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:

April 30, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Blue Chip Growth Fund
Blue Chip Growth
Class K

Class F

April 30, 2010 

1.800333.106

BCF-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 16.7%

Auto Components - 0.7%

ArvinMeritor, Inc. (a)

1,535,300

$ 23,521

Johnson Controls, Inc.

1,694,500

56,918

Tenneco, Inc. (a)

532,900

13,733

 

94,172

Automobiles - 0.4%

Bayerische Motoren Werke AG (BMW)

462,268

22,741

Harley-Davidson, Inc.

894,800

30,271

 

53,012

Diversified Consumer Services - 0.3%

Apollo Group, Inc. Class A (non-vtg.) (a)

196,200

11,264

Coinstar, Inc. (a)(d)

743,594

32,986

 

44,250

Hotels, Restaurants & Leisure - 4.3%

Chipotle Mexican Grill, Inc. (a)

134,900

18,199

Cox & Kings India Ltd. (a)

214,968

2,411

Ctrip.com International Ltd. sponsored ADR (a)

257,200

9,393

Darden Restaurants, Inc.

644,000

28,819

Gaylord Entertainment Co. (a)(d)

518,000

17,483

International Game Technology

1,389,100

29,282

Las Vegas Sands Corp. (a)(d)

2,006,200

49,874

Marriott International, Inc. Class A

972,800

35,760

McDonald's Corp.

458,100

32,337

Starbucks Corp.

5,501,700

142,934

Starwood Hotels & Resorts Worldwide, Inc.

1,766,900

96,314

WMS Industries, Inc. (a)

397,100

19,863

Wyndham Worldwide Corp.

2,119,085

56,813

Yum! Brands, Inc.

90,900

3,856

 

543,338

Household Durables - 1.7%

D.R. Horton, Inc.

2,402,500

35,293

Furniture Brands International, Inc. (a)(e)

3,927,549

32,520

Pulte Group, Inc. (a)

2,451,702

32,093

Ryland Group, Inc.

582,200

13,263

Stanley Black & Decker, Inc.

574,398

35,699

Tempur-Pedic International, Inc. (a)

789,200

26,596

Toll Brothers, Inc. (a)

1,165,800

26,312

Tupperware Brands Corp.

397,400

20,295

 

222,071

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Internet & Catalog Retail - 1.8%

Amazon.com, Inc. (a)

1,643,500

$ 225,258

Media - 1.0%

Comcast Corp. Class A

1,028,900

20,310

DIRECTV (a)

1,316,700

47,704

The Walt Disney Co.

895,900

33,005

Time Warner Cable, Inc.

240,900

13,551

Viacom, Inc. Class B (non-vtg.) (a)

181,400

6,409

 

120,979

Multiline Retail - 2.5%

Macy's, Inc.

3,621,000

84,007

Target Corp.

4,141,500

235,527

 

319,534

Specialty Retail - 3.0%

AnnTaylor Stores Corp. (a)

773,400

16,783

bebe Stores, Inc.

1,489,200

12,271

Bed Bath & Beyond, Inc. (a)

564,000

25,921

Best Buy Co., Inc.

1,102,300

50,265

Foot Locker, Inc.

625,100

9,595

Group 1 Automotive, Inc. (a)(d)

93,428

2,901

Home Depot, Inc.

1,885,600

66,467

Lowe's Companies, Inc.

3,391,600

91,980

Office Depot, Inc. (a)

2,165,901

14,858

RadioShack Corp.

1,561,533

33,651

rue21, Inc.

527,600

16,672

Signet Jewelers Ltd. (a)

300,000

9,606

Staples, Inc.

1,259,800

29,643

 

380,613

Textiles, Apparel & Luxury Goods - 1.0%

Liz Claiborne, Inc. (a)(d)

3,902,517

34,108

LVMH Moet Hennessy - Louis Vuitton

20,942

2,410

NIKE, Inc. Class B

887,400

67,363

Phillips-Van Heusen Corp.

269,300

16,969

 

120,850

TOTAL CONSUMER DISCRETIONARY

2,124,077

CONSUMER STAPLES - 10.2%

Beverages - 2.5%

Anheuser-Busch InBev SA NV (d)

458,800

22,260

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Beverages - continued

Coca-Cola Enterprises, Inc.

509,100

$ 14,117

Dr Pepper Snapple Group, Inc.

952,600

31,179

Grupo Modelo SAB de CV Series C

1,068,900

5,897

PepsiCo, Inc.

760,600

49,606

The Coca-Cola Co.

3,535,500

188,972

 

312,031

Food & Staples Retailing - 3.4%

Costco Wholesale Corp.

960,300

56,735

Kroger Co.

3,142,700

69,862

Wal-Mart Stores, Inc.

3,163,955

169,746

Walgreen Co.

2,572,800

90,434

Whole Foods Market, Inc. (a)(d)

1,131,500

44,151

 

430,928

Food Products - 0.1%

Diamond Foods, Inc. (d)

424,000

18,109

Household Products - 2.8%

Kimberly-Clark Corp.

562,000

34,428

Procter & Gamble Co.

5,141,800

319,614

 

354,042

Personal Products - 0.3%

Avon Products, Inc.

543,000

17,555

Emami Infrastructure Ltd. (a)

105,223

469

Emami Ltd.

315,669

4,601

Estee Lauder Companies, Inc. Class A

267,000

17,601

 

40,226

Tobacco - 1.1%

Philip Morris International, Inc.

2,852,000

139,976

TOTAL CONSUMER STAPLES

1,295,312

ENERGY - 3.7%

Energy Equipment & Services - 0.4%

Schlumberger Ltd.

779,700

55,686

Oil, Gas & Consumable Fuels - 3.3%

Alpha Natural Resources, Inc. (a)

299,900

14,119

Chevron Corp.

546,600

44,515

ConocoPhillips

233,500

13,821

EOG Resources, Inc.

528,400

59,244

Exxon Mobil Corp.

1,195,100

81,088

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Marathon Oil Corp.

540,800

$ 17,387

Massey Energy Co.

1,119,700

41,015

Occidental Petroleum Corp.

1,067,700

94,662

Peabody Energy Corp.

126,200

5,896

Reliance Industries Ltd.

373,169

8,646

Southwestern Energy Co. (a)

597,300

23,701

Suncor Energy, Inc.

370,000

12,653

 

416,747

TOTAL ENERGY

472,433

FINANCIALS - 6.8%

Capital Markets - 1.4%

Charles Schwab Corp.

1,837,500

35,445

Morgan Stanley

4,179,900

126,317

TD Ameritrade Holding Corp. (a)

678,000

13,574

 

175,336

Commercial Banks - 1.1%

Regions Financial Corp.

2,996,800

26,492

Wells Fargo & Co.

3,503,800

116,011

 

142,503

Consumer Finance - 0.6%

American Express Co.

1,774,200

81,826

Diversified Financial Services - 2.0%

Bank of America Corp.

3,764,700

67,125

Citigroup, Inc. (a)

2,709,300

11,840

CME Group, Inc.

62,900

20,657

JPMorgan Chase & Co.

2,520,900

107,340

Moody's Corp. (d)

1,693,800

41,871

NBH Holdings Corp. Class A (a)(f)

347,410

6,861

 

255,694

Insurance - 1.1%

Assured Guaranty Ltd.

2,403,700

51,800

Genworth Financial, Inc. Class A (a)

4,138,900

68,375

Lincoln National Corp.

815,300

24,940

 

145,115

Real Estate Management & Development - 0.5%

Ackruti City Ltd.

1,975,000

23,506

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Management & Development - continued

Indiabulls Real Estate Ltd. (a)

5,411,272

$ 20,434

Parsvnath Developers Ltd. (a)

6,435,670

17,898

 

61,838

Thrifts & Mortgage Finance - 0.1%

Radian Group, Inc.

661,600

9,388

TOTAL FINANCIALS

871,700

HEALTH CARE - 10.6%

Biotechnology - 3.1%

Alkermes, Inc. (a)

917,100

12,014

Amgen, Inc. (a)

572,600

32,844

Amylin Pharmaceuticals, Inc. (a)

2,132,700

44,019

Biogen Idec, Inc. (a)

538,000

28,649

Celgene Corp. (a)

321,300

19,905

Cephalon, Inc. (a)

945,600

60,708

Dendreon Corp. (a)(d)

905,681

49,106

Human Genome Sciences, Inc. (a)

1,012,500

28,036

ImmunoGen, Inc. (a)(d)

547,037

5,421

Micromet, Inc. (a)

1,322,420

10,077

Vertex Pharmaceuticals, Inc. (a)

2,737,300

106,125

 

396,904

Health Care Equipment & Supplies - 0.9%

CareFusion Corp. (a)

803,100

22,149

Covidien PLC

1,156,400

55,496

Intuitive Surgical, Inc. (a)

35,100

12,656

NuVasive, Inc. (a)

640,300

26,636

 

116,937

Health Care Providers & Services - 2.2%

Express Scripts, Inc. (a)

1,639,100

164,123

McKesson Corp.

195,000

12,638

Medco Health Solutions, Inc. (a)

1,835,900

108,171

 

284,932

Health Care Technology - 0.6%

Allscripts-Misys Healthcare Solutions, Inc. (a)

1,490,100

30,055

Cerner Corp. (a)

483,900

41,088

 

71,143

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Life Sciences Tools & Services - 0.6%

Illumina, Inc. (a)

300,000

$ 12,561

Life Technologies Corp. (a)

1,028,900

56,291

 

68,852

Pharmaceuticals - 3.2%

Abbott Laboratories

1,092,700

55,903

Allergan, Inc.

835,300

53,200

Johnson & Johnson

3,021,900

194,308

King Pharmaceuticals, Inc. (a)

1,416,900

13,886

Merck & Co., Inc.

2,213,700

77,568

Teva Pharmaceutical Industries Ltd. sponsored ADR

205,300

12,057

 

406,922

TOTAL HEALTH CARE

1,345,690

INDUSTRIALS - 12.1%

Aerospace & Defense - 2.4%

Honeywell International, Inc.

853,500

40,516

Precision Castparts Corp.

543,000

69,689

Raytheon Co.

527,400

30,747

The Boeing Co.

529,800

38,373

United Technologies Corp.

1,602,900

120,137

 

299,462

Air Freight & Logistics - 0.6%

United Parcel Service, Inc. Class B

1,116,800

77,216

Airlines - 1.8%

AMR Corp. (a)

3,256,600

24,034

Continental Airlines, Inc. Class B (a)

1,697,700

37,944

Delta Air Lines, Inc. (a)

5,424,300

65,526

UAL Corp. (a)

4,339,700

93,651

US Airways Group, Inc. (a)

1,848,500

13,069

 

234,224

Building Products - 0.6%

Masco Corp.

2,126,800

34,518

Owens Corning (a)

1,022,700

35,570

 

70,088

Commercial Services & Supplies - 0.7%

Avery Dennison Corp.

2,288,200

89,308

Construction & Engineering - 0.9%

Fluor Corp.

1,185,500

62,642

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Construction & Engineering - continued

Jacobs Engineering Group, Inc. (a)

1,092,371

$ 52,674

KBR, Inc.

100,000

2,208

 

117,524

Electrical Equipment - 0.1%

First Solar, Inc. (a)

86,500

12,417

Industrial Conglomerates - 0.6%

3M Co.

635,300

56,332

General Electric Co.

1,341,200

25,295

 

81,627

Machinery - 2.7%

Caterpillar, Inc.

590,100

40,180

Cummins, Inc.

563,200

40,680

Danaher Corp.

773,500

65,191

Ingersoll-Rand Co. Ltd.

3,423,400

126,597

PACCAR, Inc.

1,442,300

67,096

 

339,744

Road & Rail - 1.7%

Con-way, Inc.

513,300

19,937

CSX Corp.

998,700

55,977

Hertz Global Holdings, Inc. (a)(d)

2,317,300

33,508

Union Pacific Corp.

1,391,000

105,243

 

214,665

TOTAL INDUSTRIALS

1,536,275

INFORMATION TECHNOLOGY - 36.0%

Communications Equipment - 4.4%

Acme Packet, Inc. (a)

579,500

15,148

Cisco Systems, Inc. (a)

9,082,700

244,506

DG FastChannel, Inc. (a)

480,460

16,903

Juniper Networks, Inc. (a)

653,500

18,566

QUALCOMM, Inc.

2,892,100

112,040

Research In Motion Ltd. (a)

2,153,800

153,329

 

560,492

Computers & Peripherals - 9.3%

Apple, Inc. (a)

2,859,800

746,745

Hewlett-Packard Co.

6,343,000

329,646

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

SanDisk Corp. (a)

884,487

$ 35,282

Seagate Technology (a)

3,813,700

70,058

 

1,181,731

Electronic Equipment & Components - 1.9%

Agilent Technologies, Inc. (a)

5,760,000

208,858

Tyco Electronics Ltd.

1,108,425

35,603

 

244,461

Internet Software & Services - 5.3%

Akamai Technologies, Inc. (a)

1,361,800

52,879

Baidu.com, Inc. sponsored ADR (a)

86,400

59,556

eBay, Inc. (a)

2,411,400

57,415

Google, Inc. Class A (a)

769,400

404,274

Monster Worldwide, Inc. (a)(d)

2,289,649

39,909

Open Text Corp. (a)

331,500

14,037

OpenTable, Inc.

337,051

13,098

Rackspace Hosting, Inc. (a)

919,200

16,500

Tencent Holdings Ltd.

868,400

17,959

 

675,627

IT Services - 2.1%

Cognizant Technology Solutions Corp. Class A (a)

1,139,800

58,335

MasterCard, Inc. Class A

459,600

113,999

The Western Union Co.

364,400

6,650

Visa, Inc. Class A

907,500

81,884

 

260,868

Semiconductors & Semiconductor Equipment - 4.8%

Altera Corp.

2,209,200

56,025

Applied Materials, Inc.

927,000

12,774

Avago Technologies Ltd.

2,484,600

50,984

Broadcom Corp. Class A

1,634,700

56,381

Cree, Inc. (a)

523,900

38,355

Intel Corp.

4,207,317

96,053

KLA-Tencor Corp.

474,500

16,161

Lam Research Corp. (a)

1,930,000

78,262

Marvell Technology Group Ltd. (a)

4,434,700

91,577

Micron Technology, Inc. (a)

1,601,718

14,976

NVIDIA Corp. (a)

5,188,630

81,565

Silicon Laboratories, Inc. (a)

252,900

12,228

 

605,341

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - 8.2%

Adobe Systems, Inc. (a)

2,569,200

$ 86,299

BMC Software, Inc. (a)

638,500

25,131

Check Point Software Technologies Ltd. (a)

1,709,800

60,903

Informatica Corp. (a)

1,428,900

35,737

Microsoft Corp.

15,281,400

466,694

NCsoft Corp.

158,588

23,575

Nintendo Co. Ltd.

117,600

39,507

Nuance Communications, Inc. (a)

1,971,100

36,012

Oracle Corp.

3,729,500

96,370

Red Hat, Inc. (a)

2,023,300

60,436

Rovi Corp. (a)

372,800

14,532

Salesforce.com, Inc. (a)

15,000

1,284

SuccessFactors, Inc. (a)

199,100

4,167

TiVo, Inc. (a)

3,312,800

58,040

VMware, Inc. Class A (a)

618,500

38,124

 

1,046,811

TOTAL INFORMATION TECHNOLOGY

4,575,331

MATERIALS - 3.0%

Chemicals - 1.9%

Air Products & Chemicals, Inc.

567,700

43,588

Albemarle Corp.

1,178,700

53,819

Dow Chemical Co.

3,038,700

93,683

Monsanto Co.

281,800

17,770

The Mosaic Co.

724,400

37,046

 

245,906

Containers & Packaging - 0.5%

Owens-Illinois, Inc. (a)

1,804,062

63,936

Metals & Mining - 0.2%

Freeport-McMoRan Copper & Gold, Inc.

219,500

16,579

Jindal Steel & Power Ltd.

391,205

6,522

 

23,101

Paper & Forest Products - 0.4%

Louisiana-Pacific Corp. (a)

2,359,600

27,749

Weyerhaeuser Co.

412,700

20,437

 

48,186

TOTAL MATERIALS

381,129

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 0.5%

Wireless Telecommunication Services - 0.5%

Sprint Nextel Corp. (a)

15,031,400

$ 63,883

TOTAL COMMON STOCKS

(Cost $9,688,415)

12,665,830

Money Market Funds - 1.5%

 

 

 

 

Fidelity Cash Central Fund, 0.21% (b)

64,302,100

64,302

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

127,693,092

127,693

TOTAL MONEY MARKET FUNDS

(Cost $191,995)

191,995

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $9,880,410)

12,857,825

NET OTHER ASSETS - (1.1)%

(142,805)

NET ASSETS - 100%

$ 12,715,020

Legend

(a) Non-income producing

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

(c) 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 $6,861,000 or 0.1% of net assets.

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 19

Fidelity Securities Lending Cash Central Fund

177

Total

$ 196

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

$ 7,087

$ -

$ 32,520

Total

$ 19,567

$ 202

$ 7,087

$ -

$ 32,520

Other Information

The following is a summary of the inputs used, as of April 30, 2010, 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

$ 2,124,077

$ 2,096,515

$ 27,562

$ -

Consumer Staples

1,295,312

1,267,982

26,861

469

Energy

472,433

463,787

8,646

-

Financials

871,700

803,001

61,838

6,861

Health Care

1,345,690

1,345,690

-

-

Industrials

1,536,275

1,536,275

-

-

Information Technology

4,575,331

4,494,290

81,041

-

Materials

381,129

374,607

6,522

-

Telecommunication Services

63,883

63,883

-

-

Money Market Funds

191,995

191,995

-

-

Total Investments in Securities:

$ 12,857,825

$ 12,638,025

$ 212,470

$ 7,330

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

$ -

Total Realized Gain (Loss)

(74)

Total Unrealized Gain (Loss)

(33)

Cost of Purchases

9,296

Proceeds of Sales

(1,859)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 7,330

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ (33)

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 the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $9,926,380,000. Net unrealized appreciation aggregated $2,931,445,000, of which $3,045,371,000 related to appreciated investment securities and $113,926,000 related to depreciated investment securities.

Investment Valuation

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Blue Chip Value Fund

April 30, 2010 

1.800334.106

BCV-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%

Shares

Value

CONSUMER DISCRETIONARY - 8.7%

Auto Components - 0.6%

Johnson Controls, Inc.

69,800

$ 2,344,582

Automobiles - 0.2%

Renault SA (a)

14,500

671,861

Hotels, Restaurants & Leisure - 0.3%

Wyndham Worldwide Corp.

43,200

1,158,192

Household Durables - 2.6%

KB Home

303,300

5,620,149

Pulte Group, Inc. (a)

167,602

2,193,910

Stanley Black & Decker, Inc.

30,600

1,901,790

 

9,715,849

Media - 2.6%

Cablevision Systems Corp. - NY Group Class A

66,200

1,816,528

DIRECTV (a)

21,200

768,076

Time Warner Cable, Inc.

72,767

4,093,144

Time Warner, Inc.

97,100

3,212,068

 

9,889,816

Specialty Retail - 2.4%

Advance Auto Parts, Inc.

20,300

915,530

Lowe's Companies, Inc.

173,065

4,693,523

Staples, Inc.

135,800

3,195,374

 

8,804,427

TOTAL CONSUMER DISCRETIONARY

32,584,727

CONSUMER STAPLES - 4.4%

Beverages - 0.5%

Anheuser-Busch InBev SA NV (d)

17,466

847,398

Grupo Modelo SAB de CV Series C

194,800

1,074,599

 

1,921,997

Food & Staples Retailing - 1.4%

CVS Caremark Corp.

94,800

3,500,964

Kroger Co.

47,600

1,058,148

Winn-Dixie Stores, Inc. (a)

71,862

906,180

 

5,465,292

Food Products - 1.2%

Bunge Ltd.

19,300

1,021,935

Nestle SA

44,182

2,161,966

Ralcorp Holdings, Inc. (a)

19,300

1,284,415

 

4,468,316

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Household Products - 1.0%

Energizer Holdings, Inc. (a)

13,200

$ 806,520

Procter & Gamble Co.

45,180

2,808,389

 

3,614,909

Tobacco - 0.3%

Philip Morris International, Inc.

19,600

961,968

TOTAL CONSUMER STAPLES

16,432,482

ENERGY - 19.1%

Energy Equipment & Services - 4.9%

Baker Hughes, Inc.

61,800

3,075,168

Ensco International Ltd. ADR

36,050

1,700,839

Halliburton Co.

105,115

3,221,775

Nabors Industries Ltd. (a)

132,732

2,863,029

National Oilwell Varco, Inc.

33,014

1,453,606

Noble Corp.

19,300

762,157

Pride International, Inc. (a)

32,800

994,824

Smith International, Inc.

21,400

1,022,064

Transocean Ltd. (a)

7,300

528,885

Weatherford International Ltd. (a)

153,800

2,785,318

 

18,407,665

Oil, Gas & Consumable Fuels - 14.2%

Arch Coal, Inc.

53,600

1,447,200

Chesapeake Energy Corp.

73,100

1,739,780

Chevron Corp.

164,800

13,421,312

EOG Resources, Inc.

12,200

1,367,864

Exxon Mobil Corp.

126,950

8,613,558

Marathon Oil Corp.

129,900

4,176,285

Massey Energy Co.

23,000

842,490

Occidental Petroleum Corp.

130,616

11,580,415

Petrohawk Energy Corp. (a)

103,700

2,238,883

Plains Exploration & Production Co. (a)

54,100

1,585,671

Range Resources Corp.

38,200

1,824,432

Royal Dutch Shell PLC Class B ADR

41,700

2,530,356

Southwestern Energy Co. (a)

52,025

2,064,352

 

53,432,598

TOTAL ENERGY

71,840,263

Common Stocks - continued

Shares

Value

FINANCIALS - 27.7%

Capital Markets - 3.2%

Bank of New York Mellon Corp.

32,900

$ 1,024,177

Charles Schwab Corp.

40,432

779,933

Franklin Resources, Inc.

16,100

1,861,804

Morgan Stanley

193,400

5,844,548

Northern Trust Corp.

16,700

918,166

State Street Corp.

38,670

1,682,145

 

12,110,773

Commercial Banks - 9.0%

BB&T Corp.

95,000

3,157,800

PNC Financial Services Group, Inc.

101,572

6,826,654

Regions Financial Corp.

271,640

2,401,298

SVB Financial Group (a)

23,000

1,132,290

U.S. Bancorp, Delaware

58,900

1,576,753

Wells Fargo & Co.

560,377

18,554,080

 

33,648,875

Consumer Finance - 0.9%

Capital One Financial Corp.

81,000

3,516,210

Diversified Financial Services - 9.7%

Bank of America Corp.

913,202

16,282,392

CME Group, Inc.

6,500

2,134,665

JPMorgan Chase & Co.

381,152

16,229,452

KKR Financial Holdings LLC

126,500

1,118,260

Moody's Corp.

30,200

746,544

 

36,511,313

Insurance - 3.0%

ACE Ltd.

21,066

1,120,501

Aegon NV ADR (a)

199,645

1,401,508

Allstate Corp.

42,700

1,395,009

Genworth Financial, Inc. Class A (a)

172,127

2,843,538

Lincoln National Corp.

50,900

1,557,031

Old Republic International Corp.

57,900

869,079

Unum Group

47,200

1,154,984

XL Capital Ltd. Class A

60,900

1,084,020

 

11,425,670

Real Estate Investment Trusts - 0.9%

ProLogis Trust

41,900

551,823

Public Storage

13,400

1,298,594

SL Green Realty Corp.

21,200

1,318,004

 

3,168,421

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Management & Development - 1.0%

CB Richard Ellis Group, Inc. Class A (a)

221,100

$ 3,829,452

TOTAL FINANCIALS

104,210,714

HEALTH CARE - 9.7%

Biotechnology - 0.5%

Amgen, Inc. (a)

14,800

848,928

Biogen Idec, Inc. (a)

20,400

1,086,300

 

1,935,228

Health Care Equipment & Supplies - 1.7%

C. R. Bard, Inc.

14,600

1,263,338

Covidien PLC

87,085

4,179,209

Stryker Corp.

15,900

913,296

 

6,355,843

Health Care Providers & Services - 1.8%

Aetna, Inc.

60,700

1,793,685

Brookdale Senior Living, Inc. (a)

69,500

1,494,250

CIGNA Corp.

44,400

1,423,464

Humana, Inc. (a)

49,100

2,244,852

 

6,956,251

Life Sciences Tools & Services - 0.2%

Thermo Fisher Scientific, Inc. (a)

12,100

668,888

Pharmaceuticals - 5.5%

Merck & Co., Inc.

212,800

7,456,512

Pfizer, Inc.

721,919

12,070,486

Teva Pharmaceutical Industries Ltd. sponsored ADR

17,800

1,045,394

 

20,572,392

TOTAL HEALTH CARE

36,488,602

INDUSTRIALS - 11.2%

Aerospace & Defense - 2.6%

Goodrich Corp.

15,700

1,164,626

Honeywell International, Inc.

78,560

3,729,243

Precision Castparts Corp.

8,400

1,078,056

United Technologies Corp.

48,600

3,642,570

 

9,614,495

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Building Products - 1.2%

Masco Corp.

212,400

$ 3,447,252

Owens Corning (a)

35,800

1,245,124

 

4,692,376

Commercial Services & Supplies - 0.7%

Avery Dennison Corp.

31,200

1,217,736

Republic Services, Inc.

43,330

1,344,530

 

2,562,266

Construction & Engineering - 0.7%

Fluor Corp.

31,200

1,648,608

KBR, Inc.

47,100

1,039,968

 

2,688,576

Electrical Equipment - 0.5%

Acuity Brands, Inc.

15,300

691,713

Regal-Beloit Corp.

18,491

1,169,926

 

1,861,639

Industrial Conglomerates - 0.5%

Textron, Inc.

88,600

2,023,624

Machinery - 2.7%

Caterpillar, Inc.

26,700

1,818,003

Cummins, Inc.

34,687

2,505,442

Deere & Co.

16,251

972,135

Ingersoll-Rand Co. Ltd.

105,600

3,905,088

Navistar International Corp. (a)

16,100

778,274

 

9,978,942

Road & Rail - 2.1%

CSX Corp.

64,100

3,592,805

Union Pacific Corp.

59,400

4,494,204

 

8,087,009

Trading Companies & Distributors - 0.2%

WESCO International, Inc. (a)

15,800

641,796

TOTAL INDUSTRIALS

42,150,723

INFORMATION TECHNOLOGY - 7.7%

Communications Equipment - 1.1%

Cisco Systems, Inc. (a)

119,000

3,203,480

Juniper Networks, Inc. (a)

33,200

943,212

 

4,146,692

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 1.7%

Hewlett-Packard Co.

123,000

$ 6,392,310

Electronic Equipment & Components - 2.2%

Agilent Technologies, Inc. (a)

34,250

1,241,905

Arrow Electronics, Inc. (a)

45,500

1,387,750

Avnet, Inc. (a)

78,346

2,504,722

Flextronics International Ltd. (a)

144,100

1,116,775

Tyco Electronics Ltd.

60,085

1,929,930

 

8,181,082

Internet Software & Services - 0.5%

eBay, Inc. (a)

85,400

2,033,374

Semiconductors & Semiconductor Equipment - 1.9%

Applied Materials, Inc.

113,900

1,569,542

KLA-Tencor Corp.

82,900

2,823,574

Lam Research Corp. (a)

63,600

2,578,980

 

6,972,096

Software - 0.3%

Microsoft Corp.

42,600

1,301,004

TOTAL INFORMATION TECHNOLOGY

29,026,558

MATERIALS - 3.5%

Chemicals - 1.6%

Albemarle Corp.

28,090

1,282,589

Celanese Corp. Class A

27,700

886,123

Clariant AG (Reg.) (a)

57,760

796,963

Dow Chemical Co.

96,100

2,962,763

 

5,928,438

Construction Materials - 0.4%

HeidelbergCement AG

23,592

1,461,782

Containers & Packaging - 0.4%

Owens-Illinois, Inc. (a)

43,800

1,552,272

Metals & Mining - 0.8%

AngloGold Ashanti Ltd. sponsored ADR

14,400

602,784

ArcelorMittal SA (NY Shares) Class A (a)(d)

29,200

1,133,836

Commercial Metals Co.

58,400

868,992

Newcrest Mining Ltd.

20,531

619,575

 

3,225,187

Common Stocks - continued

Shares

Value

MATERIALS - continued

Paper & Forest Products - 0.3%

Weyerhaeuser Co.

24,405

$ 1,208,536

TOTAL MATERIALS

13,376,215

TELECOMMUNICATION SERVICES - 3.5%

Diversified Telecommunication Services - 2.8%

Qwest Communications International, Inc.

130,200

680,946

Verizon Communications, Inc.

340,173

9,827,598

 

10,508,544

Wireless Telecommunication Services - 0.7%

Sprint Nextel Corp. (a)

625,645

2,658,991

TOTAL TELECOMMUNICATION SERVICES

13,167,535

UTILITIES - 3.5%

Electric Utilities - 1.7%

American Electric Power Co., Inc.

68,100

2,335,830

Entergy Corp.

25,700

2,089,153

FirstEnergy Corp.

49,500

1,874,565

 

6,299,548

Independent Power Producers & Energy Traders - 0.4%

AES Corp.

42,900

495,066

Constellation Energy Group, Inc.

33,000

1,166,550

 

1,661,616

Multi-Utilities - 1.4%

Alliant Energy Corp.

41,800

1,429,560

CMS Energy Corp.

93,300

1,517,058

PG&E Corp.

50,100

2,194,380

 

5,140,998

TOTAL UTILITIES

13,102,162

TOTAL COMMON STOCKS

(Cost $349,972,423)

372,379,981

Money Market Funds - 2.0%

Shares

Value

Fidelity Cash Central Fund, 0.21% (b)

5,296,160

$ 5,296,160

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

2,074,660

2,074,660

TOTAL MONEY MARKET FUNDS

(Cost $7,370,820)

7,370,820

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $357,343,243)

379,750,801

NET OTHER ASSETS - (1.0)%

(3,619,606)

NET ASSETS - 100%

$ 376,131,195

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 2,837

Fidelity Securities Lending Cash Central Fund

7,455

Total

$ 10,292

Other Information

The following is a summary of the inputs used, as of April 30, 2010, 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

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 32,584,727

$ 31,912,866

$ 671,861

$ -

Consumer Staples

16,432,482

13,423,118

3,009,364

-

Energy

71,840,263

71,840,263

-

-

Financials

104,210,714

104,210,714

-

-

Health Care

36,488,602

36,488,602

-

-

Industrials

42,150,723

42,150,723

-

-

Information Technology

29,026,558

29,026,558

-

-

Materials

13,376,215

10,497,895

2,878,320

-

Telecommunication Services

13,167,535

13,167,535

-

-

Utilities

13,102,162

13,102,162

-

-

Money Market Funds

7,370,820

7,370,820

-

-

Total Investments in Securities:

$ 379,750,801

$ 373,191,256

$ 6,559,545

$ -

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $368,413,039. Net unrealized appreciation aggregated $11,337,762, of which $54,556,775 related to appreciated investment securities and $43,219,013 related to depreciated investment securities.

Investment Valuation

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Dividend Growth Fund -
Dividend Growth
Class K

April 30, 2010 

1.800335.106

DGF-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 10.7%

Auto Components - 0.4%

ArvinMeritor, Inc. (a)

709,600

$ 10,871

Johnson Controls, Inc.

263,536

8,852

Stoneridge, Inc. (a)

888,682

9,589

Tenneco, Inc. (a)

141,800

3,654

 

32,966

Automobiles - 0.6%

Bayerische Motoren Werke AG (BMW)

170,479

8,387

Fiat SpA

32,400

425

Harley-Davidson, Inc.

320,605

10,846

Mazda Motor Corp.

2,500,000

7,383

Thor Industries, Inc.

495,800

17,705

Winnebago Industries, Inc. (a)

568,954

9,462

 

54,208

Diversified Consumer Services - 0.4%

Career Education Corp. (a)

271,400

7,944

Service Corp. International

1,072,000

9,627

Stewart Enterprises, Inc. Class A

2,333,532

15,821

Universal Technical Institute, Inc. (a)

157,947

3,784

 

37,176

Hotels, Restaurants & Leisure - 2.1%

Brinker International, Inc.

871,200

16,135

Burger King Holdings, Inc.

441,600

9,318

China Lodging Group Ltd. ADR

178,100

2,688

DineEquity, Inc. (a)(d)

759,949

31,257

NH Hoteles SA (a)

1,975,173

9,099

O'Charleys, Inc. (a)

975,900

9,320

Scientific Games Corp. Class A (a)

339,100

4,988

Sol Melia SA

515,100

4,283

Sonic Corp. (a)

838,700

9,821

Starwood Hotels & Resorts Worldwide, Inc.

55,813

3,042

WMS Industries, Inc. (a)

496,600

24,840

Wyndham Worldwide Corp.

2,128,415

57,063

 

181,854

Household Durables - 1.2%

Gafisa SA sponsored ADR (d)

629,400

8,698

M.D.C. Holdings, Inc.

120,201

4,604

Mohawk Industries, Inc. (a)

274,100

17,471

Newell Rubbermaid, Inc.

401,400

6,852

Pulte Group, Inc. (a)

1,018,282

13,329

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Household Durables - continued

Stanley Black & Decker, Inc.

444,501

$ 27,626

Techtronic Industries Co. Ltd.

3,808,000

3,957

Tempur-Pedic International, Inc. (a)

297,100

10,012

Whirlpool Corp.

155,400

16,918

 

109,467

Media - 2.4%

Cablevision Systems Corp. - NY Group Class A

549,313

15,073

CC Media Holdings, Inc. Class A (a)

1,200,000

8,100

Comcast Corp.:

Class A

51,870

1,024

Class A (special) (non-vtg.)

1,523,626

28,720

Informa PLC

1,712,482

10,335

Lamar Advertising Co. Class A (a)

452,201

16,831

Liberty Media Corp. Starz Series A (a)

218,089

12,080

McGraw-Hill Companies, Inc.

460,900

15,542

MDC Partners, Inc. Class A (sub. vtg.)

1,110,239

14,355

SuperMedia, Inc. (a)

68,863

3,092

The Walt Disney Co.

646,915

23,832

Time Warner Cable, Inc.

783,526

44,073

United Business Media Ltd.

623,900

5,266

Valassis Communications, Inc. (a)

194,013

6,342

Viacom, Inc. Class B (non-vtg.) (a)

237,859

8,404

Wolters Kluwer NV (Certificaten Van Aandelen)

64,800

1,324

 

214,393

Multiline Retail - 0.5%

Target Corp.

852,038

48,455

Specialty Retail - 2.8%

Advance Auto Parts, Inc.

490,000

22,099

AnnTaylor Stores Corp. (a)

652,162

14,152

Asbury Automotive Group, Inc. (a)

432,400

6,724

Best Buy Co., Inc.

307,600

14,027

Big 5 Sporting Goods Corp.

530,000

8,984

Cabela's, Inc. Class A (a)(d)

137,646

2,500

Carphone Warehouse Group PLC (a)

1,379,449

4,058

Casual Male Retail Group, Inc. (a)

2,353,500

9,626

Collective Brands, Inc. (a)

48,600

1,140

Gymboree Corp. (a)

107,737

5,293

Hengdeli Holdings Ltd.

25,940,000

10,816

Home Depot, Inc.

382,368

13,478

Lowe's Companies, Inc.

2,035,986

55,216

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Lumber Liquidators Holdings, Inc. (a)(d)

236,797

$ 7,213

MarineMax, Inc. (a)

484,000

5,397

OfficeMax, Inc. (a)

906,456

17,223

RadioShack Corp.

503,200

10,844

Sally Beauty Holdings, Inc. (a)

1,163,281

11,109

Staples, Inc.

1,070,710

25,194

 

245,093

Textiles, Apparel & Luxury Goods - 0.3%

American Apparel, Inc. (a)(d)

767,600

2,357

Bosideng International Holdings Ltd.

3,424,000

947

G-III Apparel Group Ltd. (a)

173,502

4,962

Iconix Brand Group, Inc. (a)

39,800

687

Phillips-Van Heusen Corp.

229,800

14,480

Trinity Ltd.

3,078,000

2,161

 

25,594

TOTAL CONSUMER DISCRETIONARY

949,206

CONSUMER STAPLES - 9.3%

Beverages - 1.5%

Anheuser-Busch InBev SA NV (d)

549,657

26,668

Carlsberg AS Series B

124,500

10,063

Dr Pepper Snapple Group, Inc.

