-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QUXDvEz7zNKOPMRkeFqh/tuc0iLp1MVNoo+mCOa0+zm7wf1ugpKTPd2q44FdTv+Z m3IV/pJxCo/wbommPY2Z+g== 0000754510-07-000037.txt : 20070627 0000754510-07-000037.hdr.sgml : 20070627 20070627152932 ACCESSION NUMBER: 0000754510-07-000037 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070430 FILED AS OF DATE: 20070627 DATE AS OF CHANGE: 20070627 EFFECTIVENESS DATE: 20070627 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SECURITIES FUND CENTRAL INDEX KEY: 0000754510 IRS NUMBER: 000000000 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04118 FILM NUMBER: 07943694 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391706 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109

0000754510 S000007191 Fidelity OTC Portfolio

C000019679 Fidelity OTC Portfolio FOCPX

0000754510 S000007192 Fidelity Real Estate Income Fund

C000019680 Fidelity Real Estate Income Fund FRIFX

0000754510 S000007193 Fidelity Small Cap Growth Fund

C000019681 Fidelity Small Cap Growth Fund FCPGX

C000019682 Fidelity Advisor Small Cap Growth Fund: Class A FCAGX

C000019683 Fidelity Advisor Small Cap Growth Fund: Class B FCBGX

C000019684 Fidelity Advisor Small Cap Growth Fund: Class C FCCGX

C000019685 Fidelity Advisor Small Cap Growth Fund: Class T FCTGX

C000019686 Fidelity Advisor Small Cap Growth Fund: Institutional Class FCIGX

0000754510 S000007194 Fidelity Small Cap Value Fund

C000019687 Fidelity Small Cap Value Fund FCPVX

C000019688 Fidelity Advisor Small Cap Value Fund: Class A FCVAX

C000019689 Fidelity Advisor Small Cap Value Fund: Class B FCVBX

C000019690 Fidelity Advisor Small Cap Value Fund: Class C FCVCX

C000019691 Fidelity Advisor Small Cap Value Fund: Class T FCVTX

C000019692 Fidelity Advisor Small Cap Value Fund: Institutional Class FCVIX

0000754510 S000007195 Fidelity Blue Chip Growth Fund

C000019693 Fidelity Blue Chip Growth Fund FBGRX

0000754510 S000007196 Fidelity Blue Chip Value Fund

C000019694 Fidelity Blue Chip Value Fund FBCVX

0000754510 S000007197 Fidelity Dividend Growth Fund

C000019695 Fidelity Dividend Growth Fund FDGFX

0000754510 S000007198 Fidelity Growth & Income Portfolio

C000019696 Fidelity Growth & Income Portfolio FGRIX

0000754510 S000007199 Fidelity International Real Estate Fund

C000019697 Fidelity International Real Estate Fund FIREX

C000047149 Fidelity Advisor International Real Estate Fund: Class A

C000047150 Fidelity Advisor International Real Estate Fund: Class B

C000047151 Fidelity Advisor International Real Estate Fund: Class C

C000047152 Fidelity Advisor International Real Estate Fund: Class T

C000047153 Fidelity Advisor International Real Estate Fund: Institutional Class

0000754510 S000007200 Fidelity Leveraged Company Stock Fund

C000019698 Fidelity Leveraged Company Stock Fund FLVCX

0000754510 S000015587 Fidelity Small Cap Opportunities Fund

C000042507 Fidelity Small Cap Opportunities Fund

C000042508 Fidelity Advisor Small Cap Opportunities Fund: Class A

C000042509 Fidelity Advisor Small Cap Opportunities Fund: Class B

C000042510 Fidelity Advisor Small Cap Opportunities Fund: Class C

C000042511 Fidelity Advisor Small Cap Opportunities Fund: Class T

C000042512 Fidelity Advisor Small Cap Opportunities Fund: Institutional Class

N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4118

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	July 31

Date of reporting period:	April 30, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Blue Chip Growth Fund

