N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4118

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	July 31

Date of reporting period:	October 31, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Blue Chip Growth Fund
Blue Chip Growth
Class K

Class F

October 31, 2009

1.809076.105

BCF-QTLY-1209

Investments October 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 12.4%
Auto Components - 0.3%
Johnson Controls, Inc.	1,571,300		$ 37,585
Automobiles - 0.2%
Harley-Davidson, Inc. (c)	880,100		21,932
Diversified Consumer Services - 0.2%
Apollo Group, Inc. Class A (non-vtg.) (a)	304,800		17,404
Hotels, Restaurants & Leisure - 2.6%
Carnival Corp. unit	638,400		18,590
Las Vegas Sands Corp. (a)	987,700		14,904
Starbucks Corp. (a)	6,778,000		128,646
Starwood Hotels & Resorts Worldwide, Inc.	2,978,400		86,552
Wyndham Worldwide Corp.	2,166,485		36,939
			285,631
Household Durables - 1.5%
D.R. Horton, Inc.	2,784,900		30,523
Furniture Brands International, Inc. (a)(d)	4,870,949		20,702
KB Home	571,600		8,105
Mohawk Industries, Inc. (a)	565,400		24,216
Pulte Homes, Inc.	2,783,302		25,078
Ryland Group, Inc.	698,900		12,965
Toll Brothers, Inc. (a)	1,347,800		23,344
Tupperware Brands Corp.	424,800		19,124
			164,057
Internet & Catalog Retail - 1.8%
Amazon.com, Inc. (a)	1,619,400		192,401
Leisure Equipment & Products - 0.1%
Brunswick Corp.	1,330,400		12,612
Media - 0.7%
DreamWorks Animation SKG, Inc. Class A (a)	765,288		24,489
Interpublic Group of Companies, Inc. (a)	1,475,400		8,882
McGraw-Hill Companies, Inc.	784,700		22,584
The DIRECTV Group, Inc. (a)(c)	816,400		21,471
			77,426
Multiline Retail - 1.6%
JCPenney Co., Inc.	403,000		13,351
Kohl's Corp. (a)	475,100		27,185
Target Corp.	2,726,300		132,035
			172,571
Specialty Retail - 2.2%
Guess?, Inc.	874,500		31,963
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Home Depot, Inc.	1,143,700		$ 28,695
J. Crew Group, Inc. (a)	126,300		5,151
Lowe's Companies, Inc.	1,977,300		38,696
Office Depot, Inc. (a)	3,709,801		22,444
RadioShack Corp.	1,312,133		22,162
Staples, Inc.	2,510,900		54,487
Williams-Sonoma, Inc.	2,011,100		37,768
			241,366
Textiles, Apparel & Luxury Goods - 1.2%
Deckers Outdoor Corp. (a)	190,400		17,073
Liz Claiborne, Inc. (c)	4,159,517		23,876
NIKE, Inc. Class B	283,600		17,634
Polo Ralph Lauren Corp. Class A	917,200		68,258
			126,841
TOTAL CONSUMER DISCRETIONARY			1,349,826
CONSUMER STAPLES - 13.3%
Beverages - 3.1%
Anheuser-Busch InBev SA NV	225,127		10,603
Dr Pepper Snapple Group, Inc. (a)	403,600		11,002
PepsiCo, Inc.	1,341,900		81,252
The Coca-Cola Co.	4,418,500		235,550
			338,407
Food & Staples Retailing - 4.6%
Costco Wholesale Corp.	2,016,600		114,644
CVS Caremark Corp.	2,040,700		72,037
Wal-Mart Stores, Inc.	4,948,855		245,859
Walgreen Co.	1,822,700		68,953
			501,493
Food Products - 0.4%
Ausnutria Dairy Hunan Co. Ltd. Class H	5,844,000		4,948
General Mills, Inc.	536,500		35,366
			40,314
Household Products - 2.5%
Procter & Gamble Co.	4,695,800		272,356
Personal Products - 0.7%
Avon Products, Inc.	1,372,700		43,995
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Personal Products - continued
Mead Johnson Nutrition Co. Class A (c)	139,500		$ 5,865
NBTY, Inc. (a)	628,200		22,873
			72,733
Tobacco - 2.0%
Altria Group, Inc.	2,610,300		47,273
Philip Morris International, Inc.	3,556,600		168,441
			215,714
TOTAL CONSUMER STAPLES			1,441,017
ENERGY - 4.7%
Energy Equipment & Services - 1.7%
Nabors Industries Ltd. (a)	2,034,000		42,368
Noble Corp.	922,300		37,575
Pride International, Inc. (a)	1,012,600		29,932
Schlumberger Ltd.	763,000		47,459
Smith International, Inc.	1,058,400		29,349
			186,683
Oil, Gas & Consumable Fuels - 3.0%
Arch Coal, Inc.	1,204,300		26,085
CONSOL Energy, Inc.	273,700		11,717
EOG Resources, Inc.	63,400		5,177
Marathon Oil Corp.	1,034,400		33,070
Massey Energy Co.	979,600		28,497
Occidental Petroleum Corp.	945,900		71,775
Oil India Ltd.	14,187		333
Petrohawk Energy Corp. (a)	2,495,900		58,704
Plains Exploration & Production Co. (a)	556,600		14,750
Southwestern Energy Co. (a)	1,600,700		69,759
			319,867
TOTAL ENERGY			506,550
FINANCIALS - 7.4%
Capital Markets - 1.7%
AllianceBernstein Holding LP	1,000,000		26,980
Charles Schwab Corp.	593,900		10,298
Evercore Partners, Inc. Class A	250,000		8,160
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
Janus Capital Group, Inc.	585,000		$ 7,675
Morgan Stanley	4,319,600		138,746
			191,859
Commercial Banks - 1.0%
Regions Financial Corp.	4,120,500		19,943
Wells Fargo & Co.	3,279,100		90,241
			110,184
Consumer Finance - 0.6%
American Express Co.	1,008,200		35,126
Capital One Financial Corp.	784,800		28,724
			63,850
Diversified Financial Services - 2.3%
Bank of America Corp.	3,235,100		47,168
CME Group, Inc.	182,100		55,105
JPMorgan Chase & Co.	2,606,300		108,865
Moody's Corp. (c)	1,184,400		28,047
NBH Holdings Corp. Class A (a)(e)	444,100		8,882
			248,067
Insurance - 1.2%
Assured Guaranty Ltd.	1,486,700		24,649
Genworth Financial, Inc. Class A	4,379,900		46,515
Hartford Financial Services Group, Inc.	1,177,794		28,880
Lincoln National Corp.	1,131,100		26,954
			126,998
Real Estate Management & Development - 0.6%
Ackruti City Ltd.	975,000		10,339
Housing Development and Infrastructure Ltd. (a)	1,846,919		12,242
Indiabulls Real Estate Ltd. (a)	3,166,454		16,578
Parsvnath Developers Ltd.	6,435,670		14,182
Unitech Ltd.	5,251,879		9,006
			62,347
TOTAL FINANCIALS			803,305
HEALTH CARE - 13.4%
Biotechnology - 3.2%
Alnylam Pharmaceuticals, Inc. (a)	14,700		250
Amgen, Inc. (a)	893,600		48,013
Amylin Pharmaceuticals, Inc. (a)	2,057,700		22,717
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Celgene Corp. (a)	1,528,400		$ 78,025
Dendreon Corp. (a)	566,600		14,318
Genzyme Corp. (a)	1,109,400		56,136
Human Genome Sciences, Inc. (a)	797,300		14,902
ImmunoGen, Inc. (a)	381,639		2,553
Isis Pharmaceuticals, Inc. (a)	212,000		2,686
Medivation, Inc. (a)	50,000		1,276
Micromet, Inc. (a)(c)	1,048,020		5,355
Myriad Genetics, Inc. (a)	100,000		2,428
Regeneron Pharmaceuticals, Inc. (a)	575,000		9,028
Vertex Pharmaceuticals, Inc. (a)	2,805,100		94,139
			351,826
Health Care Equipment & Supplies - 1.3%
Baxter International, Inc.	763,500		41,275
Covidien PLC	1,382,000		58,210
Inverness Medical Innovations, Inc. (a)	928,700		35,300
NuVasive, Inc. (a)(c)	254,703		9,243
			144,028
Health Care Providers & Services - 3.5%
Aetna, Inc.	874,100		22,753
CIGNA Corp.	1,015,500		28,272
Express Scripts, Inc. (a)	1,554,500		124,236
Henry Schein, Inc. (a)	401,800		21,227
Humana, Inc. (a)	877,300		32,969
Medco Health Solutions, Inc. (a)	2,028,100		113,817
UnitedHealth Group, Inc.	1,228,400		31,877
			375,151
Health Care Technology - 0.4%
Allscripts-Misys Healthcare Solutions, Inc.	890,400		17,363
Cerner Corp. (a)	364,400		27,709
			45,072
Life Sciences Tools & Services - 0.6%
Illumina, Inc. (a)	349,153		11,208
Life Technologies Corp. (a)	1,085,700		51,212
			62,420
Pharmaceuticals - 4.4%
Abbott Laboratories	1,857,800		93,949
Allergan, Inc.	1,081,300		60,823
Johnson & Johnson	3,276,500		193,477
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
King Pharmaceuticals, Inc. (a)	1,116,900		$ 11,314
Merck & Co., Inc.	1,411,400		43,655
Pfizer, Inc.	4,017,900		68,425
			471,643
TOTAL HEALTH CARE			1,450,140
INDUSTRIALS - 8.3%
Aerospace & Defense - 1.4%
Honeywell International, Inc.	2,015,900		72,351
Precision Castparts Corp.	562,900		53,774
Raytheon Co.	597,700		27,064
			153,189
Airlines - 1.2%
AMR Corp. (a)	2,904,200		15,654
Continental Airlines, Inc. Class B (a)	2,397,800		27,575
Delta Air Lines, Inc. (a)	6,859,000		48,973
UAL Corp. (a)	5,396,500		35,131
			127,333
Building Products - 0.7%
Masco Corp.	3,823,700		44,928
Owens Corning (a)	1,412,700		31,235
			76,163
Commercial Services & Supplies - 0.5%
Avery Dennison Corp.	1,664,200		59,329
Electrical Equipment - 0.2%
A123 Systems, Inc.	44,500		875
Acuity Brands, Inc.	50,000		1,583
JA Solar Holdings Co. Ltd. ADR (a)(c)	2,780,000		10,647
SunPower Corp. Class A (a)(c)	478,315		11,867
			24,972
Industrial Conglomerates - 0.6%
3M Co.	863,500		63,528
Machinery - 1.9%
Caterpillar, Inc.	321,900		17,724
Cummins, Inc.	787,900		33,927
Ingersoll-Rand Co. Ltd.	2,092,600		66,105
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
PACCAR, Inc.	1,617,500		$ 60,511
Toro Co. (c)	712,400		26,373
			204,640
Professional Services - 0.3%
Manpower, Inc.	317,502		15,053
Monster Worldwide, Inc. (a)	914,286		13,275
			28,328
Road & Rail - 1.5%
Avis Budget Group, Inc. (a)	1,472,232		12,367
CSX Corp.	2,134,400		90,029
Union Pacific Corp.	1,074,600		59,253
			161,649
TOTAL INDUSTRIALS			899,131
INFORMATION TECHNOLOGY - 36.5%
Communications Equipment - 6.4%
Adtran, Inc.	1,352,043		31,151
Cisco Systems, Inc. (a)	14,888,100		340,193
Emulex Corp. (a)	1,614,100		16,302
F5 Networks, Inc. (a)	276,800		12,426
Juniper Networks, Inc. (a)	715,900		18,263
Motorola, Inc.	4,304,500		36,890
Palm, Inc. (a)(c)	927,525		10,769
QUALCOMM, Inc.	4,464,100		184,858
Research In Motion Ltd. (a)	697,100		40,941
			691,793
Computers & Peripherals - 9.8%
Apple, Inc. (a)	3,062,800		577,330
Hewlett-Packard Co.	6,277,300		297,921
NetApp, Inc. (a)	755,100		20,425
QLogic Corp. (a)	1,509,000		26,468
SanDisk Corp. (a)	1,292,287		26,466
Seagate Technology	4,636,100		64,674
Toshiba Corp.	2,342,000		13,386
Western Digital Corp. (a)	965,300		32,511
			1,059,181
Electronic Equipment & Components - 1.7%
Agilent Technologies, Inc.	5,849,200		144,709
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
FLIR Systems, Inc. (a)	180,100		$ 5,009
Tyco Electronics Ltd.	1,907,025		40,524
			190,242
Internet Software & Services - 6.2%
Baidu.com, Inc. sponsored ADR (a)	118,100		44,632
eBay, Inc. (a)	4,879,100		108,658
Google, Inc. Class A (a)	834,100		447,178
Open Text Corp. (a)	331,500		12,368
OpenTable, Inc.	200,000		4,932
Tencent Holdings Ltd.	1,008,400		17,559
VistaPrint Ltd. (a)	100,000		5,105
Yahoo!, Inc. (a)	2,151,100		34,202
			674,634
IT Services - 1.5%
Cognizant Technology Solutions Corp. Class A (a)	1,300,000		50,245
MasterCard, Inc. Class A	163,800		35,875
Visa, Inc. Class A	1,043,800		79,078
			165,198
Semiconductors & Semiconductor Equipment - 3.6%
Aixtron AG	100,000		2,998
Applied Materials, Inc.	1,678,000		20,472
Avago Technologies Ltd.	2,034,200		30,513
Cree, Inc. (a)	313,000		13,177
Intel Corp.	4,151,800		79,341
Lam Research Corp. (a)	1,880,300		63,404
Linear Technology Corp.	2,434,400		63,002
Maxim Integrated Products, Inc.	27,262		454
Microsemi Corp. (a)	4,057,700		54,008
Netlogic Microsystems, Inc. (a)	113,748		4,324
NVIDIA Corp. (a)	4,370,130		52,267
Prime View International Co. Ltd.	2,000,000		3,247
			387,207
Software - 7.3%
Activision Blizzard, Inc. (a)	913,300		9,891
Adobe Systems, Inc. (a)	1,610,900		53,063
BMC Software, Inc. (a)	1,199,200		44,562
Check Point Software Technologies Ltd. (a)	1,747,500		54,295
Citrix Systems, Inc. (a)	1,069,000		39,296
Informatica Corp. (a)	1,459,800		30,992
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Microsoft Corp.	14,608,200		$ 405,085
Nuance Communications, Inc. (a)	1,505,100		19,732
Oracle Corp.	2,792,400		58,920
Red Hat, Inc. (a)	2,048,500		52,872
Solera Holdings, Inc.	50,000		1,611
SuccessFactors, Inc. (a)	189,100		2,891
VMware, Inc. Class A (a)	563,900		21,671
			794,881
TOTAL INFORMATION TECHNOLOGY			3,963,136
MATERIALS - 3.8%
Chemicals - 3.1%
Air Products & Chemicals, Inc.	725,600		55,966
Airgas, Inc.	713,500		31,651
Albemarle Corp.	1,402,800		44,300
Dow Chemical Co.	4,824,900		113,289
Praxair, Inc.	430,200		34,175
Terra Industries, Inc.	832,288		26,442
The Mosaic Co.	594,800		27,795
			333,618
Containers & Packaging - 0.2%
Owens-Illinois, Inc. (a)	648,600		20,677
Metals & Mining - 0.2%
Freeport-McMoRan Copper & Gold, Inc.	399,100		29,278
Paper & Forest Products - 0.3%
Louisiana-Pacific Corp. (a)	3,334,000		17,504
Weyerhaeuser Co.	412,700		14,998
			32,502
TOTAL MATERIALS			416,075
UTILITIES - 0.0%
Independent Power Producers & Energy Traders - 0.0%
Indiabulls Power Ltd. (a)	813,890		673
TOTAL COMMON STOCKS (Cost $9,545,663)		10,829,853
Money Market Funds - 0.5%
	Shares		Value (000s)
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(f) (Cost $53,793)	53,793,225		$ 53,793
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $9,599,456)			10,883,646
NET OTHER ASSETS - (0.3)%			(34,786)
NET ASSETS - 100%		$ 10,848,860

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(d) Affiliated company

(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 $8,882,000 or 0.1% of net assets.

(f) 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.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 6
Fidelity Securities Lending Cash Central Fund	77
Total	$ 83

Other Affiliated Issuers

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

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Furniture Brands International, Inc.	$ 19,567	$ 202	$ 274	$ -	$ 20,702
Total	$ 19,567	$ 202	$ 274	$ -	$ 20,702

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,349,826	$ 1,349,826	$ -	$ -
Consumer Staples	1,441,017	1,436,069	4,948	-
Energy	506,550	506,217	333	-
Financials	803,305	732,076	71,229	-
Health Care	1,450,140	1,450,140	-	-
Industrials	899,131	899,131	-	-
Information Technology	3,963,136	3,928,944	34,192	-
Materials	416,075	416,075	-	-
Utilities	673	-	673	-
Money Market Funds	53,793	53,793	-	-
Total Investments in Securities	$ 10,883,646	$ 10,772,271	$ 111,375	$ -

Income Tax Information

At October 31, 2009, the cost of investment securities for income tax purposes was $9,640,058,000. Net unrealized appreciation aggregated $1,243,588,000, of which $1,656,278,000 related to appreciated investment securities and $412,690,000 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. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

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. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Blue Chip Value Fund

October 31, 2009

1.809087.105

BCV-QTLY-1209

Investments October 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
CONSUMER DISCRETIONARY - 8.8%
Auto Components - 0.8%
Autoliv, Inc.	12,500		$ 419,750
Johnson Controls, Inc.	76,000		1,817,920
The Goodyear Tire & Rubber Co. (a)	47,200		607,936
			2,845,606
Automobiles - 0.2%
Renault SA (a)	14,500		652,927
Hotels, Restaurants & Leisure - 0.2%
Wyndham Worldwide Corp.	34,600		589,930
Household Durables - 2.5%
Black & Decker Corp.	33,700		1,591,314
KB Home (c)	322,200		4,568,796
Pulte Homes, Inc.	167,602		1,510,094
Whirlpool Corp.	12,800		916,352
			8,586,556
Media - 2.6%
Cablevision Systems Corp. - NY Group Class A	25,700		590,072
Comcast Corp. Class A (special) (non-vtg.)	150,900		2,115,618
DISH Network Corp. Class A (a)	56,900		990,060
The DIRECTV Group, Inc. (a)(c)	37,300		980,990
Time Warner Cable, Inc.	31,467		1,241,058
Time Warner, Inc.	97,100		2,924,652
			8,842,450
Specialty Retail - 2.5%
Advance Auto Parts, Inc.	23,800		886,788
Home Depot, Inc.	43,200		1,083,888
Lowe's Companies, Inc.	117,600		2,301,432
Ross Stores, Inc.	22,200		977,022
Staples, Inc.	141,900		3,079,230
			8,328,360
TOTAL CONSUMER DISCRETIONARY			29,845,829
CONSUMER STAPLES - 5.1%
Beverages - 0.9%
Anheuser-Busch InBev SA NV	24,626		1,159,810
Constellation Brands, Inc. Class A (sub. vtg.) (a)	35,500		561,610
The Coca-Cola Co.	24,900		1,327,419
			3,048,839
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food & Staples Retailing - 1.5%
CVS Caremark Corp.	98,700		$ 3,484,110
Kroger Co.	39,800		920,574
Winn-Dixie Stores, Inc. (a)	71,862		796,950
			5,201,634
Food Products - 1.3%
Bunge Ltd.	13,500		770,310
Nestle SA (Reg.)	54,642		2,546,516
Ralcorp Holdings, Inc. (a)	19,300		1,036,410
			4,353,236
Household Products - 1.0%
Energizer Holdings, Inc. (a)	17,100		1,040,877
Procter & Gamble Co.	42,100		2,441,800
			3,482,677
Tobacco - 0.4%
British American Tobacco PLC sponsored ADR	18,700		1,201,101
TOTAL CONSUMER STAPLES			17,287,487
ENERGY - 19.1%
Energy Equipment & Services - 4.3%
ENSCO International, Inc.	32,150		1,472,149
Helmerich & Payne, Inc.	12,300		467,646
Nabors Industries Ltd. (a)	196,832		4,100,011
National Oilwell Varco, Inc. (a)	49,314		2,021,381
Noble Corp.	19,300		786,282
Pride International, Inc. (a)	32,800		969,568
Transocean Ltd. (a)	26,000		2,181,660
Weatherford International Ltd. (a)	155,800		2,731,174
			14,729,871
Oil, Gas & Consumable Fuels - 14.8%
Anadarko Petroleum Corp.	17,200		1,047,996
Arch Coal, Inc.	47,300		1,024,518
Chesapeake Energy Corp.	150,500		3,687,250
Chevron Corp.	171,200		13,103,648
EOG Resources, Inc.	33,200		2,711,112
EXCO Resources, Inc.	29,100		454,542
Exxon Mobil Corp.	64,500		4,622,715
Marathon Oil Corp.	133,100		4,255,207
Occidental Petroleum Corp.	142,400		10,805,312
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Petrohawk Energy Corp. (a)	75,200		$ 1,768,704
Plains Exploration & Production Co. (a)	54,100		1,433,650
Range Resources Corp.	26,800		1,341,340
Royal Dutch Shell PLC Class B ADR	41,700		2,425,272
Southwestern Energy Co. (a)	21,900		954,402
Suncor Energy, Inc.	18,048		598,683
			50,234,351
TOTAL ENERGY			64,964,222
FINANCIALS - 27.2%
Capital Markets - 4.8%
Charles Schwab Corp.	40,432		701,091
Franklin Resources, Inc.	16,100		1,684,543
Goldman Sachs Group, Inc.	33,100		5,632,627
Morgan Stanley	194,800		6,256,976
State Street Corp.	44,370		1,862,653
			16,137,890
Commercial Banks - 5.8%
Huntington Bancshares, Inc.	55,200		210,312
Mitsubishi UFJ Financial Group, Inc.	103,500		551,313
PNC Financial Services Group, Inc.	91,072		4,457,064
Regions Financial Corp.	152,700		739,068
SVB Financial Group (a)	18,300		754,875
U.S. Bancorp, Delaware	53,000		1,230,660
Wells Fargo & Co.	428,237		11,785,082
			19,728,374
Consumer Finance - 1.0%
Capital One Financial Corp.	61,300		2,243,580
Discover Financial Services	84,700		1,197,658
			3,441,238
Diversified Financial Services - 9.9%
Bank of America Corp.	885,782		12,914,702
CME Group, Inc.	6,000		1,815,660
JPMorgan Chase & Co.	417,252		17,428,615
KKR Financial Holdings LLC (a)	139,600		639,368
Moody's Corp.	32,600		771,968
			33,570,313
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - 4.2%
ACE Ltd.	76,080		$ 3,907,469
Allied World Assurance Co. Holdings Ltd.	14,800		662,448
Argo Group International Holdings, Ltd. (a)	14,488		492,012
Assurant, Inc.	13,000		389,090
Everest Re Group Ltd.	27,600		2,414,724
Genworth Financial, Inc. Class A	172,127		1,827,989
Lincoln National Corp.	62,900		1,498,907
Loews Corp.	16,700		552,770
MetLife, Inc.	48,100		1,636,843
XL Capital Ltd. Class A	60,900		999,369
			14,381,621
Real Estate Investment Trusts - 0.8%
Alexandria Real Estate Equities, Inc.	16,600		899,222
CBL & Associates Properties, Inc.	32,600		266,016
Duke Realty LP	30,900		347,316
ProLogis Trust	41,900		474,727
SL Green Realty Corp.	21,700		841,092
			2,828,373
Real Estate Management & Development - 0.7%
CB Richard Ellis Group, Inc. Class A (a)	209,500		2,168,325
TOTAL FINANCIALS			92,256,134
HEALTH CARE - 10.4%
Biotechnology - 0.7%
Amgen, Inc. (a)	14,800		795,204
Biogen Idec, Inc. (a)	25,400		1,070,102
Genzyme Corp. (a)	12,700		642,620
			2,507,926
Health Care Equipment & Supplies - 1.8%
Boston Scientific Corp. (a)	146,400		1,188,768
Covidien PLC	99,685		4,198,732
Stryker Corp.	15,900		731,400
			6,118,900
Health Care Providers & Services - 1.9%
Aetna, Inc.	54,300		1,413,429
Brookdale Senior Living, Inc.	69,500		1,170,380
CIGNA Corp.	57,500		1,600,800
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Humana, Inc. (a)	26,400		$ 992,112
UnitedHealth Group, Inc.	49,100		1,274,145
			6,450,866
Life Sciences Tools & Services - 0.2%
Thermo Fisher Scientific, Inc. (a)	12,100		544,500
Pharmaceuticals - 5.8%
King Pharmaceuticals, Inc. (a)	41,400		419,382
Merck & Co., Inc.	180,900		5,595,237
Pfizer, Inc.	752,619		12,817,102
Teva Pharmaceutical Industries Ltd. sponsored ADR	17,800		898,544
			19,730,265
TOTAL HEALTH CARE			35,352,457
INDUSTRIALS - 9.3%
Aerospace & Defense - 1.9%
Honeywell International, Inc.	96,460		3,461,949
Precision Castparts Corp.	8,400		802,452
United Technologies Corp.	37,800		2,322,810
			6,587,211
Building Products - 1.0%
Armstrong World Industries, Inc. (a)	5,500		204,875
Masco Corp.	201,900		2,372,325
Owens Corning (a)	35,800		791,538
			3,368,738
Commercial Services & Supplies - 0.4%
Republic Services, Inc.	48,330		1,252,230
Electrical Equipment - 0.4%
Acuity Brands, Inc.	15,300		484,398
Regal-Beloit Corp.	16,300		764,144
			1,248,542
Industrial Conglomerates - 0.5%
Textron, Inc.	88,600		1,575,308
Machinery - 2.7%
Caterpillar, Inc.	21,500		1,183,790
Cummins, Inc.	60,900		2,622,354
Deere & Co.	28,500		1,298,175
Ingersoll-Rand Co. Ltd.	92,000		2,906,280
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Navistar International Corp. (a)	13,600		$ 450,704
Oshkosh Co.	23,900		747,114
			9,208,417
Road & Rail - 2.4%
Avis Budget Group, Inc. (a)	43,300		363,720
CSX Corp.	81,000		3,416,580
Ryder System, Inc.	16,400		665,020
Union Pacific Corp.	69,300		3,821,202
			8,266,522
TOTAL INDUSTRIALS			31,506,968
INFORMATION TECHNOLOGY - 7.6%
Communications Equipment - 1.0%
Cisco Systems, Inc. (a)	111,600		2,550,060
Juniper Networks, Inc. (a)	33,200		846,932
			3,396,992
Computers & Peripherals - 2.0%
Hewlett-Packard Co.	131,500		6,240,990
NCR Corp. (a)	70,600		716,590
			6,957,580
Electronic Equipment & Components - 1.9%
Agilent Technologies, Inc.	34,250		847,345
Amphenol Corp. Class A	9,400		377,128
Arrow Electronics, Inc. (a)	45,500		1,152,970
Avnet, Inc. (a)	78,346		1,941,414
Flextronics International Ltd. (a)	144,100		933,768
Tyco Electronics Ltd.	60,085		1,276,806
			6,529,431
Internet Software & Services - 0.5%
eBay, Inc. (a)	71,000		1,581,170
Semiconductors & Semiconductor Equipment - 1.9%
Applied Materials, Inc.	188,800		2,303,360
ASML Holding NV (NY Shares)	31,000		835,140
Atmel Corp. (a)	138,400		514,848
KLA-Tencor Corp.	21,500		698,965
Lam Research Corp. (a)	46,200		1,557,864
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
MEMC Electronic Materials, Inc. (a)	22,100		$ 274,482
ON Semiconductor Corp. (a)	23,100		154,539
			6,339,198
Software - 0.3%
Microsoft Corp.	42,600		1,181,298
TOTAL INFORMATION TECHNOLOGY			25,985,669
MATERIALS - 3.7%
Chemicals - 1.3%
Albemarle Corp.	45,290		1,430,258
Celanese Corp. Class A	33,200		911,340
Dow Chemical Co.	93,500		2,195,380
			4,536,978
Construction Materials - 0.4%
HeidelbergCement AG	17,792		1,066,385
Vulcan Materials Co.	8,800		405,064
			1,471,449
Containers & Packaging - 0.7%
Owens-Illinois, Inc. (a)	33,200		1,058,416
Temple-Inland, Inc.	73,200		1,130,940
			2,189,356
Metals & Mining - 1.3%
AngloGold Ashanti Ltd. sponsored ADR	13,454		505,063
ArcelorMittal SA (NY Shares) Class A (c)	29,200		993,384
Freeport-McMoRan Copper & Gold, Inc.	12,000		880,320
Newcrest Mining Ltd.	46,359		1,332,135
Steel Dynamics, Inc.	55,500		743,145
			4,454,047
TOTAL MATERIALS			12,651,830
TELECOMMUNICATION SERVICES - 3.9%
Diversified Telecommunication Services - 3.4%
AT&T, Inc.	286,610		7,357,279
Qwest Communications International, Inc.	260,900		936,631
Verizon Communications, Inc.	113,173		3,348,789
			11,642,699
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 0.5%
Sprint Nextel Corp. (a)	511,000		$ 1,512,560
TOTAL TELECOMMUNICATION SERVICES			13,155,259
UTILITIES - 4.1%
Electric Utilities - 2.3%
Allegheny Energy, Inc.	12,600		287,532
American Electric Power Co., Inc.	68,100		2,057,982
Entergy Corp.	23,400		1,795,248
Exelon Corp.	37,100		1,742,216
FirstEnergy Corp.	44,600		1,930,288
			7,813,266
Independent Power Producers & Energy Traders - 0.6%
AES Corp.	38,100		497,967
Constellation Energy Group, Inc.	16,600		513,272
NRG Energy, Inc. (a)	50,500		1,160,995
			2,172,234
Multi-Utilities - 1.2%
CMS Energy Corp.	80,100		1,065,330
PG&E Corp.	31,700		1,296,213
Sempra Energy	34,000		1,749,300
			4,110,843
TOTAL UTILITIES			14,096,343
TOTAL COMMON STOCKS (Cost $355,530,861)		337,102,198
Convertible Preferred Stocks - 0.2%