306,369

10,027

Grupo Modelo SAB de CV Series C

1,659,700

9,156

Molson Coors Brewing Co. Class B

193,005

8,562

Remy Cointreau SA

45,131

2,441

The Coca-Cola Co.

1,217,059

65,052

 

131,969

Food & Staples Retailing - 2.9%

CVS Caremark Corp.

1,096,797

40,505

Kroger Co.

1,607,140

35,727

PriceSmart, Inc.

405,565

10,090

Safeway, Inc.

1,177,900

27,798

Sysco Corp.

734,421

23,164

Wal-Mart Stores, Inc.

1,194,363

64,078

Walgreen Co.

874,473

30,738

Winn-Dixie Stores, Inc. (a)

1,720,396

21,694

 

253,794

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food Products - 2.3%

Bunge Ltd.

173,538

$ 9,189

Calavo Growers, Inc.

394,332

6,838

Chiquita Brands International, Inc. (a)

348,378

5,240

Dean Foods Co. (a)

670,950

10,534

Diamond Foods, Inc.

83,900

3,583

Kellogg Co.

177,028

9,726

Kerry Group PLC Class A

105,242

3,366

Leroy Seafood Group ASA

248,500

5,896

M. Dias Branco SA

12,100

291

Marine Harvest ASA (a)(d)

55,313,379

51,332

Nestle SA

401,433

19,643

Pilgrims Pride Corp. (a)

1,037,478

12,097

Ralcorp Holdings, Inc. (a)

173,100

11,520

Smithfield Foods, Inc. (a)

1,092,100

20,466

Tingyi (Cayman Island) Holding Corp.

2,414,000

5,997

TreeHouse Foods, Inc. (a)

33,900

1,434

Tyson Foods, Inc. Class A

538,937

10,558

Unilever NV (Certificaten Van Aandelen) (Bearer) unit

413,800

12,590

 

200,300

Household Products - 0.9%

Energizer Holdings, Inc. (a)

217,987

13,319

Procter & Gamble Co.

1,127,006

70,055

 

83,374

Personal Products - 1.0%

Avon Products, Inc.

731,528

23,650

BaWang International (Group) Holding Ltd.

19,040,000

14,015

Hengan International Group Co. Ltd.

1,344,000

10,318

Herbalife Ltd.

113,300

5,467

NBTY, Inc. (a)

830,761

33,795

 

87,245

Tobacco - 0.7%

Imperial Tobacco Group PLC

149,891

4,270

Lorillard, Inc.

121,525

9,524

Philip Morris International, Inc.

1,069,000

52,467

 

66,261

TOTAL CONSUMER STAPLES

822,943

Common Stocks - continued

Shares

Value (000s)

ENERGY - 11.1%

Energy Equipment & Services - 3.5%

Baker Hughes, Inc.

900,846

$ 44,826

Global Industries Ltd. (a)

1,043,876

6,994

Halliburton Co.

868,700

26,626

Helix Energy Solutions Group, Inc. (a)

230,900

3,367

ION Geophysical Corp. (a)

768,900

4,621

Nabors Industries Ltd. (a)

562,382

12,131

National Oilwell Varco, Inc.

1,297,270

57,119

Noble Corp.

274,308

10,832

Parker Drilling Co. (a)

623,966

3,451

Patterson-UTI Energy, Inc.

249,300

3,812

Schlumberger Ltd.

664,976

47,493

Scorpion Offshore Ltd. (a)(d)

138,649

902

Seahawk Drilling, Inc. (a)

31,471

524

Smith International, Inc.

311,277

14,867

Superior Energy Services, Inc. (a)

44,600

1,207

Superior Well Services, Inc. (a)(d)

402,250

5,833

Transocean Ltd. (a)

124,576

9,026

Union Drilling, Inc. (a)

760,543

5,042

Vantage Drilling Co. (a)

2,868,400

5,163

Weatherford International Ltd. (a)

2,577,561

46,680

 

310,516

Oil, Gas & Consumable Fuels - 7.6%

Alpha Natural Resources, Inc. (a)

73,577

3,464

Anadarko Petroleum Corp.

60,800

3,779

Arch Coal, Inc.

336,905

9,096

Berry Petroleum Co. Class A

810,500

26,236

Brigham Exploration Co. (a)

398,803

7,781

Cabot Oil & Gas Corp.

162,706

5,879

Chesapeake Energy Corp.

1,113,497

26,501

Compton Petroleum Corp. (a)

2,385,100

2,277

Concho Resources, Inc. (a)

242,660

13,788

Denbury Resources, Inc. (a)

1,090,640

20,886

EOG Resources, Inc.

292,800

32,829

EXCO Resources, Inc.

752,463

13,958

Exxon Mobil Corp.

1,506,013

102,183

Heritage Oil PLC (a)

442,600

3,081

Hess Corp.

216,800

13,778

Holly Corp.

318,100

8,589

International Coal Group, Inc. (a)(d)

2,253,235

11,875

InterOil Corp. (a)(d)

128,700

8,632

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Massey Energy Co.

547,303

$ 20,048

Niko Resources Ltd.

101,000

11,067

Northern Oil & Gas, Inc. (a)(d)

2,087,125

33,937

Occidental Petroleum Corp.

648,392

57,486

OPTI Canada, Inc. (a)

5,458,100

12,300

OPTI Canada, Inc. (a)(f)

2,661,400

5,997

Pan Orient Energy Corp. (a)

264,400

1,918

PetroBakken Energy Ltd. (a)(f)

77,100

2,093

PetroBakken Energy Ltd. Class A (d)

588,426

15,976

Petrohawk Energy Corp. (a)

2,903,838

62,694

Plains Exploration & Production Co. (a)

1,400,768

41,057

Range Resources Corp.

506,700

24,200

Rex Energy Corp. (a)

145,700

1,938

Southwestern Energy Co. (a)

776,037

30,793

Suncor Energy, Inc.

423,100

14,468

Talisman Energy, Inc.

376,700

6,409

XTO Energy, Inc.

313,700

14,907

 

671,900

TOTAL ENERGY

982,416

FINANCIALS - 17.7%

Capital Markets - 1.9%

AllianceBernstein Holding LP

261,000

8,193

Bank of New York Mellon Corp.

949,252

29,550

Bank Sarasin & Co. Ltd. Series B (Reg.)

208,503

8,111

BlueBay Asset Management

1,411,568

8,053

Charles Schwab Corp.

867,770

16,739

GCA Savvian Group Corp. (a)

3,464

4,720

Janus Capital Group, Inc.

643,400

9,059

Morgan Stanley

1,936,224

58,513

Northern Trust Corp.

187,321

10,299

State Street Corp.

137,700

5,990

TD Ameritrade Holding Corp. (a)

261,534

5,236

 

164,463

Commercial Banks - 5.6%

Associated Banc-Corp.

1,399,443

20,334

CapitalSource, Inc.

5,651,145

33,737

Comerica, Inc.

127,375

5,350

EFG Eurobank Ergasias SA

623,400

5,012

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

Huntington Bancshares, Inc.

2,484,600

$ 16,821

Mitsubishi UFJ Financial Group, Inc.

5,580,600

29,082

PNC Financial Services Group, Inc.

1,838,576

123,571

Regions Financial Corp.

1,021,350

9,029

SVB Financial Group (a)

382,590

18,835

Wells Fargo & Co.

6,454,041

213,676

Wilmington Trust Corp., Delaware

1,177,849

20,412

 

495,859

Consumer Finance - 0.5%

Capital One Financial Corp.

278,800

12,103

Discover Financial Services

951,232

14,706

ORIX Corp.

105,620

9,727

SLM Corp. (a)

384,333

4,704

 

41,240

Diversified Financial Services - 4.4%

Bank of America Corp.

7,997,581

142,597

BM&F BOVESPA SA

1,386,300

9,133

Citigroup, Inc. (a)

1,628,121

7,115

CME Group, Inc.

73,500

24,138

Deutsche Boerse AG

149,342

11,583

JPMorgan Chase & Co.

3,362,835

143,190

PICO Holdings, Inc. (a)(e)

1,361,514

48,402

 

386,158

Insurance - 2.9%

ACE Ltd.

162,500

8,643

Aegon NV (a)

243,100

1,700

Allstate Corp.

16,100

526

Assured Guaranty Ltd.

685,990

14,783

Berkshire Hathaway, Inc. Class A (a)

681

78,536

Delphi Financial Group, Inc. Class A

350,935

9,651

Endurance Specialty Holdings Ltd.

226,900

8,361

Everest Re Group Ltd.

141,300

10,831

Genworth Financial, Inc. Class A (a)

1,701,300

28,105

Lincoln National Corp.

779,800

23,854

Maiden Holdings Ltd.

692,542

5,187

MBIA, Inc. (a)(d)

1,648,800

15,796

Old Republic International Corp.

356,169

5,346

Platinum Underwriters Holdings Ltd.

182,600

6,795

Powszechny Zaklad Ubezpieczea (a)(f)

81,000

8,586

Protective Life Corp.

539,000

12,974

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - continued

Reinsurance Group of America, Inc.

40,500

$ 2,091

Unum Group

386,000

9,445

Validus Holdings Ltd.

268,300

6,860

 

258,070

Real Estate Investment Trusts - 1.0%

Boston Properties, Inc.

32,400

2,555

CBL & Associates Properties, Inc.

633,200

9,245

Education Realty Trust, Inc.

423,700

2,996

Extra Space Storage, Inc.

184,100

2,765

Franklin Street Properties Corp.

80,500

1,187

ProLogis Trust

928,100

12,223

Public Storage

117,607

11,397

Segro PLC

948,000

4,507

SL Green Realty Corp.

313,700

19,503

The Macerich Co. (d)

141,054

6,307

U-Store-It Trust

568,200

4,898

Vornado Realty Trust

141,938

11,833

Westfield Group unit

168,768

1,993

 

91,409

Real Estate Management & Development - 1.3%

CB Richard Ellis Group, Inc. Class A (a)

4,427,100

76,677

Forest City Enterprises, Inc. Class A (a)

156,900

2,424

Iguatemi Empresa de Shopping Centers SA

444,800

7,440

Jones Lang LaSalle, Inc.

274,700

21,668

Kenedix, Inc. (a)

11,537

4,066

Unite Group PLC (a)

1,700,537

5,677

 

117,952

Thrifts & Mortgage Finance - 0.1%

Bank Mutual Corp.

226,900

1,616

Ocwen Financial Corp. (a)

314,434

3,632

 

5,248

TOTAL FINANCIALS

1,560,399

HEALTH CARE - 10.4%

Biotechnology - 2.4%

Alexion Pharmaceuticals, Inc. (a)

126,500

6,942

Allos Therapeutics, Inc. (a)

585,800

4,628

Amgen, Inc. (a)

738,359

42,352

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Amylin Pharmaceuticals, Inc. (a)

436,570

$ 9,011

ARIAD Pharmaceuticals, Inc. (a)

1,734,479

6,105

Biogen Idec, Inc. (a)

259,822

13,836

Cephalon, Inc. (a)

129,700

8,327

China Biologic Products, Inc. (a)(d)

438,800

5,446

Clinical Data, Inc. (a)

452,209

8,447

Genzyme Corp. (a)

253,002

13,470

Gilead Sciences, Inc. (a)

178,251

7,071

Human Genome Sciences, Inc. (a)

555,400

15,379

ImmunoGen, Inc. (a)

47,800

474

InterMune, Inc. (a)

149,706

6,371

Micromet, Inc. (a)

963,800

7,344

Neurocrine Biosciences, Inc. (a)

80,700

259

NPS Pharmaceuticals, Inc. (a)

562,210

3,919

OREXIGEN Therapeutics, Inc. (a)

1,312,557

8,899

Protalix BioTherapeutics, Inc. (a)(d)

846,481

5,731

SIGA Technologies, Inc. (a)

299,497

2,058

Theravance, Inc. (a)

1,065,461

17,868

United Therapeutics Corp. (a)

225,400

12,823

ZIOPHARM Oncology, Inc. (a)

445,110

2,635

 

209,395

Health Care Equipment & Supplies - 1.8%

AGA Medical Holdings, Inc.

467,700

7,521

C. R. Bard, Inc.

225,830

19,541

CareFusion Corp. (a)

32,300

891

Covidien PLC

707,435

33,950

ev3, Inc. (a)

591,236

11,310

Hill-Rom Holdings, Inc.

287,600

9,120

Kinetic Concepts, Inc. (a)

203,359

8,805

Orthofix International NV (a)

326,188

11,152

Orthovita, Inc. (a)

1,391,500

5,566

St. Jude Medical, Inc. (a)

287,600

11,740

Stryker Corp.

274,700

15,779

Symmetry Medical, Inc. (a)

344,300

3,980

William Demant Holding AS (a)

139,500

9,516

Wright Medical Group, Inc. (a)

649,608

12,200

 

161,071

Health Care Providers & Services - 2.9%

Aetna, Inc.

666,800

19,704

Brookdale Senior Living, Inc. (a)

1,133,300

24,366

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - continued

CIGNA Corp.

1,329,000

$ 42,608

Emeritus Corp. (a)

152,881

3,425

Express Scripts, Inc. (a)

406,600

40,713

McKesson Corp.

225,306

14,602

Medco Health Solutions, Inc. (a)

447,900

26,390

MEDNAX, Inc. (a)

164,063

9,014

Quest Diagnostics, Inc.

297,847

17,025

RehabCare Group, Inc. (a)

302,700

8,633

UnitedHealth Group, Inc.

689,245

20,891

Universal Health Services, Inc. Class B

491,293

18,237

VCA Antech, Inc. (a)

325,800

9,272

 

254,880

Health Care Technology - 0.0%

Computer Programs & Systems, Inc.

88,700

3,997

Life Sciences Tools & Services - 0.4%

Charles River Laboratories International, Inc. (a)

44,600

1,493

Life Technologies Corp. (a)

155,100

8,486

PerkinElmer, Inc.

174,200

4,364

Thermo Fisher Scientific, Inc. (a)

333,824

18,454

 

32,797

Pharmaceuticals - 2.9%

Abbott Laboratories

403,811

20,659

Allergan, Inc.

207,965

13,245

Ardea Biosciences, Inc. (a)

684,100

17,376

Cadence Pharmaceuticals, Inc. (a)(d)

1,608,595

15,764

Merck & Co., Inc.

2,543,704

89,131

Novartis AG sponsored ADR (d)

185,047

9,410

Novo Nordisk AS Series B

192,339

15,826

Pfizer, Inc.

1,477,145

24,698

Pronova BioPharma ASA (a)

3,040,100

9,714

Sanofi-Aventis

327,226

22,325

Teva Pharmaceutical Industries Ltd. sponsored ADR

276,490

16,238

 

254,386

TOTAL HEALTH CARE

916,526

INDUSTRIALS - 11.5%

Aerospace & Defense - 2.4%

Chemring Group PLC

177,400

9,882

DigitalGlobe, Inc.

174,013

4,622

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

Esterline Technologies Corp. (a)

77,000

$ 4,295

European Aeronautic Defence and Space Co. EADS NV

258,000

4,792

GeoEye, Inc. (a)

530,562

15,121

Goodrich Corp.

157,383

11,675

Heico Corp. Class A

427,878

14,351

Honeywell International, Inc.

453,500

21,528

LMI Aerospace, Inc. (a)

213,245

3,681

Orbital Sciences Corp. (a)

325,230

5,978

Precision Castparts Corp.

218,792

28,080

Raytheon Co.

419,904

24,480

United Technologies Corp.

819,139

61,394

 

209,879

Air Freight & Logistics - 0.2%

United Parcel Service, Inc. Class B

202,307

13,988

Airlines - 0.3%

Delta Air Lines, Inc. (a)

925,565

11,181

Southwest Airlines Co.

1,306,234

17,216

UAL Corp. (a)

113,400

2,447

 

30,844

Building Products - 0.6%

Masco Corp.

1,332,600

21,628

Owens Corning (a)

787,625

27,394

 

49,022

Commercial Services & Supplies - 1.2%

Avery Dennison Corp.

194,400

7,587

Casella Waste Systems, Inc. Class A (a)

384,033

1,982

Clean Harbors, Inc. (a)

165,625

10,506

Corrections Corp. of America (a)

218,765

4,533

Interface, Inc. Class A

527,478

6,899

Knoll, Inc.

695,566

9,724

R.R. Donnelley & Sons Co.

1,035,600

22,255

Republic Services, Inc.

521,995

16,198

Steelcase, Inc. Class A

277,046

2,275

The Brink's Co.

494,700

13,174

The Geo Group, Inc. (a)

461,833

9,782

World Color Press, Inc. (a)

315,800

3,810

 

108,725

Construction & Engineering - 0.7%

Aveng Ltd.

890,100

4,483

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Construction & Engineering - continued

Fluor Corp.

336,221

$ 17,766

Granite Construction, Inc.

134,900

4,534

Great Lakes Dredge & Dock Corp.

1,736,232

9,410

Jacobs Engineering Group, Inc. (a)

221,200

10,666

KBR, Inc.

474,000

10,466

MasTec, Inc. (a)

297,900

3,727

 

61,052

Electrical Equipment - 0.8%

Acuity Brands, Inc.

16,100

728

AMETEK, Inc.

195,455

8,453

Cooper Industries PLC Class A

381,415

18,727

First Solar, Inc. (a)(d)

70,800

10,163

Prysmian SpA

648,000

11,669

Schneider Electric SA (d)

97,225

11,039

SunPower Corp. Class B (a)

253,200

3,808

Zumtobel AG (a)

388,394

8,376

 

72,963

Industrial Conglomerates - 0.7%

Koninklijke Philips Electronics NV

523,600

17,584

McDermott International, Inc. (a)

24,300

666

Rheinmetall AG

237,900

16,586

Textron, Inc.

1,271,174

29,034

 

63,870

Machinery - 2.3%

Actuant Corp. Class A

279,500

6,409

Briggs & Stratton Corp.

470,632

11,173

Bucyrus International, Inc. Class A

152,918

9,635

Columbus McKinnon Corp. (NY Shares) (a)

138,855

2,504

Commercial Vehicle Group, Inc. (a)

557,400

5,228

Cummins, Inc.

520,500

37,596

Danaher Corp.

134,800

11,361

Hardinge, Inc.

184,541

1,845

Ingersoll-Rand Co. Ltd.

559,024

20,673

JTEKT Corp.

624,500

7,176

Kennametal, Inc.

120,900

3,973

Navistar International Corp. (a)

775,200

37,473

NSK Ltd.

627,000

4,783

Timken Co.

403,704

14,202

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Trinity Industries, Inc.

408,800

$ 10,175

Vallourec SA

76,600

15,259

 

199,465

Professional Services - 0.3%

CRA International, Inc. (a)

14,953

347

Equifax, Inc.

259,900

8,733

Kforce, Inc. (a)

278,500

3,868

Robert Half International, Inc.

525,300

14,383

 

27,331

Road & Rail - 1.8%

Arkansas Best Corp.

379,100

11,547

Avis Budget Group, Inc. (a)

405,539

6,132

Con-way, Inc.

323,200

12,553

CSX Corp.

727,900

40,799

Norfolk Southern Corp.

209,366

12,422

Saia, Inc. (a)

767,075

12,710

Union Pacific Corp.

748,800

56,654

Universal Truckload Services, Inc. (a)

553,569

10,108

 

162,925

Trading Companies & Distributors - 0.2%

Finning International, Inc.

250,600

4,890

Kaman Corp.

356,900

9,783

 

14,673

TOTAL INDUSTRIALS

1,014,737

INFORMATION TECHNOLOGY - 17.4%

Communications Equipment - 2.6%

Adtran, Inc.

501,894

13,436

Aviat Networks, Inc. (a)

424,843

2,761

Calix Networks, Inc. (a)

137,695

1,652

Cisco Systems, Inc. (a)

4,655,300

125,321

Comverse Technology, Inc. (a)

1,472,000

13,513

Infinera Corp. (a)

972,768

8,901

Juniper Networks, Inc. (a)

1,489,800

42,325

Motorola, Inc. (a)

308,851

2,184

QUALCOMM, Inc.

476,100

18,444

 

228,537

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 1.5%

3PAR, Inc. (a)(d)

378,059

$ 3,527

Apple, Inc. (a)

38,100

9,949

Hewlett-Packard Co.

1,953,100

101,503

HTC Corp.

28,000

375

Lexmark International, Inc. Class A (a)

218,100

8,081

NCR Corp. (a)

645,230

8,491

 

131,926

Electronic Equipment & Components - 2.0%

Agilent Technologies, Inc. (a)

1,230,161

44,606

Amphenol Corp. Class A

244,919

11,318

Arrow Electronics, Inc. (a)

301,353

9,191

Avnet, Inc. (a)

831,629

26,587

Corning, Inc.

1,562,400

30,076

FLIR Systems, Inc. (a)

157,646

4,822

Itron, Inc. (a)

182,333

14,516

Keyence Corp.

37,800

9,051

Molex, Inc.

419,752

9,407

Tyco Electronics Ltd.

575,256

18,477

 

178,051

Internet Software & Services - 1.4%

Akamai Technologies, Inc. (a)

279,500

10,853

DealerTrack Holdings, Inc. (a)

132,497

2,021

eBay, Inc. (a)

161,900

3,855

Google, Inc. Class A (a)

147,910

77,718

Monster Worldwide, Inc. (a)

585,500

10,205

NetEase.com, Inc. sponsored ADR (a)

459,900

16,037

 

120,689

IT Services - 1.1%

Acxiom Corp. (a)

541,728

10,336

Alliance Data Systems Corp. (a)

243,952

18,311

Atos Origin SA (a)

197,268

9,997

China Information Security Technology, Inc. (a)(d)

435,600

2,631

Echo Global Logistics, Inc. (d)

20,138

272

Fidelity National Information Services, Inc.

1,070,691

28,148

Fiserv, Inc. (a)

110,783

5,660

Hewitt Associates, Inc. Class A (a)

357,850

14,668

Visa, Inc. Class A

73,700

6,650

 

96,673

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Office Electronics - 0.2%

Xerox Corp.

1,700,700

$ 18,538

Semiconductors & Semiconductor Equipment - 4.8%

Advanced Micro Devices, Inc. (a)

484,000

4,385

Analog Devices, Inc.

548,300

16,411

ASM International NV (Netherlands) (a)

349,785

9,116

Atmel Corp. (a)

9,521,853

51,799

Avago Technologies Ltd.

1,725,900

35,415

Cymer, Inc. (a)

362,100

12,366

Fairchild Semiconductor International, Inc. (a)

2,205,517

24,746

Himax Technologies, Inc. sponsored ADR

2,332,136

7,300

Intersil Corp. Class A

392,841

5,845

KLA-Tencor Corp.

36,315

1,237

Kulicke & Soffa Industries, Inc. (a)

1,580,200

12,958

Lam Research Corp. (a)

2,000,093

81,104

LTX-Credence Corp. (a)(e)

7,865,843

26,665

Mattson Technology, Inc. (a)

1,053,233

4,740

Maxim Integrated Products, Inc.

832,300

16,163

Micron Technology, Inc. (a)

3,057,352

28,586

National Semiconductor Corp.

675,877

9,989

NVIDIA Corp. (a)

679,712

10,685

ON Semiconductor Corp. (a)

3,074,454

24,411

Standard Microsystems Corp. (a)

270,692

6,951

Teradyne, Inc. (a)

789,300

9,653

Texas Instruments, Inc.

64,800

1,685

Varian Semiconductor Equipment Associates, Inc. (a)

411,685

13,561

Verigy Ltd. (a)

701,900

8,381

 

424,152

Software - 3.8%

Adobe Systems, Inc. (a)

365,190

12,267

BMC Software, Inc. (a)

372,500

14,662

Citrix Systems, Inc. (a)

318,990

14,993

ICSA (India) Ltd.

885,139

2,738

Informatica Corp. (a)

542,600

13,570

MacDonald Dettwiler & Associates Ltd. (a)

32,400

1,290

Microsoft Corp.

5,939,498

181,392

NCsoft Corp.

50,041

7,439

Nintendo Co. Ltd.

2,400

806

Oracle Corp.

3,232,996

83,541

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Radiant Systems, Inc. (a)

311,575

$ 4,384

Ultimate Software Group, Inc. (a)

72,895

2,438

 

339,520

TOTAL INFORMATION TECHNOLOGY

1,538,086

MATERIALS - 6.3%

Chemicals - 2.8%

Air Products & Chemicals, Inc.

133,646

10,261

Albemarle Corp.

311,600

14,228

Celanese Corp. Class A

790,559

25,290

CF Industries Holdings, Inc.

44,800

3,748

Clariant AG (Reg.) (a)

1,000,620

13,806

Dow Chemical Co.

1,190,436

36,701

Ferro Corp. (a)

40,524

443

Huabao International Holdings Ltd.

8,132,000

9,399

Israel Chemicals Ltd.

734,300

8,864

Monsanto Co.

111,000

7,000

Sigma Aldrich Corp.

116,908

6,933

Solutia, Inc. (a)

1,317,300

23,184

Spartech Corp. (a)

1,508,151

21,476

STR Holdings, Inc. (d)

431,494

9,950

The Mosaic Co.

256,000

13,092

W.R. Grace & Co. (a)

1,424,625

41,157

 

245,532

Construction Materials - 0.3%

HeidelbergCement AG

376,344

23,319

Containers & Packaging - 0.4%

Owens-Illinois, Inc. (a)

663,076

23,499

Pactiv Corp. (a)

520,300

13,221

 

36,720

Metals & Mining - 2.5%

Agnico-Eagle Mines Ltd. (Canada)

155,700

9,872

Anglo American PLC (United Kingdom) (a)

242,800

10,312

Camino Minerals Corp. (a)

60,400

20

Commercial Metals Co.

1,092,700

16,259

Compass Minerals International, Inc.

40,550

3,054

Eldorado Gold Corp. (a)

2,526,278

38,782

Grande Cache Coal Corp. (a)

694,900

4,568

Gulf Resources, Inc. (a)(d)

582,180

6,258

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - continued

Gulf Resources, Inc. (a)(g)

1,894,460

$ 20,365

Ivanhoe Mines Ltd. (a)

1,869,400

29,746

Lihir Gold Ltd.

2,108,474

7,449

Mitsubishi Materials Corp. (a)

1,689,000

5,063

Newcrest Mining Ltd.

686,748

20,724

Randgold Resources Ltd. sponsored ADR

404,823

34,102

Seabridge Gold, Inc. (a)

105,100

3,567

Silver Wheaton Corp. (a)

526,000

10,332

Steel Dynamics, Inc.

197,600

3,104

Timminco Ltd. (a)(d)

450,375

359

 

223,936

Paper & Forest Products - 0.3%

Weyerhaeuser Co.

499,600

24,740

TOTAL MATERIALS

554,247

TELECOMMUNICATION SERVICES - 1.1%

Diversified Telecommunication Services - 0.6%

Iliad Group SA (d)

129,004

12,900

Qwest Communications International, Inc.

4,704,800

24,606

TalkTalk Telecom Group PLC (a)

1,908,034

3,689

Telefonica SA sponsored ADR

141,765

9,609

 

50,804

Wireless Telecommunication Services - 0.5%

Sprint Nextel Corp. (a)

9,196,115

39,083

Syniverse Holdings, Inc. (a)

133,549

2,682

Vivo Participacoes SA sponsored ADR

201,200

5,326

 

47,091

TOTAL TELECOMMUNICATION SERVICES

97,895

UTILITIES - 2.0%

Electric Utilities - 0.4%

Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) sponsored ADR

502,200

8,834

Entergy Corp.

217,912

17,714

FirstEnergy Corp.

311,953

11,814

 

38,362

Gas Utilities - 0.1%

Xinao Gas Holdings Ltd.

3,280,000

9,899

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Independent Power Producers & Energy Traders - 0.8%

AES Corp.

6,079,556

$ 70,158

Multi-Utilities - 0.7%

Alliant Energy Corp.

378,956

12,960

CMS Energy Corp.

1,817,884

29,559

PG&E Corp.

311,557

13,646

Sempra Energy

16,200

797

 

56,962

TOTAL UTILITIES

175,381

TOTAL COMMON STOCKS

(Cost $7,462,099)

8,611,836

Convertible Preferred Stocks - 0.7%

 

 

 

 

ENERGY - 0.2%

Oil, Gas & Consumable Fuels - 0.2%

SandRidge Energy, Inc. 8.50%

80,500

9,190

Whiting Petroleum Corp. 6.25%

47,500

10,294

 

19,484

FINANCIALS - 0.2%

Diversified Financial Services - 0.2%

Citigroup, Inc. 7.50%

157,200

20,722

MATERIALS - 0.3%

Metals & Mining - 0.3%

Freeport-McMoRan Copper & Gold, Inc. 6.75%

227,900

23,572

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $52,901)

63,778

Investment Companies - 0.4%

 

 

 

 

Ares Capital Corp.
(Cost $24,398)

1,932,315

30,647

Corporate Bonds - 1.0%

 

Principal Amount (000s)

Value (000s)

Convertible Bonds - 0.7%

FINANCIALS - 0.3%

Real Estate Management & Development - 0.1%

Forest City Enterprises, Inc. 5% 10/15/16 (f)

$ 6,170

$ 8,185

Thrifts & Mortgage Finance - 0.2%

MGIC Investment Corp. 9% 4/1/63 (a)(f)

15,533

17,688

TOTAL FINANCIALS

25,873

HEALTH CARE - 0.2%

Biotechnology - 0.1%

Incyte Corp. 4.75% 10/1/15 (f)

5,630

9,747

Pharmaceuticals - 0.1%

Endo Pharmaceuticals Holdings, Inc. 1.75% 4/15/15 (f)

8,010

7,700

TOTAL HEALTH CARE

17,447

INDUSTRIALS - 0.1%

Trading Companies & Distributors - 0.1%

United Rentals, Inc. 4% 11/15/15

1,820

2,688

INFORMATION TECHNOLOGY - 0.1%

Semiconductors & Semiconductor Equipment - 0.1%

Amkor Technology, Inc. 6% 4/15/14

4,010

10,539

TOTAL CONVERTIBLE BONDS

56,547

Nonconvertible Bonds - 0.3%

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

OPTI Canada, Inc.:

7.875% 12/15/14

5,385

5,129

8.25% 12/15/14

5,330

5,143

 

10,272

Corporate Bonds - continued

 

Principal Amount (000s)

Value (000s)

Nonconvertible Bonds - continued

INFORMATION TECHNOLOGY - 0.2%

Semiconductors & Semiconductor Equipment - 0.2%

Freescale Semiconductor, Inc. 10.125% 12/15/16

$ 19,510

$ 18,730

TOTAL NONCONVERTIBLE BONDS

29,002

TOTAL CORPORATE BONDS

(Cost $54,238)

85,549

Money Market Funds - 2.3%

Shares

 

Fidelity Cash Central Fund, 0.21% (b)

62,179,761

62,180

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

141,559,943

141,560

TOTAL MONEY MARKET FUNDS

(Cost $203,740)

203,740

TOTAL INVESTMENT PORTFOLIO - 101.9%

(Cost $7,797,376)

8,995,550

NET OTHER ASSETS - (1.9)%

(163,895)

NET ASSETS - 100%

$ 8,831,655

Legend

(a) Non-income producing

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

(c) 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 $59,996,000 or 0.7% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $20,365,000 or 0.2% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Gulf Resources, Inc.

12/11/09

$ 16,103

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

$ 67

Fidelity Securities Lending Cash Central Fund

574

Total

$ 641

Other Affiliated Issuers

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

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

Bell Microproducts, Inc.

$ 3,211

$ 109

$ 14,231

$ -

$ -

DUSA Pharmaceuticals, Inc.

1,459

-

1,841

-

-

Great Lakes Dredge & Dock Corp.

17,803

297

9,102

100

-

LTX-Credence Corp.

6,783

938

-

-

26,665

PICO Holdings, Inc.

48,762

-

8,040

-

48,402

Tween Brands, Inc.

14,547

-

17,581

-

-

Universal Truckload Services, Inc.

18,364

-

10,377

-

-

Total

$ 110,929

$ 1,344

$ 61,172

$ 100

$ 75,067

Other Information

The following is a summary of the inputs used, as of April 30, 2010, 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

$ 949,206

$ 880,765

$ 68,441

$ -

Consumer Staples

822,943

656,344

166,599

-

Energy

1,001,900

988,727

13,173

-

Financials

1,581,121

1,476,095

105,026

-

Health Care

916,526

859,145

57,381

-

Industrials

1,014,737

907,591

107,146

-

Information Technology

1,538,086

1,507,615

30,471

-

Materials

577,819

464,175

113,644

-

Telecommunication Services

97,895

81,306

16,589

-

Utilities

175,381

165,482

9,899

-

Investment Companies

30,647

30,647

-

-

Corporate Bonds

85,549

-

85,549

-

Money Market Funds

203,740

203,740

-

-

Total Investments in Securities:

$ 8,995,550

$ 8,221,632

$ 773,918

$ -

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $7,867,657,000. Net unrealized appreciation aggregated $1,127,893,000, of which $1,533,843,000 related to appreciated investment securities and $405,950,000 related to depreciated investment securities.

Investment Valuation

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

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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® Growth & Income Portfolio -
Growth & Income
Class K

April 30, 2010 

1.800339.106

GAI-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 13.0%

Auto Components - 0.5%

Fuel Systems Solutions, Inc. (a)

67,500

$ 2,124

Johnson Controls, Inc.

600,000

20,154

Tenneco, Inc. (a)

305,300

7,868

 

30,146

Automobiles - 0.5%

Ford Motor Co. (a)(d)

1,050,000

13,671

Harley-Davidson, Inc.

500,000

16,915

 

30,586

Distributors - 0.1%

Li & Fung Ltd.

1,880,000

9,063

Hotels, Restaurants & Leisure - 1.4%

Buffalo Wild Wings, Inc. (a)

288,489

11,926

Darden Restaurants, Inc.

360,000

16,110

Jack in the Box, Inc. (a)

180,000

4,234

Little Sheep Group Ltd.

447,000

240

Marriott International, Inc. Class A

590,618

21,711

Sonic Corp. (a)

397,600

4,656

Starbucks Corp.

1,185,000

30,786

 

89,663

Household Durables - 2.6%

Ethan Allen Interiors, Inc.

40,000

808

KB Home

2,250,000

41,693

Newell Rubbermaid, Inc.

405,000

6,913

Pulte Group, Inc. (a)

2,252,370

29,484

Ryland Group, Inc.

1,480,000

33,714

Stanley Black & Decker, Inc.

515,000

32,007

Toll Brothers, Inc. (a)

210,292

4,746

Whirlpool Corp.

208,100

22,656

 

172,021

Internet & Catalog Retail - 0.2%

Amazon.com, Inc. (a)

108,000

14,802

Media - 2.9%

Comcast Corp. Class A

1,850,000

36,519

DIRECTV (a)

490,000

17,753

Lamar Advertising Co. Class A (a)

315,000

11,724

McGraw-Hill Companies, Inc.

345,000

11,633

The Walt Disney Co.

1,910,000

70,364

Time Warner, Inc.

1,355,233

44,831

 

192,824

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - 1.8%

Kohl's Corp. (a)

565,000

$ 31,069

Target Corp.

1,511,000

85,931

 

117,000

Specialty Retail - 2.6%

Best Buy Co., Inc.

720,000

32,832

Lowe's Companies, Inc.

3,500,000

94,920

RadioShack Corp.

700,000

15,085

Staples, Inc.

1,215,000

28,589

 

171,426

Textiles, Apparel & Luxury Goods - 0.4%

Polo Ralph Lauren Corp. Class A

265,000

23,824

TOTAL CONSUMER DISCRETIONARY

851,355

CONSUMER STAPLES - 7.3%

Beverages - 1.6%

Coca-Cola Enterprises, Inc.

785,000

21,768

Dr Pepper Snapple Group, Inc.

480,000

15,710

The Coca-Cola Co.

1,260,000

67,347

 

104,825

Food & Staples Retailing - 1.6%

CVS Caremark Corp.

952,900

35,191

Wal-Mart Stores, Inc.

847,900

45,490

Whole Foods Market, Inc. (a)

565,000

22,046

 

102,727

Food Products - 1.5%

Bunge Ltd.

110,000

5,825

Danone (d)

425,000

25,044

Kraft Foods, Inc. Class A

310,000

9,176

Mead Johnson Nutrition Co. Class A

220,000

11,354

Nestle SA

1,017,000

49,765

 

101,164

Household Products - 1.5%

Colgate-Palmolive Co.

