche A, term loan 2.4898% 11/9/15 (h)		2,914,286		2,903,357
Tranche B, term loan 3.4898% 11/9/16 (h)		3,000,000		3,000,000
CB Richard Ellis Services, Inc. Tranche D, term loan 3.7403% 9/4/19 (h)		4,750,553		4,744,615
CityCenter term loan 8.75% 7/1/13 (h)		8,000,000		7,924,000
EOP Operating LP term loan 1.992% 2/5/13 (h)		5,000,000		4,725,000
Floating Rate Loans - continued
		Principal Amount (e)		Value
FINANCIALS - continued
Real Estate Management & Development - continued
Equity Inns Reality LLC:
Tranche A, term loan 9.5% 11/2/12 (h)		$ 2,184,917		$ 1,699,046
Tranche B 2LN, term loan 6.55% 11/2/12 (h)		5,000,000		4,500,000
Realogy Corp.:
Credit-Linked Deposit 3.2413% 10/10/13 (h)		520,165		491,556
Credit-Linked Deposit 4.4913% 10/10/16 (h)		712,318		661,565
term loan 4.77% 10/10/16 (h)		8,058,859		7,484,665
Tranche 2LN, term loan 13.5% 10/15/17		3,500,000		3,587,500
				41,721,304
Thrifts & Mortgage Finance - 0.1%
Ocwen Financial Corp. Tranche B, term loan 7% 9/1/16 (h)		2,412,575		2,424,638
TOTAL FINANCIALS				49,015,477
HEALTH CARE - 0.4%
Health Care Providers & Services - 0.4%
Community Health Systems, Inc. term loan 3.9886% 1/25/17 (h)		2,903,247		2,866,957
Health Management Associates, Inc. Tranche B, term loan 4.5% 11/18/18 (h)		1,995,000		1,995,000
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (h)		5,209,946		5,125,284
				9,987,241
INDUSTRIALS - 0.5%
Construction & Engineering - 0.5%
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (h)		11,907,850		11,252,918
TELECOMMUNICATION SERVICES - 0.4%
Wireless Telecommunication Services - 0.4%
Crown Castle Operating Co. Tranche B, term loan 4% 1/31/19 (h)		7,436,375		7,436,375
TowerCo Finance LLC Tranche B, term loan 4.5% 2/2/17 (h)		3,641,608		3,650,712
				11,087,087
TOTAL FLOATING RATE LOANS (Cost $96,253,680)			94,890,557

Preferred Securities - 0.0%
	Principal Amount (e)		Value
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (g)	500,000		$ 15,000
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (g)	1,220,000		122,000
Ipswich Street CDO Series 2006-1, 6/27/46 (d)(g)	1,350,000		0
			137,000
TOTAL PREFERRED SECURITIES (Cost $2,593,896)		137,000
Money Market Funds - 9.3%
	Shares
Fidelity Cash Central Fund, 0.14% (b)	196,486,523		196,486,523
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	28,570,838		28,570,838
TOTAL MONEY MARKET FUNDS (Cost $225,057,361)		225,057,361
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $2,320,263,982)			2,442,289,694
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(24,519,862)
NET ASSETS - 100%		$ 2,417,769,832

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

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

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
ACGS Series 2004-1 Class P, 7.4651% 8/1/19	2/17/11	$ 5,137,113
Fannie Mae REMIC Trust: Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41	5/21/03	$ 145,454
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42	3/25/03	$ 184,052
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7388% 6/25/35	6/3/05	$ 1,110,697

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 149,455
Fidelity Securities Lending Cash Central Fund	54,364
Total	$ 203,819

Other Information

The following is a summary of the inputs used, as of April 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 31,563,240	$ 27,597,109	$ -	$ 3,966,131
Financials	798,045,282	774,505,236	19,074,530	4,465,516
Health Care	28,336,799	28,336,799	-	-
Telecommunica-tion Services	4,401,306	4,401,306	-	-
Corporate Bonds	593,875,199	-	592,048,381	1,826,818
Asset-Backed Securities	123,241,669	-	81,065,636	42,176,033
Collateralized Mortgage Obligations	20,511,808	-	18,871,901	1,639,907
Commercial Mortgage Securities	522,229,473	-	488,345,433	33,884,040
Floating Rate Loans	94,890,557	-	73,151,557	21,739,000
Preferred Securities	137,000	-	-	137,000
Money Market Funds	225,057,361	225,057,361	-	-
Total Investments in Securities:	$ 2,442,289,694	$ 1,059,897,811	$ 1,272,557,438	$ 109,834,445

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

Investments in Securities:
Equities - Consumer Discretionary
Beginning Balance	$ 3,528,571
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	437,560
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 3,966,131
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ 437,560
Investments in Securities:
Equities - Financials
Beginning Balance	$ 4,941,370
Total Realized Gain (Loss)	(607)
Total Unrealized Gain (Loss)	(475,371)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	124
Transfers out of Level 3	-
Ending Balance	$ 4,465,516
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ (475,371)
Corporate Bonds
Beginning Balance	$ 9,384,800
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	77,251
Cost of Purchases	4,349,567
Proceeds of Sales	(4,000,000)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(7,984,800)
Ending Balance	$ 1,826,818
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ (2,522,749)
Asset-Backed Securities
Beginning Balance	$ 79,390,084
Total Realized Gain (Loss)	800,887
Total Unrealized Gain (Loss)	4,788,372
Cost of Purchases	846,386
Proceeds of Sales	(15,155,630)
Amortization/Accretion	746,393
Transfers in to Level 3	3,448,211
Transfers out of Level 3	(32,688,670)
Ending Balance	$ 42,176,033
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ 4,900,195
Investments in Securities:
Collateralized Mortgage Obligations
Beginning Balance	$ 862,000
Total Realized Gain (Loss)	(340,006)
Total Unrealized Gain (Loss)	280,318
Cost of Purchases	-
Proceeds of Sales	(647,708)
Amortization/Accretion	(180,392)
Transfers in to Level 3	1,665,695
Transfers out of Level 3	-
Ending Balance	$ 1,639,907
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ (56,370)
Commercial Mortgage Securities
Beginning Balance	$ 31,940,633
Total Realized Gain (Loss)	(89,486)
Total Unrealized Gain (Loss)	1,083,913
Cost of Purchases	8,837,780
Proceeds of Sales	(3,377,194)
Amortization/Accretion	(113,529)
Transfers in to Level 3	5,151,372
Transfers out of Level 3	(9,549,449)
Ending Balance	$ 33,884,040
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ 840,922
Floating Rate Loans
Beginning Balance	$ 9,000,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	34,629
Cost of Purchases	4,675,000
Proceeds of Sales	-
Amortization/Accretion	44,571
Transfers in to Level 3	7,984,800
Transfers out of Level 3	-
Ending Balance	$ 21,739,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ 34,629
Investments in Securities:
Preferred Securities
Beginning Balance	$ 442,008
Total Realized Gain (Loss)	(785,700)
Total Unrealized Gain (Loss)	478,595
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	2,097
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 137,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ (307,097)

Income Tax Information

Investment Valuation

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

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, floating rate loans and preferred securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. For asset backed securities, collateralized mortgage obligations and commercial mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

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

April 30, 2012

1.817158.107

ASCV-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
CONSUMER DISCRETIONARY - 14.6%
Diversified Consumer Services - 2.6%
Regis Corp. (e)	3,795,824		$ 69,653,370
Household Durables - 6.6%
Ethan Allen Interiors, Inc.	567,112		13,156,998
KB Home (d)	3,300,000		28,644,000
M.D.C. Holdings, Inc. (d)	1,974,300		55,497,573
Meritage Homes Corp. (a)	1,286,160		36,514,082
Ryland Group, Inc. (d)	1,906,237		42,909,395
			176,722,048
Media - 1.1%
Valassis Communications, Inc. (a)	1,484,641		29,692,820
Specialty Retail - 3.1%
Asbury Automotive Group, Inc. (a)	965,159		26,947,239
Ascena Retail Group, Inc. (a)	1,621,400		33,206,272
Tsutsumi Jewelry Co. Ltd.	791,400		23,151,233
			83,304,744
Textiles, Apparel & Luxury Goods - 1.2%
Hanesbrands, Inc. (a)	1,100,000		31,042,000
TOTAL CONSUMER DISCRETIONARY			390,414,982
CONSUMER STAPLES - 3.8%
Food Products - 2.6%
Chiquita Brands International, Inc. (a)(e)	2,916,210		24,787,785
Dean Foods Co. (a)	3,600,000		44,208,000
			68,995,785
Household Products - 1.2%
Spectrum Brands Holdings, Inc. (a)	937,476		32,352,297
TOTAL CONSUMER STAPLES			101,348,082
ENERGY - 3.2%
Energy Equipment & Services - 1.5%
Superior Energy Services, Inc. (a)	1,466,700		39,483,564
Oil, Gas & Consumable Fuels - 1.7%
Berry Petroleum Co. Class A	1,025,000		46,688,750
TOTAL ENERGY			86,172,314
Common Stocks - continued
	Shares		Value
FINANCIALS - 36.2%
Capital Markets - 4.7%
Knight Capital Group, Inc. Class A (a)	3,454,903		$ 45,397,425
Monex Beans Holdings, Inc. (f)	139,737		27,753,003
Waddell & Reed Financial, Inc. Class A	1,610,000		51,487,800
			124,638,228
Commercial Banks - 11.5%
Associated Banc-Corp.	4,432,650		59,087,225
CapitalSource, Inc.	6,548,461		42,237,573
City National Corp.	784,900		41,803,774
National Penn Bancshares, Inc.	4,266,604		39,338,089
PacWest Bancorp (e)	1,857,600		44,248,032
TCF Financial Corp.	6,739,200		77,298,624
Western Liberty Bancorp (a)(e)	1,000,000		2,950,000
			306,963,317
Insurance - 7.6%
Alterra Capital Holdings Ltd.	2,337,411		55,934,245
Aspen Insurance Holdings Ltd.	1,920,200		54,380,064
Platinum Underwriters Holdings Ltd.	1,694,139		62,039,370
ProAssurance Corp.	350,000		30,831,500
			203,185,179
Real Estate Investment Trusts - 7.3%
DCT Industrial Trust, Inc.	12,180,586		72,230,875
Franklin Street Properties Corp.	3,160,000		31,821,200
Highwoods Properties, Inc. (SBI)	1,720,330		59,747,061
National Retail Properties, Inc.	1,140,000		31,213,200
			195,012,336
Real Estate Management & Development - 1.1%
Forestar Group, Inc. (a)(e)	1,996,875		30,711,938
Thrifts & Mortgage Finance - 4.0%
Astoria Financial Corp. (d)(e)	5,418,152		52,501,893
Washington Federal, Inc.	3,086,175		54,131,510
			106,633,403
TOTAL FINANCIALS			967,144,401
HEALTH CARE - 6.3%
Health Care Equipment & Supplies - 1.0%
Integra LifeSciences Holdings Corp. (a)	680,775		25,345,253
Health Care Providers & Services - 5.3%
Chemed Corp.	465,200		28,070,168
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
MEDNAX, Inc. (a)	779,700		$ 54,766,128
Team Health Holdings, Inc. (a)	2,787,898		60,051,323
			142,887,619
TOTAL HEALTH CARE			168,232,872
INDUSTRIALS - 13.4%
Commercial Services & Supplies - 6.9%
ACCO Brands Corp. (a)	1,870,000		19,728,500
HNI Corp. (d)(e)	2,674,619		64,511,810
Knoll, Inc.	1,712,898		25,333,761
Quad/Graphics, Inc. (d)	1,414,900		19,016,256
United Stationers, Inc.	1,980,800		56,175,488
			184,765,815
Electrical Equipment - 0.7%
GrafTech International Ltd. (a)	1,632,688		19,167,757
Machinery - 2.2%
Blount International, Inc. (a)(e)	2,604,723		42,118,371
Columbus McKinnon Corp. (NY Shares) (a)(e)	1,047,872		15,539,942
			57,658,313
Trading Companies & Distributors - 3.6%
H&E Equipment Services, Inc. (a)	992,000		19,145,600
WESCO International, Inc. (a)	1,153,633		76,589,695
			95,735,295
TOTAL INDUSTRIALS			357,327,180
INFORMATION TECHNOLOGY - 11.3%
Communications Equipment - 2.1%
Polycom, Inc. (a)	710,112		9,423,186
ViaSat, Inc. (a)	984,472		47,549,998
			56,973,184
Electronic Equipment & Components - 6.5%
Ingram Micro, Inc. Class A (a)	2,853,100		55,521,326
Macnica, Inc.	677,400		15,800,436
Ryoyo Electro Corp. (e)	1,972,700		21,832,512
SYNNEX Corp. (a)	784,210		29,870,559
Tech Data Corp. (a)	964,600		51,885,834
			174,910,667
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 0.8%
j2 Global, Inc. (d)	813,904		$ 21,023,140
Semiconductors & Semiconductor Equipment - 0.5%
Miraial Co. Ltd. (e)	720,200		12,936,680
Software - 1.4%
Monotype Imaging Holdings, Inc. (a)(e)	2,622,574		37,214,325
TOTAL INFORMATION TECHNOLOGY			303,057,996
MATERIALS - 4.6%
Chemicals - 0.9%
PolyOne Corp.	1,750,000		24,255,000
Metals & Mining - 3.7%
Carpenter Technology Corp.	409,380		22,786,091
Haynes International, Inc.	496,108		30,942,256
RTI International Metals, Inc. (a)(e)	1,875,205		46,036,283
			99,764,630
TOTAL MATERIALS			124,019,630
UTILITIES - 4.9%
Electric Utilities - 1.9%
Westar Energy, Inc.	1,760,000		50,494,400
Gas Utilities - 3.0%
Southwest Gas Corp.	836,756		35,160,487
UGI Corp.	1,502,654		43,847,444
			79,007,931
TOTAL UTILITIES			129,502,331
TOTAL COMMON STOCKS (Cost $2,171,741,604)		2,627,219,788
Nonconvertible Preferred Stocks - 1.3%

CONSUMER DISCRETIONARY - 0.5%
Household Durables - 0.5%
M/I Homes, Inc. Series A, 9.75% (a)	750,400		12,584,208
Nonconvertible Preferred Stocks - continued
	Shares		Value
FINANCIALS - 0.8%
Real Estate Investment Trusts - 0.8%
DDR Corp. Series H, 7.375%	818,790		$ 20,527,065
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $20,354,770)		33,111,273
Money Market Funds - 1.3%

Fidelity Cash Central Fund, 0.14% (b)	13,793,731		13,793,731
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	20,641,825		20,641,825
TOTAL MONEY MARKET FUNDS (Cost $34,435,556)		34,435,556

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $2,226,531,930)

2,694,766,617

NET OTHER ASSETS (LIABILITIES) - (0.9)%

(22,844,041)

NET ASSETS - 100%

$ 2,671,922,576

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 purchased on a delayed delivery or when-issued basis.