FINANCIALS - 0.2%
Commercial Banks - 0.2%
Huntington Bancshares, Inc. 8.50%	700		597,100
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $523,558)		597,100
Money Market Funds - 2.5%
	Shares		Value
Fidelity Cash Central Fund, 0.20% (d)	1,832,189		$ 1,832,189
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	6,717,825		6,717,825
TOTAL MONEY MARKET FUNDS (Cost $8,550,014)		8,550,014
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $364,604,433)			346,249,312
NET OTHER ASSETS - (1.9)%			(6,507,198)
NET ASSETS - 100%		$ 339,742,114

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(d) 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.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,230
Fidelity Securities Lending Cash Central Fund	1,069
Total	$ 2,299

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 29,845,829	$ 29,845,829	$ -	$ -
Consumer Staples	17,287,487	17,287,487	-	-
Energy	64,964,222	64,964,222	-	-
Financials	92,853,234	92,301,921	551,313	-
Health Care	35,352,457	35,352,457	-	-
Industrials	31,506,968	31,506,968	-	-
Information Technology	25,985,669	25,985,669	-	-
Materials	12,651,830	11,319,695	1,332,135	-
Telecommunication Services	13,155,259	13,155,259	-	-
Utilities	14,096,343	14,096,343	-	-
Money Market Funds	8,550,014	8,550,014	-	-
Total Investments in Securities	$ 346,249,312	$ 344,365,864	$ 1,883,448	$ -

Income Tax Information

At October 31, 2009, the cost of investment securities for income tax purposes was $376,316,627. Net unrealized depreciation aggregated $30,067,315, of which $34,862,263 related to appreciated investment securities and $64,929,578 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Dividend Growth Fund

October 31, 2009

1.809095.105

DGF-QTLY-1209

Investments October 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.1%
Auto Components - 0.7%
Autoliv, Inc.	182,800		$ 6,138
BorgWarner, Inc.	174,800		5,300
Johnson Controls, Inc.	775,300		18,545
The Goodyear Tire & Rubber Co. (a)	972,200		12,522
TRW Automotive Holdings Corp. (a)	571,800		8,949
			51,454
Automobiles - 0.3%
Fiat SpA (a)	507,800		7,592
Mazda Motor Corp.	727,000		1,641
Thor Industries, Inc.	337,300		8,844
Winnebago Industries, Inc.	566,454		6,514
			24,591
Diversified Consumer Services - 0.5%
Apollo Group, Inc. Class A (non-vtg.) (a)	24,200		1,382
Hillenbrand, Inc.	367,500		7,343
Regis Corp.	438,770		7,126
Service Corp. International	1,072,000		7,365
Stewart Enterprises, Inc. Class A	2,333,532		10,688
			33,904
Hotels, Restaurants & Leisure - 1.5%
Brinker International, Inc.	572,300		7,234
Burger King Holdings, Inc.	251,305		4,312
DineEquity, Inc. (d)	744,900		15,762
Las Vegas Sands Corp. unit	18,504		4,756
NH Hoteles SA (a)	727,300		3,815
O'Charleys, Inc. (a)	428,200		3,002
P.F. Chang's China Bistro, Inc. (a)(d)	12,100		353
Red Robin Gourmet Burgers, Inc. (a)	152,200		2,543
Sonic Corp. (a)	1,097,100		10,258
Starwood Hotels & Resorts Worldwide, Inc.	792,500		23,030
Vail Resorts, Inc. (a)(d)	101,663		3,501
Wyndham Worldwide Corp.	2,122,615		36,191
			114,757
Household Durables - 1.2%
Black & Decker Corp.	113,500		5,359
Dorel Industries, Inc. Class B (sub. vtg.)	144,700		3,879
Hooker Furniture Corp.	360,242		4,615
Mohawk Industries, Inc. (a)	426,600		18,271
Newell Rubbermaid, Inc.	636,400		9,234
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Household Durables - continued
PDG Realty S.A. Empreendimentos e Participacoes	255,600		$ 2,133
Pulte Homes, Inc.	1,018,282		9,175
Stanley Furniture Co., Inc.	228,560		1,796
Whirlpool Corp.	434,100		31,077
			85,539
Leisure Equipment & Products - 0.1%
Hasbro, Inc.	264,200		7,205
Media - 2.8%
Cablevision Systems Corp. - NY Group Class A	581,500		13,351
CC Media Holdings, Inc. Class A (a)	1,200,000		1,560
Comcast Corp.:
Class A	51,870		752
Class A (special) (non-vtg.)	2,330,000		32,667
DISH Network Corp. Class A (a)	1,004,273		17,474
Informa PLC	1,712,482		8,243
Lamar Advertising Co. Class A (a)(d)	589,401		14,322
Liberty Media Corp. Entertainment Series A (a)	982,468		30,280
McGraw-Hill Companies, Inc.	460,900		13,265
The DIRECTV Group, Inc. (a)	472,400		12,424
The Walt Disney Co.	495,767		13,569
Time Warner Cable, Inc.	757,526		29,877
United Business Media Ltd.	464,500		3,528
Viacom, Inc. Class B (non-vtg.) (a)	505,200		13,938
			205,250
Multiline Retail - 0.4%
Dollarama, Inc. (a)(f)	50,700		904
Target Corp.	636,064		30,805
			31,709
Specialty Retail - 2.5%
Advance Auto Parts, Inc.	517,800		19,293
Asbury Automotive Group, Inc. (a)	432,400		4,212
Best Buy Co., Inc.	204,800		7,819
Big 5 Sporting Goods Corp.	492,900		7,270
Carphone Warehouse Group PLC	1,326,534		4,010
Casual Male Retail Group, Inc. (a)	1,424,000		3,574
Collective Brands, Inc. (a)	289,129		5,363
Gymboree Corp. (a)	172,600		7,348
Home Depot, Inc.	382,368		9,594
Lowe's Companies, Inc.	2,277,800		44,577
Lumber Liquidators, Inc. (a)(d)	465,397		9,890
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
OfficeMax, Inc.	828,306		$ 9,468
RadioShack Corp.	225,000		3,800
Sally Beauty Holdings, Inc. (a)	1,390,800		9,388
Staples, Inc.	1,169,182		25,371
The Children's Place Retail Stores, Inc. (a)	132,514		4,168
Tween Brands, Inc. (a)	792,238		6,718
Zale Corp. (a)(d)	341,403		1,615
			183,478
Textiles, Apparel & Luxury Goods - 0.1%
American Apparel, Inc. (a)	1,574,600		4,834
Iconix Brand Group, Inc. (a)	323,200		3,769
			8,603
TOTAL CONSUMER DISCRETIONARY			746,490
CONSUMER STAPLES - 9.6%
Beverages - 2.2%
Anheuser-Busch InBev SA NV	743,642		35,023
Carlsberg AS Series B	113,100		7,983
Coca-Cola Enterprises, Inc.	800,752		15,270
Fomento Economico Mexicano SAB de CV sponsored ADR	153,500		6,648
Pernod Ricard SA	4,100		343
The Coca-Cola Co.	1,778,600		94,817
			160,084
Food & Staples Retailing - 2.6%
Costco Wholesale Corp.	324,300		18,436
CVS Caremark Corp.	1,383,300		48,830
Kroger Co.	582,400		13,471
Pricesmart, Inc.	405,565		7,827
Safeway, Inc.	413,600		9,236
Wal-Mart Stores, Inc.	1,363,300		67,729
Walgreen Co.	230,300		8,712
Winn-Dixie Stores, Inc. (a)	1,720,396		19,079
			193,320
Food Products - 2.8%
Bunge Ltd.	112,500		6,419
Calavo Growers, Inc.	323,232		5,770
Cermaq ASA (a)	422,100		3,686
Corn Products International, Inc.	464,798		13,098
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - continued
Danone	148,343		$ 8,940
Dole Food Co., Inc.	48,500		569
Global Bio-Chem Technology Group Co. Ltd.	24,249,000		5,902
Kellogg Co.	156,628		8,073
Leroy Seafood Group ASA	614,600		11,270
Marine Harvest ASA (a)	64,624,000		47,062
Nestle SA (Reg.)	418,578		19,507
Ralcorp Holdings, Inc. (a)	164,700		8,844
Smithfield Foods, Inc. (a)(d)	1,450,500		19,350
Tingyi (Cayman Island) Holding Corp.	1,172,000		2,615
Tyson Foods, Inc. Class A	2,526,300		31,629
Unilever NV (Certificaten Van Aandelen) unit	413,800		12,791
			205,525
Household Products - 0.7%
Energizer Holdings, Inc. (a)	210,587		12,818
Kimberly-Clark Corp.	87,801		5,370
Procter & Gamble Co.	590,351		34,240
			52,428
Personal Products - 0.5%
Avon Products, Inc.	678,928		21,760
BaWang International (Group) Holding Ltd.	3,715,000		1,510
Hengan International Group Co. Ltd.	1,344,000		8,652
NBTY, Inc. (a)	32,300		1,176
			33,098
Tobacco - 0.8%
Imperial Tobacco Group PLC	80,363		2,375
Lorillard, Inc.	202,325		15,725
Philip Morris International, Inc.	902,900		42,761
			60,861
TOTAL CONSUMER STAPLES			705,316
ENERGY - 11.8%
Energy Equipment & Services - 4.1%
BJ Services Co.	530,926		10,194
Halliburton Co.	762,400		22,270
Helix Energy Solutions Group, Inc. (a)	663,300		9,107
Nabors Industries Ltd. (a)	562,382		11,714
National Oilwell Varco, Inc. (a)	1,651,400		67,691
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Noble Corp.	951,534		$ 38,765
Parker Drilling Co. (a)	877,300		4,562
Patterson-UTI Energy, Inc.	164,200		2,558
Pride International, Inc. (a)	406,327		12,011
Schlumberger Ltd.	212,600		13,224
Scorpion Offshore Ltd. (a)	2,489,500		10,000
Seahawk Drilling, Inc. (a)	175,765		4,746
Smith International, Inc.	918,900		25,481
Superior Well Services, Inc. (a)	104,500		1,109
Tidewater, Inc.	79,900		3,329
Union Drilling, Inc. (a)	725,843		5,545
Weatherford International Ltd. (a)	3,232,400		56,664
			298,970
Oil, Gas & Consumable Fuels - 7.7%
Alpha Natural Resources, Inc. (a)	283,977		9,647
Anadarko Petroleum Corp.	362,400		22,081
Arch Coal, Inc.	1,327,100		28,745
Arena Resources, Inc. (a)	72,700		2,709
Berry Petroleum Co. Class A	686,700		17,415
Brigham Exploration Co. (a)	2,002,900		19,028
Cabot Oil & Gas Corp.	173,906		6,690
Chesapeake Energy Corp.	1,998,000		48,951
Cimarex Energy Co.	173,700		6,802
Compton Petroleum Corp. (a)	1,309,400		1,330
Concho Resources, Inc. (a)	257,665		9,820
Denbury Resources, Inc. (a)	865,390		12,635
EXCO Resources, Inc.	1,121,357		17,516
Hess Corp.	429,600		23,516
Holly Corp.	328,100		9,518
Iteration Energy Ltd. (a)	843,600		888
Keyera Facilities Income Fund	338,100		6,195
Lukoil Oil Co. sponsored ADR	76,687		4,387
Niko Resources Ltd.	101,000		8,171
Northern Oil & Gas, Inc. (a)(d)	1,220,145		11,128
Occidental Petroleum Corp.	284,300		21,573
OPTI Canada, Inc. (a)(d)	5,365,900		9,415
OPTI Canada, Inc. (a)(f)	2,861,700		5,021
Painted Pony Petroleum Ltd. (a)(f)(g)	74,900		407
Painted Pony Petroleum Ltd. Class A (a)	210,500		1,139
Penn Virginia Corp.	271,200		5,492
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
PetroBakken Energy Ltd. Class A	533,025		$ 15,368
Petrohawk Energy Corp. (a)	3,188,638		74,997
Petroleo Brasileiro SA - Petrobras sponsored ADR	88,400		4,086
Plains Exploration & Production Co. (a)	1,471,168		38,986
Range Resources Corp.	587,900		29,424
Rosetta Resources, Inc. (a)	784,852		10,619
SandRidge Energy, Inc. (a)	1,150,600		11,771
Southwestern Energy Co. (a)	849,437		37,018
Suncor Energy, Inc.	724,000		24,016
Venoco, Inc. (a)	949,419		11,963
			568,467
TOTAL ENERGY			867,437
FINANCIALS - 17.6%
Capital Markets - 1.8%
AllianceBernstein Holding LP	261,000		7,042
Bank of New York Mellon Corp.	20,200		539
Bank Sarasin & Co. Ltd. Series B (Reg.)	196,440		7,840
Charles Schwab Corp.	875,768		15,186
Fortress Investment Group LLC (a)(d)	767,500		3,216
GCA Savvian Group Corp.	2,021		2,349
Goldman Sachs Group, Inc.	81,098		13,800
Janus Capital Group, Inc.	643,400		8,441
Morgan Stanley	1,533,544		49,257
Nomura Holdings, Inc.	653,500		4,606
optionsXpress Holdings, Inc.	60,646		948
State Street Corp.	340,500		14,294
UBS AG (NY Shares) (a)	422,000		7,001
			134,519
Commercial Banks - 5.5%
Associated Banc-Corp.	920,000		11,785
CapitalSource, Inc.	5,560,045		19,794
Huntington Bancshares, Inc.	2,496,200		9,511
Mitsubishi UFJ Financial Group, Inc.	5,321,600		28,347
PNC Financial Services Group, Inc.	1,987,994		97,292
Regions Financial Corp.	969,600		4,693
Sumitomo Mitsui Financial Group, Inc.	673,100		22,880
SVB Financial Group (a)	141,290		5,828
U.S. Bancorp, Delaware	1,028,500		23,882
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - continued
Wells Fargo & Co.	6,380,141		$ 175,583
Wilmington Trust Corp., Delaware	323,178		3,894
			403,489
Consumer Finance - 0.6%
Capital One Financial Corp.	481,500		17,623
Discover Financial Services	1,084,532		15,335
ORIX Corp.	121,680		7,860
			40,818
Diversified Financial Services - 5.4%
Bank of America Corp.	9,684,807		141,204
CME Group, Inc.	69,900		21,152
Deutsche Boerse AG	113,142		9,177
JPMorgan Chase & Co.	3,760,600		157,080
Moody's Corp.	620,146		14,685
PICO Holdings, Inc. (a)(e)	1,536,114		52,136
Ricoh Leasing Co. Ltd.	16,500		337
			395,771
Insurance - 2.2%
ACE Ltd.	214,300		11,006
Arch Capital Group Ltd. (a)	8,011		540
Assurant, Inc.	255,871		7,658
Assured Guaranty Ltd.	301,290		4,995
Endurance Specialty Holdings Ltd.	124,500		4,481
Everest Re Group Ltd.	141,300		12,362
Genworth Financial, Inc. Class A	1,701,300		18,068
Lincoln National Corp.	941,900		22,445
Loews Corp.	223,900		7,411
Maiden Holdings Ltd. (f)	695,042		4,817
MBIA, Inc. (a)(d)	1,474,800		5,988
MetLife, Inc.	283,276		9,640
Montpelier Re Holdings Ltd.	453,900		7,335
Platinum Underwriters Holdings Ltd.	161,800		5,788
Protective Life Corp.	539,000		10,376
The First American Corp.	16,200		492
The Travelers Companies, Inc.	414,140		20,620
Validus Holdings Ltd.	176,300		4,460
XL Capital Ltd. Class A	323,255		5,305
			163,787
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - 0.8%
British Land Co. PLC	274,730		$ 2,130
CapitaCommercial Trust (REIT)	1,737,000		1,306
CBL & Associates Properties, Inc.	633,200		5,167
Corporate Office Properties Trust (SBI)	32,000		1,062
Developers Diversified Realty Corp.	273,677		2,351
Duke Realty LP	298,000		3,350
Kite Realty Group Trust	60,300		224
ProLogis Trust	1,321,300		14,970
Segro PLC	683,100		3,959
SL Green Realty Corp.	340,400		13,194
The Macerich Co. (d)	69,600		2,074
U-Store-It Trust	245,400		1,399
Ventas, Inc.	62,500		2,508
Vornado Realty Trust	130,591		7,778
			61,472
Real Estate Management & Development - 1.1%
Allgreen Properties Ltd.	1,859,000		1,500
Avatar Holdings, Inc. (a)	67,708		1,104
Capital & Regional PLC	1,756,320		980
CB Richard Ellis Group, Inc. Class A (a)	4,349,000		45,012
Iguatemi Empresa de Shopping Centers SA	444,800		6,579
Jones Lang LaSalle, Inc.	294,500		13,797
Kenedix, Inc. (a)	9,905		3,764
Unite Group PLC	2,061,139		9,001
			81,737
Thrifts & Mortgage Finance - 0.2%
Ocwen Financial Corp. (a)	250,434		2,737
Washington Federal, Inc.	442,800		7,594
			10,331
TOTAL FINANCIALS			1,291,924
HEALTH CARE - 12.1%
Biotechnology - 2.5%
Alexion Pharmaceuticals, Inc. (a)	126,500		5,618
Amgen, Inc. (a)	758,000		40,727
Biogen Idec, Inc. (a)	171,000		7,204
Clinical Data, Inc. (a)(d)	513,709		8,106
Dendreon Corp. (a)(d)	280,800		7,096
DUSA Pharmaceuticals, Inc. (a)(d)	1,020,853		1,143
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Genzyme Corp. (a)	339,945		$ 17,201
Gilead Sciences, Inc. (a)	364,013		15,489
Human Genome Sciences, Inc. (a)	717,900		13,418
ImmunoGen, Inc. (a)	47,800		320
Maxygen, Inc. (a)	401,767		2,242
Micromet, Inc. (a)	437,800		2,237
OREXIGEN Therapeutics, Inc. (a)	921,206		5,951
Protalix BioTherapeutics, Inc. (a)	326,330		3,094
Rigel Pharmaceuticals, Inc. (a)	532,200		3,411
Theravance, Inc. (a)	1,753,861		24,501
United Therapeutics Corp. (a)	248,000		10,550
Vertex Pharmaceuticals, Inc. (a)	459,429		15,418
			183,726
Health Care Equipment & Supplies - 2.1%
Beckman Coulter, Inc.	172,700		11,110
C. R. Bard, Inc.	225,830		16,953
Cooper Companies, Inc.	180,700		5,061
Covidien PLC	856,200		36,063
ev3, Inc. (a)	567,336		6,683
Integra LifeSciences Holdings Corp. (a)	17,991		549
Inverness Medical Innovations, Inc. (a)	283,600		10,780
Kinetic Concepts, Inc. (a)	83,000		2,755
Nobel Biocare Holding AG (Switzerland)	206,054		5,864
Orthofix International NV (a)	323,288		10,345
Sonova Holding AG	153,575		15,835
St. Jude Medical, Inc. (a)	191,800		6,537
Stryker Corp.	274,700		12,636
William Demant Holding AS (a)	118,900		8,498
Wright Medical Group, Inc. (a)	404,100		6,567
			156,236
Health Care Providers & Services - 2.9%
Aetna, Inc.	405,600		10,558
Brookdale Senior Living, Inc.	1,165,600		19,629
CIGNA Corp.	1,765,800		49,160
Community Health Systems, Inc. (a)	286,900		8,974
Emeritus Corp. (a)	144,681		2,700
Express Scripts, Inc. (a)	348,500		27,852
Health Net, Inc. (a)	251,483		3,750
Humana, Inc. (a)	257,000		9,658
McKesson Corp.	171,300		10,060
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
Medco Health Solutions, Inc. (a)	488,000		$ 27,387
Quest Diagnostics, Inc.	40,400		2,260
Triple-S Management Corp. (a)	483,810		8,080
UnitedHealth Group, Inc.	625,200		16,224
Universal Health Services, Inc. Class B	282,100		15,699
			211,991
Life Sciences Tools & Services - 0.2%
Life Technologies Corp. (a)	215,300		10,156
Thermo Fisher Scientific, Inc. (a)	108,500		4,883
			15,039
Pharmaceuticals - 4.4%
Abbott Laboratories	196,600		9,942
Allergan, Inc.	337,200		18,968
Ardea Biosciences, Inc. (a)	800		11
Cadence Pharmaceuticals, Inc. (a)	1,089,395		9,837
Merck & Co., Inc.	2,770,805		85,701
Novo Nordisk AS Series B	148,304		9,236
Pfizer, Inc.	9,133,225		155,539
Sanofi-Aventis	217,816		15,965
Teva Pharmaceutical Industries Ltd. sponsored ADR	264,190		13,336
ViroPharma, Inc. (a)	848,400		6,397
			324,932
TOTAL HEALTH CARE			891,924
INDUSTRIALS - 9.7%
Aerospace & Defense - 1.8%
Alliant Techsystems, Inc. (a)	182,500		14,195
GeoEye, Inc. (a)	566,362		14,369
Honeywell International, Inc.	608,100		21,825
LMI Aerospace, Inc. (a)	204,848		2,206
Orbital Sciences Corp. (a)	561,900		7,237
Precision Castparts Corp.	105,000		10,031
Raytheon Co.	346,386		15,684
United Technologies Corp.	768,100		47,200
			132,747
Airlines - 0.2%
Delta Air Lines, Inc. (a)	1,803,775		12,879
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Building Products - 0.5%
Armstrong World Industries, Inc. (a)	84,400		$ 3,144
Masco Corp.	1,360,400		15,985
Owens Corning (a)	623,625		13,788
USG Corp. (a)(d)	140,500		1,846
			34,763
Commercial Services & Supplies - 0.8%
Clean Harbors, Inc. (a)	196,090		11,069
Consolidated Graphics, Inc. (a)	104,500		2,096
R.R. Donnelley & Sons Co.	1,342,600		26,959
Republic Services, Inc.	584,495		15,144
			55,268
Construction & Engineering - 0.3%
Great Lakes Dredge & Dock Corp.	1,961,970		12,027
MYR Group, Inc. (a)	316,357		5,435
Tutor Perini Corp. (a)	266,584		4,705
			22,167
Electrical Equipment - 0.9%
AMETEK, Inc.	223,055		7,782
Cooper Industries PLC Class A	661,951		25,611
First Solar, Inc. (a)(d)	54,000		6,584
Renewable Energy Corp. AS (a)(d)	1,665,103		9,997
Roper Industries, Inc.	76,100		3,847
Schneider Electric SA	77,043		8,051
SunPower Corp.:
Class A (a)	24,100		598
Class B (a)	262,100		5,677
Zumtobel AG (a)	48,200		836
			68,983
Industrial Conglomerates - 1.1%
Koninklijke Philips Electronics NV	644,900		16,199
McDermott International, Inc. (a)	159,978		3,556
Rheinmetall AG	215,500		11,714
Siemens AG sponsored ADR	145,300		13,080
Textron, Inc.	1,924,349		34,215
			78,764
Machinery - 1.9%
Briggs & Stratton Corp.	448,432		8,386
Columbus McKinnon Corp. (NY Shares) (a)	340,461		5,635
Cummins, Inc.	665,900		28,674
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Danaher Corp.	199,700		$ 13,626
Gardner Denver, Inc. (a)	144,600		5,193
Ingersoll-Rand Co. Ltd.	494,500		15,621
JTEKT Corp.	622,000		6,571
Navistar International Corp. (a)	684,600		22,688
The Stanley Works	167,600		7,581
Timken Co.	420,204		9,257
Trinity Industries, Inc.	173,700		2,932
Vallourec SA	79,000		12,520
			138,684
Professional Services - 0.2%
Manpower, Inc.	79,400		3,764
Monster Worldwide, Inc. (a)	500,000		7,260
Robert Half International, Inc.	309,300		7,176
			18,200
Road & Rail - 2.0%
Arkansas Best Corp.	366,400		9,460
Avis Budget Group, Inc. (a)	921,800		7,743
Burlington Northern Santa Fe Corp.	52,600		3,962
CSX Corp.	692,700		29,218
Norfolk Southern Corp.	301,300		14,047
Ryder System, Inc.	431,200		17,485
Saia, Inc. (a)	492,935		7,226
Union Pacific Corp.	747,000		41,190
Universal Truckload Services, Inc. (e)	1,048,036		17,230
			147,561
Trading Companies & Distributors - 0.0%
Wolseley PLC (a)	169,678		3,449
TOTAL INDUSTRIALS			713,465
INFORMATION TECHNOLOGY - 17.4%
Communications Equipment - 3.3%
Adtran, Inc.	540,371		12,450
Cisco Systems, Inc. (a)	4,981,800		113,834
Comverse Technology, Inc. (a)	1,480,600		12,437
Harris Stratex Networks, Inc. Class A (a)	460,443		2,901
Infinera Corp. (a)	1,006,668		7,480
Juniper Networks, Inc. (a)	1,737,300		44,319
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Motorola, Inc.	4,480,704		$ 38,400
QUALCOMM, Inc.	305,000		12,630
			244,451
Computers & Peripherals - 2.5%
Apple, Inc. (a)	256,300		48,313
Hewlett-Packard Co.	2,031,100		96,396
Netezza Corp. (a)	706,688		6,530
QLogic Corp. (a)	462,083		8,105
Seagate Technology	1,608,100		22,433
			181,777
Electronic Equipment & Components - 2.1%
Agilent Technologies, Inc.	1,164,661		28,814
Amphenol Corp. Class A	383,419		15,383
Arrow Electronics, Inc. (a)	617,200		15,640
Avnet, Inc. (a)	976,229		24,191
Bell Microproducts, Inc. (a)(e)	2,045,259		5,972
Corning, Inc.	1,741,300		25,440
FLIR Systems, Inc. (a)	144,588		4,021
Ingram Micro, Inc. Class A (a)	525,554		9,276
Itron, Inc. (a)	194,905		11,702
Keyence Corp.	18,200		3,613
Omron Corp.	105,000		1,768
Tyco Electronics Ltd.	466,572		9,915
			155,735
Internet Software & Services - 1.6%
Google, Inc. Class A (a)	141,900		76,075
NetEase.com, Inc. sponsored ADR (a)	313,000		12,088
Open Text Corp. (a)	141,400		5,275
VeriSign, Inc. (a)	909,649		20,749
			114,187
IT Services - 1.3%
Affiliated Computer Services, Inc. Class A (a)	83,400		4,344
Alliance Data Systems Corp. (a)	330,852		18,190
Atos Origin SA (a)	172,136		8,091
China Information Security Technology, Inc. (a)(d)	242,400		1,551
Fidelity National Information Services, Inc.	1,524,024		33,163
Hewitt Associates, Inc. Class A (a)	321,250		11,411
Lender Processing Services, Inc.	294,052		11,703
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - continued
Visa, Inc. Class A	73,700		$ 5,584
Wright Express Corp. (a)	92,896		2,593
			96,630
Office Electronics - 0.1%
Xerox Corp.	1,004,600		7,555
Semiconductors & Semiconductor Equipment - 4.2%
Analog Devices, Inc.	548,300		14,053
Applied Materials, Inc.	1,642,300		20,036
Atmel Corp. (a)	13,154,261		48,934
Cymer, Inc. (a)	362,100		12,398
Fairchild Semiconductor International, Inc. (a)	2,594,238		19,405
Himax Technologies, Inc. sponsored ADR	1,030,236		2,720
International Rectifier Corp. (a)	305,002		5,575
Kulicke & Soffa Industries, Inc. (a)	1,401,200		6,516
Lam Research Corp. (a)	2,013,893		67,908
LTX-Credence Corp. (a)(d)(e)	7,536,843		10,099
Maxim Integrated Products, Inc.	943,800		15,733
MEMC Electronic Materials, Inc. (a)	441,600		5,485
Micron Technology, Inc. (a)	2,922,000		19,840
National Semiconductor Corp.	675,877		8,746
NVIDIA Corp. (a)	500,912		5,991
ON Semiconductor Corp. (a)	3,138,654		20,998
Semitool, Inc. (a)	1,064,463		7,515
Standard Microsystems Corp. (a)	24,100		464
Teradyne, Inc. (a)	723,000		6,052
Varian Semiconductor Equipment Associates, Inc. (a)	408,715		11,603
			310,071
Software - 2.3%
Adobe Systems, Inc. (a)	321,390		10,587
BMC Software, Inc. (a)	266,400		9,899
Citrix Systems, Inc. (a)	445,890		16,391
Giant Interactive Group, Inc. ADR (d)	1,044,057		7,632
Informatica Corp. (a)	427,600		9,078
Microsoft Corp.	2,290,600		63,518
Misys PLC	1,449,500		4,929
Nuance Communications, Inc. (a)	525,318		6,887
Oracle Corp.	1,529,000		32,262
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Perfect World Co. Ltd. sponsored ADR Class B (a)	76,300		$ 3,358
Sourcefire, Inc. (a)	396,995		8,059
			172,600
TOTAL INFORMATION TECHNOLOGY			1,283,006
MATERIALS - 5.9%
Chemicals - 2.8%
Air Products & Chemicals, Inc.	176,200		13,590
Airgas, Inc.	128,000		5,678
Albemarle Corp.	311,600		9,840
Ashland, Inc.	505,736		17,468
Celanese Corp. Class A	1,110,400		30,480
Cytec Industries, Inc.	80,802		2,680
Dow Chemical Co.	1,174,900		27,587
Huabao International Holdings Ltd.	2,868,000		2,736
Monsanto Co.	173,400		11,649
Rockwood Holdings, Inc. (a)	277,293		5,513
Solutia, Inc. (a)	1,832,800		20,161
Spartech Corp.	1,508,151		14,433
The Mosaic Co.	264,000		12,337
W.R. Grace & Co. (a)	1,573,025		34,434
			208,586
Construction Materials - 0.4%
Eagle Materials, Inc.	136,600		3,395
HeidelbergCement AG	367,644		22,035
			25,430
Containers & Packaging - 0.6%
Owens-Illinois, Inc. (a)	658,176		20,983
Temple-Inland, Inc.	1,481,700		22,892
			43,875
Metals & Mining - 1.8%
Agnico-Eagle Mines Ltd. (Canada)	58,300		3,101
Commercial Metals Co.	766,300		11,372
Eldorado Gold Corp. (a)	2,472,700		27,539
First Quantum Minerals Ltd.	24,100		1,647
Globe Specialty Metals, Inc.	161,600		1,280
Grande Cache Coal Corp. (a)	835,400		2,878
Gulf Resources, Inc. (a)	148,475		1,366
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - continued
Ivanhoe Mines Ltd. (a)	1,987,400		$ 21,400
Lihir Gold Ltd.	4,086,470		11,173
Mitsubishi Materials Corp.	1,366,000		3,602
Newcrest Mining Ltd.	483,902		13,905
Newmont Mining Corp.	198,700		8,636
Nucor Corp.	135,800		5,412
Quadra Mining Ltd. (a)	80,300		1,118
Rio Tinto PLC (Reg.)	182,200		8,058
Sino Gold Mining Ltd. (a)	1,455,415		8,541
Steel Dynamics, Inc.	113,100		1,514
Timminco Ltd. (a)(d)	1,176,475		1,999
			134,541
Paper & Forest Products - 0.3%
Weyerhaeuser Co.	503,900		18,312
TOTAL MATERIALS			430,744
TELECOMMUNICATION SERVICES - 1.4%
Diversified Telecommunication Services - 0.9%
AT&T, Inc.	1,119,634		28,741
Iliad Group SA	64,627		7,009
Qwest Communications International, Inc.	3,504,871		12,582
Verizon Communications, Inc.	590,232		17,465
			65,797
Wireless Telecommunication Services - 0.5%
MTN Group Ltd.	233,000		3,504
Sprint Nextel Corp. (a)	8,923,700		26,414
Vivo Participacoes SA sponsored ADR	436,300		10,580
			40,498
TOTAL TELECOMMUNICATION SERVICES			106,295
UTILITIES - 2.5%
Electric Utilities - 1.0%
Allegheny Energy, Inc.	891,200		20,337
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) (d)	498,500		7,871
Entergy Corp.	217,912		16,718
FirstEnergy Corp.	578,600		25,042
			69,968
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Gas Utilities - 0.3%
EQT Corp.	287,800		$ 12,047
Questar Corp.	53,900		2,147
Xinao Gas Holdings Ltd.	3,604,000		7,714
			21,908
Independent Power Producers & Energy Traders - 0.7%
AES Corp.	1,057,600		13,823
NRG Energy, Inc. (a)	1,358,453		31,231
RRI Energy, Inc. (a)	1,606,350		8,465
			53,519
Multi-Utilities - 0.5%
CMS Energy Corp.	1,938,684		25,784
Sempra Energy	202,400		10,413
			36,197
Water Utilities - 0.0%
Southwest Water Co.	153,500		855
TOTAL UTILITIES			182,447
TOTAL COMMON STOCKS (Cost $7,023,253)		7,219,048
Convertible Preferred Stocks - 0.5%

ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
SandRidge Energy, Inc. 8.50% (a)(f)	80,500		11,941
MATERIALS - 0.3%
Metals & Mining - 0.3%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	227,900		24,440
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $28,488)		36,381
Investment Companies - 0.3%

Ares Capital Corp. (Cost $31,410)	2,490,900		26,005

Corporate Bonds - 0.8%
	Principal Amount (000s)		Value (000s)
Convertible Bonds - 0.5%
FINANCIALS - 0.1%
Real Estate Management & Development - 0.0%
Forest City Enterprises, Inc. 5% 10/15/16 (f)	$ 2,150		$ 1,990
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. 9% 4/1/63 (c)(f)	15,533		6,508
TOTAL FINANCIALS			8,498
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Endo Pharmaceuticals Holdings, Inc. 1.75% 4/15/15 (f)	8,010		7,686
INFORMATION TECHNOLOGY - 0.3%
Semiconductors & Semiconductor Equipment - 0.3%
Advanced Micro Devices, Inc. 6% 5/1/15	14,820		10,782
Amkor Technology, Inc. 6% 4/15/14 (f)	4,010		8,113
			18,895
TOTAL CONVERTIBLE BONDS			35,079
Nonconvertible Bonds - 0.3%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
OPTI Canada, Inc.:
7.875% 12/15/14	5,385		4,200
8.25% 12/15/14	5,330		4,231
			8,431
INFORMATION TECHNOLOGY - 0.2%
Semiconductors & Semiconductor Equipment - 0.2%
Freescale Semiconductor, Inc. 10.125% 12/15/16	19,510		13,803
TOTAL NONCONVERTIBLE BONDS			22,234
TOTAL CORPORATE BONDS (Cost $45,412)		57,313

Money Market Funds - 1.0%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.20% (h)	9,781,922		$ 9,782
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(h)	62,666,385		62,666
TOTAL MONEY MARKET FUNDS (Cost $72,448)		72,448
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $7,201,011)			7,411,195
NET OTHER ASSETS - (0.7)%			(51,234)
NET ASSETS - 100%		$ 7,359,961

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(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 $47,387,000 or 0.6% of net assets.

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

(h) 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.

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	$ 28
Fidelity Securities Lending Cash Central Fund	182
Total	$ 210

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Bell Microproducts, Inc.	$ 3,211	$ -	$ -	$ -	$ 5,972
DUSA Pharmaceuticals, Inc.	1,459	-	404	-	-
Great Lakes Dredge & Dock Corp.	17,803	-	7,256	38	-
LTX-Credence Corp.	6,783	-	-	-	10,099
PICO Holdings, Inc.	3,397	-	2,296	-	52,136
Tween Brands, Inc.	14,547	-	10,062	-	-
Universal Truckload Services, Inc.	18,364	-	1,502	-	17,230
Total	$ 65,564	$ -	$ 21,520	$ 38	$ 85,437

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 746,490	$ 740,093	$ 6,397	$ -
Consumer Staples	705,316	686,637	18,679	-
Energy	879,378	867,030	12,348	-
Financials	1,291,924	1,218,975	72,949	-
Health Care	891,924	875,959	15,965	-
Industrials	713,465	690,695	22,770	-
Information Technology	1,283,006	1,277,625	5,381	-
Materials	455,184	382,729	72,455	-
Telecommunication Services	106,295	106,295	-	-
Utilities	182,447	174,733	7,714	-
Investment Companies	26,005	26,005	-	-
Corporate Bonds	57,313	-	57,313	-
Money Market Funds	72,448	72,448	-	-
Total Investments in Securities:	$ 7,411,195	$ 7,119,224	$ 291,971	$ -

Income Tax Information

At October 31, 2009, the cost of investment securities for income tax purposes was $7,286,528,000. Net unrealized appreciation aggregated $124,667,000, of which $1,009,330,000 related to appreciated investment securities and $884,663,000 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

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

October 31, 2009

1.809089.105

GAI-QTLY-1209

Investments October 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 11.9%
Auto Components - 0.8%
Johnson Controls, Inc.	1,050,000		$ 25,116
The Goodyear Tire & Rubber Co. (a)	1,935,677		24,932
			50,048
Automobiles - 0.7%
Ford Motor Co. (a)	1,650,000		11,550
Harley-Davidson, Inc.	670,000		16,696
Toyota Motor Corp. sponsored ADR	165,000		13,017
			41,263
Hotels, Restaurants & Leisure - 1.2%
Buffalo Wild Wings, Inc. (a)	346,678		14,217
Carnival Corp. unit	255,000		7,426
Darden Restaurants, Inc.	615,000		18,641
Marriott International, Inc. Class A (c)	180,004		4,511
MGM Mirage, Inc. (a)	800,000		7,416
Sonic Corp. (a)	397,600		3,718
Starbucks Corp. (a)	850,000		16,133
Wynn Macau Ltd.	400		1
			72,063
Household Durables - 2.0%
KB Home (c)	2,400,000		34,032
Newell Rubbermaid, Inc.	660,000		9,577
Pulte Homes, Inc.	2,252,370		20,294
Ryland Group, Inc.	1,550,000		28,753
Toll Brothers, Inc. (a)	510,292		8,838
Whirlpool Corp.	338,100		24,205
			125,699
Internet & Catalog Retail - 0.3%
Amazon.com, Inc. (a)	143,000		16,990
Media - 2.5%
Comcast Corp. Class A	1,350,000		19,575
Lamar Advertising Co. Class A (a)(c)	295,000		7,169
McGraw-Hill Companies, Inc.	650,000		18,707
The DIRECTV Group, Inc. (a)(c)	550,000		14,465
The Walt Disney Co.	1,915,000		52,414
Time Warner, Inc.	1,368,333		41,214
			153,544
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Multiline Retail - 1.4%
Kohl's Corp. (a)	460,000		$ 26,321
Target Corp.	1,196,000		57,922
			84,243
Specialty Retail - 2.7%
Best Buy Co., Inc.	305,000		11,645
Lowe's Companies, Inc.	2,850,000		55,775
PetSmart, Inc.	100,000		2,353
Sherwin-Williams Co.	105,000		5,989
Staples, Inc.	2,615,000		56,746
Tiffany & Co., Inc.	345,000		13,555
TJX Companies, Inc.	655,000		24,464
			170,527
Textiles, Apparel & Luxury Goods - 0.3%
Polo Ralph Lauren Corp. Class A	260,000		19,349
TOTAL CONSUMER DISCRETIONARY			733,726
CONSUMER STAPLES - 6.9%
Beverages - 1.4%
Coca-Cola Enterprises, Inc.	575,000		10,965
The Coca-Cola Co.	1,465,000		78,099
			89,064
Food & Staples Retailing - 2.6%
CVS Caremark Corp.	1,202,900		42,462
Wal-Mart Stores, Inc.	1,610,800		80,025
Walgreen Co.	1,010,000		38,208
			160,695
Food Products - 1.1%
Bunge Ltd.	170,000		9,700
Corn Products International, Inc.	305,000		8,595
Nestle SA (Reg.)	1,077,000		50,192
			68,487
Household Products - 0.6%
Colgate-Palmolive Co.	505,000		39,708
Tobacco - 1.2%
Philip Morris International, Inc.	1,495,000		70,803
TOTAL CONSUMER STAPLES			428,757
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 11.7%
Energy Equipment & Services - 3.8%
Cameron International Corp. (a)	1,230,000		$ 45,473
Halliburton Co.	2,029,400		59,279
Nabors Industries Ltd. (a)	1,020,000		21,247
Schlumberger Ltd.	1,194,500		74,298
Smith International, Inc.	195,000		5,407
Weatherford International Ltd. (a)	1,636,800		28,693
			234,397
Oil, Gas & Consumable Fuels - 7.9%
Anadarko Petroleum Corp.	410,000		24,981
Apache Corp.	310,000		29,177
Arch Coal, Inc.	603,100		13,063
Chesapeake Energy Corp.	355,000		8,698
EOG Resources, Inc.	175,000		14,291
Exxon Mobil Corp.	2,470,400		177,045
Occidental Petroleum Corp.	1,142,900		86,723
Peabody Energy Corp.	130,000		5,147
Petrohawk Energy Corp. (a)	585,000		13,759
Plains Exploration & Production Co. (a)	629,300		16,676
Range Resources Corp.	790,000		39,540
Southwestern Energy Co. (a)	855,000		37,261
Ultra Petroleum Corp. (a)	515,000		25,003
			491,364
TOTAL ENERGY			725,761
FINANCIALS - 17.6%
Capital Markets - 5.0%
Ameriprise Financial, Inc.	800,000		27,736
AP Alternative Assets, L.P. Restricted Depositary Units (a)(d)	4,454,200		30,066
Charles Schwab Corp.	800,000		13,872
Goldman Sachs Group, Inc.	451,300		76,798
Janus Capital Group, Inc.	517,375		6,788
Morgan Stanley	1,428,800		45,893
Nomura Holdings, Inc.	801,900		5,652
State Street Corp.	1,955,600		82,096
T. Rowe Price Group, Inc.	445,000		21,685
			310,586
Commercial Banks - 3.0%
Huntington Bancshares, Inc.	878,800		3,348
KeyCorp	895,000		4,824
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - continued
PNC Financial Services Group, Inc.	501,800		$ 24,558
U.S. Bancorp, Delaware	1,565,000		36,339
Wells Fargo & Co.	4,223,900		116,242
			185,311
Consumer Finance - 0.7%
American Express Co.	610,000		21,252
Capital One Financial Corp.	376,900		13,795
Discover Financial Services	28,321		400
SLM Corp. (a)	615,000		5,966
			41,413
Diversified Financial Services - 4.3%
Bank of America Corp.	6,643,000		96,855
CME Group, Inc.	78,000		23,604
JPMorgan Chase & Co.	3,435,000		143,480
NBH Holdings Corp. Class A (a)(d)	166,200		3,324
			267,263
Insurance - 3.9%
ACE Ltd.	715,000		36,722
AFLAC, Inc.	70,000		2,904
Assured Guaranty Ltd.	495,000		8,207
Berkshire Hathaway, Inc. Class A (a)	475		47,025
Everest Re Group Ltd.	200,000		17,498
Hartford Financial Services Group, Inc.	505,000		12,383
Lincoln National Corp.	718,800		17,129
MBIA, Inc. (a)(c)	865,000		3,512
MetLife, Inc.	1,035,000		35,221
PartnerRe Ltd.	180,000		13,766
RenaissanceRe Holdings Ltd.	358,000		18,795
The Travelers Companies, Inc.	550,000		27,385
			240,547
Real Estate Investment Trusts - 0.3%
CBL & Associates Properties, Inc.	459,200		3,747
Simon Property Group, Inc.	113,400		7,699
SL Green Realty Corp.	151,600		5,876
			17,322
Real Estate Management & Development - 0.3%
CB Richard Ellis Group, Inc. Class A (a)	1,900,000		19,665
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.1%
Radian Group, Inc.	800,000		$ 4,632
TOTAL FINANCIALS			1,086,739
HEALTH CARE - 12.4%
Biotechnology - 2.3%
Amgen, Inc. (a)	816,800		43,887
Amylin Pharmaceuticals, Inc. (a)	900,000		9,936
Biogen Idec, Inc. (a)	12,800		539
Celgene Corp. (a)	345,000		17,612
Cephalon, Inc. (a)	83,000		4,530
Dendreon Corp. (a)(c)	265,000		6,697
Genzyme Corp. (a)	350,000		17,710
Gilead Sciences, Inc. (a)	285,000		12,127
MannKind Corp. (a)(c)	170,144		888
PDL BioPharma, Inc.	1,100,000		9,251
Vertex Pharmaceuticals, Inc. (a)	515,000		17,283
			140,460
Health Care Equipment & Supplies - 1.6%
Baxter International, Inc.	390,000		21,083
Covidien PLC	1,300,800		54,790
ev3, Inc. (a)	181,500		2,138
Hospira, Inc. (a)	325,000		14,508
St. Jude Medical, Inc. (a)	162,800		5,548
			98,067
Health Care Providers & Services - 2.6%
Express Scripts, Inc. (a)	704,600		56,312
Henry Schein, Inc. (a)	510,000		26,943
Humana, Inc. (a)	220,000		8,268
Medco Health Solutions, Inc. (a)	675,000		37,881
UnitedHealth Group, Inc.	1,145,000		29,713
WellPoint, Inc. (a)	80,000		3,741
			162,858
Life Sciences Tools & Services - 0.2%
Illumina, Inc. (a)	425,000		13,643
Pharmaceuticals - 5.7%
Abbott Laboratories	1,330,000		67,258
Allergan, Inc.	375,000		21,094
Bristol-Myers Squibb Co.	240,000		5,232
Johnson & Johnson	735,000		43,402
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Merck & Co., Inc.	1,520,000		$ 47,014
Pfizer, Inc.	6,849,500		116,647
Roche Holding AG (participation certificate)	100,000		16,051
Schering-Plough Corp.	855,000		24,111
Teva Pharmaceutical Industries Ltd. sponsored ADR	260,000		13,125
			353,934
TOTAL HEALTH CARE			768,962
INDUSTRIALS - 8.7%
Aerospace & Defense - 1.6%
Honeywell International, Inc.	175,000		6,281
LMI Aerospace, Inc. (a)	40,000		431
Lockheed Martin Corp.	10,000		688
Precision Castparts Corp.	140,000		13,374
United Technologies Corp.	1,295,000		79,578
			100,352
Air Freight & Logistics - 0.5%
C.H. Robinson Worldwide, Inc.	260,000		14,329
FedEx Corp.	180,000		13,084
			27,413
Airlines - 0.1%
Delta Air Lines, Inc. (a)	1,125,000		8,033
UAL Corp. (a)	10,000		65
			8,098
Building Products - 0.1%
Masco Corp.	600,000		7,050
Construction & Engineering - 0.0%
Orion Marine Group, Inc. (a)	100,000		1,904
Electrical Equipment - 0.4%
Alstom SA	10,000		696
First Solar, Inc. (a)	16,200		1,975
JA Solar Holdings Co. Ltd. ADR (a)	1,000,000		3,830
Rockwell Automation, Inc.	140,000		5,733
SunPower Corp. Class B (a)	298,742		6,471
Vestas Wind Systems AS (a)	105,000		7,442
			26,147
Industrial Conglomerates - 1.5%
3M Co.	825,000		60,695
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - continued
General Electric Co.	785,000		$ 11,194
McDermott International, Inc. (a)	345,000		7,669
Textron, Inc.	738,100		13,123
			92,681
Machinery - 1.9%
Caterpillar, Inc.	75,000		4,130
Cummins, Inc.	555,000		23,898
Danaher Corp.	380,000		25,927
Eaton Corp.	250,000		15,113
Ingersoll-Rand Co. Ltd.	1,040,000		32,854
Navistar International Corp. (a)	179,600		5,952
Parker Hannifin Corp.	175,000		9,268
			117,142
Professional Services - 0.6%
Robert Half International, Inc.	1,420,000		32,944
Verisk Analytics, Inc.	168,000		4,608
			37,552
Road & Rail - 1.7%
Avis Budget Group, Inc. (a)	400,000		3,360
CSX Corp.	875,000		36,908
Landstar System, Inc.	690,000		24,316
Union Pacific Corp.	735,000		40,528
			105,112
Trading Companies & Distributors - 0.3%
W.W. Grainger, Inc.	170,000		15,934
TOTAL INDUSTRIALS			539,385
INFORMATION TECHNOLOGY - 24.3%
Communications Equipment - 3.9%
Cisco Systems, Inc. (a)	6,490,000		148,297
Harris Corp.	260,000		10,847
Juniper Networks, Inc. (a)	853,000		21,760
Motorola, Inc.	2,425,000		20,782
Palm, Inc. (a)	339,500		3,942
QUALCOMM, Inc.	825,000		34,163
			239,791
Computers & Peripherals - 5.4%
Apple, Inc. (a)	720,000		135,720
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
Dell, Inc. (a)	1,064,200		$ 15,420
Hewlett-Packard Co.	2,670,000		126,718
International Business Machines Corp.	480,000		57,893
			335,751
Electronic Equipment & Components - 1.3%
Agilent Technologies, Inc.	770,000		19,050
Corning, Inc.	2,816,900		41,155
Tyco Electronics Ltd.	820,000		17,425
			77,630
Internet Software & Services - 3.0%
eBay, Inc. (a)	1,360,000		30,287
Google, Inc. Class A (a)	259,000		138,855
Move, Inc. (a)	1,146,025		2,349
Tencent Holdings Ltd.	300,000		5,224
Yahoo!, Inc. (a)	410,000		6,519
			183,234
IT Services - 1.2%
Cognizant Technology Solutions Corp. Class A (a)	655,000		25,316
Paychex, Inc.	420,000		11,932
Visa, Inc. Class A	494,400		37,456
			74,704
Semiconductors & Semiconductor Equipment - 4.8%
Altera Corp.	785,000		15,535
Applied Materials, Inc.	7,525,400		91,810
ARM Holdings PLC	4,400,000		10,764
ASML Holding NV (NY Shares)	2,490,000		67,081
Broadcom Corp. Class A (a)	260,000		6,919
Intel Corp.	3,206,300		61,272
Lam Research Corp. (a)	8,100		273
MEMC Electronic Materials, Inc. (a)	1,150,000		14,283
Micron Technology, Inc. (a)	1,590,000		10,796
Xilinx, Inc.	990,000		21,533
			300,266
Software - 4.7%
Adobe Systems, Inc. (a)	555,000		18,282
BMC Software, Inc. (a)	392,400		14,582
Citrix Systems, Inc. (a)	300,000		11,028
Microsoft Corp.	6,120,000		169,708
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Oracle Corp.	3,500,000		$ 73,850
Red Hat, Inc. (a)	160,000		4,130
			291,580
TOTAL INFORMATION TECHNOLOGY			1,502,956
MATERIALS - 4.1%
Chemicals - 2.6%
Albemarle Corp.	700,000		22,106
Ashland, Inc.	115,000		3,972
Dow Chemical Co.	1,600,000		37,568
Ecolab, Inc.	415,000		18,243
FMC Corp.	300,000		15,330
Praxair, Inc.	610,000		48,458
The Mosaic Co.	350,000		16,356
			162,033
Construction Materials - 0.2%
Vulcan Materials Co.	185,000		8,516
Metals & Mining - 1.3%
AngloGold Ashanti Ltd. sponsored ADR	160,000		6,006
ArcelorMittal SA (NY Shares) Class A	452,500		15,394
Barrick Gold Corp.	810,000		29,143
Freeport-McMoRan Copper & Gold, Inc.	360,000		26,410
Nucor Corp.	75,000		2,989
			79,942
TOTAL MATERIALS			250,491
TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 0.5%
Verizon Communications, Inc.	948,800		28,075
Wireless Telecommunication Services - 0.5%
American Tower Corp. Class A (a)	790,000		29,088
Sprint Nextel Corp. (a)	1,360,000		4,026
			33,114
TOTAL TELECOMMUNICATION SERVICES			61,189
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 0.4%
Electric Utilities - 0.3%
Exelon Corp.	420,000		$ 19,723
Independent Power Producers & Energy Traders - 0.1%
Constellation Energy Group, Inc.	200,000		6,184
TOTAL UTILITIES			25,907
TOTAL COMMON STOCKS (Cost $5,650,060)		6,123,873
Money Market Funds - 1.6%

Fidelity Cash Central Fund, 0.20% (e)	47,977,052		47,977
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e)	50,561,307		50,561
TOTAL MONEY MARKET FUNDS (Cost $98,538)		98,538
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $5,748,598)			6,222,411
NET OTHER ASSETS - (0.6)%			(34,146)
NET ASSETS - 100%		$ 6,188,265

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(d) 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 $33,390,000 or 0.5% of net assets.

(e) 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.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 33
Fidelity Securities Lending Cash Central Fund	74
Total	$ 107

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 733,726	$ 733,725	$ 1	$ -
Consumer Staples	428,757	428,757	-	-
Energy	725,761	725,761	-	-
Financials	1,086,739	1,077,763	8,976	-
Health Care	768,962	768,962	-	-
Industrials	539,385	539,385	-	-
Information Technology	1,502,956	1,497,732	5,224	-
Materials	250,491	250,491	-	-
Telecommunication Services	61,189	61,189	-	-
Utilities	25,907	25,907	-	-
Money Market Funds	98,538	98,538	-	-
Total Investments in Securities:	$ 6,222,411	$ 6,208,210	$ 14,201	$ -

Income Tax Information

At October 31, 2009, the cost of investment securities for income tax purposes was $5,868,517,000. Net unrealized appreciation aggregated $353,894,000, of which $865,487,000 related to appreciated investment securities and $511,593,000 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® International Real Estate Fund

October 31, 2009

1.809077.105

IRE-QTLY-1209

Investments October 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
Australia - 14.8%
CFS Retail Property Trust	2,161,244		$ 3,712,413
DEXUS Property Group unit	7,121,610		5,029,872
Goodman Group unit	7,261,450		3,892,366
Macquarie Office Trust	2,600,000		727,680
Stockland Corp. Ltd. unit	2,980,748		9,898,548
The GPT Group unit	7,500,000		3,826,212
Westfield Group unit	2,685,771		29,088,156
TOTAL AUSTRALIA			56,175,247
Bailiwick of Jersey - 0.4%
LXB Retail Properties PLC (a)	967,400		1,624,014
Brazil - 0.2%
BR Malls Participacoes SA (a)	63,700		683,223
Cayman Islands - 2.2%
Agile Property Holdings Ltd.	1,924,000		2,462,611
New World China Land Ltd. (c)	4,120,000		1,636,995
New World China Land Ltd. rights 11/11/09 (a)(c)	44,500		2,967
Shimao Property Holdings Ltd.	2,345,000		4,356,148
TOTAL CAYMAN ISLANDS			8,458,721
China - 2.5%
China Resources Land Ltd.	3,838,000		9,265,008
Finland - 1.0%
Citycon Oyj	833,403		3,691,447
France - 8.3%
Fonciere Des Regions (c)	30,100		3,324,239
ICADE	30,700		3,237,806
Societe de la Tour Eiffel	21,000		1,576,030
Unibail-Rodamco	104,917		23,305,263
TOTAL FRANCE			31,443,338
Germany - 0.9%
alstria office REIT-AG	127,206		1,407,669
Deutsche Wohnen AG (a)(c)	47,540		539,372
IVG Immobilien AG (a)	170,000		1,523,496
TOTAL GERMANY			3,470,537
Hong Kong - 29.1%
China Overseas Land & Investment Ltd.	6,139,680		13,236,932
Hang Lung Properties Ltd.	3,423,000		12,936,438
Henderson Land Development Co. Ltd.	2,489,000		17,596,912
Hong Kong Land Holdings Ltd.	3,201,000		15,110,677
Common Stocks - continued
	Shares		Value
Hong Kong - continued
Link (REIT)	4,335,915		$ 9,764,703
New World Development Co. Ltd.	2,243,000		4,828,056
Sun Hung Kai Properties Ltd.	2,439,000		36,953,034
TOTAL HONG KONG			110,426,752
India - 0.3%
Housing Development and Infrastructure Ltd. (a)	146,911		973,753
Japan - 17.5%
Japan Real Estate Investment Corp.	627		5,003,186
Japan Retail Fund Investment Corp.	820		3,855,294
Kenedix Realty Investment Corp.	553		1,586,039
Kenedix, Inc. (a)	2,866		1,089,242
Mitsubishi Estate Co. Ltd.	988,000		14,924,485
Mitsui Fudosan Co. Ltd.	1,214,000		19,643,627
Nippon Building Fund, Inc.	686		5,623,465
Nomura Real Estate Office Fund, Inc.	588		3,633,297
NTT Urban Development Co.	3,256		2,615,822
ORIX JREIT, Inc.	619		2,835,346
Sumitomo Realty & Development Co. Ltd.	295,000		5,593,925
TOTAL JAPAN			66,403,728
Netherlands - 2.1%
Corio NV	96,011		6,530,899
VastNed Retail NV	21,203		1,416,538
TOTAL NETHERLANDS			7,947,437
Norway - 0.5%
Norwegian Property ASA (a)	1,076,000		2,048,235
Singapore - 6.1%
Allgreen Properties Ltd.	2,170,000		1,751,291
Ascendas Real Estate Investment Trust (A-REIT)	2,929,193		3,806,372
CapitaCommercial Trust (REIT)	6,332,000		4,759,528
CapitaLand Ltd.	3,285,900		9,526,352
CapitaMall Trust	2,314,000		2,598,615
Keppel Land Ltd.	300,000		596,571
TOTAL SINGAPORE			23,038,729
Sweden - 1.0%
Castellum AB	409,000		3,806,709
United Kingdom - 11.3%
Big Yellow Group PLC (a)	367,800		2,359,862
British Land Co. PLC	2,154,340		16,701,692
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Great Portland Estates PLC	872,454		$ 3,538,016
Hammerson PLC	919,799		6,134,132
Land Securities Group PLC	465,902		5,063,756
Segro PLC	1,064,200		6,167,629
Unite Group PLC	681,650		2,976,894
TOTAL UNITED KINGDOM			42,941,981
TOTAL COMMON STOCKS (Cost $402,732,922)		372,398,859
Investment Companies - 0.3%

Luxembourg - 0.3%
ProLogis European Properties Fund (Cost $1,112,353)	185,200		1,200,499
Money Market Funds - 2.8%

Fidelity Cash Central Fund, 0.20% (d)	6,971,731		6,971,731
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	3,855,350		3,855,350
TOTAL MONEY MARKET FUNDS (Cost $10,827,081)		10,827,081
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $414,672,356)			384,426,439
NET OTHER ASSETS - (1.3)%			(5,095,368)
NET ASSETS - 100%		$ 379,331,071

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

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	$ 6,811
Fidelity Securities Lending Cash Central Fund	16,558
Total	$ 23,369

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Hong Kong	$ 110,426,752	$ -	$ 110,426,752	$ -
Japan	66,403,728	-	66,403,728	-
Australia	56,175,247	-	56,175,247	-
United Kingdom	42,941,981	42,941,981	-	-
France	31,443,338	31,443,338	-	-
Singapore	23,038,729	-	23,038,729	-
China	9,265,008	-	9,265,008	-
Cayman Islands	8,458,721	-	8,458,721	-
Netherlands	7,947,437	7,947,437	-	-
Other	16,297,918	11,517,456	4,780,462	-
Investment Companies	1,200,499	1,200,499	-	-
Money Market Funds	10,827,081	10,827,081	-	-
Total Investments in Securities:	$ 384,426,439	$ 105,877,792	$ 278,548,647	$ -

Income Tax Information

At October 31, 2009, the cost of investment securities for income tax purposes was $419,733,367. Net unrealized depreciation aggregated $35,306,928, of which $37,099,937 related to appreciated investment securities and $72,406,865 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