470,000

39,527

Procter & Gamble Co.

950,000

59,052

 

98,579

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Tobacco - 1.1%

Philip Morris International, Inc.

1,535,000

$ 75,338

TOTAL CONSUMER STAPLES

482,633

ENERGY - 11.0%

Energy Equipment & Services - 4.4%

Baker Hughes, Inc.

630,000

31,349

Cameron International Corp. (a)

419,100

16,538

Ensco International Ltd. ADR

25,000

1,180

Halliburton Co.

1,659,400

50,861

Helmerich & Payne, Inc.

165,000

6,702

Nabors Industries Ltd. (a)

65,000

1,402

Oceaneering International, Inc. (a)

145,000

9,498

Schlumberger Ltd.

1,909,500

136,376

Weatherford International Ltd. (a)

2,161,800

39,150

 

293,056

Oil, Gas & Consumable Fuels - 6.6%

Anadarko Petroleum Corp.

235,000

14,608

Chesapeake Energy Corp.

35,000

833

Exxon Mobil Corp.

3,046,300

206,688

Falkland Oil & Gas Ltd. (a)

300,000

661

Occidental Petroleum Corp.

1,002,900

88,917

Peabody Energy Corp.

520,000

24,294

Petrohawk Energy Corp. (a)

955,000

20,618

Plains Exploration & Production Co. (a)

639,300

18,738

Range Resources Corp.

335,000

16,000

Southwestern Energy Co. (a)

590,000

23,411

Ultra Petroleum Corp. (a)

385,000

18,391

 

433,159

TOTAL ENERGY

726,215

FINANCIALS - 16.8%

Capital Markets - 3.4%

Ameriprise Financial, Inc.

765,000

35,465

AP Alternative Assets, L.P. Restricted Depositary Units (a)(e)

4,449,200

30,344

Bank of New York Mellon Corp.

415,000

12,919

Charles Schwab Corp.

1,260,000

24,305

Goldman Sachs Group, Inc.

16,300

2,367

Janus Capital Group, Inc.

693,375

9,763

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Capital Markets - continued

Morgan Stanley

1,453,800

$ 43,934

State Street Corp.

799,800

34,791

T. Rowe Price Group, Inc.

470,000

27,030

 

220,918

Commercial Banks - 5.1%

BB&T Corp.

1,100,000

36,564

Huntington Bancshares, Inc.

888,800

6,017

PNC Financial Services Group, Inc.

1,071,900

72,042

Sterling Bancshares, Inc.

375,000

2,205

Sumitomo Mitsui Financial Group, Inc.

287,600

9,512

SunTrust Banks, Inc.

350,000

10,360

Synovus Financial Corp.

100,000

301

U.S. Bancorp, Delaware

1,840,000

49,257

Wells Fargo & Co.

4,394,600

145,505

 

331,763

Consumer Finance - 1.1%

American Express Co.

695,000

32,053

Capital One Financial Corp.

741,900

32,206

Discover Financial Services

43,321

670

SLM Corp. (a)

675,000

8,262

 

73,191

Diversified Financial Services - 3.7%

Bank of America Corp.

5,248,000

93,572

Citigroup, Inc. (a)

3,965,000

17,327

CME Group, Inc.

58,000

19,048

JPMorgan Chase & Co.

2,595,100

110,499

Moody's Corp.

56,100

1,387

NBH Holdings Corp. Class A (a)(e)

166,200

3,282

 

245,115

Insurance - 2.2%

Allstate Corp.

610,000

19,929

Berkshire Hathaway, Inc. Class B (a)

622,500

47,933

Hartford Financial Services Group, Inc.

565,000

16,142

Lincoln National Corp.

400,000

12,236

MBIA, Inc. (a)(d)

160,000

1,533

MetLife, Inc.

1,065,000

48,543

 

146,316

Real Estate Investment Trusts - 0.8%

CBL & Associates Properties, Inc.

459,200

6,704

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Investment Trusts - continued

Public Storage

225,000

$ 21,805

Simon Property Group, Inc.

114,121

10,159

SL Green Realty Corp.

161,600

10,047

 

48,715

Real Estate Management & Development - 0.4%

CB Richard Ellis Group, Inc. Class A (a)

1,630,000

28,232

Thrifts & Mortgage Finance - 0.1%

Radian Group, Inc.

575,000

8,159

TOTAL FINANCIALS

1,102,409

HEALTH CARE - 8.4%

Biotechnology - 1.2%

Amgen, Inc. (a)

226,800

13,009

Amylin Pharmaceuticals, Inc. (a)

900,000

18,576

ARIAD Pharmaceuticals, Inc. (a)

394,738

1,389

Biogen Idec, Inc. (a)

12,800

682

BioMarin Pharmaceutical, Inc. (a)

281,157

6,571

Celgene Corp. (a)

155,000

9,602

Cephalon, Inc. (a)

93,000

5,971

Gilead Sciences, Inc. (a)

75,000

2,975

Incyte Corp. (a)

250,000

3,355

SIGA Technologies, Inc. (a)

177,453

1,219

Vertex Pharmaceuticals, Inc. (a)

465,000

18,028

 

81,377

Health Care Equipment & Supplies - 1.1%

Covidien PLC

1,110,800

53,307

ev3, Inc. (a)

181,500

3,472

Hill-Rom Holdings, Inc.

205,000

6,501

St. Jude Medical, Inc. (a)

187,800

7,666

 

70,946

Health Care Providers & Services - 2.0%

CIGNA Corp.

230,000

7,374

Express Scripts, Inc. (a)

484,600

48,523

Henry Schein, Inc. (a)

580,000

35,073

Medco Health Solutions, Inc. (a)

315,000

18,560

UnitedHealth Group, Inc.

645,000

19,550

 

129,080

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Life Sciences Tools & Services - 0.5%

Illumina, Inc. (a)

265,000

$ 11,096

Life Technologies Corp. (a)

445,000

24,346

QIAGEN NV (a)

29,200

667

 

36,109

Pharmaceuticals - 3.6%

Abbott Laboratories

605,000

30,952

Allergan, Inc.

85,000

5,414

Auxilium Pharmaceuticals, Inc. (a)

100,000

3,560

Johnson & Johnson

834,800

53,678

Merck & Co., Inc.

2,088,078

73,166

Perrigo Co.

10,000

610

Pfizer, Inc.

3,067,500

51,289

Roche Holding AG (participation certificate)

5,000

789

Teva Pharmaceutical Industries Ltd. sponsored ADR

255,000

14,976

 

234,434

TOTAL HEALTH CARE

551,946

INDUSTRIALS - 14.4%

Aerospace & Defense - 4.0%

AeroVironment, Inc. (a)

185,000

4,843

BE Aerospace, Inc. (a)

760,000

22,580

Honeywell International, Inc.

1,035,000

49,131

Lockheed Martin Corp.

500

42

Precision Castparts Corp.

290,000

37,219

The Boeing Co.

425,000

30,783

United Technologies Corp.

1,545,000

115,798

 

260,396

Air Freight & Logistics - 1.2%

C.H. Robinson Worldwide, Inc.

385,000

23,216

United Parcel Service, Inc. Class B

770,000

53,238

 

76,454

Airlines - 0.7%

AMR Corp. (a)

228,500

1,686

Delta Air Lines, Inc. (a)

1,115,000

13,469

Southwest Airlines Co.

1,670,000

22,011

UAL Corp. (a)

300,000

6,474

 

43,640

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Commercial Services & Supplies - 0.3%

Avery Dennison Corp.

505,000

$ 19,710

Construction & Engineering - 0.4%

Jacobs Engineering Group, Inc. (a)

530,000

25,557

Orion Marine Group, Inc. (a)

230,000

4,361

 

29,918

Electrical Equipment - 0.0%

Vestas Wind Systems AS (a)

500

31

Industrial Conglomerates - 2.1%

3M Co.

749,700

66,476

General Electric Co.

2,940,000

55,448

Textron, Inc.

598,100

13,661

 

135,585

Machinery - 2.7%

Cummins, Inc.

545,000

39,365

Danaher Corp.

490,000

41,297

Eaton Corp.

210,000

16,204

Ingersoll-Rand Co. Ltd.

1,505,000

55,655

NN, Inc. (a)

85,000

612

PACCAR, Inc.

590,000

27,447

 

180,580

Professional Services - 0.4%

Robert Half International, Inc.

1,030,000

28,201

Road & Rail - 2.6%

Avis Budget Group, Inc. (a)

465,300

7,035

CSX Corp.

1,142,700

64,048

Hertz Global Holdings, Inc. (a)

575,000

8,315

Landstar System, Inc.

685,000

30,291

Union Pacific Corp.

815,000

61,663

 

171,352

TOTAL INDUSTRIALS

945,867

INFORMATION TECHNOLOGY - 21.4%

Communications Equipment - 3.5%

Cisco Systems, Inc. (a)

5,559,900

149,673

Juniper Networks, Inc. (a)

913,000

25,938

QUALCOMM, Inc.

1,420,000

55,011

 

230,622

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 5.4%

Apple, Inc. (a)

736,800

$ 192,393

EMC Corp. (a)

555,000

10,551

Hewlett-Packard Co.

2,854,700

148,359

 

351,303

Electronic Equipment & Components - 1.5%

Agilent Technologies, Inc. (a)

1,690,000

61,279

Corning, Inc.

691,900

13,319

Tyco Electronics Ltd.

765,000

24,572

 

99,170

Internet Software & Services - 1.6%

eBay, Inc. (a)

2,090,000

49,763

Google, Inc. Class A (a)

87,000

45,713

Move, Inc. (a)

1,346,025

2,961

Rackspace Hosting, Inc. (a)

235,000

4,218

Tencent Holdings Ltd.

10,000

207

Yahoo!, Inc. (a)

260,000

4,298

 

107,160

IT Services - 1.6%

Cognizant Technology Solutions Corp. Class A (a)

345,000

17,657

MasterCard, Inc. Class A

140,000

34,726

Paychex, Inc.

565,000

17,289

Visa, Inc. Class A

409,400

36,940

 

106,612

Semiconductors & Semiconductor Equipment - 3.0%

Altera Corp.

426,800

10,824

Applied Materials, Inc.

3,403,300

46,897

ASML Holding NV (NY Shares)

1,780,000

58,135

Intel Corp.

1,583,500

36,151

Lam Research Corp. (a)

307,200

12,457

MEMC Electronic Materials, Inc. (a)

1,370,000

17,769

Micron Technology, Inc. (a)

1,305,900

12,210

Xilinx, Inc.

155,000

3,996

 

198,439

Software - 4.8%

BMC Software, Inc. (a)

427,400

16,822

Citrix Systems, Inc. (a)

250,000

11,750

Microsoft Corp.

5,552,300

169,567

Nuance Communications, Inc. (a)

410,000

7,491

Oracle Corp.

3,625,000

93,670

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Red Hat, Inc. (a)

240,000

$ 7,169

VMware, Inc. Class A (a)

80,000

4,931

 

311,400

TOTAL INFORMATION TECHNOLOGY

1,404,706

MATERIALS - 3.8%

Chemicals - 2.9%

Albemarle Corp.

580,000

26,483

Dow Chemical Co.

1,515,000

46,707

Ecolab, Inc.

525,000

25,641

FMC Corp.

435,000

27,683

Praxair, Inc.

418,800

35,083

Sigma Aldrich Corp.

340,000

20,162

The Mosaic Co.

135,000

6,904

 

188,663

Metals & Mining - 0.9%

AngloGold Ashanti Ltd. sponsored ADR

617,700

25,857

Barrick Gold Corp.

480,000

20,925

Carpenter Technology Corp.

325,000

12,763

Freeport-McMoRan Copper & Gold, Inc.

1,000

76

 

59,621

TOTAL MATERIALS

248,284

TELECOMMUNICATION SERVICES - 1.0%

Diversified Telecommunication Services - 0.4%

AT&T, Inc.

1,000,000

26,060

Wireless Telecommunication Services - 0.6%

American Tower Corp. Class A (a)

625,000

25,506

Sprint Nextel Corp. (a)

3,385,000

14,386

 

39,892

TOTAL TELECOMMUNICATION SERVICES

65,952

UTILITIES - 0.5%

Electric Utilities - 0.2%

FirstEnergy Corp.

450,000

17,042

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Independent Power Producers & Energy Traders - 0.3%

Constellation Energy Group, Inc.

520,000

$ 18,382

TOTAL UTILITIES

35,424

TOTAL COMMON STOCKS

(Cost $5,344,554)

6,414,791

Money Market Funds - 2.4%

 

 

 

 

Fidelity Cash Central Fund, 0.21% (b)

147,155,906

147,156

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

9,092,250

9,092

TOTAL MONEY MARKET FUNDS

(Cost $156,248)

156,248

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $5,500,802)

6,571,039

NET OTHER ASSETS - 0.0%

(2,939)

NET ASSETS - 100%

$ 6,568,100

Legend

(a) Non-income producing

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

(c) 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) 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 $33,626,000 or 0.5% of net assets.

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 59

Fidelity Securities Lending Cash Central Fund

126

Total

$ 185

Other Information

The following is a summary of the inputs used, as of April 30, 2010, 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

$ 851,355

$ 842,052

$ 9,303

$ -

Consumer Staples

482,633

407,824

74,809

-

Energy

726,215

725,554

661

-

Financials

1,102,409

1,089,615

9,512

3,282

Health Care

551,946

551,157

789

-

Industrials

945,867

945,836

31

-

Information Technology

1,404,706

1,404,499

207

-

Materials

248,284

248,284

-

-

Telecommunication Services

65,952

65,952

-

-

Utilities

35,424

35,424

-

-

Money Market Funds

156,248

156,248

-

-

Total Investments in Securities:

$ 6,571,039

$ 6,472,445

$ 95,312

$ 3,282

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

$ -

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(42)

Cost of Purchases

3,324

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 3,282

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ (42)

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 the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $5,564,100,000. Net unrealized appreciation aggregated $1,006,939,000, of which $1,261,263,000 related to appreciated investment securities and $254,324,000 related to depreciated investment securities.

Investment Valuation

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® International Real Estate Fund

April 30, 2010 

1.815812.105

IRE-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%

Shares

Value

Australia - 16.4%

CFS Retail Property Trust

2,261,446

$ 3,986,570

Charter Hall Group unit

3,751,705

2,620,338

DEXUS Property Group unit

7,021,649

5,206,437

FKP Property Group unit

2,945,752

2,302,029

Goodman Group unit

12,000,448

7,799,198

Stockland Corp. Ltd. unit

1,290,331

4,702,354

The GPT Group unit

2,719,071

1,452,499

Westfield Group unit

2,470,042

29,166,781

TOTAL AUSTRALIA

57,236,206

Bailiwick of Jersey - 0.4%

LXB Retail Properties PLC

957,000

1,321,796

Brazil - 0.2%

Iguatemi Empresa de Shopping Centers SA

53,600

896,546

Cayman Islands - 1.8%

Agile Property Holdings Ltd.

2,825,000

3,272,974

Central China Real Estate Ltd.

3,676,000

912,171

IFM Investments Ltd. ADR (a)

47,600

272,272

SOHO China Ltd.

3,163,000

1,797,498

TOTAL CAYMAN ISLANDS

6,254,915

China - 1.8%

China Resources Land Ltd.

3,387,000

6,197,609

Finland - 1.1%

Citycon Oyj

1,035,403

3,699,673

France - 7.4%

Fonciere Des Regions (d)

31,800

3,290,979

Gecina SA

24,400

2,508,870

Societe de la Tour Eiffel

23,700

1,809,374

Unibail-Rodamco

96,302

18,203,163

TOTAL FRANCE

25,812,386

Germany - 1.6%

alstria office REIT-AG

158,165

1,781,255

Deutsche Wohnen AG (a)

178,000

1,603,710

IVG Immobilien AG (a)

263,000

2,105,742

TOTAL GERMANY

5,490,707

Greece - 0.2%

Babis Vovos International Technical SA (a)

205,974

751,305

Hong Kong - 23.6%

China Overseas Land & Investment Ltd.

2,465,680

4,787,705

Common Stocks - continued

Shares

Value

Hong Kong - continued

Hang Lung Properties Ltd.

2,362,000

$ 8,496,713

Henderson Land Development Co. Ltd.

1,599,000

10,078,233

Henderson Land Development Co. Ltd. warrants 6/1/11 (a)

330,800

188,302

Hongkong Land Holdings Ltd.

1,944,000

10,283,725

Kerry Properties Ltd.

1,238,000

5,710,772

Sino-Ocean Land Holdings Ltd.

2,803,000

2,148,922

Sun Hung Kai Properties Ltd.

1,966,000

27,256,542

Wharf Holdings Ltd.

2,440,000

13,196,194

TOTAL HONG KONG

82,147,108

Italy - 0.7%

Beni Stabili SpA (d)

1,859,200

1,619,439

Immobiliare Grande Distribuzione SpA

445,700

789,049

TOTAL ITALY

2,408,488

Japan - 19.7%

Japan Retail Fund Investment Corp.

4,150

5,593,421

Kenedix Realty Investment Corp.

1,576

5,192,931

Kenedix, Inc. (a)(d)

6,696

2,359,604

Mitsubishi Estate Co. Ltd.

924,000

16,658,285

Mitsui Fudosan Co. Ltd.

627,000

11,612,201

Nomura Real Estate Holdings, Inc.

286,300

5,093,232

NTT Urban Development Co.

1,362

1,328,215

Sumitomo Realty & Development Co. Ltd.

514,000

10,547,291

Tokyo Tatemono Co. Ltd.

1,287,000

5,973,938

United Urban Investment Corp. (d)

643

4,203,151

TOTAL JAPAN

68,562,269

Mexico - 0.3%

Desarrolladora Homex SAB de CV sponsored ADR (a)

31,700

917,715

Netherlands - 1.1%

Corio NV

42,711

2,471,220

VastNed Retail NV

27,028

1,567,664

TOTAL NETHERLANDS

4,038,884

Poland - 0.5%

Globe Trade Centre SA (a)

229,800

1,823,902

Russia - 0.3%

LSR Group OJSC GDR (Reg. S) (a)

115,000

973,901

Singapore - 8.8%

Allgreen Properties Ltd.

2,108,000

1,921,579

CapitaCommercial Trust (REIT)

4,910,000

4,293,884

Common Stocks - continued

Shares

Value

Singapore - continued

CapitaLand Ltd.

3,791,900

$ 10,242,772

City Developments Ltd.

947,000

7,275,376

Wing Tai Holdings Ltd.

2,772,000

3,640,129

Yanlord Land Group Ltd.

2,683,000

3,313,569

TOTAL SINGAPORE

30,687,309

Spain - 0.2%

Realia Business SA (a)

259,694

622,513

Sweden - 2.1%

Castellum AB

483,800

4,380,570

Klovern AB (d)

425,000

1,332,711

Wihlborgs Fastigheter AB (d)

85,500

1,726,182

TOTAL SWEDEN

7,439,463

United Kingdom - 11.0%

Big Yellow Group PLC (a)

244,600

1,208,416

British Land Co. PLC

926,138

6,575,933

Derwent London PLC

199,300

4,391,399

Great Portland Estates PLC

755,354

3,615,378

Hammerson PLC

909,299

5,307,274

Land Securities Group PLC

791,161

7,910,934

Liberty International PLC

472,000

3,519,190

Metric Property Investments PLC (a)

1,166,100

1,837,165

Songbird Estates PLC Class B (a)

349,300

900,832

St. Modwen Properties PLC (a)

1,233,100

3,255,351

TOTAL UNITED KINGDOM

38,521,872

TOTAL COMMON STOCKS

(Cost $388,332,188)

345,804,567

Money Market Funds - 3.4%

Shares

Value

Fidelity Cash Central Fund, 0.21% (b)

1,331,911

$ 1,331,911

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

10,394,729

10,394,729

TOTAL MONEY MARKET FUNDS

(Cost $11,726,640)

11,726,640

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $400,058,828)

357,531,207

NET OTHER ASSETS - (2.6)%

(8,973,909)

NET ASSETS - 100%

$ 348,557,298

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 11,634

Fidelity Securities Lending Cash Central Fund

70,648

Total

$ 82,282

Other Information

The following is a summary of the inputs used, as of April 30, 2010, 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

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Hong Kong

$ 82,147,108

$ -

$ 82,147,108

$ -

Japan

68,562,269

29,744,492

38,817,777

-

Australia

57,236,206

-

57,236,206

-

United Kingdom

38,521,872

-

38,521,872

-

Singapore

30,687,309

-

30,687,309

-

France

25,812,386

-

25,812,386

-

Sweden

7,439,463

-

7,439,463

-

Cayman Islands

6,254,915

272,272

5,982,643

-

China

6,197,609

-

6,197,609

-

Other

22,945,430

3,638,163

19,307,267

-

Money Market Funds

11,726,640

11,726,640

-

-

Total Investments in Securities:

$ 357,531,207

$ 45,381,567

$ 312,149,640

$ -

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $401,832,640. Net unrealized depreciation aggregated $44,301,433, of which $18,266,846 related to appreciated investment securities and $62,568,279 related to depreciated investment securities.

Investment Valuation

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2010

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

1.847932.103

AIRE-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%

Shares

Value

Australia - 16.4%

CFS Retail Property Trust

2,261,446

$ 3,986,570

Charter Hall Group unit

3,751,705

2,620,338

DEXUS Property Group unit

7,021,649

5,206,437

FKP Property Group unit

2,945,752

2,302,029

Goodman Group unit

12,000,448

7,799,198

Stockland Corp. Ltd. unit

1,290,331

4,702,354

The GPT Group unit

2,719,071

1,452,499

Westfield Group unit

2,470,042

29,166,781

TOTAL AUSTRALIA

57,236,206

Bailiwick of Jersey - 0.4%

LXB Retail Properties PLC

957,000

1,321,796

Brazil - 0.2%

Iguatemi Empresa de Shopping Centers SA

53,600

896,546

Cayman Islands - 1.8%

Agile Property Holdings Ltd.

2,825,000

3,272,974

Central China Real Estate Ltd.

3,676,000

912,171

IFM Investments Ltd. ADR (a)

47,600

272,272

SOHO China Ltd.

3,163,000

1,797,498

TOTAL CAYMAN ISLANDS

6,254,915

China - 1.8%

China Resources Land Ltd.

3,387,000

6,197,609

Finland - 1.1%

Citycon Oyj

1,035,403

3,699,673

France - 7.4%

Fonciere Des Regions (d)

31,800

3,290,979

Gecina SA

24,400

2,508,870

Societe de la Tour Eiffel

23,700

1,809,374

Unibail-Rodamco

96,302

18,203,163

TOTAL FRANCE

25,812,386

Germany - 1.6%

alstria office REIT-AG

158,165

1,781,255

Deutsche Wohnen AG (a)

178,000

1,603,710

IVG Immobilien AG (a)

263,000

2,105,742

TOTAL GERMANY

5,490,707

Greece - 0.2%

Babis Vovos International Technical SA (a)

205,974

751,305

Hong Kong - 23.6%

China Overseas Land & Investment Ltd.

2,465,680

4,787,705

Common Stocks - continued

Shares

Value

Hong Kong - continued

Hang Lung Properties Ltd.

2,362,000

$ 8,496,713

Henderson Land Development Co. Ltd.

1,599,000

10,078,233

Henderson Land Development Co. Ltd. warrants 6/1/11 (a)

330,800

188,302

Hongkong Land Holdings Ltd.

1,944,000

10,283,725

Kerry Properties Ltd.

1,238,000

5,710,772

Sino-Ocean Land Holdings Ltd.

2,803,000

2,148,922

Sun Hung Kai Properties Ltd.

1,966,000

27,256,542

Wharf Holdings Ltd.

2,440,000

13,196,194

TOTAL HONG KONG

82,147,108

Italy - 0.7%

Beni Stabili SpA (d)

1,859,200

1,619,439

Immobiliare Grande Distribuzione SpA

445,700

789,049

TOTAL ITALY

2,408,488

Japan - 19.7%

Japan Retail Fund Investment Corp.

4,150

5,593,421

Kenedix Realty Investment Corp.

1,576

5,192,931

Kenedix, Inc. (a)(d)

6,696

2,359,604

Mitsubishi Estate Co. Ltd.

924,000

16,658,285

Mitsui Fudosan Co. Ltd.

627,000

11,612,201

Nomura Real Estate Holdings, Inc.

286,300

5,093,232

NTT Urban Development Co.

1,362

1,328,215

Sumitomo Realty & Development Co. Ltd.

514,000

10,547,291

Tokyo Tatemono Co. Ltd.

1,287,000

5,973,938

United Urban Investment Corp. (d)

643

4,203,151

TOTAL JAPAN

68,562,269

Mexico - 0.3%

Desarrolladora Homex SAB de CV sponsored ADR (a)

31,700

917,715

Netherlands - 1.1%

Corio NV

42,711

2,471,220

VastNed Retail NV

27,028

1,567,664

TOTAL NETHERLANDS

4,038,884

Poland - 0.5%

Globe Trade Centre SA (a)

229,800

1,823,902

Russia - 0.3%

LSR Group OJSC GDR (Reg. S) (a)

115,000

973,901

Singapore - 8.8%

Allgreen Properties Ltd.

2,108,000

1,921,579

CapitaCommercial Trust (REIT)

4,910,000

4,293,884

Common Stocks - continued

Shares

Value

Singapore - continued

CapitaLand Ltd.

3,791,900

$ 10,242,772

City Developments Ltd.

947,000

7,275,376

Wing Tai Holdings Ltd.

2,772,000

3,640,129

Yanlord Land Group Ltd.

2,683,000

3,313,569

TOTAL SINGAPORE

30,687,309

Spain - 0.2%

Realia Business SA (a)

259,694

622,513

Sweden - 2.1%

Castellum AB

483,800

4,380,570

Klovern AB (d)

425,000

1,332,711

Wihlborgs Fastigheter AB (d)

85,500

1,726,182

TOTAL SWEDEN

7,439,463

United Kingdom - 11.0%

Big Yellow Group PLC (a)

244,600

1,208,416

British Land Co. PLC

926,138

6,575,933

Derwent London PLC

199,300

4,391,399

Great Portland Estates PLC

755,354

3,615,378

Hammerson PLC

909,299

5,307,274

Land Securities Group PLC

791,161

7,910,934

Liberty International PLC

472,000

3,519,190

Metric Property Investments PLC (a)

1,166,100

1,837,165

Songbird Estates PLC Class B (a)

349,300

900,832

St. Modwen Properties PLC (a)

1,233,100

3,255,351

TOTAL UNITED KINGDOM

38,521,872

TOTAL COMMON STOCKS

(Cost $388,332,188)

345,804,567

Money Market Funds - 3.4%

Shares

Value

Fidelity Cash Central Fund, 0.21% (b)

1,331,911

$ 1,331,911

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

10,394,729

10,394,729

TOTAL MONEY MARKET FUNDS

(Cost $11,726,640)

11,726,640

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $400,058,828)

357,531,207

NET OTHER ASSETS - (2.6)%

(8,973,909)

NET ASSETS - 100%

$ 348,557,298

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 11,634

Fidelity Securities Lending Cash Central Fund

70,648

Total

$ 82,282

Other Information

The following is a summary of the inputs used, as of April 30, 2010, 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

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Hong Kong

$ 82,147,108

$ -

$ 82,147,108

$ -

Japan

68,562,269

29,744,492

38,817,777

-

Australia

57,236,206

-

57,236,206

-

United Kingdom

38,521,872

-

38,521,872

-

Singapore

30,687,309

-

30,687,309

-

France

25,812,386

-

25,812,386

-

Sweden

7,439,463

-

7,439,463

-

Cayman Islands

6,254,915

272,272

5,982,643

-

China

6,197,609

-

6,197,609

-

Other

22,945,430

3,638,163

19,307,267

-

Money Market Funds

11,726,640

11,726,640

-

-

Total Investments in Securities:

$ 357,531,207

$ 45,381,567

$ 312,149,640

$ -

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $401,832,640. Net unrealized depreciation aggregated $44,301,433, of which $18,266,846 related to appreciated investment securities and $62,568,279 related to depreciated investment securities.

Investment Valuation

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

April 30, 2010 

1.800341.106

LSF-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.8%

Auto Components - 0.8%

Exide Technologies (a)

545,634

$ 3,241

Johnson Controls, Inc.

548,300

18,417

The Goodyear Tire & Rubber Co. (a)

564,063

7,575

TRW Automotive Holdings Corp. (a)

430,300

13,860

 

43,093

Automobiles - 0.3%

Daimler AG

209,400

10,667

Toyota Motor Corp. sponsored ADR

89,500

6,900

 

17,567

Diversified Consumer Services - 3.5%

Brinks Home Security Holdings, Inc. (a)

244,500

10,254

Carriage Services, Inc. (a)

266,200

1,323

Service Corp. International (f)

17,656,093

158,552

Stewart Enterprises, Inc. Class A

1,515,242

10,273

 

180,402

Hotels, Restaurants & Leisure - 1.4%

Bally Technologies, Inc. (a)

198,560

9,158

Biglari Holdings, Inc. (a)

32,970

12,900

Burger King Holdings, Inc.

108,900

2,298

Domino's Pizza, Inc. (a)

726,595

11,197

Las Vegas Sands Corp. (a)(e)

632,311

15,719

O'Charleys, Inc. (a)

207,849

1,985

Penn National Gaming, Inc. (a)

537,836

16,651

Wendy's/Arby's Group, Inc.

546,800

2,904

 

72,812

Household Durables - 3.1%

Harman International Industries, Inc. (a)

1,263,506

49,883

Lennar Corp. Class A

983,400

19,570

Newell Rubbermaid, Inc.

3,304,500

56,408

Stanley Black & Decker, Inc.

531,917

33,059

 

158,920

Leisure Equipment & Products - 0.5%

Callaway Golf Co. (e)

2,514,010

23,607

Media - 2.5%

Belo Corp. Series A

163,800

1,420

Cablevision Systems Corp. - NY Group Class A

541,324

14,854

Cinemark Holdings, Inc.

1,554,497

28,385

Comcast Corp. Class A

3,153,000

62,240

Gray Television, Inc. (a)(f)

2,401,344

9,005

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - continued

LIN TV Corp. Class A (a)

267,957

$ 1,937

Madison Square Garden, Inc. Class A (a)

135,331

2,808

Nexstar Broadcasting Group, Inc. Class A (a)(f)

1,130,500

7,552

The McClatchy Co. Class A (e)

215,505

1,175

 

129,376

Specialty Retail - 1.2%

Asbury Automotive Group, Inc. (a)

385,122

5,989

Charming Shoppes, Inc. (a)

3,156,268

17,833

GameStop Corp. Class A (a)(e)

656,695

15,964

Gap, Inc.

204,000

5,045

Sally Beauty Holdings, Inc. (a)

300,000

2,865

The Pep Boys - Manny, Moe & Jack

980,271

12,283

 

59,979

Textiles, Apparel & Luxury Goods - 1.5%

Coach, Inc.

314,020

13,110

Deckers Outdoor Corp. (a)

163,915

23,043

Hanesbrands, Inc. (a)

501,700

14,283

Phillips-Van Heusen Corp.

451,241

28,433

 

78,869

TOTAL CONSUMER DISCRETIONARY

764,625

CONSUMER STAPLES - 2.5%

Food & Staples Retailing - 1.3%

Rite Aid Corp. (a)(e)

16,497,982

24,417

Safeway, Inc.

464,300

10,957

SUPERVALU, Inc.

592,800

8,833

Whole Foods Market, Inc. (a)(e)

602,067

23,493

 

67,700

Food Products - 1.0%

Corn Products International, Inc.

281,534

10,135

Darling International, Inc. (a)

2,498,930

23,715

Dean Foods Co. (a)

569,900

8,947

Smithfield Foods, Inc. (a)

559,606

10,487

 

53,284

Personal Products - 0.2%

Revlon, Inc. (a)

553,261

9,693

TOTAL CONSUMER STAPLES

130,677

Common Stocks - continued

Shares

Value (000s)

ENERGY - 11.6%

Energy Equipment & Services - 2.5%

Baker Hughes, Inc.

218,000

$ 10,848

Ensco International Ltd. ADR

110,000

5,190

Exterran Holdings, Inc. (a)(e)

1,355,008

39,498

Hercules Offshore, Inc. (a)

1,493,431

5,914

Noble Corp.

524,700

20,720

Oil States International, Inc. (a)

270,700

13,078

Parker Drilling Co. (a)

1,200,000

6,636

Pride International, Inc. (a)

346,100

10,497

Rowan Companies, Inc. (a)

321,100

9,569

Schlumberger Ltd.

109,400

7,813

Seahawk Drilling, Inc. (a)

23,073

384

 

130,147

Oil, Gas & Consumable Fuels - 9.1%

Alpha Natural Resources, Inc. (a)

469,638

22,111

Arch Coal, Inc.

688,255

18,583

Atlas Pipeline Partners, LP

163,890

2,365

ConocoPhillips

231,500

13,702

CONSOL Energy, Inc.

327,200

14,619

El Paso Corp.

10,450,276

126,448

Forest Oil Corp. (a)

1,730,645

50,708

Frontier Oil Corp.

1,972,600

29,984

International Coal Group, Inc. (a)

1,365,400

7,196

Nexen, Inc.

188,000

4,570

Overseas Shipholding Group, Inc.

1,059,692

53,048

Paladin Energy Ltd. (a)

2,042,400

7,436

Peabody Energy Corp.

2,281,118

106,574

Plains Exploration & Production Co. (a)

360,660

10,571

 

467,915

TOTAL ENERGY

598,062

FINANCIALS - 12.3%

Capital Markets - 0.3%

Morgan Stanley

548,900

16,588

Commercial Banks - 8.4%

Huntington Bancshares, Inc.

11,032,080

74,687

KeyCorp

11,866,668

107,037

PNC Financial Services Group, Inc.

1,447,726

97,302

Regions Financial Corp.

2,011,695

17,783

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

SunTrust Banks, Inc.

2,549,800

$ 75,474

Wells Fargo & Co.

1,871,088

61,952

 

434,235

Diversified Financial Services - 2.2%

Bank of America Corp.

5,742,000

102,380

CIT Group, Inc. (a)

72,485

2,943

Citigroup, Inc. (a)

1,638,400

7,160

 

112,483

Insurance - 0.6%

Assured Guaranty Ltd.

870,995

18,770

Lincoln National Corp.

435,700

13,328

 

32,098

Real Estate Investment Trusts - 0.5%

FelCor Lodging Trust, Inc. (a)

1,085,852

8,806

Host Hotels & Resorts, Inc.

1,016,122

16,522

 

25,328

Thrifts & Mortgage Finance - 0.3%

First Niagara Financial Group, Inc.

851,444

11,835

Washington Mutual, Inc. (a)

5,352,200

899

 

12,734

TOTAL FINANCIALS

633,466

HEALTH CARE - 6.4%

Biotechnology - 0.0%

Lexicon Pharmaceuticals, Inc. (a)

392,187

631

Health Care Equipment & Supplies - 1.3%

Beckman Coulter, Inc.

115,000

7,176

Boston Scientific Corp. (a)

564,900

3,887

Hospira, Inc. (a)

631,458

33,966

Inverness Medical Innovations, Inc. (a)

518,708

20,634

 

65,663

Health Care Providers & Services - 4.5%

Community Health Systems, Inc. (a)

611,876

25,001

DaVita, Inc. (a)

503,747

31,449

Henry Schein, Inc. (a)

54,400

3,290

Laboratory Corp. of America Holdings (a)

54,600

4,290

RehabCare Group, Inc. (a)

230,000

6,560

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - continued

Rural/Metro Corp. (a)

834,200

$ 5,881

Sun Healthcare Group, Inc. (a)

1,642,522

14,684

Tenet Healthcare Corp. (a)

22,373,365

139,834

 

230,989

Health Care Technology - 0.5%

Cerner Corp. (a)

276,209

23,453

Pharmaceuticals - 0.1%

Allergan, Inc.

109,700

6,987

TOTAL HEALTH CARE

327,723

INDUSTRIALS - 17.6%

Aerospace & Defense - 0.4%

American Science & Engineering, Inc.