April 30, 2007

1.800333.103

BCF-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 14.6%
Automobiles - 0.5%
Toyota Motor Corp. sponsored ADR	785,300		$ 95,351
Diversified Consumer Services - 0.3%
Weight Watchers International, Inc.	1,317,900		63,246
Hotels, Restaurants & Leisure - 1.7%
McDonald's Corp.	3,291,800		158,928
Starbucks Corp. (a)	6,021,000		186,771
			345,699
Household Durables - 1.1%
Ethan Allen Interiors, Inc.	949,707		33,525
Furniture Brands International, Inc. (d)	1,769,200		28,449
La-Z-Boy, Inc. (d)(e)	4,574,100		53,471
Sony Corp. sponsored ADR (d)	2,110,800		112,421
			227,866
Internet & Catalog Retail - 1.2%
Amazon.com, Inc. (a)(d)	3,904,500		239,463
Leisure Equipment & Products - 0.3%
Mattel, Inc.	2,345,800		66,386
Media - 4.2%
Comcast Corp. Class A (special) (non-vtg.)	2,097,250		55,367
Interpublic Group of Companies, Inc.	12,908,500		163,680
Lamar Advertising Co. Class A	970,900		58,584
McGraw-Hill Companies, Inc.	3,821,100		250,397
News Corp. Class B	4,046,500		97,116
The New York Times Co. Class A (d)	2,823,000		66,058
Time Warner, Inc.	7,200,800		148,553
			839,755
Multiline Retail - 2.0%
Kohl's Corp. (a)	2,233,500		165,368
Target Corp.	4,091,100		242,889
			408,257
Specialty Retail - 1.9%
Bed Bath & Beyond, Inc. (a)	2,272,300		92,574
Home Depot, Inc.	2,705,800		102,469
J. Crew Group, Inc.	886,329		35,887
O'Reilly Automotive, Inc. (a)(d)	1,007,100		35,853
RadioShack Corp.	701,500		20,393
Williams-Sonoma, Inc.	2,729,400		96,129
			383,305
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - 1.4%
NIKE, Inc. Class B	4,190,800		$ 225,716
Quiksilver, Inc. (a)	2,569,800		34,178
Under Armour, Inc. Class A (sub. vtg.) (a)	393,500		19,872
			279,766
TOTAL CONSUMER DISCRETIONARY			2,949,094
CONSUMER STAPLES - 13.7%
Beverages - 4.5%
PepsiCo, Inc.	6,098,862		403,074
The Coca-Cola Co.	9,665,000		504,416
			907,490
Food & Staples Retailing - 4.1%
Kroger Co.	3,649,500		107,697
Safeway, Inc.	2,678,100		97,215
Wal-Mart Stores, Inc.	9,553,055		457,782
Walgreen Co.	3,890,000		170,771
			833,465
Food Products - 1.8%
Groupe Danone	396,200		65,500
Nestle SA sponsored ADR (d)	1,937,200		192,461
Tyson Foods, Inc. Class A	5,364,200		112,434
			370,395
Household Products - 2.0%
Colgate-Palmolive Co.	2,741,300		185,696
Procter & Gamble Co.	3,413,830		219,543
			405,239
Personal Products - 1.3%
Avon Products, Inc.	6,368,700		253,474
TOTAL CONSUMER STAPLES			2,770,063
ENERGY - 3.7%
Energy Equipment & Services - 1.3%
Schlumberger Ltd. (NY Shares)	3,560,600		262,879
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - 2.4%
Exxon Mobil Corp.	5,391,500		$ 427,977
Sasol Ltd. sponsored ADR	1,846,100		63,081
			491,058
TOTAL ENERGY			753,937
FINANCIALS - 9.2%
Capital Markets - 3.2%
Charles Schwab Corp.	9,358,700		178,938
Janus Capital Group, Inc.	4,824,500		120,709
State Street Corp.	3,117,200		214,682
T. Rowe Price Group, Inc.	2,730,781		135,665
			649,994
Commercial Banks - 0.4%
ICICI Bank Ltd. sponsored ADR (d)	1,017,100		41,620
Societe Generale Series A	120,100		25,649
Unicredito Italiano Spa	2,301,700		23,808
			91,077
Consumer Finance - 0.5%
American Express Co.	1,555,729		94,386
Diversified Financial Services - 1.7%
CBOT Holdings, Inc. Class A (a)	324,300		61,186
Chicago Mercantile Exchange Holdings, Inc. Class A (d)	140,400		72,552
Citigroup, Inc.	3,845,100		206,174
			339,912
Insurance - 3.4%
ACE Ltd.	1,448,400		86,122
American International Group, Inc.	6,216,655		434,606
Prudential Financial, Inc.	1,752,600		166,497
			687,225
TOTAL FINANCIALS			1,862,594
HEALTH CARE - 14.8%
Biotechnology - 3.5%
Amgen, Inc. (a)	1,691,900		108,518
Amylin Pharmaceuticals, Inc. (a)(d)	1,718,700		71,034
CSL Ltd.	271,520		19,680
Genentech, Inc. (a)	3,616,400		289,276
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Gilead Sciences, Inc. (a)	2,484,300		$ 203,017
OSI Pharmaceuticals, Inc. (a)	261,600		9,078
			700,603
Health Care Equipment & Supplies - 2.9%
Baxter International, Inc.	3,018,900		170,960
Becton, Dickinson & Co.	2,928,100		230,412
C.R. Bard, Inc.	2,286,600		190,085
			591,457
Health Care Providers & Services - 0.7%
AMN Healthcare Services, Inc. (a)(e)	3,255,600		79,274
Cross Country Healthcare, Inc. (a)(e)	3,110,050		61,237
			140,511
Life Sciences Tools & Services - 1.3%
Millipore Corp. (a)	1,690,000		124,773
Thermo Fisher Scientific, Inc. (a)	1,890,900		98,440
Ventana Medical Systems, Inc. (a)	822,500		39,965
			263,178
Pharmaceuticals - 6.4%
Barr Pharmaceuticals, Inc. (a)	1,810,800		87,570
Bristol-Myers Squibb Co.	2,147,100		61,965
Johnson & Johnson	5,541,604		355,882
Merck & Co., Inc.	7,800,900		401,278
Nastech Pharmaceutical Co., Inc. (a)(d)(e)	2,067,400		27,269
Schering-Plough Corp.	7,667,400		243,287
Wyeth	2,137,300		118,620
			1,295,871
TOTAL HEALTH CARE			2,991,620
INDUSTRIALS - 7.5%
Aerospace & Defense - 3.9%
General Dynamics Corp.	2,598,500		203,982
Honeywell International, Inc.	3,272,300		177,293
Lockheed Martin Corp.	1,641,200		157,785
Raytheon Co.	2,499,800		133,839
Rockwell Collins, Inc.	1,553,200		101,999
			774,898
Commercial Services & Supplies - 0.3%
Cintas Corp.	1,600,800		59,982
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Electrical Equipment - 0.1%
Vestas Wind Systems AS (a)	350,500		$ 23,047
Industrial Conglomerates - 3.2%
3M Co.	3,376,300		279,456
General Electric Co.	6,983,000		257,393
Tyco International Ltd.	3,330,300		108,668
			645,517
TOTAL INDUSTRIALS			1,503,444
INFORMATION TECHNOLOGY - 32.4%
Communications Equipment - 6.4%
Cisco Systems, Inc. (a)	24,181,300		646,608
Harris Corp.	2,238,800		114,962
Motorola, Inc.	10,613,200		183,927
QUALCOMM, Inc.	6,800,500		297,862
Research In Motion Ltd. (a)	156,100		20,540
Sonus Networks, Inc. (a)	3,110,678		24,046
			1,287,945
Computers & Peripherals - 6.5%
Apple, Inc. (a)	3,528,600		352,154
Dell, Inc. (a)	10,413,800		262,532
International Business Machines Corp.	4,883,100		499,102
Network Appliance, Inc. (a)	2,615,900		97,338
Sun Microsystems, Inc. (a)	17,795,700		92,894
			1,304,020
Electronic Equipment & Instruments - 0.3%
Amphenol Corp. Class A	217,680		7,643
Hon Hai Precision Industry Co. Ltd. (Foxconn)	8,686,400		57,752
			65,395
Internet Software & Services - 2.3%
Google, Inc. Class A (sub. vtg.) (a)	976,900		460,491
IT Services - 2.3%
Cognizant Technology Solutions Corp. Class A (a)	1,026,670		91,784
Gartner, Inc. Class A (a)	2,935,800		74,070
Infosys Technologies Ltd. sponsored ADR	1,458,500		76,352
Satyam Computer Services Ltd. sponsored ADR	3,487,200		86,762
The Western Union Co.	6,802,000		143,182
			472,150
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 7.2%
Advanced Micro Devices, Inc. (a)	1,459,300		$ 20,168
Altera Corp.	5,588,500		125,965
Broadcom Corp. Class A (a)	3,592,900		116,949
Cypress Semiconductor Corp. (a)	846,600		19,319
Integrated Device Technology, Inc. (a)	4,391,800		65,789
Intel Corp.	29,872,840		642,266
KLA-Tencor Corp.	2,430,600		135,020
Microchip Technology, Inc.	2,583,800		104,230
Micron Technology, Inc. (a)	4,319,700		49,547
Renewable Energy Corp. AS (d)	1,806,300		52,222
Samsung Electronics Co. Ltd.	33,658		20,584
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	9,577,200		100,944
			1,453,003
Software - 7.4%
Intuit, Inc. (a)	5,504,200		156,594
Microsoft Corp.	27,045,800		809,751
Oracle Corp. (a)	16,920,500		318,105
SAP AG sponsored ADR (d)	1,194,400		57,331
Synopsys, Inc. (a)	2,299,500		63,604
Take-Two Interactive Software, Inc. (a)(d)	3,550,000		68,054
Ubisoft Entertainment SA (a)	433,100		21,572
			1,495,011
TOTAL INFORMATION TECHNOLOGY			6,538,015
MATERIALS - 1.8%
Chemicals - 1.8%
Monsanto Co.	4,238,300		250,017
Praxair, Inc.	583,300		37,652
Syngenta AG sponsored ADR	1,684,200		66,863
			354,532
TELECOMMUNICATION SERVICES - 1.9%
Diversified Telecommunication Services - 1.9%
AT&T, Inc.	4,826,700		186,890
Verizon Communications, Inc.	5,177,600		197,681
			384,571
TOTAL COMMON STOCKS (Cost $16,913,601)		20,107,870
Money Market Funds - 1.9%
	Shares		Value (000s)
Fidelity Cash Central Fund, 5.29% (b)	36,878,284		$ 36,878
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	342,733,599		342,734
TOTAL MONEY MARKET FUNDS (Cost $379,612)		379,612
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $17,293,213)			20,487,482
NET OTHER ASSETS - (1.5)%			(302,014)
NET ASSETS - 100%		$ 20,185,468

Legend

(a) Non-income producing

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

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 8,051
Fidelity Securities Lending Cash Central Fund	1,688
Total	$ 9,739

Other Affiliated Issuers

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

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
AMN Healthcare Services, Inc.	$ -	$ 91,103	$ 1,751	$ -	$ 79,274
AudioCodes Ltd.	33,305	-	32,111	-	-
Cross Country Healthcare, Inc.	-	70,547	1,831	-	61,237
La-Z-Boy, Inc.	-	58,320	-	1,098	53,471
Nastech Pharmaceutical Co., Inc.	28,514	-	424	-	27,269
Take-Two Interactive Software, Inc.	-	70,765	11,877	-	-
Total	$ 61,819	$ 290,735	$ 47,994	$ 1,098	$ 221,251

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $17,324,756,000. Net unrealized appreciation aggregated $3,162,726,000, of which $3,458,975,000 related to appreciated investment securities and $296,249,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Blue Chip Value Fund