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

October 31, 2009

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

1.859110.102

AIRE-QTLY-1209

Investments October 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
Australia - 14.8%
CFS Retail Property Trust	2,161,244		$ 3,712,413
DEXUS Property Group unit	7,121,610		5,029,872
Goodman Group unit	7,261,450		3,892,366
Macquarie Office Trust	2,600,000		727,680
Stockland Corp. Ltd. unit	2,980,748		9,898,548
The GPT Group unit	7,500,000		3,826,212
Westfield Group unit	2,685,771		29,088,156
TOTAL AUSTRALIA			56,175,247
Bailiwick of Jersey - 0.4%
LXB Retail Properties PLC (a)	967,400		1,624,014
Brazil - 0.2%
BR Malls Participacoes SA (a)	63,700		683,223
Cayman Islands - 2.2%
Agile Property Holdings Ltd.	1,924,000		2,462,611
New World China Land Ltd. (c)	4,120,000		1,636,995
New World China Land Ltd. rights 11/11/09 (a)(c)	44,500		2,967
Shimao Property Holdings Ltd.	2,345,000		4,356,148
TOTAL CAYMAN ISLANDS			8,458,721
China - 2.5%
China Resources Land Ltd.	3,838,000		9,265,008
Finland - 1.0%
Citycon Oyj	833,403		3,691,447
France - 8.3%
Fonciere Des Regions (c)	30,100		3,324,239
ICADE	30,700		3,237,806
Societe de la Tour Eiffel	21,000		1,576,030
Unibail-Rodamco	104,917		23,305,263
TOTAL FRANCE			31,443,338
Germany - 0.9%
alstria office REIT-AG	127,206		1,407,669
Deutsche Wohnen AG (a)(c)	47,540		539,372
IVG Immobilien AG (a)	170,000		1,523,496
TOTAL GERMANY			3,470,537
Hong Kong - 29.1%
China Overseas Land & Investment Ltd.	6,139,680		13,236,932
Hang Lung Properties Ltd.	3,423,000		12,936,438
Henderson Land Development Co. Ltd.	2,489,000		17,596,912
Hong Kong Land Holdings Ltd.	3,201,000		15,110,677
Common Stocks - continued
	Shares		Value
Hong Kong - continued
Link (REIT)	4,335,915		$ 9,764,703
New World Development Co. Ltd.	2,243,000		4,828,056
Sun Hung Kai Properties Ltd.	2,439,000		36,953,034
TOTAL HONG KONG			110,426,752
India - 0.3%
Housing Development and Infrastructure Ltd. (a)	146,911		973,753
Japan - 17.5%
Japan Real Estate Investment Corp.	627		5,003,186
Japan Retail Fund Investment Corp.	820		3,855,294
Kenedix Realty Investment Corp.	553		1,586,039
Kenedix, Inc. (a)	2,866		1,089,242
Mitsubishi Estate Co. Ltd.	988,000		14,924,485
Mitsui Fudosan Co. Ltd.	1,214,000		19,643,627
Nippon Building Fund, Inc.	686		5,623,465
Nomura Real Estate Office Fund, Inc.	588		3,633,297
NTT Urban Development Co.	3,256		2,615,822
ORIX JREIT, Inc.	619		2,835,346
Sumitomo Realty & Development Co. Ltd.	295,000		5,593,925
TOTAL JAPAN			66,403,728
Netherlands - 2.1%
Corio NV	96,011		6,530,899
VastNed Retail NV	21,203		1,416,538
TOTAL NETHERLANDS			7,947,437
Norway - 0.5%
Norwegian Property ASA (a)	1,076,000		2,048,235
Singapore - 6.1%
Allgreen Properties Ltd.	2,170,000		1,751,291
Ascendas Real Estate Investment Trust (A-REIT)	2,929,193		3,806,372
CapitaCommercial Trust (REIT)	6,332,000		4,759,528
CapitaLand Ltd.	3,285,900		9,526,352
CapitaMall Trust	2,314,000		2,598,615
Keppel Land Ltd.	300,000		596,571
TOTAL SINGAPORE			23,038,729
Sweden - 1.0%
Castellum AB	409,000		3,806,709
United Kingdom - 11.3%
Big Yellow Group PLC (a)	367,800		2,359,862
British Land Co. PLC	2,154,340		16,701,692
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Great Portland Estates PLC	872,454		$ 3,538,016
Hammerson PLC	919,799		6,134,132
Land Securities Group PLC	465,902		5,063,756
Segro PLC	1,064,200		6,167,629
Unite Group PLC	681,650		2,976,894
TOTAL UNITED KINGDOM			42,941,981
TOTAL COMMON STOCKS (Cost $402,732,922)		372,398,859
Investment Companies - 0.3%

Luxembourg - 0.3%
ProLogis European Properties Fund (Cost $1,112,353)	185,200		1,200,499
Money Market Funds - 2.8%

Fidelity Cash Central Fund, 0.20% (d)	6,971,731		6,971,731
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	3,855,350		3,855,350
TOTAL MONEY MARKET FUNDS (Cost $10,827,081)		10,827,081
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $414,672,356)			384,426,439
NET OTHER ASSETS - (1.3)%			(5,095,368)
NET ASSETS - 100%		$ 379,331,071

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

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	$ 6,811
Fidelity Securities Lending Cash Central Fund	16,558
Total	$ 23,369

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Hong Kong	$ 110,426,752	$ -	$ 110,426,752	$ -
Japan	66,403,728	-	66,403,728	-
Australia	56,175,247	-	56,175,247	-
United Kingdom	42,941,981	42,941,981	-	-
France	31,443,338	31,443,338	-	-
Singapore	23,038,729	-	23,038,729	-
China	9,265,008	-	9,265,008	-
Cayman Islands	8,458,721	-	8,458,721	-
Netherlands	7,947,437	7,947,437	-	-
Other	16,297,918	11,517,456	4,780,462	-
Investment Companies	1,200,499	1,200,499	-	-
Money Market Funds	10,827,081	10,827,081	-	-
Total Investments in Securities:	$ 384,426,439	$ 105,877,792	$ 278,548,647	$ -

Income Tax Information

Investment Valuation

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Leveraged Company
Stock Fund
Leveraged Company Stock
Class K

October 31, 2009

1.809078.105

LSF-QTLY-1209

Investments October 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.0%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.9%
Auto Components - 0.8%
Johnson Controls, Inc.	548,300		$ 13,115
The Goodyear Tire & Rubber Co. (a)	564,063		7,265
TRW Automotive Holdings Corp. (a)	430,300		6,734
WABCO Holdings, Inc.	211,533		5,018
			32,132
Automobiles - 0.2%
Daimler AG	209,400		10,099
Diversified Consumer Services - 3.3%
Brinks Home Security Holdings, Inc. (a)	244,500		7,575
Carriage Services, Inc. (a)	266,200		1,012
Service Corp. International (f)	17,967,393		123,436
Stewart Enterprises, Inc. Class A	1,515,242		6,940
			138,963
Hotels, Restaurants & Leisure - 1.3%
Bally Technologies, Inc. (a)	254,460		10,023
Domino's Pizza, Inc. (a)	824,666		6,053
Las Vegas Sands Corp. (a)(e)	1,130,611		17,061
Penn National Gaming, Inc. (a)	537,836		13,516
The Steak n Shake Co. (a)	659,400		7,682
			54,335
Household Durables - 2.4%
Black & Decker Corp.	223,800		10,568
Harman International Industries, Inc.	796,074		29,940
Lennar Corp. Class A	983,400		12,391
Newell Rubbermaid, Inc.	3,304,500		47,948
			100,847
Leisure Equipment & Products - 0.2%
Callaway Golf Co.	870,287		5,953
Media - 1.8%
Cablevision Systems Corp. - NY Group Class A	541,324		12,429
Cinemark Holdings, Inc.	1,554,497		18,017
Comcast Corp. Class A	2,590,900		37,568
Gray Television, Inc. (f)	2,401,344		4,202
Nexstar Broadcasting Group, Inc. Class A (a)	1,130,500		2,498
			74,714
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - 0.3%
Asbury Automotive Group, Inc. (a)	385,122		$ 3,751
The Pep Boys - Manny, Moe & Jack	996,671		8,741
			12,492
Textiles, Apparel & Luxury Goods - 0.6%
Coach, Inc.	398,120		13,126
Hanesbrands, Inc. (a)	562,400		12,159
			25,285
TOTAL CONSUMER DISCRETIONARY			454,820
CONSUMER STAPLES - 1.9%
Food & Staples Retailing - 0.9%
Kroger Co.	339,300		7,848
Rite Aid Corp. (a)(e)	16,497,982		21,282
Safeway, Inc.	310,100		6,925
			36,055
Food Products - 1.0%
Corn Products International, Inc.	281,534		7,934
Darling International, Inc. (a)	2,498,930		17,368
Dean Foods Co. (a)	569,900		10,389
Smithfield Foods, Inc. (a)	559,606		7,465
			43,156
TOTAL CONSUMER STAPLES			79,211
ENERGY - 14.3%
Energy Equipment & Services - 2.8%
ENSCO International, Inc.	110,000		5,037
Exterran Holdings, Inc. (a)(e)	1,468,740		30,006
Hercules Offshore, Inc. (a)	1,493,431		7,661
Noble Corp.	524,700		21,376
Oil States International, Inc. (a)	270,700		9,323
Parker Drilling Co. (a)	1,200,000		6,240
Pride International, Inc. (a)	346,100		10,231
Rowan Companies, Inc.	321,100		7,466
Schlumberger Ltd.	109,400		6,805
Schoeller-Bleckmann Oilfield Equipment AG	232,656		10,884
Seahawk Drilling, Inc. (a)	23,073		623
			115,652
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - 11.5%
Alpha Natural Resources, Inc. (a)	1,172,396		$ 39,826
Arch Coal, Inc.	688,255		14,908
CONSOL Energy, Inc.	327,200		14,007
El Paso Corp.	11,247,076		110,334
Forest Oil Corp. (a)	2,481,586		48,639
Frontier Oil Corp.	1,972,600		27,340
Mariner Energy, Inc. (a)	2,577,938		32,843
Massey Energy Co.	137,500		4,000
Nexen, Inc.	188,000		4,042
Overseas Shipholding Group, Inc.	1,214,992		47,688
Paladin Energy Ltd. (a)	2,042,400		7,387
Peabody Energy Corp.	2,893,208		114,542
Plains Exploration & Production Co. (a)	360,660		9,557
Western Refining, Inc. (a)(e)	560,758		3,146
			478,259
TOTAL ENERGY			593,911
FINANCIALS - 11.5%
Capital Markets - 0.4%
Morgan Stanley	548,900		17,631
Commercial Banks - 8.2%
Huntington Bancshares, Inc.	11,363,080		43,293
KeyCorp	13,005,268		70,098
PNC Financial Services Group, Inc.	2,332,253		114,140
Regions Financial Corp.	1,096,500		5,307
SunTrust Banks, Inc.	2,549,800		48,727
Wells Fargo & Co.	2,158,688		59,407
			340,972
Diversified Financial Services - 2.1%
Bank of America Corp.	5,686,100		82,903
JPMorgan Chase & Co.	109,900		4,591
			87,494
Insurance - 0.6%
Assured Guaranty Ltd.	929,495		15,411
Lincoln National Corp.	327,900		7,814
			23,225
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - 0.2%
Host Hotels & Resorts, Inc.	992,400		$ 10,033
Thrifts & Mortgage Finance - 0.0%
Washington Mutual, Inc. (a)	5,352,200		766
TOTAL FINANCIALS			480,121
HEALTH CARE - 6.8%
Biotechnology - 0.0%
Lexicon Pharmaceuticals, Inc. (a)	392,187		514
Health Care Equipment & Supplies - 1.8%
Beckman Coulter, Inc.	304,200		19,569
Boston Scientific Corp. (a)	1,062,100		8,624
Hospira, Inc. (a)	578,358		25,818
Inverness Medical Innovations, Inc. (a)	518,708		19,716
			73,727
Health Care Providers & Services - 4.1%
Community Health Systems, Inc. (a)	617,776		19,324
DaVita, Inc. (a)	394,947		20,944
Rural/Metro Corp. (a)	834,200		4,213
Sun Healthcare Group, Inc. (a)	1,642,522		14,914
Tenet Healthcare Corp. (a)	21,982,165		112,549
			171,944
Health Care Technology - 0.7%
Cerner Corp. (a)	387,205		29,443
Pharmaceuticals - 0.2%
Allergan, Inc.	109,700		6,171
TOTAL HEALTH CARE			281,799
INDUSTRIALS - 15.7%
Aerospace & Defense - 0.4%
American Science & Engineering, Inc.	85,370		5,645
Teledyne Technologies, Inc. (a)	340,694		11,638
			17,283
Air Freight & Logistics - 0.0%
Park-Ohio Holdings Corp. (a)	78,022		485
Airlines - 1.3%
AirTran Holdings, Inc. (a)	861,500		3,644
AMR Corp. (a)	670,630		3,615
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Airlines - continued
Delta Air Lines, Inc. (a)	6,662,522		$ 47,570
UAL Corp. (a)	280,400		1,825
			56,654
Building Products - 3.5%
Armstrong World Industries, Inc. (a)	743,331		27,689
Masco Corp.	2,688,779		31,593
Owens Corning (a)	3,859,024		85,323
Owens Corning warrants 10/31/13 (a)	406,600		809
			145,414
Commercial Services & Supplies - 3.4%
Cenveo, Inc. (a)(f)	3,858,300		27,317
Deluxe Corp.	1,749,127		24,890
R.R. Donnelley & Sons Co.	450,900		9,054
Republic Services, Inc.	2,170,375		56,234
The Brink's Co.	244,500		5,802
Waste Management, Inc.	599,400		17,910
			141,207
Construction & Engineering - 0.3%
Fluor Corp.	189,300		8,409
Great Lakes Dredge & Dock Corp.	429,400		2,632
			11,041
Electrical Equipment - 2.0%
Baldor Electric Co.	404,900		10,467
Belden, Inc.	1,270,366		29,155
EnerSys (a)	310,302		6,858
General Cable Corp. (a)(e)	441,500		13,748
Harbin Electric, Inc. (a)	548,369		8,736
JA Solar Holdings Co. Ltd. ADR (a)(e)	839,500		3,215
Polypore International, Inc. (a)	548,400		6,010
SunPower Corp. Class B (a)	178,606		3,869
			82,058
Industrial Conglomerates - 0.7%
Carlisle Companies, Inc.	109,910		3,412
General Electric Co.	1,103,883		15,741
Textron, Inc.	550,200		9,783
			28,936
Machinery - 2.6%
Accuride Corp. (a)	1,384,197		277
Badger Meter, Inc. (e)	228,561		8,518
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Cummins, Inc.	738,900		$ 31,817
Ingersoll-Rand Co. Ltd.	849,600		26,839
Middleby Corp. (a)	665,379		30,148
Thermadyne Holdings Corp. (a)	64,900		392
Timken Co.	464,948		10,243
			108,234
Marine - 0.5%
Diana Shipping, Inc.	277,900		3,590
Genco Shipping & Trading Ltd. (e)	380,323		7,565
Navios Maritime Holdings, Inc.	2,162,794		9,884
OceanFreight, Inc.	740,600		711
			21,750
Road & Rail - 0.7%
Avis Budget Group, Inc. (a)	830,314		6,975
Hertz Global Holdings, Inc. (a)(e)	2,598,600		24,193
			31,168
Trading Companies & Distributors - 0.2%
H&E Equipment Services, Inc. (a)	12,900		137
Houston Wire & Cable Co. (e)	559,595		6,766
			6,903
Transportation Infrastructure - 0.1%
Aegean Marine Petroleum Network, Inc.	215,300		5,060
TOTAL INDUSTRIALS			656,193
INFORMATION TECHNOLOGY - 9.9%
Electronic Equipment & Components - 2.9%
Avnet, Inc. (a)	298,600		7,399
Bell Microproducts, Inc. (a)	623,761		1,821
DDi Corp. (a)	295,899		1,198
Flextronics International Ltd. (a)	13,661,463		88,526
Merix Corp. (a)(f)	1,545,123		2,457
TTM Technologies, Inc. (a)	1,402,619		14,265
Viasystems Group, Inc. (a)	775,300		2,326
Viasystems Group, Inc. (a)(j)	625,780		1,877
			119,869
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 0.3%
NetEase.com, Inc. sponsored ADR (a)	191,500		$ 7,396
VeriSign, Inc. (a)	194,300		4,432
			11,828
IT Services - 1.5%
Alliance Data Systems Corp. (a)(e)	815,827		44,854
CACI International, Inc. Class A (a)	248,000		11,810
Cognizant Technology Solutions Corp. Class A (a)	56,200		2,172
SAIC, Inc. (a)	348,500		6,172
			65,008
Semiconductors & Semiconductor Equipment - 5.2%
Amkor Technology, Inc. (a)(e)	5,242,218		28,885
Cypress Semiconductor Corp. (a)	651,200		5,490
Fairchild Semiconductor International, Inc. (a)	548,500		4,103
Intel Corp.	693,100		13,245
Micron Technology, Inc. (a)	1,645,200		11,171
ON Semiconductor Corp. (a)(f)	23,079,802		154,400
			217,294
TOTAL INFORMATION TECHNOLOGY			413,999
MATERIALS - 11.1%
Chemicals - 7.2%
Albemarle Corp.	1,163,406		36,740
Arch Chemicals, Inc.	344,342		9,535
Celanese Corp. Class A	4,663,700		128,019
Dow Chemical Co.	877,494		20,604
FMC Corp.	178,600		9,126
Georgia Gulf Corp. (a)	173,861		2,498
H.B. Fuller Co.	1,582,241		30,237
Nalco Holding Co.	894,300		18,914
Phosphate Holdings, Inc. (a)(j)	307,500		2,460
Pliant Corp. (a)	567		0
Solutia, Inc. (a)	446,400		4,910
W.R. Grace & Co. (a)	1,589,619		34,797
			297,840
Containers & Packaging - 0.7%
Owens-Illinois, Inc. (a)	421,000		13,421
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Containers & Packaging - continued
Rock-Tenn Co. Class A	355,202		$ 15,558
Temple-Inland, Inc.	107,200		1,656
			30,635
Metals & Mining - 2.8%
AngloGold Ashanti Ltd. sponsored ADR	250,500		9,404
Compass Minerals International, Inc.	258,500		16,110
Freeport-McMoRan Copper & Gold, Inc.	1,070,809		78,555
Ormet Corp. (a)	330,000		393
Ormet Corp. (a)(j)	1,075,000		1,279
Teck Resources Ltd. Class B (sub. vtg.) (a)	417,300		12,105
			117,846
Paper & Forest Products - 0.4%
Domtar Corp. (a)(e)	259,741		10,881
Neenah Paper, Inc.	518,300		5,364
			16,245
TOTAL MATERIALS			462,566
TELECOMMUNICATION SERVICES - 3.4%
Diversified Telecommunication Services - 0.8%
Level 3 Communications, Inc. (a)	2,000,000		2,360
PAETEC Holding Corp. (a)	2,980,233		9,656
Qwest Communications International, Inc.	4,637,500		16,649
tw telecom, inc. (a)	332,497		4,189
			32,854
Wireless Telecommunication Services - 2.6%
Centennial Communications Corp. Class A (a)	827,032		6,997
Crown Castle International Corp. (a)	1,478,020		44,666
Sprint Nextel Corp. (a)	5,692,987		16,851
Syniverse Holdings, Inc. (a)	2,244,438		38,447
			106,961
TOTAL TELECOMMUNICATION SERVICES			139,815
UTILITIES - 4.5%
Gas Utilities - 0.3%
ONEOK, Inc.	317,600		11,500
Independent Power Producers & Energy Traders - 4.2%
AES Corp.	10,901,923		142,488
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Independent Power Producers & Energy Traders - continued
Calpine Corp. (a)	1,995,200		$ 22,426
NRG Energy, Inc. (a)	457,528		10,519
			175,433
TOTAL UTILITIES			186,933
TOTAL COMMON STOCKS (Cost $4,237,833)		3,749,368
Preferred Stocks - 0.4%

Convertible Preferred Stocks - 0.3%
ENERGY - 0.3%
Oil, Gas & Consumable Fuels - 0.3%
El Paso Corp. 4.99%	11,200		9,787
Nonconvertible Preferred Stocks - 0.1%
CONSUMER STAPLES - 0.1%
Personal Products - 0.1%
Revlon, Inc. Series A 12.75% (a)	639,576		3,735
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Preferred Blocker, Inc. 7.00% (g)	944		566
TOTAL NONCONVERTIBLE PREFERRED STOCKS			4,301
TOTAL PREFERRED STOCKS (Cost $16,979)		14,088

Nonconvertible Bonds - 3.4%
	Principal Amount (000s)
CONSUMER DISCRETIONARY - 0.6%
Automobiles - 0.4%
General Motors Corp.:
6.75% 5/1/28 (c)	$ 3,075		431
7.125% 7/15/13 (c)	8,320		1,248
7.2% 1/15/11 (c)	22,980		3,217
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
CONSUMER DISCRETIONARY - continued
Automobiles - continued
General Motors Corp.: - continued
8.25% 7/15/23 (c)	$ 25,035		$ 3,693
8.375% 7/15/33 (c)	39,290		5,894
8.8% 3/1/21 (c)	10,765		1,507
			15,990
Hotels, Restaurants & Leisure - 0.1%
Station Casinos, Inc.:
6% 4/1/12 (c)	8,360		1,986
7.75% 8/15/16 (c)	9,380		2,157
			4,143
Media - 0.1%
Umbrella Acquisition, Inc. 10.5% 3/15/15 pay-in-kind (d)(g)	5,662		4,312
TOTAL CONSUMER DISCRETIONARY			24,445
CONSUMER STAPLES - 0.0%
Food Products - 0.0%
Smithfield Foods, Inc. 7.75% 7/1/17	805		654
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
El Paso Energy Corp.:
7.75% 1/15/32	8,985		8,412
7.8% 8/1/31	1,960		1,823
			10,235
FINANCIALS - 1.0%
Consumer Finance - 0.8%
GMAC LLC:
7.5% 12/31/13 (g)	25,363		23,461
8% 12/31/18 (g)	13,924		11,418
			34,879
Diversified Financial Services - 0.2%
CIT Group, Inc.:
5% 2/13/14	2,750		1,779
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
FINANCIALS - continued
Diversified Financial Services - continued
CIT Group, Inc.: - continued
5% 2/1/15	$ 1,445		$ 936
5.125% 9/30/14	7,753		5,020
			7,735
TOTAL FINANCIALS			42,614
INDUSTRIALS - 0.1%
Airlines - 0.0%
Delta Air Lines, Inc. 8% 12/15/07 (a)(g)	4,145		41
Northwest Airlines, Inc. 9.875% 3/15/07 (a)	7,000		53
			94
Building Products - 0.0%
Owens Corning 7% 12/1/36	1,055		884
Commercial Services & Supplies - 0.1%
Cenveo Corp. 7.875% 12/1/13	2,680		2,338
TOTAL INDUSTRIALS			3,316
INFORMATION TECHNOLOGY - 0.3%
Semiconductors & Semiconductor Equipment - 0.3%
Freescale Semiconductor, Inc.:
8.875% 12/15/14	3,885		3,147
10.125% 12/15/16	2,730		1,931
NXP BV:
7.875% 10/15/14	4,362		3,577
10% 7/15/13 (g)	1,655		1,622
			10,277
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services - 0.5%
Sprint Capital Corp.:
6.875% 11/15/28	14,800		11,100
6.9% 5/1/19	10,410		9,057
			20,157
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 0.7%
Nextel Communications, Inc. 7.375% 8/1/15	$ 16,405		$ 14,539
Sprint Nextel Corp. 6% 12/1/16	15,340		13,192
			27,731
TOTAL TELECOMMUNICATION SERVICES			47,888
TOTAL NONCONVERTIBLE BONDS (Cost $107,969)		139,429
Floating Rate Loans - 2.0%

CONSUMER DISCRETIONARY - 0.2%
Hotels, Restaurants & Leisure - 0.0%
Venetian Macau Ltd.:
Tranche B, term loan 5.79% 5/26/13 (h)	1,413		1,293
Tranche DD, term loan 5.79% 5/26/12 (h)	816		747
			2,040
Media - 0.2%
Univision Communications, Inc. Tranche 1LN, term loan 2.5325% 9/29/14 (h)	10,870		8,696
TOTAL CONSUMER DISCRETIONARY			10,736
INDUSTRIALS - 0.4%
Airlines - 0.3%
Delta Air Lines, Inc. Tranche 2LN, term loan 3.5344% 4/30/14 (h)	17,252		14,319
Industrial Conglomerates - 0.1%
Sequa Corp. term loan 3.881% 12/3/14 (h)	2,845		2,475
TOTAL INDUSTRIALS			16,794
INFORMATION TECHNOLOGY - 0.7%
Semiconductors & Semiconductor Equipment - 0.7%
Freescale Semiconductor, Inc. term loan:
1.9963% 12/1/13 (h)	22,656		18,182
12.5% 12/15/14	9,925		10,223
			28,405
Floating Rate Loans - continued
	Principal Amount (000s)		Value (000s)
MATERIALS - 0.2%
Chemicals - 0.2%
Georgia Gulf Corp. term loan 10% 10/3/13 (h)	$ 5,904		$ 5,874
Solutia, Inc. term loan 7.25% 2/28/14 (h)	3,247		3,296
			9,170
TELECOMMUNICATION SERVICES - 0.4%
Diversified Telecommunication Services - 0.4%
FairPoint Communications, Inc. Tranche B, term loan 5% 3/31/15 (h)	8,250		6,641
Level 3 Financing, Inc. term loan 2.53% 3/13/14 (h)	10,000		8,575
			15,216
UTILITIES - 0.1%
Electric Utilities - 0.1%
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B2, term loan 3.7446% 10/10/14 (h)	5,750		4,428
TOTAL FLOATING RATE LOANS (Cost $67,525)		84,749

Money Market Funds - 6.2%
	Shares
Fidelity Cash Central Fund, 0.20% (i)	169,552,524		169,553
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(i)	89,251,925		89,252
TOTAL MONEY MARKET FUNDS (Cost $258,805)		258,805
Other - 0.0%
	Shares		Value (000s)
Other - 0.0%
Delta Air Lines ALPA Claim (a) (Cost $519)	64,750,000		$ 324
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $4,689,630)			4,246,763
NET OTHER ASSETS - (2.0)%			(82,273)
NET ASSETS - 100%		$ 4,164,490

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

(f) Affiliated company

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $41,420,000 or 1.0% of net assets.

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

(i) 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.