85,370

6,416

Teledyne Technologies, Inc. (a)

340,694

14,854

 

21,270

Air Freight & Logistics - 0.0%

Park-Ohio Holdings Corp. (a)

78,022

1,004

Airlines - 2.1%

AirTran Holdings, Inc. (a)

1,779,700

9,397

AMR Corp. (a)

670,630

4,949

Delta Air Lines, Inc. (a)

5,963,193

72,035

UAL Corp. (a)

280,400

6,051

US Airways Group, Inc. (a)

2,034,580

14,384

 

106,816

Building Products - 4.0%

Armstrong World Industries, Inc. (a)

1,161,830

50,598

Masco Corp.

2,733,379

44,363

Owens Corning (a)

3,157,308

109,811

Owens Corning warrants 10/31/13 (a)

406,600

1,931

 

206,703

Commercial Services & Supplies - 3.5%

ACCO Brands Corp. (a)

710,554

6,487

Cenveo, Inc. (a)(f)

3,858,300

33,066

Deluxe Corp.

1,749,127

36,679

R.R. Donnelley & Sons Co.

450,900

9,690

Republic Services, Inc.

1,928,875

59,853

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Commercial Services & Supplies - continued

The Brink's Co.

464,740

$ 12,376

Waste Management, Inc.

599,400

20,787

 

178,938

Construction & Engineering - 0.3%

Fluor Corp.

297,100

15,699

Great Lakes Dredge & Dock Corp.

429,400

2,327

 

18,026

Electrical Equipment - 1.9%

Baldor Electric Co.

404,900

15,552

Belden, Inc.

1,270,366

34,884

EnerSys (a)

198,902

5,148

General Cable Corp. (a)

441,500

12,614

Harbin Electric, Inc. (a)(e)

548,369

12,015

JA Solar Holdings Co. Ltd. ADR (a)

839,500

5,129

Polypore International, Inc. (a)

548,400

9,712

SunPower Corp. Class B (a)

178,606

2,686

 

97,740

Industrial Conglomerates - 0.7%

Carlisle Companies, Inc.

109,910

4,147

General Electric Co.

1,103,883

20,819

Textron, Inc.

550,200

12,567

 

37,533

Machinery - 2.8%

Accuride Corp. (a)

57,374

79

Accuride Corp. warrants 2/26/12 (a)

778,347

179

Badger Meter, Inc.

228,561

9,453

Cummins, Inc.

357,200

25,801

Ingersoll-Rand Co. Ltd.

1,063,600

39,332

Middleby Corp. (a)(e)

500,161

30,570

Mueller Water Products, Inc. Class A

1,202,599

6,735

Navistar International Corp. (a)

169,800

8,208

Thermadyne Holdings Corp. (a)

64,900

712

Timken Co.

464,948

16,357

WABCO Holdings, Inc. (a)

211,533

7,021

 

144,447

Marine - 0.6%

Diana Shipping, Inc. (a)

277,900

4,257

Genco Shipping & Trading Ltd. (a)(e)

380,323

8,808

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Marine - continued

Navios Maritime Holdings, Inc.

2,162,794

$ 15,010

OceanFreight, Inc. (a)

740,600

548

 

28,623

Road & Rail - 1.1%

Avis Budget Group, Inc. (a)

830,314

12,554

CSX Corp.

109,400

6,132

Hertz Global Holdings, Inc. (a)(e)

2,598,600

37,576

 

56,262

Trading Companies & Distributors - 0.2%

H&E Equipment Services, Inc. (a)

12,900

152

Houston Wire & Cable Co. (e)

656,176

8,629

 

8,781

TOTAL INDUSTRIALS

906,143

INFORMATION TECHNOLOGY - 9.8%

Communications Equipment - 0.3%

CommScope, Inc. (a)

459,254

14,962

Electronic Equipment & Components - 2.8%

Avnet, Inc. (a)

328,000

10,486

Bell Microproducts, Inc. (a)

623,761

4,366

DDi Corp. (a)

295,899

2,533

Flextronics International Ltd. (a)

13,661,463

105,876

TTM Technologies, Inc. (a)

1,402,619

15,232

Viasystems Group, Inc. (a)

290,108

6,237

 

144,730

Internet Software & Services - 0.2%

NetEase.com, Inc. sponsored ADR (a)

191,500

6,678

VeriSign, Inc. (a)

194,300

5,299

 

11,977

IT Services - 1.2%

Alliance Data Systems Corp. (a)(e)

605,827

45,473

CACI International, Inc. Class A (a)

248,000

11,763

Cognizant Technology Solutions Corp. Class A (a)

56,200

2,876

 

60,112

Semiconductors & Semiconductor Equipment - 5.2%

Amkor Technology, Inc. (a)(e)

5,242,218

39,526

Cypress Semiconductor Corp. (a)

651,200

8,394

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Fairchild Semiconductor International, Inc. (a)

548,500

$ 6,154

Intel Corp.

693,100

15,823

Micron Technology, Inc. (a)

1,645,200

15,383

ON Semiconductor Corp. (a)(f)

23,079,802

183,252

 

268,532

Software - 0.1%

Nuance Communications, Inc. (a)

163,600

2,989

TOTAL INFORMATION TECHNOLOGY

503,302

MATERIALS - 10.9%

Chemicals - 8.6%

Albemarle Corp.

1,163,406

53,121

Arch Chemicals, Inc.

344,342

11,711

Celanese Corp. Class A

4,043,435

129,349

Dow Chemical Co.

1,284,894

39,613

Ferro Corp. (a)

722,400

7,889

FMC Corp.

178,600

11,366

Georgia Gulf Corp. (a)

173,861

3,482

H.B. Fuller Co.

1,582,241

37,104

Lyondell Chemical Co.:

Class A, (a)(h)

109,430

2,462

Class B, (a)(h)

1,321,934

29,744

LyondellBasell Industries AF SCA Class A

1,381,736

30,813

Nalco Holding Co.

894,300

22,116

Phosphate Holdings, Inc. (a)

307,500

3,213

Pliant Corp. (a)

567

0

Solutia, Inc. (a)

716,300

12,607

W.R. Grace & Co. (a)

1,601,519

46,268

 

440,858

Containers & Packaging - 0.6%

Owens-Illinois, Inc. (a)

421,000

14,920

Rock-Tenn Co. Class A

355,202

18,328

 

33,248

Metals & Mining - 1.2%

AngloGold Ashanti Ltd. sponsored ADR

526,100

22,023

Compass Minerals International, Inc.

258,500

19,468

Ormet Corp. (a)

330,000

1,485

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - continued

Ormet Corp. (a)(i)

1,075,000

$ 4,838

Teck Resources Ltd. Class B (sub. vtg.)

417,300

16,393

 

64,207

Paper & Forest Products - 0.5%

Domtar Corp. (a)

203,041

14,383

Neenah Paper, Inc.

518,300

9,070

 

23,453

TOTAL MATERIALS

561,766

TELECOMMUNICATION SERVICES - 3.0%

Diversified Telecommunication Services - 0.9%

Level 3 Communications, Inc. (a)

2,000,000

3,120

PAETEC Holding Corp. (a)

2,980,233

14,842

Qwest Communications International, Inc.

4,637,500

24,254

tw telecom, inc. (a)

332,497

5,918

 

48,134

Wireless Telecommunication Services - 2.1%

Crown Castle International Corp. (a)

1,036,011

39,213

Sprint Nextel Corp. (a)

5,692,987

24,195

Syniverse Holdings, Inc. (a)

2,244,438

45,068

 

108,476

TOTAL TELECOMMUNICATION SERVICES

156,610

UTILITIES - 3.6%

Gas Utilities - 0.3%

ONEOK, Inc.

317,600

15,607

Independent Power Producers & Energy Traders - 3.3%

AES Corp.

10,901,923

125,808

Calpine Corp. (a)

2,479,900

33,801

NRG Energy, Inc. (a)

454,528

10,986

 

170,595

TOTAL UTILITIES

186,202

TOTAL COMMON STOCKS

(Cost $4,279,633)

4,768,576

Preferred Stocks - 0.3%

Shares

Value (000s)

Convertible Preferred Stocks - 0.2%

ENERGY - 0.2%

Oil, Gas & Consumable Fuels - 0.2%

El Paso Corp. 4.99%

11,200

$ 11,761

Nonconvertible Preferred Stocks - 0.1%

CONSUMER STAPLES - 0.1%

Personal Products - 0.1%

Revlon, Inc. Series A 12.75%

639,576

3,671

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

GMAC, Inc. 7.00% (g)

944

795

TOTAL NONCONVERTIBLE PREFERRED STOCKS

4,466

TOTAL PREFERRED STOCKS

(Cost $16,979)

16,227

Nonconvertible Bonds - 1.7%

 

Principal Amount (000s)

 

CONSUMER DISCRETIONARY - 0.9%

Automobiles - 0.9%

General Motors Corp.:

6.75% 5/1/28 (d)

$ 3,075

1,092

7.125% 7/15/13 (d)

8,320

3,058

7.2% 1/15/11 (d)

22,980

8,503

8.25% 7/15/23 (d)

25,035

9,263

8.375% 7/15/33 (d)

50,210

19,205

8.8% 3/1/21 (d)

10,765

3,848

 

44,969

Hotels, Restaurants & Leisure - 0.0%

Station Casinos, Inc.:

6% 4/1/12 (d)

8,360

606

7.75% 8/15/16 (d)

9,380

481

 

1,087

TOTAL CONSUMER DISCRETIONARY

46,056

Nonconvertible Bonds - continued

 

Principal Amount (000s)

Value (000s)

FINANCIALS - 0.3%

Consumer Finance - 0.3%

GMAC LLC 8% 12/31/18

$ 13,924

$ 13,820

INDUSTRIALS - 0.0%

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

INFORMATION TECHNOLOGY - 0.1%

Semiconductors & Semiconductor Equipment - 0.1%

NXP BV:

7.875% 10/15/14

4,362

4,297

10% 7/15/13 (g)

1,655

1,754

 

6,051

TELECOMMUNICATION SERVICES - 0.4%

Diversified Telecommunication Services - 0.4%

Sprint Capital Corp.:

6.875% 11/15/28

14,800

12,876

6.9% 5/1/19

10,410

9,850

 

22,726

TOTAL NONCONVERTIBLE BONDS

(Cost $51,115)

88,747

Floating Rate Loans - 1.2%

 

CONSUMER DISCRETIONARY - 0.2%

Media - 0.2%

Univision Communications, Inc. Tranche 1LN, term loan 2.5401% 9/29/14 (h)

10,870

9,865

INDUSTRIALS - 0.5%

Airlines - 0.5%

Delta Air Lines, Inc. Tranche 2LN, term loan 3.5478% 4/30/14 (h)

17,163

16,091

US Airways Group, Inc. term loan 2.8128% 3/23/14 (h)

9,987

8,265

 

24,356

Floating Rate Loans - continued

 

Principal Amount (000s)

Value (000s)

INFORMATION TECHNOLOGY - 0.3%

Semiconductors & Semiconductor Equipment - 0.3%

Freescale Semiconductor, Inc. term loan 4.4986% 12/1/16 (h)

$ 18,213

$ 17,507

TELECOMMUNICATION SERVICES - 0.1%

Diversified Telecommunication Services - 0.1%

FairPoint Communications, Inc. Tranche B, term loan 3/31/15 (d)(h)

8,250

6,827

UTILITIES - 0.1%

Electric Utilities - 0.1%

Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B2, term loan 3.7517% 10/10/14 (h)

5,721

4,677

TOTAL FLOATING RATE LOANS

(Cost $55,490)

63,232

Other - 0.0%

Shares

 

Other - 0.0%

Delta Air Lines ALPA Claim (a)
(Cost $519)

64,750,000

1,295

Money Market Funds - 8.4%

 

 

 

 

Fidelity Cash Central Fund, 0.21% (b)

276,404,519

276,405

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

155,571,298

155,571

TOTAL MONEY MARKET FUNDS

(Cost $431,976)

431,976

TOTAL INVESTMENT PORTFOLIO - 104.1%

(Cost $4,835,712)

5,370,053

NET OTHER ASSETS - (4.1)%

(212,502)

NET ASSETS - 100%

$ 5,157,551

Legend

(a) Non-income producing

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

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

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

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

(f) Affiliated company

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,590,000 or 0.1% of net assets.

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

(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,838,000 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

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

$ 291

Fidelity Securities Lending Cash Central Fund

226

Total

$ 517

Other Affiliated Issuers

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

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

Cenveo, Inc.

$ 18,636

$ -

$ -

$ -

$ 33,066

Gray Television, Inc.

978

954

-

-

9,005

Merix Corp.

2,766

-

-

-

-

Nexstar Broadcasting Group, Inc. Class A

904

-

-

-

7,552

ON Semiconductor Corp.

168,477

-

-

-

183,252

Service Corp. International

110,637

3,332

2,630

2,125

158,552

Tenet Healthcare Corp.

103,351

2,090

24,404

-

-

Total

$ 405,749

$ 6,376

$ 27,034

$ 2,125

$ 391,427

Other Information

The following is a summary of the inputs used, as of April 30, 2010, 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

$ 764,625

$ 764,625

$ -

$ -

Consumer Staples

134,348

130,677

-

3,671

Energy

609,823

590,626

19,197

-

Financials

634,261

633,466

795

-

Health Care

327,723

327,723

-

-

Industrials

906,143

906,143

-

-

Information Technology

503,302

503,302

-

-

Materials

561,766

526,078

35,688

-

Telecommunication Services

156,610

156,610

-

-

Utilities

186,202

186,202

-

-

Corporate Bonds

88,747

-

88,653

94

Floating Rate Loans

63,232

-

63,232

-

Other

1,295

-

-

1,295

Money Market Funds

431,976

431,976

-

-

Total Investments in Securities:

$ 5,370,053

$ 5,157,428

$ 207,565

$ 5,060

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)

809

Cost of Purchases

3,671

Proceeds of Sales

(1,401)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

(553)

Ending Balance

$ 5,060

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ 809

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 the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $4,881,065,000. Net unrealized appreciation aggregated $488,988,000, of which $1,166,476,000 related to appreciated investment securities and $677,488,000 related to depreciated investment securities.

Investment Valuation

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

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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® OTC Portfolio -
OTC
Class K

April 30, 2010 

1.800345.106

OTC-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 12.8%

Diversified Consumer Services - 1.2%

Coinstar, Inc. (a)(d)

264,600

$ 11,738

Strayer Education, Inc. (d)

289,403

70,360

 

82,098

Hotels, Restaurants & Leisure - 1.7%

Ameristar Casinos, Inc.

231,700

4,363

BJ's Restaurants, Inc. (a)

569,500

13,742

Starbucks Corp.

2,743,800

71,284

Starwood Hotels & Resorts Worldwide, Inc.

247,300

13,480

Wyndham Worldwide Corp.

413,600

11,089

 

113,958

Household Durables - 0.9%

iRobot Corp. (a)(d)(e)

1,688,286

34,070

Lennar Corp. Class A

231,900

4,615

Pulte Group, Inc. (a)

737,800

9,658

Techtronic Industries Co. Ltd.

15,937,000

16,560

 

64,903

Internet & Catalog Retail - 2.5%

Amazon.com, Inc. (a)

1,063,600

145,777

Netflix, Inc. (a)(d)

250,500

24,742

 

170,519

Media - 3.2%

Comcast Corp. Class A

5,175,600

102,166

DIRECTV (a)

2,001,000

72,496

Discovery Communications, Inc. (a)

496,200

19,203

Liberty Global, Inc. Class A (a)(d)

793,700

21,755

 

215,620

Specialty Retail - 2.2%

Citi Trends, Inc. (a)

692,537

23,228

Coldwater Creek, Inc. (a)

1,857,100

13,148

O'Reilly Automotive, Inc. (a)

1,318,900

64,481

Staples, Inc.

1,323,000

31,130

Urban Outfitters, Inc. (a)

517,100

19,396

 

151,383

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - 1.1%

Lululemon Athletica, Inc. (a)(d)

1,006,173

$ 37,852

Polo Ralph Lauren Corp. Class A

450,500

40,500

 

78,352

TOTAL CONSUMER DISCRETIONARY

876,833

CONSUMER STAPLES - 0.8%

Food & Staples Retailing - 0.7%

Costco Wholesale Corp.

308,600

18,232

Whole Foods Market, Inc. (a)

844,400

32,948

 

51,180

Household Products - 0.1%

Energizer Holdings, Inc. (a)

101,300

6,189

TOTAL CONSUMER STAPLES

57,369

ENERGY - 2.5%

Energy Equipment & Services - 2.2%

Baker Hughes, Inc.

1,229,000

61,155

ION Geophysical Corp. (a)

1,818,600

10,930

Schlumberger Ltd.

503,300

35,946

Weatherford International Ltd. (a)

2,471,000

44,750

 

152,781

Oil, Gas & Consumable Fuels - 0.3%

Massey Energy Co.

273,400

10,015

Southwestern Energy Co. (a)

252,300

10,011

 

20,026

TOTAL ENERGY

172,807

FINANCIALS - 6.3%

Capital Markets - 0.2%

Northern Trust Corp.

308,400

16,956

Commercial Banks - 3.5%

Associated Banc-Corp.

1,413,800

20,543

BB&T Corp.

589,000

19,578

Comerica, Inc.

445,500

18,711

CVB Financial Corp. (d)

734,600

8,088

FirstMerit Corp.

1,190,100

27,967

Huntington Bancshares, Inc.

2,402,400

16,264

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

National Penn Bancshares, Inc.

1,039,398

$ 7,608

PrivateBancorp, Inc.

726,800

10,408

Regions Financial Corp.

2,494,100

22,048

Sumitomo Mitsui Financial Group, Inc. ADR

2,023,700

6,496

SunTrust Banks, Inc.

909,900

26,933

SVB Financial Group (a)

392,600

19,328

Wells Fargo & Co.

1,101,400

36,467

 

240,439

Diversified Financial Services - 1.0%

Bank of America Corp.

519,000

9,254

CME Group, Inc.

116,800

38,358

JPMorgan Chase & Co.

378,800

16,129

NBH Holdings Corp. Class A (a)(f)

110,800

2,188

 

65,929

Insurance - 0.8%

CNinsure, Inc. ADR (d)

308,400

8,555

Genworth Financial, Inc. Class A (a)

1,000,000

16,520

MBIA, Inc. (a)(d)

2,103,000

20,147

Protective Life Corp.

284,700

6,853

 

52,075

Thrifts & Mortgage Finance - 0.8%

First Niagara Financial Group, Inc.

1,663,100

23,117

The PMI Group, Inc. (a)

749,300

3,904

Washington Federal, Inc.

1,242,470

25,558

 

52,579

TOTAL FINANCIALS

427,978

HEALTH CARE - 15.8%

Biotechnology - 9.1%

Alexion Pharmaceuticals, Inc. (a)

829,660

45,532

Allos Therapeutics, Inc. (a)(d)

684,200

5,405

Alnylam Pharmaceuticals, Inc. (a)

574,300

9,740

Amgen, Inc. (a)

2,256,500

129,433

Amylin Pharmaceuticals, Inc. (a)

1,544,809

31,885

ARIAD Pharmaceuticals, Inc. (a)

2,725,900

9,595

BioMarin Pharmaceutical, Inc. (a)

346,400

8,095

Cephalon, Inc. (a)

686,800

44,093

Cepheid, Inc. (a)

678,900

13,571

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Dendreon Corp. (a)(d)

1,353,100

$ 73,365

Genzyme Corp. (a)

1,023,300

54,480

Human Genome Sciences, Inc. (a)(d)

2,523,612

69,879

ImmunoGen, Inc. (a)(d)

297,309

2,946

Inhibitex, Inc. (a)(d)

1,624,455

3,996

InterMune, Inc. (a)

656,637

27,946

Isis Pharmaceuticals, Inc. (a)

1,523,949

16,382

NPS Pharmaceuticals, Inc. (a)

911,500

6,353

OREXIGEN Therapeutics, Inc. (a)(d)

2,235,084

15,154

Pharmasset, Inc. (a)

179,000

5,800

Rigel Pharmaceuticals, Inc. (a)

833,284

6,475

Seattle Genetics, Inc. (a)

1,465,403

18,464

Targacept, Inc. (a)

226,549

5,392

Vertex Pharmaceuticals, Inc. (a)

506,788

19,648

 

623,629

Health Care Equipment & Supplies - 3.0%

Abiomed, Inc. (a)(d)(e)

2,164,172

20,863

AGA Medical Holdings, Inc.

335,400

5,393

Alphatec Holdings, Inc. (a)(e)

5,168,467

34,525

Elekta AB (B Shares)

347,500

9,026

Intuitive Surgical, Inc. (a)

23,900

8,617

Mako Surgical Corp. (a)(d)

1,181,663

16,579

NuVasive, Inc. (a)

599,700

24,948

Thoratec Corp. (a)(d)

1,920,415

85,631

 

205,582

Health Care Providers & Services - 0.4%

Express Scripts, Inc. (a)

279,010

27,937

Health Care Technology - 0.6%

athenahealth, Inc. (a)(d)

481,800

13,982

SXC Health Solutions Corp. (a)

333,300

23,166

 

37,148

Life Sciences Tools & Services - 1.3%

Illumina, Inc. (a)(d)

1,177,192

49,289

Illumina, Inc.:

warrants 11/20/10 (a)(g)

354,776

4,918

warrants 1/19/11 (a)(g)

452,917

6,309

QIAGEN NV (a)

1,309,600

29,924

 

90,440

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - 1.4%

Elan Corp. PLC sponsored ADR (a)

2,013,451

$ 13,530

Shire PLC sponsored ADR

142,200

9,362

Teva Pharmaceutical Industries Ltd. sponsored ADR

1,221,773

71,755

 

94,647

TOTAL HEALTH CARE

1,079,383

INDUSTRIALS - 4.9%

Aerospace & Defense - 0.8%

AeroVironment, Inc. (a)(d)(e)

1,745,205

45,689

BE Aerospace, Inc. (a)

386,200

11,474

 

57,163

Air Freight & Logistics - 0.5%

C.H. Robinson Worldwide, Inc.

616,100

37,151

Airlines - 0.9%

Continental Airlines, Inc. Class B (a)

1,010,084

22,575

UAL Corp. (a)(d)

1,923,800

41,516

 

64,091

Construction & Engineering - 0.8%

Fluor Corp.

1,000,300

52,856

Electrical Equipment - 0.8%

First Solar, Inc. (a)(d)

235,036

33,739

Fushi Copperweld, Inc. (a)

916,200

10,133

Saft Groupe SA

135,900

4,937

SunPower Corp. Class A (a)(d)

196,189

3,247

 

52,056

Machinery - 0.5%

Altra Holdings, Inc. (a)

438,800

6,652

PACCAR, Inc.

528,299

24,576

 

31,228

Road & Rail - 0.3%

CSX Corp.

269,000

15,077

Saia, Inc. (a)

300,000

4,971

 

20,048

Trading Companies & Distributors - 0.3%

DXP Enterprises, Inc. (a)

312,715

5,188

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Trading Companies & Distributors - continued

Interline Brands, Inc. (a)

409,400

$ 8,520

Rush Enterprises, Inc. Class A (a)

258,100

4,186

 

17,894

TOTAL INDUSTRIALS

332,487

INFORMATION TECHNOLOGY - 52.0%

Communications Equipment - 8.2%

Cisco Systems, Inc. (a)

6,401,200

172,320

Juniper Networks, Inc. (a)

233,100

6,622

Palm, Inc. (a)(d)

4,206,887

24,400

QUALCOMM, Inc.

3,333,800

129,151

Research In Motion Ltd. (a)

2,562,200

182,403

Riverbed Technology, Inc. (a)

905,400

28,058

ViaSat, Inc. (a)

565,700

20,054

 

563,008

Computers & Peripherals - 9.1%

Apple, Inc. (a)

2,102,800

549,088

Hewlett-Packard Co.

132,100

6,865

Isilon Systems, Inc. (a)

1,509,727

19,596

SanDisk Corp. (a)

740,850

29,553

Seagate Technology (a)

980,300

18,008

 

623,110

Electronic Equipment & Components - 0.8%

BYD Co. Ltd. (H Shares) (a)(d)

790,000

7,014

FLIR Systems, Inc. (a)

1,533,600

46,913

Prime View International Co. Ltd. sponsored GDR (a)(f)

44,300

867

 

54,794

Internet Software & Services - 6.5%

Baidu.com, Inc. sponsored ADR (a)

14,000

9,650

eBay, Inc. (a)

4,730,100

112,624

Google, Inc. Class A (a)

486,940

255,858

Monster Worldwide, Inc. (a)

243,500

4,244

OpenTable, Inc.

143,100

5,561

QuinStreet, Inc.

477,700

8,068

Rackspace Hosting, Inc. (a)

1,476,500

26,503

VistaPrint Ltd. (a)

381,300

19,667

 

442,175

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - 0.9%

Cognizant Technology Solutions Corp. Class A (a)

600,045

$ 30,710

Echo Global Logistics, Inc. (d)

242,900

3,277

Fiserv, Inc. (a)

383,200

19,578

Genpact Ltd. (a)

264,500

4,465

RightNow Technologies, Inc. (a)

95,326

1,563

 

59,593

Semiconductors & Semiconductor Equipment - 9.5%

Amkor Technology, Inc. (a)(d)

1,774,727

13,381

ASML Holding NV (NY Shares)

1,554,100

50,757

Avago Technologies Ltd.

1,180,592

24,226

Cree, Inc. (a)

227,600

16,663

Cymer, Inc. (a)

497,242

16,981

Cypress Semiconductor Corp. (a)

821,550

10,590

Intel Corp.

4,663,200

106,461

Lam Research Corp. (a)

1,180,500

47,869

Marvell Technology Group Ltd. (a)

2,241,300

46,283

Mellanox Technologies Ltd. (a)

1,009,751

25,042

Micron Technology, Inc. (a)

1,668,900

15,604

Monolithic Power Systems, Inc. (a)

1,050,000

25,883

NVIDIA Corp. (a)

11,793,200

185,389

Standard Microsystems Corp. (a)

444,600

11,417

Varian Semiconductor Equipment Associates, Inc. (a)

627,049

20,655

Volterra Semiconductor Corp. (a)(e)

1,322,300

31,682

 

648,883

Software - 17.0%

Adobe Systems, Inc. (a)

3,596,500

120,806

ArcSight, Inc. (a)

497,712

11,313

Ariba, Inc. (a)

1,260,396

17,986

Blackboard, Inc. (a)(d)

687,473

29,252

BMC Software, Inc. (a)

169,900

6,687

Check Point Software Technologies Ltd. (a)

1,840,400

65,555

DemandTec, Inc. (a)(d)

972,150

6,572

Gameloft (a)(e)

7,204,888

38,123

Informatica Corp. (a)

554,200

13,861

Microsoft Corp.

17,030,900

520,124

NCsoft Corp.

49,662

7,383

Nuance Communications, Inc. (a)

303,000

5,536

Oracle Corp.

5,380,700

139,037

Perfect World Co. Ltd. sponsored ADR Class B (a)(d)

3,260,621

109,133

SuccessFactors, Inc. (a)

644,629

13,492

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Taleo Corp. Class A (a)

876,841

$ 22,780

TiVo, Inc. (a)

1,511,175

26,476

VMware, Inc. Class A (a)

214,000

13,191

 

1,167,307

TOTAL INFORMATION TECHNOLOGY

3,558,870

MATERIALS - 0.9%

Chemicals - 0.9%

Celanese Corp. Class A

195,800

6,264

CF Industries Holdings, Inc.

197,400

16,516

Dow Chemical Co.

1,094,200

33,734

Solutia, Inc. (a)

379,689

6,683

 

63,197

TELECOMMUNICATION SERVICES - 3.8%

Diversified Telecommunication Services - 0.6%

Cbeyond, Inc. (a)(d)

577,890

8,888

Global Crossing Ltd. (a)

2,424,375

36,002

 

44,890

Wireless Telecommunication Services - 3.2%

Clearwire Corp.:

rights 6/21/10 (a)(d)

3,206,700

705

Class A (a)(d)

3,206,700

24,756

MetroPCS Communications, Inc. (a)

760,900

5,806

Sprint Nextel Corp. (a)

43,946,256

186,772

 

218,039

TOTAL TELECOMMUNICATION SERVICES

262,929

TOTAL COMMON STOCKS

(Cost $6,075,522)

6,831,853

Convertible Preferred Stocks - 0.2%

 

 

 

 

FINANCIALS - 0.2%

Commercial Banks - 0.2%

Popular, Inc. Series D (a)

(Cost $11,730)

469,200

15,348

Money Market Funds - 3.4%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.21% (b)

11,849,646

$ 11,850

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

220,553,353

220,553

TOTAL MONEY MARKET FUNDS

(Cost $232,403)

232,403

TOTAL INVESTMENT PORTFOLIO - 103.4%

(Cost $6,319,655)

7,079,604

NET OTHER ASSETS - (3.4)%

(234,224)

NET ASSETS - 100%

$ 6,845,380

Legend

(a) Non-income producing

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

(c) 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 $3,055,000 or 0.0% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $11,227,000 or 0.2% 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

$ -

Illumina, Inc. 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

$ 32

Fidelity Securities Lending Cash Central Fund

1,217

Total

$ 1,249

Other Affiliated Issuers

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

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

Abiomed, Inc.

$ 7,555

$ 11,469

$ 3,222

$ -

$ 20,863

AeroVironment, Inc.

-

34,578

2,771

-

45,689

Alphatec Holdings, Inc.

-

28,809

108

-

34,525

Citi Trends, Inc.

18,823

15,921

14,626

-

-

Gameloft

23,134

7,714

953

-

38,123

iRobot Corp.

-

22,455

1,013

-

34,070

Volterra Semiconductor Corp.

20,371

1,413

-

-

31,682

Total

$ 69,883

$ 122,359

$ 22,693

$ -

$ 204,952

Other Information

The following is a summary of the inputs used, as of April 30, 2010, 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

$ 876,833

$ 860,273

$ 16,560

$ -

Consumer Staples

57,369

57,369

-

-

Energy

172,807

172,807

-

-

Financials

443,326

441,138

-

2,188

Health Care

1,079,383

1,059,130

20,253

-

Industrials

332,487

327,550

4,937

-

Information Technology

3,558,870

3,506,350

52,520

-

Materials

63,197

63,197

-

-

Telecommunication Services

262,929

262,929

-

-

Money Market Funds

232,403

232,403

-

-

Total Investments in Securities:

$ 7,079,604

$ 6,983,146

$ 94,270

$ 2,188

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

$ -

Total Realized Gain (Loss)

(24)

Total Unrealized Gain (Loss)

(28)

Cost of Purchases

2,834

Proceeds of Sales

(594)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 2,188

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ (28)

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 the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $6,372,215,000. Net unrealized appreciation aggregated $707,389,000, of which $1,055,528,000 related to appreciated investment securities and $348,139,000 related to depreciated investment securities.

Investment Valuation

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Real Estate Income Fund

April 30, 2010 

1.800347.106

REI-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 21.3%

Shares

Value

CONSUMER DISCRETIONARY - 0.7%

Hotels, Restaurants & Leisure - 0.3%

Starwood Hotels & Resorts Worldwide, Inc.

60,900

$ 3,319,659

Household Durables - 0.4%

Stanley Martin Communities LLC Class B (a)

4,620

3,446,520

TOTAL CONSUMER DISCRETIONARY

6,766,179

FINANCIALS - 18.9%

Capital Markets - 0.1%

HFF, Inc. (a)

116,509

1,027,609

Real Estate Investment Trusts - 18.8%

Acadia Realty Trust (SBI)

690,249

13,169,951

Alexandria Real Estate Equities, Inc.

24,900

1,763,169

AMB Property Corp. (SBI)

204,600

5,700,156

American Campus Communities, Inc.

102,600

2,890,242

Annaly Capital Management, Inc.

350,750

5,945,213

Anworth Mortgage Asset Corp. (f)

376,100

2,523,631

Apartment Investment & Management Co. Class A

137,241

3,075,571

Associated Estates Realty Corp.

179,200

2,514,176

AvalonBay Communities, Inc.

47,425

4,934,097

Brandywine Realty Trust (SBI)

144,300

1,838,382

CapLease, Inc.

72,400

422,092

CBL & Associates Properties, Inc.

214,573

3,132,766

Cedar Shopping Centers, Inc.

151,800

1,208,328

Cypress Sharpridge Investments, Inc.

439,263

5,684,063

Cypress Sharpridge Investments, Inc. (g)

146,458

1,895,167

DCT Industrial Trust, Inc.

174,700

918,922

Developers Diversified Realty Corp.

44,400

545,676

Duke Realty LP

283,683

3,838,231

Equity Lifestyle Properties, Inc.

210,930

11,708,724

Equity Residential (SBI)

50,800

2,299,716

Excel Trust, Inc. (a)

182,900

2,359,410

Federal Realty Investment Trust (SBI)

22,100

1,710,319

Franklin Street Properties Corp. (f)

69,317

1,021,733

Government Properties Income Trust

73,500

1,992,585

Health Care REIT, Inc.

30,300

1,361,379

Highwoods Properties, Inc. (SBI)

98,200

3,139,454

Host Hotels & Resorts, Inc.

76,100

1,237,386

Kimco Realty Corp.

61,400

957,226

Lexington Corporate Properties Trust

62,000

438,960

MFA Financial, Inc.

2,173,481

15,453,440

Monmouth Real Estate Investment Corp. Class A

404,000

3,135,040

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

National Retail Properties, Inc.

141,500

$ 3,329,495

Nationwide Health Properties, Inc.

125,880

4,408,318

Pebblebrook Hotel Trust (a)

51,600

1,016,520

Piedmont Office Realty Trust, Inc. Class A

157,100

3,148,284

ProLogis Trust

194,366

2,559,800

Public Storage

21,100

2,044,801

Redwood Trust, Inc.

193,800

3,232,584

Regency Centers Corp.

121,700

4,995,785

Simon Property Group, Inc.

83,801

7,459,965

Sun Communities, Inc.

47,600

1,376,592

Sunstone Hotel Investors, Inc. (a)

467,400

5,950,002

The Macerich Co.

74,975

3,352,132

Two Harbors Investment Corp. (f)

243,938

2,166,169

UDR, Inc.

77,201

1,567,952

Ventas, Inc.

254,680

12,028,536

Vornado Realty Trust

41,890

3,492,369

Winthrop Realty Trust

13,066

176,391

 

171,120,900

Thrifts & Mortgage Finance - 0.0%

Wrightwood Capital LLC warrants 7/31/14 (a)(g)

60,681

607

TOTAL FINANCIALS

172,149,116

HEALTH CARE - 1.4%

Health Care Providers & Services - 1.4%

Brookdale Senior Living, Inc. (a)

254,500

5,471,750

Capital Senior Living Corp. (a)

318,650

1,676,099

Emeritus Corp. (a)(f)

243,100

5,445,440

 

12,593,289

MATERIALS - 0.3%

Paper & Forest Products - 0.3%

Weyerhaeuser Co.