April 30, 2007

1.800334.103

BCV-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
CONSUMER DISCRETIONARY - 8.7%
Automobiles - 0.3%
Renault SA	12,900		$ 1,684,992
Diversified Consumer Services - 0.9%
Apollo Group, Inc. Class A (non-vtg.) (a)	80,000		3,784,000
H&R Block, Inc.	72,000		1,627,920
			5,411,920
Hotels, Restaurants & Leisure - 0.4%
McDonald's Corp.	48,600		2,346,408
Household Durables - 2.0%
Bassett Furniture Industries, Inc.	39,800		563,568
Beazer Homes USA, Inc.	35,800		1,195,004
D.R. Horton, Inc.	56,350		1,249,843
KB Home (d)	84,200		3,714,062
M.D.C. Holdings, Inc. (d)	51,700		2,650,142
Standard Pacific Corp.	67,200		1,401,120
Whirlpool Corp.	15,200		1,611,656
			12,385,395
Leisure Equipment & Products - 0.5%
Brunswick Corp.	46,700		1,529,892
Eastman Kodak Co.	59,000		1,469,690
			2,999,582
Media - 1.7%
Comcast Corp. Class A (special) (non-vtg.)	66,550		1,756,920
Getty Images, Inc. (a)	27,300		1,419,600
Live Nation, Inc. (a)	12,100		245,509
Regal Entertainment Group Class A	68,200		1,483,350
Time Warner, Inc.	272,300		5,617,549
			10,522,928
Multiline Retail - 1.2%
Federated Department Stores, Inc.	86,000		3,777,120
Retail Ventures, Inc. (a)	54,900		1,118,862
Sears Holdings Corp. (a)	12,200		2,329,102
Tuesday Morning Corp.	28,400		396,464
			7,621,548
Specialty Retail - 1.7%
Christopher & Banks Corp.	64,300		1,113,033
Home Depot, Inc.	42,600		1,613,262
PETsMART, Inc.	41,000		1,360,790
Staples, Inc.	60,600		1,502,880
The Children's Place Retail Stores, Inc. (a)	36,100		1,908,607
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
TJX Companies, Inc.	51,700		$ 1,441,913
Williams-Sonoma, Inc.	43,600		1,535,592
			10,476,077
TOTAL CONSUMER DISCRETIONARY			53,448,850
CONSUMER STAPLES - 5.4%
Beverages - 0.6%
Diageo PLC sponsored ADR	26,400		2,228,160
The Coca-Cola Co.	33,500		1,748,365
			3,976,525
Food & Staples Retailing - 0.9%
Wal-Mart Stores, Inc.	90,600		4,341,552
Winn-Dixie Stores, Inc. (a)	57,162		991,761
			5,333,313
Food Products - 1.8%
Cermaq ASA	80,900		1,427,815
Chiquita Brands International, Inc. (d)	84,900		1,259,067
Marine Harvest ASA (a)	1,423,000		1,540,369
Nestle SA (Reg.)	14,107		5,606,122
Tyson Foods, Inc. Class A	61,600		1,291,136
			11,124,509
Household Products - 0.5%
Central Garden & Pet Co.	22,300		330,263
Central Garden & Pet Co. Class A (non-vtg.) (a)	42,000		601,440
Colgate-Palmolive Co.	29,400		1,991,556
			2,923,259
Tobacco - 1.6%
Altria Group, Inc.	68,800		4,741,696
British American Tobacco PLC sponsored ADR	79,200		4,930,992
			9,672,688
TOTAL CONSUMER STAPLES			33,030,294
ENERGY - 15.5%
Energy Equipment & Services - 4.6%
GlobalSantaFe Corp.	93,200		5,958,276
Hanover Compressor Co. (a)	51,800		1,120,434
Nabors Industries Ltd. (a)	55,300		1,776,236
Common Stocks - continued
	Shares		Value
ENERGY - continued
Energy Equipment & Services - continued
National Oilwell Varco, Inc. (a)	86,457		$ 7,335,876
Noble Corp.	18,700		1,574,727
Smith International, Inc.	141,900		7,441,236
Transocean, Inc. (a)	37,500		3,232,500
			28,439,285
Oil, Gas & Consumable Fuels - 10.9%
Chesapeake Energy Corp.	58,700		1,981,125
ConocoPhillips	167,100		11,588,385
CONSOL Energy, Inc.	66,400		2,780,168
EnCana Corp.	33,000		1,727,453
EOG Resources, Inc.	85,700		6,293,808
EXCO Resources, Inc.	83,600		1,403,644
Exxon Mobil Corp.	148,700		11,803,806
Massey Energy Co.	40,500		1,090,665
Noble Energy, Inc.	47,200		2,775,832
OAO Gazprom sponsored ADR	18,900		742,770
Occidental Petroleum Corp.	111,200		5,637,840
Quicksilver Resources, Inc. (a)	53,650		2,245,789
Suncor Energy, Inc.	27,500		2,206,392
SXR Uranium One, Inc. (a)	59,300		889,580
Ultra Petroleum Corp. (a)	97,200		5,513,184
Valero Energy Corp.	113,300		7,957,059
			66,637,500
TOTAL ENERGY			95,076,785
FINANCIALS - 32.7%
Capital Markets - 4.8%
Ares Capital Corp.	74,700		1,341,612
Charles Schwab Corp.	62,032		1,186,052
Credit Suisse Group sponsored ADR	23,000		1,805,500
Investors Financial Services Corp.	75,400		4,665,752
Julius Baer Holding AG (Bearer)	23,232		1,632,982
KKR Private Equity Investors, LP	102,379		2,498,048
KKR Private Equity Investors, LP Restricted Depositary Units (e)	7,700		187,880
Merrill Lynch & Co., Inc.	88,400		7,976,332
Morgan Stanley	69,700		5,855,497
Nomura Holdings, Inc.	51,500		991,890
State Street Corp.	20,000		1,377,400
			29,518,945
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 2.9%
Banco Bilbao Vizcaya Argentaria SA	74,300		$ 1,778,742
Commerce Bancorp, Inc.	63,500		2,123,440
HSBC Holdings PLC sponsored ADR (d)	32,400		2,992,464
Mizuho Financial Group, Inc.	173		1,041,199
Siam City Bank PCL NVDR	2,289,200		1,145,423
Unicredito Italiano Spa	175,800		1,818,417
Wachovia Corp.	123,942		6,883,739
			17,783,424
Diversified Financial Services - 10.8%
Bank of America Corp.	529,716		26,962,544
Citigroup, Inc.	438,000		23,485,560
JPMorgan Chase & Co.	306,252		15,955,729
			66,403,833
Insurance - 8.7%
ACE Ltd.	110,180		6,551,303
AFLAC, Inc.	37,700		1,935,518
American International Group, Inc.	307,800		21,518,298
Axis Capital Holdings Ltd.	43,600		1,617,560
Everest Re Group Ltd.	28,800		2,898,432
Hartford Financial Services Group, Inc.	62,800		6,355,360
IPC Holdings Ltd.	117,462		3,521,511
Max Re Capital Ltd.	87,591		2,347,439
Montpelier Re Holdings Ltd.	88,900		1,623,314
Platinum Underwriters Holdings Ltd.	97,870		3,349,111
The Chubb Corp.	31,300		1,684,879
			53,402,725
Real Estate Investment Trusts - 1.7%
Alexandria Real Estate Equities, Inc.	13,100		1,386,635
Annaly Capital Management, Inc.	100,300		1,595,773
Developers Diversified Realty Corp.	23,400		1,523,340
Duke Realty LP	29,300		1,263,123
General Growth Properties, Inc.	75,600		4,827,060
			10,595,931
Real Estate Management & Development - 0.4%
Mitsubishi Estate Co. Ltd.	73,000		2,263,540
Thrifts & Mortgage Finance - 3.4%
BankUnited Financial Corp. Class A	82,700		1,790,455
Countrywide Financial Corp.	111,300		4,127,004
Fannie Mae	111,340		6,560,153
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
Hudson City Bancorp, Inc.	104,300		$ 1,389,276
New York Community Bancorp, Inc.	74,300		1,297,278
People's United Financial, Inc.	70,000		1,393,700
Radian Group, Inc.	35,500		2,062,905
Washington Federal, Inc.	76,836		1,821,782
			20,442,553
TOTAL FINANCIALS			200,410,951
HEALTH CARE - 6.8%
Biotechnology - 1.5%
Amgen, Inc. (a)	108,100		6,933,534
Biogen Idec, Inc. (a)	24,300		1,147,203
Cephalon, Inc. (a)	15,800		1,257,838
			9,338,575
Health Care Equipment & Supplies - 0.3%
Becton, Dickinson & Co.	17,700		1,392,813
Varian Medical Systems, Inc. (a)	16,500		696,465
			2,089,278
Health Care Providers & Services - 0.6%
Brookdale Senior Living, Inc.	43,000		1,952,630
UnitedHealth Group, Inc.	25,900		1,374,254
			3,326,884
Life Sciences Tools & Services - 0.3%
Thermo Fisher Scientific, Inc. (a)	29,600		1,540,976
Pharmaceuticals - 4.1%
Endo Pharmaceuticals Holdings, Inc. (a)	50,600		1,565,564
Johnson & Johnson	58,500		3,756,870
Merck & Co., Inc.	212,500		10,931,000
Pfizer, Inc.	257,500		6,813,450
Wyeth	41,800		2,319,900
			25,386,784
TOTAL HEALTH CARE			41,682,497
INDUSTRIALS - 9.6%
Aerospace & Defense - 2.8%
General Dynamics Corp.	69,000		5,416,500
Honeywell International, Inc.	168,760		9,143,417
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Aerospace & Defense - continued
Raytheon Co.	14,700		$ 787,038
United Technologies Corp.	23,000		1,543,990
			16,890,945
Air Freight & Logistics - 0.4%
United Parcel Service, Inc. Class B	38,300		2,697,469
Airlines - 0.2%
AirTran Holdings, Inc. (a)(d)	123,400		1,358,634
Building Products - 0.2%
Masco Corp.	43,800		1,191,798
Commercial Services & Supplies - 1.0%
Allied Waste Industries, Inc.	104,800		1,401,176
Cintas Corp.	35,500		1,330,185
Robert Half International, Inc.	45,100		1,501,830
The Brink's Co.	31,900		2,025,650
			6,258,841
Construction & Engineering - 0.3%
Fluor Corp.	18,500		1,768,970
Electrical Equipment - 0.2%
SolarWorld AG	17,300		1,467,447
Industrial Conglomerates - 3.7%
General Electric Co.	476,850		17,576,691
Siemens AG sponsored ADR	12,400		1,500,028
Tyco International Ltd.	109,040		3,557,975
			22,634,694
Machinery - 0.5%
Dover Corp.	35,200		1,693,824
Oshkosh Truck Co.	25,500		1,426,470
			3,120,294
Road & Rail - 0.3%
Ryder System, Inc.	29,000		1,526,560
TOTAL INDUSTRIALS			58,915,652
INFORMATION TECHNOLOGY - 7.1%
Communications Equipment - 1.1%
Comverse Technology, Inc. (a)	56,600		1,283,688
Harris Corp.	40,200		2,064,270
Motorola, Inc.	176,900		3,065,677
			6,413,635
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 2.8%
Hewlett-Packard Co.	150,300		$ 6,333,642
International Business Machines Corp.	53,500		5,468,235
QLogic Corp. (a)	65,300		1,167,564
Seagate Technology	75,500		1,672,325
Sun Microsystems, Inc. (a)	523,500		2,732,670
			17,374,436
Electronic Equipment & Instruments - 0.8%
Agilent Technologies, Inc. (a)	48,500		1,666,945
Amphenol Corp. Class A	9,400		330,034
Flextronics International Ltd. (a)	138,100		1,539,815
Motech Industries, Inc.	121,000		1,501,808
			5,038,602
Internet Software & Services - 0.2%
Google, Inc. Class A (sub. vtg.) (a)	3,100		1,461,278
IT Services - 0.5%
Infosys Technologies Ltd. sponsored ADR	11,100		581,085
The Western Union Co.	65,900		1,387,195
Unisys Corp. (a)	160,400		1,257,536
			3,225,816
Semiconductors & Semiconductor Equipment - 1.4%
Advanced Micro Devices, Inc. (a)	85,100		1,176,082
Analog Devices, Inc.	33,800		1,305,356
Applied Materials, Inc.	69,000		1,326,180
Intel Corp.	114,600		2,463,900
National Semiconductor Corp.	50,000		1,315,000
ON Semiconductor Corp. (a)	23,100		247,401
Volterra Semiconductor Corp. (a)	56,900		899,589
			8,733,508
Software - 0.3%
Microsoft Corp.	56,300		1,685,622
TOTAL INFORMATION TECHNOLOGY			43,932,897
MATERIALS - 2.3%
Chemicals - 0.6%
Agrium, Inc.	40,400		1,565,914
Chemtura Corp.	93,500		1,031,305
Dyno Nobel Ltd.	604,400		1,214,656
			3,811,875
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - 1.7%
Arcelor Mittal	36,700		$ 1,960,514
Carpenter Technology Corp.	15,200		1,844,824
Freeport-McMoRan Copper & Gold, Inc. Class B	40,600		2,726,696
Meridian Gold, Inc. (a)	73,200		1,848,300
Reliance Steel & Aluminum Co.	30,900		1,835,460
			10,215,794
TOTAL MATERIALS			14,027,669
TELECOMMUNICATION SERVICES - 6.1%
Diversified Telecommunication Services - 5.9%
AT&T, Inc.	724,510		28,053,027
Cincinnati Bell, Inc.	308,800		1,565,616
Verizon Communications, Inc.	175,800		6,712,044
			36,330,687
Wireless Telecommunication Services - 0.2%
American Tower Corp. Class A (a)	35,200		1,337,600
TOTAL TELECOMMUNICATION SERVICES			37,668,287
UTILITIES - 4.5%
Electric Utilities - 2.0%
DPL, Inc.	37,000		1,159,950
E.ON AG sponsored ADR	32,100		1,609,173
Entergy Corp.	43,700		4,944,218
PPL Corp.	67,800		2,956,758
Reliant Energy, Inc. (a)	64,200		1,429,734
			12,099,833
Independent Power Producers & Energy Traders - 1.5%
AES Corp. (a)	104,300		2,293,557
Constellation Energy Group, Inc.	62,400		5,561,088
NRG Energy, Inc.	17,800		1,405,488
			9,260,133
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - 1.0%
CMS Energy Corp.	62,300		$ 1,153,796
Public Service Enterprise Group, Inc.	56,900		4,919,005
			6,072,801
TOTAL UTILITIES			27,432,767
TOTAL COMMON STOCKS (Cost $540,772,351)		605,626,649
Money Market Funds - 2.5%