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	$ 8,649
Fidelity Securities Lending Cash Central Fund	110,883
Total	$ 119,532

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Astoria Financial Corp.	$ 56,131,471	$ 5,135,258	$ -	$ 2,061,079	$ 52,501,893
Blount International, Inc.	43,316,543	-	-	-	42,118,371
Chiquita Brands International, Inc.	24,519,456	7,698,539	-	-	24,787,785
Columbus McKinnon Corp. (NY Shares)	15,792,000	1,137,487	-	-	15,539,942
DCT Industrial Trust, Inc.	74,961,776	-	7,151,583	2,561,423	-
Forestar Group, Inc.	-	24,473,760	-	-	30,711,938
H&E Equipment Services, Inc.	29,272,896	2,743,497	34,273,157	-	-
Haynes International, Inc.	42,301,857	-	8,879,973	337,509	-
HNI Corp.	49,131,621	18,981,945	17,053,493	1,897,797	64,511,810
Ingles Markets, Inc. Class A	10,225,970	-	9,904,080	78,182	-
M.D.C. Holdings, Inc.	54,813,423	-	11,538,174	1,818,225	-
Miraial Co. Ltd.	15,046,860	-	-	259,439	12,936,680
Monotype Imaging Holdings, Inc.	35,396,690	549,189	-	-	37,214,325
PacWest Bancorp	36,873,360	-	-	687,312	44,248,032
Providence Service Corp.	12,045,466	-	15,255,161	-	-
Regis Corp.	60,080,486	-	4,464,726	725,248	69,653,370
RTI International Metals, Inc.	27,932,874	27,009,845	3,701,784	-	46,036,283
Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Ryoyo Electro Corp.	$ 19,684,709	$ -	$ -	$ 355,315	$ 21,832,512
Western Liberty Bancorp	7,248,000	-	3,576,868	-	2,950,000
Total	$ 614,775,458	$ 87,729,520	$ 115,798,999	$ 10,781,529	$ 465,042,941

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 402,999,190	$ 379,847,957	$ 23,151,233	$ -
Consumer Staples	101,348,082	101,348,082	-	-
Energy	86,172,314	86,172,314	-	-
Financials	987,671,466	959,918,463	27,753,003	-
Health Care	168,232,872	168,232,872	-	-
Industrials	357,327,180	357,327,180	-	-
Information Technology	303,057,996	252,488,368	50,569,628	-
Materials	124,019,630	124,019,630	-	-
Utilities	129,502,331	129,502,331	-	-
Money Market Funds	34,435,556	34,435,556	-	-
Total Investments in Securities:	$ 2,694,766,617	$ 2,593,292,753	$ 101,473,864	$ -

Income Tax Information

Investment Valuation

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Small Cap Growth Fund

April 30, 2012

1.815773.107

SCP-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
CONSUMER DISCRETIONARY - 17.7%
Auto Components - 0.9%
Tenneco, Inc. (a)	524,600		$ 16,173,418
Hotels, Restaurants & Leisure - 4.1%
Cracker Barrel Old Country Store, Inc.	278,800		16,036,576
Interval Leisure Group, Inc.	970,000		16,761,600
Life Time Fitness, Inc. (a)	677,600		31,549,057
Texas Roadhouse, Inc. Class A	751,900		12,970,275
			77,317,508
Household Durables - 2.0%
Lennar Corp. Class A	303,800		8,427,412
Toll Brothers, Inc. (a)	641,300		16,289,020
Tupperware Brands Corp.	197,090		12,276,736
			36,993,168
Multiline Retail - 0.6%
Dollarama, Inc.	214,900		11,961,733
Specialty Retail - 7.0%
Ascena Retail Group, Inc. (a)	784,800		16,072,704
DSW, Inc. Class A	291,300		16,388,538
Express, Inc. (a)	600,000		14,172,000
Hibbett Sports, Inc. (a)	490,000		29,262,800
Sally Beauty Holdings, Inc. (a)	811,000		21,572,600
Tractor Supply Co.	98,000		9,644,180
Vitamin Shoppe, Inc. (a)	522,300		24,584,661
			131,697,483
Textiles, Apparel & Luxury Goods - 3.1%
Hanesbrands, Inc. (a)	450,000		12,699,000
PVH Corp.	169,459		15,047,959
Steven Madden Ltd. (a)	521,400		22,529,694
Ted Baker PLC	591,073		8,684,702
			58,961,355
TOTAL CONSUMER DISCRETIONARY			333,104,665
CONSUMER STAPLES - 3.9%
Food & Staples Retailing - 0.7%
Chefs' Warehouse Holdings (a)	531,800		12,858,924
Food Products - 2.5%
Calavo Growers, Inc. (d)	456,458		13,091,215
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - continued
Hain Celestial Group, Inc. (a)	470,000		$ 22,231,000
Post Holdings, Inc. (a)	400,000		11,900,000
			47,222,215
Personal Products - 0.7%
Elizabeth Arden, Inc. (a)	325,000		12,668,500
TOTAL CONSUMER STAPLES			72,749,639
ENERGY - 7.7%
Energy Equipment & Services - 2.6%
Essential Energy Services Ltd.	5,166,700		12,710,788
Tesco Corp. (a)	750,000		12,247,500
Western Energy Services Corp. (a)	1,530,000		10,920,273
Xtreme Drilling & Coil Services Corp. (a)(e)	3,300,000		10,690,964
Zedi, Inc. (a)	2,329,500		1,745,209
			48,314,734
Oil, Gas & Consumable Fuels - 5.1%
Cheniere Energy, Inc. (a)	1,007,331		18,444,231
Delek US Holdings, Inc.	650,000		10,595,000
Energy XXI (Bermuda) Ltd.	500,000		18,840,000
Petroleum Development Corp. (a)	405,000		13,927,950
Stone Energy Corp. (a)	516,300		14,482,215
Targa Resources Corp.	429,300		20,645,037
			96,934,433
TOTAL ENERGY			145,249,167
FINANCIALS - 7.2%
Commercial Banks - 2.7%
Banco Pine SA	1,863,387		12,757,233
BBCN Bancorp, Inc. (a)	1,890,000		20,752,200
Columbia Banking Systems, Inc.	880,000		18,031,200
			51,540,633
Insurance - 1.6%
Allied World Assurance Co. Holdings Ltd.	259,800		18,695,208
Amerisafe, Inc. (a)	451,876		12,074,127
			30,769,335
Real Estate Investment Trusts - 2.2%
Highwoods Properties, Inc. (SBI)	419,000		14,551,870
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
LTC Properties, Inc.	430,000		$ 14,310,400
Rayonier, Inc.	285,000		12,924,750
			41,787,020
Real Estate Management & Development - 0.7%
Altisource Portfolio Solutions SA (a)	200,000		11,966,000
TOTAL FINANCIALS			136,062,988
HEALTH CARE - 16.5%
Biotechnology - 3.0%
Alkermes PLC (a)	165,500		2,863,150
Amylin Pharmaceuticals, Inc. (a)	556,700		14,424,097
ArQule, Inc. (a)	900,000		6,345,000
BioMarin Pharmaceutical, Inc. (a)	190,000		6,593,000
Isis Pharmaceuticals, Inc. (a)	437,257		3,498,056
OncoGenex Pharmaceuticals, Inc. (a)(d)	570,000		7,410,000
Seattle Genetics, Inc. (a)	330,000		6,524,100
Targacept, Inc. (a)	500,000		2,375,000
Theravance, Inc. (a)(d)	299,000		6,470,360
XOMA Corp. (a)	231,631		669,414
			57,172,177
Health Care Equipment & Supplies - 4.3%
Align Technology, Inc. (a)	783,800		24,854,298
Cyberonics, Inc. (a)	402,000		15,396,600
ICU Medical, Inc. (a)	200,000		10,498,000
Sirona Dental Systems, Inc. (a)	195,000		9,849,450
The Cooper Companies, Inc.	151,900		13,393,023
The Spectranetics Corp. (a)	618,315		6,486,124
			80,477,495
Health Care Providers & Services - 6.6%
Air Methods Corp. (a)	161,000		13,541,710
Catalyst Health Solutions, Inc. (a)	192,600		16,634,862
Centene Corp. (a)	330,000		13,064,700
Corvel Corp. (a)	222,592		9,680,526
Health Net, Inc. (a)	302,482		10,771,384
HMS Holdings Corp. (a)	783,500		18,851,010
MEDNAX, Inc. (a)	172,900		12,144,496
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
MWI Veterinary Supply, Inc. (a)	198,400		$ 18,728,960
PSS World Medical, Inc. (a)	447,000		10,696,710
			124,114,358
Health Care Technology - 0.7%
Epocrates, Inc. (a)	672,706		5,475,827
Merge Healthcare, Inc. (a)	2,065,300		8,880,790
			14,356,617
Life Sciences Tools & Services - 0.3%
Furiex Pharmaceuticals, Inc. (a)	200,000		2,874,000
Luminex Corp. (a)	117,201		2,934,713
			5,808,713
Pharmaceuticals - 1.6%
Cadence Pharmaceuticals, Inc. (a)	767,693		2,832,787
Dechra Pharmaceuticals PLC	313,264		2,346,537
Dechra Pharmaceuticals PLC rights 5/15/12 (a)	99,044		252,391
Impax Laboratories, Inc. (a)	640,200		15,768,126
ViroPharma, Inc. (a)	410,000		8,917,500
			30,117,341
TOTAL HEALTH CARE			312,046,701
INDUSTRIALS - 17.5%
Aerospace & Defense - 1.6%
Teledyne Technologies, Inc. (a)	245,700		15,877,134
TransDigm Group, Inc. (a)	112,600		14,201,112
			30,078,246
Building Products - 0.3%
US Home Systems, Inc. (e)	725,000		6,358,250
Commercial Services & Supplies - 0.4%
US Ecology, Inc.	345,665		7,494,017
Construction & Engineering - 0.8%
Foster Wheeler AG (a)	507,400		11,670,200
Primoris Services Corp.	300,000		4,326,000
			15,996,200
Electrical Equipment - 2.0%
Hubbell, Inc. Class B	278,800		22,370,912
II-VI, Inc. (a)	715,000		14,593,150
			36,964,062
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - 0.4%
Carlisle Companies, Inc.	121,927		$ 6,713,301
Machinery - 5.7%
Actuant Corp. Class A	413,100		11,265,237
Blount International, Inc. (a)	774,000		12,515,580
Chart Industries, Inc. (a)	260,000		19,871,800
CLARCOR, Inc.	30,960		1,486,699
TriMas Corp. (a)	567,900		12,499,479
Valmont Industries, Inc.	165,000		20,448,450
Wabtec Corp.	247,300		19,234,994
Westport Innovations, Inc. (a)(d)	332,300		10,400,992
			107,723,231
Professional Services - 2.6%
Advisory Board Co. (a)	255,100		23,254,916
MISTRAS Group, Inc. (a)	111,105		2,607,634
Nielsen Holdings B.V. (a)	410,000		11,980,200
Nihon M&A Center, Inc.	385,512		11,038,975
			48,881,725
Road & Rail - 0.8%
Avis Budget Group, Inc. (a)	1,135,900		14,948,444
Trading Companies & Distributors - 2.3%
DXP Enterprises, Inc. (a)	284,719		12,348,263
Rush Enterprises, Inc. Class A (a)	92,077		1,664,752
Watsco, Inc.	289,000		20,793,550
WESCO International, Inc. (a)	145,000		9,626,550
			44,433,115
Transportation Infrastructure - 0.6%
Wesco Aircraft Holdings, Inc. (a)	700,000		11,053,000
TOTAL INDUSTRIALS			330,643,591
INFORMATION TECHNOLOGY - 24.4%
Communications Equipment - 1.3%
Comtech Telecommunications Corp.	353,000		10,914,760
Parrot SA (a)	438,100		13,234,614
			24,149,374
Computers & Peripherals - 1.7%
Gemalto NV	175,177		13,053,612
Super Micro Computer, Inc. (a)	1,109,923		19,590,141
			32,643,753
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - 1.7%
Insight Enterprises, Inc. (a)	457,400		$ 9,289,794
OSI Systems, Inc. (a)	234,000		15,645,240
Zygo Corp. (a)	384,483		7,608,919
			32,543,953
Internet Software & Services - 6.9%
Ancestry.com, Inc. (a)(d)	424,700		11,339,490
Bankrate, Inc.	600,000		14,052,000
Demand Media, Inc. (a)(d)	1,993,000		16,561,830
InfoSpace, Inc. (a)	1,099,500		12,237,435
Liquidity Services, Inc. (a)	429,800		22,921,234
LivePerson, Inc. (a)	1,043,426		16,569,605
Open Text Corp. (a)	152,000		8,522,156
Perficient, Inc. (a)	1,031,502		12,388,339
QuinStreet, Inc. (a)(d)	1,500,000		15,765,000
			130,357,089
IT Services - 4.0%
Euronet Worldwide, Inc. (a)	500,000		10,815,000
Heartland Payment Systems, Inc.	710,000		21,633,700
Maximus, Inc.	400,000		17,700,000
VeriFone Systems, Inc. (a)	248,800		11,852,832
Virtusa Corp. (a)	815,000		12,298,350
			74,299,882
Semiconductors & Semiconductor Equipment - 1.7%
Cymer, Inc. (a)	278,201		14,421,940
Entegris, Inc. (a)	2,006,500		17,757,525
			32,179,465
Software - 7.1%
Aspen Technology, Inc. (a)	1,172,200		23,186,116
BroadSoft, Inc. (a)(d)	456,600		19,547,046
CommVault Systems, Inc. (a)	470,000		24,472,900
Ebix, Inc. (d)	635,610		12,998,225
MICROS Systems, Inc. (a)	330,312		18,771,631
Parametric Technology Corp. (a)	1,000,000		21,580,000
Royalblue Group PLC	506,000		12,729,973
			133,285,891
TOTAL INFORMATION TECHNOLOGY			459,459,407
Common Stocks - continued
	Shares		Value
MATERIALS - 1.6%
Containers & Packaging - 1.1%
Myers Industries, Inc.	700,000		$ 11,571,000
Silgan Holdings, Inc.	220,000		9,651,400
			21,222,400
Metals & Mining - 0.5%
Commercial Metals Co.	650,000		9,607,000
TOTAL MATERIALS			30,829,400
TOTAL COMMON STOCKS (Cost $1,598,129,823)		1,820,145,558

U.S. Treasury Obligations - 0.4%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.06% to 0.1% 5/24/12 (f) (Cost $8,099,558)	$ 8,100,000	8,099,660

Money Market Funds - 6.7%
	Shares
Fidelity Cash Central Fund, 0.14% (b)	67,872,326		67,872,326
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	57,843,241		57,843,241
TOTAL MONEY MARKET FUNDS (Cost $125,715,567)		125,715,567
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $1,731,944,948)			1,953,960,785
NET OTHER ASSETS (LIABILITIES) - (3.6)%			(67,233,684)
NET ASSETS - 100%		$ 1,886,727,101

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
572 E-mini Russell 2000 Index Contracts	June 2012	$ 46,612,280	$ 778,509

The face value of futures purchased as a percentage of net assets is 2.5%

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 $4,299,819.

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	$ 57,544
Fidelity Securities Lending Cash Central Fund	2,966,260
Total	$ 3,023,804

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Calavo Growers, Inc.	$ 16,826,331	$ 7,649,689	$ 14,878,645	$ 307,289	$ -
Perficient, Inc.	17,202,205	4,361,057	10,626,703	-	-
US Home Systems, Inc.	-	8,770,904	-	21,750	6,358,250
Xtreme Drilling & Coil Services Corp.	-	10,338,712	-	-	10,690,964
Total	$ 34,028,536	$ 31,120,362	$ 25,505,348	$ 329,039	$ 17,049,214

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 333,104,665	$ 333,104,665	$ -	$ -
Consumer Staples	72,749,639	72,749,639	-	-
Energy	145,249,167	145,249,167	-	-
Financials	136,062,988	136,062,988	-	-
Health Care	312,046,701	312,046,701	-	-
Industrials	330,643,591	319,604,616	11,038,975	-
Information Technology	459,459,407	459,459,407	-	-
Materials	30,829,400	30,829,400	-	-
U.S. Government and Government Agency Obligations	8,099,660	-	8,099,660	-
Money Market Funds	125,715,567	125,715,567	-	-
Total Investments in Securities:	$ 1,953,960,785	$ 1,934,822,150	$ 19,138,635	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 778,509	$ 778,509	$ -	$ -

Income Tax Information

At April 30, 2012, the cost of investment securities for income tax purposes was $1,735,153,535. Net unrealized appreciation aggregated $218,807,250, of which $279,786,003 related to appreciated investment securities and $60,978,753 related to depreciated investment securities.

Investment Valuation

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

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.