61,500

3,045,480

TOTAL COMMON STOCKS

(Cost $156,193,515)

194,554,064

Preferred Stocks - 9.9%

Shares

Value

Convertible Preferred Stocks - 1.5%

FINANCIALS - 1.5%

Real Estate Investment Trusts - 1.1%

Alexandria Real Estate Equities, Inc. Series D 7.00%

20,000

$ 465,800

HRPT Properties Trust 6.50%

80,000

1,605,000

Lexington Corporate Properties Trust Series C 6.50%

204,710

7,817,363

 

9,888,163

Real Estate Management & Development - 0.4%

Forest City Enterprises, Inc. Series A 7.00% (a)

10,000

631,823

Grubb & Ellis Co.:

12.00% (g)

22,500

2,655,000

12.00% (a)(g)

5,000

590,000

 

3,876,823

TOTAL FINANCIALS

13,764,986

Nonconvertible Preferred Stocks - 8.4%

FINANCIALS - 8.4%

Diversified Financial Services - 0.4%

DRA CRT Acquisition Corp. Series A, 8.50%

25,000

325,000

Red Lion Hotels Capital Trust 9.50%

154,625

3,788,313

W2007 Grace Acquisition I, Inc. Series B, 8.75% (a)

35,300

4,766

 

4,118,079

Real Estate Investment Trusts - 8.0%

Alexandria Real Estate Equities, Inc. Series C, 8.375%

67,000

1,688,400

American Home Mortgage Investment Corp.:

Series A, 9.375% (a)

120,300

12

Series B, 9.25% (a)

124,100

12

Annaly Capital Management, Inc. Series A, 7.875%

164,900

4,130,745

Anworth Mortgage Asset Corp. Series A, 8.625%

229,327

5,664,377

Apartment Investment & Management Co.:

Series G, 9.375%

131,498

3,337,419

Series T, 8.00%

57,500

1,390,925

CapLease, Inc. Series A, 8.125%

43,400

1,058,092

CBL & Associates Properties, Inc.:

(depositary shares) Series C, 7.75%

20,000

460,000

7.375%

35,000

766,500

Cedar Shopping Centers, Inc. 8.875%

113,101

2,792,464

CenterPoint Properties Trust Series D, 5.377%

3,575

1,626,625

Colonial Properties Trust (depositary shares) Series D, 8.125%

39,000

959,790

Corporate Office Properties Trust Series H, 7.50%

5,000

120,150

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

Cousins Properties, Inc. Series A, 7.75%

80,000

$ 1,879,200

Developers Diversified Realty Corp. (depositary shares)
Series G, 8.00%

39,700

958,358

Digital Realty Trust, Inc. Series A, 8.50%

75,000

1,916,250

Duke Realty LP:

8.375%

128,517

3,270,758

Series L, 6.60%

10,666

233,692

Eagle Hospitality Properties Trust, Inc. 8.25% (a)

24,000

2,400

Glimcher Realty Trust Series G, 8.125%

37,500

843,750

Highwoods Properties, Inc. Series B, 8.00%

300

7,617

HomeBanc Mortgage Corp. Series A, 10.00% (a)

104,685

1

Hospitality Properties Trust:

Series B, 8.875%

82,600

2,102,170

Series C, 7.00%

58,500

1,338,480

Host Hotels & Resorts, Inc. Series E, 8.875%

39,200

1,004,696

HRPT Properties Trust Series B, 8.75%

24,561

617,464

Innkeepers USA Trust Series C, 8.00% (a)

62,400

43,680

Kimco Realty Corp. Series G, 7.75%

77,300

1,993,567

LaSalle Hotel Properties:

Series B, 8.375%

26,800

650,436

Series E, 8.00%

42,750

1,013,175

Series G, 7.25%

21,960

506,398

LBA Realty Fund II:

Series A, 8.75% (a)

69,000

1,932,000

Series B, 7.625% (a)

31,240

484,220

Lexington Corporate Properties Trust Series B, 8.05%

29,000

673,670

Lexington Realty Trust 7.55%

23,800

535,500

LTC Properties, Inc. Series F, 8.00%

86,900

2,147,299

MFA Financial, Inc. Series A, 8.50%

316,899

7,919,306

Mid-America Apartment Communities, Inc. Series H, 8.30%

30,800

785,708

Omega Healthcare Investors, Inc. Series D, 8.375%

59,600

1,504,304

Parkway Properties, Inc. Series D, 8.00%

25,000

612,500

ProLogis Trust Series C, 8.54%

84,446

4,151,053

PS Business Parks, Inc.:

(depositary shares) Series L, 7.60%

30,890

766,999

Series P, 6.70%

35,000

793,800

Public Storage:

(depositary shares)

54,800

1,381,508

Series I, 7.25%

10,828

275,139

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

Public Storage: - continued

Series K, 7.25%

21,418

$ 548,729

Series L, 6.75%

1,900

47,120

Series N, 7.00%

4,200

105,840

Realty Income Corp. 6.75%

600

14,796

Regency Centers Corp.:

7.25%

10,000

236,000

Series C 7.45%

18,000

433,440

Saul Centers, Inc. 8.00%

93,700

2,337,815

Sunstone Hotel Investors, Inc. Series A, 8.00%

61,200

1,454,112

Weingarten Realty Investors (SBI) Series F, 6.50%

56,230

1,260,114

 

72,778,575

TOTAL FINANCIALS

76,896,654

TOTAL PREFERRED STOCKS

(Cost $102,629,976)

90,661,640

Corporate Bonds - 35.2%

 

Principal Amount (e)

 

Convertible Bonds - 12.5%

CONSUMER DISCRETIONARY - 0.1%

Hotels, Restaurants & Leisure - 0.1%

Morgans Hotel Group Co. 2.375% 10/15/14

$ 1,340,000

1,011,700

FINANCIALS - 12.4%

Real Estate Investment Trusts - 7.7%

Acadia Realty Trust 3.75% 12/15/26

11,505,000

11,332,425

Alexandria Real Estate Equities, Inc. 3.7% 1/15/27 (g)

6,895,000

6,772,959

Annaly Capital Management, Inc. 4% 2/15/15

1,000,000

1,021,875

BRE Properties, Inc. 4.125% 8/15/26

7,800,000

7,882,875

CapLease, Inc. 7.5% 10/1/27 (g)

5,180,000

5,167,050

Hospitality Properties Trust 3.8% 3/15/27

5,100,000

5,119,125

Inland Real Estate Corp. 4.625% 11/15/26

9,370,000

9,182,600

Lexington Corporate Properties Trust 6% 1/15/30 (g)

5,000,000

5,546,875

ProLogis Trust:

1.875% 11/15/37

2,450,000

2,278,500

Corporate Bonds - continued

 

Principal Amount (e)

Value

Convertible Bonds - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

ProLogis Trust: - continued

2.625% 5/15/38

$ 1,500,000

$ 1,400,625

The Macerich Co. 3.25% 3/15/12 (g)

4,800,000

4,698,000

United Dominion Realty Trust, Inc. 3.625% 9/15/11

6,000,000

6,000,000

Washington (REIT):

3.875% 9/15/26

1,600,000

1,598,000

3.875% 9/15/26

2,450,000

2,446,938

 

70,447,847

Real Estate Management & Development - 4.7%

BioMed Realty LP 4.5% 10/1/26 (g)

2,500,000

2,500,000

Brandywine Operating Partnership LP 3.875% 10/15/26

1,000,000

992,500

Corporate Office Properties LP:

3.5% 9/15/26 (g)

3,280,000

3,290,824

4.25% 4/15/30 (g)

2,000,000

2,017,000

Duke Realty LP 3.75% 12/1/11 (g)

2,650,000

2,663,250

ERP Operating LP 3.85% 8/15/26

5,500,000

5,558,438

First Potomac Realty Investment LP 4% 12/15/11 (g)

1,600,000

1,560,000

Home Properties, Inc. 4.125% 11/1/26 (g)

2,100,000

2,086,875

Kilroy Realty LP 3.25% 4/15/12 (g)

5,400,000

5,285,250

Lexington Master Ltd. Partnership 5.45% 1/15/27 (g)

14,950,000

14,931,313

MPT Operating Partnership LP 9.25% 4/1/13 (g)

1,000,000

1,086,800

SL Green Realty Corp. 3% 3/30/27 (g)

500,000

484,375

 

42,456,625

TOTAL FINANCIALS

112,904,472

TOTAL CONVERTIBLE BONDS

113,916,172

Nonconvertible Bonds - 22.7%

CONSUMER DISCRETIONARY - 3.1%

Hotels, Restaurants & Leisure - 0.1%

Times Square Hotel Trust 8.528% 8/1/26 (g)

851,233

854,893

Household Durables - 2.7%

KB Home:

5.75% 2/1/14

510,000

498,525

5.875% 1/15/15

2,000,000

1,930,000

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Household Durables - continued

KB Home: - continued

6.25% 6/15/15

$ 3,500,000

$ 3,425,625

9.1% 9/15/17

1,000,000

1,072,500

Lennar Corp.:

5.5% 9/1/14

1,000,000

972,500

5.95% 10/17/11

1,000,000

1,025,000

6.95% 6/1/18 (g)

1,000,000

975,000

M/I Homes, Inc. 6.875% 4/1/12

2,150,000

2,107,000

Meritage Homes Corp.:

6.25% 3/15/15

2,500,000

2,406,250

7.15% 4/15/20 (g)

1,500,000

1,451,250

Ryland Group, Inc. 8.4% 5/15/17

745,000

821,363

Standard Pacific Corp.:

6.25% 4/1/14

2,700,000

2,619,000

7.75% 3/15/13

1,335,000

1,345,013

8.375% 5/15/18 (h)

2,245,000

2,281,369

10.75% 9/15/16

1,000,000

1,125,000

 

24,055,395

Specialty Retail - 0.3%

Toys 'R' Us Property Co. I LLC 10.75% 7/15/17 (g)

2,490,000

2,819,925

TOTAL CONSUMER DISCRETIONARY

27,730,213

CONSUMER STAPLES - 0.3%

Food & Staples Retailing - 0.3%

Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20

1,281,883

1,429,300

C&S Group Enterprises LLC 8.375% 5/1/17 (g)

1,630,000

1,625,925

 

3,055,225

FINANCIALS - 18.8%

Commercial Banks - 0.2%

CapitalSource, Inc. 12.75% 7/15/14 (g)

1,500,000

1,728,750

Diversified Financial Services - 0.3%

Icahn Enterprises LP/Icahn Enterprises Finance Corp. 7.75% 1/15/16 (g)

3,000,000

2,925,000

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - continued

Real Estate Investment Trusts - 10.9%

AvalonBay Communities, Inc.:

5.5% 1/15/12

$ 527,000

$ 555,444

6.625% 9/15/11

393,000

418,620

Camden Property Trust 5% 6/15/15

1,100,000

1,106,029

Commercial Net Lease Realty, Inc.:

6.15% 12/15/15

800,000

815,273

6.25% 6/15/14

3,005,000

3,119,806

Developers Diversified Realty Corp.:

4.625% 8/1/10

900,000

902,408

5.375% 10/15/12

500,000

506,118

5.5% 5/1/15

2,000,000

1,964,060

7.5% 4/1/17

2,500,000

2,596,590

7.5% 7/15/18

5,271,000

5,278,026

9.625% 3/15/16

3,836,000

4,399,152

DuPont Fabros Technology LP 8.5% 12/15/17 (g)

845,000

876,688

Equity One, Inc.:

5.375% 10/15/15

1,500,000

1,491,458

6.25% 12/15/14

3,000,000

3,141,513

Federal Realty Investment Trust:

5.65% 6/1/16

725,000

730,911

5.95% 8/15/14

2,000,000

2,166,142

Health Care Property Investors, Inc.:

5.65% 12/15/13

1,025,000

1,089,755

6% 3/1/15

1,000,000

1,056,166

6% 1/30/17

1,000,000

1,021,163

6.3% 9/15/16

5,250,000

5,501,412

7.072% 6/8/15

1,500,000

1,635,923

Health Care REIT, Inc.:

6% 11/15/13

1,000,000

1,079,142

6.2% 6/1/16

750,000

805,823

Healthcare Realty Trust, Inc. 6.5% 1/17/17

1,875,000

1,963,414

HMB Capital Trust V 3.857% 12/15/36 (d)(g)(i)

2,530,000

253

Hospitality Properties Trust:

5.625% 3/15/17

915,000

886,627

6.75% 2/15/13

610,000

646,056

7.875% 8/15/14

1,000,000

1,101,397

HRPT Properties Trust:

6.25% 8/15/16

1,500,000

1,526,115

6.5% 1/15/13

200,000

211,421

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

iStar Financial, Inc. 5.95% 10/15/13

$ 2,330,000

$ 1,864,000

Kimco Realty Corp. 5.783% 3/15/16

450,000

478,337

Nationwide Health Properties, Inc.:

6% 5/20/15

3,122,000

3,309,020

6.25% 2/1/13

1,000,000

1,067,066

6.5% 7/15/11

2,000,000

2,060,758

8.25% 7/1/12

1,300,000

1,428,418

Omega Healthcare Investors, Inc.:

7% 4/1/14

9,720,000

9,780,750

7% 1/15/16

1,295,000

1,301,475

7.5% 2/15/20 (g)

1,000,000

1,035,000

Pan Pacific Retail Properties, Inc. 5.95% 6/1/14

1,750,000

1,868,424

Potlatch Corp. 7.5% 11/1/19 (g)

1,000,000

1,030,000

ProLogis Trust:

6.25% 3/15/17

2,000,000

2,007,430

6.625% 5/15/18

1,000,000

990,804

6.875% 3/15/20

1,500,000

1,485,189

Reckson Operating Partnership LP 7.75% 3/16/20 (g)

2,000,000

2,060,000

Senior Housing Properties Trust:

6.75% 4/15/20

2,000,000

1,975,000

7.875% 4/15/15

355,000

360,325

8.625% 1/15/12

5,900,000

6,180,250

Shurgard Storage Centers, Inc.:

5.875% 3/15/13

1,000,000

1,054,383

7.75% 2/22/11

500,000

517,617

UDR, Inc. 5.5% 4/1/14

500,000

518,749

United Dominion Realty Trust, Inc.:

5% 1/15/12

1,000,000

1,020,176

5.13% 1/15/14

500,000

510,790

5.25% 1/15/15

1,000,000

1,013,906

6.05% 6/1/13

2,500,000

2,627,190

Weingarten Realty Investors:

4.857% 1/15/14

2,500,000

2,520,400

5.263% 5/15/12

1,000,000

1,039,454

 

99,697,816

Real Estate Management & Development - 7.2%

AMB Property LP:

5.9% 8/15/13

400,000

421,687

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - continued

Real Estate Management & Development - continued

AMB Property LP: - continued

6.125% 12/1/16

$ 1,000,000

$ 1,069,761

6.3% 6/1/13

2,095,000

2,248,220

Brandywine Operating Partnership LP:

5.4% 11/1/14

1,750,000

1,810,454

5.75% 4/1/12

1,000,000

1,039,490

7.5% 5/15/15

1,000,000

1,099,348

CB Richard Ellis Services, Inc. 11.625% 6/15/17

1,500,000

1,706,250

Colonial Properties Trust:

6.15% 4/15/13

1,500,000

1,528,902

6.25% 6/15/14

1,594,000

1,614,988

6.875% 8/15/12

1,000,000

1,035,000

Colonial Realty LP 6.05% 9/1/16

2,500,000

2,380,530

Duke Realty LP:

6.25% 5/15/13

750,000

804,210

7.375% 2/15/15

1,500,000

1,666,974

ERP Operating LP 5.2% 4/1/13

1,000,000

1,071,685

Forest City Enterprises, Inc.:

6.5% 2/1/17

2,310,000

1,905,750

7.625% 6/1/15

1,200,000

1,116,000

Highwoods/Forsyth LP 5.85% 3/15/17

2,800,000

2,746,047

Host Hotels & Resorts LP:

6.875% 11/1/14

500,000

507,500

9% 5/15/17 (g)

750,000

825,000

Liberty Property LP:

5.125% 3/2/15

2,200,000

2,217,336

6.375% 8/15/12

2,679,000

2,853,588

Post Apartment Homes LP:

5.45% 6/1/12

713,000

741,978

6.3% 6/1/13

2,000,000

2,112,882

Regency Centers LP:

5.25% 8/1/15

4,509,000

4,591,745

5.875% 6/15/17

400,000

407,703

Simon Property Group LP 6.75% 5/15/14

1,200,000

1,341,012

Toys 'R' Us Property Co. II LLC 8.5% 12/1/17 (g)

1,000,000

1,057,500

Ventas Realty LP:

6.5% 6/1/16

2,340,000

2,398,500

6.5% 6/1/16

11,370,000

11,654,250

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - continued

Real Estate Management & Development - continued

Ventas Realty LP: - continued

6.625% 10/15/14

$ 6,160,000

$ 6,298,600

7.125% 6/1/15

3,147,000

3,241,410

 

65,514,300

Thrifts & Mortgage Finance - 0.2%

Wrightwood Capital LLC 9% 6/1/14 (d)(g)

4,000,000

1,380,000

TOTAL FINANCIALS

171,245,866

HEALTH CARE - 0.5%

Health Care Providers & Services - 0.5%

Skilled Healthcare Group, Inc. 11% 1/15/14

1,000,000

1,045,000

Sun Healthcare Group, Inc. 9.125% 4/15/15

3,570,000

3,677,100

 

4,722,100

TOTAL NONCONVERTIBLE BONDS

206,753,404

TOTAL CORPORATE BONDS

(Cost $295,013,460)

320,669,576

Asset-Backed Securities - 4.7%

 

Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (g)

1,384,000

1,238,680

Anthracite CDO II Ltd. Series 2002-2A Class F, 7.6% 12/24/37 (g)

2,260,000

1,017,000

Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.6206% 3/23/19 (g)(i)

398,473

290,885

Brascan Real Estate CDO Ltd./Brascan Real Estate CDO Corp. Series 2004-1A Class A, 0.6553% 1/20/40 (g)(i)

2,750,455

2,420,401

Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.7556% 3/20/50 (g)(i)

2,250,000

270,000

Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (g)

5,375,000

5,227,188

CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.5553% 1/20/37 (g)(i)

1,199,125

755,449

CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (g)

2,453,717

1,840,288

Asset-Backed Securities - continued

 

Principal Amount (e)

Value

Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33

$ 500,000

$ 287,031

Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:

Class B1, 6.065% 12/28/35 (g)

1,570,000

1,130,400

Class B2, 1.6378% 12/28/35 (g)(i)

1,575,000

929,250

Class D, 9% 12/28/35 (g)

500,000

137,500

Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (g)

997,000

249,250

Crest Ltd. Series 2002-IGA:

Class A, 0.7738% 7/28/17 (g)(i)

1,319,372

1,240,209

Class B, 1.6737% 7/28/35 (g)(i)

1,500,000

1,329,450

Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.6169% 11/28/39 (g)(i)

550,000

38,500

Green Tree Financial Corp.:

Series 1996-4 Class M1, 7.75% 6/15/27

1,788,179

1,666,486

Series 1997-3 Class M1, 7.53% 3/15/28

8,213,000

5,458,701

GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7625% 6/25/35 (i)(k)

1,259,000

54,619

Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:

Class D, 1.8125% 8/26/30 (g)(i)

746,305

111,946

Class E, 2.2625% 8/26/30 (g)(i)

1,447,339

72,367

Leafs CMBS I Ltd./Leafs CMBS I Corp. Series 2002-1A Class A2, 0.8056% 11/20/17 (g)(i)

1,926,008

1,752,667

Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 3/15/28

1,492,093

345,183

Merit Securities Corp. Series 13 Class M1, 7.9882% 12/28/33

1,923,000

1,660,482

N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (g)

883,000

498,807

Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class A2, 4.646% 7/24/39 (g)

2,589,440

2,252,813

Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 2.8991% 2/5/36 (g)(i)

3,346,142

335

TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp. Series 2002-1A Class IIFX, 6.77% 5/22/37 (g)

3,165,000

3,006,750

Wachovia Ltd./Wachovia LLC:

Series 2006-1 Class 1ML, 5.7835% 9/25/26 (g)(i)

2,000,000

111,200

Series 2006-1A:

Class A1A, 0.5435% 9/25/26 (g)(i)

1,349,000

917,320

Asset-Backed Securities - continued

 

Principal Amount (e)

Value

Wachovia Ltd./Wachovia LLC: - continued

Series 2006-1A:

Class A2A, 0.5035% 9/25/26 (g)(i)

$ 8,120,000

$ 6,282,850

Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 2.2013% 11/21/40 (g)(i)

250,000

12,500

TOTAL ASSET-BACKED SECURITIES

(Cost $53,563,223)

42,606,507

Collateralized Mortgage Obligations - 2.7%

 

Private Sponsor - 2.7%

Banc of America Large Loan, Inc. Series 2005-MIB1 Class A2, 0.4644% 3/15/22 (g)(i)

8,073,616

7,761,459

COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.4344% 6/15/22 (g)(i)

3,250,000

2,816,516

Countrywide Home Loans, Inc.:

Series 2002-38 Class B3, 5% 2/25/18 (g)

128,205

16,744

Series 2002-R2 Class 2B3, 4.972% 7/25/33 (g)(i)

239,243

100,176

Series 2003-40 Class B3, 4.5% 10/25/18 (g)

173,546

19,819

Series 2003-R2 Class B3, 5.5% 5/25/43 (g)

401,271

23,030

Series 2003-R3:

Class B2, 5.5% 11/25/33 (g)

1,616,485

515,271

Class B3, 5.5% 11/25/33 (g)

484,028

85,596

Series 2004-R1 Class 1B3, 5.5% 11/25/34 (g)(i)

377,150

20,087

FREMF Mortgage Trust Series 2010-K6 Class B, 5.357% 12/26/46 (g)(i)

4,500,000

3,976,695

Merrill Lynch Floating Trust floater Series 2006-1 Class TM, 0.754% 6/15/22 (g)(i)

5,198,066

4,522,317

Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (g)

1,240,000

1,153,200

Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (g)

1,600,000

1,579,746

RESI Finance LP/RESI Finance DE Corp. floater:

Series 2003-B Class B9, 12.2001% 7/10/35 (g)(i)

598,341

374,143

Series 2004-C Class B5, 1.6001% 9/10/36 (g)(i)

334,571

146,676

Series 2005-A Class B6, 2.2501% 3/10/37 (g)(i)

1,816,654

319,549

Series 2005-B Class B6, 1.8501% 6/10/37 (g)(i)

902,553

69,136

Series 2005-D Class B6, 2.5044% 12/15/37 (g)(i)

455,367

24,362

Series 2006-B Class B6, 1.9544% 7/15/38 (g)(i)

922,710

24,913

Residential Funding Mortgage Securities I, Inc. Series 2002-S20 Class M3, 5.25% 12/25/17

49,912

27,436

Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (g)

98,871

48,100

Collateralized Mortgage Obligations - continued

 

Principal Amount (e)

Value

Private Sponsor - continued

RESIX Finance Ltd. floater:

Series 2003-D Class B8, 6.7501% 12/10/35 (g)(i)

$ 524,327

$ 201,918

Series 2004-A Class B7, 4.5001% 2/10/36 (g)(i)

537,071

249,792

Series 2004-B Class B7, 4.2501% 2/10/36 (g)(i)

659,887

182,195

Series 2005-C Class B7, 3.3501% 9/10/37 (g)(i)

1,856,743

155,038

Series 2006-B Class B7, 4.1044% 7/15/38 (g)(i)

922,710

33,771

Series 2007-A Class BB, 3.6044% 2/15/39 (g)(i)

782,583

10,095

TOTAL PRIVATE SPONSOR

24,457,780

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)

207,723

116,356

Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 4.6075% 2/25/42 (g)(i)

127,282

57,733

Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (k)

281,211

114,382

Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 4.6914% 6/25/43 (g)(i)

172,647

58,307

Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 4.8308% 10/25/42 (g)(i)

74,845

25,573

TOTAL U.S. GOVERNMENT AGENCY

372,351

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $33,307,068)

24,830,131

Commercial Mortgage Securities - 17.2%

 

American Tower Trust I Series 2007-1A Class D, 5.9568% 4/15/37 (g)

3,200,000

3,351,200

Asset Securitization Corp. Series 1997-D4:

Class B1, 7.525% 4/14/29

1,565,000

1,639,154

Class B2, 7.525% 4/14/29

560,000

579,880

Banc of America Commercial Mortgage, Inc.:

sequential payer Series 2002-2 Class F, 5.487% 7/11/43

4,185,000

3,965,782

Series 2005-6 Class AJ, 5.1787% 9/10/47 (i)

5,000,000

4,623,692

Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.2544% 3/15/22 (g)(i)

820,000

328,000

Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4557% 3/11/39 (i)

2,750,000

2,338,624

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

Bear Stearns Commercial Mortgage Securities Trust Series 2006-T22 Class B, 5.4632% 4/12/38 (g)(i)

$ 2,520,000

$ 2,053,117

Citigroup Commercial Mortgage Trust floater Series 2007-FL3A Classs MLA2, 1.3044% 4/15/22 (g)(i)

800,000

629,609

COMM pass-thru certificates Series 2001-J1A Class F, 6.958% 2/14/34 (g)

2,600,000

2,638,544

Credit Suisse First Boston Mortgage Securities Corp.:

Series 1997-C2 Class F, 7.46% 1/17/35 (i)

3,500,000

3,815,833

Series 2004-TF2A Class AX, 0.013% 11/15/19 (g)(i)(j)

4,610,316

461

Credit Suisse/Morgan Stanley Commercial Mortgage Trust:

floater Series 2006-HC1A:

Class A2, 0.5144% 5/15/23 (g)(i)

5,800,000

5,518,150

Class D, 0.7244% 5/15/23 (g)(i)

1,250,000

1,131,277

Class F, 0.8544% 5/15/23 (g)(i)

1,825,000

1,619,947

Series 2006-HC1A Class A1, 0.4444% 5/15/23 (g)(i)

4,784,729

4,650,435

Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (g)

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 (g)

915,000

968,528

Class E, 6.0652% 11/15/36 (g)

800,000

844,304

Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31

1,200,000

918,333

DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.2279% 6/10/31 (g)(i)

2,500,000

2,664,132

First Union National Bank Commercial Mortgage Trust Series 2001-C4 Class H, 7.036% 12/12/33 (g)

2,000,000

2,012,324

G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (g)

7,545,000

6,715,050

GE Capital Commercial Mortgage Corp.:

Series 2001-3 Class C, 6.51% 6/10/38

820,000

814,309

Series 2002-1A Class H, 7.1583% 12/10/35 (g)(i)

991,000

944,475

Global Towers Partners Acquisition Partners I LLC Series 2007-1A Class G, 7.8737% 5/15/37 (g)

1,000,000

1,000,000

GMAC Commercial Mortgage Securities, Inc.:

Series 1997-C2:

Class F, 6.75% 4/15/29 (i)

2,743,242

2,874,452

Class G, 6.75% 4/15/29 (i)

1,250,000

1,245,260

Series 1999-C3:

Class G, 6.974% 8/15/36 (g)

2,134,713

2,143,648

Class J, 6.974% 8/15/36 (g)

1,500,000

1,501,490

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

GMAC Commercial Mortgage Securities, Inc.: - continued

Series 2000-C1:

Class H, 7% 3/15/33 (g)

$ 950,000

$ 928,809

Class K, 7% 3/15/33

1,100,000

853,141

Series 2002-C3 Class D, 5.27% 7/10/39

3,000,000

2,992,918

Greenwich Capital Commercial Funding Corp.:

sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (g)

2,000,000

1,940,686

Series 2002-C1 Class H, 5.903% 1/11/35 (g)

880,000

819,099

GS Mortgage Securities Corp. II floater Series 2007-EOP Class L, 1.5486% 3/1/20 (g)(i)

1,400,000

1,134,000

JPMorgan Chase Commercial Mortgage Securities Corp.:

Series 2001-A:

Class G, 6% 10/15/32 (g)(i)

2,895,000

57,900

Class X, 1.3211% 10/15/32 (g)(i)(j)

9,721,411

87,956

Series 2009-IWST Class D, 7.6935% 12/5/27 (g)(i)

3,250,000

3,262,881

JPMorgan Chase Commercial Mortgage Securities Trust floater Series 2005-FL1A Class A2, 0.4344% 2/15/19 (g)(i)

2,609,381

2,535,638

JPMorgan Commercial Mortgage Finance Corp.:

Series 1997-C5 Class F, 7.5605% 9/15/29

2,720,000

2,935,535

Series 1999-C8:

Class G, 6% 7/15/31 (g)

1,385,000

1,108,000

Class H, 6% 7/15/31 (g)

2,638,000

158,280

LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (g)

2,820,000

2,876,400

LB-UBS Commercial Mortgage Trust:

sequential payer:

Series 2004-C2 Class E, 4.487% 3/15/36

2,060,000

1,864,964

Series 2006-C7 Class AM, 5.378% 11/15/38

2,040,000

1,912,793

Series 2006-C4:

Class AJ, 5.9026% 6/15/38 (i)

6,005,000

5,127,181

Class AM, 5.9026% 6/15/38 (i)

6,700,000

6,482,287

Leafs CMBS I Ltd./Leafs CMBS I Corp. Series 2002-1A Class B, 4.13% 11/20/37 (g)

1,850,000

1,628,000

Merrill Lynch Financial Asset, Inc. Series 2005-CA16:

Class F, 4.384% 7/12/15

CAD

710,000

299,978

Class G, 4.384% 7/12/15

CAD

355,000

144,422

Class H, 4.384% 7/12/15

CAD

236,000

92,477

Class J, 4.384% 7/12/15

CAD

355,000

134,050

Class K, 4.384% 7/12/15

CAD

355,000

129,218

Class L, 4.384% 7/12/15

CAD

236,000

82,834

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

Merrill Lynch Financial Asset, Inc. Series 2005-CA16: - continued

Class M, 4.384% 7/12/15

CAD

$ 995,000

$ 269,915

Merrill Lynch Mortgage Investors Trust:

Series 1999-C1 Class G, 6.71% 11/15/31 (g)

2,959,223

296

Series 2001-HRPA Class H, 6.778% 2/3/16 (g)

1,965,000

1,945,350

Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.6558% 5/12/39 (i)

1,200,000

1,113,372

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, 7.4107% 1/15/18 (i)(j)

5,812,796

566,748

Morgan Stanley Capital I Trust:

sequential payer:

Series 2004-RR2 Class A2, 5.45% 10/28/33 (g)

2,525,777

2,475,262

Series 2006-HQ10 Class AM, 5.36% 11/12/41

8,200,000

7,816,680

Series 1997-RR Class F, 7.4034% 4/30/39 (g)(i)

3,334,420

3,067,666

Series 2005-HQ7 Class E, 5.2077% 11/14/42 (i)

850,000

476,000

Series 2006-IQ12 Class AMFX, 5.37% 12/15/43

7,500,000

6,600,000

Morgan Stanley Dean Witter Capital I Trust Series 2001-IQA Class F, 6.79% 12/18/32 (g)

1,486,185

1,516,425

Multi Security Asset Trust sequential payer Series 2005-RR4A Class A2, 4.83% 11/28/35 (g)

3,523,134

3,313,948

Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g)

3,011,420

2,741,296

RBSCF Trust Series 2010-MB1 Class D, 4.6635% 4/15/24 (g)

5,820,000

5,314,388

SBA CMBS Trust Series 2006-1A Class J, 7.825% 11/15/36 (g)

1,000,000

1,042,250

Structured Asset Securities Corp.:

Series 1996-CFL Class I, 7.75% 2/25/28 (g)

3,951,165

3,986,725

Series 1997-LLI Class F, 7.3% 10/12/34 (g)

2,170,000

2,183,355

TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 6.0718% 8/15/39 (i)

2,080,000

1,925,673

TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (g)

2,000,000

1,907,000

UBS Commercial Mortgage Trust Series 2007-FL1
Class F, 0.8294% 7/15/24 (g)(i)

1,200,000

252,522

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

Wachovia Bank Commercial Mortgage Trust:

floater Series 2007-WHL8 Class MH1, 1.0544% 6/15/20 (g)(i)

$ 1,800,000

$ 1,419,365

Series 2004-C14 Class B, 5.17% 8/15/41

3,180,000

2,964,684

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $159,033,998)

156,491,967

Floating Rate Loans - 1.2%

 

CONSUMER DISCRETIONARY - 0.0%

Specialty Retail - 0.0%

The Pep Boys - Manny, Moe & Jack term loan 2.25% 10/27/13 (i)

28,206

27,148

FINANCIALS - 1.1%

Diversified Financial Services - 0.1%

Pilot Travel Centers LLC Tranche B, term loan 11/24/15 (i)

1,000,000

1,005,000

TowerCo Finance LLC term loan 6% 11/24/14 (i)

169,575

171,271

 

1,176,271

Real Estate Management & Development - 1.0%

CB Richard Ellis Services, Inc. Tranche B1-A, term loan 6.5% 12/20/15 (i)

1,780,000

1,780,000

Realogy Corp.:

Credit-Linked Deposit 3.2487% 10/10/13 (i)

976,506

888,620

Tranche 2LN, term loan 13.5% 10/15/17

2,500,000

2,825,000

Tranche B, term loan 3.2915% 10/10/13 (i)

3,627,021

3,300,590

 

8,794,210

TOTAL FINANCIALS

9,970,481

HEALTH CARE - 0.1%

Health Care Providers & Services - 0.1%

Skilled Healthcare Group, Inc. term loan:

5.25% 4/9/16 (l)

114,242

114,385

5.2409% 4/9/16 (i)

1,165,758

1,167,215

 

1,281,600

TOTAL FLOATING RATE LOANS

(Cost $10,783,932)

11,279,229

Preferred Securities - 0.0%

Principal Amount (e)

Value

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Cairn High Grade ABS CDO PLC Series 2006-2A Class SUB, 1/13/47 (a)(g)

$ 1,000,000

$ 0

Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (g)

500,000

65,700

Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (g)

1,220,000

276,818

Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (g)

810,000

8

Ipswich Street CDO Series 2006-1, 6/27/46 (d)(g)

1,350,000

0

Kent Funding III Ltd. 11/5/47 (a)(g)

1,650,000

0

 

342,526

TOTAL PREFERRED SECURITIES

(Cost $5,780,322)

342,526

Money Market Funds - 8.3%

Shares

 

Fidelity Cash Central Fund, 0.21% (b)

71,490,562

71,490,562

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

3,876,850

3,876,850

TOTAL MONEY MARKET FUNDS

(Cost $75,367,412)

75,367,412

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $891,672,906)

916,803,052

NET OTHER ASSETS - (0.5)%

(4,531,556)

NET ASSETS - 100%

$ 912,271,496

Currency Abbreviations

CAD

-

Canadian dollar

Legend

(a) Non-income producing

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

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

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

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

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

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $230,756,592 or 25.3% of net assets.

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

(i) 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 $285,357 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

$ 180,004

Series 2003-W1 subordinate REMIC pass thru certificates,
Class B3, 5.75% 12/25/42

3/25/03

$ 211,918

GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7625% 6/25/35

6/3/05

$ 1,110,697

(l) Position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $23,333 and $23,363, respectively. The coupon rate will be determined at time of settlement.

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

$ 84,726

Fidelity Securities Lending Cash Central Fund

3,687

Total

$ 88,413

Other Information

The following is a summary of the inputs used, as of April 30, 2010, 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

$ 6,766,179

$ 3,319,659

$ -

$ 3,446,520

Financials

262,810,756

241,475,897

17,775,626

3,559,233

Health Care

12,593,289

12,593,289

-

-

Materials

3,045,480

3,045,480

-

-

Corporate Bonds

320,669,576

-

318,434,430

2,235,146

Asset-Backed Securities

42,606,507

-

18,969,043

23,637,464

Collateralized Mortgage Obligations

24,830,131

-

23,677,057

1,153,074

Commercial Mortgage Securities

156,491,967

-

145,309,578

11,182,389

Floating Rate Loans

11,279,229

-

11,279,229

-

Preferred Securities

342,526

-

-

342,526

Money Market Funds

75,367,412

75,367,412

-

-

Total Investments in Securities:

$ 916,803,052

$ 335,801,737

$ 535,444,963

$ 45,556,352

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

Investments in Securities:

Equities - Consumer Discretionary

Beginning Balance

$ -

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

3,446,520

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 3,446,520

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ -

Equities - Financials

Beginning Balance

$ 3,099,870

Total Realized Gain (Loss)

(2,073,397)

Total Unrealized Gain (Loss)

2,804,186

Cost of Purchases

607

Proceeds of Sales

(271,913)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

(120)

Ending Balance

$ 3,559,233

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ 569,248

Corporate Bonds

Beginning Balance

$ 2,343,856

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(91,247)

Cost of Purchases

-

Proceeds of Sales

(17,463)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 2,235,146

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ (91,247)

Asset-Backed Securities

Beginning Balance

$ 11,832,848

Total Realized Gain (Loss)

384,291

Total Unrealized Gain (Loss)

4,447,826

Cost of Purchases

4,670,339

Proceeds of Sales

(1,688,317)

Amortization/Accretion

516,799

Transfers in to Level 3

4,135,304

Transfers out of Level 3

(661,626)

Ending Balance

$ 23,637,464

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ 4,393,879

Collateralized Mortgage Obligations

Beginning Balance

$ 2,036,201

Total Realized Gain (Loss)

905,026

Total Unrealized Gain (Loss)

2,276,945

Cost of Purchases

-

Proceeds of Sales

(3,473,062)

Amortization/Accretion

118,110

Transfers in to Level 3

41,552

Transfers out of Level 3

(751,698)

Ending Balance

$ 1,153,074

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ 247,141

Commercial Mortgage Securities

Beginning Balance

$ 6,157,272

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

286,903

Cost of Purchases

4,987,751

Proceeds of Sales

-

Amortization/Accretion

637,732

Transfers in to Level 3

737,055

Transfers out of Level 3

(1,624,324)

Ending Balance

$ 11,182,389

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ 286,902

Preferred Securities

Beginning Balance

$ 159,115

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

62,075

Cost of Purchases

113,400

Proceeds of Sales

-

Amortization/Accretion

7,936

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 342,526

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ 62,075

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 the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $893,286,710. Net unrealized appreciation aggregated $23,516,342, of which $95,071,901 related to appreciated investment securities and $71,555,559 related to depreciated investment securities.