Fidelity Cash Central Fund, 5.29% (b)	6,309,170		6,309,170
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	8,888,850		8,888,850
TOTAL MONEY MARKET FUNDS (Cost $15,198,020)		15,198,020
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $555,970,371)			620,824,669
NET OTHER ASSETS - (1.2)%			(7,531,150)
NET ASSETS - 100%		$ 613,293,519

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $187,880 or 0.0% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 315,213
Fidelity Securities Lending Cash Central Fund	12,236
Total	$ 327,449

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $556,753,465. Net unrealized appreciation aggregated $64,071,204, of which $70,877,870 related to appreciated investment securities and $6,806,666 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Dividend Growth Fund

April 30, 2007

1.800335.103

DGF-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.2%
Hotels, Restaurants & Leisure - 0.1%
McDonald's Corp.	246,700		$ 11,911
Media - 5.4%
Clear Channel Communications, Inc.	22,944,842		812,936
Clear Channel Outdoor Holding, Inc. Class A (a)	309,162		8,827
News Corp. Class A	1,085,800		24,311
Time Warner, Inc.	2,265,652		46,740
Viacom, Inc. Class B (non-vtg.) (a)	640,904		26,437
			919,251
Multiline Retail - 0.6%
Target Corp.	1,912,625		113,553
Specialty Retail - 3.1%
Gap, Inc.	2,000,300		35,905
Home Depot, Inc. (d)	13,275,400		502,739
			538,644
TOTAL CONSUMER DISCRETIONARY			1,583,359
CONSUMER STAPLES - 7.0%
Food & Staples Retailing - 6.7%
CVS Corp.	9,515,900		344,856
Wal-Mart Stores, Inc. (d)	16,767,344		803,491
			1,148,347
Tobacco - 0.3%
Altria Group, Inc.	625,400		43,103
TOTAL CONSUMER STAPLES			1,191,450
ENERGY - 6.7%
Energy Equipment & Services - 3.7%
Diamond Offshore Drilling, Inc.	3,855,700		330,048
GlobalSantaFe Corp.	4,040,679		258,321
Halliburton Co.	1,554,800		49,396
			637,765
Oil, Gas & Consumable Fuels - 3.0%
Chesapeake Energy Corp.	2,018,200		68,114
ConocoPhillips	2,443,025		169,424
EOG Resources, Inc.	288,200		21,165
Marathon Oil Corp.	296,700		30,130
Quicksilver Resources, Inc. (a)	476,900		19,963
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Ultra Petroleum Corp. (a)	834,300		$ 47,321
Valero Energy Corp.	1,978,600		138,957
XTO Energy, Inc.	367,900		19,966
			515,040
TOTAL ENERGY			1,152,805
FINANCIALS - 22.2%
Capital Markets - 1.7%
Franklin Resources, Inc.	100,600		13,210
Goldman Sachs Group, Inc.	304,500		66,567
KKR Private Equity Investors, LP	605,700		14,779
KKR Private Equity Investors, LP Restricted Depositary Units (e)	2,296,400		56,032
Merrill Lynch & Co., Inc.	1,212,300		109,386
State Street Corp.	399,800		27,534
			287,508
Commercial Banks - 2.7%
PNC Financial Services Group, Inc.	2,197,907		162,865
U.S. Bancorp, Delaware	683,900		23,492
Wachovia Corp.	4,824,571		267,957
Wells Fargo & Co.	74,200		2,663
			456,977
Consumer Finance - 0.7%
American Express Co.	1,772,400		107,532
Capital One Financial Corp. (d)	284,600		21,134
			128,666
Diversified Financial Services - 4.2%
Bank of America Corp.	13,201,003		671,931
Citigroup, Inc.	812,539		43,568
			715,499
Insurance - 12.3%
ACE Ltd.	2,136,500		127,036
AFLAC, Inc.	492,200		25,270
American International Group, Inc.	15,167,600		1,060,367
Hartford Financial Services Group, Inc.	4,421,220		447,427
MBIA, Inc.	1,049,000		72,968
MetLife, Inc.	2,604,000		171,083
PartnerRe Ltd.	280,400		20,194
Swiss Reinsurance Co. (Reg.) (d)	622,512		58,857
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
The Chubb Corp.	2,127,400		$ 114,518
Transatlantic Holdings, Inc.	174,888		12,153
			2,109,873
Thrifts & Mortgage Finance - 0.6%
Fannie Mae	1,645,533		96,955
TOTAL FINANCIALS			3,795,478
HEALTH CARE - 20.7%
Biotechnology - 0.9%
Amgen, Inc. (a)	1,209,124		77,553
Biogen Idec, Inc. (a)	1,632,415		77,066
			154,619
Health Care Providers & Services - 7.2%
Cardinal Health, Inc.	17,641,770		1,234,046
UnitedHealth Group, Inc.	39,200		2,080
			1,236,126
Pharmaceuticals - 12.6%
Johnson & Johnson	13,768,932		884,241
Merck & Co., Inc.	4,299,005		221,141
Schering-Plough Corp.	4,076,530		129,348
Wyeth	16,530,960		917,468
			2,152,198
TOTAL HEALTH CARE			3,542,943
INDUSTRIALS - 9.0%
Aerospace & Defense - 1.9%
General Dynamics Corp.	499,455		39,207
Honeywell International, Inc.	3,942,100		213,583
Raytheon Co.	1,364,600		73,061
			325,851
Air Freight & Logistics - 1.3%
United Parcel Service, Inc. Class B	3,074,190		216,515
Industrial Conglomerates - 5.3%
3M Co.	327,500		27,107
General Electric Co.	18,600,880		685,628
Tyco International Ltd.	6,024,690		196,586
			909,321
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - 0.5%
Illinois Tool Works, Inc.	1,285,974		$ 65,983
Ingersoll-Rand Co. Ltd. Class A	433,000		19,333
			85,316
TOTAL INDUSTRIALS			1,537,003
INFORMATION TECHNOLOGY - 17.5%
Communications Equipment - 3.2%
Cisco Systems, Inc. (a)	9,961,100		266,360
Juniper Networks, Inc. (a)	2,990,090		66,858
Motorola, Inc.	6,216,900		107,739
QUALCOMM, Inc.	2,223,300		97,381
			538,338
Computers & Peripherals - 4.9%
Dell, Inc. (a)	6,251,100		157,590
EMC Corp. (a)	2,717,600		41,253
Hewlett-Packard Co.	4,942,200		208,264
International Business Machines Corp.	4,297,319		439,229
			846,336
IT Services - 0.2%
First Data Corp.	713,500		23,117
The Western Union Co.	449,694		9,466
			32,583
Semiconductors & Semiconductor Equipment - 4.8%
Altera Corp.	294,600		6,640
Analog Devices, Inc.	1,329,400		51,341
Applied Materials, Inc.	6,478,400		124,515
Intel Corp.	12,603,900		270,984
KLA-Tencor Corp.	571,000		31,719
Lam Research Corp. (a)	1,384,793		74,474
Linear Technology Corp. (d)	2,279,619		85,303
National Semiconductor Corp.	4,684,900		123,213
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	2,546,240		26,837
Texas Instruments, Inc.	694,200		23,860
			818,886
Software - 4.4%
BEA Systems, Inc. (a)	3,976,400		46,882
Microsoft Corp.	13,638,687		408,342
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Oracle Corp. (a)	11,468,700		$ 215,612
Symantec Corp. (a)(d)	4,617,137		81,262
			752,098
TOTAL INFORMATION TECHNOLOGY			2,988,241
TELECOMMUNICATION SERVICES - 5.8%
Diversified Telecommunication Services - 5.4%
AT&T, Inc.	20,576,884		796,737
Qwest Communications International, Inc. (a)	14,375,000		127,650
			924,387
Wireless Telecommunication Services - 0.4%
Sprint Nextel Corp.	3,622,586		72,560
TOTAL TELECOMMUNICATION SERVICES			996,947
TOTAL COMMON STOCKS (Cost $13,460,352)		16,788,226
Convertible Preferred Stocks - 0.2%

CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
Ford Motor Co. Capital Trust II 6.50%	747,200		26,757
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $24,978)		26,757

Convertible Bonds - 0.4%
	Principal Amount (000s)
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Ford Motor Co. 4.25% 12/15/36	$ 12,030		13,518
Convertible Bonds - continued
	Principal Amount (000s)		Value (000s)
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
Qwest Communications International, Inc. 3.5% 11/15/25	$ 36,750		$ 60,476
TOTAL CONVERTIBLE BONDS (Cost $48,780)		73,994

Money Market Funds - 2.2%
	Shares
Fidelity Cash Central Fund, 5.29% (b)	252,680,020		252,680
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	128,086,746		128,087
TOTAL MONEY MARKET FUNDS (Cost $380,767)		380,767
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $13,914,877)			17,269,744
NET OTHER ASSETS - (0.9)%			(149,840)
NET ASSETS - 100%		$ 17,119,904

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 16,851
Fidelity Securities Lending Cash Central Fund	189
Total	$ 17,040

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Clear Channel Outdoor Holding, Inc. Class A	$ 46,412	$ 8,523	$ 55,607	$ -	$ -

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $13,969,048,000. Net unrealized appreciation aggregated $3,300,696,000, of which $3,651,521,000 related to appreciated investment securities and $350,825,000 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth & Income Portfolio

April 30, 2007

1.800339.103

GAI-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 12.9%
Automobiles - 0.3%
Renault SA (d)	656,700		$ 85,778
Diversified Consumer Services - 1.6%
Apollo Group, Inc. Class A (non-vtg.) (a)(e)	10,000,000		473,000
Household Durables - 2.8%
D.R. Horton, Inc.	7,000,000		155,260
Hovnanian Enterprises, Inc. Class A	1,856,000		44,525
KB Home (e)	4,200,000		185,262
Ryland Group, Inc. (d)(e)	3,800,000		168,340
Standard Pacific Corp. (d)(e)	4,790,700		99,886
Toll Brothers, Inc. (a)(d)	5,300,000		157,834
			811,107
Media - 0.4%
Clear Channel Communications, Inc.	3,234,700		114,605
Multiline Retail - 1.2%
Target Corp.	6,000,000		356,220
Specialty Retail - 6.6%
Best Buy Co., Inc.	5,500,000		256,575
Home Depot, Inc.	25,400,000		961,898
Lowe's Companies, Inc. (d)	12,100,000		369,776
Staples, Inc.	12,500,000		310,000
			1,898,249
TOTAL CONSUMER DISCRETIONARY			3,738,959
CONSUMER STAPLES - 4.6%
Food & Staples Retailing - 3.9%
Wal-Mart Stores, Inc.	21,200,000		1,015,904
X5 Retail Group NV unit (a)(f)	4,000,000		122,000
			1,137,904
Food Products - 0.7%
Nestle SA (Reg.) (d)	525,000		208,635
TOTAL CONSUMER STAPLES			1,346,539
ENERGY - 13.7%
Energy Equipment & Services - 4.4%
National Oilwell Varco, Inc. (a)	3,000,000		254,550
Pride International, Inc. (a)	2,200,000		72,182
Schlumberger Ltd. (NY Shares)	7,000,000		516,810
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Smith International, Inc.	3,800,000		$ 199,272
Weatherford International Ltd. (a)	4,500,000		236,205
			1,279,019
Oil, Gas & Consumable Fuels - 9.3%
Canadian Natural Resources Ltd.	2,300,000		137,059
Chesapeake Energy Corp.	8,500,000		286,875
ConocoPhillips	5,700,000		395,295
EOG Resources, Inc.	3,600,000		264,384
Occidental Petroleum Corp.	5,000,000		253,500
Peabody Energy Corp.	4,200,000		201,516
Petroplus Holdings AG	1,687,500		139,711
Plains Exploration & Production Co. (a)	2,700,000		126,873
Suncor Energy, Inc.	1,600,000		128,372
Ultra Petroleum Corp. (a)	1,858,992		105,442
Valero Energy Corp.	6,500,000		456,495
XTO Energy, Inc.	3,400,000		184,518
			2,680,040
TOTAL ENERGY			3,959,059
FINANCIALS - 26.5%
Capital Markets - 2.0%
AP Alternative Assets, L.P. Restricted Depositary Units (f)	4,454,200		86,634
KKR Private Equity Investors, LP	4,718,800		115,139
KKR Private Equity Investors, LP Restricted Depositary Units (f)	6,842,100		166,947
UBS AG (NY Shares)	3,100,000		201,190
			569,910
Commercial Banks - 5.2%
Erste Bank AG	2,200,000		177,185
HSBC Holdings PLC sponsored ADR (d)	2,800,000		258,608
Societe Generale Series A	700,000		149,492
Standard Chartered PLC (United Kingdom)	6,800,000		211,694
Wachovia Corp.	12,500,000		694,250
			1,491,229
Diversified Financial Services - 5.7%
African Bank Investments Ltd.	20,000,000		96,688
Bank of America Corp.	29,100,000		1,481,190
Moody's Corp.	1,300,000		85,956
			1,663,834
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - 11.3%
ACE Ltd.	3,800,000		$ 225,948
AFLAC, Inc.	4,200,000		215,628
American International Group, Inc.	24,400,000		1,705,804
Berkshire Hathaway, Inc. Class A (a)	1,900		207,480
Hartford Financial Services Group, Inc.	2,750,000		278,300
Markel Corp. (a)	34,186		15,688
Max Re Capital Ltd.	2,300,000		61,640
RenaissanceRe Holdings Ltd. (e)	3,631,400		196,640
The Chubb Corp.	4,500,000		242,235
W.R. Berkley Corp.	4,300,000		139,707
			3,289,070
Thrifts & Mortgage Finance - 2.3%
Countrywide Financial Corp.	13,000,000		482,040
MGIC Investment Corp.	2,900,000		178,669
			660,709
TOTAL FINANCIALS			7,674,752
HEALTH CARE - 12.6%
Biotechnology - 3.7%
Amgen, Inc. (a)	6,500,000		416,910
Celgene Corp. (a)	3,000,000		183,480
Cephalon, Inc. (a)(d)	2,000,000		159,220
Genentech, Inc. (a)	2,300,000		183,977
MannKind Corp. (a)(d)	1,900,000		27,626
Vertex Pharmaceuticals, Inc. (a)	3,135,094		96,373
			1,067,586
Health Care Providers & Services - 2.9%
Cardinal Health, Inc.	3,500,000		244,825
UnitedHealth Group, Inc.	11,100,000		588,966
			833,791
Life Sciences Tools & Services - 0.7%
Illumina, Inc. (a)(d)	3,000,100		97,893
Pharmaceutical Product Development, Inc.	3,000,000		108,210
			206,103
Pharmaceuticals - 5.3%
Allergan, Inc.	3,000,000		363,600
Elan Corp. PLC sponsored ADR (a)	10,232,278		142,024
Johnson & Johnson	11,000,000		706,420
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Roche Holding AG (participation certificate)	750,000		$ 141,375
Teva Pharmaceutical Industries Ltd. sponsored ADR	5,000,000		191,550
			1,544,969
TOTAL HEALTH CARE			3,652,449
INDUSTRIALS - 13.6%
Aerospace & Defense - 2.3%
Honeywell International, Inc.	12,200,000		660,996
Air Freight & Logistics - 0.5%
C.H. Robinson Worldwide, Inc.	2,700,000		144,342
Commercial Services & Supplies - 1.3%
Robert Half International, Inc. (e)	11,200,000		372,960
Electrical Equipment - 1.1%
SolarWorld AG (d)	1,900,000		161,165
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	4,500,000		163,260
			324,425
Industrial Conglomerates - 7.5%
General Electric Co.	59,000,000		2,174,741
Machinery - 0.9%
Illinois Tool Works, Inc. (d)	5,400,000		277,074
TOTAL INDUSTRIALS			3,954,538
INFORMATION TECHNOLOGY - 14.7%
Communications Equipment - 0.4%
Research In Motion Ltd. (a)	800,000		105,264
Computers & Peripherals - 1.1%
Dell, Inc. (a)	12,200,000		307,562
Electronic Equipment & Instruments - 0.7%
Molex, Inc.	3,800,000		113,544
Motech Industries, Inc.	6,800,000		84,399
			197,943
Internet Software & Services - 4.3%
eBay, Inc. (a)	8,200,000		278,308
Google, Inc. Class A (sub. vtg.) (a)	1,900,000		895,622
ValueClick, Inc. (a)	3,000,000		85,800
			1,259,730
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - 1.2%
Infosys Technologies Ltd. sponsored ADR	2,200,000		$ 115,170
Satyam Computer Services Ltd. sponsored ADR	5,200,000		129,376
The Western Union Co.	4,800,000		101,040
			345,586
Office Electronics - 0.4%
Zebra Technologies Corp. Class A (a)(d)	2,900,000		115,391
Semiconductors & Semiconductor Equipment - 6.6%
Applied Materials, Inc.	11,200,000		215,264
ARM Holdings PLC	66,000,000		177,491
ASML Holding NV (NY Shares) (a)	4,700,000		128,075
Broadcom Corp. Class A (a)	3,450,000		112,298
Intel Corp.	15,000,000		322,500
Lam Research Corp. (a)	1,700,000		91,426
Linear Technology Corp. (d)	3,000,000		112,260
Marvell Technology Group Ltd. (a)	5,000,000		80,650
Maxim Integrated Products, Inc.	4,900,000		155,428
MEMC Electronic Materials, Inc. (a)	2,800,000		153,664
National Semiconductor Corp.	5,900,000		155,170
Renewable Energy Corp. AS	2,713,327		78,445
Taiwan Semiconductor Manufacturing Co. Ltd.	70,000,000		144,347
			1,927,018
TOTAL INFORMATION TECHNOLOGY			4,258,494
MATERIALS - 1.4%
Metals & Mining - 1.4%
Arcelor Mittal (d)	7,700,000		411,334
TOTAL COMMON STOCKS (Cost $23,240,473)		28,996,124
Money Market Funds - 3.4%