April 30, 2012

1.817157.107

ASCP-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
CONSUMER DISCRETIONARY - 17.7%
Auto Components - 0.9%
Tenneco, Inc. (a)	524,600		$ 16,173,418
Hotels, Restaurants & Leisure - 4.1%
Cracker Barrel Old Country Store, Inc.	278,800		16,036,576
Interval Leisure Group, Inc.	970,000		16,761,600
Life Time Fitness, Inc. (a)	677,600		31,549,057
Texas Roadhouse, Inc. Class A	751,900		12,970,275
			77,317,508
Household Durables - 2.0%
Lennar Corp. Class A	303,800		8,427,412
Toll Brothers, Inc. (a)	641,300		16,289,020
Tupperware Brands Corp.	197,090		12,276,736
			36,993,168
Multiline Retail - 0.6%
Dollarama, Inc.	214,900		11,961,733
Specialty Retail - 7.0%
Ascena Retail Group, Inc. (a)	784,800		16,072,704
DSW, Inc. Class A	291,300		16,388,538
Express, Inc. (a)	600,000		14,172,000
Hibbett Sports, Inc. (a)	490,000		29,262,800
Sally Beauty Holdings, Inc. (a)	811,000		21,572,600
Tractor Supply Co.	98,000		9,644,180
Vitamin Shoppe, Inc. (a)	522,300		24,584,661
			131,697,483
Textiles, Apparel & Luxury Goods - 3.1%
Hanesbrands, Inc. (a)	450,000		12,699,000
PVH Corp.	169,459		15,047,959
Steven Madden Ltd. (a)	521,400		22,529,694
Ted Baker PLC	591,073		8,684,702
			58,961,355
TOTAL CONSUMER DISCRETIONARY			333,104,665
CONSUMER STAPLES - 3.9%
Food & Staples Retailing - 0.7%
Chefs' Warehouse Holdings (a)	531,800		12,858,924
Food Products - 2.5%
Calavo Growers, Inc. (d)	456,458		13,091,215
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - continued
Hain Celestial Group, Inc. (a)	470,000		$ 22,231,000
Post Holdings, Inc. (a)	400,000		11,900,000
			47,222,215
Personal Products - 0.7%
Elizabeth Arden, Inc. (a)	325,000		12,668,500
TOTAL CONSUMER STAPLES			72,749,639
ENERGY - 7.7%
Energy Equipment & Services - 2.6%
Essential Energy Services Ltd.	5,166,700		12,710,788
Tesco Corp. (a)	750,000		12,247,500
Western Energy Services Corp. (a)	1,530,000		10,920,273
Xtreme Drilling & Coil Services Corp. (a)(e)	3,300,000		10,690,964
Zedi, Inc. (a)	2,329,500		1,745,209
			48,314,734
Oil, Gas & Consumable Fuels - 5.1%
Cheniere Energy, Inc. (a)	1,007,331		18,444,231
Delek US Holdings, Inc.	650,000		10,595,000
Energy XXI (Bermuda) Ltd.	500,000		18,840,000
Petroleum Development Corp. (a)	405,000		13,927,950
Stone Energy Corp. (a)	516,300		14,482,215
Targa Resources Corp.	429,300		20,645,037
			96,934,433
TOTAL ENERGY			145,249,167
FINANCIALS - 7.2%
Commercial Banks - 2.7%
Banco Pine SA	1,863,387		12,757,233
BBCN Bancorp, Inc. (a)	1,890,000		20,752,200
Columbia Banking Systems, Inc.	880,000		18,031,200
			51,540,633
Insurance - 1.6%
Allied World Assurance Co. Holdings Ltd.	259,800		18,695,208
Amerisafe, Inc. (a)	451,876		12,074,127
			30,769,335
Real Estate Investment Trusts - 2.2%
Highwoods Properties, Inc. (SBI)	419,000		14,551,870
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
LTC Properties, Inc.	430,000		$ 14,310,400
Rayonier, Inc.	285,000		12,924,750
			41,787,020
Real Estate Management & Development - 0.7%
Altisource Portfolio Solutions SA (a)	200,000		11,966,000
TOTAL FINANCIALS			136,062,988
HEALTH CARE - 16.5%
Biotechnology - 3.0%
Alkermes PLC (a)	165,500		2,863,150
Amylin Pharmaceuticals, Inc. (a)	556,700		14,424,097
ArQule, Inc. (a)	900,000		6,345,000
BioMarin Pharmaceutical, Inc. (a)	190,000		6,593,000
Isis Pharmaceuticals, Inc. (a)	437,257		3,498,056
OncoGenex Pharmaceuticals, Inc. (a)(d)	570,000		7,410,000
Seattle Genetics, Inc. (a)	330,000		6,524,100
Targacept, Inc. (a)	500,000		2,375,000
Theravance, Inc. (a)(d)	299,000		6,470,360
XOMA Corp. (a)	231,631		669,414
			57,172,177
Health Care Equipment & Supplies - 4.3%
Align Technology, Inc. (a)	783,800		24,854,298
Cyberonics, Inc. (a)	402,000		15,396,600
ICU Medical, Inc. (a)	200,000		10,498,000
Sirona Dental Systems, Inc. (a)	195,000		9,849,450
The Cooper Companies, Inc.	151,900		13,393,023
The Spectranetics Corp. (a)	618,315		6,486,124
			80,477,495
Health Care Providers & Services - 6.6%
Air Methods Corp. (a)	161,000		13,541,710
Catalyst Health Solutions, Inc. (a)	192,600		16,634,862
Centene Corp. (a)	330,000		13,064,700
Corvel Corp. (a)	222,592		9,680,526
Health Net, Inc. (a)	302,482		10,771,384
HMS Holdings Corp. (a)	783,500		18,851,010
MEDNAX, Inc. (a)	172,900		12,144,496
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
MWI Veterinary Supply, Inc. (a)	198,400		$ 18,728,960
PSS World Medical, Inc. (a)	447,000		10,696,710
			124,114,358
Health Care Technology - 0.7%
Epocrates, Inc. (a)	672,706		5,475,827
Merge Healthcare, Inc. (a)	2,065,300		8,880,790
			14,356,617
Life Sciences Tools & Services - 0.3%
Furiex Pharmaceuticals, Inc. (a)	200,000		2,874,000
Luminex Corp. (a)	117,201		2,934,713
			5,808,713
Pharmaceuticals - 1.6%
Cadence Pharmaceuticals, Inc. (a)	767,693		2,832,787
Dechra Pharmaceuticals PLC	313,264		2,346,537
Dechra Pharmaceuticals PLC rights 5/15/12 (a)	99,044		252,391
Impax Laboratories, Inc. (a)	640,200		15,768,126
ViroPharma, Inc. (a)	410,000		8,917,500
			30,117,341
TOTAL HEALTH CARE			312,046,701
INDUSTRIALS - 17.5%
Aerospace & Defense - 1.6%
Teledyne Technologies, Inc. (a)	245,700		15,877,134
TransDigm Group, Inc. (a)	112,600		14,201,112
			30,078,246
Building Products - 0.3%
US Home Systems, Inc. (e)	725,000		6,358,250
Commercial Services & Supplies - 0.4%
US Ecology, Inc.	345,665		7,494,017
Construction & Engineering - 0.8%
Foster Wheeler AG (a)	507,400		11,670,200
Primoris Services Corp.	300,000		4,326,000
			15,996,200
Electrical Equipment - 2.0%
Hubbell, Inc. Class B	278,800		22,370,912
II-VI, Inc. (a)	715,000		14,593,150
			36,964,062
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - 0.4%
Carlisle Companies, Inc.	121,927		$ 6,713,301
Machinery - 5.7%
Actuant Corp. Class A	413,100		11,265,237
Blount International, Inc. (a)	774,000		12,515,580
Chart Industries, Inc. (a)	260,000		19,871,800
CLARCOR, Inc.	30,960		1,486,699
TriMas Corp. (a)	567,900		12,499,479
Valmont Industries, Inc.	165,000		20,448,450
Wabtec Corp.	247,300		19,234,994
Westport Innovations, Inc. (a)(d)	332,300		10,400,992
			107,723,231
Professional Services - 2.6%
Advisory Board Co. (a)	255,100		23,254,916
MISTRAS Group, Inc. (a)	111,105		2,607,634
Nielsen Holdings B.V. (a)	410,000		11,980,200
Nihon M&A Center, Inc.	385,512		11,038,975
			48,881,725
Road & Rail - 0.8%
Avis Budget Group, Inc. (a)	1,135,900		14,948,444
Trading Companies & Distributors - 2.3%
DXP Enterprises, Inc. (a)	284,719		12,348,263
Rush Enterprises, Inc. Class A (a)	92,077		1,664,752
Watsco, Inc.	289,000		20,793,550
WESCO International, Inc. (a)	145,000		9,626,550
			44,433,115
Transportation Infrastructure - 0.6%
Wesco Aircraft Holdings, Inc. (a)	700,000		11,053,000
TOTAL INDUSTRIALS			330,643,591
INFORMATION TECHNOLOGY - 24.4%
Communications Equipment - 1.3%
Comtech Telecommunications Corp.	353,000		10,914,760
Parrot SA (a)	438,100		13,234,614
			24,149,374
Computers & Peripherals - 1.7%
Gemalto NV	175,177		13,053,612
Super Micro Computer, Inc. (a)	1,109,923		19,590,141
			32,643,753
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - 1.7%
Insight Enterprises, Inc. (a)	457,400		$ 9,289,794
OSI Systems, Inc. (a)	234,000		15,645,240
Zygo Corp. (a)	384,483		7,608,919
			32,543,953
Internet Software & Services - 6.9%
Ancestry.com, Inc. (a)(d)	424,700		11,339,490
Bankrate, Inc.	600,000		14,052,000
Demand Media, Inc. (a)(d)	1,993,000		16,561,830
InfoSpace, Inc. (a)	1,099,500		12,237,435
Liquidity Services, Inc. (a)	429,800		22,921,234
LivePerson, Inc. (a)	1,043,426		16,569,605
Open Text Corp. (a)	152,000		8,522,156
Perficient, Inc. (a)	1,031,502		12,388,339
QuinStreet, Inc. (a)(d)	1,500,000		15,765,000
			130,357,089
IT Services - 4.0%
Euronet Worldwide, Inc. (a)	500,000		10,815,000
Heartland Payment Systems, Inc.	710,000		21,633,700
Maximus, Inc.	400,000		17,700,000
VeriFone Systems, Inc. (a)	248,800		11,852,832
Virtusa Corp. (a)	815,000		12,298,350
			74,299,882
Semiconductors & Semiconductor Equipment - 1.7%
Cymer, Inc. (a)	278,201		14,421,940
Entegris, Inc. (a)	2,006,500		17,757,525
			32,179,465
Software - 7.1%
Aspen Technology, Inc. (a)	1,172,200		23,186,116
BroadSoft, Inc. (a)(d)	456,600		19,547,046
CommVault Systems, Inc. (a)	470,000		24,472,900
Ebix, Inc. (d)	635,610		12,998,225
MICROS Systems, Inc. (a)	330,312		18,771,631
Parametric Technology Corp. (a)	1,000,000		21,580,000
Royalblue Group PLC	506,000		12,729,973
			133,285,891
TOTAL INFORMATION TECHNOLOGY			459,459,407
Common Stocks - continued
	Shares		Value
MATERIALS - 1.6%
Containers & Packaging - 1.1%
Myers Industries, Inc.	700,000		$ 11,571,000
Silgan Holdings, Inc.	220,000		9,651,400
			21,222,400
Metals & Mining - 0.5%
Commercial Metals Co.	650,000		9,607,000
TOTAL MATERIALS			30,829,400
TOTAL COMMON STOCKS (Cost $1,598,129,823)		1,820,145,558

U.S. Treasury Obligations - 0.4%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.06% to 0.1% 5/24/12 (f) (Cost $8,099,558)	$ 8,100,000	8,099,660

Money Market Funds - 6.7%
	Shares
Fidelity Cash Central Fund, 0.14% (b)	67,872,326		67,872,326
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	57,843,241		57,843,241
TOTAL MONEY MARKET FUNDS (Cost $125,715,567)		125,715,567
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $1,731,944,948)			1,953,960,785
NET OTHER ASSETS (LIABILITIES) - (3.6)%			(67,233,684)
NET ASSETS - 100%		$ 1,886,727,101

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
572 E-mini Russell 2000 Index Contracts	June 2012	$ 46,612,280	$ 778,509

The face value of futures purchased as a percentage of net assets is 2.5%

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 $4,299,819.

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	$ 57,544
Fidelity Securities Lending Cash Central Fund	2,966,260
Total	$ 3,023,804

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Calavo Growers, Inc.	$ 16,826,331	$ 7,649,689	$ 14,878,645	$ 307,289	$ -
Perficient, Inc.	17,202,205	4,361,057	10,626,703	-	-
US Home Systems, Inc.	-	8,770,904	-	21,750	6,358,250
Xtreme Drilling & Coil Services Corp.	-	10,338,712	-	-	10,690,964
Total	$ 34,028,536	$ 31,120,362	$ 25,505,348	$ 329,039	$ 17,049,214

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 333,104,665	$ 333,104,665	$ -	$ -
Consumer Staples	72,749,639	72,749,639	-	-
Energy	145,249,167	145,249,167	-	-
Financials	136,062,988	136,062,988	-	-
Health Care	312,046,701	312,046,701	-	-
Industrials	330,643,591	319,604,616	11,038,975	-
Information Technology	459,459,407	459,459,407	-	-
Materials	30,829,400	30,829,400	-	-
U.S. Government and Government Agency Obligations	8,099,660	-	8,099,660	-
Money Market Funds	125,715,567	125,715,567	-	-
Total Investments in Securities:	$ 1,953,960,785	$ 1,934,822,150	$ 19,138,635	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 778,509	$ 778,509	$ -	$ -

Income Tax Information

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Leveraged Company
Stock Fund
Leveraged Company Stock
Class K

April 30, 2012

1.800341.108

LSF-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 21.6%
Auto Components - 1.0%
Delphi Automotive PLC	163,300		$ 5,012
Exide Technologies (a)(f)	3,930,293		11,319
Tenneco, Inc. (a)	97,700		3,012
TRW Automotive Holdings Corp. (a)	456,100		20,848
			40,191
Automobiles - 3.7%
Daimler AG (United States)	209,400		11,553
Ford Motor Co.	6,790,633		76,598
General Motors Co. (a)	1,647,566		37,894
General Motors Co.:
warrants 7/10/16 (a)	445,805		6,281
warrants 7/10/19 (a)	445,805		4,155
Toyota Motor Corp. sponsored ADR (e)	89,500		7,319
			143,800
Diversified Consumer Services - 4.3%
Service Corp. International (f)	13,723,282		158,916
Stewart Enterprises, Inc. Class A	1,515,242		9,576
			168,492
Hotels, Restaurants & Leisure - 1.1%
Ameristar Casinos, Inc.	110,100		1,980
Biglari Holdings, Inc. (a)	32,970		13,397
Penn National Gaming, Inc. (a)	582,836		26,216
Station Holdco LLC warrants 6/15/18 (a)(h)(i)	146,846		7
			41,600
Household Durables - 1.9%
Hovnanian Enterprises, Inc. Class A (a)(e)	1,419,000		2,838
Lennar Corp. Class A	983,400		27,280
Newell Rubbermaid, Inc.	2,341,747		42,620
			72,738
Leisure Equipment & Products - 0.2%
Callaway Golf Co.	1,630,035		9,992
Media - 4.7%
Belo Corp. Series A	163,800		1,104
Cablevision Systems Corp. - NY Group Class A	541,324		8,022
Cinemark Holdings, Inc.	2,601,645		59,734
Comcast Corp. Class A	3,302,598		100,168
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Gray Television, Inc. (a)(f)	3,766,164		$ 6,779
Nexstar Broadcasting Group, Inc. Class A (a)	1,130,500		8,761
			184,568
Multiline Retail - 0.5%
Target Corp.	338,600		19,618
Specialty Retail - 2.9%
Asbury Automotive Group, Inc. (a)	385,122		10,753
Charming Shoppes, Inc. (a)	3,558,130		20,993
GameStop Corp. Class A (e)	3,156,107		71,833
Sally Beauty Holdings, Inc. (a)	300,000		7,980
			111,559
Textiles, Apparel & Luxury Goods - 1.3%
Coach, Inc.	177,520		12,987
PVH Corp.	404,810		35,947
			48,934
TOTAL CONSUMER DISCRETIONARY			841,492
CONSUMER STAPLES - 2.5%
Food & Staples Retailing - 0.5%
Whole Foods Market, Inc.	222,009		18,442
Food Products - 1.8%
Darling International, Inc. (a)	3,476,642		56,947
Smithfield Foods, Inc. (a)	559,606		11,729
			68,676
Personal Products - 0.2%
Revlon, Inc. (a)	553,261		9,450
TOTAL CONSUMER STAPLES			96,568
ENERGY - 8.8%
Energy Equipment & Services - 3.0%
Ensco International Ltd. ADR	110,000		6,012
Halliburton Co.	1,126,593		38,552
Noble Corp.	447,200		17,020
Oil States International, Inc. (a)	270,700		21,542
Parker Drilling Co. (a)	1,200,000		6,204
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Schlumberger Ltd.	109,400		$ 8,111
Transocean Ltd. (United States)	381,900		19,244
			116,685
Oil, Gas & Consumable Fuels - 5.8%
Continental Resources, Inc. (a)(e)	241,787		21,579
Forest Oil Corp. (a)	1,314,652		17,511
HollyFrontier Corp.	3,086,433		95,124
Nexen, Inc.	188,000		3,633
Peabody Energy Corp.	272,400		8,474
Range Resources Corp.	247,200		16,478
Valero Energy Corp.	1,438,166		35,523
Western Refining, Inc. (e)	1,403,970		26,746
			225,068
TOTAL ENERGY			341,753
FINANCIALS - 7.3%
Capital Markets - 0.5%
Morgan Stanley	1,187,000		20,511
Commercial Banks - 2.8%
Huntington Bancshares, Inc.	8,526,580		57,043
Regions Financial Corp.	3,284,894		22,140
SunTrust Banks, Inc.	1,240,000		30,107
			109,290
Consumer Finance - 0.8%
American Express Co.	501,647		30,204
Diversified Financial Services - 1.0%
Citigroup, Inc.	855,847		28,277
JPMorgan Chase & Co.	259,000		11,132
			39,409
Insurance - 1.5%
AFLAC, Inc.	641,700		28,902
Assured Guaranty Ltd.	1,249,684		17,721
Lincoln National Corp.	435,700		10,792
			57,415
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - 0.7%
Host Hotels & Resorts, Inc.	1,016,122		$ 16,908
Sabra Health Care REIT, Inc.	547,507		9,165
			26,073
TOTAL FINANCIALS			282,902
HEALTH CARE - 7.3%
Health Care Equipment & Supplies - 1.0%
Alere, Inc. (a)	419,708		10,027
Boston Scientific Corp. (a)	4,796,000		30,023
			40,050
Health Care Providers & Services - 4.1%
Community Health Systems, Inc. (a)	784,376		19,092
DaVita, Inc. (a)	367,826		32,582
HCA Holdings, Inc.	1,216,779		32,756
Kindred Healthcare, Inc. (a)	108,330		1,044
Sun Healthcare Group, Inc. (a)	547,507		3,958
Tenet Healthcare Corp. (a)	10,697,206		55,518
Universal Health Services, Inc. Class B	385,505		16,465
			161,415
Pharmaceuticals - 2.2%
Hospira, Inc. (a)	360,258		12,652
Johnson & Johnson	153,000		9,959
Merck & Co., Inc.	1,577,900		61,917
			84,528
TOTAL HEALTH CARE			285,993
INDUSTRIALS - 11.2%
Aerospace & Defense - 1.1%
American Science & Engineering, Inc.	85,370		5,576
Teledyne Technologies, Inc. (a)	340,694		22,016
Textron, Inc.	602,700		16,056
			43,648
Airlines - 2.2%
Delta Air Lines, Inc. (a)	5,304,334		58,136
Southwest Airlines Co.	571,283		4,730
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Airlines - continued
United Continental Holdings, Inc. (a)	370,700		$ 8,126
US Airways Group, Inc. (a)(e)	1,589,780		16,311
			87,303
Building Products - 1.1%
Armstrong World Industries, Inc.	693,300		30,533
Owens Corning (a)	294,219		10,106
Owens Corning warrants 10/31/13 (a)	406,600		1,029
			41,668
Commercial Services & Supplies - 1.4%
Cenveo, Inc. (a)	2,201,382		6,296
Deluxe Corp.	1,786,873		42,545
R.R. Donnelley & Sons Co. (e)	450,900		5,641
			54,482
Electrical Equipment - 1.6%
Belden, Inc.	879,412		30,586
Emerson Electric Co.	163,500		8,590
General Cable Corp. (a)	437,132		12,869
Polypore International, Inc. (a)(e)	217,800		8,135
			60,180
Industrial Conglomerates - 1.2%
Carlisle Companies, Inc.	109,910		6,052
General Electric Co.	1,103,883		21,614
Tyco International Ltd.	328,233		18,424
			46,090
Machinery - 1.9%
Edgen Group, Inc. Class A	482,300		4,341
Fiat Industrial SpA (e)	1,634,423		18,542
Ingersoll-Rand PLC	847,100		36,019
Timken Co.	228,734		12,926
			71,828
Marine - 0.2%
Navios Maritime Holdings, Inc.	2,162,794		8,262
Road & Rail - 0.5%
Avis Budget Group, Inc. (a)	719,914		9,474
Hertz Global Holdings, Inc. (a)	707,700		10,906
			20,380
TOTAL INDUSTRIALS			433,841
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - 11.9%
Communications Equipment - 1.3%
Cisco Systems, Inc.	2,383,049		$ 48,018
JDS Uniphase Corp. (a)	163,300		1,984
			50,002
Computers & Peripherals - 3.9%
Apple, Inc. (a)	260,413		152,144
Electronic Equipment & Components - 1.2%
Avnet, Inc. (a)	594,313		21,443
Corning, Inc.	726,800		10,430
DDi Corp.	295,899		3,840
Viasystems Group, Inc. (a)	540,460		12,047
			47,760
Internet Software & Services - 0.2%
VeriSign, Inc.	194,300		7,988
IT Services - 0.4%
CACI International, Inc. Class A (a)	248,000		15,160
Office Electronics - 0.4%
Xerox Corp.	1,756,342		13,664
Semiconductors & Semiconductor Equipment - 3.8%
Fairchild Semiconductor International, Inc. (a)	1,284,774		18,205
Freescale Semiconductor Holdings I Ltd.	584,500		7,254
Intel Corp.	454,981		12,921
Intersil Corp. Class A	1,460,387		14,998
Micron Technology, Inc. (a)	2,293,545		15,114
NXP Semiconductors NV (a)	275,200		7,114
ON Semiconductor Corp. (a)	8,823,313		72,881
			148,487
Software - 0.7%
Citrix Systems, Inc. (a)	230,899		19,767
Microsoft Corp.	108,800		3,484
Nuance Communications, Inc. (a)	219,300		5,360
			28,611
TOTAL INFORMATION TECHNOLOGY			463,816
MATERIALS - 13.8%
Chemicals - 11.1%
Dow Chemical Co.	832,388		28,201
H.B. Fuller Co.	461,829		15,194
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
LyondellBasell Industries NV Class A	7,263,146		$ 303,457
OMNOVA Solutions, Inc. (a)(f)	3,114,962		24,421
Phosphate Holdings, Inc. (a)	307,500		1,476
Solutia, Inc.	657,600		18,636
W.R. Grace & Co. (a)	669,719		39,922
			431,307
Containers & Packaging - 1.7%
Rock-Tenn Co. Class A	733,723		45,733
Sealed Air Corp.	1,091,149		20,928
			66,661
Metals & Mining - 0.7%
AngloGold Ashanti Ltd. sponsored ADR	526,100		18,087
Ormet Corp. (a)	330,000		1,667
Ormet Corp. (a)(i)	1,075,000		5,429
			25,183
Paper & Forest Products - 0.3%
Neenah Paper, Inc.	418,300		11,947
TOTAL MATERIALS			535,098
TELECOMMUNICATION SERVICES - 0.8%
Diversified Telecommunication Services - 0.8%
CenturyLink, Inc.	771,680		29,756
UTILITIES - 5.3%
Independent Power Producers & Energy Traders - 5.3%
Calpine Corp. (a)	2,468,900		46,292
The AES Corp. (a)	12,738,524		159,486
			205,778
TOTAL COMMON STOCKS (Cost $3,085,014)		3,516,997
Nonconvertible Preferred Stocks - 0.4%
	Shares		Value (000s)
CONSUMER STAPLES - 0.1%
Personal Products - 0.1%
Revlon, Inc. Series A 12.75%	639,576		$ 3,633
FINANCIALS - 0.3%
Diversified Financial Services - 0.3%
GMAC Capital Trust I Series 2, 8.125%	439,013		10,514
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $19,207)		14,147