Investment Valuation

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

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. Certain of the Fund's securities may be valued by a single source or dealer.

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® Advisor Real Estate Income Fund
Class A
Class T
Class C
Institutional Class

April 30, 2010 

1.907554.100

REIA-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 21.3%

Shares

Value

CONSUMER DISCRETIONARY - 0.7%

Hotels, Restaurants & Leisure - 0.3%

Starwood Hotels & Resorts Worldwide, Inc.

60,900

$ 3,319,659

Household Durables - 0.4%

Stanley Martin Communities LLC Class B (a)

4,620

3,446,520

TOTAL CONSUMER DISCRETIONARY

6,766,179

FINANCIALS - 18.9%

Capital Markets - 0.1%

HFF, Inc. (a)

116,509

1,027,609

Real Estate Investment Trusts - 18.8%

Acadia Realty Trust (SBI)

690,249

13,169,951

Alexandria Real Estate Equities, Inc.

24,900

1,763,169

AMB Property Corp. (SBI)

204,600

5,700,156

American Campus Communities, Inc.

102,600

2,890,242

Annaly Capital Management, Inc.

350,750

5,945,213

Anworth Mortgage Asset Corp. (f)

376,100

2,523,631

Apartment Investment & Management Co. Class A

137,241

3,075,571

Associated Estates Realty Corp.

179,200

2,514,176

AvalonBay Communities, Inc.

47,425

4,934,097

Brandywine Realty Trust (SBI)

144,300

1,838,382

CapLease, Inc.

72,400

422,092

CBL & Associates Properties, Inc.

214,573

3,132,766

Cedar Shopping Centers, Inc.

151,800

1,208,328

Cypress Sharpridge Investments, Inc.

439,263

5,684,063

Cypress Sharpridge Investments, Inc. (g)

146,458

1,895,167

DCT Industrial Trust, Inc.

174,700

918,922

Developers Diversified Realty Corp.

44,400

545,676

Duke Realty LP

283,683

3,838,231

Equity Lifestyle Properties, Inc.

210,930

11,708,724

Equity Residential (SBI)

50,800

2,299,716

Excel Trust, Inc. (a)

182,900

2,359,410

Federal Realty Investment Trust (SBI)

22,100

1,710,319

Franklin Street Properties Corp. (f)

69,317

1,021,733

Government Properties Income Trust

73,500

1,992,585

Health Care REIT, Inc.

30,300

1,361,379

Highwoods Properties, Inc. (SBI)

98,200

3,139,454

Host Hotels & Resorts, Inc.

76,100

1,237,386

Kimco Realty Corp.

61,400

957,226

Lexington Corporate Properties Trust

62,000

438,960

MFA Financial, Inc.

2,173,481

15,453,440

Monmouth Real Estate Investment Corp. Class A

404,000

3,135,040

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

National Retail Properties, Inc.

141,500

$ 3,329,495

Nationwide Health Properties, Inc.

125,880

4,408,318

Pebblebrook Hotel Trust (a)

51,600

1,016,520

Piedmont Office Realty Trust, Inc. Class A

157,100

3,148,284

ProLogis Trust

194,366

2,559,800

Public Storage

21,100

2,044,801

Redwood Trust, Inc.

193,800

3,232,584

Regency Centers Corp.

121,700

4,995,785

Simon Property Group, Inc.

83,801

7,459,965

Sun Communities, Inc.

47,600

1,376,592

Sunstone Hotel Investors, Inc. (a)

467,400

5,950,002

The Macerich Co.

74,975

3,352,132

Two Harbors Investment Corp. (f)

243,938

2,166,169

UDR, Inc.

77,201

1,567,952

Ventas, Inc.

254,680

12,028,536

Vornado Realty Trust

41,890

3,492,369

Winthrop Realty Trust

13,066

176,391

 

171,120,900

Thrifts & Mortgage Finance - 0.0%

Wrightwood Capital LLC warrants 7/31/14 (a)(g)

60,681

607

TOTAL FINANCIALS

172,149,116

HEALTH CARE - 1.4%

Health Care Providers & Services - 1.4%

Brookdale Senior Living, Inc. (a)

254,500

5,471,750

Capital Senior Living Corp. (a)

318,650

1,676,099

Emeritus Corp. (a)(f)

243,100

5,445,440

 

12,593,289

MATERIALS - 0.3%

Paper & Forest Products - 0.3%

Weyerhaeuser Co.

61,500

3,045,480

TOTAL COMMON STOCKS

(Cost $156,193,515)

194,554,064

Preferred Stocks - 9.9%

Shares

Value

Convertible Preferred Stocks - 1.5%

FINANCIALS - 1.5%

Real Estate Investment Trusts - 1.1%

Alexandria Real Estate Equities, Inc. Series D 7.00%

20,000

$ 465,800

HRPT Properties Trust 6.50%

80,000

1,605,000

Lexington Corporate Properties Trust Series C 6.50%

204,710

7,817,363

 

9,888,163

Real Estate Management & Development - 0.4%

Forest City Enterprises, Inc. Series A 7.00% (a)

10,000

631,823

Grubb & Ellis Co.:

12.00% (g)

22,500

2,655,000

12.00% (a)(g)

5,000

590,000

 

3,876,823

TOTAL FINANCIALS

13,764,986

Nonconvertible Preferred Stocks - 8.4%

FINANCIALS - 8.4%

Diversified Financial Services - 0.4%

DRA CRT Acquisition Corp. Series A, 8.50%

25,000

325,000

Red Lion Hotels Capital Trust 9.50%

154,625

3,788,313

W2007 Grace Acquisition I, Inc. Series B, 8.75% (a)

35,300

4,766

 

4,118,079

Real Estate Investment Trusts - 8.0%

Alexandria Real Estate Equities, Inc. Series C, 8.375%

67,000

1,688,400

American Home Mortgage Investment Corp.:

Series A, 9.375% (a)

120,300

12

Series B, 9.25% (a)

124,100

12

Annaly Capital Management, Inc. Series A, 7.875%

164,900

4,130,745

Anworth Mortgage Asset Corp. Series A, 8.625%

229,327

5,664,377

Apartment Investment & Management Co.:

Series G, 9.375%

131,498

3,337,419

Series T, 8.00%

57,500

1,390,925

CapLease, Inc. Series A, 8.125%

43,400

1,058,092

CBL & Associates Properties, Inc.:

(depositary shares) Series C, 7.75%

20,000

460,000

7.375%

35,000

766,500

Cedar Shopping Centers, Inc. 8.875%

113,101

2,792,464

CenterPoint Properties Trust Series D, 5.377%

3,575

1,626,625

Colonial Properties Trust (depositary shares) Series D, 8.125%

39,000

959,790

Corporate Office Properties Trust Series H, 7.50%

5,000

120,150

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

Cousins Properties, Inc. Series A, 7.75%

80,000

$ 1,879,200

Developers Diversified Realty Corp. (depositary shares)
Series G, 8.00%

39,700

958,358

Digital Realty Trust, Inc. Series A, 8.50%

75,000

1,916,250

Duke Realty LP:

8.375%

128,517

3,270,758

Series L, 6.60%

10,666

233,692

Eagle Hospitality Properties Trust, Inc. 8.25% (a)

24,000

2,400

Glimcher Realty Trust Series G, 8.125%

37,500

843,750

Highwoods Properties, Inc. Series B, 8.00%

300

7,617

HomeBanc Mortgage Corp. Series A, 10.00% (a)

104,685

1

Hospitality Properties Trust:

Series B, 8.875%

82,600

2,102,170

Series C, 7.00%

58,500

1,338,480

Host Hotels & Resorts, Inc. Series E, 8.875%

39,200

1,004,696

HRPT Properties Trust Series B, 8.75%

24,561

617,464

Innkeepers USA Trust Series C, 8.00% (a)

62,400

43,680

Kimco Realty Corp. Series G, 7.75%

77,300

1,993,567

LaSalle Hotel Properties:

Series B, 8.375%

26,800

650,436

Series E, 8.00%

42,750

1,013,175

Series G, 7.25%

21,960

506,398

LBA Realty Fund II:

Series A, 8.75% (a)

69,000

1,932,000

Series B, 7.625% (a)

31,240

484,220

Lexington Corporate Properties Trust Series B, 8.05%

29,000

673,670

Lexington Realty Trust 7.55%

23,800

535,500

LTC Properties, Inc. Series F, 8.00%

86,900

2,147,299

MFA Financial, Inc. Series A, 8.50%

316,899

7,919,306

Mid-America Apartment Communities, Inc. Series H, 8.30%

30,800

785,708

Omega Healthcare Investors, Inc. Series D, 8.375%

59,600

1,504,304

Parkway Properties, Inc. Series D, 8.00%

25,000

612,500

ProLogis Trust Series C, 8.54%

84,446

4,151,053

PS Business Parks, Inc.:

(depositary shares) Series L, 7.60%

30,890

766,999

Series P, 6.70%

35,000

793,800

Public Storage:

(depositary shares)

54,800

1,381,508

Series I, 7.25%

10,828

275,139

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

Public Storage: - continued

Series K, 7.25%

21,418

$ 548,729

Series L, 6.75%

1,900

47,120

Series N, 7.00%

4,200

105,840

Realty Income Corp. 6.75%

600

14,796

Regency Centers Corp.:

7.25%

10,000

236,000

Series C 7.45%

18,000

433,440

Saul Centers, Inc. 8.00%

93,700

2,337,815

Sunstone Hotel Investors, Inc. Series A, 8.00%

61,200

1,454,112

Weingarten Realty Investors (SBI) Series F, 6.50%

56,230

1,260,114

 

72,778,575

TOTAL FINANCIALS

76,896,654

TOTAL PREFERRED STOCKS

(Cost $102,629,976)

90,661,640

Corporate Bonds - 35.2%

 

Principal Amount (e)

 

Convertible Bonds - 12.5%

CONSUMER DISCRETIONARY - 0.1%

Hotels, Restaurants & Leisure - 0.1%

Morgans Hotel Group Co. 2.375% 10/15/14

$ 1,340,000

1,011,700

FINANCIALS - 12.4%

Real Estate Investment Trusts - 7.7%

Acadia Realty Trust 3.75% 12/15/26

11,505,000

11,332,425

Alexandria Real Estate Equities, Inc. 3.7% 1/15/27 (g)

6,895,000

6,772,959

Annaly Capital Management, Inc. 4% 2/15/15

1,000,000

1,021,875

BRE Properties, Inc. 4.125% 8/15/26

7,800,000

7,882,875

CapLease, Inc. 7.5% 10/1/27 (g)

5,180,000

5,167,050

Hospitality Properties Trust 3.8% 3/15/27

5,100,000

5,119,125

Inland Real Estate Corp. 4.625% 11/15/26

9,370,000

9,182,600

Lexington Corporate Properties Trust 6% 1/15/30 (g)

5,000,000

5,546,875

ProLogis Trust:

1.875% 11/15/37

2,450,000

2,278,500

Corporate Bonds - continued

 

Principal Amount (e)

Value

Convertible Bonds - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

ProLogis Trust: - continued

2.625% 5/15/38

$ 1,500,000

$ 1,400,625

The Macerich Co. 3.25% 3/15/12 (g)

4,800,000

4,698,000

United Dominion Realty Trust, Inc. 3.625% 9/15/11

6,000,000

6,000,000

Washington (REIT):

3.875% 9/15/26

1,600,000

1,598,000

3.875% 9/15/26

2,450,000

2,446,938

 

70,447,847

Real Estate Management & Development - 4.7%

BioMed Realty LP 4.5% 10/1/26 (g)

2,500,000

2,500,000

Brandywine Operating Partnership LP 3.875% 10/15/26

1,000,000

992,500

Corporate Office Properties LP:

3.5% 9/15/26 (g)

3,280,000

3,290,824

4.25% 4/15/30 (g)

2,000,000

2,017,000

Duke Realty LP 3.75% 12/1/11 (g)

2,650,000

2,663,250

ERP Operating LP 3.85% 8/15/26

5,500,000

5,558,438

First Potomac Realty Investment LP 4% 12/15/11 (g)

1,600,000

1,560,000

Home Properties, Inc. 4.125% 11/1/26 (g)

2,100,000

2,086,875

Kilroy Realty LP 3.25% 4/15/12 (g)

5,400,000

5,285,250

Lexington Master Ltd. Partnership 5.45% 1/15/27 (g)

14,950,000

14,931,313

MPT Operating Partnership LP 9.25% 4/1/13 (g)

1,000,000

1,086,800

SL Green Realty Corp. 3% 3/30/27 (g)

500,000

484,375

 

42,456,625

TOTAL FINANCIALS

112,904,472

TOTAL CONVERTIBLE BONDS

113,916,172

Nonconvertible Bonds - 22.7%

CONSUMER DISCRETIONARY - 3.1%

Hotels, Restaurants & Leisure - 0.1%

Times Square Hotel Trust 8.528% 8/1/26 (g)

851,233

854,893

Household Durables - 2.7%

KB Home:

5.75% 2/1/14

510,000

498,525

5.875% 1/15/15

2,000,000

1,930,000

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Household Durables - continued

KB Home: - continued

6.25% 6/15/15

$ 3,500,000

$ 3,425,625

9.1% 9/15/17

1,000,000

1,072,500

Lennar Corp.:

5.5% 9/1/14

1,000,000

972,500

5.95% 10/17/11

1,000,000

1,025,000

6.95% 6/1/18 (g)

1,000,000

975,000

M/I Homes, Inc. 6.875% 4/1/12

2,150,000

2,107,000

Meritage Homes Corp.:

6.25% 3/15/15

2,500,000

2,406,250

7.15% 4/15/20 (g)

1,500,000

1,451,250

Ryland Group, Inc. 8.4% 5/15/17

745,000

821,363

Standard Pacific Corp.:

6.25% 4/1/14

2,700,000

2,619,000

7.75% 3/15/13

1,335,000

1,345,013

8.375% 5/15/18 (h)

2,245,000

2,281,369

10.75% 9/15/16

1,000,000

1,125,000

 

24,055,395

Specialty Retail - 0.3%

Toys 'R' Us Property Co. I LLC 10.75% 7/15/17 (g)

2,490,000

2,819,925

TOTAL CONSUMER DISCRETIONARY

27,730,213

CONSUMER STAPLES - 0.3%

Food & Staples Retailing - 0.3%

Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20

1,281,883

1,429,300

C&S Group Enterprises LLC 8.375% 5/1/17 (g)

1,630,000

1,625,925

 

3,055,225

FINANCIALS - 18.8%

Commercial Banks - 0.2%

CapitalSource, Inc. 12.75% 7/15/14 (g)

1,500,000

1,728,750

Diversified Financial Services - 0.3%

Icahn Enterprises LP/Icahn Enterprises Finance Corp. 7.75% 1/15/16 (g)

3,000,000

2,925,000

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - continued

Real Estate Investment Trusts - 10.9%

AvalonBay Communities, Inc.:

5.5% 1/15/12

$ 527,000

$ 555,444

6.625% 9/15/11

393,000

418,620

Camden Property Trust 5% 6/15/15

1,100,000

1,106,029

Commercial Net Lease Realty, Inc.:

6.15% 12/15/15

800,000

815,273

6.25% 6/15/14

3,005,000

3,119,806

Developers Diversified Realty Corp.:

4.625% 8/1/10

900,000

902,408

5.375% 10/15/12

500,000

506,118

5.5% 5/1/15

2,000,000

1,964,060

7.5% 4/1/17

2,500,000

2,596,590

7.5% 7/15/18

5,271,000

5,278,026

9.625% 3/15/16

3,836,000

4,399,152

DuPont Fabros Technology LP 8.5% 12/15/17 (g)

845,000

876,688

Equity One, Inc.:

5.375% 10/15/15

1,500,000

1,491,458

6.25% 12/15/14

3,000,000

3,141,513

Federal Realty Investment Trust:

5.65% 6/1/16

725,000

730,911

5.95% 8/15/14

2,000,000

2,166,142

Health Care Property Investors, Inc.:

5.65% 12/15/13

1,025,000

1,089,755

6% 3/1/15

1,000,000

1,056,166

6% 1/30/17

1,000,000

1,021,163

6.3% 9/15/16

5,250,000

5,501,412

7.072% 6/8/15

1,500,000

1,635,923

Health Care REIT, Inc.:

6% 11/15/13

1,000,000

1,079,142

6.2% 6/1/16

750,000

805,823

Healthcare Realty Trust, Inc. 6.5% 1/17/17

1,875,000

1,963,414

HMB Capital Trust V 3.857% 12/15/36 (d)(g)(i)

2,530,000

253

Hospitality Properties Trust:

5.625% 3/15/17

915,000

886,627

6.75% 2/15/13

610,000

646,056

7.875% 8/15/14

1,000,000

1,101,397

HRPT Properties Trust:

6.25% 8/15/16

1,500,000

1,526,115

6.5% 1/15/13

200,000

211,421

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

iStar Financial, Inc. 5.95% 10/15/13

$ 2,330,000

$ 1,864,000

Kimco Realty Corp. 5.783% 3/15/16

450,000

478,337

Nationwide Health Properties, Inc.:

6% 5/20/15

3,122,000

3,309,020

6.25% 2/1/13

1,000,000

1,067,066

6.5% 7/15/11

2,000,000

2,060,758

8.25% 7/1/12

1,300,000

1,428,418

Omega Healthcare Investors, Inc.:

7% 4/1/14

9,720,000

9,780,750

7% 1/15/16

1,295,000

1,301,475

7.5% 2/15/20 (g)

1,000,000

1,035,000

Pan Pacific Retail Properties, Inc. 5.95% 6/1/14

1,750,000

1,868,424

Potlatch Corp. 7.5% 11/1/19 (g)

1,000,000

1,030,000

ProLogis Trust:

6.25% 3/15/17

2,000,000

2,007,430

6.625% 5/15/18

1,000,000

990,804

6.875% 3/15/20

1,500,000

1,485,189

Reckson Operating Partnership LP 7.75% 3/16/20 (g)

2,000,000

2,060,000

Senior Housing Properties Trust:

6.75% 4/15/20

2,000,000

1,975,000

7.875% 4/15/15

355,000

360,325

8.625% 1/15/12

5,900,000

6,180,250

Shurgard Storage Centers, Inc.:

5.875% 3/15/13

1,000,000

1,054,383

7.75% 2/22/11

500,000

517,617

UDR, Inc. 5.5% 4/1/14

500,000

518,749

United Dominion Realty Trust, Inc.:

5% 1/15/12

1,000,000

1,020,176

5.13% 1/15/14

500,000

510,790

5.25% 1/15/15

1,000,000

1,013,906

6.05% 6/1/13

2,500,000

2,627,190

Weingarten Realty Investors:

4.857% 1/15/14

2,500,000

2,520,400

5.263% 5/15/12

1,000,000

1,039,454

 

99,697,816

Real Estate Management & Development - 7.2%

AMB Property LP:

5.9% 8/15/13

400,000

421,687

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - continued

Real Estate Management & Development - continued

AMB Property LP: - continued

6.125% 12/1/16

$ 1,000,000

$ 1,069,761

6.3% 6/1/13

2,095,000

2,248,220

Brandywine Operating Partnership LP:

5.4% 11/1/14

1,750,000

1,810,454

5.75% 4/1/12

1,000,000

1,039,490

7.5% 5/15/15

1,000,000

1,099,348

CB Richard Ellis Services, Inc. 11.625% 6/15/17

1,500,000

1,706,250

Colonial Properties Trust:

6.15% 4/15/13

1,500,000

1,528,902

6.25% 6/15/14

1,594,000

1,614,988

6.875% 8/15/12

1,000,000

1,035,000

Colonial Realty LP 6.05% 9/1/16

2,500,000

2,380,530

Duke Realty LP:

6.25% 5/15/13

750,000

804,210

7.375% 2/15/15

1,500,000

1,666,974

ERP Operating LP 5.2% 4/1/13

1,000,000

1,071,685

Forest City Enterprises, Inc.:

6.5% 2/1/17

2,310,000

1,905,750

7.625% 6/1/15

1,200,000

1,116,000

Highwoods/Forsyth LP 5.85% 3/15/17

2,800,000

2,746,047

Host Hotels & Resorts LP:

6.875% 11/1/14

500,000

507,500

9% 5/15/17 (g)

750,000

825,000

Liberty Property LP:

5.125% 3/2/15

2,200,000

2,217,336

6.375% 8/15/12

2,679,000

2,853,588

Post Apartment Homes LP:

5.45% 6/1/12

713,000

741,978

6.3% 6/1/13

2,000,000

2,112,882

Regency Centers LP:

5.25% 8/1/15

4,509,000

4,591,745

5.875% 6/15/17

400,000

407,703

Simon Property Group LP 6.75% 5/15/14

1,200,000

1,341,012

Toys 'R' Us Property Co. II LLC 8.5% 12/1/17 (g)

1,000,000

1,057,500

Ventas Realty LP:

6.5% 6/1/16

2,340,000

2,398,500

6.5% 6/1/16

11,370,000

11,654,250

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - continued

Real Estate Management & Development - continued

Ventas Realty LP: - continued

6.625% 10/15/14

$ 6,160,000

$ 6,298,600

7.125% 6/1/15

3,147,000

3,241,410

 

65,514,300

Thrifts & Mortgage Finance - 0.2%

Wrightwood Capital LLC 9% 6/1/14 (d)(g)

4,000,000

1,380,000

TOTAL FINANCIALS

171,245,866

HEALTH CARE - 0.5%

Health Care Providers & Services - 0.5%

Skilled Healthcare Group, Inc. 11% 1/15/14

1,000,000

1,045,000

Sun Healthcare Group, Inc. 9.125% 4/15/15

3,570,000

3,677,100

 

4,722,100

TOTAL NONCONVERTIBLE BONDS

206,753,404

TOTAL CORPORATE BONDS

(Cost $295,013,460)

320,669,576

Asset-Backed Securities - 4.7%

 

Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (g)

1,384,000

1,238,680

Anthracite CDO II Ltd. Series 2002-2A Class F, 7.6% 12/24/37 (g)

2,260,000

1,017,000

Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.6206% 3/23/19 (g)(i)

398,473

290,885

Brascan Real Estate CDO Ltd./Brascan Real Estate CDO Corp. Series 2004-1A Class A, 0.6553% 1/20/40 (g)(i)

2,750,455

2,420,401

Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.7556% 3/20/50 (g)(i)

2,250,000

270,000

Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (g)

5,375,000

5,227,188

CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.5553% 1/20/37 (g)(i)

1,199,125

755,449

CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (g)

2,453,717

1,840,288

Asset-Backed Securities - continued

 

Principal Amount (e)

Value

Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33

$ 500,000

$ 287,031

Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:

Class B1, 6.065% 12/28/35 (g)

1,570,000

1,130,400

Class B2, 1.6378% 12/28/35 (g)(i)

1,575,000

929,250

Class D, 9% 12/28/35 (g)

500,000

137,500

Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (g)

997,000

249,250

Crest Ltd. Series 2002-IGA:

Class A, 0.7738% 7/28/17 (g)(i)

1,319,372

1,240,209

Class B, 1.6737% 7/28/35 (g)(i)

1,500,000

1,329,450

Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.6169% 11/28/39 (g)(i)

550,000

38,500

Green Tree Financial Corp.:

Series 1996-4 Class M1, 7.75% 6/15/27

1,788,179

1,666,486

Series 1997-3 Class M1, 7.53% 3/15/28

8,213,000

5,458,701

GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7625% 6/25/35 (i)(k)

1,259,000

54,619

Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:

Class D, 1.8125% 8/26/30 (g)(i)

746,305

111,946

Class E, 2.2625% 8/26/30 (g)(i)

1,447,339

72,367

Leafs CMBS I Ltd./Leafs CMBS I Corp. Series 2002-1A Class A2, 0.8056% 11/20/17 (g)(i)

1,926,008

1,752,667

Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 3/15/28

1,492,093

345,183

Merit Securities Corp. Series 13 Class M1, 7.9882% 12/28/33

1,923,000

1,660,482

N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (g)

883,000

498,807

Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class A2, 4.646% 7/24/39 (g)

2,589,440

2,252,813

Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 2.8991% 2/5/36 (g)(i)

3,346,142

335

TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp. Series 2002-1A Class IIFX, 6.77% 5/22/37 (g)

3,165,000

3,006,750

Wachovia Ltd./Wachovia LLC:

Series 2006-1 Class 1ML, 5.7835% 9/25/26 (g)(i)

2,000,000

111,200

Series 2006-1A:

Class A1A, 0.5435% 9/25/26 (g)(i)

1,349,000

917,320

Asset-Backed Securities - continued

 

Principal Amount (e)

Value

Wachovia Ltd./Wachovia LLC: - continued

Series 2006-1A:

Class A2A, 0.5035% 9/25/26 (g)(i)

$ 8,120,000

$ 6,282,850

Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 2.2013% 11/21/40 (g)(i)

250,000

12,500

TOTAL ASSET-BACKED SECURITIES

(Cost $53,563,223)

42,606,507

Collateralized Mortgage Obligations - 2.7%

 

Private Sponsor - 2.7%

Banc of America Large Loan, Inc. Series 2005-MIB1 Class A2, 0.4644% 3/15/22 (g)(i)

8,073,616

7,761,459

COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.4344% 6/15/22 (g)(i)

3,250,000

2,816,516

Countrywide Home Loans, Inc.:

Series 2002-38 Class B3, 5% 2/25/18 (g)

128,205

16,744

Series 2002-R2 Class 2B3, 4.972% 7/25/33 (g)(i)

239,243

100,176

Series 2003-40 Class B3, 4.5% 10/25/18 (g)

173,546

19,819

Series 2003-R2 Class B3, 5.5% 5/25/43 (g)

401,271

23,030

Series 2003-R3:

Class B2, 5.5% 11/25/33 (g)

1,616,485

515,271

Class B3, 5.5% 11/25/33 (g)

484,028

85,596

Series 2004-R1 Class 1B3, 5.5% 11/25/34 (g)(i)

377,150

20,087

FREMF Mortgage Trust Series 2010-K6 Class B, 5.357% 12/26/46 (g)(i)

4,500,000

3,976,695

Merrill Lynch Floating Trust floater Series 2006-1 Class TM, 0.754% 6/15/22 (g)(i)

5,198,066

4,522,317

Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (g)

1,240,000

1,153,200

Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (g)

1,600,000

1,579,746

RESI Finance LP/RESI Finance DE Corp. floater:

Series 2003-B Class B9, 12.2001% 7/10/35 (g)(i)

598,341

374,143

Series 2004-C Class B5, 1.6001% 9/10/36 (g)(i)

334,571

146,676

Series 2005-A Class B6, 2.2501% 3/10/37 (g)(i)

1,816,654

319,549

Series 2005-B Class B6, 1.8501% 6/10/37 (g)(i)

902,553

69,136

Series 2005-D Class B6, 2.5044% 12/15/37 (g)(i)

455,367

24,362

Series 2006-B Class B6, 1.9544% 7/15/38 (g)(i)

922,710

24,913

Residential Funding Mortgage Securities I, Inc. Series 2002-S20 Class M3, 5.25% 12/25/17

49,912

27,436

Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (g)

98,871

48,100

Collateralized Mortgage Obligations - continued

 

Principal Amount (e)

Value

Private Sponsor - continued

RESIX Finance Ltd. floater:

Series 2003-D Class B8, 6.7501% 12/10/35 (g)(i)

$ 524,327

$ 201,918

Series 2004-A Class B7, 4.5001% 2/10/36 (g)(i)

537,071

249,792

Series 2004-B Class B7, 4.2501% 2/10/36 (g)(i)

659,887

182,195

Series 2005-C Class B7, 3.3501% 9/10/37 (g)(i)

1,856,743

155,038

Series 2006-B Class B7, 4.1044% 7/15/38 (g)(i)

922,710

33,771

Series 2007-A Class BB, 3.6044% 2/15/39 (g)(i)

782,583

10,095

TOTAL PRIVATE SPONSOR

24,457,780

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)

207,723

116,356

Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 4.6075% 2/25/42 (g)(i)

127,282

57,733

Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (k)

281,211

114,382

Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 4.6914% 6/25/43 (g)(i)

172,647

58,307

Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 4.8308% 10/25/42 (g)(i)

74,845

25,573

TOTAL U.S. GOVERNMENT AGENCY

372,351

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $33,307,068)

24,830,131

Commercial Mortgage Securities - 17.2%

 

American Tower Trust I Series 2007-1A Class D, 5.9568% 4/15/37 (g)

3,200,000

3,351,200

Asset Securitization Corp. Series 1997-D4:

Class B1, 7.525% 4/14/29

1,565,000

1,639,154

Class B2, 7.525% 4/14/29

560,000

579,880

Banc of America Commercial Mortgage, Inc.:

sequential payer Series 2002-2 Class F, 5.487% 7/11/43

4,185,000

3,965,782

Series 2005-6 Class AJ, 5.1787% 9/10/47 (i)

5,000,000

4,623,692

Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.2544% 3/15/22 (g)(i)

820,000

328,000

Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4557% 3/11/39 (i)

2,750,000

2,338,624

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

Bear Stearns Commercial Mortgage Securities Trust Series 2006-T22 Class B, 5.4632% 4/12/38 (g)(i)

$ 2,520,000

$ 2,053,117

Citigroup Commercial Mortgage Trust floater Series 2007-FL3A Classs MLA2, 1.3044% 4/15/22 (g)(i)

800,000

629,609

COMM pass-thru certificates Series 2001-J1A Class F, 6.958% 2/14/34 (g)

2,600,000

2,638,544

Credit Suisse First Boston Mortgage Securities Corp.:

Series 1997-C2 Class F, 7.46% 1/17/35 (i)

3,500,000

3,815,833

Series 2004-TF2A Class AX, 0.013% 11/15/19 (g)(i)(j)

4,610,316

461

Credit Suisse/Morgan Stanley Commercial Mortgage Trust:

floater Series 2006-HC1A:

Class A2, 0.5144% 5/15/23 (g)(i)

5,800,000

5,518,150

Class D, 0.7244% 5/15/23 (g)(i)

1,250,000

1,131,277

Class F, 0.8544% 5/15/23 (g)(i)

1,825,000

1,619,947

Series 2006-HC1A Class A1, 0.4444% 5/15/23 (g)(i)

4,784,729

4,650,435

Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (g)

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 (g)

915,000

968,528

Class E, 6.0652% 11/15/36 (g)

800,000

844,304

Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31

1,200,000

918,333

DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.2279% 6/10/31 (g)(i)

2,500,000

2,664,132

First Union National Bank Commercial Mortgage Trust Series 2001-C4 Class H, 7.036% 12/12/33 (g)

2,000,000

2,012,324

G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (g)

7,545,000

6,715,050

GE Capital Commercial Mortgage Corp.:

Series 2001-3 Class C, 6.51% 6/10/38

820,000

814,309

Series 2002-1A Class H, 7.1583% 12/10/35 (g)(i)

991,000

944,475

Global Towers Partners Acquisition Partners I LLC Series 2007-1A Class G, 7.8737% 5/15/37 (g)

1,000,000

1,000,000

GMAC Commercial Mortgage Securities, Inc.:

Series 1997-C2:

Class F, 6.75% 4/15/29 (i)

2,743,242

2,874,452

Class G, 6.75% 4/15/29 (i)

1,250,000

1,245,260

Series 1999-C3:

Class G, 6.974% 8/15/36 (g)

2,134,713

2,143,648

Class J, 6.974% 8/15/36 (g)

1,500,000

1,501,490

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

GMAC Commercial Mortgage Securities, Inc.: - continued

Series 2000-C1:

Class H, 7% 3/15/33 (g)

$ 950,000

$ 928,809

Class K, 7% 3/15/33

1,100,000

853,141

Series 2002-C3 Class D, 5.27% 7/10/39

3,000,000

2,992,918

Greenwich Capital Commercial Funding Corp.:

sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (g)

2,000,000

1,940,686

Series 2002-C1 Class H, 5.903% 1/11/35 (g)

880,000

819,099

GS Mortgage Securities Corp. II floater Series 2007-EOP Class L, 1.5486% 3/1/20 (g)(i)

1,400,000

1,134,000

JPMorgan Chase Commercial Mortgage Securities Corp.:

Series 2001-A:

Class G, 6% 10/15/32 (g)(i)

2,895,000

57,900

Class X, 1.3211% 10/15/32 (g)(i)(j)

9,721,411

87,956

Series 2009-IWST Class D, 7.6935% 12/5/27 (g)(i)

3,250,000

3,262,881

JPMorgan Chase Commercial Mortgage Securities Trust floater Series 2005-FL1A Class A2, 0.4344% 2/15/19 (g)(i)

2,609,381

2,535,638

JPMorgan Commercial Mortgage Finance Corp.:

Series 1997-C5 Class F, 7.5605% 9/15/29

2,720,000

2,935,535

Series 1999-C8:

Class G, 6% 7/15/31 (g)

1,385,000

1,108,000

Class H, 6% 7/15/31 (g)

2,638,000

158,280

LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (g)

2,820,000

2,876,400

LB-UBS Commercial Mortgage Trust:

sequential payer:

Series 2004-C2 Class E, 4.487% 3/15/36

2,060,000

1,864,964

Series 2006-C7 Class AM, 5.378% 11/15/38

2,040,000

1,912,793

Series 2006-C4:

Class AJ, 5.9026% 6/15/38 (i)

6,005,000

5,127,181

Class AM, 5.9026% 6/15/38 (i)

6,700,000

6,482,287

Leafs CMBS I Ltd./Leafs CMBS I Corp. Series 2002-1A Class B, 4.13% 11/20/37 (g)

1,850,000

1,628,000

Merrill Lynch Financial Asset, Inc. Series 2005-CA16:

Class F, 4.384% 7/12/15

CAD

710,000

299,978

Class G, 4.384% 7/12/15

CAD

355,000

144,422

Class H, 4.384% 7/12/15

CAD

236,000

92,477

Class J, 4.384% 7/12/15

CAD

355,000

134,050

Class K, 4.384% 7/12/15

CAD

355,000

129,218

Class L, 4.384% 7/12/15

CAD

236,000

82,834

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

Merrill Lynch Financial Asset, Inc. Series 2005-CA16: - continued

Class M, 4.384% 7/12/15

CAD

$ 995,000

$ 269,915

Merrill Lynch Mortgage Investors Trust:

Series 1999-C1 Class G, 6.71% 11/15/31 (g)

2,959,223

296

Series 2001-HRPA Class H, 6.778% 2/3/16 (g)

1,965,000

1,945,350

Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.6558% 5/12/39 (i)

1,200,000

1,113,372

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, 7.4107% 1/15/18 (i)(j)

5,812,796

566,748

Morgan Stanley Capital I Trust:

sequential payer:

Series 2004-RR2 Class A2, 5.45% 10/28/33 (g)

2,525,777

2,475,262

Series 2006-HQ10 Class AM, 5.36% 11/12/41

8,200,000

7,816,680

Series 1997-RR Class F, 7.4034% 4/30/39 (g)(i)

3,334,420

3,067,666

Series 2005-HQ7 Class E, 5.2077% 11/14/42 (i)

850,000

476,000

Series 2006-IQ12 Class AMFX, 5.37% 12/15/43

7,500,000

6,600,000

Morgan Stanley Dean Witter Capital I Trust Series 2001-IQA Class F, 6.79% 12/18/32 (g)

1,486,185

1,516,425

Multi Security Asset Trust sequential payer Series 2005-RR4A Class A2, 4.83% 11/28/35 (g)

3,523,134

3,313,948

Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g)

3,011,420

2,741,296

RBSCF Trust Series 2010-MB1 Class D, 4.6635% 4/15/24 (g)

5,820,000

5,314,388

SBA CMBS Trust Series 2006-1A Class J, 7.825% 11/15/36 (g)

1,000,000

1,042,250

Structured Asset Securities Corp.:

Series 1996-CFL Class I, 7.75% 2/25/28 (g)

3,951,165

3,986,725

Series 1997-LLI Class F, 7.3% 10/12/34 (g)

2,170,000

2,183,355

TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 6.0718% 8/15/39 (i)

2,080,000

1,925,673

TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (g)

2,000,000

1,907,000

UBS Commercial Mortgage Trust Series 2007-FL1
Class F, 0.8294% 7/15/24 (g)(i)

1,200,000

252,522

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

Wachovia Bank Commercial Mortgage Trust:

floater Series 2007-WHL8 Class MH1, 1.0544% 6/15/20 (g)(i)

$ 1,800,000

$ 1,419,365

Series 2004-C14 Class B, 5.17% 8/15/41

3,180,000

2,964,684

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $159,033,998)

156,491,967

Floating Rate Loans - 1.2%

 

CONSUMER DISCRETIONARY - 0.0%

Specialty Retail - 0.0%

The Pep Boys - Manny, Moe & Jack term loan 2.25% 10/27/13 (i)

28,206

27,148

FINANCIALS - 1.1%

Diversified Financial Services - 0.1%

Pilot Travel Centers LLC Tranche B, term loan 11/24/15 (i)

1,000,000

1,005,000

TowerCo Finance LLC term loan 6% 11/24/14 (i)

169,575

171,271

 

1,176,271

Real Estate Management & Development - 1.0%

CB Richard Ellis Services, Inc. Tranche B1-A, term loan 6.5% 12/20/15 (i)

1,780,000

1,780,000

Realogy Corp.:

Credit-Linked Deposit 3.2487% 10/10/13 (i)

976,506

888,620

Tranche 2LN, term loan 13.5% 10/15/17

2,500,000

2,825,000

Tranche B, term loan 3.2915% 10/10/13 (i)

3,627,021

3,300,590

 

8,794,210

TOTAL FINANCIALS

9,970,481

HEALTH CARE - 0.1%

Health Care Providers & Services - 0.1%

Skilled Healthcare Group, Inc. term loan:

5.25% 4/9/16 (l)

114,242

114,385

5.2409% 4/9/16 (i)

1,165,758

1,167,215

 

1,281,600

TOTAL FLOATING RATE LOANS

(Cost $10,783,932)

11,279,229

Preferred Securities - 0.0%

Principal Amount (e)

Value

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Cairn High Grade ABS CDO PLC Series 2006-2A Class SUB, 1/13/47 (a)(g)

$ 1,000,000

$ 0

Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (g)

500,000

65,700

Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (g)

1,220,000

276,818

Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (g)

810,000

8

Ipswich Street CDO Series 2006-1, 6/27/46 (d)(g)

1,350,000

0

Kent Funding III Ltd. 11/5/47 (a)(g)

1,650,000

0

 

342,526

TOTAL PREFERRED SECURITIES

(Cost $5,780,322)

342,526

Money Market Funds - 8.3%

Shares

 

Fidelity Cash Central Fund, 0.21% (b)

71,490,562

71,490,562

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

3,876,850

3,876,850

TOTAL MONEY MARKET FUNDS

(Cost $75,367,412)

75,367,412

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $891,672,906)

916,803,052

NET OTHER ASSETS - (0.5)%

(4,531,556)

NET ASSETS - 100%

$ 912,271,496

Currency Abbreviations

CAD

-

Canadian dollar

Legend

(a) Non-income producing

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

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

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

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

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

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $230,756,592 or 25.3% of net assets.