(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 $5,616,000 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Ormet Corp.	2/27/07 - 4/4/07	$ 20,556
Phosphate Holdings, Inc.	1/25/08	$ 9,994
Viasystems Group, Inc.	2/13/04	$ 12,594

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 170
Fidelity Securities Lending Cash Central Fund	83
Total	$ 253

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Cenveo, Inc.	$ 18,636	$ -	$ -	$ -	$ 27,317
Gray Television, Inc.	978	954	-	-	4,202
Merix Corp.	2,766	-	-	-	2,457
ON Semiconductor Corp.	168,477	-	-	-	154,400
Service Corp. International	110,637	3,332	-	700	123,436
Tenet Healthcare Corp.	103,351	-	24,404	-	-
Total	$ 404,845	$ 4,286	$ 24,404	$ 700	$ 311,812

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at 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	$ 454,820	$ 454,820	$ -	$ -
Consumer Staples	82,946	79,211	-	3,735
Energy	603,698	586,524	17,174	-
Financials	480,687	480,121	566	-
Health Care	281,799	281,799	-	-
Industrials	656,193	656,193	-	-
Information Technology	413,999	409,796	-	4,203
Materials	462,566	462,566	-	-
Telecommunication Services	139,815	139,815	-	-
Utilities	186,933	186,933	-	-
Corporate Bonds	139,429	-	139,335	94
Floating Rate Loans	84,749	-	84,749	-
Money Market Funds	258,805	258,805	-	-
Other	324	-	324	-
Total Investments in Securities	$ 4,246,763	$ 3,996,583	$ 242,148	$ 8,032

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	$ 2,534
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(1,601)
Cost of Purchases	8,232
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	(1,133)
Ending Balance	$ 8,032
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ (1,694)

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 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2009, the cost of investment securities for income tax purposes was $4,737,300,000. Net unrealized depreciation aggregated $490,537,000, of which $612,304,000 related to appreciated investment securities and $1,102,841,000 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® OTC Portfolio -
OTC
Class K

October 31, 2009

1.809071.105

OTC-QTLY-01209

Investments October 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 13.5%
Auto Components - 0.1%
Exide Technologies (a)	814,100		$ 4,982
Automobiles - 0.2%
Harley-Davidson, Inc.	457,800		11,408
Diversified Consumer Services - 0.4%
Coinstar, Inc. (a)	264,600		8,398
Strayer Education, Inc. (c)	69,500		14,106
			22,504
Hotels, Restaurants & Leisure - 2.3%
Ameristar Casinos, Inc.	245,000		3,606
BJ's Restaurants, Inc. (a)	518,368		8,273
Ctrip.com International Ltd. sponsored ADR (a)	82,100		4,396
Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)(c)	2,522,200		12,510
MGM Mirage, Inc. (a)	1,700,200		15,761
P.F. Chang's China Bistro, Inc. (a)(c)	214,700		6,267
Papa John's International, Inc. (a)	230,000		5,175
Starbucks Corp. (a)	2,498,000		47,412
Starwood Hotels & Resorts Worldwide, Inc.	272,700		7,925
Wyndham Worldwide Corp.	626,200		10,677
			122,002
Household Durables - 1.2%
Harman International Industries, Inc.	637,000		23,958
iRobot Corp. (a)(c)(d)	1,443,913		19,305
Lennar Corp. Class A	231,900		2,922
Pulte Homes, Inc.	809,500		7,294
Whirlpool Corp.	162,600		11,641
			65,120
Internet & Catalog Retail - 2.3%
Amazon.com, Inc. (a)	982,700		116,755
Netflix, Inc. (a)	130,500		6,975
			123,730
Media - 3.0%
CKX, Inc. (a)	126,830		812
Comcast Corp. Class A	1,307,500		18,959
DISH Network Corp. Class A (a)	1,062,100		18,481
DreamWorks Animation SKG, Inc. Class A (a)	164,507		5,264
Liberty Global, Inc. Class A (a)	232,300		4,769
McGraw-Hill Companies, Inc.	408,800		11,765
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
The DIRECTV Group, Inc. (a)(c)	2,927,000		$ 76,980
Virgin Media, Inc.	1,531,000		21,388
			158,418
Specialty Retail - 2.1%
Citi Trends, Inc. (a)(d)	816,337		21,494
Gymboree Corp. (a)	122,100		5,198
O'Reilly Automotive, Inc. (a)	332,800		12,407
Office Depot, Inc. (a)	183,700		1,111
Pacific Sunwear of California, Inc. (a)	659,013		3,980
Staples, Inc.	1,826,900		39,644
Urban Outfitters, Inc. (a)	958,000		30,062
			113,896
Textiles, Apparel & Luxury Goods - 1.9%
American Apparel, Inc. (a)(c)	2,196,300		6,743
Deckers Outdoor Corp. (a)	246,700		22,122
Iconix Brand Group, Inc. (a)	361,300		4,213
Lululemon Athletica, Inc. (a)(c)	1,259,873		31,648
Polo Ralph Lauren Corp. Class A	506,400		37,686
			102,412
TOTAL CONSUMER DISCRETIONARY			724,472
CONSUMER STAPLES - 0.8%
Food & Staples Retailing - 0.6%
Costco Wholesale Corp.	521,300		29,636
Diedrich Coffee, Inc. (a)(c)	64,479		1,406
			31,042
Household Products - 0.2%
Energizer Holdings, Inc. (a)	129,100		7,858
Personal Products - 0.0%
Bare Escentuals, Inc. (a)	68,600		866
TOTAL CONSUMER STAPLES			39,766
ENERGY - 1.8%
Energy Equipment & Services - 0.4%
National Oilwell Varco, Inc. (a)	180,600		7,403
Weatherford International Ltd. (a)	707,200		12,397
			19,800
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - 1.4%
Alpha Natural Resources, Inc. (a)	299,300		$ 10,167
Brigham Exploration Co. (a)	920,400		8,744
Denbury Resources, Inc. (a)	739,300		10,794
James River Coal Co. (a)	1,308,100		24,841
Occidental Petroleum Corp.	97,600		7,406
Peabody Energy Corp.	147,300		5,832
Southwestern Energy Co. (a)	229,700		10,010
			77,794
TOTAL ENERGY			97,594
FINANCIALS - 6.5%
Capital Markets - 0.9%
Broadpoint Gleacher Securities Group, Inc. (a)	280,200		1,785
GLG Partners, Inc. (c)	2,599,200		6,810
Morgan Stanley	594,900		19,108
Nomura Holdings, Inc. sponsored ADR (c)	1,644,900		11,547
The Blackstone Group LP	569,700		7,645
			46,895
Commercial Banks - 2.7%
Associated Banc-Corp.	384,100		4,920
Barclays PLC Sponsored ADR	968,500		20,242
Boston Private Financial Holdings, Inc.	473,400		2,817
CapitalSource, Inc.	1,517,200		5,401
Fifth Third Bancorp	2,447,200		21,878
Huntington Bancshares, Inc.	2,402,400		9,153
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	1,587,800		8,431
Regions Financial Corp.	1,482,500		7,175
Sumitomo Mitsui Financial Group, Inc. ADR	4,600,000		15,640
SVB Financial Group (a)	272,300		11,232
Umpqua Holdings Corp.	482,700		4,784
Wells Fargo & Co.	878,300		24,171
Zions Bancorp	591,000		8,369
			144,213
Consumer Finance - 0.3%
ORIX Corp.	270,220		17,456
Diversified Financial Services - 1.7%
Bank of America Corp.	1,216,600		17,738
CME Group, Inc.	139,100		42,093
Hong Kong Exchange & Clearing Ltd.	208,100		3,663
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - continued
Indiabulls Financial Services Ltd.	1,044,600		$ 3,717
JPMorgan Chase & Co.	344,100		14,373
Moody's Corp.	377,600		8,942
NBH Holdings Corp. Class A (a)(e)	141,700		2,834
			93,360
Insurance - 0.6%
CNinsure, Inc. ADR (c)	453,000		9,182
Genworth Financial, Inc. Class A	1,000,000		10,620
Protective Life Corp.	284,700		5,480
XL Capital Ltd. Class A	537,000		8,812
			34,094
Real Estate Investment Trusts - 0.1%
DiamondRock Hospitality Co. (a)	588,800		4,481
Real Estate Management & Development - 0.2%
Housing Development and Infrastructure Ltd. (a)	899,210		5,960
Indiabulls Real Estate Ltd. (a)	700,000		3,665
			9,625
TOTAL FINANCIALS			350,124
HEALTH CARE - 15.0%
Biotechnology - 8.3%
Alexion Pharmaceuticals, Inc. (a)	853,060		37,884
Alkermes, Inc. (a)	1,109,941		8,846
Alnylam Pharmaceuticals, Inc. (a)	574,300		9,786
Amgen, Inc. (a)	2,032,700		109,217
Amylin Pharmaceuticals, Inc. (a)	1,557,009		17,189
Celgene Corp. (a)	168,492		8,602
Cephalon, Inc. (a)	208,700		11,391
Cepheid, Inc. (a)	689,600		9,151
Dendreon Corp. (a)(c)	1,459,800		36,889
Exelixis, Inc. (a)	1,699,972		10,336
Genzyme Corp. (a)	587,800		29,743
GTx, Inc. (a)(c)	1,169,600		10,503
Human Genome Sciences, Inc. (a)(c)	2,128,950		39,790
ImmunoGen, Inc. (a)	230,400		1,541
InterMune, Inc. (c)	478,200		5,777
Isis Pharmaceuticals, Inc. (a)	1,548,049		19,614
Medivation, Inc. (a)	104,762		2,674
Myriad Genetics, Inc. (a)	115,278		2,799
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Regeneron Pharmaceuticals, Inc. (a)	357,095		$ 5,606
Rigel Pharmaceuticals, Inc. (a)	833,284		5,341
Seattle Genetics, Inc. (a)	1,465,403		13,306
Targacept, Inc. (a)	223,449		4,190
Vertex Pharmaceuticals, Inc. (a)	1,320,688		44,322
			444,497
Health Care Equipment & Supplies - 1.7%
Abiomed, Inc. (a)	1,372,359		12,420
AGA Medical Holdings, Inc.	386,200		5,163
ev3, Inc. (a)	641,000		7,551
Intuitive Surgical, Inc. (a)(c)	144,400		35,573
Mako Surgical Corp. (a)	556,547		5,037
NuVasive, Inc. (a)	260,700		9,461
Stereotaxis, Inc. (a)	1,000,000		3,610
Thoratec Corp. (a)	348,424		9,150
Wright Medical Group, Inc. (a)	320,400		5,207
			93,172
Health Care Providers & Services - 1.0%
Express Scripts, Inc. (a)	687,110		54,914
Health Care Technology - 0.8%
Allscripts-Misys Healthcare Solutions, Inc.	137,900		2,689
athenahealth, Inc. (a)	436,400		16,413
SXC Health Solutions Corp. (a)	481,200		22,081
			41,183
Life Sciences Tools & Services - 1.7%
Illumina, Inc. (a)	909,292		29,188
Illumina, Inc.:
warrants 11/20/10 (a)(g)	354,776		3,044
warrants 1/19/11 (a)(g)	452,917		3,991
Life Technologies Corp. (a)	487,798		23,009
QIAGEN NV (a)	1,615,100		33,643
			92,875
Pharmaceuticals - 1.5%
Elan Corp. PLC sponsored ADR (a)	3,572,051		19,468
Shire PLC sponsored ADR	215,300		11,475
Teva Pharmaceutical Industries Ltd. sponsored ADR	950,973		48,005
			78,948
TOTAL HEALTH CARE			805,589
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 6.1%
Aerospace & Defense - 0.1%
Precision Castparts Corp.	66,300		$ 6,334
Airlines - 1.7%
AMR Corp. (a)	5,482,700		29,552
Continental Airlines, Inc. Class B (a)	1,245,100		14,319
Delta Air Lines, Inc. (a)	1,900,300		13,568
JetBlue Airways Corp. (a)	837,320		4,153
UAL Corp. (a)(c)	4,438,700		28,896
			90,488
Building Products - 0.0%
AAON, Inc.	125,000		2,251
Construction & Engineering - 0.3%
Foster Wheeler AG (a)	389,900		10,913
MYR Group, Inc. (a)	124,830		2,145
			13,058
Electrical Equipment - 2.1%
A123 Systems, Inc.	264,000		5,190
Energy Conversion Devices, Inc. (a)(c)	281,300		3,030
First Solar, Inc. (a)(c)	572,936		69,858
Saft Groupe SA	539,600		28,082
SunPower Corp.:
Class A (a)(c)	196,189		4,867
Class B (a)	16,600		360
			111,387
Machinery - 0.8%
Altra Holdings, Inc. (a)	573,800		5,032
Navistar International Corp. (a)	86,289		2,860
PACCAR, Inc.	946,100		35,394
SmartHeat, Inc. (a)	54,800		490
			43,776
Marine - 0.2%
DryShips, Inc.	1,738,500		10,501
Professional Services - 0.1%
Monster Worldwide, Inc. (a)	243,500		3,536
Road & Rail - 0.6%
CSX Corp.	489,200		20,634
Hertz Global Holdings, Inc. (a)(c)	1,015,000		9,450
Saia, Inc. (a)	300,000		4,398
			34,482
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Trading Companies & Distributors - 0.2%
DXP Enterprises, Inc. (a)	312,715		$ 3,590
Interline Brands, Inc. (a)	409,400		5,977
Rush Enterprises, Inc. Class A (a)	258,100		2,818
			12,385
TOTAL INDUSTRIALS			328,198
INFORMATION TECHNOLOGY - 50.1%
Communications Equipment - 7.0%
Blue Coat Systems, Inc. (a)	1,332,600		29,690
Brocade Communications Systems, Inc. (a)	3,788,100		32,502
Cisco Systems, Inc. (a)	6,143,100		140,370
Emulex Corp. (a)	778,800		7,866
Palm, Inc. (a)(c)	4,952,759		57,502
QUALCOMM, Inc.	2,417,200		100,096
Riverbed Technology, Inc. (a)	405,500		8,309
			376,335
Computers & Peripherals - 9.8%
Apple, Inc. (a)	1,801,100		339,507
Compellent Technologies, Inc. (a)(c)	599,884		11,002
Dell, Inc. (a)	5,274,756		76,431
SanDisk Corp. (a)	1,979,750		40,545
Seagate Technology	4,053,900		56,552
			524,037
Electronic Equipment & Components - 0.5%
BYD Co. Ltd. (H Shares) (a)	1,132,000		10,364
Flextronics International Ltd. (a)	2,980,000		19,310
			29,674
Internet Software & Services - 8.4%
Baidu.com, Inc. sponsored ADR (a)	62,600		23,658
Dice Holdings, Inc. (a)	568,165		3,415
eBay, Inc. (a)	3,826,000		85,205
Google, Inc. Class A (a)	499,840		267,974
NetEase.com, Inc. sponsored ADR (a)	427,600		16,514
SAVVIS, Inc.	799,300		11,822
Tencent Holdings Ltd.	548,800		9,556
VistaPrint Ltd. (a)	70,000		3,574
Yahoo!, Inc. (a)	1,746,300		27,766
			449,484
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - 1.0%
Cognizant Technology Solutions Corp. Class A (a)	888,945		$ 34,358
Echo Global Logistics, Inc.	126,905		1,656
Visa, Inc. Class A	222,200		16,834
			52,848
Semiconductors & Semiconductor Equipment - 10.2%
Amkor Technology, Inc. (a)(c)	2,227,527		12,274
Applied Materials, Inc.	3,156,451		38,509
ASML Holding NV (NY Shares)	307,200		8,276
Atmel Corp. (a)	1,391,800		5,177
Avago Technologies Ltd.	805,300		12,080
Broadcom Corp. Class A (a)	1,307,600		34,795
Cree, Inc. (a)	306,800		12,916
Cypress Semiconductor Corp. (a)	863,950		7,283
Fairchild Semiconductor International, Inc. (a)	694,800		5,197
Intel Corp.	3,904,500		74,615
KLA-Tencor Corp.	718,100		23,345
Lam Research Corp. (a)	948,900		31,997
Marvell Technology Group Ltd. (a)	3,971,300		54,486
Mellanox Technologies Ltd. (a)	858,000		14,972
MEMC Electronic Materials, Inc. (a)	1,484,700		18,440
Micron Technology, Inc. (a)	1,757,100		11,931
NVE Corp. (a)(c)	49,300		1,844
NVIDIA Corp. (a)	7,514,800		89,877
O2Micro International Ltd. sponsored ADR (a)	2,282,700		10,021
Silicon Laboratories, Inc. (a)(c)	573,606		24,034
Standard Microsystems Corp. (a)	444,600		8,563
Varian Semiconductor Equipment Associates, Inc. (a)	996,000		28,276
Volterra Semiconductor Corp. (a)(d)	1,322,300		18,314
			547,222
Software - 13.2%
Activision Blizzard, Inc. (a)	3,904,000		42,280
ArcSight, Inc. (a)	497,712		12,303
Ariba, Inc. (a)	900,322		10,642
Blackboard, Inc. (a)	366,900		13,014
BMC Software, Inc. (a)	233,800		8,688
Check Point Software Technologies Ltd. (a)	856,800		26,621
Citrix Systems, Inc. (a)	639,500		23,508
Concur Technologies, Inc. (a)	76,800		2,737
DemandTec, Inc. (a)	855,133		7,517
Gameloft (a)(d)	5,859,800		28,025
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Informatica Corp. (a)	584,600		$ 12,411
Mentor Graphics Corp. (a)	627,100		4,578
Microsoft Corp.	13,374,300		370,865
Nuance Communications, Inc. (a)	192,600		2,525
Oracle Corp.	1,036,400		21,868
Pegasystems, Inc.	82,400		2,362
Perfect World Co. Ltd. sponsored ADR Class B (a)	1,242,829		54,697
Red Hat, Inc. (a)	230,900		5,960
Sourcefire, Inc. (a)	489,365		9,934
SuccessFactors, Inc. (a)	593,900		9,081
Take-Two Interactive Software, Inc.	715,190		7,846
Taleo Corp. Class A (a)	851,085		18,503
TiVo, Inc. (a)	909,175		9,892
			705,857
TOTAL INFORMATION TECHNOLOGY			2,685,457
MATERIALS - 1.8%
Chemicals - 1.4%
Celanese Corp. Class A	344,700		9,462
Dow Chemical Co.	541,900		12,724
Solutia, Inc. (a)	418,200		4,600
The Mosaic Co.	832,700		38,912
W.R. Grace & Co. (a)	461,300		10,098
			75,796
Metals & Mining - 0.4%
Freeport-McMoRan Copper & Gold, Inc.	79,400		5,825
Steel Dynamics, Inc.	1,181,100		15,815
			21,640
TOTAL MATERIALS			97,436
TELECOMMUNICATION SERVICES - 4.4%
Diversified Telecommunication Services - 1.0%
Cbeyond, Inc. (a)	848,690		11,330
Clearwire Corp. Class A (a)(c)	2,730,200		17,091
Global Crossing Ltd. (a)	2,231,000		25,433
Neutral Tandem, Inc. (a)	126,100		2,659
			56,513
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 3.4%
Leap Wireless International, Inc. (a)(c)	3,824,400		$ 50,559
MetroPCS Communications, Inc. (a)(c)	2,599,700		16,196
Sprint Nextel Corp. (a)	38,351,827		113,521
			180,276
TOTAL TELECOMMUNICATION SERVICES			236,789
TOTAL COMMON STOCKS (Cost $5,236,074)		5,365,425
Money Market Funds - 6.1%

Fidelity Cash Central Fund, 0.20% (f)	6,796,516		6,797
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(f)	319,064,000		319,064
TOTAL MONEY MARKET FUNDS (Cost $325,861)		325,861
TOTAL INVESTMENT PORTFOLIO - 106.1% (Cost $5,561,935)			5,691,286
NET OTHER ASSETS - (6.1)%			(326,499)
NET ASSETS - 100%		$ 5,364,787

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(d) Affiliated company

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,035,000 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Illumina, Inc.: warrants 11/20/10	11/21/05	$ -
warrants 1/19/11	1/18/06	$ -

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	$ 19
Fidelity Securities Lending Cash Central Fund	306
Total	$ 325

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Citi Trends, Inc.	$ 18,823	$ 5,497	$ 1,312	$ -	$ 21,494
Gameloft	23,134	-	-	-	28,025
iRobot Corp.	-	18,290	-	-	19,305
Volterra Semiconductor Corp.	20,371	1,413	-	-	18,314
Total	$ 62,328	$ 25,200	$ 1,312	$ -	$ 87,138

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 724,472	$ 724,472	$ -	$ -
Consumer Staples	39,766	39,766	-	-
Energy	97,594	97,594	-	-
Financials	350,124	312,829	37,295	-
Health Care	805,589	798,554	7,035	-
Industrials	328,198	328,198	-	-
Information Technology	2,685,457	2,665,537	19,920	-
Materials	97,436	97,436	-	-
Telecommunication Services	236,789	236,789	-	-
Money Market Funds	325,861	325,861	-	-
Total Investments in Securities:	$ 5,691,286	$ 5,627,036	$ 64,250	$ -

Income Tax Information

At October 31, 2009, the cost of investment securities for income tax purposes was $5,646,653,000. Net unrealized appreciation aggregated $44,633,000, of which $623,664,000 related to appreciated investment securities and $579,031,000 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Real Estate Income Fund

October 31, 2009

1.809106.105

REI-QTLY-1209

Investments October 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 19.8%
	Shares		Value
CONSUMER DISCRETIONARY - 0.2%
Hotels, Restaurants & Leisure - 0.2%
Starwood Hotels & Resorts Worldwide, Inc.	42,600		$ 1,237,956
FINANCIALS - 18.3%
Diversified Financial Services - 0.2%
Two Harbors Investment Corp. (a)	101,500		983,535
Real Estate Investment Trusts - 18.1%
Acadia Realty Trust (SBI)	381,349		6,063,449
Alexandria Real Estate Equities, Inc.	24,000		1,300,080
AMB Property Corp. (SBI)	189,200		4,158,616
American Campus Communities, Inc.	54,700		1,477,994
Annaly Capital Management, Inc.	409,950		6,932,255
Anworth Mortgage Asset Corp.	65,000		463,450
Apartment Investment & Management Co. Class A	126,141		1,557,841
AvalonBay Communities, Inc.	46,925		3,227,502
Brandywine Realty Trust (SBI)	132,000		1,261,920
CapLease, Inc.	143,100		490,833
CBL & Associates Properties, Inc.	246,600		2,012,256
Cypress Sharpridge Investments, Inc.	299,163		3,993,826
Cypress Sharpridge Investments, Inc. (f)	146,458		1,955,214
DiamondRock Hospitality Co. (a)	40,200		305,922
Duke Realty LP	250,283		2,813,181
Education Realty Trust, Inc.	24,900		124,749
Equity Lifestyle Properties, Inc.	132,730		6,165,309
Equity Residential (SBI)	51,700		1,493,096
Federal Realty Investment Trust (SBI)	35,900		2,119,177
Franklin Street Properties Corp.	43,717		471,269
Government Properties Income Trust	43,400		1,010,352
Health Care REIT, Inc.	27,900		1,237,923
Highwoods Properties, Inc. (SBI)	124,500		3,426,240
Inland Real Estate Corp.	120,000		1,029,600
Kimco Realty Corp.	48,200		609,248
Lexington Corporate Properties Trust	46,822		196,184
Liberty Property Trust (SBI)	35,400		1,039,698
MFA Financial, Inc.	1,821,381		13,514,637
Monmouth Real Estate Investment Corp. Class A	100,000		679,000
National Retail Properties, Inc.	91,100		1,765,518
Nationwide Health Properties, Inc.	64,380		2,076,255
ProLogis Trust	286,466		3,245,660
Redwood Trust, Inc.	61,800		861,492
Regency Centers Corp.	153,700		5,156,635
Simon Property Group, Inc.	62,059		4,213,186
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Sunstone Hotel Investors, Inc.	571,600		$ 4,315,580
The Macerich Co. (e)	117,608		3,504,718
U-Store-It Trust	301,700		1,719,690
UDR, Inc.	83,301		1,197,868
Ventas, Inc.	244,880		9,827,034
Vornado Realty Trust	28,679		1,708,121
			110,722,578
TOTAL FINANCIALS			111,706,113
HEALTH CARE - 1.3%
Health Care Providers & Services - 1.3%
Brookdale Senior Living, Inc.	136,800		2,303,712
Capital Senior Living Corp. (a)	131,200		694,048
Emeritus Corp. (a)	243,100		4,536,246
Sun Healthcare Group, Inc. (a)	78,400		711,872
			8,245,878
TOTAL COMMON STOCKS (Cost $109,148,126)		121,189,947
Preferred Stocks - 10.5%

Convertible Preferred Stocks - 1.0%
FINANCIALS - 1.0%
Real Estate Investment Trusts - 0.6%
HRPT Properties Trust 6.50%	80,000		1,395,000
Lexington Corporate Properties Trust Series C 6.50%	47,438		1,321,148
Simon Property Group, Inc. 6.00%	20,600		1,220,756
			3,936,904
Real Estate Management & Development - 0.4%
Grubb & Ellis Co. 12.00% (a)(f)(g)	22,500		2,250,000
TOTAL FINANCIALS			6,186,904
Nonconvertible Preferred Stocks - 9.5%
FINANCIALS - 9.5%
Diversified Financial Services - 0.3%
DRA CRT Acquisition Corp. Series A, 8.50%	25,000		326,000
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Diversified Financial Services - continued
Red Lion Hotels Capital Trust 9.50%	77,750		$ 1,555,000
W2007 Grace Acquisition I, Inc. Series B, 8.75% (a)	35,300		19,768
			1,900,768
Real Estate Investment Trusts - 9.2%
Alexandria Real Estate Equities, Inc. Series C, 8.375%	67,000		1,586,560
American Home Mortgage Investment Corp.:
Series A, 9.375% (c)	120,300		602
Series B, 9.25% (c)	124,100		248
Annaly Capital Management, Inc. Series A, 7.875%	144,900		3,492,090
Anworth Mortgage Asset Corp. Series A, 8.625%	219,327		5,285,781
Apartment Investment & Management Co.:
Series G, 9.375%	98,600		2,331,890
Series T, 8.00%	57,500		1,195,425
Cedar Shopping Centers, Inc. 8.875%	66,000		1,541,760
CenterPoint Properties Trust Series D, 5.377%	3,575		1,581,938
Colonial Properties Trust (depositary shares) Series D, 8.125%	39,000		820,950
Cousins Properties, Inc. Series A, 7.75%	71,700		1,480,605
Developers Diversified Realty Corp. (depositary shares) Series G, 8.00%	25,500		456,195
Digital Realty Trust, Inc. Series A, 8.50%	75,000		1,848,750
Duke Realty LP 8.375%	79,800		1,861,734
Eagle Hospitality Properties Trust, Inc. 8.25%	24,000		10,800
HomeBanc Mortgage Corp. Series A, 10.00% (c)	104,685		628
Hospitality Properties Trust:
Series B, 8.875%	68,275		1,601,049
Series C, 7.00%	58,500		1,126,710
Host Hotels & Resorts, Inc. Series E, 8.875%	38,800		942,840
HRPT Properties Trust Series B, 8.75%	23,961		552,541
Innkeepers USA Trust Series C, 8.00%	62,400		87,360
Kimco Realty Corp. Series G, 7.75%	77,300		1,801,090
LaSalle Hotel Properties:
Series B, 8.375%	21,800		470,880
Series E, 8.00%	42,750		950,760
Series G, 7.25%	21,960		428,000
LBA Realty Fund II:
Series A, 8.75% (a)	69,000		1,587,000
Series B, 7.625% (a)	31,240		374,880
Lexington Corporate Properties Trust Series B, 8.05%	29,000		491,260
Lexington Realty Trust 7.55%	23,800		398,174
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
LTC Properties, Inc. Series F, 8.00%	66,900		$ 1,588,875
MFA Financial, Inc. Series A, 8.50%	298,325		7,288,080
Mid-America Apartment Communities, Inc. Series H, 8.30%	30,800		759,220
Newcastle Investment Corp.:
Series B, 9.75%	152,300		1,087,422
Series D, 8.375%	10,000		68,100
Omega Healthcare Investors, Inc. Series D, 8.375%	59,600		1,415,500
ProLogis Trust Series C, 8.54%	6,446		309,610
PS Business Parks, Inc.:
(depositary shares) Series L, 7.60%	5,890		138,121
Series P, 6.70%	35,000		728,000
Public Storage:
(depositary shares)	104,800		2,604,280
Series I, 7.25%	10,000		238,500
Series K, 7.25%	21,418		509,748
Series L, 6.75%	1,900		41,952
Series N, 7.00%	4,200		98,028
Realty Income Corp. 6.75%	600		13,698
Regency Centers Corp. 7.25%	10,000		217,500
Saul Centers, Inc. 8.00%	93,700		2,201,950
Strategic Hotel & Resorts, Inc. 8.50% (f)	119,500		1,075,500
Sunstone Hotel Investors, Inc. Series A, 8.00%	20,000		390,200
Weingarten Realty Investors (SBI) Series F, 6.50%	56,230		1,057,124
			56,139,908
TOTAL FINANCIALS			58,040,676
TOTAL PREFERRED STOCKS (Cost $87,960,280)		64,227,580