Nonconvertible Bonds - 0.7%
	Principal Amount (000s)
CONSUMER DISCRETIONARY - 0.6%
Automobiles - 0.0%
General Motors Corp.:
6.75% 5/1/28 (d)	$ 3,075		21
7.125% 7/15/13 (d)	8,320		56
7.2% 1/15/11 (d)	22,980		154
8.25% 7/15/23 (d)	25,035		168
8.375% 7/15/33 (d)	50,210		336
8.8% 3/1/21 (d)	10,765		72
			807
Household Durables - 0.0%
K. Hovnanian Enterprises, Inc. 8.625% 1/15/17	1,090		665
Multiline Retail - 0.6%
The Bon-Ton Department Stores, Inc. 10.25% 3/15/14	26,620		21,828
TOTAL CONSUMER DISCRETIONARY			23,300
FINANCIALS - 0.1%
Commercial Banks - 0.1%
Regions Bank 6.45% 6/26/37	5,430		5,403
TOTAL NONCONVERTIBLE BONDS (Cost $26,085)		28,703
Floating Rate Loans - 0.4%

Principal Amount (000s)

Value (000s)

INDUSTRIALS - 0.3%
Airlines - 0.3%
US Airways Group, Inc. term loan 2.7398% 3/23/14 (g)	$ 10,835		$ 10,361
UTILITIES - 0.1%
Electric Utilities - 0.1%
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan 4.7413% 10/10/17 (g)	5,458		3,029
TOTAL FLOATING RATE LOANS (Cost $14,367)		13,390

Money Market Funds - 8.7%
	Shares
Fidelity Cash Central Fund, 0.14% (b)	294,811,699		294,812
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	44,417,986		44,418
TOTAL MONEY MARKET FUNDS (Cost $339,230)		339,230
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $3,483,903)			3,912,467
NET OTHER ASSETS (LIABILITIES) - (0.7)%			(27,483)
NET ASSETS - 100%		$ 3,884,984

Legend

(a) Non-income producing

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

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

(f) Affiliated company

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

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

(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,436,000 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 190
Fidelity Securities Lending Cash Central Fund	1,298
Total	$ 1,488

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Cenveo, Inc.	$ 21,182	$ -	$ 5,783	$ -	$ -
Exide Technologies	26,087	897	-	-	11,319
Gray Television, Inc.	9,152	-	-	-	6,779
OMNOVA Solutions, Inc.	18,584	1,892	-	-	24,421
Service Corp. International	160,784	4,160	22,896	2,266	158,916
Total	$ 235,789	$ 6,949	$ 28,679	$ 2,266	$ 201,435

Other Information

The following is a summary of the inputs used, as of April 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 841,492	$ 841,485	$ -	$ 7
Consumer Staples	100,201	96,568	-	3,633
Energy	341,753	341,753	-	-
Financials	293,416	293,416	-	-
Health Care	285,993	285,993	-	-
Industrials	433,841	433,841	-	-
Information Technology	463,816	463,816	-	-
Materials	535,098	535,098	-	-
Telecommunication Services	29,756	29,756	-	-
Utilities	205,778	205,778	-	-
Corporate Bonds	28,703	-	27,896	807
Floating Rate Loans	13,390	-	13,390	-
Money Market Funds	339,230	339,230	-	-
Total Investments in Securities:	$ 3,912,467	$ 3,866,734	$ 41,286	$ 4,447

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

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$ 4,985
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(119)
Cost of Purchases	-
Proceeds of Sales	(1,282)
Amortization/Accretion	863
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 4,447
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ (119)

Income Tax Information

At April 30, 2012, the cost of investment securities for income tax purposes was $3,483,183,000. Net unrealized appreciation aggregated $429,284,000, of which $798,948,000 related to appreciated investment securities and $369,664,000 related to depreciated investment securities.