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

(i) 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 $285,357 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

$ 180,004

Series 2003-W1 subordinate REMIC pass thru certificates,
Class B3, 5.75% 12/25/42

3/25/03

$ 211,918

GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7625% 6/25/35

6/3/05

$ 1,110,697

(l) Position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $23,333 and $23,363, respectively. The coupon rate will be determined at time of settlement.

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

$ 84,726

Fidelity Securities Lending Cash Central Fund

3,687

Total

$ 88,413

Other Information

The following is a summary of the inputs used, as of April 30, 2010, 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

$ 6,766,179

$ 3,319,659

$ -

$ 3,446,520

Financials

262,810,756

241,475,897

17,775,626

3,559,233

Health Care

12,593,289

12,593,289

-

-

Materials

3,045,480

3,045,480

-

-

Corporate Bonds

320,669,576

-

318,434,430

2,235,146

Asset-Backed Securities

42,606,507

-

18,969,043

23,637,464

Collateralized Mortgage Obligations

24,830,131

-

23,677,057

1,153,074

Commercial Mortgage Securities

156,491,967

-

145,309,578

11,182,389

Floating Rate Loans

11,279,229

-

11,279,229

-

Preferred Securities

342,526

-

-

342,526

Money Market Funds

75,367,412

75,367,412

-

-

Total Investments in Securities:

$ 916,803,052

$ 335,801,737

$ 535,444,963

$ 45,556,352

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

Investments in Securities:

Equities - Consumer Discretionary

Beginning Balance

$ -

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

3,446,520

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 3,446,520

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ -

Equities - Financials

Beginning Balance

$ 3,099,870

Total Realized Gain (Loss)

(2,073,397)

Total Unrealized Gain (Loss)

2,804,186

Cost of Purchases

607

Proceeds of Sales

(271,913)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

(120)

Ending Balance

$ 3,559,233

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ 569,248

Corporate Bonds

Beginning Balance

$ 2,343,856

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(91,247)

Cost of Purchases

-

Proceeds of Sales

(17,463)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 2,235,146

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ (91,247)

Asset-Backed Securities

Beginning Balance

$ 11,832,848

Total Realized Gain (Loss)

384,291

Total Unrealized Gain (Loss)

4,447,826

Cost of Purchases

4,670,339

Proceeds of Sales

(1,688,317)

Amortization/Accretion

516,799

Transfers in to Level 3

4,135,304

Transfers out of Level 3

(661,626)

Ending Balance

$ 23,637,464

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ 4,393,879

Collateralized Mortgage Obligations

Beginning Balance

$ 2,036,201

Total Realized Gain (Loss)

905,026

Total Unrealized Gain (Loss)

2,276,945

Cost of Purchases

-

Proceeds of Sales

(3,473,062)

Amortization/Accretion

118,110

Transfers in to Level 3

41,552

Transfers out of Level 3

(751,698)

Ending Balance

$ 1,153,074

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ 247,141

Commercial Mortgage Securities

Beginning Balance

$ 6,157,272

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

286,903

Cost of Purchases

4,987,751

Proceeds of Sales

-

Amortization/Accretion

637,732

Transfers in to Level 3

737,055

Transfers out of Level 3

(1,624,324)

Ending Balance

$ 11,182,389

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ 286,902

Preferred Securities

Beginning Balance

$ 159,115

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

62,075

Cost of Purchases

113,400

Proceeds of Sales

-

Amortization/Accretion

7,936

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 342,526

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010

$ 62,075

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 the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $893,286,710. Net unrealized appreciation aggregated $23,516,342, of which $95,071,901 related to appreciated investment securities and $71,555,559 related to depreciated investment securities.

Investment Valuation

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

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. Certain of the Fund's securities may be valued by a single source or dealer.

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 visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2010 

1.847958.103

SMO-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%

Shares

Value

CONSUMER DISCRETIONARY - 15.1%

Auto Components - 1.6%

BorgWarner, Inc. (a)

282,600

$ 12,247,884

Tenneco, Inc. (a)

545,900

14,067,843

 

26,315,727

Diversified Consumer Services - 0.7%

Bridgepoint Education, Inc.

439,014

11,287,050

Hotels, Restaurants & Leisure - 2.2%

Red Robin Gourmet Burgers, Inc. (a)

210,660

5,142,211

Vail Resorts, Inc. (a)(d)

249,000

11,364,360

WMS Industries, Inc. (a)

181,000

9,053,620

Wyndham Worldwide Corp.

442,600

11,866,106

 

37,426,297

Household Durables - 2.6%

iRobot Corp. (a)(d)

305,983

6,174,737

Meritage Homes Corp. (a)

478,900

11,388,242

Mohawk Industries, Inc. (a)

200,100

12,754,374

Tempur-Pedic International, Inc. (a)

391,354

13,188,630

 

43,505,983

Internet & Catalog Retail - 0.2%

NutriSystem, Inc. (d)

195,700

3,782,881

Media - 0.8%

Lamar Advertising Co. Class A (a)

352,700

13,127,494

Multiline Retail - 0.4%

Dollarama, Inc.

283,366

6,965,639

Specialty Retail - 4.1%

Cabela's, Inc. Class A (a)(d)

630,138

11,443,306

Fourlis Holdings SA

617,200

6,143,212

Gymboree Corp. (a)

201,400

9,894,782

RadioShack Corp.

532,900

11,483,995

Shoe Carnival, Inc. (a)

561,414

15,528,711

Signet Jewelers Ltd. (a)

339,900

10,883,598

West Marine, Inc. (a)

324,700

3,886,659

 

69,264,263

Textiles, Apparel & Luxury Goods - 2.5%

Deckers Outdoor Corp. (a)

99,200

13,945,536

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

G-III Apparel Group Ltd. (a)

555,300

$ 15,881,580

Phillips-Van Heusen Corp.

200,600

12,639,806

 

42,466,922

TOTAL CONSUMER DISCRETIONARY

254,142,256

CONSUMER STAPLES - 2.8%

Beverages - 0.4%

Hansen Natural Corp. (a)

146,400

6,453,312

Food & Staples Retailing - 0.4%

BJ's Wholesale Club, Inc. (a)

168,900

6,465,492

Food Products - 1.3%

Chiquita Brands International, Inc. (a)

437,830

6,584,963

Green Mountain Coffee Roasters, Inc. (a)

85,700

6,226,962

J&J Snack Foods Corp.

97,945

4,563,258

Tyson Foods, Inc. Class A

215,200

4,215,768

 

21,590,951

Personal Products - 0.7%

China-Biotics, Inc. (a)(d)

137,480

2,449,894

Elizabeth Arden, Inc. (a)

506,245

9,218,721

Schiff Nutrition International, Inc.

147,464

1,045,520

 

12,714,135

TOTAL CONSUMER STAPLES

47,223,890

ENERGY - 4.7%

Energy Equipment & Services - 1.2%

Complete Production Services, Inc. (a)

742,453

11,203,616

Superior Energy Services, Inc. (a)

307,200

8,312,832

 

19,516,448

Oil, Gas & Consumable Fuels - 3.5%

Atlas Pipeline Partners, LP

673,973

9,725,430

Berry Petroleum Co. Class A

308,500

9,986,145

Cloud Peak Energy, Inc.

583,000

9,328,000

EXCO Resources, Inc.

476,748

8,843,675

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

St. Mary Land & Exploration Co.

287,332

$ 11,562,240

Whiting Petroleum Corp. (a)

108,935

9,840,099

 

59,285,589

TOTAL ENERGY

78,802,037

FINANCIALS - 20.3%

Capital Markets - 3.0%

Affiliated Managers Group, Inc. (a)

186,300

15,682,734

optionsXpress Holdings, Inc.

923,702

16,395,711

Waddell & Reed Financial, Inc. Class A

511,800

18,998,016

 

51,076,461

Commercial Banks - 6.8%

Associated Banc-Corp.

1,113,528

16,179,562

CapitalSource, Inc.

3,012,000

17,981,640

City National Corp.

289,000

17,998,920

National Penn Bancshares, Inc.

2,527,700

18,502,764

PacWest Bancorp

711,500

17,083,115

TCF Financial Corp. (d)

1,081,400

20,146,482

Western Liberty Bancorp (a)(e)

1,000,000

5,600,000

 

113,492,483

Insurance - 3.2%

Amerisafe, Inc. (a)

692,000

11,833,200

Endurance Specialty Holdings Ltd.

372,400

13,722,940

Max Capital Group Ltd.

565,911

12,619,815

Platinum Underwriters Holdings Ltd.

413,699

15,393,740

 

53,569,695

Real Estate Investment Trusts - 3.3%

Alexandria Real Estate Equities, Inc. (d)

264,400

18,722,164

Highwoods Properties, Inc. (SBI)

277,200

8,862,084

Home Properties, Inc.

194,700

9,674,643

National Retail Properties, Inc.

417,900

9,833,187

SL Green Realty Corp.

126,000

7,833,420

 

54,925,498

Real Estate Management & Development - 2.2%

Forestar Group, Inc. (a)

905,200

20,403,208

Jones Lang LaSalle, Inc.

213,200

16,817,216

 

37,220,424

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Thrifts & Mortgage Finance - 1.8%

Astoria Financial Corp.

798,300

$ 12,884,562

Washington Federal, Inc.

841,600

17,311,712

 

30,196,274

TOTAL FINANCIALS

340,480,835

HEALTH CARE - 13.3%

Biotechnology - 3.2%

Allos Therapeutics, Inc. (a)(d)

637,200

5,033,880

Anadys Pharmaceuticals, Inc. (a)

863,400

2,193,036

ARIAD Pharmaceuticals, Inc. (a)(d)

1,302,382

4,584,385

BioMarin Pharmaceutical, Inc. (a)

194,400

4,543,128

Dynavax Technologies Corp. (a)

1,004,179

1,556,477

Incyte Corp. (a)(d)

416,880

5,594,530

Inhibitex, Inc. (a)(d)

501,763

1,234,337

Keryx Biopharmaceuticals, Inc. (a)(d)

933,797

5,247,939

Lexicon Pharmaceuticals, Inc. (a)

2,189,060

3,524,387

Neurocrine Biosciences, Inc. (a)

984,921

3,161,596

Pharmasset, Inc. (a)

80,316

2,602,238

Protalix BioTherapeutics, Inc. (a)

50,500

341,885

Targacept, Inc. (a)

131,333

3,125,725

Theravance, Inc. (a)

251,073

4,210,494

Vermillion, Inc. (a)(d)

168,813

3,038,634

ZIOPHARM Oncology, Inc. (a)(d)

681,550

4,034,776

 

54,027,447

Health Care Equipment & Supplies - 2.1%

AGA Medical Holdings, Inc. (d)

592,386

9,525,567

DexCom, Inc. (a)

971,400

10,636,830

SenoRx, Inc. (a)

282,788

2,782,634

Volcano Corp. (a)

508,200

12,206,964

 

35,151,995

Health Care Providers & Services - 4.4%

Alliance Healthcare Services, Inc. (a)

1,431,822

7,674,566

BioScrip, Inc. (a)

970,798

8,678,934

Brookdale Senior Living, Inc. (a)

311,797

6,703,636

Catalyst Health Solutions, Inc. (a)

285,637

12,085,301

Centene Corp. (a)

397,270

9,097,483

Emergency Medical Services Corp. Class A (a)

145,529

7,695,574

Hanger Orthopedic Group, Inc. (a)

385,701

7,189,467

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

RehabCare Group, Inc. (a)

345,749

$ 9,860,761

Sun Healthcare Group, Inc. (a)

538,300

4,812,402

 

73,798,124

Health Care Technology - 1.0%

Computer Programs & Systems, Inc.

157,468

7,095,508

SXC Health Solutions Corp. (a)

128,717

8,946,351

 

16,041,859

Life Sciences Tools & Services - 1.2%

eResearchTechnology, Inc. (a)

1,082,608

7,978,821

Illumina, Inc. (a)(d)

177,600

7,436,112

QIAGEN NV (a)

225,300

5,148,105

 

20,563,038

Pharmaceuticals - 1.4%

Amarin Corp. PLC ADR (a)

822,147

1,858,052

Ardea Biosciences, Inc. (a)

194,301

4,935,245

Cardiome Pharma Corp. (a)

336,300

2,836,145

King Pharmaceuticals, Inc. (a)

331,167

3,245,436

Perrigo Co.

75,762

4,623,755

Questcor Pharmaceuticals, Inc. (a)

554,205

5,397,957

 

22,896,590

TOTAL HEALTH CARE

222,479,053

INDUSTRIALS - 13.7%

Aerospace & Defense - 1.3%

Alliant Techsystems, Inc. (a)

63,200

5,113,512

Teledyne Technologies, Inc. (a)

201,300

8,776,680

Triumph Group, Inc.

104,980

8,142,249

 

22,032,441

Air Freight & Logistics - 0.5%

UTI Worldwide, Inc.

531,400

8,422,690

Airlines - 0.5%

Alaska Air Group, Inc. (a)

177,100

7,333,711

Building Products - 1.3%

AAON, Inc.

332,600

8,028,964

Armstrong World Industries, Inc. (a)

311,700

13,574,535

 

21,603,499

Commercial Services & Supplies - 0.7%

United Stationers, Inc. (a)

199,400

12,207,268

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Construction & Engineering - 1.2%

Chicago Bridge & Iron Co. NV (NY Shares) (a)

364,000

$ 8,532,160

Granite Construction, Inc.

329,900

11,087,939

 

19,620,099

Electrical Equipment - 2.0%

A.O. Smith Corp.

211,174

10,902,914

General Cable Corp. (a)(d)

442,785

12,650,367

Regal-Beloit Corp.

164,600

10,414,242

 

33,967,523

Industrial Conglomerates - 0.8%

Carlisle Companies, Inc.

274,200

10,345,566

Otter Tail Corp.

116,528

2,589,252

 

12,934,818

Machinery - 3.4%

Accuride Corp. (a)

3,381,100

4,632,107

CLARCOR, Inc.

259,786

9,825,107

Gardner Denver, Inc.

176,400

8,871,156

John Bean Technologies Corp.

503,300

9,245,621

Manitowoc Co., Inc.

785,700

11,007,657

Timken Co.

380,620

13,390,212

 

56,971,860

Professional Services - 0.2%

Kforce, Inc. (a)

283,068

3,931,815

Road & Rail - 0.6%

Kansas City Southern (a)

263,300

10,676,815

Trading Companies & Distributors - 1.2%

Interline Brands, Inc. (a)

511,800

10,650,558

WESCO International, Inc. (a)

236,200

9,594,444

 

20,245,002

TOTAL INDUSTRIALS

229,947,541

INFORMATION TECHNOLOGY - 19.1%

Communications Equipment - 3.8%

Adtran, Inc.

556,800

14,905,536

CommScope, Inc. (a)

404,394

13,175,157

DragonWave, Inc. (a)(d)

817,000

6,954,389

Emulex Corp. (a)

836,100

9,824,175

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Ixia (a)

612,704

$ 6,280,216

NETGEAR, Inc. (a)

491,000

13,286,460

 

64,425,933

Computers & Peripherals - 1.9%

SanDisk Corp. (a)

313,800

12,517,482

Super Micro Computer, Inc. (a)

728,887

10,335,618

Synaptics, Inc. (a)(d)

297,157

9,098,947

 

31,952,047

Electronic Equipment & Components - 1.5%

Anixter International, Inc. (a)

212,200

11,119,280

Avnet, Inc. (a)

450,270

14,395,132

 

25,514,412

Internet Software & Services - 1.9%

Art Technology Group, Inc. (a)

2,682,700

11,481,956

j2 Global Communications, Inc. (a)

352,930

8,498,554

Rackspace Hosting, Inc. (a)(d)

661,700

11,877,515

 

31,858,025

IT Services - 2.6%

Acxiom Corp. (a)

204,834

3,908,233

Alliance Data Systems Corp. (a)(d)

140,100

10,515,906

Sapient Corp.

831,020

8,501,335

Wright Express Corp. (a)

613,400

20,837,196

 

43,762,670

Semiconductors & Semiconductor Equipment - 2.9%

Amkor Technology, Inc. (a)(d)

1,271,000

9,583,340

Brooks Automation, Inc. (a)

682,756

6,636,388

Micron Technology, Inc. (a)

402,300

3,761,505

Omnivision Technologies, Inc. (a)

512,900

9,006,524

Standard Microsystems Corp. (a)

186,007

4,776,660

Teradyne, Inc. (a)

618,191

7,560,476

Varian Semiconductor Equipment Associates, Inc. (a)

201,100

6,624,234

 

47,949,127

Software - 4.5%

Ariba, Inc. (a)

480,871

6,862,029

JDA Software Group, Inc. (a)

399,900

11,557,110

Mentor Graphics Corp. (a)

1,606,400

14,441,536

Nuance Communications, Inc. (a)

929,500

16,981,965

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Parametric Technology Corp. (a)

939,400

$ 17,463,446

Radiant Systems, Inc. (a)

617,696

8,690,983

 

75,997,069

TOTAL INFORMATION TECHNOLOGY

321,459,283

MATERIALS - 5.6%

Chemicals - 2.7%

Cabot Corp.

329,200

10,712,168

Lyondell Chemical Co. Class B, (a)

251,986

5,669,685

LyondellBasell Industries AF SCA Class A

274,514

6,121,662

Rockwood Holdings, Inc. (a)

398,700

11,937,078

Solutia, Inc. (a)

632,610

11,133,936

 

45,574,529

Construction Materials - 0.3%

Texas Industries, Inc. (d)

146,200

5,532,208

Metals & Mining - 2.6%

Carpenter Technology Corp.

321,500

12,625,305

Commercial Metals Co.

456,600

6,794,208

Compass Minerals International, Inc.

148,700

11,198,597

Red Back Mining, Inc. (a)

478,000

12,549,734

 

43,167,844

TOTAL MATERIALS

94,274,581

TELECOMMUNICATION SERVICES - 1.1%

Diversified Telecommunication Services - 0.7%

AboveNet, Inc. (a)

77,230

3,903,204

Global Crossing Ltd. (a)

214,392

3,183,721

PAETEC Holding Corp. (a)

786,721

3,917,871

 

11,004,796

Wireless Telecommunication Services - 0.4%

NII Holdings, Inc. (a)

45,000

1,908,900

Syniverse Holdings, Inc. (a)

283,397

5,690,612

 

7,599,512

TOTAL TELECOMMUNICATION SERVICES

18,604,308

Common Stocks - continued

Shares

Value

UTILITIES - 2.9%

Electric Utilities - 1.5%

Cleco Corp.

267,400

$ 7,326,760

Great Plains Energy, Inc.

366,600

7,086,378

Portland General Electric Co.

235,500

4,681,740

Westar Energy, Inc.

286,800

6,794,292

 

25,889,170

Gas Utilities - 0.9%

Northwest Natural Gas Co.

153,800

7,288,582

Southwest Gas Corp.

269,300

8,375,230

 

15,663,812

Multi-Utilities - 0.5%

NorthWestern Energy Corp.

258,400

7,808,848

TOTAL UTILITIES

49,361,830

TOTAL COMMON STOCKS

(Cost $1,304,349,307)

1,656,775,614

U.S. Treasury Obligations - 0.1%

 

Principal Amount

 

U.S. Treasury Bills, yield at date of purchase 0.09% to 0.15% 5/13/10 (f)
(Cost $1,074,961)

$ 1,075,000

1,074,963

Money Market Funds - 6.0%

Shares

 

Fidelity Cash Central Fund, 0.21% (b)

21,503,641

21,503,641

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

79,550,459

79,550,459

TOTAL MONEY MARKET FUNDS

(Cost $101,054,100)

101,054,100

TOTAL INVESTMENT PORTFOLIO - 104.7%

(Cost $1,406,478,368)

1,758,904,677

NET OTHER ASSETS - (4.7)%

(78,987,213)

NET ASSETS - 100%

$ 1,679,917,464

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

46 NYFE Russell 2000 Mini Index Contracts

June 2010

$ 3,291,300

$ (113,810)

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

Legend

(a) Non-income producing

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

(c) 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 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 $274,991.

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

$ 49,183

Fidelity Securities Lending Cash Central Fund

1,000,326

Total

$ 1,049,509

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

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

$ -

$ 7,305,943

$ -

$ -

Western Liberty Bancorp

-

1,775,200

-

-

5,600,000

Total

$ 7,828,236

$ 1,775,200

$ 7,305,943

$ -

$ 5,600,000

Other Information

The following is a summary of the inputs used, as of April 30, 2010, 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

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 254,142,256

$ 247,999,044

$ 6,143,212

$ -

Consumer Staples

47,223,890

47,223,890

-

-

Energy

78,802,037

78,802,037

-

-

Financials

340,480,835

334,880,835

5,600,000

-

Health Care

222,479,053

222,479,053

-

-

Industrials

229,947,541

229,947,541

-

-

Information Technology

321,459,283

321,459,283

-

-

Materials

94,274,581

88,604,896

5,669,685

-

Telecommunication Services

18,604,308

18,604,308

-

-

Utilities

49,361,830

49,361,830

-

-

U.S. Government and Government Agency Obligations

1,074,963

-

1,074,963

-

Money Market Funds

101,054,100

101,054,100

-

-

Total Investments in Securities:

$ 1,758,904,677

$ 1,740,416,817

$ 18,487,860

$ -

Derivative Instruments:

Liabilities

Futures Contracts

$ (113,810)

$ (113,810)

$ -

$ -

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $1,410,705,068. Net unrealized appreciation aggregated $348,199,609, of which $380,015,496 related to appreciated investment securities and $31,815,887 related to depreciated investment securities.

Investment Valuation

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

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Small Cap Growth Fund

April 30, 2010 

1.815773.105

SCP-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.4%

Shares

Value

CONSUMER DISCRETIONARY - 16.4%

Auto Components - 1.2%

ElringKlinger AG

320,000

$ 8,988,407

Modine Manufacturing Co. (a)

724,000

10,143,240

 

19,131,647

Distributors - 0.6%

Delticom AG

166,910

8,641,283

Diversified Consumer Services - 0.8%

Steiner Leisure Ltd. (a)

248,000

11,623,760

Hotels, Restaurants & Leisure - 3.0%

Aristocrat Leisure Ltd.

2,435,000

9,555,248

BJ's Restaurants, Inc. (a)

320,000

7,721,600

Life Time Fitness, Inc. (a)(d)

203,000

7,462,280

Toridoll Corp.

2,535

5,068,381

WMS Industries, Inc. (a)

194,750

9,741,395

Wyndham Worldwide Corp.

299,000

8,016,190

 

47,565,094

Household Durables - 2.1%

Dorel Industries, Inc. Class B (sub. vtg.)

279,550

9,895,113

Hooker Furniture Corp.

421,476

6,642,462

Tempur-Pedic International, Inc. (a)

484,000

16,310,800

 

32,848,375

Multiline Retail - 0.6%

Dollarama, Inc.

385,000

9,463,983

Specialty Retail - 5.0%

Casual Male Retail Group, Inc. (a)

2,348,113

9,603,782

Citi Trends, Inc. (a)

315,000

10,565,100

DSW, Inc. Class A (a)

300,000

9,060,000

hhgregg, Inc. (a)

350,000

10,020,500

Jos. A. Bank Clothiers, Inc. (a)

215,000

13,084,900

Sally Beauty Holdings, Inc. (a)

898,316

8,578,918

Shoe Carnival, Inc. (a)

301,949

8,351,909

Signet Jewelers Ltd. (a)

285,000

9,125,700

 

78,390,809

Textiles, Apparel & Luxury Goods - 3.1%

Fossil, Inc. (a)

350,000

13,615,000

G-III Apparel Group Ltd. (a)

308,901

8,834,569

Iconix Brand Group, Inc. (a)

524,500

9,052,870

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

Phillips-Van Heusen Corp.

182,000

$ 11,467,820

Ted Baker PLC

745,700

5,967,575

 

48,937,834

TOTAL CONSUMER DISCRETIONARY

256,602,785

CONSUMER STAPLES - 1.9%

Food Products - 1.4%

Calavo Growers, Inc. (d)

599,046

10,387,458

Smithfield Foods, Inc. (a)

585,000

10,962,900

 

21,350,358

Personal Products - 0.5%

Inter Parfums, Inc.

490,000

8,467,200

TOTAL CONSUMER STAPLES

29,817,558

ENERGY - 2.7%

Energy Equipment & Services - 1.3%

Northern Offshore Ltd. (a)

1,517,123

3,256,467

Parker Drilling Co. (a)

2,255,000

12,470,150

T-3 Energy Services, Inc. (a)

172,842

5,142,050

 

20,868,667

Oil, Gas & Consumable Fuels - 1.4%

Comstock Resources, Inc. (a)

244,198

7,828,988

EXCO Resources, Inc.

720,400

13,363,420

 

21,192,408

TOTAL ENERGY

42,061,075

FINANCIALS - 3.2%

Capital Markets - 1.0%

Fifth Street Finance Corp.

615,000

7,841,250

optionsXpress Holdings, Inc.

469,200

8,328,300

 

16,169,550

Commercial Banks - 1.1%

CapitalSource, Inc.

1,295,000

7,731,150

Huntington Bancshares, Inc.

1,371,100

9,282,347

 

17,013,497

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - 0.5%

CBL & Associates Properties, Inc.

538,000

$ 7,854,800

Thrifts & Mortgage Finance - 0.6%

First Niagara Financial Group, Inc.

625,000

8,687,500

TOTAL FINANCIALS

49,725,347

HEALTH CARE - 21.4%

Biotechnology - 1.5%

OREXIGEN Therapeutics, Inc. (a)(d)

901,550

6,112,509

PDL BioPharma, Inc.

1,510,000

8,788,200

Theravance, Inc. (a)

409,000

6,858,930

ZIOPHARM Oncology, Inc. (a)

394,398

2,334,836

 

24,094,475

Health Care Equipment & Supplies - 4.7%

ev3, Inc. (a)

540,000

10,330,200

Integra LifeSciences Holdings Corp. (a)

317,400

14,419,482

Meridian Bioscience, Inc. (d)

556,505

11,124,535

Natus Medical, Inc. (a)

673,000

11,467,920

Orthofix International NV (a)

200,000

6,838,000

STRATEC Biomedical Systems AG

175,000

6,482,941

Wright Medical Group, Inc. (a)

670,000

12,582,600

 

73,245,678

Health Care Providers & Services - 8.2%

Amedisys, Inc. (a)(d)

209,000

12,034,220

Brookdale Senior Living, Inc. (a)(d)

378,000

8,127,000

Catalyst Health Solutions, Inc. (a)

205,000

8,673,550

Centene Corp. (a)

300,000

6,870,000

Community Health Systems, Inc. (a)

219,000

8,948,340

Emergency Medical Services Corp. Class A (a)

230,000

12,162,400

Hanger Orthopedic Group, Inc. (a)

556,900

10,380,616

HealthSouth Corp. (a)

530,000

10,843,800

Providence Service Corp. (a)

393,800

6,541,018

PSS World Medical, Inc. (a)(d)

664,499

15,569,212

Psychiatric Solutions, Inc. (a)

279,000

8,975,430

RehabCare Group, Inc. (a)

433,000

12,349,160

Synergy Health PLC

780,411

7,310,643

 

128,785,389

Health Care Technology - 0.9%

Computer Programs & Systems, Inc. (d)

317,000

14,284,020

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Life Sciences Tools & Services - 3.7%

Bruker BioSciences Corp. (a)

985,000

$ 15,060,650

ICON PLC sponsored ADR (a)

520,000

15,168,400

Illumina, Inc. (a)

122,900

5,145,823

PerkinElmer, Inc.

585,000

14,654,250

QIAGEN NV (a)

361,000

8,248,850

 

58,277,973

Pharmaceuticals - 2.4%

Ardea Biosciences, Inc. (a)(d)

244,263

6,204,280

Auxilium Pharmaceuticals, Inc. (a)(d)

148,935

5,302,086

Biodel, Inc. (a)(d)

520,000

2,340,000

Cadence Pharmaceuticals, Inc. (a)(d)

645,000

6,321,000

Hikma Pharmaceuticals PLC

1,150,000

10,990,742

ViroPharma, Inc. (a)

435,000

5,533,200

 

36,691,308

TOTAL HEALTH CARE

335,378,843

INDUSTRIALS - 17.8%

Aerospace & Defense - 1.9%

Spirit AeroSystems Holdings, Inc. Class A (a)

536,400

11,897,352

Teledyne Technologies, Inc. (a)

237,000

10,333,200

Triumph Group, Inc.

100,000

7,756,000

 

29,986,552

Airlines - 1.0%

AirTran Holdings, Inc. (a)(d)

1,405,000

7,418,400

Hawaiian Holdings, Inc. (a)

1,106,800

7,858,280

 

15,276,680

Building Products - 1.0%

Armstrong World Industries, Inc. (a)

376,000

16,374,800

Commercial Services & Supplies - 2.4%

Knoll, Inc.

135,400

1,892,892

Prosegur Compania de Seguridad SA (Reg.)

221,000

10,255,372

The Geo Group, Inc. (a)

653,000

13,830,540

Waste Connections, Inc. (a)

310,000

11,094,900

 

37,073,704

Construction & Engineering - 1.6%

Chicago Bridge & Iron Co. NV (NY Shares) (a)

611,000

14,321,840

Orion Marine Group, Inc. (a)

530,000

10,048,800

 

24,370,640

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Electrical Equipment - 2.7%

Acuity Brands, Inc.

190,100

$ 8,594,421

Regal-Beloit Corp.

247,000

15,627,690

Roth & Rau AG (a)(d)

270,000

8,871,812

Zumtobel AG (a)

450,000

9,704,708

 

42,798,631

Machinery - 2.9%

Altra Holdings, Inc. (a)

610,000

9,247,600

Blount International, Inc. (a)

640,000

7,180,800

Commercial Vehicle Group, Inc. (a)(e)

1,439,273

13,500,381

Duoyuan Global Water, Inc. ADR (d)

339,600

9,060,528

OSG Corp. (d)

600,000

7,135,101

 

46,124,410

Professional Services - 0.3%

Kforce, Inc. (a)

316,007

4,389,337

Road & Rail - 1.2%

Avis Budget Group, Inc. (a)

563,000

8,512,560

Contrans Group, Inc. Class A

985,000

9,692,974

 

18,205,534

Trading Companies & Distributors - 2.8%

Beacon Roofing Supply, Inc. (a)

744,000

16,516,800

Interline Brands, Inc. (a)

550,000

11,445,500

Rush Enterprises, Inc. Class A (a)

948,254

15,380,680

 

43,342,980

TOTAL INDUSTRIALS

277,943,268

INFORMATION TECHNOLOGY - 28.7%

Communications Equipment - 6.8%

Adtran, Inc.

510,200

13,658,054

CommScope, Inc. (a)

400,200

13,038,516

NETGEAR, Inc. (a)

626,600

16,955,796

Plantronics, Inc.

520,000

17,264,000

Polycom, Inc. (a)

505,000

16,437,750

Riverbed Technology, Inc. (a)

535,000

16,579,650

ViaSat, Inc. (a)

335,700

11,900,565

 

105,834,331

Computers & Peripherals - 2.4%

Super Micro Computer, Inc. (a)

930,000

13,187,400

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

Synaptics, Inc. (a)(d)

431,000

$ 13,197,220

Wincor Nixdorf AG

157,400

10,656,694

 

37,041,314

Electronic Equipment & Components - 2.2%

Avnet, Inc. (a)

335,000

10,709,950

CPI International, Inc. (a)

100

1,343

Insight Enterprises, Inc. (a)

855,000

12,850,650

SYNNEX Corp. (a)

417,800

11,456,076

 

35,018,019

Internet Software & Services - 5.3%

Art Technology Group, Inc. (a)

1,885,652

8,070,591

j2 Global Communications, Inc. (a)

747,500

17,999,795

Monster Worldwide, Inc. (a)(d)

675,880

11,780,588

Perficient, Inc. (a)

859,102

10,713,002

Rackspace Hosting, Inc. (a)

723,000

12,977,850

Sohu.com, Inc. (a)(d)

234,000

11,267,100

TelecityGroup PLC (a)

1,616,600

10,063,772

 

82,872,698

IT Services - 4.6%

CACI International, Inc. Class A (a)

207,400

9,836,982

Datacash Group PLC

2,486,200

8,770,777

Heartland Payment Systems, Inc.

545,000

10,017,100

Hewitt Associates, Inc. Class A (a)

276,000

11,313,240

Online Resources Corp. (a)(e)

1,897,060

8,840,300

WNS Holdings Ltd. sponsored ADR (a)

534,657

6,554,895

Wright Express Corp. (a)

472,000

16,033,840

 

71,367,134

Semiconductors & Semiconductor Equipment - 3.1%

Hittite Microwave Corp. (a)

208,821

10,708,341

Microsemi Corp. (a)

997,000

16,510,320

Teradyne, Inc. (a)(d)

1,135,000

13,881,050

Verigy Ltd. (a)

670,000

7,999,800

 

49,099,511

Software - 4.3%

Blackbaud, Inc.

446,059

10,281,660

Informatica Corp. (a)

381,000

9,528,810

Radiant Systems, Inc. (a)

1,000,000

14,070,000

Solera Holdings, Inc.

297,000

11,544,390

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Taleo Corp. Class A (a)

431,039

$ 11,198,393

TeleCommunication Systems, Inc. Class A (a)

1,575,000

10,883,250

 

67,506,503

TOTAL INFORMATION TECHNOLOGY

448,739,510

MATERIALS - 1.3%

Chemicals - 0.6%

Solutia, Inc. (a)

547,000

9,627,200

Metals & Mining - 0.7%

Commercial Metals Co.