Corporate Bonds - 40.6%
		Principal Amount (d)
Convertible Bonds - 14.6%
FINANCIALS - 14.6%
Real Estate Investment Trusts - 12.8%
Acadia Realty Trust 3.75% 12/15/26		$ 11,505,000		10,915,369
Alexandria Real Estate Equities, Inc. 3.7% 1/15/27 (f)		6,895,000		6,381,323
Corporate Bonds - continued
		Principal Amount (d)		Value
Convertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
BioMed Realty LP 4.5% 10/1/26 (f)		$ 2,500,000		$ 2,337,500
Brandywine Operating Partnership LP 3.875% 10/15/26		1,000,000		960,000
BRE Properties, Inc. 4.125% 8/15/26		7,800,000		7,502,625
CapLease, Inc. 7.5% 10/1/27 (f)		4,180,000		3,469,400
Corporate Office Properties LP 3.5% 9/15/26 (f)		1,380,000		1,315,002
Duke Realty LP 3.75% 12/1/11 (f)		2,650,000		2,547,313
Home Properties, Inc. 4.125% 11/1/26 (f)		2,100,000		1,989,750
Hospitality Properties Trust 3.8% 3/15/27		5,100,000		4,832,250
Inland Real Estate Corp. 4.625% 11/15/26		6,300,000		5,928,662
Lexington Master Ltd. Partnership 5.45% 1/15/27 (f)		10,600,000		10,096,500
MPT Operating Partnership LP 9.25% 4/1/13 (f)		1,000,000		990,300
National Retail Properties, Inc. 3.95% 9/15/26		2,000,000		2,035,790
ProLogis Trust:
1.875% 11/15/37		2,450,000		2,122,313
2.625% 5/15/38		1,500,000		1,310,625
SL Green Realty Corp. 3% 3/30/27 (f)		500,000		451,250
The Macerich Co. 3.25% 3/15/12 (f)		3,800,000		3,481,750
United Dominion Realty Trust, Inc. 3.625% 9/15/11		6,000,000		5,775,000
Washington (REIT):
3.875% 9/15/26		1,600,000		1,550,000
3.875% 9/15/26		2,450,000		2,373,438
				78,366,160
Real Estate Management & Development - 1.8%
ERP Operating LP 3.85% 8/15/26		5,500,000		5,386,563
First Potomac Realty Investment LP 4% 12/15/11 (f)		1,600,000		1,438,000
Kilroy Realty LP 3.25% 4/15/12 (f)		4,730,000		4,268,825
				11,093,388
TOTAL FINANCIALS				89,459,548
Nonconvertible Bonds - 26.0%
CONSUMER DISCRETIONARY - 3.8%
Hotels, Restaurants & Leisure - 0.8%
Host Marriott LP 7% 8/15/12		2,000,000		2,000,000
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Hotels, Restaurants & Leisure - continued
Starwood Hotels & Resorts Worldwide, Inc. 6.25% 2/15/13		$ 2,000,000		$ 1,990,000
Times Square Hotel Trust 8.528% 8/1/26 (f)		862,998		813,289
				4,803,289
Household Durables - 2.7%
D.R. Horton, Inc. 5.375% 6/15/12		825,000		821,906
KB Home:
5.75% 2/1/14		510,000		478,125
5.875% 1/15/15		2,000,000		1,900,000
6.25% 6/15/15		3,500,000		3,290,000
9.1% 9/15/17		1,000,000		1,035,000
Lennar Corp.:
5.5% 9/1/14		1,000,000		920,000
5.95% 10/17/11		1,000,000		975,000
M/I Homes, Inc. 6.875% 4/1/12		2,150,000		1,978,000
Meritage Homes Corp. 6.25% 3/15/15		2,500,000		2,306,250
Ryland Group, Inc. 8.4% 5/15/17		745,000		797,150
Standard Pacific Corp. 6.25% 4/1/14		1,100,000		968,000
Stanley-Martin Communities LLC 9.75% 8/15/15 (c)		4,620,000		1,247,400
				16,716,831
Specialty Retail - 0.3%
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17 (f)		1,500,000		1,623,750
TOTAL CONSUMER DISCRETIONARY				23,143,870
CONSUMER STAPLES - 0.2%
Food & Staples Retailing - 0.2%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20		1,314,590		1,255,434
FINANCIALS - 21.2%
Commercial Banks - 0.2%
CapitalSource, Inc. 12.75% 7/15/14 (f)		1,500,000		1,530,000
Real Estate Investment Trusts - 19.0%
AMB Property LP:
5.9% 8/15/13		400,000		377,310
6.3% 6/1/13		2,095,000		2,066,824
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
AvalonBay Communities, Inc.:
4.95% 3/15/13		$ 1,000,000		$ 1,019,521
5.5% 1/15/12		527,000		549,348
5.7% 3/15/17		1,000,000		1,024,756
6.625% 9/15/11		393,000		419,097
Brandywine Operating Partnership LP:
4.5% 11/1/09		1,000,000		1,000,000
5.4% 11/1/14		1,750,000		1,627,337
5.75% 4/1/12		1,000,000		1,010,927
7.5% 5/15/15		1,000,000		1,000,604
Camden Property Trust 5% 6/15/15		1,100,000		1,068,355
Colonial Properties Trust:
6.15% 4/15/13		1,500,000		1,468,323
6.875% 8/15/12		1,000,000		1,002,500
Colonial Realty LP 6.05% 9/1/16		1,000,000		901,638
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15		800,000		757,176
6.25% 6/15/14		3,005,000		2,943,830
Developers Diversified Realty Corp.:
4.625% 8/1/10		900,000		888,493
5% 5/3/10		1,000,000		993,628
5.375% 10/15/12		500,000		469,008
7.5% 7/15/18		200,000		172,095
9.625% 3/15/16		1,736,000		1,762,132
Duke Realty LP:
5.625% 8/15/11		560,000		569,900
6.25% 5/15/13		750,000		769,673
7.375% 2/15/15		1,500,000		1,580,730
Federal Realty Investment Trust:
4.5% 2/15/11		1,500,000		1,498,124
5.65% 6/1/16		725,000		696,312
5.95% 8/15/14		2,000,000		2,011,358
Health Care Property Investors, Inc.:
5.65% 12/15/13		1,025,000		1,035,211
6% 3/1/15		500,000		497,929
6% 1/30/17		1,000,000		965,997
6.3% 9/15/16		4,500,000		4,466,052
Health Care REIT, Inc.:
6% 11/15/13		1,000,000		988,241
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Health Care REIT, Inc.: - continued
6.2% 6/1/16		$ 750,000		$ 749,810
Healthcare Realty Trust, Inc. 8.125% 5/1/11		2,290,000		2,403,387
Highwoods/Forsyth LP 5.85% 3/15/17		2,800,000		2,524,967
HMB Capital Trust V 3.899% 12/15/36 (c)(f)(h)		2,530,000		253
Hospitality Properties Trust:
5.625% 3/15/17		915,000		798,181
6.75% 2/15/13		610,000		604,628
7.875% 8/15/14		1,000,000		1,028,439
Host Hotels & Resorts LP:
6.875% 11/1/14		500,000		487,500
9% 5/15/17 (f)		750,000		795,000
HRPT Properties Trust:
0.895% 3/16/11 (h)		787,000		742,635
6.5% 1/15/13		200,000		201,934
iStar Financial, Inc. 5.95% 10/15/13		4,830,000		2,463,300
Kimco Realty Corp.:
5.783% 3/15/16		450,000		443,786
6.875% 10/1/19		1,000,000		1,028,057
Liberty Property LP:
5.125% 3/2/15		2,200,000		2,082,540
6.375% 8/15/12		2,679,000		2,773,357
Nationwide Health Properties, Inc.:
6% 5/20/15		2,522,000		2,506,825
6.25% 2/1/13		1,000,000		1,025,512
6.5% 7/15/11		2,000,000		2,083,944
8.25% 7/1/12		1,300,000		1,388,092
Omega Healthcare Investors, Inc.:
7% 4/1/14		7,220,000		7,057,550
7% 1/15/16		695,000		663,725
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14		1,750,000		1,789,088
Potlatch Corp. 7.5% 11/1/19 (f)		1,000,000		996,200
Rouse Co. 7.2% 9/15/12 (c)		3,920,000		3,508,400
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (c)(f)		650,000		578,500
Senior Housing Properties Trust:
7.875% 4/15/15		355,000		333,700
8.625% 1/15/12		5,900,000		6,018,000
Shurgard Storage Centers, Inc.:
5.875% 3/15/13		1,000,000		1,020,964
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Shurgard Storage Centers, Inc.: - continued
7.75% 2/22/11		$ 500,000		$ 519,520
Simon Property Group LP:
5% 3/1/12		800,000		826,632
5.75% 5/1/12		500,000		529,053
6.1% 5/1/16		1,000,000		1,039,520
6.75% 5/15/14		1,200,000		1,291,212
UDR, Inc. 5.5% 4/1/14		500,000		498,652
United Dominion Realty Trust, Inc.:
5% 1/15/12		1,000,000		1,016,160
5.13% 1/15/14		500,000		477,960
6.05% 6/1/13		2,500,000		2,541,173
Ventas Realty LP:
6.5% 6/1/16		2,340,000		2,234,700
6.5% 6/1/16		9,170,000		8,757,350
6.625% 10/15/14		4,660,000		4,543,500
7.125% 6/1/15		3,147,000		3,099,795
Weingarten Realty Invstors:
4.857% 1/15/14		2,500,000		2,326,623
5.263% 5/15/12		1,000,000		979,627
				116,382,180
Real Estate Management & Development - 1.7%
American Real Estate Partners/American Real Estate Finance Corp. 8.125% 6/1/12		1,190,000		1,190,000
CB Richard Ellis Services, Inc. 11.625% 6/15/17 (f)		1,500,000		1,635,000
ERP Operating LP 5.2% 4/1/13		1,000,000		1,034,709
Post Apartment Homes LP 6.3% 6/1/13		2,000,000		2,003,458
Regency Centers LP:
5.25% 8/1/15		4,509,000		4,360,920
5.875% 6/15/17		400,000		376,786
				10,600,873
Thrifts & Mortgage Finance - 0.3%
Wrightwood Capital LLC 9% 6/1/14 (c)(f)		4,000,000		1,550,000
TOTAL FINANCIALS				130,063,053
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
HEALTH CARE - 0.8%
Health Care Providers & Services - 0.8%
Skilled Healthcare Group, Inc. 11% 1/15/14		$ 1,000,000		$ 1,040,000
Sun Healthcare Group, Inc. 9.125% 4/15/15		3,570,000		3,614,625
				4,654,625
TOTAL NONCONVERTIBLE BONDS				159,116,982
TOTAL CORPORATE BONDS (Cost $239,139,147)			248,576,530
Asset-Backed Securities - 3.7%

Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (f)		1,384,000		1,186,780
Anthracite CDO II Ltd. Series 2002-2A Class F, 7.6% 12/24/37 (f)		2,260,000		904,000
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.6038% 3/23/19 (f)(h)		424,313		275,803
Brascan Real Estate CDO Ltd./Brascan Real Estate CDO Corp. Series 2004-1A Class A, 0.6341% 1/20/40 (f)(h)		3,440,497		2,752,398
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.745% 3/20/50 (f)(h)		2,250,000		225,000
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (f)		5,009,000		4,988,313
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.5341% 1/20/37 (f)(h)		1,299,919		493,969
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (f)		2,500,000		1,500,000
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33		500,000		332,729
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (f)		1,570,000		753,600
Class B2, 1.6331% 12/28/35 (f)(h)		1,575,000		551,250
Class D, 9% 12/28/35 (f)		500,000		128,755
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (f)		850,000		212,500
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2005-1 Class D, 5.612% 6/15/35 (f)		2,050,000		2,060,250
Asset-Backed Securities - continued
		Principal Amount (d)		Value
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.7369% 11/28/39 (f)(h)		$ 550,000		$ 22,000
Green Tree Financial Corp. Series 1996-4 Class M1, 7.75% 6/15/27		1,788,179		1,308,865
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7438% 6/25/35 (h)(k)		1,259,000		42,238
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 1.7938% 8/26/30 (f)(h)		738,459		73,846
Class E, 2.2438% 8/26/30 (f)(h)		1,428,321		71,416
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 3/15/28		1,500,000		246,339
Merit Securities Corp. Series 13 Class M1, 7.9882% 12/28/33		1,923,000		1,338,749
N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (f)		883,000		473,818
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class A2, 4.646% 7/24/39 (f)		2,977,421		2,441,486
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3.1219% 2/5/36 (f)(h)		3,295,000		32,950
Wachovia Ltd./Wachovia LLC Series 2006-1 Class 1ML, 5.835% 9/25/26 (f)(h)		2,000,000		120,000
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 2.3688% 11/21/40 (f)(h)		250,000		7,500
TOTAL ASSET-BACKED SECURITIES (Cost $36,355,453)			22,544,554
Collateralized Mortgage Obligations - 3.4%

Private Sponsor - 3.4%
Banc of America Large Loan, Inc. Series 2005-MIB1 Class A2, 0.455% 3/15/22 (f)(h)		11,085,000		9,376,612
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.425% 6/15/22 (f)(h)		3,250,000		2,577,577
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (f)		139,864		20,238
Series 2002-R2 Class 2B3, 5.2268% 7/25/33 (f)(h)		245,031		75,891
Series 2003-40 Class B3, 4.5% 10/25/18 (f)		189,465		21,012
Series 2003-R2 Class B3, 5.5% 5/25/43 (f)		464,186		44,391
Series 2003-R3:
Class B2, 5.5% 11/25/33 (f)		1,661,211		382,101
Class B3, 5.5% 11/25/33 (f)		497,420		89,934
Collateralized Mortgage Obligations - continued
		Principal Amount (d)		Value
Private Sponsor - continued
Countrywide Home Loans, Inc.: - continued
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (f)(h)		$ 462,313		$ 32,202
Diversified REIT Trust Series 2000-1A:
Class F, 6.971% 3/8/10 (f)		1,512,000		211,680
Class G, 6.971% 3/8/10 (f)		1,720,000		189,200
Merrill Lynch Floating Trust floater Series 2006-1 Class TM, 0.745% 6/15/22 (f)(h)		5,198,066		4,165,210
Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (f)		1,465,000		1,332,004
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 12.195% 7/10/35 (f)(h)		665,397		364,039
Series 2004-C Class B5, 1.595% 9/10/36 (f)(h)		361,694		166,379
Series 2005-A Class B6, 2.245% 3/10/37 (f)(h)		1,852,395		368,441
Series 2005-B Class B6, 1.845% 6/10/37 (f)(h)		912,054		77,798
Series 2005-D Class B6, 2.495% 12/15/37 (f)(h)		460,130		30,369
Series 2006-B Class B6, 1.945% 7/15/38 (f)(h)		925,567		25,638
Residential Funding Mortgage Securities I, Inc. Series 2002-S20 Class M3, 5.25% 12/25/17		56,567		39,277
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (f)		115,121		53,192
RESIX Finance Ltd. floater:
Series 2003-D Class B8, 6.745% 12/10/35 (f)(h)		580,435		198,625
Series 2004-A Class B7, 4.495% 2/10/36 (f)(h)		585,037		238,812
Series 2004-B Class B7, 4.245% 2/10/36 (f)(h)		719,966		210,662
Series 2005-C Class B7, 3.345% 9/10/37 (f)(h)		1,874,374		138,329
Series 2006-B Class B7, 4.095% 7/15/38 (f)(h)		925,567		35,542
Series 2007-A Class BB, 3.595% 2/15/39 (f)(h)		784,164		13,723
TOTAL PRIVATE SPONSOR				20,478,878
U.S. Government Agency - 0.0%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (k)		217,435		79,620
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 5.037% 2/25/42 (f)(h)		132,019		45,610
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (k)		289,659		82,037
Collateralized Mortgage Obligations - continued
		Principal Amount (d)		Value
U.S. Government Agency - continued
Fannie Mae REMIC Trust: - continued
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 5.0738% 6/25/43 (f)(h)		$ 175,797		$ 43,975
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 5.1791% 10/25/42 (f)(h)		76,140		19,445
TOTAL U.S. GOVERNMENT AGENCY				270,687
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $33,854,570)			20,749,565
Commercial Mortgage Securities - 13.6%

American Tower Trust I Series 2007-1A Class D, 5.9568% 4/15/37 (f)		3,200,000		3,248,000
Asset Securitization Corp. Series 1997-D4:
Class B1, 7.525% 4/14/29		1,565,000		1,641,085
Class B2, 7.525% 4/14/29		515,000		508,563
Banc of America Commercial Mortgage, Inc. sequential payer Series 2002-2 Class F, 5.487% 7/11/43		4,185,000		3,955,546
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.245% 3/15/22 (f)(h)		700,000		245,000
COMM pass-thru certificates Series 2001-J1A Class F, 6.958% 2/14/34 (f)		1,475,000		1,433,064
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1997-C2 Class F, 7.46% 1/17/35 (h)		3,500,000		3,635,105
Series 2004-TF2A Class AX, 0.0157% 11/15/19 (f)(h)(j)		4,709,547		471
Credit Suisse/Morgan Stanley Commercial Mortgage Trust Series 2006-HC1A Class A1, 0.435% 5/15/23 (f)(h)		4,238,717		3,780,081
Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (f)		1,000,000		400,000
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2006-1A:
Class D, 5.7724% 11/15/36 (f)		915,000		933,300
Class E, 6.0652% 11/15/36 (f)		800,000		816,000
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		1,200,000		720,034
DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.459% 6/10/31 (f)(h)		2,500,000		2,551,594
First Chicago/Lennar Trust I Series 1997-CHL1 Class E, 7.7437% 4/29/39 (f)(h)		90,433		89,529
Commercial Mortgage Securities - continued
		Principal Amount (d)		Value
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (f)		$ 7,250,000		$ 6,162,500
GE Capital Commercial Mortgage Corp.:
Series 2001-3 Class C, 6.51% 6/10/38		820,000		803,603
Series 2002-1A Class H, 7.4011% 12/10/35 (f)(h)		921,000		757,575
Global Towers Partners Acquisition Partners I LLC Series 2007-1A Class G, 7.8737% 5/15/37 (f)		1,000,000		950,000
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2:
Class F, 6.75% 4/15/29 (h)		2,767,000		2,875,186
Class G, 6.75% 4/15/29 (h)		1,000,000		517,610
Series 1999-C3:
Class G, 6.974% 8/15/36 (f)		4,546,858		4,500,057
Class J, 6.974% 8/15/36 (f)		1,500,000		1,397,861
Series 2000-C1:
Class H, 7% 3/15/33 (f)		950,000		786,393
Class K, 7% 3/15/33		1,100,000		684,277
Series 2002-C3 Class D, 5.27% 7/10/39		3,000,000		2,669,529
Greenwich Capital Commercial Funding Corp.:
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (f)		2,000,000		1,768,770
Series 2002-C1 Class H, 5.903% 1/11/35 (f)		750,000		614,263
GS Mortgage Securities Corp. II floater Series 2007-EOP Class L, 1.5538% 3/1/20 (f)(h)		1,400,000		1,050,000
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-A:
Class G, 6% 10/15/32 (f)(h)		2,895,000		550,050
Class X, 1.549% 10/15/32 (f)(h)(j)		12,050,308		58,227
JPMorgan Chase Commercial Mortgage Securities Trust floater Series 2005-FL1A Class A2, 0.425% 2/15/19 (f)(h)		9,365,000		8,859,828
JPMorgan Commercial Mortgage Finance Corp.:
Series 1997-C5 Class F, 7.5605% 9/15/29		2,720,000		2,699,712
Series 1999-C8:
Class G, 6% 7/15/31 (f)		1,385,000		361,891
Class H, 6% 7/15/31 (f)		2,638,000		158,280
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (f)		2,820,000		2,693,100
Leafs CMBS I Ltd./Leafs CMBS I Corp. Series 2002-1A Class B, 4.13% 11/20/37 (f)		1,850,000		1,628,000
Merrill Lynch Financial Asset, Inc. Series 2005-CA16:
Class F, 4.384% 7/12/15	CAD	710,000		301,257
Class G, 4.384% 7/12/15	CAD	355,000		144,479
Class H, 4.384% 7/12/15	CAD	236,000		92,163
Commercial Mortgage Securities - continued
		Principal Amount (d)		Value
Merrill Lynch Financial Asset, Inc. Series 2005-CA16: - continued
Class J, 4.384% 7/12/15	CAD	355,000		$ 133,099
Class K, 4.384% 7/12/15	CAD	355,000		127,836
Class L, 4.384% 7/12/15	CAD	236,000		81,657
Class M, 4.384% 7/12/15	CAD	995,000		233,486
Merrill Lynch Mortgage Investors Trust:
Series 1999-C1 Class G, 6.71% 11/15/31 (f)		3,359,000		167,950
Series 2001-HRPA Class H, 6.778% 2/3/16 (f)		1,965,000		1,906,050
Mezz Capital Commercial Mortgage Trust Series 2004-C1:
Class D, 6.988% 9/15/13		750,000		30,000
Class E, 7.983% 10/15/13		1,453,000		43,590
Class IO, 7.926% 1/15/18 (h)(j)		5,825,529		582,553
Morgan Stanley Capital I Trust:
sequential payer Series 2004-RR2 Class A2, 5.45% 10/28/33 (f)		2,552,689		2,297,420
Series 2005-HQ7 Class E, 5.3778% 11/14/42 (h)		750,000		302,910
Morgan Stanley Dean Witter Capital I Trust Series 2001-IQA Class F, 6.79% 12/18/32 (f)		1,396,185		1,330,570
Multi Security Asset Trust sequential payer Series 2005-RR4A Class A2, 4.83% 11/28/35 (f)		5,000,000		4,250,000
SBA CMBS Trust Series 2006-1A Class J, 7.825% 11/15/36 (f)		1,000,000		1,000,000
Structured Asset Securities Corp. Series 1997-LLI Class F, 7.3% 10/12/34 (f)		2,000,000		2,000,469
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (f)		2,000,000		1,740,000
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.82% 7/15/24 (f)(h)		1,200,000		175,956
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $93,682,730)			83,445,529
Floating Rate Loans - 0.8%

CONSUMER DISCRETIONARY - 0.0%
Specialty Retail - 0.0%
The Pep Boys - Manny, Moe & Jack term loan 2.36% 10/27/13 (h)		28,308		26,751
Floating Rate Loans - continued
		Principal Amount (d)		Value
FINANCIALS - 0.8%
Real Estate Management & Development - 0.8%
Realogy Corp.:
Credit-Linked Deposit 3.2457% 10/10/13 (h)		$ 661,709		$ 549,218
Tranche 2LN, term loan 13.5% 10/15/17		2,000,000		2,030,000
Tranche B, term loan 3.2869% 10/10/13 (h)		2,457,775		2,039,953
				4,619,171
TOTAL FLOATING RATE LOANS (Cost $4,673,066)			4,645,922

Preferred Securities - 0.0%

FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Cairn High Grade ABS CDO PLC Series 2006-2A Class SUB, 1/13/47 (f)	1,000,000		0
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (f)(h)	500,000		68,450
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (f)(h)	590,000		105,138
Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (f)(h)	810,000		8
Ipswich Street CDO Series 2006-1, 6/27/46 (c)(f)(h)	1,350,000		0
Kent Funding III Ltd. 11/5/47 (f)	1,650,000		0
			173,596
TOTAL PREFERRED SECURITIES (Cost $5,658,149)		173,596
Money Market Funds - 8.2%
	Shares		Value
Fidelity Cash Central Fund, 0.20% (i)	46,363,390		$ 46,363,390
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(i)	3,466,650		3,466,650
TOTAL MONEY MARKET FUNDS (Cost $49,830,040)		49,830,040
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $660,301,561)			615,383,263
NET OTHER ASSETS - (0.6)%			(3,422,782)
NET ASSETS - 100%		$ 611,960,481

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

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

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

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

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

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

(k) 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 $203,895 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Fannie Mae REMIC Trust: Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41	5/21/03	$ 188,421
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42	3/25/03	$ 218,285
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7438% 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	$ 34,518
Fidelity Securities Lending Cash Central Fund	37
Total	$ 34,555

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at 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	$ 1,237,956	$ 1,237,956	$ -	$ -
Financials	175,933,693	165,861,563	6,901,962	3,170,168
Health Care	8,245,878	8,245,878	-	-
Corporate Bonds	248,576,530	-	244,957,554	3,618,976
Asset-Backed Securities	22,544,554	-	11,220,079	11,324,475
Collateralized Mortgage Obligations	20,749,565	-	14,306,337	6,443,228
Commercial Mortgage Securities	83,445,529	-	70,056,008	13,389,521
Floating Rate Loans	4,645,922	-	4,645,922	-
Preferred Securities	173,596	-	-	173,596
Money Market Funds	49,830,040	49,830,040	-	-
Total Investments in Securities:	$ 615,383,263	$ 225,175,437	$ 352,087,862	$ 38,119,964

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

Investments in Securities:
Equities - Financials
Beginning Balance	$ 3,099,870
Total Realized Gain (Loss)	(2,073,397)
Total Unrealized Gain (Loss)	2,415,608
Cost of Purchases	-
Proceeds of Sales	(271,913)
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ 3,170,168
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ 180,669
Corporate Bonds
Beginning Balance	$ 2,343,856
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	83,416
Cost of Purchases	-
Proceeds of Sales	(5,697)
Amortization/Accretion	1,124
Transfers in/out of Level 3	1,196,277
Ending Balance	$ 3,618,976
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ 83,416
Asset-Backed Securities
Beginning Balance	$ 11,832,848
Total Realized Gain (Loss)	(31,937)
Total Unrealized Gain (Loss)	2,708,772
Cost of Purchases	42,365
Proceeds of Sales	(95,330)
Amortization/Accretion	9,340
Transfers in/out of Level 3	(3,141,583)
Ending Balance	$ 11,324,475
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ 1,623,701
Collateralized Mortgage Obligations
Beginning Balance	$ 2,036,201
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	807,003
Cost of Purchases	2,202,618
Proceeds of Sales	(245,828)
Amortization/Accretion	(115,459)
Transfers in/out of Level 3	1,758,693
Ending Balance	$ 6,443,228
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ 733,711
Commercial Mortgage Securities
Beginning Balance	$ 6,157,272
Total Realized Gain (Loss)	685
Total Unrealized Gain (Loss)	1,570,812
Cost of Purchases	4,686,250
Proceeds of Sales	(6,301)
Amortization/Accretion	(328,759)
Transfers in/out of Level 3	1,309,562
Ending Balance	$ 13,389,521
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ 1,325,570
Preferred Securities
Beginning Balance	$ 159,115
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	15,318
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	(837)
Transfers in/out of Level 3	-
Ending Balance	$ 173,596
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ 15,318

Income Tax Information

At October 31, 2009, the cost of investment securities for income tax purposes was $661,995,730. Net unrealized depreciation aggregated $46,612,467, of which $47,770,980 related to appreciated investment securities and $94,383,447 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds, floating rate loans, preferred securities and U.S. government and government agency obligations pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Certain of the Fund's securities are valued at period end by a single source or dealer. For asset backed securities, collateralized mortgage obligations and commercial mortgage securities pricing services generally utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and types as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Series Small Cap
Opportunities Fund
Series Small Cap Opportunities
Class F