Investment Valuation

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Dividend Growth Fund

April 30, 2012

1.800335.108

DGF-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 11.3%
Auto Components - 0.5%
Delphi Automotive PLC	332,200		$ 10,195
Johnson Controls, Inc.	44,100		1,410
Modine Manufacturing Co. (a)	77,689		614
Tenneco, Inc. (a)	512,912		15,813
TRW Automotive Holdings Corp. (a)	257,887		11,788
			39,820
Automobiles - 0.2%
Harley-Davidson, Inc.	113,799		5,955
Hyundai Motor Co.	2,202		523
Winnebago Industries, Inc. (a)(d)	1,319,866		12,869
			19,347
Distributors - 0.0%
Silver Base Group Holdings Ltd.	1,130,000		609
Diversified Consumer Services - 0.2%
Anhanguera Educacional Participacoes SA	839,000		11,154
DeVry, Inc.	226,285		7,275
			18,429
Hotels, Restaurants & Leisure - 1.9%
Accor SA	240,461		8,307
Bravo Brio Restaurant Group, Inc. (a)	320,815		6,480
Brinker International, Inc.	993,063		31,252
Club Mediterranee SA (a)	753,047		14,440
Darden Restaurants, Inc.	125,090		6,265
Denny's Corp. (a)	3,348,641		13,863
DineEquity, Inc. (a)	223,470		10,856
Dunkin' Brands Group, Inc.	165,487		5,357
Home Inns & Hotels Management, Inc. sponsored ADR (a)	99,284		2,359
Spur Corp. Ltd.	1,974,050		4,188
Starbucks Corp.	323,877		18,584
Texas Roadhouse, Inc. Class A	758,498		13,084
WMS Industries, Inc. (a)	779,795		19,113
Yum! Brands, Inc.	36,700		2,669
			156,817
Household Durables - 0.5%
Lennar Corp. Class A	100,200		2,780
PulteGroup, Inc. (a)	887,107		8,729
Standard Pacific Corp. (a)(d)	3,128,786		15,832
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Techtronic Industries Co. Ltd.	7,023,500		$ 8,482
Woongjin Coway Co. Ltd.	132,080		4,231
			40,054
Internet & Catalog Retail - 0.6%
Amazon.com, Inc. (a)	186,245		43,190
Liberty Media Corp. Interactive Series A (a)	519,224		9,782
Start Today Co. Ltd. (d)	40,400		622
			53,594
Leisure Equipment & Products - 0.3%
Amer Group PLC (A Shares)	106,400		1,514
Brunswick Corp.	87,665		2,305
Hasbro, Inc.	458,073		16,830
Summer Infant, Inc. (a)	442,574		2,368
			23,017
Media - 2.3%
Aegis Group PLC	1,803,800		5,203
Antena 3 de Television SA (d)	1,399,739		7,412
Cablevision Systems Corp. - NY Group Class A	807,708		11,970
Comcast Corp. Class A	1,680,770		50,978
DISH Network Corp. Class A	466,406		14,911
MDC Partners, Inc. Class A (sub. vtg.)	777,139		8,020
Mood Media Corp. (a)	640,400		2,697
Mood Media Corp. (a)(i)	2,002,900		8,435
The Walt Disney Co.	1,257,025		54,190
Time Warner, Inc.	694,329		26,010
			189,826
Multiline Retail - 0.7%
Dollar General Corp. (a)	92,300		4,381
Hyundai Department Store Co. Ltd.	5,514		778
PPR SA	79,700		13,331
Target Corp.	706,521		40,936
			59,426
Specialty Retail - 3.1%
Advance Auto Parts, Inc.	368,500		33,828
American Eagle Outfitters, Inc.	370,563		6,674
Ascena Retail Group, Inc. (a)	302,754		6,200
Bed Bath & Beyond, Inc. (a)	78,503		5,526
Best Buy Co., Inc.	555,042		12,250
Big 5 Sporting Goods Corp.	416,900		3,489
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Body Central Corp. (a)	95,808		$ 2,910
Casual Male Retail Group, Inc. (a)	184,056		578
Charming Shoppes, Inc. (a)	301,159		1,777
Citi Trends, Inc. (a)	299,600		3,338
Collective Brands, Inc. (a)	686,990		14,269
Destination Maternity Corp.	165,334		3,280
Express, Inc. (a)	662,263		15,643
Fast Retailing Co. Ltd.	32,700		7,308
Foot Locker, Inc.	243,768		7,457
Foschini Ltd.	552,108		9,141
GameStop Corp. Class A	296,878		6,757
Guess?, Inc.	161,672		4,734
Hengdeli Holdings Ltd.	5,406,000		2,167
Home Depot, Inc.	158,468		8,207
Limited Brands, Inc.	208,162		10,346
Lowe's Companies, Inc.	1,616,312		50,865
Lumber Liquidators Holdings, Inc. (a)	369,319		10,684
MarineMax, Inc. (a)	483,243		5,151
OfficeMax, Inc. (a)	426,603		1,984
rue21, Inc. (a)(d)	368,257		11,177
SuperGroup PLC (a)(d)	1,601,387		9,040
			254,780
Textiles, Apparel & Luxury Goods - 1.0%
Bosideng International Holdings Ltd.	13,244,000		3,824
Brunello Cucinelli SpA	55,100		875
Deckers Outdoor Corp. (a)	125,000		6,376
G-III Apparel Group Ltd. (a)	595,931		16,001
Iconix Brand Group, Inc. (a)	183,600		2,816
NIKE, Inc. Class B	104,900		11,735
PVH Corp.	266,656		23,679
Vera Bradley, Inc. (a)(d)	304,700		7,916
VF Corp.	43,368		6,594
			79,816
TOTAL CONSUMER DISCRETIONARY			935,535
CONSUMER STAPLES - 8.6%
Beverages - 2.1%
Carlsberg A/S Series B	107,200		9,240
Compania Cervecerias Unidas SA sponsored ADR	11,000		788
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Beverages - continued
Cott Corp. (a)	1,270,800		$ 8,273
Dr Pepper Snapple Group, Inc.	494,860		20,081
Grupo Modelo SAB de CV Series C	2,486,100		17,554
SABMiller PLC	183,600		7,714
The Coca-Cola Co.	1,450,216		110,680
			174,330
Food & Staples Retailing - 1.0%
Clicks Group Ltd.	55,145		332
CVS Caremark Corp.	1,530,138		68,275
Drogasil SA	823,213		8,871
Eurocash SA	766,195		9,356
			86,834
Food Products - 1.5%
Calbee, Inc.	52,300		3,165
Danone SA	215,900		15,191
Flowers Foods, Inc.	594,399		12,750
Green Mountain Coffee Roasters, Inc. (a)	323,137		15,753
Kellogg Co.	77,073		3,898
Kraft Foods, Inc. Class A	1,183,444		47,184
Sara Lee Corp.	757,646		16,699
Shenguan Holdings Group Ltd.	3,314,000		1,794
The J.M. Smucker Co.	73,385		5,844
			122,278
Household Products - 1.9%
Colgate-Palmolive Co.	62,500		6,184
Procter & Gamble Co.	1,877,491		119,484
Pz Cussons PLC Class L	315,699		1,703
Reckitt Benckiser Group PLC	209,300		12,186
Unicharm Corp.	265,900		14,876
			154,433
Personal Products - 0.2%
Estee Lauder Companies, Inc. Class A	69,150		4,519
Hengan International Group Co. Ltd.	771,000		8,163
			12,682
Tobacco - 1.9%
British American Tobacco PLC (United Kingdom)	276,900		14,204
Imperial Tobacco Group PLC	346,608		13,862
Japan Tobacco, Inc.	3,916		21,695
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - continued
Lorillard, Inc.	187,237		$ 25,331
Philip Morris International, Inc.	904,974		81,004
			156,096
TOTAL CONSUMER STAPLES			706,653
ENERGY - 12.0%
Energy Equipment & Services - 4.2%
Aker Solutions ASA (d)	678,771		11,536
Baker Hughes, Inc.	215,160		9,491
BW Offshore Ltd.	6,556,026		9,108
Cal Dive International, Inc. (a)	1,658,383		6,418
Cameron International Corp. (a)	400,211		20,511
Cathedral Energy Services Ltd.	1,240,500		7,146
Ensco International Ltd. ADR	144,200		7,881
Essential Energy Services Ltd.	4,438,900		10,920
Forum Energy Technologies, Inc.	89,800		2,076
Fugro NV (Certificaten Van Aandelen) unit	88,100		6,421
Halliburton Co.	791,864		27,098
ION Geophysical Corp. (a)	2,674,764		16,664
McDermott International, Inc. (a)	1,099,184		12,421
National Oilwell Varco, Inc.	833,328		63,133
Noble Corp.	300,108		11,422
Saipem SpA	107,041		5,288
SBM Offshore NV	905,100		16,445
Schlumberger Ltd.	860,591		63,804
Tesco Corp. (a)	7,300		119
TETRA Technologies, Inc. (a)	864,084		7,526
Trinidad Drilling Ltd.	228,100		1,478
Tuscany International Drilling, Inc. (a)	500,000		354
Unit Corp. (a)	168,478		7,118
Vantage Drilling Co. (a)	5,614,516		8,871
Weatherford International Ltd. (a)	714,400		10,194
Xtreme Drilling & Coil Services Corp. (a)	1,802,400		5,839
			349,282
Oil, Gas & Consumable Fuels - 7.8%
Alon USA Energy, Inc.	425,900		3,850
Americas Petrogas, Inc. (a)	2,310,600		6,386
Americas Petrogas, Inc. (f)	2,665,500		7,367
Amyris, Inc. (a)(d)	1,060,992		3,321
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Anadarko Petroleum Corp.	385,109		$ 28,194
Apache Corp.	247,046		23,702
Bonavista Energy Corp.	14,800		267
Bonavista Energy Corp. (f)	152,100		2,744
BP PLC sponsored ADR	117,900		5,118
BPZ Energy, Inc. (a)(d)	2,384,678		9,658
Cabot Oil & Gas Corp.	128,600		4,519
Chevron Corp.	387,684		41,312
Concho Resources, Inc. (a)	100		11
Crew Energy, Inc. (a)	183,500		1,300
Crown Point Ventures Ltd. (a)(e)	942,800		716
Crown Point Ventures Ltd. (a)(e)(f)	4,157,416		3,157
CVR Energy, Inc. (a)	1,067,316		32,404
Delek US Holdings, Inc.	440,600		7,182
Denbury Resources, Inc. (a)	473,121		9,008
Double Eagle Petroleum Co. (a)(e)	950,503		5,218
EOG Resources, Inc.	104,745		11,502
EV Energy Partners LP	66,624		4,229
Gran Tierra Energy, Inc. (Canada) (a)	1,473,100		9,500
Gulfport Energy Corp. (a)	272,305		7,137
Halcon Resources Corp. (a)(i)	910,000		8,919
Hess Corp.	11,000		574
HollyFrontier Corp.	823,434		25,378
Inergy Midstream LP	228,350		4,839
InterOil Corp. (a)(d)	455,855		27,552
Kosmos Energy Ltd.	1,045		13
Madalena Ventures, Inc. (a)	1,468,000		788
Marathon Oil Corp.	508,098		14,908
Marathon Petroleum Corp.	532,488		22,157
Markwest Energy Partners LP	149,700		9,004
Midstates Petroleum Co., Inc.	303,200		4,948
Nexen, Inc.	220,600		4,263
Niko Resources Ltd. (d)	163,400		6,885
Northern Oil & Gas, Inc. (a)(d)	1,244,355		24,178
Occidental Petroleum Corp.	548,237		50,010
OGX Petroleo e Gas Participacoes SA (a)	835,900		5,802
Painted Pony Petroleum Ltd. (a)(f)	178,000		1,436
Painted Pony Petroleum Ltd. Class A (a)	220,200		1,777
Paladin Energy Ltd. (Australia) (a)(d)	6,357,688		10,565
Pan Orient Energy Corp. (a)	751,300		1,864
Peabody Energy Corp.	323,900		10,077
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Phillips 66 (a)(g)	168,900		$ 5,751
Pioneer Natural Resources Co.	110,383		12,785
Resolute Energy Corp. (a)(d)	1,606,407		17,044
Rosetta Resources, Inc. (a)	36,700		1,845
Royal Dutch Shell PLC Class A sponsored ADR	183,598		13,135
SM Energy Co.	80,949		5,352
Southwestern Energy Co. (a)	382,582		12,082
Suncor Energy, Inc.	77,400		2,557
TAG Oil Ltd. (a)	1,336,300		14,205
TAG Oil Ltd. (a)(f)(g)	146,900		1,562
Targa Resources Corp.	146,600		7,050
Tesoro Corp. (a)	640,563		14,893
Valero Energy Corp.	778,142		19,220
Voyager Oil & Gas, Inc. (a)(d)(e)	3,080,269		7,824
Voyager Oil & Gas, Inc. warrants 2/4/16 (a)(e)	1,198,388		569
Williams Companies, Inc.	1,250,502		42,555
			642,168
TOTAL ENERGY			991,450
FINANCIALS - 13.9%
Capital Markets - 1.9%
Ameriprise Financial, Inc.	80,800		4,380
Ashmore Group PLC	1,015,300		6,305
BlackRock, Inc. Class A	66,632		12,765
GP Investments Ltd. (depositary receipt) (a)	3,600,879		8,576
ICAP PLC	1,493,500		9,204
ICG Group, Inc. (a)	512,336		4,857
Invesco Ltd.	618,387		15,361
KKR & Co. LP	198,055		2,797
Knight Capital Group, Inc. Class A (a)	1,126,297		14,800
Monex Beans Holdings, Inc.	22,026		4,375
Morgan Stanley	2,017,324		34,859
State Street Corp.	505,673		23,372
TD Ameritrade Holding Corp.	325,677		6,119
UBS AG (NY Shares)	777,500		9,618
			157,388
Commercial Banks - 3.2%
Banco Pine SA	1,175,944		8,051
Bank of Ireland (a)	121,010,109		17,970
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - continued
CapitalSource, Inc.	1,310,427		$ 8,452
CIT Group, Inc. (a)	613,032		23,203
Comerica, Inc.	224,000		7,172
Commercial Bank of Qatar GDR (Reg. S)	942,089		3,726
Guaranty Trust Bank PLC GDR (Reg. S)	835,023		4,801
KeyCorp	1,042,100		8,378
Regions Financial Corp.	4,065,837		27,404
SunTrust Banks, Inc.	476,857		11,578
U.S. Bancorp	146,800		4,723
Wells Fargo & Co.	4,136,191		138,273
			263,731
Consumer Finance - 0.8%
Capital One Financial Corp.	702,830		38,993
Discover Financial Services	91,321		3,096
International Personal Finance PLC	3,010,900		13,082
SLM Corp.	551,389		8,177
			63,348
Diversified Financial Services - 3.4%
Citigroup, Inc.	3,674,723		121,413
CME Group, Inc.	59,527		15,823
JPMorgan Chase & Co.	2,543,054		109,300
PICO Holdings, Inc. (a)(e)	1,395,813		33,513
			280,049
Insurance - 2.5%
AEGON NV	1,651,727		7,684
AFLAC, Inc.	406,598		18,313
Allied World Assurance Co. Holdings Ltd.	132,200		9,513
Assured Guaranty Ltd.	1,893,114		26,844
Berkshire Hathaway, Inc. Class B (a)	993,577		79,933
Hartford Financial Services Group, Inc.	147,900		3,039
Lincoln National Corp.	183,542		4,546
MetLife, Inc.	1,014,317		36,546
Prudential Financial, Inc.	296,416		17,945
			204,363
Real Estate Investment Trusts - 1.7%
American Tower Corp.	227,513		14,920
Beni Stabili SpA SIIQ	15,256,100		8,462
Campus Crest Communities, Inc.	312,003		3,635
CBL & Associates Properties, Inc.	1,359,540		25,328
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - continued
Douglas Emmett, Inc.	522,959		$ 12,154
Education Realty Trust, Inc.	933,600		10,522
Franklin Street Properties Corp.	554,900		5,588
Klepierre SA (d)	73,700		2,334
Lexington Corporate Properties Trust	678,700		6,040
Prologis, Inc.	648,186		23,192
SL Green Realty Corp.	223,570		18,431
Weyerhaeuser Co.	429,512		8,745
			139,351
Real Estate Management & Development - 0.4%
CBRE Group, Inc. (a)	1,506,226		28,332
Forest City Enterprises, Inc. Class A (a)	486,182		7,755
			36,087
TOTAL FINANCIALS			1,144,317
HEALTH CARE - 11.2%
Biotechnology - 3.2%
Alexion Pharmaceuticals, Inc. (a)	97,775		8,831
Alnylam Pharmaceuticals, Inc. (a)	716,200		8,158
Amgen, Inc.	529,509		37,653
Amylin Pharmaceuticals, Inc. (a)	616,370		15,970
ARIAD Pharmaceuticals, Inc. (a)	1,837,784		29,956
AVEO Pharmaceuticals, Inc. (a)	1,054,509		12,127
Biogen Idec, Inc. (a)	157,922		21,163
Biovitrum AB (a)	1,889,028		6,184
Dynavax Technologies Corp. (a)	3,309,870		16,582
Gentium SpA sponsored ADR (a)	116,100		1,103
Gilead Sciences, Inc. (a)	499,654		25,987
Horizon Pharma, Inc. (d)	422,400		1,774
Horizon Pharma, Inc. (a)(i)	1,015,612		3,839
Horizon Pharma, Inc. warrants 2/28/17 (a)(i)	253,903		96
InterMune, Inc. (a)	481,572		5,028
Isis Pharmaceuticals, Inc. (a)	331,000		2,648
Merrimack Pharmaceuticals, Inc.	249,200		1,969
NPS Pharmaceuticals, Inc. (a)	506,635		3,628
PDL BioPharma, Inc. (d)	678,959		4,271
SIGA Technologies, Inc. (a)(d)	859,774		2,837
Synageva BioPharma Corp. (a)	105,486		4,006
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Theravance, Inc. (a)	1,045,761		$ 22,630
Thrombogenics NV (a)(d)	458,297		14,433
United Therapeutics Corp. (a)	89,515		3,916
ZIOPHARM Oncology, Inc. (a)(d)	2,189,550		10,422
			265,211
Health Care Equipment & Supplies - 1.5%
Baxter International, Inc.	293,659		16,272
Boston Scientific Corp. (a)	1,706,500		10,683
C.R. Bard, Inc.	29,348		2,904
Conceptus, Inc. (a)	477,501		8,963
Covidien PLC	534,584		29,525
DENTSPLY International, Inc.	214,854		8,822
Genmark Diagnostics, Inc. (a)	492,600		2,256
Integra LifeSciences Holdings Corp. (a)	390,736		14,547
Nakanishi, Inc.	45,600		5,008
Natus Medical, Inc. (a)	139,522		1,708
Opto Circuits India Ltd.	1,137,349		4,019
Orthofix International NV (a)	220,626		9,094
Sirona Dental Systems, Inc. (a)	248,922		12,573
			126,374
Health Care Providers & Services - 3.6%
Apollo Hospitals Enterprise Ltd.	417,153		4,993
Brookdale Senior Living, Inc. (a)	2,194,100		41,710
Catalyst Health Solutions, Inc. (a)	223,890		19,337
Centene Corp. (a)	80,774		3,198
Chemed Corp.	66,093		3,988
CIGNA Corp.	606,981		28,061
Corvel Corp. (a)	41,943		1,824
DaVita, Inc. (a)	163,098		14,447
Emeritus Corp. (a)	603,933		10,388
Express Scripts Holding Co. (a)	1,215,900		67,835
McKesson Corp.	341,949		31,258
Sunrise Senior Living, Inc. (a)	89,228		560
UnitedHealth Group, Inc.	624,327		35,056
Universal Health Services, Inc. Class B	200,755		8,574
WellPoint, Inc.	366,059		24,826
			296,055
Life Sciences Tools & Services - 0.6%
Agilent Technologies, Inc.	615,368		25,956
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Life Sciences Tools & Services - continued
Charles River Laboratories International, Inc. (a)	238,869		$ 8,487
Thermo Fisher Scientific, Inc.	259,217		14,425
			48,868
Pharmaceuticals - 2.3%
AVANIR Pharmaceuticals Class A (a)(d)	1,547,531		4,720
Cadence Pharmaceuticals, Inc. (a)(d)	3,917,320		14,455
Cardiome Pharma Corp. (a)	2,305,800		1,291
Elan Corp. PLC sponsored ADR (a)	465,800		6,423
Impax Laboratories, Inc. (a)	363,634		8,956
Jazz Pharmaceuticals PLC (a)	183,900		9,384
Merck & Co., Inc.	1,378,699		54,100
Novo Nordisk A/S Series B	155,737		22,961
Sanofi SA	227,129		17,350
Teva Pharmaceutical Industries Ltd. sponsored ADR	304,019		13,906
Valeant Pharmaceuticals International, Inc. (Canada) (a)	459,000		25,535
Warner Chilcott PLC (a)	55,050		1,197
Watson Pharmaceuticals, Inc. (a)	75,492		5,689
			185,967
TOTAL HEALTH CARE			922,475
INDUSTRIALS - 13.0%
Aerospace & Defense - 2.7%
DigitalGlobe, Inc. (a)	646,174		7,929
Esterline Technologies Corp. (a)	30,993		2,123
GeoEye, Inc. (a)(e)	1,232,984		28,260
Honeywell International, Inc.	503,030		30,514
Meggitt PLC	3,189,141		21,145
Precision Castparts Corp.	118,605		20,918
Raytheon Co.	411,126		22,258
Textron, Inc.	1,033,443		27,531
Ultra Electronics Holdings PLC	208,389		5,696
United Technologies Corp.	710,996		58,046
			224,420
Air Freight & Logistics - 0.3%
Pacer International, Inc. (a)	610,415		3,669
United Parcel Service, Inc. Class B	264,706		20,684
			24,353
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Airlines - 0.1%
Copa Holdings SA Class A	128,352		$ 10,436
Building Products - 0.6%
Armstrong World Industries, Inc.	96,140		4,234
JS Group Corp.	99,000		1,944
Lennox International, Inc.	126,886		5,507
Owens Corning (a)	899,307		30,891
Quanex Building Products Corp.	537,539		9,907
			52,483
Commercial Services & Supplies - 0.8%
Corrections Corp. of America (a)	442,000		12,769
Multiplus SA	773,500		16,759
Republic Services, Inc.	641,205		17,550
Steelcase, Inc. Class A	1,318,263		11,390
Swisher Hygiene, Inc. (a)	903,330		1,829
Swisher Hygiene, Inc.	1,177,734		2,385
Swisher Hygiene, Inc. (Canada) (a)	1,423,962		3,204
The Geo Group, Inc. (a)	110,000		2,278
			68,164
Construction & Engineering - 1.2%
AECOM Technology Corp. (a)	335,151		7,397
Fluor Corp.	408,280		23,578
Foster Wheeler AG (a)	1,260,595		28,994
Great Lakes Dredge & Dock Corp.	220,873		1,637
Shaw Group, Inc. (a)	1,117,155		33,816
			95,422
Electrical Equipment - 1.7%
Alstom SA	345,048		12,324
AMETEK, Inc.	236,032		11,879
Brady Corp. Class A	141,224		4,382
Cooper Industries PLC Class A	152,612		9,549
Emerson Electric Co.	565,105		29,691
GrafTech International Ltd. (a)	1,298,313		15,242
Hubbell, Inc. Class B	97,622		7,833
Prysmian SpA	918,500		14,956
Regal-Beloit Corp.	404,468		27,358
Roper Industries, Inc.	84,539		8,615
Zumtobel AG	24,951		344
			142,173
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - 1.0%
Carlisle Companies, Inc.	203,975		$ 11,231
Cookson Group PLC	113,853		1,341
General Electric Co.	3,432,026		67,199
Reunert Ltd.	403,781		3,738
			83,509
Machinery - 2.7%
Actuant Corp. Class A	553,502		15,094
Colfax Corp. (a)	240,242		8,142
Cummins, Inc.	176,584		20,454
Dover Corp.	177,295		11,109
EVA Precision Industrial Holdings Ltd.	3,516,000		598
Fiat Industrial SpA (d)	3,176,705		36,040
Illinois Tool Works, Inc.	333,948		19,162
Ingersoll-Rand PLC	1,069,823		45,489
Manitowoc Co., Inc.	900,837		12,477
Navistar International Corp. (a)	567,932		19,281
Pall Corp.	142,413		8,489
Stanley Black & Decker, Inc.	290,339		21,241
Valmont Industries, Inc.	14,600		1,809
Wartsila Corp.	7,300		296
			219,681
Professional Services - 0.6%
Michael Page International PLC	424,579		2,864
Qualicorp SA	610,000		5,312
Randstad Holding NV	414,900		14,368
Robert Half International, Inc.	445,315		13,270
SR Teleperformance SA	500,988		13,470
			49,284
Road & Rail - 0.9%
Con-way, Inc.	484,681		15,752
J.B. Hunt Transport Services, Inc.	132,181		7,314
Saia, Inc. (a)	127,879		2,402
Union Pacific Corp.	347,465		39,069
Universal Truckload Services, Inc.	307,152		4,792
			69,329
Trading Companies & Distributors - 0.4%
Barloworld Ltd.	534,800		6,738
Beacon Roofing Supply, Inc. (a)	43,914		1,172
Houston Wire & Cable Co.	455,205		5,594
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Trading Companies & Distributors - continued
Rush Enterprises, Inc. Class A (a)	209,008		$ 3,779
Watsco, Inc.	192,380		13,842
			31,125
TOTAL INDUSTRIALS			1,070,379
INFORMATION TECHNOLOGY - 20.0%
Communications Equipment - 2.5%
Brocade Communications Systems, Inc. (a)	3,039,504		16,839
Calix Networks, Inc. (a)	1,852,456		14,746
Cisco Systems, Inc.	3,548,459		71,501
Comverse Technology, Inc. (a)	4,049,615		26,120
Harris Corp.	36,800		1,676
Motorola Solutions, Inc.	249,700		12,742
Polycom, Inc. (a)	960,218		12,742
QUALCOMM, Inc.	318,635		20,342
Riverbed Technology, Inc. (a)	818,134		16,142
ViaSat, Inc. (a)	319,310		15,423
			208,273
Computers & Peripherals - 4.8%
Apple, Inc. (a)	649,976		379,736
Gemalto NV	190,506		14,196
			393,932
Electronic Equipment & Components - 1.5%
Arrow Electronics, Inc. (a)	443,567		18,652
Avnet, Inc. (a)	772,288		27,864
Corning, Inc.	2,177,366		31,245
Flextronics International Ltd. (a)	697,551		4,646
Jabil Circuit, Inc.	367,352		8,614
Molex, Inc. (d)	517,225		14,270
TE Connectivity Ltd.	481,456		17,554
			122,845
Internet Software & Services - 0.4%
Cornerstone OnDemand, Inc. (a)	80,743		1,678
Facebook, Inc. Class B (i)	488,526		15,032
QuinStreet, Inc. (a)	661,811		6,956
Yahoo!, Inc. (a)	537,200		8,348
			32,014
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - 2.6%
Accenture PLC Class A	198,263		$ 12,877
Alliance Data Systems Corp. (a)	61,652		7,922
Amdocs Ltd. (a)	278,454		8,911
Cognizant Technology Solutions Corp. Class A (a)	303,880		22,280
EPAM Systems, Inc.	174,900		3,610
Fidelity National Information Services, Inc.	559,635		18,843
Fiserv, Inc. (a)	118,070		8,299
Heartland Payment Systems, Inc.	345,100		10,515
IBM Corp.	157,560		32,628
Jack Henry & Associates, Inc.	14,700		499
MasterCard, Inc. Class A	106,410		48,126
Maximus, Inc.	39,189		1,734
Redecard SA	231,700		3,902
ServiceSource International, Inc. (a)	536,325		8,892
Unisys Corp. (a)	1,034,293		19,300
VeriFone Systems, Inc. (a)	88,100		4,197
Virtusa Corp. (a)	321,942		4,858
WNS Holdings Ltd. sponsored ADR (a)	250,100		2,784
			220,177
Office Electronics - 0.3%
Xerox Corp.	2,948,381		22,938
Semiconductors & Semiconductor Equipment - 4.7%
Analog Devices, Inc.	485,240		18,915
Applied Micro Circuits Corp. (a)	364,735		2,035
ASML Holding NV	912,006		46,503
Avago Technologies Ltd.	261,989		9,033
Cirrus Logic, Inc. (a)	736,546		20,167
Cree, Inc. (a)	327,344		10,115
Cymer, Inc. (a)	804,061		41,683
Entropic Communications, Inc. (a)(d)	1,847,459		7,815
Fairchild Semiconductor International, Inc. (a)	354,172		5,019
Freescale Semiconductor Holdings I Ltd. (d)	1,586,179		19,684
Intersil Corp. Class A	1,227,420		12,606
LTX-Credence Corp. (a)(e)	3,008,482		20,759
Marvell Technology Group Ltd. (a)	2,404,550		36,092
Maxim Integrated Products, Inc.	727,151		21,509
Micron Technology, Inc. (a)	1,701,488		11,213
NXP Semiconductors NV (a)	1,169,364		30,228
ON Semiconductor Corp. (a)	2,275,594		18,796
RF Micro Devices, Inc. (a)	4,438,757		19,220
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Skyworks Solutions, Inc. (a)	708,370		$ 19,225
Spansion, Inc. Class A (a)	569,830		6,872
TriQuint Semiconductor, Inc. (a)	1,928,800		9,413
			386,902
Software - 3.2%
Adobe Systems, Inc. (a)	124,800		4,188
Autodesk, Inc. (a)	181,900		7,161
Citrix Systems, Inc. (a)	489,613		41,916
Electronic Arts, Inc. (a)	283,445		4,359
Informatica Corp. (a)	134,339		6,182
JDA Software Group, Inc. (a)	381,623		11,021
Microsoft Corp.	3,643,219		116,656
Opnet Technologies, Inc.	161,563		3,742
Oracle Corp.	1,863,107		54,757
Royalblue Group PLC	238,708		6,005
Synopsys, Inc. (a)	51,431		1,543
Take-Two Interactive Software, Inc. (a)	331,800		4,678
			262,208
TOTAL INFORMATION TECHNOLOGY			1,649,289
MATERIALS - 4.6%
Chemicals - 2.1%
Air Products & Chemicals, Inc.	50,749		4,339
Ashland, Inc.	195,260		12,862
CF Industries Holdings, Inc.	44,189		8,531
Clariant AG (Reg.)	2,502,400		31,819
Ecolab, Inc.	72,557		4,621
Huabao International Holdings Ltd.	7,708,461		3,954
Kraton Performance Polymers, Inc. (a)	283,623		7,374
LyondellBasell Industries NV Class A	514,857		21,511
Nitto Denko Corp.	22,100		907
Spartech Corp. (a)	1,261,260		6,155
The Mosaic Co.	371,302		19,612
W.R. Grace & Co. (a)	929,576		55,412
			177,097
Construction Materials - 0.2%
CEMEX SA de CV sponsored ADR	381,937		2,761
HeidelbergCement Finance AG (d)	212,313		11,674
			14,435
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Containers & Packaging - 0.3%
HSIL Ltd.	283,511		$ 897
Nampak Ltd. (g)	1,802,000		5,201
Rock-Tenn Co. Class A	243,486		15,176
Sealed Air Corp.	146,900		2,818
Youyuan International Holdings Ltd.	2,720,000		677
			24,769
Metals & Mining - 2.0%
Agnico-Eagle Mines Ltd. (Canada)	315,700		12,612
Anglo American PLC (United Kingdom)	206,400		7,933
Avion Gold Corp. (a)	3,113,900		3,153
Avion Gold Corp. (f)	289,800		293
Commercial Metals Co.	1,366,344		20,195
Copper Mountain Mining Corp. (a)	477,400		2,073
Eldorado Gold Corp.	604,478		8,568
First Quantum Minerals Ltd.	334,140		6,942
Freeport-McMoRan Copper & Gold, Inc.	504,995		19,341
Goldcorp, Inc.	674,700		25,840
Ivanhoe Mines Ltd. (a)	1,773,065		20,697
Newcrest Mining Ltd.	351,327		9,627
Randgold Resources Ltd. sponsored ADR	325,523		29,020
SunCoke Energy, Inc. (a)	55,100		839
			167,133
TOTAL MATERIALS			383,434
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 0.5%
CenturyLink, Inc.	454,166		17,513
China Telecom Corp. Ltd. (H Shares)	6,428,000		3,445
China Unicom Ltd.	4,908,000		8,584
Frontier Communications Corp. (d)	1,468,389		5,932
PT Telkomunikasi Indonesia Tbk sponsored ADR	176,206		6,380
			41,854
Wireless Telecommunication Services - 0.6%
SBA Communications Corp. Class A (a)	477,810		25,678
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
TIM Participacoes SA	1,943,220		$ 11,561
Turkcell Iletisim Hizmet A/S (a)	1,553,000		7,724
			44,963
TOTAL TELECOMMUNICATION SERVICES			86,817
UTILITIES - 2.4%
Electric Utilities - 0.9%
Ceske Energeticke Zavody A/S	90,000		3,629
Edison International	566,015		24,910
El Paso Electric Co.	221,777		6,795
Fortum Corp.	111,986		2,409
NextEra Energy, Inc.	345,756		22,249
Northeast Utilities	352,246		12,952
PPL Corp.	58,630		1,604
			74,548
Gas Utilities - 0.1%
ONEOK, Inc.	118,733		10,198
Independent Power Producers & Energy Traders - 0.7%
The AES Corp. (a)	4,594,041		57,517
Multi-Utilities - 0.7%
CMS Energy Corp.	144,640		3,325
National Grid PLC	999,418		10,794
PG&E Corp.	385,037		17,011
Sempra Energy	343,171		22,217
			53,347
TOTAL UTILITIES			195,610
TOTAL COMMON STOCKS (Cost $6,961,025)		8,085,959
Preferred Stocks - 0.4%