Fidelity Cash Central Fund, 5.29% (b)	85,723,237		85,723
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	886,370,128		886,370
TOTAL MONEY MARKET FUNDS (Cost $972,093)		972,093
Cash Equivalents - 0.0%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements in a joint trading account at 5.12%, dated 4/30/07 due 5/1/07 (Collateralized by U.S. Treasury Obligations) # (Cost $9,268)	$ 9,269		$ 9,268
TOTAL INVESTMENT PORTFOLIO - 103.4% (Cost $24,221,834)			29,977,485
NET OTHER ASSETS - (3.4)%			(975,771)
NET ASSETS - 100%		$ 29,001,714

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $375,581,000 or 1.3% of net assets.

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

Repurchase Agreement / Counterparty	Value (000s)
$9,268,000 due 5/01/07 at 5.12%
Banc of America Securities LLC	$ 1,416
Barclays Capital, Inc.	3,157
Fortis Securities LLC	2,024
Lehman Brothers, Inc.	2,671
	$ 9,268

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	$ 5,334
Fidelity Securities Lending Cash Central Fund	1,367
Total	$ 6,701

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Apollo Group, Inc. Class A (non-vtg.)	$ 420,871	$ 234,858	$ 242,732	$ -	$ 473,000
ARM Holdings PLC	148,296	-	5,823	519	-
Clear Channel Outdoor Holding, Inc. Class A	50,100	-	63,161	-	-
Illumina, Inc.	108,494	5,924	-	-	-
KB Home	102,162	86,587	10,816	2,468	185,262
RenaissanceRe Holdings Ltd.	188,143	-	-	2,324	196,640
Robert Half International, Inc.	333,620	45,123	19,379	2,792	372,960
Ryland Group, Inc.	85,426	83,330	11,445	1,283	168,340
Standard Pacific Corp.	83,097	27,181	2,926	552	99,886
Zebra Technologies Corp. Class A	130,785	14,249	66,739	-	-
Total	$ 1,650,994	$ 497,252	$ 423,021	$ 9,938	$ 1,496,088

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $24,227,605,000. Net unrealized appreciation aggregated $5,749,880,000, of which $6,090,044,000 related to appreciated investment securities and $340,164,000 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® International Real Estate Fund

April 30, 2007

1.815812.102

IRE-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
Australia - 19.3%
Aspen Group unit	7,244,025		$ 14,137,131
CFS Retail Property Trust	11,302,500		21,682,032
Charter Hall Group unit	7,818,942		17,921,343
DB RREEF Trust unit	21,137,200		31,596,098
FKP Property Group unit	2,228,123		12,785,882
Macquarie Goodman Group unit	7,638,917		45,103,981
The GPT Group unit	11,409,601		46,901,760
Westfield Group unit	5,395,000		94,085,832
TOTAL AUSTRALIA			284,214,059
Austria - 1.4%
CA Immobilien Anlagen AG (a)	119,400		3,991,864
Immoeast AG (a)	1,226,100		17,400,615
TOTAL AUSTRIA			21,392,479
Cayman Islands - 1.0%
New World China Land Ltd.	20,350,000		14,334,009
Finland - 1.4%
Citycon Oyj	2,670,403		21,499,788
France - 2.4%
Fonciere Des Regions (d)	81,000		15,529,830
Gecina SA	36,678		6,965,069
Societe de la Tour Eiffel	74,100		12,664,887
TOTAL FRANCE			35,159,786
Germany - 6.7%
DIC Asset AG	326,960		13,496,631
IVG Immobilien AG	1,371,500		62,172,854
Patrizia Immobilien AG	1,062,000		22,535,141
TOTAL GERMANY			98,204,626
Greece - 1.8%
Babis Vovos International Technical SA	687,830		25,962,030
Hong Kong - 12.4%
Cheung Kong Holdings Ltd.	2,260,000		29,468,651
Hong Kong Land Holdings Ltd.	9,558,000		44,731,440
Hopson Development Holdings Ltd.	4,336,000		10,254,457
Hysan Development Co. Ltd.	9,720,000		25,907,409
Kerry Properties Ltd. (d)	9,770,911		49,150,897
Link (REIT)	9,900,000		22,628,427
TOTAL HONG KONG			182,141,281
Common Stocks - continued
	Shares		Value
Italy - 0.1%
Risanamento Spa	182,300		$ 1,842,863
Japan - 20.3%
Japan Logistics Fund, Inc.	1,127		11,369,462
Japan Retail Fund Investment Corp.	1,472		14,818,372
Mitsubishi Estate Co. Ltd.	3,668,000		113,735,148
Mitsui Fudosan Co. Ltd.	1,809,000		52,810,596
Nippon Residential Investment Corp.	3,082		19,801,995
NTT Urban Development Co.	18,582		44,140,609
Sumitomo Realty & Development Co. Ltd.	1,136,000		41,936,207
TOTAL JAPAN			298,612,389
Netherlands - 3.9%
Eurocommercial Properties NV (Certificaten Van Aandelen) unit	100,000		5,799,550
Rodamco Europe NV	351,700		52,110,780
TOTAL NETHERLANDS			57,910,330
Philippines - 0.9%
Ayala Land, Inc.	18,581,800		6,857,476
Filinvest Land, Inc.	155,491,000		5,836,651
TOTAL PHILIPPINES			12,694,127
Singapore - 3.6%
CapitaLand Ltd.	9,464,900		52,956,589
Sweden - 1.0%
Castellum AB	943,400		14,433,258
United Kingdom - 21.9%
British Land Co. PLC	2,658,000		78,283,146
Capital & Regional PLC	1,835,200		56,582,003
Derwent London PLC	769,500		32,848,614
Land Securities Group PLC	2,505,500		98,288,783
Savills PLC	1,457,000		19,460,167
Slough Estates PLC	1,645,000		25,424,706
Songbird Estates PLC Class B	1,785,000		12,098,972
TOTAL UNITED KINGDOM			322,986,391
TOTAL COMMON STOCKS (Cost $1,276,766,436)		1,444,344,005
Investment Companies - 0.9%
	Shares		Value
Luxembourg - 0.9%
ProLogis European Properties (Cost $12,650,264)	629,000		$ 13,390,001
Money Market Funds - 2.6%