October 31, 2009

1.858552.102

SMO-QTLY-1209

Investments October 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
CONSUMER DISCRETIONARY - 13.7%
Diversified Consumer Services - 1.0%
Brinks Home Security Holdings, Inc. (a)	300,200		$ 9,300,196
Regis Corp.	246,300		3,999,912
			13,300,108
Hotels, Restaurants & Leisure - 2.8%
Jack in the Box, Inc. (a)	362,800		6,806,128
Orient Express Hotels Ltd. Class A	713,500		6,136,100
Red Robin Gourmet Burgers, Inc. (a)	218,360		3,648,796
WMS Industries, Inc. (a)	242,400		9,691,152
Wyndham Worldwide Corp.	655,500		11,176,275
			37,458,451
Household Durables - 0.3%
M/I Homes, Inc. (a)	379,000		4,233,430
Internet & Catalog Retail - 1.1%
dELiA*s, Inc. (a)	1,403,334		2,975,068
HSN, Inc. (a)	792,548		11,840,667
			14,815,735
Media - 0.6%
CKX, Inc. (a)	1,271,714		8,138,970
Specialty Retail - 4.2%
Cabela's, Inc. Class A (a)(c)	608,300		7,646,331
Chico's FAS, Inc. (a)	406,700		4,860,065
Fourlis Holdings SA	641,500		10,761,592
Genesco, Inc. (a)	332,955		8,680,137
New York & Co., Inc. (a)	1,476,600		6,497,040
Shoe Carnival, Inc. (a)	503,861		7,562,954
Signet Jewelers Ltd.	275,800		6,952,918
Zumiez, Inc. (a)	355,178		4,784,248
			57,745,285
Textiles, Apparel & Luxury Goods - 3.7%
American Apparel, Inc. (a)(c)	1,865,200		5,726,164
Deckers Outdoor Corp. (a)	83,100		7,451,577
FGX International Ltd. (a)	802,400		10,583,656
Gildan Activewear, Inc. (a)	404,700		7,123,408
Iconix Brand Group, Inc. (a)	594,400		6,930,704
Jones Apparel Group, Inc.	695,000		12,433,550
			50,249,059
TOTAL CONSUMER DISCRETIONARY			185,941,038
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 3.4%
Food & Staples Retailing - 1.0%
BJ's Wholesale Club, Inc. (a)	285,900		$ 10,015,077
Susser Holdings Corp. (a)	333,200		3,961,748
			13,976,825
Food Products - 1.0%
Hain Celestial Group, Inc. (a)	302,700		5,309,358
PureCircle Ltd. (a)	401,200		1,383,249
Tyson Foods, Inc. Class A	511,300		6,401,476
			13,094,083
Personal Products - 1.4%
Chattem, Inc. (a)	15,200		963,224
Elizabeth Arden, Inc. (a)	731,100		7,786,215
Inter Parfums, Inc.	766,700		9,415,076
Schiff Nutrition International, Inc.	267,800		1,545,206
			19,709,721
TOTAL CONSUMER STAPLES			46,780,629
ENERGY - 5.0%
Energy Equipment & Services - 1.1%
Atwood Oceanics, Inc. (a)	247,100		8,769,579
Hornbeck Offshore Services, Inc. (a)	268,800		6,534,528
			15,304,107
Oil, Gas & Consumable Fuels - 3.9%
Comstock Resources, Inc. (a)	262,200		10,773,798
Encore Acquisition Co. (a)	185,300		6,869,071
EXCO Resources, Inc.	603,748		9,430,544
Goodrich Petroleum Corp. (a)(c)	174,800		4,487,116
Mariner Energy, Inc. (a)	540,500		6,885,970
Massey Energy Co.	192,900		5,611,461
Whiting Petroleum Corp. (a)	147,100		8,296,440
			52,354,400
TOTAL ENERGY			67,658,507
FINANCIALS - 19.4%
Capital Markets - 2.8%
Affiliated Managers Group, Inc. (a)	193,700		12,298,013
International Assets Holding Corp. (a)(c)	413,118		7,431,993
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
optionsXpress Holdings, Inc.	541,060		$ 8,456,768
Waddell & Reed Financial, Inc. Class A	350,900		9,846,254
			38,033,028
Commercial Banks - 6.0%
Associated Banc-Corp.	738,240		9,456,854
CapitalSource, Inc.	3,090,800		11,003,248
City National Corp. (c)	247,400		9,319,558
National Penn Bancshares, Inc.	2,000,000		11,240,000
PacWest Bancorp	815,000		13,838,700
SVB Financial Group (a)(c)	118,900		4,904,625
TCF Financial Corp. (c)	1,125,000		13,308,750
Western Liberty Bancorp (a)	1,000,000		8,050,000
			81,121,735
Insurance - 3.9%
American Safety Insurance Group Ltd. (a)	458,700		6,797,934
Amerisafe, Inc. (a)	468,203		8,680,484
Aspen Insurance Holdings Ltd.	244,100		6,297,780
Endurance Specialty Holdings Ltd.	191,200		6,881,288
Max Capital Group Ltd.	588,611		12,154,817
Platinum Underwriters Holdings Ltd.	353,799		12,655,390
			53,467,693
Real Estate Investment Trusts - 2.8%
Alexandria Real Estate Equities, Inc.	275,000		14,896,750
Highwoods Properties, Inc. (SBI)	286,900		7,895,488
Home Properties, Inc.	201,600		7,898,688
National Retail Properties, Inc.	365,400		7,081,452
			37,772,378
Real Estate Management & Development - 1.8%
Forestar Group, Inc. (a)	926,000		13,667,760
Jones Lang LaSalle, Inc.	236,000		11,056,600
			24,724,360
Thrifts & Mortgage Finance - 2.1%
Astoria Financial Corp.	1,390,000		13,872,200
Washington Federal, Inc.	875,600		15,016,540
			28,888,740
TOTAL FINANCIALS			264,007,934
Common Stocks - continued
	Shares		Value
HEALTH CARE - 13.7%
Biotechnology - 1.5%
Dendreon Corp. (a)	133,000		$ 3,360,910
Human Genome Sciences, Inc. (a)	178,244		3,331,380
Micromet, Inc. (a)	120,300		614,733
OREXIGEN Therapeutics, Inc. (a)	617,100		3,986,466
Protalix BioTherapeutics, Inc. (a)(c)	475,000		4,503,000
Theravance, Inc. (a)	342,300		4,781,931
			20,578,420
Health Care Equipment & Supplies - 2.0%
Abiomed, Inc. (a)	280,000		2,534,000
Angiodynamics, Inc. (a)	390,000		5,889,000
ev3, Inc. (a)	124,915		1,471,499
Integra LifeSciences Holdings Corp. (a)	20,268		618,985
Orthofix International NV (a)	239,616		7,667,712
Sirona Dental Systems, Inc. (a)	152,700		4,109,157
Steris Corp.	162,700		4,760,602
			27,050,955
Health Care Providers & Services - 4.7%
Brookdale Senior Living, Inc.	359,100		6,047,244
Emergency Medical Services Corp. Class A (a)	268,000		12,869,360
Genoptix, Inc. (a)	116,000		4,035,640
Hanger Orthopedic Group, Inc. (a)	265,500		3,674,520
IPC The Hospitalist Co., Inc. (a)	184,300		5,584,290
LHC Group, Inc. (a)	160,000		4,465,600
Odyssey Healthcare, Inc. (a)	350,000		4,879,000
Owens & Minor, Inc.	95,000		3,884,550
Providence Service Corp. (a)	567,000		7,064,820
PSS World Medical, Inc. (a)	320,000		6,470,400
ResCare, Inc. (a)	283,200		3,406,896
Sunrise Senior Living, Inc. (a)	320,600		1,333,696
			63,716,016
Health Care Technology - 1.1%
Allscripts-Misys Healthcare Solutions, Inc.	190,000		3,705,000
Computer Programs & Systems, Inc.	122,000		5,153,280
SXC Health Solutions Corp. (a)	58,000		2,661,514
Transcend Services, Inc. (a)	201,700		3,681,025
			15,200,819
Life Sciences Tools & Services - 2.2%
Bruker BioSciences Corp. (a)	764,000		8,281,760
eResearchTechnology, Inc. (a)	300,000		2,220,000
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Life Sciences Tools & Services - continued
ICON PLC sponsored ADR (a)	200,000		$ 4,940,000
Life Technologies Corp. (a)	156,100		7,363,237
QIAGEN NV (a)	340,900		7,100,947
			29,905,944
Pharmaceuticals - 2.2%
Ardea Biosciences, Inc. (a)	258,000		3,483,000
Auxilium Pharmaceuticals, Inc. (a)	64,000		2,013,440
Cadence Pharmaceuticals, Inc. (a)	338,700		3,058,461
King Pharmaceuticals, Inc. (a)	300,000		3,039,000
Nektar Therapeutics (a)	217,700		1,767,724
Optimer Pharmaceuticals, Inc. (a)	315,399		3,646,012
Par Pharmaceutical Companies, Inc. (a)	90,000		1,887,300
Valeant Pharmaceuticals International (a)(c)	125,000		3,675,000
ViroPharma, Inc. (a)	524,600		3,955,484
XenoPort, Inc. (a)	219,400		3,666,174
			30,191,595
TOTAL HEALTH CARE			186,643,749
INDUSTRIALS - 14.2%
Aerospace & Defense - 0.9%
Alliant Techsystems, Inc. (a)	69,900		5,436,822
Teledyne Technologies, Inc. (a)	222,900		7,614,264
			13,051,086
Air Freight & Logistics - 0.5%
UTI Worldwide, Inc.	588,400		7,337,348
Airlines - 0.4%
Alaska Air Group, Inc. (a)	196,000		5,041,120
Building Products - 2.0%
AAON, Inc.	363,500		6,546,635
Armstrong World Industries, Inc. (a)	367,400		13,685,650
Masco Corp.	548,900		6,449,575
			26,681,860
Commercial Services & Supplies - 0.8%
United Stationers, Inc. (a)	237,800		11,209,892
Construction & Engineering - 1.3%
Chicago Bridge & Iron Co. NV (NY Shares)	466,600		8,776,746
Granite Construction, Inc.	307,500		8,782,200
			17,558,946
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - 1.1%
Encore Wire Corp. (c)	245,781		$ 5,099,956
Regal-Beloit Corp.	126,400		5,925,632
SunPower Corp. Class A (a)(c)	149,300		3,704,133
			14,729,721
Industrial Conglomerates - 0.7%
Carlisle Companies, Inc.	305,400		9,479,616
Machinery - 3.6%
Bucyrus International, Inc. Class A	262,719		11,669,978
Graco, Inc.	304,900		8,396,946
John Bean Technologies Corp.	560,400		9,201,768
Oshkosh Co.	228,400		7,139,784
Timken Co.	576,200		12,693,686
			49,102,162
Professional Services - 1.1%
ICF International, Inc. (a)	245,100		7,022,115
Kforce, Inc. (a)	676,400		7,934,172
			14,956,287
Road & Rail - 0.6%
Kansas City Southern (a)	291,600		7,065,468
YRC Worldwide, Inc. (a)(c)	350,000		1,277,500
			8,342,968
Trading Companies & Distributors - 1.2%
Interline Brands, Inc. (a)	635,400		9,276,840
MSC Industrial Direct Co., Inc. Class A	156,200		6,724,410
			16,001,250
TOTAL INDUSTRIALS			193,492,256
INFORMATION TECHNOLOGY - 19.1%
Communications Equipment - 2.6%
3Com Corp. (a)	2,456,900		12,628,466
Adtran, Inc.	548,000		12,625,920
NETGEAR, Inc. (a)	381,700		6,958,391
SeaChange International, Inc. (a)	486,300		3,292,251
			35,505,028
Computers & Peripherals - 1.7%
QLogic Corp. (a)	533,400		9,355,836
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
Super Micro Computer, Inc. (a)	908,391		$ 7,321,631
Synaptics, Inc. (a)(c)	319,557		7,190,033
			23,867,500
Electronic Equipment & Components - 1.1%
IPG Photonics Corp. (a)	596,100		8,142,726
Trimble Navigation Ltd. (a)	319,300		6,695,721
			14,838,447
Internet Software & Services - 1.5%
Art Technology Group, Inc. (a)	1,648,632		6,792,364
j2 Global Communications, Inc. (a)	352,930		7,217,419
Open Text Corp. (a)	159,100		5,935,854
			19,945,637
IT Services - 2.8%
Alliance Data Systems Corp. (a)(c)	140,100		7,702,698
Sapient Corp. (a)	1,343,500		10,936,090
Wright Express Corp. (a)	684,200		19,096,021
			37,734,809
Semiconductors & Semiconductor Equipment - 3.9%
Amkor Technology, Inc. (a)(c)	1,380,600		7,607,106
Atheros Communications, Inc. (a)	365,600		9,001,072
Brooks Automation, Inc. (a)	682,756		4,697,361
Micron Technology, Inc. (a)	357,600		2,428,104
Omnivision Technologies, Inc. (a)	592,400		7,262,824
PMC-Sierra, Inc. (a)	277,672		2,365,765
Standard Microsystems Corp. (a)	175,192		3,374,198
Teradyne, Inc. (a)	679,800		5,689,926
Ultratech, Inc. (a)	330,000		4,263,600
Varian Semiconductor Equipment Associates, Inc. (a)	218,400		6,200,376
			52,890,332
Software - 5.5%
Ariba, Inc. (a)	756,471		8,941,487
Autodesk, Inc. (a)	238,300		5,940,819
i2 Technologies, Inc. (a)(c)	432,000		6,799,680
Mentor Graphics Corp. (a)	1,414,600		10,326,580
Nuance Communications, Inc. (a)	829,700		10,877,367
Parametric Technology Corp. (a)	766,800		11,432,988
Radiant Systems, Inc. (a)	725,800		7,141,872
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Sybase, Inc. (a)	181,000		$ 7,160,360
Synopsys, Inc. (a)	260,400		5,728,800
			74,349,953
TOTAL INFORMATION TECHNOLOGY			259,131,706
MATERIALS - 5.0%
Chemicals - 1.8%
Cabot Corp.	371,600		8,149,188
Rockwood Holdings, Inc. (a)	450,000		8,946,000
W.R. Grace & Co. (a)	366,100		8,013,929
			25,109,117
Construction Materials - 0.4%
Texas Industries, Inc. (c)	164,800		5,486,192
Metals & Mining - 2.8%
Carpenter Technology Corp.	344,100		7,236,423
Commercial Metals Co.	446,800		6,630,512
Compass Minerals International, Inc.	165,300		10,301,496
First Uranium Corp. (a)	1,488,600		3,711,705
Red Back Mining, Inc. (a)	789,300		10,219,315
			38,099,451
TOTAL MATERIALS			68,694,760
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services - 0.5%
AboveNet, Inc. (a)	74,000		3,581,600
Global Crossing Ltd. (a)	273,592		3,118,949
			6,700,549
Wireless Telecommunication Services - 0.7%
NII Holdings, Inc. (a)	150,200		4,044,886
Syniverse Holdings, Inc. (a)	291,100		4,986,543
			9,031,429
TOTAL TELECOMMUNICATION SERVICES			15,731,978
UTILITIES - 3.3%
Electric Utilities - 1.6%
Cleco Corp.	280,100		6,932,475
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Electric Utilities - continued
PNM Resources, Inc.	386,200		$ 4,140,064
Portland General Electric Co.	246,700		4,586,153
Westar Energy, Inc.	300,500		5,754,575
			21,413,267
Gas Utilities - 1.0%
Northwest Natural Gas Co.	161,200		6,739,772
Southwest Gas Corp.	282,100		7,049,679
			13,789,451
Multi-Utilities - 0.5%
NorthWestern Energy Corp.	270,700		6,537,405
Water Utilities - 0.2%
Southwest Water Co.	481,300		2,680,841
TOTAL UTILITIES			44,420,964
TOTAL COMMON STOCKS (Cost $1,216,787,587)		1,332,503,521
Nonconvertible Preferred Stocks - 0.7%

FINANCIALS - 0.7%
Real Estate Investment Trusts - 0.7%
Developers Diversified Realty Corp. (depositary shares) Series G, 8.00% (Cost $4,215,656)	515,284		9,218,431

U.S. Treasury Obligations - 0.0%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.03% to 0.05% 11/19/09 (d) (Cost $384,991)	$ 385,000	384,998

Money Market Funds - 5.4%
	Shares		Value
Fidelity Cash Central Fund, 0.20% (e)	25,006,394		$ 25,006,394
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e)	48,113,321		48,113,321
TOTAL MONEY MARKET FUNDS (Cost $73,119,715)		73,119,715
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.06%, dated 10/30/09 due 11/2/09 (Collateralized by U.S. Government Obligations) # (Cost $31,000)	$ 31,000		31,000
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $1,294,538,949)			1,415,257,665
NET OTHER ASSETS - (4.1)%			(55,980,220)
NET ASSETS - 100%		$ 1,359,277,445

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
57 NYFE Russell 2000 Mini Index Contracts	Dec. 2009	$ 3,202,260	$ (319,371)

The face value of futures purchased as a percentage of net assets - 0.2%

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(d) 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 $384,998.

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

Repurchase Agreement / Counterparty	Value
$31,000 due 11/02/09 at 0.06%
BNP Paribas Securities Corp.	$ 8,192
Credit Suisse Securities (USA) LLC	8,430
Deutsche Bank Securities, Inc.	2,703
HSBC Securities (USA), Inc.	1,229
ING Financial Markets LLC	2,458
J.P. Morgan Securities, Inc.	2,458
Mizuho Securities USA, Inc.	2,458
Societe Generale, New York Branch	3,072
	$ 31,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 23,885
Fidelity Securities Lending Cash Central Fund	247,555
Total	$ 271,440

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
International Assets Holding Corp. (formerly known as FCStone Group, Inc.)	$ 7,828,236	$ -	$ -	$ -	$ -
Total	$ 7,828,236	$ -	$ -	$ -	$ -

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 185,941,038	$ 185,941,038	$ -	$ -
Consumer Staples	46,780,629	46,780,629	-	-
Energy	67,658,507	67,658,507	-	-
Financials	273,226,365	273,226,365	-	-
Health Care	186,643,749	186,643,749	-	-
Industrials	193,492,256	193,492,256	-	-
Information Technology	259,131,706	259,131,706	-	-
Materials	68,694,760	68,694,760	-	-
Telecommunication Services	15,731,978	15,731,978	-	-
Utilities	44,420,964	44,420,964	-	-
U.S. Government and Government Agency Obligations	384,998	-	384,998	-
Money Market Funds	73,119,715	73,119,715	-	-
Cash Equivalents	31,000	-	31,000	-
Total Investments in Securities:	$ 1,415,257,665	$ 1,414,841,667	$ 415,998	$ -
Derivative Instruments:
Liabilities
Futures Contracts	$ (319,371)	$ (319,371)	$ -	$ -

Income Tax Information

At October 31, 2009, the cost of investment securities for income tax purposes was $1,299,458,573. Net unrealized appreciation aggregated $115,799,092, of which $211,122,420 related to appreciated investment securities and $95,323,328 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Small Cap Growth Fund

October 31, 2009

1.823237.104

SCP-QTLY-1209

Investments October 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
CONSUMER DISCRETIONARY - 14.6%
Auto Components - 1.5%
BorgWarner, Inc.	360,000		$ 10,915,200
Modine Manufacturing Co.	724,000		7,457,200
			18,372,400
Diversified Consumer Services - 2.3%
Brinks Home Security Holdings, Inc. (a)	274,600		8,507,108
Regis Corp.	604,400		9,815,456
Steiner Leisure Ltd. (a)	248,000		9,166,080
			27,488,644
Hotels, Restaurants & Leisure - 4.0%
Aristocrat Leisure Ltd.	1,350,000		5,387,679
Bally Technologies, Inc. (a)	187,600		7,389,564
Life Time Fitness, Inc. (a)(c)	240,000		5,172,000
Penn National Gaming, Inc. (a)	313,000		7,865,690
Town Sports International Holdings, Inc. (a)(d)	1,435,000		4,261,950
WMS Industries, Inc. (a)	124,750		4,987,505
Wyndham Worldwide Corp.	700,000		11,935,000
			46,999,388
Household Durables - 1.2%
Dorel Industries, Inc. Class B (sub. vtg.)	309,550		8,298,690
Hooker Furniture Corp.	477,476		6,116,468
			14,415,158
Media - 0.7%
Virgin Media, Inc.	608,000		8,493,760
Multiline Retail - 0.5%
Dollarama, Inc.	320,000		5,703,468
Specialty Retail - 2.2%
Casual Male Retail Group, Inc. (a)	2,348,113		5,893,764
Citi Trends, Inc. (a)	275,000		7,240,750
Jos. A. Bank Clothiers, Inc. (a)	145,000		5,942,100
Sally Beauty Holdings, Inc. (a)	971,000		6,554,250
			25,630,864
Textiles, Apparel & Luxury Goods - 2.2%
FGX International Ltd. (a)	618,000		8,151,420
G-III Apparel Group Ltd. (a)	435,300		6,969,153
Iconix Brand Group, Inc. (a)	994,500		11,595,870
			26,716,443
TOTAL CONSUMER DISCRETIONARY			173,820,125
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 3.1%
Beverages - 0.6%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	435,000		$ 6,881,700
Food Products - 1.6%
Calavo Growers, Inc.	492,046		8,783,021
Smithfield Foods, Inc. (a)(c)	750,000		10,005,000
			18,788,021
Personal Products - 0.9%
Chattem, Inc. (a)	170,300		10,791,911
TOTAL CONSUMER STAPLES			36,461,632
ENERGY - 5.9%
Energy Equipment & Services - 1.1%
Northern Offshore Ltd. (a)	3,345,000		5,257,505
Parker Drilling Co. (a)	1,540,000		8,008,000
			13,265,505
Oil, Gas & Consumable Fuels - 4.8%
Arena Resources, Inc. (a)	210,000		7,824,600
Cabot Oil & Gas Corp.	175,600		6,755,332
Comstock Resources, Inc. (a)	336,198		13,814,376
EXCO Resources, Inc.	1,060,400		16,563,444
Massey Energy Co.	421,100		12,249,799
			57,207,551
TOTAL ENERGY			70,473,056
FINANCIALS - 4.6%
Capital Markets - 2.4%
Cohen & Steers, Inc. (c)	289,406		5,594,218
Fifth Street Finance Corp.	465,000		4,570,950
International Assets Holding Corp. (a)	328,219		5,904,660
Janus Capital Group, Inc.	497,800		6,531,136
optionsXpress Holdings, Inc.	405,000		6,330,150
			28,931,114
Commercial Banks - 0.8%
CapitalSource, Inc.	1,295,000		4,610,200
Huntington Bancshares, Inc.	1,352,900		5,154,549
			9,764,749
Insurance - 0.5%
eHealth, Inc. (a)	414,987		5,905,265
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - 0.4%
CBL & Associates Properties, Inc.	501,223		$ 4,089,980
Thrifts & Mortgage Finance - 0.5%
First Niagara Financial Group, Inc.	475,000		6,099,000
TOTAL FINANCIALS			54,790,108
HEALTH CARE - 20.0%
Biotechnology - 2.8%
Dendreon Corp. (a)(c)	270,000		6,822,900
OREXIGEN Therapeutics, Inc. (a)	846,550		5,468,713
PDL BioPharma, Inc.	1,000,000		8,410,000
Theravance, Inc. (a)(c)	444,000		6,202,680
United Therapeutics Corp. (a)	153,000		6,508,620
			33,412,913
Health Care Equipment & Supplies - 4.4%
ev3, Inc. (a)	755,000		8,893,900
Integra LifeSciences Holdings Corp. (a)	237,400		7,250,196
Meridian Bioscience, Inc.	353,505		7,844,276
Natus Medical, Inc. (a)	360,000		5,000,400
Orthofix International NV (a)	129,760		4,152,320
Orthovita, Inc. (a)	1,855,000		6,492,500
Sirona Dental Systems, Inc. (a)	224,000		6,027,840
Wright Medical Group, Inc. (a)	447,000		7,263,750
			52,925,182
Health Care Providers & Services - 6.0%
Brookdale Senior Living, Inc. (c)	673,000		11,333,320
Centene Corp. (a)	507,433		9,047,530
Hanger Orthopedic Group, Inc. (a)	465,000		6,435,600
Health Management Associates, Inc. Class A (a)	1,672,000		10,199,200
IPC The Hospitalist Co., Inc. (a)	114,595		3,472,229
Providence Service Corp. (a)	393,800		4,906,748
PSS World Medical, Inc. (a)	564,499		11,414,170
Psychiatric Solutions, Inc. (a)	300,000		6,192,000
Synergy Health PLC	910,411		9,065,433
			72,066,230
Health Care Technology - 0.6%
Computer Programs & Systems, Inc. (c)	155,000		6,547,200
Life Sciences Tools & Services - 3.6%
Bruker BioSciences Corp. (a)	885,000		9,593,400
ICON PLC sponsored ADR (a)	265,000		6,545,500
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Life Sciences Tools & Services - continued
PerkinElmer, Inc.	435,000		$ 8,095,350
QIAGEN NV (a)	468,000		9,748,440
Varian, Inc. (a)	165,000		8,448,000
			42,430,690
Pharmaceuticals - 2.6%
Ardea Biosciences, Inc. (a)(c)	327,000		4,414,500
Biodel, Inc. (a)	255,000		1,065,900
Cadence Pharmaceuticals, Inc. (a)(c)	440,000		3,973,200
Hikma Pharmaceuticals PLC	334,115		2,590,802
Optimer Pharmaceuticals, Inc. (a)(c)	513,000		5,930,280
ViroPharma, Inc. (a)	1,000,000		7,540,000
XenoPort, Inc. (a)	336,000		5,614,560
			31,129,242
TOTAL HEALTH CARE			238,511,457
INDUSTRIALS - 17.6%
Aerospace & Defense - 0.7%
Teledyne Technologies, Inc. (a)	237,000		8,095,920
Airlines - 1.7%
AirTran Holdings, Inc. (a)(c)	1,840,000		7,783,200
Alaska Air Group, Inc. (a)	243,000		6,249,960
Hawaiian Holdings, Inc. (a)	903,600		6,406,524
			20,439,684
Building Products - 0.7%
Armstrong World Industries, Inc. (a)	225,000		8,381,250
Commercial Services & Supplies - 1.2%
InnerWorkings, Inc. (a)	955,238		4,919,476
The Geo Group, Inc. (a)	463,000		9,792,450
			14,711,926
Construction & Engineering - 1.4%
Chicago Bridge & Iron Co. NV (NY Shares)	421,000		7,919,010
Orion Marine Group, Inc. (a)	455,000		8,663,200
			16,582,210
Electrical Equipment - 2.8%
Acuity Brands, Inc. (c)	311,100		9,849,426
Regal-Beloit Corp.	188,000		8,813,440
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - continued
SMA Solar Technology AG	100,300		$ 9,621,814
SunPower Corp. Class B (a)	257,400		5,575,284
			33,859,964
Machinery - 2.8%
Altra Holdings, Inc. (a)	715,000		6,270,550
Blount International, Inc. (a)	1,100,000		9,944,000
OSG Corp. (c)	980,000		9,638,987
Oshkosh Co.	225,000		7,033,500
			32,887,037
Professional Services - 1.7%
Kforce, Inc. (a)	780,000		9,149,400
Monster Worldwide, Inc. (a)(c)	790,880		11,483,578
			20,632,978
Road & Rail - 1.7%
Avis Budget Group, Inc. (a)(c)	948,000		7,963,200
Contrans Income Fund	902,700		5,918,798
Knight Transportation, Inc.	387,300		6,212,292
			20,094,290
Trading Companies & Distributors - 2.1%
Beacon Roofing Supply, Inc. (a)	744,000		10,683,840
Interline Brands, Inc. (a)	550,000		8,030,000
Rush Enterprises, Inc. Class A (a)	548,254		5,986,934
			24,700,774
Transportation Infrastructure - 0.8%
Aegean Marine Petroleum Network, Inc.	417,200		9,804,200
TOTAL INDUSTRIALS			210,190,233
INFORMATION TECHNOLOGY - 26.2%
Communications Equipment - 5.7%
3Com Corp. (a)	1,557,500		8,005,550
Adtran, Inc.	285,000		6,566,400
Comtech Telecommunications Corp. (a)	201,000		6,456,120
Plantronics, Inc.	510,000		12,296,100
Polycom, Inc. (a)	300,000		6,441,000
Riverbed Technology, Inc. (a)	785,000		16,084,650
ViaSat, Inc. (a)	410,700		11,971,905
			67,821,725
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 2.2%
Super Micro Computer, Inc. (a)	1,050,000		$ 8,463,000
Synaptics, Inc. (a)	303,000		6,817,500
Wincor Nixdorf AG	184,400		10,802,596
			26,083,096
Electronic Equipment & Components - 1.8%
Brightpoint, Inc. (a)	1,275,000		9,396,750
Insight Enterprises, Inc. (a)	535,000		5,628,200
SYNNEX Corp. (a)	250,000		6,432,500
			21,457,450
Internet Software & Services - 2.7%
Art Technology Group, Inc. (a)	1,620,652		6,677,086
j2 Global Communications, Inc. (a)	777,500		15,899,875
Telecity Group PLC (a)	1,791,600		9,853,854
			32,430,815
IT Services - 4.1%
CACI International, Inc. Class A (a)	259,400		12,352,628
Datacash Group PLC	2,286,200		7,713,408
Online Resources Corp. (a)(d)	1,630,000		8,557,500
WNS Holdings Ltd. sponsored ADR (a)	551,903		7,550,033
Wright Express Corp. (a)	472,000		13,173,520
			49,347,089
Semiconductors & Semiconductor Equipment - 4.7%
Fairchild Semiconductor International, Inc. (a)	1,232,000		9,215,360
Hittite Microwave Corp. (a)	243,821		8,972,613
Kulicke & Soffa Industries, Inc. (a)	360,500		1,676,325
Microsemi Corp. (a)	997,000		13,270,070
Teradyne, Inc. (a)(c)	1,125,000		9,416,250
Varian Semiconductor Equipment Associates, Inc. (a)	196,490		5,578,351
Verigy Ltd. (a)	765,000		7,527,600
			55,656,569
Software - 5.0%
Blackbaud, Inc.	361,059		8,011,899
Informatica Corp. (a)	381,000		8,088,630
PROS Holdings, Inc. (a)	1,018,857		9,159,524
Radiant Systems, Inc. (a)	760,000		7,478,400
Solera Holdings, Inc.	235,000		7,571,700
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Taleo Corp. Class A (a)	431,039		$ 9,370,788
TeleCommunication Systems, Inc. Class A (a)	1,070,000		9,565,800
			59,246,741
TOTAL INFORMATION TECHNOLOGY			312,043,485
MATERIALS - 3.0%
Chemicals - 1.4%
Cabot Corp.	375,000		8,223,750
Solutia, Inc. (a)	717,000		7,887,000
			16,110,750
Containers & Packaging - 0.5%
Myers Industries, Inc.	677,500		5,941,675
Metals & Mining - 0.6%
Commercial Metals Co.	480,000		7,123,200
Paper & Forest Products - 0.5%
Schweitzer-Mauduit International, Inc.	120,000		6,198,000
TOTAL MATERIALS			35,373,625
TELECOMMUNICATION SERVICES - 0.7%
Diversified Telecommunication Services - 0.7%
Premiere Global Services, Inc. (a)	1,037,000		7,746,390
UTILITIES - 0.3%
Independent Power Producers & Energy Traders - 0.3%
Terna Energy SA	400,000		3,826,030
TOTAL COMMON STOCKS (Cost $1,104,745,477)		1,143,236,141
Money Market Funds - 10.8%
	Shares		Value
Fidelity Cash Central Fund, 0.20% (e)	75,353,894		$ 75,353,894
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e)	53,873,252		53,873,252
TOTAL MONEY MARKET FUNDS (Cost $129,227,146)		129,227,146
TOTAL INVESTMENT PORTFOLIO - 106.8% (Cost $1,233,972,623)			1,272,463,287
NET OTHER ASSETS - (6.8)%			(81,009,903)
NET ASSETS - 100%		$ 1,191,453,384

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(d) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 48,849
Fidelity Securities Lending Cash Central Fund	26,464
Total	$ 75,313

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Online Resources Corp.	$ 7,502,350	$ 2,970,420	$ -	$ -	$ 8,557,500
Town Sports International Holdings, Inc.	4,060,850	759,596	-	-	4,261,950
Total	$ 11,563,200	$ 3,730,016	$ -	$ -	$ 12,819,450

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 173,820,125	$ 168,432,446	$ 5,387,679	$ -
Consumer Staples	36,461,632	36,461,632	-	-
Energy	70,473,056	70,473,056	-	-
Financials	54,790,108	54,790,108	-	-
Health Care	238,511,457	238,511,457	-	-
Industrials	210,190,233	200,551,246	9,638,987	-
Information Technology	312,043,485	312,043,485	-	-
Materials	35,373,625	35,373,625	-	-
Telecommunication Services	7,746,390	7,746,390	-	-
Utilities	3,826,030	3,826,030	-	-
Money Market Funds	129,227,146	129,227,146	-	-
Total Investments in Securities:	$ 1,272,463,287	$ 1,257,436,621	$ 15,026,666	$ -

Income Tax Information

At October 31, 2009, the cost of investment securities for income tax purposes was $1,242,234,182. Net unrealized appreciation aggregated $30,229,105, of which $127,373,494 related to appreciated investment securities and $97,144,389 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