Convertible Preferred Stocks - 0.2%
FINANCIALS - 0.2%
Diversified Financial Services - 0.2%
Citigroup, Inc. 7.50%	143,900		14,026
Preferred Stocks - continued
	Shares		Value (000s)
Convertible Preferred Stocks - continued
INFORMATION TECHNOLOGY - 0.0%
IT Services - 0.0%
Unisys Corp. Series A, 6.25%	92,200		$ 5,531
TOTAL CONVERTIBLE PREFERRED STOCKS			19,557
Nonconvertible Preferred Stocks - 0.2%
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
Volkswagen AG	92,200		17,466
TOTAL PREFERRED STOCKS (Cost $31,640)		37,023
Investment Companies - 0.2%

Ares Capital Corp. (Cost $12,091)	952,580		15,279

Convertible Bonds - 0.6%
	Principal Amount (000s)
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Amyris, Inc. 3% 2/27/17 (i)	$ 7,356		5,315
FINANCIALS - 0.1%
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. 9% 4/1/63 (f)	16,623		8,228
INDUSTRIALS - 0.1%
Building Products - 0.1%
Aspen Aerogels, Inc. 8% 6/1/14 (i)	4,085		4,085
MATERIALS - 0.3%
Metals & Mining - 0.3%
Ivanplats Ltd.:
8% 11/10/14 pay-in-kind (h)(i)	27,595		28,618
Convertible Bonds - continued
	Principal Amount (000s)		Value (000s)
TELECOMMUNICATION SERVICES - 0.0%
Diversified Telecommunication Services - 0.0%
Clearwire Communications LLC/Clearwire Finance, Inc. 8.25% 12/1/40 (f)	$ 3,730		$ 2,219
TOTAL CONVERTIBLE BONDS (Cost $51,073)		48,465

Money Market Funds - 2.7%
	Shares
Fidelity Cash Central Fund, 0.14% (b)	68,413,041		68,413
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	152,512,604		152,513
TOTAL MONEY MARKET FUNDS (Cost $220,926)		220,926
Cash Equivalents - 0.1%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 0.18%, dated 4/30/12 due 5/1/12 (Collateralized by U.S. Government Obligations) # (Cost $6,444)	$ 6,444		6,444
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $7,283,199)			8,414,096
NET OTHER ASSETS (LIABILITIES) - (2.1)%			(172,294)
NET ASSETS - 100%		$ 8,241,802

Legend

(a) Non-income producing

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

(e) Affiliated company

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Amyris, Inc. 3% 2/27/17	2/27/12	$ 7,356
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11	$ 4,085
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 12,216
Halcon Resources Corp.	3/1/12	$ 8,190
Horizon Pharma, Inc.	2/29/12	$ 3,646
Horizon Pharma, Inc. warrants 2/28/17	2/29/12	$ 32
Ivanplats Ltd. 8% 11/10/14 pay-in-kind	11/10/11 - 3/28/12	$ 28,092
Mood Media Corp.	2/2/11	$ 4,054

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

Repurchase Agreement / Counterparty	Value
$6,444,000 due 5/01/12 at 0.18%
Barclays Capital, Inc.	$ 1,762
Merrill Lynch, Pierce, Fenner & Smith, Inc.	1,371
RBS Securities, Inc.	3,311
	$ 6,444

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	$ 35
Fidelity Securities Lending Cash Central Fund	3,277
Total	$ 3,312

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds*	Dividend Income	Value, end of period
Cadence Pharmaceuticals, Inc.	$ 28,450	$ 4,838	$ 2,180	$ -	$ -
Crown Point Ventures Ltd.	1,096	417	119	-	716
Crown Point Ventures Ltd. 144A	2,491	2,462	-	-	3,157
Double Eagle Petroleum Co.	10,542	643	634	-	5,218
GeoEye, Inc.	53,351	3,604	5,401	-	28,260
LTX-Credence Corp.	24,118	1,818	4,563	-	20,759
O'Charleys, Inc.	9,150	871	15,521	-	-
PICO Holdings, Inc.	32,970	8,660	4,356	-	33,513
Saia, Inc.	13,037	446	13,172	-	-
Spartech Corp.	9,331	-	1,850	-	-
Voyager Oil & Gas, Inc.	11,252	138	1,398	-	7,824
Voyager Oil & Gas, Inc. warrants 2/4/16	1,539	-	-	-	569
Winnebago Industries, Inc.	15,684	-	5,018	-	-
Total	$ 213,011	$ 23,897	$ 54,212	$ -	$ 100,016

* Includes the value of securities delivered through in-kind transactions.

Other Information

The following is a summary of the inputs used, as of April 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 953,001	$ 945,071	$ 7,930	$ -
Consumer Staples	706,653	652,713	53,940	-
Energy	991,450	981,962	9,488	-
Financials	1,158,343	1,128,314	30,029	-
Health Care	922,475	873,221	49,158	96
Industrials	1,070,379	1,064,221	6,158	-
Information Technology	1,654,820	1,639,788	-	15,032
Materials	383,434	378,573	907	3,954
Telecommunication Services	86,817	67,064	19,753	-
Utilities	195,610	184,816	10,794	-
Investment Companies	15,279	15,279	-	-
Corporate Bonds	48,465	-	15,762	32,703
Money Market Funds	220,926	220,926	-	-
Cash Equivalents	6,444	-	6,444	-
Total Investments in Securities:	$ 8,414,096	$ 8,151,948	$ 210,363	$ 51,785

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

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$ 18,002
Total Realized Gain (Loss)	(37)
Total Unrealized Gain (Loss)	1,021
Cost of Purchases	28,019
Proceeds of Sales	(6,266)
Amortization/Accretion	-
Transfers in to Level 3	11,046
Transfers out of Level 3	-
Ending Balance	$ 51,785
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ 1,021

Income Tax Information

At April 30, 2012, the cost of investment securities for income tax purposes was $7,317,797,000. Net unrealized appreciation aggregated $1,096,299,000, of which $1,571,042,000 related to appreciated investment securities and $474,743,000 related to depreciated investment securities.

Investment Valuation

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Holdings Report

for

Fidelity ® Series Real
Estate Equity Fund

April 30, 2012

1.930459.100

SLE-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 2.0%
Health Care Facilities - 2.0%
Brookdale Senior Living, Inc. (a)	219,446		$ 4,171,668
Emeritus Corp. (a)	409,364		7,041,061
Sunrise Senior Living, Inc. (a)	319,700		2,007,716
TOTAL HEALTH CARE FACILITIES			13,220,445
REAL ESTATE INVESTMENT TRUSTS - 93.9%
REITs - Apartments - 17.6%
AvalonBay Communities, Inc.	47,000		6,833,800
Camden Property Trust (SBI)	397,272		26,883,396
Education Realty Trust, Inc.	1,260,200		14,202,454
Equity Residential (SBI)	474,778		29,170,360
Essex Property Trust, Inc.	159,167		25,143,611
Post Properties, Inc.	275,200		13,402,240
TOTAL REITS - APARTMENTS			115,635,861
REITs - Health Care Facilities - 10.3%
HCP, Inc.	427,175		17,706,404
Health Care REIT, Inc.	96,320		5,457,491
Ventas, Inc.	762,800		44,845,012
TOTAL REITS - HEALTH CARE FACILITIES			68,008,907
REITs - Hotels - 5.1%
Chesapeake Lodging Trust	508,300		9,200,230
Host Hotels & Resorts, Inc.	644,800		10,729,472
LaSalle Hotel Properties (SBI)	274,398		8,070,045
Sunstone Hotel Investors, Inc. (a)	570,366		5,817,733
TOTAL REITS - HOTELS			33,817,480
REITs - Industrial Buildings - 13.7%
DCT Industrial Trust, Inc.	852,700		5,056,511
First Potomac Realty Trust	86,700		1,078,548
Prologis, Inc.	1,074,200		38,434,876
Public Storage	303,250		43,443,595
Stag Industrial, Inc.	161,600		2,249,472
TOTAL REITS - INDUSTRIAL BUILDINGS			90,263,002
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
REITs - Malls - 16.9%
CBL & Associates Properties, Inc.	856,300		$ 15,952,869
Simon Property Group, Inc.	550,600		85,673,360
The Macerich Co.	154,973		9,541,688
TOTAL REITS - MALLS			111,167,917
REITs - Management/Investment - 5.0%
Digital Realty Trust, Inc. (d)	412,546		30,978,079
Lexington Corporate Properties Trust	180,300		1,604,670
TOTAL REITS - MANAGEMENT/INVESTMENT			32,582,749
REITs - Mobile Home Parks - 0.8%
Sun Communities, Inc.	115,600		5,057,500
REITs - Office Buildings - 14.5%
Boston Properties, Inc.	303,900		32,897,175
Douglas Emmett, Inc.	773,600		17,978,464
Highwoods Properties, Inc. (SBI)	433,564		15,057,678
SL Green Realty Corp.	352,300		29,043,612
TOTAL REITS - OFFICE BUILDINGS			94,976,929
REITs - Shopping Centers - 10.0%
Acadia Realty Trust (SBI)	570,800		13,231,144
Cedar Shopping Centers, Inc.	275,700		1,439,154
DDR Corp.	834,588		12,351,902
Equity One, Inc.	793,069		16,479,974
Excel Trust, Inc.	151,392		1,815,190
Glimcher Realty Trust	467,600		4,624,564
Kite Realty Group Trust	552,100		2,821,231
Vornado Realty Trust	151,000		12,961,840
TOTAL REITS - SHOPPING CENTERS			65,724,999
TOTAL REAL ESTATE INVESTMENT TRUSTS			617,235,344
Common Stocks - continued
	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.1%
Real Estate Operating Companies - 1.1%
Brookfield Properties Corp.	81,600		$ 1,477,929
Forest City Enterprises, Inc. Class A (a)	385,300		6,145,535
TOTAL REAL ESTATE OPERATING COMPANIES			7,623,464
TOTAL COMMON STOCKS (Cost $546,769,683)		638,079,253
Money Market Funds - 6.1%

Fidelity Cash Central Fund, 0.14% (b)	20,057,255		20,057,255
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	19,645,200		19,645,200
TOTAL MONEY MARKET FUNDS (Cost $39,702,455)		39,702,455
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $586,472,138)			677,781,708
NET OTHER ASSETS (LIABILITIES) - (3.1)%			(20,186,184)
NET ASSETS - 100%		$ 657,595,524

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	$ 13,434
Fidelity Securities Lending Cash Central Fund	32,736
Total	$ 46,170

Other Information

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

Income Tax Information

At April 30, 2012, the cost of investment securities for income tax purposes was $586,639,043. Net unrealized appreciation aggregated $91,142,665, of which $91,408,065 related to appreciated investment securities and $265,400 related to depreciated investment securities.