Fidelity Cash Central Fund, 5.29% (b)	17,778,113		17,778,113
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	20,593,144		20,593,144
TOTAL MONEY MARKET FUNDS (Cost $38,371,257)		38,371,257
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $1,327,787,957)			1,496,105,263
NET OTHER ASSETS - (1.6)%			(23,973,469)
NET ASSETS - 100%		$ 1,472,131,794

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,407,579
Fidelity Securities Lending Cash Central Fund	372,905
Total	$ 1,780,484

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $1,335,140,312. Net unrealized appreciation aggregated $160,964,951, of which $184,133,880 related to appreciated investment securities and $23,168,929 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2007

1.847932.100

AIRE-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
Australia - 19.3%
Aspen Group unit	7,244,025		$ 14,137,131
CFS Retail Property Trust	11,302,500		21,682,032
Charter Hall Group unit	7,818,942		17,921,343
DB RREEF Trust unit	21,137,200		31,596,098
FKP Property Group unit	2,228,123		12,785,882
Macquarie Goodman Group unit	7,638,917		45,103,981
The GPT Group unit	11,409,601		46,901,760
Westfield Group unit	5,395,000		94,085,832
TOTAL AUSTRALIA			284,214,059
Austria - 1.4%
CA Immobilien Anlagen AG (a)	119,400		3,991,864
Immoeast AG (a)	1,226,100		17,400,615
TOTAL AUSTRIA			21,392,479
Cayman Islands - 1.0%
New World China Land Ltd.	20,350,000		14,334,009
Finland - 1.4%
Citycon Oyj	2,670,403		21,499,788
France - 2.4%
Fonciere Des Regions (d)	81,000		15,529,830
Gecina SA	36,678		6,965,069
Societe de la Tour Eiffel	74,100		12,664,887
TOTAL FRANCE			35,159,786
Germany - 6.7%
DIC Asset AG	326,960		13,496,631
IVG Immobilien AG	1,371,500		62,172,854
Patrizia Immobilien AG	1,062,000		22,535,141
TOTAL GERMANY			98,204,626
Greece - 1.8%
Babis Vovos International Technical SA	687,830		25,962,030
Hong Kong - 12.4%
Cheung Kong Holdings Ltd.	2,260,000		29,468,651
Hong Kong Land Holdings Ltd.	9,558,000		44,731,440
Hopson Development Holdings Ltd.	4,336,000		10,254,457
Hysan Development Co. Ltd.	9,720,000		25,907,409
Kerry Properties Ltd. (d)	9,770,911		49,150,897
Link (REIT)	9,900,000		22,628,427
TOTAL HONG KONG			182,141,281
Common Stocks - continued
	Shares		Value
Italy - 0.1%
Risanamento Spa	182,300		$ 1,842,863
Japan - 20.3%
Japan Logistics Fund, Inc.	1,127		11,369,462
Japan Retail Fund Investment Corp.	1,472		14,818,372
Mitsubishi Estate Co. Ltd.	3,668,000		113,735,148
Mitsui Fudosan Co. Ltd.	1,809,000		52,810,596
Nippon Residential Investment Corp.	3,082		19,801,995
NTT Urban Development Co.	18,582		44,140,609
Sumitomo Realty & Development Co. Ltd.	1,136,000		41,936,207
TOTAL JAPAN			298,612,389
Netherlands - 3.9%
Eurocommercial Properties NV (Certificaten Van Aandelen) unit	100,000		5,799,550
Rodamco Europe NV	351,700		52,110,780
TOTAL NETHERLANDS			57,910,330
Philippines - 0.9%
Ayala Land, Inc.	18,581,800		6,857,476
Filinvest Land, Inc.	155,491,000		5,836,651
TOTAL PHILIPPINES			12,694,127
Singapore - 3.6%
CapitaLand Ltd.	9,464,900		52,956,589
Sweden - 1.0%
Castellum AB	943,400		14,433,258
United Kingdom - 21.9%
British Land Co. PLC	2,658,000		78,283,146
Capital & Regional PLC	1,835,200		56,582,003
Derwent London PLC	769,500		32,848,614
Land Securities Group PLC	2,505,500		98,288,783
Savills PLC	1,457,000		19,460,167
Slough Estates PLC	1,645,000		25,424,706
Songbird Estates PLC Class B	1,785,000		12,098,972
TOTAL UNITED KINGDOM			322,986,391
TOTAL COMMON STOCKS (Cost $1,276,766,436)		1,444,344,005
Investment Companies - 0.9%
	Shares		Value
Luxembourg - 0.9%
ProLogis European Properties (Cost $12,650,264)	629,000		$ 13,390,001
Money Market Funds - 2.6%

Fidelity Cash Central Fund, 5.29% (b)	17,778,113		17,778,113
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	20,593,144		20,593,144
TOTAL MONEY MARKET FUNDS (Cost $38,371,257)		38,371,257
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $1,327,787,957)			1,496,105,263
NET OTHER ASSETS - (1.6)%			(23,973,469)
NET ASSETS - 100%		$ 1,472,131,794

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,407,579
Fidelity Securities Lending Cash Central Fund	372,905
Total	$ 1,780,484

Income Tax Information

Investment Valuation

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Leveraged Company Stock Fund