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

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

October 31, 2009

1.824307.104

ASCP-QTLY-1209

Investments October 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
CONSUMER DISCRETIONARY - 14.6%
Auto Components - 1.5%
BorgWarner, Inc.	360,000		$ 10,915,200
Modine Manufacturing Co.	724,000		7,457,200
			18,372,400
Diversified Consumer Services - 2.3%
Brinks Home Security Holdings, Inc. (a)	274,600		8,507,108
Regis Corp.	604,400		9,815,456
Steiner Leisure Ltd. (a)	248,000		9,166,080
			27,488,644
Hotels, Restaurants & Leisure - 4.0%
Aristocrat Leisure Ltd.	1,350,000		5,387,679
Bally Technologies, Inc. (a)	187,600		7,389,564
Life Time Fitness, Inc. (a)(c)	240,000		5,172,000
Penn National Gaming, Inc. (a)	313,000		7,865,690
Town Sports International Holdings, Inc. (a)(d)	1,435,000		4,261,950
WMS Industries, Inc. (a)	124,750		4,987,505
Wyndham Worldwide Corp.	700,000		11,935,000
			46,999,388
Household Durables - 1.2%
Dorel Industries, Inc. Class B (sub. vtg.)	309,550		8,298,690
Hooker Furniture Corp.	477,476		6,116,468
			14,415,158
Media - 0.7%
Virgin Media, Inc.	608,000		8,493,760
Multiline Retail - 0.5%
Dollarama, Inc.	320,000		5,703,468
Specialty Retail - 2.2%
Casual Male Retail Group, Inc. (a)	2,348,113		5,893,764
Citi Trends, Inc. (a)	275,000		7,240,750
Jos. A. Bank Clothiers, Inc. (a)	145,000		5,942,100
Sally Beauty Holdings, Inc. (a)	971,000		6,554,250
			25,630,864
Textiles, Apparel & Luxury Goods - 2.2%
FGX International Ltd. (a)	618,000		8,151,420
G-III Apparel Group Ltd. (a)	435,300		6,969,153
Iconix Brand Group, Inc. (a)	994,500		11,595,870
			26,716,443
TOTAL CONSUMER DISCRETIONARY			173,820,125
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 3.1%
Beverages - 0.6%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	435,000		$ 6,881,700
Food Products - 1.6%
Calavo Growers, Inc.	492,046		8,783,021
Smithfield Foods, Inc. (a)(c)	750,000		10,005,000
			18,788,021
Personal Products - 0.9%
Chattem, Inc. (a)	170,300		10,791,911
TOTAL CONSUMER STAPLES			36,461,632
ENERGY - 5.9%
Energy Equipment & Services - 1.1%
Northern Offshore Ltd. (a)	3,345,000		5,257,505
Parker Drilling Co. (a)	1,540,000		8,008,000
			13,265,505
Oil, Gas & Consumable Fuels - 4.8%
Arena Resources, Inc. (a)	210,000		7,824,600
Cabot Oil & Gas Corp.	175,600		6,755,332
Comstock Resources, Inc. (a)	336,198		13,814,376
EXCO Resources, Inc.	1,060,400		16,563,444
Massey Energy Co.	421,100		12,249,799
			57,207,551
TOTAL ENERGY			70,473,056
FINANCIALS - 4.6%
Capital Markets - 2.4%
Cohen & Steers, Inc. (c)	289,406		5,594,218
Fifth Street Finance Corp.	465,000		4,570,950
International Assets Holding Corp. (a)	328,219		5,904,660
Janus Capital Group, Inc.	497,800		6,531,136
optionsXpress Holdings, Inc.	405,000		6,330,150
			28,931,114
Commercial Banks - 0.8%
CapitalSource, Inc.	1,295,000		4,610,200
Huntington Bancshares, Inc.	1,352,900		5,154,549
			9,764,749
Insurance - 0.5%
eHealth, Inc. (a)	414,987		5,905,265
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - 0.4%
CBL & Associates Properties, Inc.	501,223		$ 4,089,980
Thrifts & Mortgage Finance - 0.5%
First Niagara Financial Group, Inc.	475,000		6,099,000
TOTAL FINANCIALS			54,790,108
HEALTH CARE - 20.0%
Biotechnology - 2.8%
Dendreon Corp. (a)(c)	270,000		6,822,900
OREXIGEN Therapeutics, Inc. (a)	846,550		5,468,713
PDL BioPharma, Inc.	1,000,000		8,410,000
Theravance, Inc. (a)(c)	444,000		6,202,680
United Therapeutics Corp. (a)	153,000		6,508,620
			33,412,913
Health Care Equipment & Supplies - 4.4%
ev3, Inc. (a)	755,000		8,893,900
Integra LifeSciences Holdings Corp. (a)	237,400		7,250,196
Meridian Bioscience, Inc.	353,505		7,844,276
Natus Medical, Inc. (a)	360,000		5,000,400
Orthofix International NV (a)	129,760		4,152,320
Orthovita, Inc. (a)	1,855,000		6,492,500
Sirona Dental Systems, Inc. (a)	224,000		6,027,840
Wright Medical Group, Inc. (a)	447,000		7,263,750
			52,925,182
Health Care Providers & Services - 6.0%
Brookdale Senior Living, Inc. (c)	673,000		11,333,320
Centene Corp. (a)	507,433		9,047,530
Hanger Orthopedic Group, Inc. (a)	465,000		6,435,600
Health Management Associates, Inc. Class A (a)	1,672,000		10,199,200
IPC The Hospitalist Co., Inc. (a)	114,595		3,472,229
Providence Service Corp. (a)	393,800		4,906,748
PSS World Medical, Inc. (a)	564,499		11,414,170
Psychiatric Solutions, Inc. (a)	300,000		6,192,000
Synergy Health PLC	910,411		9,065,433
			72,066,230
Health Care Technology - 0.6%
Computer Programs & Systems, Inc. (c)	155,000		6,547,200
Life Sciences Tools & Services - 3.6%
Bruker BioSciences Corp. (a)	885,000		9,593,400
ICON PLC sponsored ADR (a)	265,000		6,545,500
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Life Sciences Tools & Services - continued
PerkinElmer, Inc.	435,000		$ 8,095,350
QIAGEN NV (a)	468,000		9,748,440
Varian, Inc. (a)	165,000		8,448,000
			42,430,690
Pharmaceuticals - 2.6%
Ardea Biosciences, Inc. (a)(c)	327,000		4,414,500
Biodel, Inc. (a)	255,000		1,065,900
Cadence Pharmaceuticals, Inc. (a)(c)	440,000		3,973,200
Hikma Pharmaceuticals PLC	334,115		2,590,802
Optimer Pharmaceuticals, Inc. (a)(c)	513,000		5,930,280
ViroPharma, Inc. (a)	1,000,000		7,540,000
XenoPort, Inc. (a)	336,000		5,614,560
			31,129,242
TOTAL HEALTH CARE			238,511,457
INDUSTRIALS - 17.6%
Aerospace & Defense - 0.7%
Teledyne Technologies, Inc. (a)	237,000		8,095,920
Airlines - 1.7%
AirTran Holdings, Inc. (a)(c)	1,840,000		7,783,200
Alaska Air Group, Inc. (a)	243,000		6,249,960
Hawaiian Holdings, Inc. (a)	903,600		6,406,524
			20,439,684
Building Products - 0.7%
Armstrong World Industries, Inc. (a)	225,000		8,381,250
Commercial Services & Supplies - 1.2%
InnerWorkings, Inc. (a)	955,238		4,919,476
The Geo Group, Inc. (a)	463,000		9,792,450
			14,711,926
Construction & Engineering - 1.4%
Chicago Bridge & Iron Co. NV (NY Shares)	421,000		7,919,010
Orion Marine Group, Inc. (a)	455,000		8,663,200
			16,582,210
Electrical Equipment - 2.8%
Acuity Brands, Inc. (c)	311,100		9,849,426
Regal-Beloit Corp.	188,000		8,813,440
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - continued
SMA Solar Technology AG	100,300		$ 9,621,814
SunPower Corp. Class B (a)	257,400		5,575,284
			33,859,964
Machinery - 2.8%
Altra Holdings, Inc. (a)	715,000		6,270,550
Blount International, Inc. (a)	1,100,000		9,944,000
OSG Corp. (c)	980,000		9,638,987
Oshkosh Co.	225,000		7,033,500
			32,887,037
Professional Services - 1.7%
Kforce, Inc. (a)	780,000		9,149,400
Monster Worldwide, Inc. (a)(c)	790,880		11,483,578
			20,632,978
Road & Rail - 1.7%
Avis Budget Group, Inc. (a)(c)	948,000		7,963,200
Contrans Income Fund	902,700		5,918,798
Knight Transportation, Inc.	387,300		6,212,292
			20,094,290
Trading Companies & Distributors - 2.1%
Beacon Roofing Supply, Inc. (a)	744,000		10,683,840
Interline Brands, Inc. (a)	550,000		8,030,000
Rush Enterprises, Inc. Class A (a)	548,254		5,986,934
			24,700,774
Transportation Infrastructure - 0.8%
Aegean Marine Petroleum Network, Inc.	417,200		9,804,200
TOTAL INDUSTRIALS			210,190,233
INFORMATION TECHNOLOGY - 26.2%
Communications Equipment - 5.7%
3Com Corp. (a)	1,557,500		8,005,550
Adtran, Inc.	285,000		6,566,400
Comtech Telecommunications Corp. (a)	201,000		6,456,120
Plantronics, Inc.	510,000		12,296,100
Polycom, Inc. (a)	300,000		6,441,000
Riverbed Technology, Inc. (a)	785,000		16,084,650
ViaSat, Inc. (a)	410,700		11,971,905
			67,821,725
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 2.2%
Super Micro Computer, Inc. (a)	1,050,000		$ 8,463,000
Synaptics, Inc. (a)	303,000		6,817,500
Wincor Nixdorf AG	184,400		10,802,596
			26,083,096
Electronic Equipment & Components - 1.8%
Brightpoint, Inc. (a)	1,275,000		9,396,750
Insight Enterprises, Inc. (a)	535,000		5,628,200
SYNNEX Corp. (a)	250,000		6,432,500
			21,457,450
Internet Software & Services - 2.7%
Art Technology Group, Inc. (a)	1,620,652		6,677,086
j2 Global Communications, Inc. (a)	777,500		15,899,875
Telecity Group PLC (a)	1,791,600		9,853,854
			32,430,815
IT Services - 4.1%
CACI International, Inc. Class A (a)	259,400		12,352,628
Datacash Group PLC	2,286,200		7,713,408
Online Resources Corp. (a)(d)	1,630,000		8,557,500
WNS Holdings Ltd. sponsored ADR (a)	551,903		7,550,033
Wright Express Corp. (a)	472,000		13,173,520
			49,347,089
Semiconductors & Semiconductor Equipment - 4.7%
Fairchild Semiconductor International, Inc. (a)	1,232,000		9,215,360
Hittite Microwave Corp. (a)	243,821		8,972,613
Kulicke & Soffa Industries, Inc. (a)	360,500		1,676,325
Microsemi Corp. (a)	997,000		13,270,070
Teradyne, Inc. (a)(c)	1,125,000		9,416,250
Varian Semiconductor Equipment Associates, Inc. (a)	196,490		5,578,351
Verigy Ltd. (a)	765,000		7,527,600
			55,656,569
Software - 5.0%
Blackbaud, Inc.	361,059		8,011,899
Informatica Corp. (a)	381,000		8,088,630
PROS Holdings, Inc. (a)	1,018,857		9,159,524
Radiant Systems, Inc. (a)	760,000		7,478,400
Solera Holdings, Inc.	235,000		7,571,700
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Taleo Corp. Class A (a)	431,039		$ 9,370,788
TeleCommunication Systems, Inc. Class A (a)	1,070,000		9,565,800
			59,246,741
TOTAL INFORMATION TECHNOLOGY			312,043,485
MATERIALS - 3.0%
Chemicals - 1.4%
Cabot Corp.	375,000		8,223,750
Solutia, Inc. (a)	717,000		7,887,000
			16,110,750
Containers & Packaging - 0.5%
Myers Industries, Inc.	677,500		5,941,675
Metals & Mining - 0.6%
Commercial Metals Co.	480,000		7,123,200
Paper & Forest Products - 0.5%
Schweitzer-Mauduit International, Inc.	120,000		6,198,000
TOTAL MATERIALS			35,373,625
TELECOMMUNICATION SERVICES - 0.7%
Diversified Telecommunication Services - 0.7%
Premiere Global Services, Inc. (a)	1,037,000		7,746,390
UTILITIES - 0.3%
Independent Power Producers & Energy Traders - 0.3%
Terna Energy SA	400,000		3,826,030
TOTAL COMMON STOCKS (Cost $1,104,745,477)		1,143,236,141
Money Market Funds - 10.8%
	Shares		Value
Fidelity Cash Central Fund, 0.20% (e)	75,353,894		$ 75,353,894
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e)	53,873,252		53,873,252
TOTAL MONEY MARKET FUNDS (Cost $129,227,146)		129,227,146
TOTAL INVESTMENT PORTFOLIO - 106.8% (Cost $1,233,972,623)			1,272,463,287
NET OTHER ASSETS - (6.8)%			(81,009,903)
NET ASSETS - 100%		$ 1,191,453,384

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(d) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 48,849
Fidelity Securities Lending Cash Central Fund	26,464
Total	$ 75,313

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Online Resources Corp.	$ 7,502,350	$ 2,970,420	$ -	$ -	$ 8,557,500
Town Sports International Holdings, Inc.	4,060,850	759,596	-	-	4,261,950
Total	$ 11,563,200	$ 3,730,016	$ -	$ -	$ 12,819,450

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 173,820,125	$ 168,432,446	$ 5,387,679	$ -
Consumer Staples	36,461,632	36,461,632	-	-
Energy	70,473,056	70,473,056	-	-
Financials	54,790,108	54,790,108	-	-
Health Care	238,511,457	238,511,457	-	-
Industrials	210,190,233	200,551,246	9,638,987	-
Information Technology	312,043,485	312,043,485	-	-
Materials	35,373,625	35,373,625	-	-
Telecommunication Services	7,746,390	7,746,390	-	-
Utilities	3,826,030	3,826,030	-	-
Money Market Funds	129,227,146	129,227,146	-	-
Total Investments in Securities:	$ 1,272,463,287	$ 1,257,436,621	$ 15,026,666	$ -

Income Tax Information

Investment Valuation

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Small Cap Value Fund
Small Cap Value
Class F

October 31, 2009

1.823236.104

SCV-QTLY-1209

Investments October 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
CONSUMER DISCRETIONARY - 9.9%
Diversified Consumer Services - 2.7%
Matthews International Corp. Class A	539,687		$ 19,822,704
Regis Corp. (c)	1,770,882		28,759,124
			48,581,828
Household Durables - 4.5%
M.D.C. Holdings, Inc.	935,300		30,509,486
Meritage Homes Corp. (a)	1,504,460		27,441,350
Ryland Group, Inc.	1,132,448		21,006,910
			78,957,746
Specialty Retail - 1.8%
Asbury Automotive Group, Inc. (a)	1,310,115		12,760,520
Tsutsumi Jewelry Co. Ltd.	791,400		18,629,518
			31,390,038
Textiles, Apparel & Luxury Goods - 0.9%
Iconix Brand Group, Inc. (a)	1,330,087		15,508,814
TOTAL CONSUMER DISCRETIONARY			174,438,426
CONSUMER STAPLES - 5.9%
Food & Staples Retailing - 4.1%
BJ's Wholesale Club, Inc. (a)	850,000		29,775,500
Casey's General Stores, Inc.	940,000		29,638,200
Ingles Markets, Inc. Class A	838,531		12,896,607
			72,310,307
Personal Products - 1.8%
Chattem, Inc. (a)(c)	500,000		31,685,000
TOTAL CONSUMER STAPLES			103,995,307
ENERGY - 6.4%
Energy Equipment & Services - 2.6%
Superior Energy Services, Inc. (a)	2,091,700		45,201,637
Oil, Gas & Consumable Fuels - 3.8%
Encore Acquisition Co. (a)	1,093,609		40,540,086
Mariner Energy, Inc. (a)	2,144,700		27,323,478
			67,863,564
TOTAL ENERGY			113,065,201
Common Stocks - continued
	Shares		Value
FINANCIALS - 32.6%
Capital Markets - 3.7%
optionsXpress Holdings, Inc.	1,955,000		$ 30,556,650
Sparx Group Co. Ltd. (a)	10,741		1,086,274
TradeStation Group, Inc. (a)	2,062,291		15,920,887
Waddell & Reed Financial, Inc. Class A	640,000		17,958,400
			65,522,211
Commercial Banks - 9.4%
Associated Banc-Corp.	2,579,583		33,044,458
CapitalSource, Inc.	6,395,000		22,766,200
City National Corp. (c)	804,900		30,320,583
PacWest Bancorp (c)	1,625,000		27,592,500
TCF Financial Corp. (c)	2,750,500		32,538,415
Western Liberty Bancorp (a)(c)(d)	2,400,000		19,320,000
			165,582,156
Insurance - 6.7%
Aspen Insurance Holdings Ltd.	1,090,200		28,127,160
Max Capital Group Ltd.	2,431,431		50,209,050
Platinum Underwriters Holdings Ltd.	1,086,975		38,881,096
			117,217,306
Real Estate Investment Trusts - 5.3%
Alexandria Real Estate Equities, Inc. (c)	1,050,000		56,878,500
Highwoods Properties, Inc. (SBI)	690,330		18,997,882
National Retail Properties, Inc.	840,000		16,279,200
			92,155,582
Real Estate Management & Development - 2.2%
Jones Lang LaSalle, Inc.	816,000		38,229,600
Thrifts & Mortgage Finance - 5.3%
Astoria Financial Corp.	4,618,152		46,089,157
Washington Federal, Inc.	2,776,075		47,609,686
			93,698,843
TOTAL FINANCIALS			572,405,698
HEALTH CARE - 5.6%
Health Care Equipment & Supplies - 0.7%
Abaxis, Inc. (a)	507,627		11,584,048
Health Care Providers & Services - 4.9%
Chemed Corp.	410,200		18,590,264
MEDNAX, Inc. (a)	606,500		31,489,480
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Providence Service Corp. (a)	521,585		$ 6,498,949
VCA Antech, Inc. (a)	1,265,000		30,132,300
			86,710,993
TOTAL HEALTH CARE			98,295,041
INDUSTRIALS - 14.8%
Building Products - 0.9%
Simpson Manufacturing Co. Ltd. (c)	665,000		15,554,350
Commercial Services & Supplies - 6.6%
ACCO Brands Corp. (a)	1,250,923		7,580,593
HNI Corp. (c)(d)	2,275,771		59,898,293
United Stationers, Inc. (a)	1,024,000		48,271,360
			115,750,246
Machinery - 2.3%
Blount International, Inc. (a)	1,854,723		16,766,696
Graco, Inc.	890,000		24,510,600
			41,277,296
Trading Companies & Distributors - 5.0%
H&E Equipment Services, Inc. (a)(d)	3,115,332		33,022,519
WESCO International, Inc. (a)(d)	2,150,000		54,954,000
			87,976,519
TOTAL INDUSTRIALS			260,558,411
INFORMATION TECHNOLOGY - 10.3%
Communications Equipment - 1.9%
Polycom, Inc. (a)	490,000		10,520,300
ViaSat, Inc. (a)	819,472		23,887,609
			34,407,909
Electronic Equipment & Components - 3.3%
Ingram Micro, Inc. Class A (a)	1,553,100		27,412,215
Macnica, Inc.	677,400		10,753,694
Ryoyo Electro Corp.	1,272,700		10,412,161
SYNNEX Corp. (a)	379,898		9,774,776
			58,352,846
Internet Software & Services - 2.9%
DealerTrack Holdings, Inc. (a)	1,799,434		29,654,672
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
j2 Global Communications, Inc. (a)	603,149		$ 12,334,397
LoopNet, Inc. (a)	1,064,182		9,290,309
			51,279,378
Semiconductors & Semiconductor Equipment - 1.5%
FormFactor, Inc. (a)	734,157		12,473,327
Miraial Co. Ltd. (d)	570,200		13,330,349
			25,803,676
Software - 0.7%
MICROS Systems, Inc. (a)	440,000		11,844,800
TOTAL INFORMATION TECHNOLOGY			181,688,609
MATERIALS - 6.4%
Chemicals - 0.7%
Spartech Corp.	1,361,202		13,026,703
Metals & Mining - 5.7%
Carpenter Technology Corp. (d)	2,499,380		52,561,961
RTI International Metals, Inc. (a)(d)	2,262,597		46,858,384
			99,420,345
TOTAL MATERIALS			112,447,048
TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 1.0%
Cogent Communications Group, Inc. (a)(c)	1,640,000		16,613,200
UTILITIES - 4.8%
Electric Utilities - 1.9%
Westar Energy, Inc.	1,740,000		33,321,000
Gas Utilities - 1.2%
Southwest Gas Corp.	850,989		21,266,215
Independent Power Producers & Energy Traders - 1.7%
RRI Energy, Inc. (a)	5,750,000		30,302,500
TOTAL UTILITIES			84,889,715
TOTAL COMMON STOCKS (Cost $1,698,673,862)		1,718,396,656
Nonconvertible Preferred Stocks - 1.9%
	Shares		Value
CONSUMER DISCRETIONARY - 0.6%
Household Durables - 0.6%
M/I Homes, Inc. Series A, 9.75% (a)	730,800		$ 10,888,920
FINANCIALS - 1.3%
Real Estate Investment Trusts - 1.3%
Developers Diversified Realty Corp.:
(depositary shares) Series H, 7.375%	818,790		13,722,920
Series I, 7.50%	542,010		9,122,028
			22,844,948
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $25,252,714)		33,733,868
Money Market Funds - 10.2%

Fidelity Cash Central Fund, 0.20% (e)	15,249,761		15,249,761
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e)	164,224,185		164,224,185
TOTAL MONEY MARKET FUNDS (Cost $179,473,946)		179,473,946
TOTAL INVESTMENT PORTFOLIO - 109.8% (Cost $1,903,400,522)			1,931,604,470
NET OTHER ASSETS - (9.8)%			(172,908,480)
NET ASSETS - 100%		$ 1,758,695,990

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(d) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 18,391
Fidelity Securities Lending Cash Central Fund	140,227
Total	$ 158,618

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Carpenter Technology Corp.	$ 48,582,409	$ -	$ 2,440,017	$ 917,777	$ 52,561,961
H&E Equipment Services, Inc.	17,823,149	15,281,975	-	-	33,022,519
HNI Corp.	48,476,178	4,669,921	2,694,889	467,791	59,898,293
Miraial Co. Ltd.	11,951,237	-	-	-	13,330,349
RTI International Metals, Inc.	-	55,318,713	-	-	46,858,384
Spartech Corp.	19,788,775	80,848	2,807,218	-	-
WESCO International, Inc.	45,676,500	7,269,797	-	-	54,954,000
Western Liberty Bancorp	-	3,630,400	-	-	19,320,000
Total	$ 192,298,248	$ 86,251,654	$ 7,942,124	$ 1,385,568	$ 279,945,506

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 185,327,346	$ 166,697,828	$ 18,629,518	$ -
Consumer Staples	103,995,307	103,995,307	-	-
Energy	113,065,201	113,065,201	-	-
Financials	595,250,646	594,164,372	1,086,274	-
Health Care	98,295,041	98,295,041	-	-
Industrials	260,558,411	260,558,411	-	-
Information Technology	181,688,609	147,192,405	34,496,204	-
Materials	112,447,048	112,447,048	-	-
Telecommunication Services	16,613,200	16,613,200	-	-
Utilities	84,889,715	84,889,715	-	-
Money Market Funds	179,473,946	179,473,946	-	-
Total Investments in Securities:	$ 1,931,604,470	$ 1,877,392,474	$ 54,211,996	$ -

Income Tax Information

At October 31, 2009, the cost of investment securities for income tax purposes was $1,907,572,068. Net unrealized appreciation aggregated $24,032,402, of which $213,088,277 related to appreciated investment securities and $189,055,875 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

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

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

October 31, 2009

1.824309.104

ASCV-QTLY-1209

Investments October 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
CONSUMER DISCRETIONARY - 9.9%
Diversified Consumer Services - 2.7%
Matthews International Corp. Class A	539,687		$ 19,822,704
Regis Corp. (c)	1,770,882		28,759,124
			48,581,828
Household Durables - 4.5%
M.D.C. Holdings, Inc.	935,300		30,509,486
Meritage Homes Corp. (a)	1,504,460		27,441,350
Ryland Group, Inc.	1,132,448		21,006,910
			78,957,746
Specialty Retail - 1.8%
Asbury Automotive Group, Inc. (a)	1,310,115		12,760,520
Tsutsumi Jewelry Co. Ltd.	791,400		18,629,518
			31,390,038
Textiles, Apparel & Luxury Goods - 0.9%
Iconix Brand Group, Inc. (a)	1,330,087		15,508,814
TOTAL CONSUMER DISCRETIONARY			174,438,426
CONSUMER STAPLES - 5.9%
Food & Staples Retailing - 4.1%
BJ's Wholesale Club, Inc. (a)	850,000		29,775,500
Casey's General Stores, Inc.	940,000		29,638,200
Ingles Markets, Inc. Class A	838,531		12,896,607
			72,310,307
Personal Products - 1.8%
Chattem, Inc. (a)(c)	500,000		31,685,000
TOTAL CONSUMER STAPLES			103,995,307
ENERGY - 6.4%
Energy Equipment & Services - 2.6%
Superior Energy Services, Inc. (a)	2,091,700		45,201,637
Oil, Gas & Consumable Fuels - 3.8%
Encore Acquisition Co. (a)	1,093,609		40,540,086
Mariner Energy, Inc. (a)	2,144,700		27,323,478
			67,863,564
TOTAL ENERGY			113,065,201
Common Stocks - continued
	Shares		Value
FINANCIALS - 32.6%
Capital Markets - 3.7%
optionsXpress Holdings, Inc.	1,955,000		$ 30,556,650
Sparx Group Co. Ltd. (a)	10,741		1,086,274
TradeStation Group, Inc. (a)	2,062,291		15,920,887
Waddell & Reed Financial, Inc. Class A	640,000		17,958,400
			65,522,211
Commercial Banks - 9.4%
Associated Banc-Corp.	2,579,583		33,044,458
CapitalSource, Inc.	6,395,000		22,766,200
City National Corp. (c)	804,900		30,320,583
PacWest Bancorp (c)	1,625,000		27,592,500
TCF Financial Corp. (c)	2,750,500		32,538,415
Western Liberty Bancorp (a)(c)(d)	2,400,000		19,320,000
			165,582,156
Insurance - 6.7%
Aspen Insurance Holdings Ltd.	1,090,200		28,127,160
Max Capital Group Ltd.	2,431,431		50,209,050
Platinum Underwriters Holdings Ltd.	1,086,975		38,881,096
			117,217,306
Real Estate Investment Trusts - 5.3%
Alexandria Real Estate Equities, Inc. (c)	1,050,000		56,878,500
Highwoods Properties, Inc. (SBI)	690,330		18,997,882
National Retail Properties, Inc.	840,000		16,279,200
			92,155,582
Real Estate Management & Development - 2.2%
Jones Lang LaSalle, Inc.	816,000		38,229,600
Thrifts & Mortgage Finance - 5.3%
Astoria Financial Corp.	4,618,152		46,089,157
Washington Federal, Inc.	2,776,075		47,609,686
			93,698,843
TOTAL FINANCIALS			572,405,698
HEALTH CARE - 5.6%
Health Care Equipment & Supplies - 0.7%
Abaxis, Inc. (a)	507,627		11,584,048
Health Care Providers & Services - 4.9%
Chemed Corp.	410,200		18,590,264
MEDNAX, Inc. (a)	606,500		31,489,480
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Providence Service Corp. (a)	521,585		$ 6,498,949
VCA Antech, Inc. (a)	1,265,000		30,132,300
			86,710,993
TOTAL HEALTH CARE			98,295,041
INDUSTRIALS - 14.8%
Building Products - 0.9%
Simpson Manufacturing Co. Ltd. (c)	665,000		15,554,350
Commercial Services & Supplies - 6.6%
ACCO Brands Corp. (a)	1,250,923		7,580,593
HNI Corp. (c)(d)	2,275,771		59,898,293
United Stationers, Inc. (a)	1,024,000		48,271,360
			115,750,246
Machinery - 2.3%
Blount International, Inc. (a)	1,854,723		16,766,696
Graco, Inc.	890,000		24,510,600
			41,277,296
Trading Companies & Distributors - 5.0%
H&E Equipment Services, Inc. (a)(d)	3,115,332		33,022,519
WESCO International, Inc. (a)(d)	2,150,000		54,954,000
			87,976,519
TOTAL INDUSTRIALS			260,558,411
INFORMATION TECHNOLOGY - 10.3%
Communications Equipment - 1.9%
Polycom, Inc. (a)	490,000		10,520,300
ViaSat, Inc. (a)	819,472		23,887,609
			34,407,909
Electronic Equipment & Components - 3.3%
Ingram Micro, Inc. Class A (a)	1,553,100		27,412,215
Macnica, Inc.	677,400		10,753,694
Ryoyo Electro Corp.	1,272,700		10,412,161
SYNNEX Corp. (a)	379,898		9,774,776
			58,352,846
Internet Software & Services - 2.9%
DealerTrack Holdings, Inc. (a)	1,799,434		29,654,672
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
j2 Global Communications, Inc. (a)	603,149		$ 12,334,397
LoopNet, Inc. (a)	1,064,182		9,290,309
			51,279,378
Semiconductors & Semiconductor Equipment - 1.5%
FormFactor, Inc. (a)	734,157		12,473,327
Miraial Co. Ltd. (d)	570,200		13,330,349
			25,803,676
Software - 0.7%
MICROS Systems, Inc. (a)	440,000		11,844,800
TOTAL INFORMATION TECHNOLOGY			181,688,609
MATERIALS - 6.4%
Chemicals - 0.7%
Spartech Corp.	1,361,202		13,026,703
Metals & Mining - 5.7%
Carpenter Technology Corp. (d)	2,499,380		52,561,961
RTI International Metals, Inc. (a)(d)	2,262,597		46,858,384
			99,420,345
TOTAL MATERIALS			112,447,048
TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 1.0%
Cogent Communications Group, Inc. (a)(c)	1,640,000		16,613,200
UTILITIES - 4.8%
Electric Utilities - 1.9%
Westar Energy, Inc.	1,740,000		33,321,000
Gas Utilities - 1.2%
Southwest Gas Corp.	850,989		21,266,215
Independent Power Producers & Energy Traders - 1.7%
RRI Energy, Inc. (a)	5,750,000		30,302,500
TOTAL UTILITIES			84,889,715
TOTAL COMMON STOCKS (Cost $1,698,673,862)		1,718,396,656
Nonconvertible Preferred Stocks - 1.9%
	Shares		Value
CONSUMER DISCRETIONARY - 0.6%
Household Durables - 0.6%
M/I Homes, Inc. Series A, 9.75% (a)	730,800		$ 10,888,920
FINANCIALS - 1.3%
Real Estate Investment Trusts - 1.3%
Developers Diversified Realty Corp.:
(depositary shares) Series H, 7.375%	818,790		13,722,920
Series I, 7.50%	542,010		9,122,028
			22,844,948
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $25,252,714)		33,733,868
Money Market Funds - 10.2%

Fidelity Cash Central Fund, 0.20% (e)	15,249,761		15,249,761
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e)	164,224,185		164,224,185
TOTAL MONEY MARKET FUNDS (Cost $179,473,946)		179,473,946
TOTAL INVESTMENT PORTFOLIO - 109.8% (Cost $1,903,400,522)			1,931,604,470
NET OTHER ASSETS - (9.8)%			(172,908,480)
NET ASSETS - 100%		$ 1,758,695,990

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(d) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 18,391
Fidelity Securities Lending Cash Central Fund	140,227
Total	$ 158,618

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Carpenter Technology Corp.	$ 48,582,409	$ -	$ 2,440,017	$ 917,777	$ 52,561,961
H&E Equipment Services, Inc.	17,823,149	15,281,975	-	-	33,022,519
HNI Corp.	48,476,178	4,669,921	2,694,889	467,791	59,898,293
Miraial Co. Ltd.	11,951,237	-	-	-	13,330,349
RTI International Metals, Inc.	-	55,318,713	-	-	46,858,384
Spartech Corp.	19,788,775	80,848	2,807,218	-	-
WESCO International, Inc.	45,676,500	7,269,797	-	-	54,954,000
Western Liberty Bancorp	-	3,630,400	-	-	19,320,000
Total	$ 192,298,248	$ 86,251,654	$ 7,942,124	$ 1,385,568	$ 279,945,506

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 185,327,346	$ 166,697,828	$ 18,629,518	$ -
Consumer Staples	103,995,307	103,995,307	-	-
Energy	113,065,201	113,065,201	-	-
Financials	595,250,646	594,164,372	1,086,274	-
Health Care	98,295,041	98,295,041	-	-
Industrials	260,558,411	260,558,411	-	-
Information Technology	181,688,609	147,192,405	34,496,204	-
Materials	112,447,048	112,447,048	-	-
Telecommunication Services	16,613,200	16,613,200	-	-
Utilities	84,889,715	84,889,715	-	-
Money Market Funds	179,473,946	179,473,946	-	-
Total Investments in Securities:	$ 1,931,604,470	$ 1,877,392,474	$ 54,211,996	$ -

Income Tax Information

Investment Valuation

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Securities Fund

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

Date:	December 30, 2009

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

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

Date:	December 30, 2009

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

Date:	December 30, 2009