Investment Valuation

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series Real
Estate Income Fund

April 30, 2012

1.924316.100

SRE-QTLY-0612

Investments April 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 15.7%
	Shares		Value
CONSUMER DISCRETIONARY - 0.5%
Household Durables - 0.5%
Standard Pacific Corp. (a)(d)	598,500		$ 3,028,410
FINANCIALS - 13.7%
Capital Markets - 0.0%
HFF, Inc. (a)	30,400		496,736
Real Estate Investment Trusts - 13.6%
Acadia Realty Trust (SBI)	420,200		9,740,236
American Campus Communities, Inc.	12,100		537,845
American Tower Corp.	24,200		1,587,036
Annaly Capital Management, Inc.	51,200		835,584
Anworth Mortgage Asset Corp.	271,800		1,831,932
Apartment Investment & Management Co. Class A	38,900		1,056,135
Brandywine Realty Trust (SBI)	59,000		699,740
CapLease, Inc.	293,700		1,218,855
CBL & Associates Properties, Inc.	164,200		3,059,046
Chartwell Seniors Housing (REIT) rights	14,700		139,298
Chesapeake Lodging Trust	68,500		1,239,850
Colony Financial, Inc.	7,000		118,930
CommonWealth REIT	46,300		868,125
Coresite Realty Corp.	11,500		286,465
Cousins Properties, Inc.	26,100		205,146
Cys Investments, Inc. (d)	230,900		3,170,257
DCT Industrial Trust, Inc.	257,100		1,524,603
DiamondRock Hospitality Co.	71,700		762,171
Douglas Emmett, Inc.	25,900		601,916
Dynex Capital, Inc.	203,900		1,922,777
EastGroup Properties, Inc.	5,400		271,620
Education Realty Trust, Inc.	102,100		1,150,667
Equity Lifestyle Properties, Inc.	139,300		9,742,642
Excel Trust, Inc.	206,300		2,473,537
First Potomac Realty Trust	26,600		330,904
Hatteras Financial Corp.	22,200		646,686
Healthcare Realty Trust, Inc.	28,000		601,440
Highwoods Properties, Inc. (SBI)	9,300		322,989
Lexington Corporate Properties Trust (d)	281,300		2,503,570
LTC Properties, Inc.	43,200		1,437,696
MFA Financial, Inc.	1,254,200		9,255,996
Mid-America Apartment Communities, Inc.	8,900		605,823
Monmouth Real Estate Investment Corp. Class A	89,100		914,166
National Retail Properties, Inc.	29,500		807,710
Omega Healthcare Investors, Inc.	13,800		295,458
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Prologis, Inc.	132,200		$ 4,730,116
Retail Properties America, Inc.	57,300		518,565
Senior Housing Properties Trust (SBI)	45,200		998,016
Simon Property Group, Inc.	4,000		622,400
Stag Industrial, Inc.	154,500		2,150,640
Summit Hotel Properties, Inc.	90,700		758,252
Sunstone Hotel Investors, Inc. (a)	33,600		342,720
Two Harbors Investment Corp.	62,500		653,750
Ventas, Inc.	167,000		9,817,930
Weyerhaeuser Co.	125,100		2,547,036
			85,906,276
Real Estate Management & Development - 0.1%
Kennedy-Wilson Holdings, Inc.	39,000		548,340
TOTAL FINANCIALS			86,951,352
HEALTH CARE - 1.5%
Health Care Providers & Services - 1.5%
Brookdale Senior Living, Inc. (a)	204,300		3,883,743
Capital Senior Living Corp. (a)	219,900		2,130,831
Emeritus Corp. (a)	186,600		3,209,520
			9,224,094
TOTAL COMMON STOCKS (Cost $84,390,443)		99,203,856
Preferred Stocks - 19.2%

Convertible Preferred Stocks - 1.0%
FINANCIALS - 1.0%
Real Estate Investment Trusts - 1.0%
CommonWealth REIT 6.50%	127,200		2,695,368
Health Care REIT, Inc. Series I, 6.50%	16,200		864,675
Lexington Corporate Properties Trust Series C, 6.50%	58,800		2,521,932
			6,081,975
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - 18.2%
FINANCIALS - 18.2%
Diversified Financial Services - 0.5%
DRA CRT Acquisition Corp. Series A, 8.50%	1,400		$ 10,150
Red Lion Hotels Capital Trust 9.50%	112,200		2,861,100
			2,871,250
Real Estate Investment Trusts - 17.7%
American Capital Agency Corp. 8.00% (a)	120,000		3,054,000
Annaly Capital Management, Inc. Series A, 7.875%	150,300		3,958,902
Anworth Mortgage Asset Corp. Series A, 8.625%	178,800		4,630,920
Apartment Investment & Management Co.:
Series T, 8.00%	64,900		1,654,950
Series U, 7.75%	32,600		825,432
Ashford Hospitality Trust, Inc. Series E, 9.00%	35,948		932,132
BioMed Realty Trust, Inc. Series A, 7.375%	16,200		408,240
Brandywine Realty Trust Series D, 7.375%	9,200		230,920
Campus Crest Communities, Inc. Series A, 8.00%	71,569		1,864,372
CapLease, Inc.:
Series A, 8.125%	20,300		507,500
Series B, 8.375% (a)	160,000		4,000,000
CBL & Associates Properties, Inc.:
(depositary shares) Series C, 7.75%	8,100		204,282
7.375%	67,200		1,695,456
Cedar Shopping Centers, Inc. 8.875%	40,900		1,044,995
Colony Financial, Inc. Series A, 8.50%	67,829		1,743,205
Cousins Properties, Inc.:
Series A, 7.75%	84,500		2,104,050
Series B, 7.50%	34,900		867,265
CubeSmart Series A, 7.75%	40,000		1,023,200
Digital Realty Trust, Inc. Series F, 6.625%	20,000		508,400
Duke Realty LP:
8.375%	51,200		1,342,976
Series L, 6.60%	4,300		108,145
Eagle Hospitality Properties Trust, Inc. 8.25% (a)	57,800		184,960
Equity Lifestyle Properties, Inc. 8.034%	162,105		4,141,783
Equity Residential (depositary shares) Series N, 6.48%	17,200		431,892
Essex Property Trust, Inc. Series H, 7.125%	8,100		209,547
Excel Trust, Inc. Series B, 8.125%	360,000		9,093,600
First Potomac Realty Trust 7.75%	79,303		2,000,022
Gladstone Commercial Corp. Series C, 7.125%	67,762		1,740,128
Glimcher Realty Trust:
Series F, 8.75%	1,400		35,504
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Glimcher Realty Trust: - continued
Series G, 8.125%	83,050		$ 2,076,250
Health Care REIT, Inc. Series J, 6.50%	20,000		516,600
Hersha Hospitality Trust Series B, 8.00%	18,928		472,254
Hospitality Properties Trust:
Series C, 7.00%	60,600		1,527,120
Series D, 7.125%	40,200		1,042,788
Hudson Pacific Properties, Inc. 8.375%	77,800		2,027,468
Inland Real Estate Corp. Series A, 8.125%	200,000		5,072,000
Kilroy Realty Corp. Series G, 6.875%	20,000		503,600
Kimco Realty Corp. Series G, 7.75%	102,900		2,618,805
Kite Realty Group Trust 8.25%	4,100		104,509
LaSalle Hotel Properties:
Series E, 8.00%	74,100		1,865,838
Series G, 7.25%	71,100		1,783,188
Series H, 7.50%	7,192		185,050
LBA Realty Fund II Series B, 7.625% (a)	118,900		2,021,300
Lexington Corporate Properties Trust Series B, 8.05%	64,200		1,605,000
Lexington Realty Trust 7.55%	16,500		412,335
MFA Financial, Inc.:
8.00%	102,821		2,560,243
Series A, 8.50%	306,700		7,897,525
National Retail Properties, Inc. Series D, 6.625%	17,563		447,330
Pebblebrook Hotel Trust:
Series A, 7.875%	49,000		1,250,480
Series B, 8.00%	37,400		954,448
Prologis, Inc.:
Series O, 7.00%	900		22,554
Series Q, 8.54%	15,800		879,370
PS Business Parks, Inc. Series P, 6.70%	52,700		1,332,256
Public Storage Series N, 7.00%	32,400		831,060
Regency Centers Corp. Series 6, 6.625%	17,739		453,231
Saul Centers, Inc.:
8.00%	36,400		932,932
Series B (depositary shares) 9.00%	24,400		649,040
Stag Industrial, Inc. Series A, 9.00%	280,000		7,229,600
Summit Hotel Properties, Inc. Series A, 9.25%	173,700		4,460,616
Sunstone Hotel Investors, Inc.:
Series A, 8.00%	126,400		3,109,440
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Sunstone Hotel Investors, Inc.: - continued
Series D, 8.00%	20,200		$ 505,000
UMH Properties, Inc. Series A, 8.25%	70,500		1,817,490
Weingarten Realty Investors (SBI) Series F, 6.50%	62,800		1,574,396
Winthrop Realty Trust Series D, 9.25%	35,000		897,750
			112,185,644
TOTAL FINANCIALS			115,056,894
TOTAL PREFERRED STOCKS (Cost $118,590,285)		121,138,869

Corporate Bonds - 28.3%
	Principal Amount
Convertible Bonds - 1.4%
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
Morgans Hotel Group Co. 2.375% 10/15/14	$ 955,000		816,525
FINANCIALS - 1.3%
Real Estate Investment Trusts - 1.1%
Annaly Capital Management, Inc. 4% 2/15/15	405,000		481,950
CapLease, Inc. 7.5% 10/1/27 (e)	4,458,000		4,469,145
ProLogis LP:
1.875% 11/15/37	1,783,000		1,776,314
2.625% 5/15/38	405,000		406,033
			7,133,442
Real Estate Management & Development - 0.2%
Corporate Office Properties LP 4.25% 4/15/30 (e)	940,000		914,150
Grubb & Ellis Co. 7.95% 5/1/15 (e)	1,540,000		46,200
			960,350
TOTAL FINANCIALS			8,093,792
TOTAL CONVERTIBLE BONDS			8,910,317
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - 26.9%
CONSUMER DISCRETIONARY - 7.9%
Hotels, Restaurants & Leisure - 0.8%
CityCenter Holdings LLC/CityCenter Finance Corp. 7.625% 1/15/16 (e)	$ 440,000		$ 466,400
FelCor Lodging LP 6.75% 6/1/19	1,375,000		1,388,750
Times Square Hotel Trust 8.528% 8/1/26 (e)	2,847,040		3,014,064
			4,869,214
Household Durables - 7.0%
D.R. Horton, Inc. 6.5% 4/15/16	811,000		883,990
KB Home:
5.875% 1/15/15	1,216,000		1,179,520
6.25% 6/15/15	5,634,000		5,479,065
7.25% 6/15/18	2,110,000		2,036,150
8% 3/15/20	2,395,000		2,329,138
9.1% 9/15/17	3,230,000		3,326,900
Lennar Corp.:
5.5% 9/1/14	3,242,000		3,351,418
5.6% 5/31/15	1,216,000		1,264,640
6.95% 6/1/18	1,720,000		1,806,000
M/I Homes, Inc. 8.625% 11/15/18	5,564,000		5,536,180
Meritage Homes Corp.:
7% 4/1/22 (e)	2,005,000		2,045,100
7.15% 4/15/20	440,000		453,200
Ryland Group, Inc.:
6.625% 5/1/20	445,000		442,775
8.4% 5/15/17	1,446,000		1,605,060
Standard Pacific Corp.:
8.375% 5/15/18	8,047,000		8,579,711
10.75% 9/15/16	2,284,000		2,626,600
Standard Pacific Escrow LLC 10.75% 9/15/16 (e)	1,000,000		1,040,000
Toll Brothers Finance Corp. 5.875% 2/15/22	450,000		461,250
			44,446,697
Multiline Retail - 0.1%
Sears Holdings Corp. 6.625% 10/15/18	1,053,000		931,905
TOTAL CONSUMER DISCRETIONARY			50,247,816
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
FINANCIALS - 17.1%
Diversified Financial Services - 0.5%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
7.75% 1/15/16	$ 2,172,000		$ 2,286,030
8% 1/15/18	1,215,000		1,298,531
			3,584,561
Real Estate Investment Trusts - 10.0%
Alexandria Real Estate Equities, Inc. 4.6% 4/1/22	1,500,000		1,505,355
Camden Property Trust 5% 6/15/15	1,135,000		1,223,859
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15	917,000		1,003,471
6.25% 6/15/14	949,000		1,017,987
Developers Diversified Realty Corp.:
5.375% 10/15/12	1,621,000		1,634,887
7.5% 7/15/18	2,407,000		2,763,741
9.625% 3/15/16	2,254,000		2,743,037
Equity One, Inc.:
5.375% 10/15/15	405,000		426,667
6% 9/15/16	811,000		876,161
6.25% 12/15/14	811,000		874,445
6.25% 1/15/17	811,000		878,809
Health Care Property Investors, Inc.:
6% 6/15/14	660,000		703,481
6% 3/1/15	1,216,000		1,320,062
6.3% 9/15/16	3,850,000		4,365,180
7.072% 6/8/15	405,000		453,695
Health Care REIT, Inc. 4.125% 4/1/19	1,000,000		1,007,130
Healthcare Realty Trust, Inc.:
5.125% 4/1/14	811,000		844,769
6.5% 1/17/17	506,000		558,226
Hospitality Properties Trust:
5.625% 3/15/17	1,248,000		1,341,610
6.7% 1/15/18	811,000		903,323
6.75% 2/15/13	1,013,000		1,023,818
7.875% 8/15/14	405,000		443,218
HRPT Properties Trust:
6.25% 8/15/16	4,000,000		4,242,696
6.5% 1/15/13	811,000		815,656
iStar Financial, Inc.:
5.85% 3/15/17	260,000		229,775
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
iStar Financial, Inc.: - continued
5.875% 3/15/16	$ 7,286,000		$ 6,502,755
5.95% 10/15/13	3,833,000		3,641,350
6.05% 4/15/15	332,000		305,440
6.5% 12/15/13	1,020,000		975,375
8.625% 6/1/13	1,745,000		1,738,456
MPT Operating Partnership LP/MPT Finance Corp. 6.375% 2/15/22	890,000		887,775
National Retail Properties, Inc. 6.875% 10/15/17	1,621,000		1,860,302
Nationwide Health Properties, Inc.:
6% 5/20/15	1,540,000		1,689,668
6.25% 2/1/13	1,621,000		1,669,144
Omega Healthcare Investors, Inc. 7.5% 2/15/20	811,000		867,770
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14	1,378,000		1,468,962
Potlatch Corp. 7.5% 11/1/19	811,000		859,660
ProLogis LP 7.625% 7/1/17	1,268,000		1,471,295
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20	811,000		933,218
Senior Housing Properties Trust:
6.75% 4/15/20	576,000		617,820
6.75% 12/15/21	2,000,000		2,165,498
UDR, Inc. 5.5% 4/1/14	1,000,000		1,062,530
United Dominion Realty Trust, Inc.:
5.25% 1/15/15	405,000		434,900
5.25% 1/15/16	811,000		879,866
			63,232,842
Real Estate Management & Development - 6.6%
AMB Property LP 5.9% 8/15/13	486,000		507,842
Brandywine Operating Partnership LP:
5.4% 11/1/14	1,216,000		1,285,276
6% 4/1/16	811,000		869,883
7.5% 5/15/15	405,000		452,617
CB Richard Ellis Services, Inc. 11.625% 6/15/17	811,000		924,540
Colonial Properties Trust:
6.15% 4/15/13	1,013,000		1,043,978
6.25% 6/15/14	1,293,000		1,375,713
6.875% 8/15/12	811,000		820,518
Colonial Realty LP 6.05% 9/1/16	1,216,000		1,315,288
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - continued
Duke Realty LP 6.25% 5/15/13	$ 608,000		$ 635,770
First Industrial LP 5.75% 1/15/16	811,000		815,448
Forest City Enterprises, Inc.:
6.5% 2/1/17	6,171,000		5,816,168
7.625% 6/1/15	8,735,000		8,603,975
Highwoods/Forsyth LP 5.85% 3/15/17	2,593,000		2,801,786
Host Hotels & Resorts LP:
6% 10/1/21 (e)	485,000		517,738
6.875% 11/1/14	811,000		825,193
9% 5/15/17	608,000		674,880
Kennedy-Wilson, Inc. 8.75% 4/1/19	215,000		223,600
Post Apartment Homes LP 6.3% 6/1/13	811,000		845,390
Realogy Corp.:
7.875% 2/15/19 (e)	1,450,000		1,421,000
9% 1/15/20 (e)	560,000		565,600
Regency Centers LP:
5.25% 8/1/15	3,250,000		3,504,810
5.875% 6/15/17	486,000		548,947
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17	2,035,000		2,228,325
Toys 'R' Us Property Co. II LLC 8.5% 12/1/17	811,000		843,440
Ventas Realty LP:
4% 4/30/19	597,000		606,784
4.25% 3/1/22	450,000		445,577
Vornado Realty LP 5% 1/15/22	1,000,000		1,049,833
			41,569,919
TOTAL FINANCIALS			108,387,322
HEALTH CARE - 1.6%
Health Care Equipment & Supplies - 0.3%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp.:
7.75% 2/15/19	1,000,000		1,050,000
7.75% 2/15/19 (e)	835,000		876,750
			1,926,750
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
HEALTH CARE - continued
Health Care Providers & Services - 1.3%
Health Management Associates, Inc. 7.375% 1/15/20 (e)	$ 385,000		$ 403,288
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18	7,047,000		7,514,216
			7,917,504
TOTAL HEALTH CARE			9,844,254
MATERIALS - 0.3%
Paper & Forest Products - 0.3%
Plum Creek Timberlands LP 5.875% 11/15/15	1,621,000		1,788,827
TOTAL NONCONVERTIBLE BONDS			170,268,219
TOTAL CORPORATE BONDS (Cost $172,283,264)		179,178,536
Asset-Backed Securities - 7.1%

Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (e)	1,331,000		1,336,723
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.5998% 3/23/19 (e)(f)	1,545,888		1,329,463
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (e)	3,089,856		3,105,305
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.7192% 1/20/37 (e)(f)	1,190,455		976,173
CBRE Realty Finance CDO LLC Series 2007-1A Class A1, 0.7192% 4/7/52 (e)(f)	3,964,935		2,656,507
Conseco Finance Securitizations Corp.:
Series 2002-1 Class M2, 9.546% 12/1/33	1,216,000		914,283
Series 2002-2 Class M2, 9.163% 3/1/33	2,026,000		1,134,440
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (e)	1,734,000		1,672,443
Class B2, 1.8227% 12/28/35 (e)(f)	1,711,000		1,557,010
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27	1,627,000		1,500,096
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40	4,026,083		1,629,659
Asset-Backed Securities - continued
	Principal Amount		Value
N-Star Real Estate CDO Ltd. Series 1A Class B1, 2.1656% 8/28/38 (e)(f)	$ 3,574,000		$ 3,127,250
Prima Capital Ltd. Series 2006-CR1A Class A2, 5.533% 12/28/48 (e)	2,570,000		2,518,600
Residential Asset Securities Corp. Series 2003-KS10 Class MI3, 6.41% 12/25/33	304,651		135,918
TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp. Series 2002-1A Class IIFX, 6.77% 5/22/37 (e)	597,784		599,278
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 6.0237% 9/25/26 (e)(f)	2,432,000		1,021,440
Series 2006-1A:
Class A1A, 0.7337% 9/25/26 (e)(f)	2,297,963		2,125,616
Class A1B, 0.8037% 9/25/26 (e)(f)	11,266,000		9,012,800
Class A2A, 0.6937% 9/25/26 (e)(f)	3,851,439		3,601,096
Class C 1.0037% 9/25/26 (e)(f)	1,010,000		792,850
Class F, 1.6237% 9/25/26 (e)(f)	1,824,000		1,276,800
Class G, 1.8237% 9/25/26 (e)(f)	1,241,000		843,880
Class H, 2.1237% 9/25/26 (e)(f)	3,486,000		2,300,760
TOTAL ASSET-BACKED SECURITIES (Cost $41,415,765)		45,168,390
Collateralized Mortgage Obligations - 1.2%

Private Sponsor - 1.2%
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.4203% 6/15/22 (e)(f)	1,302,750		1,266,438
FREMF Mortgage Trust:
Series 2010 K7 Class B, 5.4353% 4/25/20 (e)(f)	2,605,000		2,800,669
Series 2010-K6 Class B, 5.3615% 12/25/46 (e)(f)	811,000		865,786
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (e)	811,000		818,121
Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (e)	1,687,000		1,685,409
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $6,873,759)		7,436,423
Commercial Mortgage Securities - 24.2%

Banc of America Commercial Mortgage, Inc.:
sequential payer:
Series 2002-2 Class F, 5.487% 7/11/43	3,242,000		3,270,526
Series 2005-1 Class A3, 4.877% 11/10/42	80,112		80,065
Commercial Mortgage Securities - continued
	Principal Amount		Value
Banc of America Commercial Mortgage, Inc.: - continued
sequential payer:
Series 2005-1 Class CJ, 5.3601% 11/10/42 (f)	$ 1,175,000		$ 1,224,330
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 1.99% 11/15/15 (e)(f)	28,190,290		26,448,405
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.2403% 3/15/22 (e)(f)	2,132,000		1,183,418
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4518% 3/11/39 (f)	2,432,000		2,338,011
Chase Commercial Mortgage Securities Corp. Series 1998-1 Class H, 6.34% 5/18/30 (e)	1,621,000		1,392,561
COMM pass-thru certificates:
floater Series 2006-FL12 Class AJ, 0.3703% 12/15/20 (e)(f)	1,621,000		1,467,264
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (e)	1,858,108		1,867,398
Commercial Mortgage pass-thru certificates:
Series 2005-C6 Class AJ, 5.209% 6/10/44 (f)	2,000,000		2,004,138
Series 2011-STRT Class C, 4.755% 12/10/24 (e)	500,000		505,530
Commercial Mortgage Trust pass-thru certificates Series 2012-LC4:
Class C, 5.825% 12/10/44 (f)	780,000		770,241
Class D, 5.825% 12/10/44 (e)(f)	2,830,000		2,359,996
Communication Mortgage Trust Series 2011-THL:
Class E, 5.949% 6/9/28 (e)	2,260,000		2,291,884
Class F, 4.867% 6/9/28 (e)	3,640,000		3,281,558
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1998-C2 Class F, 6.75% 11/15/30 (e)	811,000		866,897
Series 2003-C3 Class D, 4.131% 5/15/38	1,621,000		1,620,502
CRESI Finance Ltd. Partnership floater Series 2006-A Class E, 1.8888% 3/25/17 (e)(f)	1,167,000		898,590
CRESIX Finance Ltd. Series 2006-AA:
Class F, 4.4388% 3/25/17 (e)(f)	1,783,000		1,426,400
Class G, 7.2388% 3/25/17 (e)(f)	1,516,000		1,137,000
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.5568% 11/10/46 (e)(f)	2,450,000		2,204,013
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31	1,946,000		1,626,389
DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.4444% 6/10/31 (e)(f)	2,026,000		2,111,394
Extended Stay America Trust Series 2010-ESHA Class D, 5.4983% 11/5/27 (e)	4,500,000		4,559,633
FHMLC Multi-class participation certificates guaranteed Series K013 Class X3, 2.7898% 1/25/43 (f)(g)	4,806,000		811,551
Commercial Mortgage Securities - continued
	Principal Amount		Value
Freddie Mac:
Series K011 Class X3, 2.5749% 12/25/43 (f)(g)	$ 4,947,000		$ 763,728
Series K012 Class X3, 2.2878% 1/25/41 (f)(g)	2,846,999		392,220
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (e)	5,639,059		5,187,934
GE Capital Commercial Mortgage Corp. Series 2002-1A Class H, 7.2709% 12/10/35 (e)(f)	1,035,000		1,034,849
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2:
Class F, 6.75% 4/15/29 (f)	441,885		456,745
Class G, 6.75% 4/15/29 (f)	1,096,000		1,209,412
Series 1999-C1 Class F, 6.02% 5/15/33 (e)	1,027,200		1,064,213
Series 1999-C3:
Class G, 6.974% 8/15/36 (e)	16,191		16,147
Class J, 6.974% 8/15/36	2,204,000		2,180,713
Series 2000-C1 Class K, 7% 3/15/33	345,889		261,239
Greenwich Capital Commercial Funding Corp.:
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (e)	811,000		823,938
Series 2002-C1 Class H, 5.903% 1/11/35 (e)	925,000		927,471
Series 2005-GG3 Class B, 4.894% 8/10/42 (f)	885,000		887,545
GS Mortgage Securities Corp. II floater Series 2007-EOP Class L, 5.4585% 3/6/20 (e)(f)	2,270,000		2,279,085
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (e)	6,300,000		6,211,170
GS Mortgage Securities Trust Series 2012-GC6 Class C, 5.451% 1/10/45 (e)(f)	2,400,000		2,348,128
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2009-IWST Class D, 7.4455% 12/5/27 (e)(f)	2,229,000		2,411,361
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (e)	1,120,000		1,170,567
Series 2010-CNTR Class D, 6.184% 8/5/32 (e)(f)	1,216,000		1,240,044
JPMorgan Commercial Mortgage Finance Corp. Series 1997-C5 Class F, 7.5605% 9/15/29	349,455		352,718
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (e)	835,491		875,070
LB-UBS Commercial Mortgage Trust:
sequential payer:
Series 2005-C3 Class AJ, 4.843% 7/15/40	3,760,000		3,729,322
Series 2005-C7 Class AJ, 5.323% 11/15/40	1,240,000		1,249,475
Series 2005-C1 Class E, 4.924% 2/15/40	1,000,000		910,727
Series 2005-C2 Class AJ, 5.205% 4/15/30 (f)	4,863,000		4,957,367
Series 2006-C4 Class AJ, 5.886% 6/15/38 (f)	2,511,000		2,065,157
Commercial Mortgage Securities - continued
	Principal Amount		Value
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2007-LLFA Class E, 1.1403% 6/15/22 (e)(f)	$ 1,770,000		$ 1,442,550
Lstar Commercial Mortgage Trust:
Series 2011-1 Class D, 5.6691% 6/25/43 (e)(f)	1,564,000		1,409,793
Series 2011-1 Class B, 5.6691% 6/25/43 (e)(f)	1,897,000		2,051,835
Mezz Capital Commercial Mortgage Trust sequential payer Series 2004-C2 Class A, 5.318% 10/15/40 (e)	2,640,988		2,046,766
Morgan Stanley Capital I Trust:
sequential payer:
Series 2012-C4 Class E, 5.71% 3/15/45 (e)	1,250,000		1,047,475
Series 2004-RR2 Class A2, 5.45% 10/28/33 (e)	1,850,826		1,860,080
Series 2006-HQ10 Class AM, 5.36% 11/12/41	3,769,000		3,980,935
Series 1997-RR Class F, 7.3534% 4/30/39 (e)(f)	361,045		317,719
Series 1998-CF1 Class G, 7.35% 7/15/32 (e)	1,779,810		864,987
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43	3,242,000		3,275,811
Series 2011-C1 Class C, 5.2551% 9/15/47 (e)(f)	2,000,000		1,979,120
Series 2011-C2:
Class D, 5.3184% 6/15/44 (e)(f)	1,532,000		1,379,198
Class E, 5.3184% 6/15/44 (e)(f)	1,946,000		1,625,649
Class F, 5.3184% 6/15/44 (e)(f)	1,467,000		1,161,629
Class XB, 0.4649% 6/15/44 (e)(f)(g)	51,641,000		1,599,838
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (e)	962,989		986,486
Structured Asset Securities Corp. Series 1997-LLI Class F, 7.3% 10/12/34 (e)	965,000		965,443
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (e)	2,026,000		1,871,998
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.8153% 7/15/24 (e)(f)	1,459,000		975,470
Wachovia Bank Commercial Mortgage Trust:
Series 2004-C10 Class E, 4.931% 2/15/41	1,621,000		1,602,407
Series 2004-C12 Class D, 5.3166% 7/15/41 (f)	1,824,000		1,836,932
Series 2004-C14 Class B, 5.17% 8/15/41	2,708,000		2,627,992
WF-RBS Commercial Mortgage Trust:
Series 2011-C3 Class C, 5.335% 3/15/44 (e)	2,100,000		2,028,907
Series 2011-C5 Class C, 5.6369% 11/15/44 (e)(f)	1,250,000		1,292,091
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $146,427,178)		152,985,150
Floating Rate Loans - 1.8%
	Principal Amount		Value
CONSUMER DISCRETIONARY - 0.1%
Specialty Retail - 0.1%
The Pep Boys - Manny, Moe & Jack term loan 2.49% 10/27/13 (f)	$ 394,555		$ 394,062
FINANCIALS - 0.7%
Real Estate Management & Development - 0.7%
CB Richard Ellis Services, Inc. Tranche D, term loan 3.7403% 9/4/19 (f)	1,025,387		1,024,105
Realogy Corp.:
Credit-Linked Deposit 3.2413% 10/10/13 (f)	236,230		223,238
Credit-Linked Deposit 4.4913% 10/10/16 (f)	156,389		145,246
term loan 4.77% 10/10/16 (f)	1,988,611		1,846,923
Tranche 2LN, term loan 13.5% 10/15/17	1,219,000		1,249,475
			4,488,987
HEALTH CARE - 0.2%
Health Care Providers & Services - 0.2%
Community Health Systems, Inc. term loan 3.9886% 1/25/17 (f)	393,006		388,093
Health Management Associates, Inc. Tranche B, term loan 4.5% 11/18/18 (f)	498,750		498,750
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (f)	490,000		482,038
			1,368,881
INDUSTRIALS - 0.5%
Construction & Engineering - 0.5%
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (f)	3,224,365		3,047,025
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
Crown Castle Operating Co. Tranche B, term loan 4% 1/31/19 (f)	1,571,063		1,571,063
TowerCo Finance LLC Tranche B, term loan 4.5% 2/2/17 (f)	673,005		674,688
			2,245,751
TOTAL FLOATING RATE LOANS (Cost $11,304,951)		11,544,706

Money Market Funds - 2.6%
	Shares		Value
Fidelity Cash Central Fund, 0.14% (b)	12,769,898		$ 12,769,898
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)	3,562,500		3,562,500
TOTAL MONEY MARKET FUNDS (Cost $16,332,398)		16,332,398
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $597,618,043)			632,988,328
NET OTHER ASSETS (LIABILITIES) - (0.1)%			(470,786)
NET ASSETS - 100%		$ 632,517,542

Legend

(a) Non-income producing

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

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

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

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	$ 16,580
Fidelity Securities Lending Cash Central Fund	11,391
Total	$ 27,971

Other Information

The following is a summary of the inputs used, as of April 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,028,410	$ 3,028,410	$ -	$ -
Financials	208,090,221	204,104,412	3,985,809	-
Health Care	9,224,094	9,224,094	-	-
Corporate Bonds	179,178,536	-	178,138,536	1,040,000
Asset-Backed Securities	45,168,390	-	23,229,440	21,938,950
Collateralized Mortgage Obligations	7,436,423	-	7,436,423	-
Commercial Mortgage Securities	152,985,150	-	142,174,726	10,810,424
Floating Rate Loans	11,544,706	-	11,544,706	-
Money Market Funds	16,332,398	16,332,398	-	-
Total Investments in Securities:	$ 632,988,328	$ 232,689,314	$ 366,509,640	$ 33,789,374

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

Investments in Securities:
Corporate Bonds
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	6,375
Cost of Purchases	1,035,000
Proceeds of Sales	-
Amortization/Accretion	(1,375)
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 1,040,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ 6,375
Asset-Backed Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	47,350
Total Unrealized Gain (Loss)	2,888,818
Cost of Purchases	22,624,737
Proceeds of Sales	(4,166,460)
Amortization/Accretion	544,505
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 21,938,950
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ 2,888,818
Commercial Mortgage Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	2,455
Total Unrealized Gain (Loss)	780,826
Cost of Purchases	10,638,185
Proceeds of Sales	(1,037,110)
Amortization/Accretion	426,068
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 10,810,424
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012	$ 780,826

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

Income Tax Information

At April 30, 2012, the cost of investment securities for income tax purposes was $597,618,043. Net unrealized appreciation aggregated $35,370,285, of which $38,703,690 related to appreciated investment securities and $3,333,405 related to depreciated investment securities.

Investment Valuation

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

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and floating rate loans, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. For asset backed securities, collateralized mortgage obligations and commercial mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Securities Fund

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

Date:	June 29, 2012

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

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

Date:	June 29, 2012
By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	June 29, 2012