755,000

11,234,400

TOTAL MATERIALS

20,861,600

TELECOMMUNICATION SERVICES - 0.6%

Diversified Telecommunication Services - 0.6%

Premiere Global Services, Inc. (a)

1,037,000

9,716,690

UTILITIES - 0.4%

Independent Power Producers & Energy Traders - 0.4%

Terna Energy SA

1,017,000

5,640,952

TOTAL COMMON STOCKS

(Cost $1,227,655,395)

1,476,487,628

Money Market Funds - 10.9%

 

 

 

 

Fidelity Cash Central Fund, 0.21% (b)

88,916,289

88,916,289

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

80,729,797

80,729,797

TOTAL MONEY MARKET FUNDS

(Cost $169,646,086)

169,646,086

TOTAL INVESTMENT PORTFOLIO - 105.3%

(Cost $1,397,301,481)

1,646,133,714

NET OTHER ASSETS - (5.3)%

(82,783,386)

NET ASSETS - 100%

$ 1,563,350,328

Legend

(a) Non-income producing

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

(c) 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

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

$ 105,795

Fidelity Securities Lending Cash Central Fund

765,202

Total

$ 870,997

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

Value,
beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Commercial Vehicle Group, Inc.

$ -

$ 9,035,246

$ 1,873,175

$ -

$ 13,500,381

Online Resources Corp.

7,502,350

4,608,401

537,693

-

8,840,300

Town Sports International Holdings, Inc.

4,060,850

759,596

3,236,327

-

-

Total

$ 11,563,200

$ 14,403,243

$ 5,647,195

$ -

$ 22,340,681

Other Information

The following is a summary of the inputs used, as of April 30, 2010, 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

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 256,602,785

$ 223,450,272

$ 33,152,513

$ -

Consumer Staples

29,817,558

29,817,558

-

-

Energy

42,061,075

38,804,608

3,256,467

-

Financials

49,725,347

49,725,347

-

-

Health Care

335,378,843

310,594,517

24,784,326

-

Industrials

277,943,268

249,111,376

28,831,892

-

Information Technology

448,739,510

419,248,267

29,491,243

-

Materials

20,861,600

20,861,600

-

-

Telecommunication Services

9,716,690

9,716,690

-

-

Utilities

5,640,952

-

5,640,952

-

Money Market Funds

169,646,086

169,646,086

-

-

Total Investments in Securities:

$ 1,646,133,714

$ 1,520,976,321

$ 125,157,393

$ -

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $1,402,218,452. Net unrealized appreciation aggregated $243,915,262, of which $280,370,852 related to appreciated investment securities and $36,455,590 related to depreciated investment securities.

Investment Valuation

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2010

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

1.817157.105

ASCP-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.4%

Shares

Value

CONSUMER DISCRETIONARY - 16.4%

Auto Components - 1.2%

ElringKlinger AG

320,000

$ 8,988,407

Modine Manufacturing Co. (a)

724,000

10,143,240

 

19,131,647

Distributors - 0.6%

Delticom AG

166,910

8,641,283

Diversified Consumer Services - 0.8%

Steiner Leisure Ltd. (a)

248,000

11,623,760

Hotels, Restaurants & Leisure - 3.0%

Aristocrat Leisure Ltd.

2,435,000

9,555,248

BJ's Restaurants, Inc. (a)

320,000

7,721,600

Life Time Fitness, Inc. (a)(d)

203,000

7,462,280

Toridoll Corp.

2,535

5,068,381

WMS Industries, Inc. (a)

194,750

9,741,395

Wyndham Worldwide Corp.

299,000

8,016,190

 

47,565,094

Household Durables - 2.1%

Dorel Industries, Inc. Class B (sub. vtg.)

279,550

9,895,113

Hooker Furniture Corp.

421,476

6,642,462

Tempur-Pedic International, Inc. (a)

484,000

16,310,800

 

32,848,375

Multiline Retail - 0.6%

Dollarama, Inc.

385,000

9,463,983

Specialty Retail - 5.0%

Casual Male Retail Group, Inc. (a)

2,348,113

9,603,782

Citi Trends, Inc. (a)

315,000

10,565,100

DSW, Inc. Class A (a)

300,000

9,060,000

hhgregg, Inc. (a)

350,000

10,020,500

Jos. A. Bank Clothiers, Inc. (a)

215,000

13,084,900

Sally Beauty Holdings, Inc. (a)

898,316

8,578,918

Shoe Carnival, Inc. (a)

301,949

8,351,909

Signet Jewelers Ltd. (a)

285,000

9,125,700

 

78,390,809

Textiles, Apparel & Luxury Goods - 3.1%

Fossil, Inc. (a)

350,000

13,615,000

G-III Apparel Group Ltd. (a)

308,901

8,834,569

Iconix Brand Group, Inc. (a)

524,500

9,052,870

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

Phillips-Van Heusen Corp.

182,000

$ 11,467,820

Ted Baker PLC

745,700

5,967,575

 

48,937,834

TOTAL CONSUMER DISCRETIONARY

256,602,785

CONSUMER STAPLES - 1.9%

Food Products - 1.4%

Calavo Growers, Inc. (d)

599,046

10,387,458

Smithfield Foods, Inc. (a)

585,000

10,962,900

 

21,350,358

Personal Products - 0.5%

Inter Parfums, Inc.

490,000

8,467,200

TOTAL CONSUMER STAPLES

29,817,558

ENERGY - 2.7%

Energy Equipment & Services - 1.3%

Northern Offshore Ltd. (a)

1,517,123

3,256,467

Parker Drilling Co. (a)

2,255,000

12,470,150

T-3 Energy Services, Inc. (a)

172,842

5,142,050

 

20,868,667

Oil, Gas & Consumable Fuels - 1.4%

Comstock Resources, Inc. (a)

244,198

7,828,988

EXCO Resources, Inc.

720,400

13,363,420

 

21,192,408

TOTAL ENERGY

42,061,075

FINANCIALS - 3.2%

Capital Markets - 1.0%

Fifth Street Finance Corp.

615,000

7,841,250

optionsXpress Holdings, Inc.

469,200

8,328,300

 

16,169,550

Commercial Banks - 1.1%

CapitalSource, Inc.

1,295,000

7,731,150

Huntington Bancshares, Inc.

1,371,100

9,282,347

 

17,013,497

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - 0.5%

CBL & Associates Properties, Inc.

538,000

$ 7,854,800

Thrifts & Mortgage Finance - 0.6%

First Niagara Financial Group, Inc.

625,000

8,687,500

TOTAL FINANCIALS

49,725,347

HEALTH CARE - 21.4%

Biotechnology - 1.5%

OREXIGEN Therapeutics, Inc. (a)(d)

901,550

6,112,509

PDL BioPharma, Inc.

1,510,000

8,788,200

Theravance, Inc. (a)

409,000

6,858,930

ZIOPHARM Oncology, Inc. (a)

394,398

2,334,836

 

24,094,475

Health Care Equipment & Supplies - 4.7%

ev3, Inc. (a)

540,000

10,330,200

Integra LifeSciences Holdings Corp. (a)

317,400

14,419,482

Meridian Bioscience, Inc. (d)

556,505

11,124,535

Natus Medical, Inc. (a)

673,000

11,467,920

Orthofix International NV (a)

200,000

6,838,000

STRATEC Biomedical Systems AG

175,000

6,482,941

Wright Medical Group, Inc. (a)

670,000

12,582,600

 

73,245,678

Health Care Providers & Services - 8.2%

Amedisys, Inc. (a)(d)

209,000

12,034,220

Brookdale Senior Living, Inc. (a)(d)

378,000

8,127,000

Catalyst Health Solutions, Inc. (a)

205,000

8,673,550

Centene Corp. (a)

300,000

6,870,000

Community Health Systems, Inc. (a)

219,000

8,948,340

Emergency Medical Services Corp. Class A (a)

230,000

12,162,400

Hanger Orthopedic Group, Inc. (a)

556,900

10,380,616

HealthSouth Corp. (a)

530,000

10,843,800

Providence Service Corp. (a)

393,800

6,541,018

PSS World Medical, Inc. (a)(d)

664,499

15,569,212

Psychiatric Solutions, Inc. (a)

279,000

8,975,430

RehabCare Group, Inc. (a)

433,000

12,349,160

Synergy Health PLC

780,411

7,310,643

 

128,785,389

Health Care Technology - 0.9%

Computer Programs & Systems, Inc. (d)

317,000

14,284,020

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Life Sciences Tools & Services - 3.7%

Bruker BioSciences Corp. (a)

985,000

$ 15,060,650

ICON PLC sponsored ADR (a)

520,000

15,168,400

Illumina, Inc. (a)

122,900

5,145,823

PerkinElmer, Inc.

585,000

14,654,250

QIAGEN NV (a)

361,000

8,248,850

 

58,277,973

Pharmaceuticals - 2.4%

Ardea Biosciences, Inc. (a)(d)

244,263

6,204,280

Auxilium Pharmaceuticals, Inc. (a)(d)

148,935

5,302,086

Biodel, Inc. (a)(d)

520,000

2,340,000

Cadence Pharmaceuticals, Inc. (a)(d)

645,000

6,321,000

Hikma Pharmaceuticals PLC

1,150,000

10,990,742

ViroPharma, Inc. (a)

435,000

5,533,200

 

36,691,308

TOTAL HEALTH CARE

335,378,843

INDUSTRIALS - 17.8%

Aerospace & Defense - 1.9%

Spirit AeroSystems Holdings, Inc. Class A (a)

536,400

11,897,352

Teledyne Technologies, Inc. (a)

237,000

10,333,200

Triumph Group, Inc.

100,000

7,756,000

 

29,986,552

Airlines - 1.0%

AirTran Holdings, Inc. (a)(d)

1,405,000

7,418,400

Hawaiian Holdings, Inc. (a)

1,106,800

7,858,280

 

15,276,680

Building Products - 1.0%

Armstrong World Industries, Inc. (a)

376,000

16,374,800

Commercial Services & Supplies - 2.4%

Knoll, Inc.

135,400

1,892,892

Prosegur Compania de Seguridad SA (Reg.)

221,000

10,255,372

The Geo Group, Inc. (a)

653,000

13,830,540

Waste Connections, Inc. (a)

310,000

11,094,900

 

37,073,704

Construction & Engineering - 1.6%

Chicago Bridge & Iron Co. NV (NY Shares) (a)

611,000

14,321,840

Orion Marine Group, Inc. (a)

530,000

10,048,800

 

24,370,640

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Electrical Equipment - 2.7%

Acuity Brands, Inc.

190,100

$ 8,594,421

Regal-Beloit Corp.

247,000

15,627,690

Roth & Rau AG (a)(d)

270,000

8,871,812

Zumtobel AG (a)

450,000

9,704,708

 

42,798,631

Machinery - 2.9%

Altra Holdings, Inc. (a)

610,000

9,247,600

Blount International, Inc. (a)

640,000

7,180,800

Commercial Vehicle Group, Inc. (a)(e)

1,439,273

13,500,381

Duoyuan Global Water, Inc. ADR (d)

339,600

9,060,528

OSG Corp. (d)

600,000

7,135,101

 

46,124,410

Professional Services - 0.3%

Kforce, Inc. (a)

316,007

4,389,337

Road & Rail - 1.2%

Avis Budget Group, Inc. (a)

563,000

8,512,560

Contrans Group, Inc. Class A

985,000

9,692,974

 

18,205,534

Trading Companies & Distributors - 2.8%

Beacon Roofing Supply, Inc. (a)

744,000

16,516,800

Interline Brands, Inc. (a)

550,000

11,445,500

Rush Enterprises, Inc. Class A (a)

948,254

15,380,680

 

43,342,980

TOTAL INDUSTRIALS

277,943,268

INFORMATION TECHNOLOGY - 28.7%

Communications Equipment - 6.8%

Adtran, Inc.

510,200

13,658,054

CommScope, Inc. (a)

400,200

13,038,516

NETGEAR, Inc. (a)

626,600

16,955,796

Plantronics, Inc.

520,000

17,264,000

Polycom, Inc. (a)

505,000

16,437,750

Riverbed Technology, Inc. (a)

535,000

16,579,650

ViaSat, Inc. (a)

335,700

11,900,565

 

105,834,331

Computers & Peripherals - 2.4%

Super Micro Computer, Inc. (a)

930,000

13,187,400

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

Synaptics, Inc. (a)(d)

431,000

$ 13,197,220

Wincor Nixdorf AG

157,400

10,656,694

 

37,041,314

Electronic Equipment & Components - 2.2%

Avnet, Inc. (a)

335,000

10,709,950

CPI International, Inc. (a)

100

1,343

Insight Enterprises, Inc. (a)

855,000

12,850,650

SYNNEX Corp. (a)

417,800

11,456,076

 

35,018,019

Internet Software & Services - 5.3%

Art Technology Group, Inc. (a)

1,885,652

8,070,591

j2 Global Communications, Inc. (a)

747,500

17,999,795

Monster Worldwide, Inc. (a)(d)

675,880

11,780,588

Perficient, Inc. (a)

859,102

10,713,002

Rackspace Hosting, Inc. (a)

723,000

12,977,850

Sohu.com, Inc. (a)(d)

234,000

11,267,100

TelecityGroup PLC (a)

1,616,600

10,063,772

 

82,872,698

IT Services - 4.6%

CACI International, Inc. Class A (a)

207,400

9,836,982

Datacash Group PLC

2,486,200

8,770,777

Heartland Payment Systems, Inc.

545,000

10,017,100

Hewitt Associates, Inc. Class A (a)

276,000

11,313,240

Online Resources Corp. (a)(e)

1,897,060

8,840,300

WNS Holdings Ltd. sponsored ADR (a)

534,657

6,554,895

Wright Express Corp. (a)

472,000

16,033,840

 

71,367,134

Semiconductors & Semiconductor Equipment - 3.1%

Hittite Microwave Corp. (a)

208,821

10,708,341

Microsemi Corp. (a)

997,000

16,510,320

Teradyne, Inc. (a)(d)

1,135,000

13,881,050

Verigy Ltd. (a)

670,000

7,999,800

 

49,099,511

Software - 4.3%

Blackbaud, Inc.

446,059

10,281,660

Informatica Corp. (a)

381,000

9,528,810

Radiant Systems, Inc. (a)

1,000,000

14,070,000

Solera Holdings, Inc.

297,000

11,544,390

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Taleo Corp. Class A (a)

431,039

$ 11,198,393

TeleCommunication Systems, Inc. Class A (a)

1,575,000

10,883,250

 

67,506,503

TOTAL INFORMATION TECHNOLOGY

448,739,510

MATERIALS - 1.3%

Chemicals - 0.6%

Solutia, Inc. (a)

547,000

9,627,200

Metals & Mining - 0.7%

Commercial Metals Co.

755,000

11,234,400

TOTAL MATERIALS

20,861,600

TELECOMMUNICATION SERVICES - 0.6%

Diversified Telecommunication Services - 0.6%

Premiere Global Services, Inc. (a)

1,037,000

9,716,690

UTILITIES - 0.4%

Independent Power Producers & Energy Traders - 0.4%

Terna Energy SA

1,017,000

5,640,952

TOTAL COMMON STOCKS

(Cost $1,227,655,395)

1,476,487,628

Money Market Funds - 10.9%

 

 

 

 

Fidelity Cash Central Fund, 0.21% (b)

88,916,289

88,916,289

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

80,729,797

80,729,797

TOTAL MONEY MARKET FUNDS

(Cost $169,646,086)

169,646,086

TOTAL INVESTMENT PORTFOLIO - 105.3%

(Cost $1,397,301,481)

1,646,133,714

NET OTHER ASSETS - (5.3)%

(82,783,386)

NET ASSETS - 100%

$ 1,563,350,328

Legend

(a) Non-income producing

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

(c) 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

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

$ 105,795

Fidelity Securities Lending Cash Central Fund

765,202

Total

$ 870,997

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

Value,
beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Commercial Vehicle Group, Inc.

$ -

$ 9,035,246

$ 1,873,175

$ -

$ 13,500,381

Online Resources Corp.

7,502,350

4,608,401

537,693

-

8,840,300

Town Sports International Holdings, Inc.

4,060,850

759,596

3,236,327

-

-

Total

$ 11,563,200

$ 14,403,243

$ 5,647,195

$ -

$ 22,340,681

Other Information

The following is a summary of the inputs used, as of April 30, 2010, 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

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 256,602,785

$ 223,450,272

$ 33,152,513

$ -

Consumer Staples

29,817,558

29,817,558

-

-

Energy

42,061,075

38,804,608

3,256,467

-

Financials

49,725,347

49,725,347

-

-

Health Care

335,378,843

310,594,517

24,784,326

-

Industrials

277,943,268

249,111,376

28,831,892

-

Information Technology

448,739,510

419,248,267

29,491,243

-

Materials

20,861,600

20,861,600

-

-

Telecommunication Services

9,716,690

9,716,690

-

-

Utilities

5,640,952

-

5,640,952

-

Money Market Funds

169,646,086

169,646,086

-

-

Total Investments in Securities:

$ 1,646,133,714

$ 1,520,976,321

$ 125,157,393

$ -

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $1,402,218,452. Net unrealized appreciation aggregated $243,915,262, of which $280,370,852 related to appreciated investment securities and $36,455,590 related to depreciated investment securities.

Investment Valuation

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

April 30, 2010 

1.815774.105

SCV-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%

Shares

Value

CONSUMER DISCRETIONARY - 12.6%

Diversified Consumer Services - 3.0%

Matthews International Corp. Class A

640,187

$ 22,406,545

Regis Corp.

2,383,652

45,575,426

 

67,981,971

Household Durables - 6.8%

M.D.C. Holdings, Inc.

1,224,300

46,890,690

Meritage Homes Corp. (a)

1,536,160

36,529,885

Ryland Group, Inc.

2,062,837

46,991,427

Tempur-Pedic International, Inc. (a)

700,000

23,590,000

 

154,002,002

Specialty Retail - 1.8%

Asbury Automotive Group, Inc. (a)

1,465,159

22,783,222

Tsutsumi Jewelry Co. Ltd.

791,400

18,552,782

 

41,336,004

Textiles, Apparel & Luxury Goods - 1.0%

Iconix Brand Group, Inc. (a)

1,330,087

22,957,302

TOTAL CONSUMER DISCRETIONARY

286,277,279

CONSUMER STAPLES - 4.1%

Food & Staples Retailing - 3.9%

BJ's Wholesale Club, Inc. (a)

1,390,000

53,209,200

Casey's General Stores, Inc.

593,985

22,945,641

Ingles Markets, Inc. Class A

838,531

13,441,652

 

89,596,493

Food Products - 0.2%

Chiquita Brands International, Inc. (a)

250,422

3,766,347

TOTAL CONSUMER STAPLES

93,362,840

ENERGY - 3.1%

Energy Equipment & Services - 3.0%

Superior Energy Services, Inc. (a)

2,541,700

68,778,402

Oil, Gas & Consumable Fuels - 0.1%

Berry Petroleum Co. Class A

80,000

2,589,600

TOTAL ENERGY

71,368,002

Common Stocks - continued

Shares

Value

FINANCIALS - 33.6%

Capital Markets - 3.4%

optionsXpress Holdings, Inc.

2,055,000

$ 36,476,250

TradeStation Group, Inc. (a)(e)

2,062,291

17,240,753

Waddell & Reed Financial, Inc. Class A

640,000

23,756,800

 

77,473,803

Commercial Banks - 11.6%

Associated Banc-Corp.

3,132,482

45,514,963

CapitalSource, Inc.

6,395,000

38,178,150

City National Corp.

784,900

48,883,572

National Penn Bancshares, Inc.

2,650,751

19,403,497

PacWest Bancorp (d)

1,727,000

41,465,270

TCF Financial Corp. (d)

3,085,800

57,488,454

Western Liberty Bancorp (a)(e)

2,400,000

13,440,000

 

264,373,906

Insurance - 6.4%

Aspen Insurance Holdings Ltd.

1,320,200

35,618,996

Max Capital Group Ltd.

2,057,411

45,880,265

Platinum Underwriters Holdings Ltd.

1,696,975

63,144,440

 

144,643,701

Real Estate Investment Trusts - 4.9%

Alexandria Real Estate Equities, Inc. (d)

848,300

60,068,123

Highwoods Properties, Inc. (SBI)

770,330

24,627,450

National Retail Properties, Inc. (d)

1,140,000

26,824,200

 

111,519,773

Real Estate Management & Development - 1.9%

Jones Lang LaSalle, Inc.

538,628

42,486,977

Thrifts & Mortgage Finance - 5.4%

Astoria Financial Corp. (d)

4,318,152

69,694,973

Washington Federal, Inc.

2,616,175

53,814,720

 

123,509,693

TOTAL FINANCIALS

764,007,853

HEALTH CARE - 6.2%

Health Care Providers & Services - 6.2%

Chemed Corp.

510,200

28,066,102

MEDNAX, Inc. (a)

721,500

39,639,210

Providence Service Corp. (a)(e)

1,016,495

16,883,982

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

Team Health Holdings, Inc.

1,346,700

$ 21,170,124

VCA Antech, Inc. (a)

1,240,000

35,290,400

 

141,049,818

INDUSTRIALS - 13.4%

Commercial Services & Supplies - 7.3%

ACCO Brands Corp. (a)

2,154,653

19,671,982

HNI Corp. (d)

2,149,671

66,725,788

Knoll, Inc.

1,382,978

19,334,032

United Stationers, Inc. (a)

990,400

60,632,288

 

166,364,090

Machinery - 1.0%

Blount International, Inc. (a)

2,014,723

22,605,192

Trading Companies & Distributors - 5.1%

H&E Equipment Services, Inc. (a)(e)

3,489,408

41,209,908

WESCO International, Inc. (a)

1,825,000

74,131,500

 

115,341,408

TOTAL INDUSTRIALS

304,310,690

INFORMATION TECHNOLOGY - 10.2%

Communications Equipment - 2.6%

Polycom, Inc. (a)

970,000

31,573,500

ViaSat, Inc. (a)

809,472

28,695,782

 

60,269,282

Electronic Equipment & Components - 3.4%

Ingram Micro, Inc. Class A (a)

1,953,100

35,468,296

Macnica, Inc.

677,400

15,663,929

Ryoyo Electro Corp.

1,272,700

12,980,375

SYNNEX Corp. (a)

505,898

13,871,723

 

77,984,323

Internet Software & Services - 1.7%

DealerTrack Holdings, Inc. (a)

1,488,432

22,698,588

j2 Global Communications, Inc. (a)

630,149

15,173,988

 

37,872,576

Semiconductors & Semiconductor Equipment - 0.8%

Miraial Co. Ltd. (e)

570,200

18,035,390

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - 1.7%

MICROS Systems, Inc. (a)

655,000

$ 24,339,800

Monotype Imaging Holdings, Inc. (a)

1,288,427

13,451,178

 

37,790,978

TOTAL INFORMATION TECHNOLOGY

231,952,549

MATERIALS - 5.8%

Chemicals - 0.9%

Spartech Corp. (a)

1,361,202

19,383,516

Metals & Mining - 4.9%

Carpenter Technology Corp.

1,484,380

58,291,603

RTI International Metals, Inc. (a)(e)

1,992,597

53,899,749

 

112,191,352

TOTAL MATERIALS

131,574,868

TELECOMMUNICATION SERVICES - 0.7%

Diversified Telecommunication Services - 0.7%

Cogent Communications Group, Inc. (a)

1,665,000

16,999,650

UTILITIES - 5.8%

Electric Utilities - 2.0%

Westar Energy, Inc.

1,960,000

46,432,400

Gas Utilities - 3.8%

Southwest Gas Corp.

1,130,989

35,173,758

UGI Corp.

1,890,300

51,964,347

 

87,138,105

TOTAL UTILITIES

133,570,505

TOTAL COMMON STOCKS

(Cost $1,742,447,318)

2,174,474,054

Nonconvertible Preferred Stocks - 1.4%

 

 

 

 

CONSUMER DISCRETIONARY - 0.6%

Household Durables - 0.6%

M/I Homes, Inc. Series A, 9.75% (a)

734,000

13,212,000

Nonconvertible Preferred Stocks - continued

Shares

Value

FINANCIALS - 0.8%

Real Estate Investment Trusts - 0.8%

Developers Diversified Realty Corp. (depositary shares) Series H, 7.375%

818,790

$ 18,373,648

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $20,078,581)

31,585,648

Money Market Funds - 6.7%

 

 

 

 

Fidelity Cash Central Fund, 0.21% (b)

34,577,380

34,577,380

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

117,366,056

117,366,056

TOTAL MONEY MARKET FUNDS

(Cost $151,943,436)

151,943,436

TOTAL INVESTMENT PORTFOLIO - 103.6%

(Cost $1,914,469,335)

2,358,003,138

NET OTHER ASSETS - (3.6)%

(82,797,478)

NET ASSETS - 100%

$ 2,275,205,660

Legend

(a) Non-income producing

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

(c) 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

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

$ 31,342

Fidelity Securities Lending Cash Central Fund

246,014

Total

$ 277,356

Other Affiliated Issuers

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

Affiliates

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

Carpenter Technology Corp.

$ 48,582,409

$ -

$ 34,857,148

$ 1,546,654

$ -

H&E Equipment Services, Inc.

17,823,149

19,092,190

-

-

41,209,908

HNI Corp.

48,476,178

12,485,936

14,178,245

1,369,574

-

Miraial Co. Ltd.

11,951,237

-

-

177,482

18,035,390

Providence Service Corp.

5,488,479

7,744,742

-

-

16,883,982

RTI International Metals, Inc.

-

61,889,471

16,526,516

-

53,899,749

Spartech Corp.

19,788,775

80,848

2,807,218

-

-

TradeStation Group, Inc.

15,446,560

-

-

-

17,240,753

WESCO International, Inc.

45,676,500

7,269,797

10,057,750

-

-

Western Liberty Bancorp

-

3,630,400

-

-

13,440,000

Total

$ 213,233,287

$ 112,193,384

$ 78,426,877

$ 3,093,710

$ 160,709,782

Other Information

The following is a summary of the inputs used, as of April 30, 2010, 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

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 299,489,279

$ 299,489,279

$ -

$ -

Consumer Staples

93,362,840

93,362,840

-

-

Energy

71,368,002

71,368,002

-

-

Financials

782,381,501

768,941,501

13,440,000

-

Health Care

141,049,818

141,049,818

-

-

Industrials

304,310,690

304,310,690

-

-

Information Technology

231,952,549

231,952,549

-

-

Materials

131,574,868

131,574,868

-

-

Telecommunication Services

16,999,650

16,999,650

-

-

Utilities

133,570,505

133,570,505

-

-

Money Market Funds

151,943,436

151,943,436

-

-

Total Investments in Securities:

$ 2,358,003,138

$ 2,344,563,138

$ 13,440,000

$ -

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $1,917,967,543. Net unrealized appreciation aggregated $440,035,595, of which $523,613,091 related to appreciated investment securities and $83,577,496 related to depreciated investment securities.

Investment Valuation

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2010

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

1.817158.105

ASCV-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%

Shares

Value

CONSUMER DISCRETIONARY - 12.6%

Diversified Consumer Services - 3.0%

Matthews International Corp. Class A

640,187

$ 22,406,545

Regis Corp.

2,383,652

45,575,426

 

67,981,971

Household Durables - 6.8%

M.D.C. Holdings, Inc.

1,224,300

46,890,690

Meritage Homes Corp. (a)

1,536,160

36,529,885

Ryland Group, Inc.

2,062,837

46,991,427

Tempur-Pedic International, Inc. (a)

700,000

23,590,000

 

154,002,002

Specialty Retail - 1.8%

Asbury Automotive Group, Inc. (a)

1,465,159

22,783,222

Tsutsumi Jewelry Co. Ltd.

791,400

18,552,782

 

41,336,004

Textiles, Apparel & Luxury Goods - 1.0%

Iconix Brand Group, Inc. (a)

1,330,087

22,957,302

TOTAL CONSUMER DISCRETIONARY

286,277,279

CONSUMER STAPLES - 4.1%

Food & Staples Retailing - 3.9%

BJ's Wholesale Club, Inc. (a)

1,390,000

53,209,200

Casey's General Stores, Inc.

593,985

22,945,641

Ingles Markets, Inc. Class A

838,531

13,441,652

 

89,596,493

Food Products - 0.2%

Chiquita Brands International, Inc. (a)

250,422

3,766,347

TOTAL CONSUMER STAPLES

93,362,840

ENERGY - 3.1%

Energy Equipment & Services - 3.0%

Superior Energy Services, Inc. (a)

2,541,700

68,778,402

Oil, Gas & Consumable Fuels - 0.1%

Berry Petroleum Co. Class A

80,000

2,589,600

TOTAL ENERGY

71,368,002

Common Stocks - continued

Shares

Value

FINANCIALS - 33.6%

Capital Markets - 3.4%

optionsXpress Holdings, Inc.

2,055,000

$ 36,476,250

TradeStation Group, Inc. (a)(e)

2,062,291

17,240,753

Waddell & Reed Financial, Inc. Class A

640,000

23,756,800

 

77,473,803

Commercial Banks - 11.6%

Associated Banc-Corp.

3,132,482

45,514,963

CapitalSource, Inc.

6,395,000

38,178,150

City National Corp.

784,900

48,883,572

National Penn Bancshares, Inc.

2,650,751

19,403,497

PacWest Bancorp (d)

1,727,000

41,465,270

TCF Financial Corp. (d)

3,085,800

57,488,454

Western Liberty Bancorp (a)(e)

2,400,000

13,440,000

 

264,373,906

Insurance - 6.4%

Aspen Insurance Holdings Ltd.

1,320,200

35,618,996

Max Capital Group Ltd.

2,057,411

45,880,265

Platinum Underwriters Holdings Ltd.

1,696,975

63,144,440

 

144,643,701

Real Estate Investment Trusts - 4.9%

Alexandria Real Estate Equities, Inc. (d)

848,300

60,068,123

Highwoods Properties, Inc. (SBI)

770,330

24,627,450

National Retail Properties, Inc. (d)

1,140,000

26,824,200

 

111,519,773

Real Estate Management & Development - 1.9%

Jones Lang LaSalle, Inc.

538,628

42,486,977

Thrifts & Mortgage Finance - 5.4%

Astoria Financial Corp. (d)

4,318,152

69,694,973

Washington Federal, Inc.

2,616,175

53,814,720

 

123,509,693

TOTAL FINANCIALS

764,007,853

HEALTH CARE - 6.2%

Health Care Providers & Services - 6.2%

Chemed Corp.

510,200

28,066,102

MEDNAX, Inc. (a)

721,500

39,639,210

Providence Service Corp. (a)(e)

1,016,495

16,883,982

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

Team Health Holdings, Inc.

1,346,700

$ 21,170,124

VCA Antech, Inc. (a)

1,240,000

35,290,400

 

141,049,818

INDUSTRIALS - 13.4%

Commercial Services & Supplies - 7.3%

ACCO Brands Corp. (a)

2,154,653

19,671,982

HNI Corp. (d)

2,149,671

66,725,788

Knoll, Inc.

1,382,978

19,334,032

United Stationers, Inc. (a)

990,400

60,632,288

 

166,364,090

Machinery - 1.0%

Blount International, Inc. (a)

2,014,723

22,605,192

Trading Companies & Distributors - 5.1%

H&E Equipment Services, Inc. (a)(e)

3,489,408

41,209,908

WESCO International, Inc. (a)

1,825,000

74,131,500

 

115,341,408

TOTAL INDUSTRIALS

304,310,690

INFORMATION TECHNOLOGY - 10.2%

Communications Equipment - 2.6%

Polycom, Inc. (a)

970,000

31,573,500

ViaSat, Inc. (a)

809,472

28,695,782

 

60,269,282

Electronic Equipment & Components - 3.4%

Ingram Micro, Inc. Class A (a)

1,953,100

35,468,296

Macnica, Inc.

677,400

15,663,929

Ryoyo Electro Corp.

1,272,700

12,980,375

SYNNEX Corp. (a)

505,898

13,871,723

 

77,984,323

Internet Software & Services - 1.7%

DealerTrack Holdings, Inc. (a)

1,488,432

22,698,588

j2 Global Communications, Inc. (a)

630,149

15,173,988

 

37,872,576

Semiconductors & Semiconductor Equipment - 0.8%

Miraial Co. Ltd. (e)

570,200

18,035,390

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - 1.7%

MICROS Systems, Inc. (a)

655,000

$ 24,339,800

Monotype Imaging Holdings, Inc. (a)

1,288,427

13,451,178

 

37,790,978

TOTAL INFORMATION TECHNOLOGY

231,952,549

MATERIALS - 5.8%

Chemicals - 0.9%

Spartech Corp. (a)

1,361,202

19,383,516

Metals & Mining - 4.9%

Carpenter Technology Corp.

1,484,380

58,291,603

RTI International Metals, Inc. (a)(e)

1,992,597

53,899,749

 

112,191,352

TOTAL MATERIALS

131,574,868

TELECOMMUNICATION SERVICES - 0.7%

Diversified Telecommunication Services - 0.7%

Cogent Communications Group, Inc. (a)

1,665,000

16,999,650

UTILITIES - 5.8%

Electric Utilities - 2.0%

Westar Energy, Inc.

1,960,000

46,432,400

Gas Utilities - 3.8%

Southwest Gas Corp.

1,130,989

35,173,758

UGI Corp.

1,890,300

51,964,347

 

87,138,105

TOTAL UTILITIES

133,570,505

TOTAL COMMON STOCKS

(Cost $1,742,447,318)

2,174,474,054

Nonconvertible Preferred Stocks - 1.4%

 

 

 

 

CONSUMER DISCRETIONARY - 0.6%

Household Durables - 0.6%

M/I Homes, Inc. Series A, 9.75% (a)

734,000

13,212,000

Nonconvertible Preferred Stocks - continued

Shares

Value

FINANCIALS - 0.8%

Real Estate Investment Trusts - 0.8%

Developers Diversified Realty Corp. (depositary shares) Series H, 7.375%

818,790

$ 18,373,648

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $20,078,581)

31,585,648

Money Market Funds - 6.7%

 

 

 

 

Fidelity Cash Central Fund, 0.21% (b)

34,577,380

34,577,380

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

117,366,056

117,366,056

TOTAL MONEY MARKET FUNDS

(Cost $151,943,436)

151,943,436

TOTAL INVESTMENT PORTFOLIO - 103.6%

(Cost $1,914,469,335)

2,358,003,138

NET OTHER ASSETS - (3.6)%

(82,797,478)

NET ASSETS - 100%

$ 2,275,205,660

Legend

(a) Non-income producing

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

(c) 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

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

$ 31,342

Fidelity Securities Lending Cash Central Fund

246,014

Total

$ 277,356

Other Affiliated Issuers

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

Affiliates

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

Carpenter Technology Corp.

$ 48,582,409

$ -

$ 34,857,148

$ 1,546,654

$ -

H&E Equipment Services, Inc.

17,823,149

19,092,190

-

-

41,209,908

HNI Corp.

48,476,178

12,485,936

14,178,245

1,369,574

-

Miraial Co. Ltd.

11,951,237

-

-

177,482

18,035,390

Providence Service Corp.

5,488,479

7,744,742

-

-

16,883,982

RTI International Metals, Inc.

-

61,889,471

16,526,516

-

53,899,749

Spartech Corp.

19,788,775

80,848

2,807,218

-

-

TradeStation Group, Inc.

15,446,560

-

-

-

17,240,753

WESCO International, Inc.

45,676,500

7,269,797

10,057,750

-

-

Western Liberty Bancorp

-

3,630,400

-

-

13,440,000

Total

$ 213,233,287

$ 112,193,384

$ 78,426,877

$ 3,093,710

$ 160,709,782

Other Information

The following is a summary of the inputs used, as of April 30, 2010, 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

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 299,489,279

$ 299,489,279

$ -

$ -

Consumer Staples

93,362,840

93,362,840

-

-

Energy

71,368,002

71,368,002

-

-

Financials

782,381,501

768,941,501

13,440,000

-

Health Care

141,049,818

141,049,818

-

-

Industrials

304,310,690

304,310,690

-

-

Information Technology

231,952,549

231,952,549

-

-

Materials

131,574,868

131,574,868

-

-

Telecommunication Services

16,999,650

16,999,650

-

-

Utilities

133,570,505

133,570,505

-

-

Money Market Funds

151,943,436

151,943,436

-

-

Total Investments in Securities:

$ 2,358,003,138

$ 2,344,563,138

$ 13,440,000

$ -

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $1,917,967,543. Net unrealized appreciation aggregated $440,035,595, of which $523,613,091 related to appreciated investment securities and $83,577,496 related to depreciated investment securities.

Investment Valuation

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

June 29, 2010

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

June 29, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

June 29, 2010