April 30, 2007

1.800341.103

LSF-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.1%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 8.2%
Auto Components - 0.6%
The Goodyear Tire & Rubber Co. (a)(f)	511,063		$ 16,998
TRW Automotive Holdings Corp. (a)	622,000		23,051
			40,049
Automobiles - 0.2%
Ford Motor Co.	1,420,000		11,417
Diversified Consumer Services - 3.0%
Carriage Services, Inc. Class A	266,200		2,175
Service Corp. International (g)	15,906,400		193,263
			195,438
Hotels, Restaurants & Leisure - 1.7%
Bally Technologies, Inc. (a)	1,152,360		26,965
Friendly Ice Cream Corp. (a)(f)(g)	423,400		6,330
Penn National Gaming, Inc. (a)	664,700		32,132
Six Flags, Inc. (f)	3,295,400		19,641
Station Casinos, Inc.	221,000		19,227
Steak n Shake Co. (a)	659,400		10,662
			114,957
Household Durables - 0.2%
Black & Decker Corp.	138,100		12,528
Leisure Equipment & Products - 0.2%
Callaway Golf Co.	781,587		14,037
Media - 2.1%
Cablevision Systems Corp. - NY Group Class A	242,900		7,962
Charter Communications, Inc. Class A (a)	13,115,971		39,610
Cinemark Holdings, Inc.	688,200		13,007
Gray Television, Inc.	1,829,442		19,520
Knology, Inc. (a)	113,144		2,066
Liberty Global, Inc.:
Class A (a)	436,400		15,662
Class C (a)	33,815		1,130
Nexstar Broadcasting Group, Inc. Class A (a)(g)	940,500		11,239
Tribune Co.	249,100		8,170
Virgin Media, Inc.	643,680		16,240
			134,606
Specialty Retail - 0.2%
Gamestop Corp. Class A (a)	452,000		14,993
TOTAL CONSUMER DISCRETIONARY			538,025
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - 2.9%
Food & Staples Retailing - 1.0%
Koninklijke Ahold NV sponsored ADR (a)	2,756,800		$ 35,039
Kroger Co.	339,300		10,013
SUPERVALU, Inc.	458,600		21,050
			66,102
Food Products - 1.4%
Corn Products International, Inc.	1,094,019		43,564
Dean Foods Co.	346,500		12,623
Interstate Bakeries Corp. (a)(g)	2,911,700		10,628
Kellogg Co.	84,900		4,492
Smithfield Foods, Inc. (a)	711,700		21,757
			93,064
Personal Products - 0.5%
Playtex Products, Inc. (a)	1,734,555		26,400
Revlon, Inc. Class A (sub. vtg.) (a)	3,694,361		4,766
			31,166
TOTAL CONSUMER STAPLES			190,332
ENERGY - 34.1%
Energy Equipment & Services - 8.1%
Basic Energy Services, Inc. (a)	249,300		6,444
Grant Prideco, Inc. (a)	1,165,800		60,085
Grey Wolf, Inc. (a)	8,326,600		59,618
Hanover Compressor Co. (a)	3,201,262		69,243
Hercules Offshore, Inc. (a)(f)	1,072,822		33,719
Nabors Industries Ltd. (a)	808,800		25,979
Noble Corp.	348,000		29,305
Oil States International, Inc. (a)	270,700		9,185
Parker Drilling Co. (a)	800,000		8,688
Petroleum Geo-Services ASA sponsored ADR (a)(f)	2,244,777		61,821
Pride International, Inc. (a)	646,100		21,199
Rowan Companies, Inc.	321,100		11,765
Universal Compression Holdings, Inc. (a)(g)	2,034,500		135,437
			532,488
Oil, Gas & Consumable Fuels - 26.0%
Alpha Natural Resources, Inc. (a)(f)(g)	3,830,295		66,532
Anadarko Petroleum Corp.	120,300		5,613
Aurora Oil & Gas Corp. (a)	638,351		1,679
Cabot Oil & Gas Corp.	787,400		28,677
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Chesapeake Energy Corp.	3,352,600		$ 113,150
ConocoPhillips	201,631		13,983
El Paso Corp.	5,257,712		78,866
EOG Resources, Inc.	368,700		27,077
Forest Oil Corp. (a)(f)(g)	3,697,000		130,282
Frontier Oil Corp.	1,583,600		55,949
Frontline Ltd. (f)	185,300		7,039
Frontline Ltd. (NY Shares)	1,136,800		42,960
General Maritime Corp. (g)	3,249,200		104,202
Houston Exploration Co. (a)	89,200		4,939
Mariner Energy, Inc. (a)	2,921,653		65,883
Massey Energy Co.	586,700		15,800
Nexen, Inc.	831,600		49,488
OMI Corp. (g)	5,100,900		148,283
Overseas Shipholding Group, Inc.	1,562,900		110,653
Paladin Resources Ltd. (a)(f)	2,042,400		16,283
Peabody Energy Corp.	675,616		32,416
Petrohawk Energy Corp. (a)	2,719,148		39,292
Plains Exploration & Production Co. (a)	299,100		14,055
Pogo Producing Co. (f)	404,600		19,526
Range Resources Corp.	3,489,300		127,534
Ship Finance International Ltd.:
(Norway) (f)	53,099		1,535
(NY Shares)	1,066,851		31,728
Teekay Shipping Corp.	3,343,200		199,421
Valero Energy Corp.	1,387,400		97,437
Williams Companies, Inc. (f)	1,784,400		52,640
			1,702,922
TOTAL ENERGY			2,235,410
FINANCIALS - 1.0%
Capital Markets - 0.2%
Merrill Lynch & Co., Inc.	126,000		11,369
Commercial Banks - 0.2%
PNC Financial Services Group, Inc.	157,200		11,649
Insurance - 0.2%
American Financial Group, Inc.	500,550		17,654
Real Estate Management & Development - 0.2%
CB Richard Ellis Group, Inc. Class A (a)	368,200		12,464
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.2%
Countrywide Financial Corp.	357,300		$ 13,249
TOTAL FINANCIALS			66,385
HEALTH CARE - 2.8%
Biotechnology - 0.0%
Lexicon Pharmaceuticals, Inc. (a)	392,187		1,377
Health Care Equipment & Supplies - 1.0%
Baxter International, Inc.	430,100		24,357
Beckman Coulter, Inc.	354,200		22,247
Hospira, Inc. (a)	361,900		14,675
			61,279
Health Care Providers & Services - 1.7%
DaVita, Inc. (a)	1,439,200		78,595
Emergency Medical Services Corp. Class A (a)	258,600		8,658
Quest Diagnostics, Inc. (f)	118,900		5,813
Rural/Metro Corp. (a)	834,200		6,457
Tenet Healthcare Corp. (a)(f)	1,543,452		11,452
			110,975
Pharmaceuticals - 0.1%
Adams Respiratory Therapeutics, Inc. (a)	207,300		7,776
TOTAL HEALTH CARE			181,407
INDUSTRIALS - 11.2%
Aerospace & Defense - 0.2%
Armor Holdings, Inc. (a)	77,000		5,506
DRS Technologies, Inc.	138,500		6,968
			12,474
Air Freight & Logistics - 0.1%
Park-Ohio Holdings Corp. (a)	179,465		3,828
Airlines - 0.6%
AirTran Holdings, Inc. (a)(f)	861,500		9,485
AMR Corp.	670,630		17,497
UAL Corp. (a)	280,400		9,365
			36,347
Building Products - 1.3%
American Standard Companies, Inc.	634,600		34,941
Armstrong World Industries, Inc. (a)	119,216		6,080
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Building Products - continued
Goodman Global, Inc.	406,800		$ 7,587
Lennox International, Inc.	230,700		7,800
Owens Corning (a)(f)	917,649		28,126
			84,534
Commercial Services & Supplies - 4.3%
Allied Waste Industries, Inc.	4,971,500		66,469
Cenveo, Inc. (a)(g)	3,448,400		88,451
Deluxe Corp.	355,000		13,437
Interface, Inc. Class A	266,673		4,493
Layne Christensen Co. (a)	104,530		3,959
Republic Services, Inc.	744,750		20,801
SAIC, Inc.	1,381,400		25,266
Waste Management, Inc.	1,494,300		55,902
			278,778
Construction & Engineering - 0.8%
Foster Wheeler Ltd. (a)	740,500		50,969
Electrical Equipment - 0.1%
GrafTech International Ltd. (a)	837,325		8,357
Industrial Conglomerates - 0.7%
Tyco International Ltd.	1,512,500		49,353
Machinery - 1.5%
American Science & Engineering, Inc. (a)(f)	314,591		14,786
Badger Meter, Inc.	344,354		8,264
Eaton Corp.	328,800		29,332
FreightCar America, Inc. (f)	151,247		7,526
Thermadyne Holdings Corp. (a)	64,900		937
Timken Co.	92,800		3,061
Watts Water Technologies, Inc. Class A (f)	906,136		36,699
			100,605
Marine - 0.6%
Golden Ocean Group Ltd. (f)	2,067,600		4,866
Navios Maritime Holdings, Inc.	2,135,100		18,682
OceanFreight, Inc. (g)	740,600		14,331
			37,879
Road & Rail - 0.3%
Burlington Northern Santa Fe Corp.	246,400		21,570
Trading Companies & Distributors - 0.7%
H&E Equipment Services, Inc. (a)	12,900		305
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Trading Companies & Distributors - continued
UAP Holding Corp.	846,600		$ 23,425
United Rentals, Inc. (a)	655,600		21,963
			45,693
Transportation Infrastructure - 0.0%
Aegean Marine Petroleum Network, Inc.	215,300		3,348
TOTAL INDUSTRIALS			733,735
INFORMATION TECHNOLOGY - 18.0%
Communications Equipment - 0.4%
Alcatel-Lucent SA sponsored ADR	636,273		8,431
Motorola, Inc.	1,155,400		20,023
			28,454
Computers & Peripherals - 1.8%
EMC Corp. (a)	3,501,700		53,156
Seagate Technology	2,539,700		56,254
Sun Microsystems, Inc. (a)	1,260,600		6,580
			115,990
Electronic Equipment & Instruments - 2.8%
Cogent, Inc. (a)	1,284,304		18,032
DDi Corp. (a)	295,899		1,967
Flextronics International Ltd. (a)	9,377,100		104,555
Merix Corp. (a)(g)	1,545,123		11,527
Solectron Corp. (a)	3,673,600		12,307
TTM Technologies, Inc. (a)	346,314		3,179
Viasystems Group, Inc. (a)	775,300		6,978
Viasystems Group, Inc. (a)(i)	625,780		5,632
Vishay Intertechnology, Inc. (a)	1,248,400		20,786
			184,963
Internet Software & Services - 0.1%
VeriSign, Inc. (a)	194,300		5,314
IT Services - 0.8%
Affiliated Computer Services, Inc. Class A (a)	65,100		3,900
CACI International, Inc. Class A (a)	348,000		15,914
Global Cash Access Holdings, Inc. (a)	1,835,000		28,754
Hewitt Associates, Inc. Class A (a)	147,000		4,373
			52,941
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 10.8%
Advanced Micro Devices, Inc. (a)(f)	8,842,500		$ 122,203
AMIS Holdings, Inc. (a)(g)	4,524,524		52,484
Amkor Technology, Inc. (a)(f)(g)	12,599,836		176,272
Atmel Corp. (a)	21,447,700		114,102
Cypress Semiconductor Corp. (a)	1,151,200		26,270
Fairchild Semiconductor International, Inc. (a)	200,000		3,520
ON Semiconductor Corp. (a)(f)(g)	17,876,600		191,458
Skyworks Solutions, Inc. (a)	1,112,647		7,666
Texas Instruments, Inc.	262,700		9,029
			703,004
Software - 1.3%
Autodesk, Inc. (a)	756,300		31,213
Sybase, Inc. (a)	396,100		9,582
Symantec Corp. (a)(f)	2,549,400		44,869
			85,664
TOTAL INFORMATION TECHNOLOGY			1,176,330
MATERIALS - 10.4%
Chemicals - 3.5%
Albemarle Corp.	436,000		18,508
Arch Chemicals, Inc.	648,542		19,599
Celanese Corp. Class A	4,043,100		134,110
Georgia Gulf Corp. (f)	609,840		9,739
H.B. Fuller Co.	640,100		16,367
Methanex Corp.	214,900		5,121
Monsanto Co.	469,600		27,702
Pliant Corp. (a)	567		0
Texas Petrochemicals, Inc. (a)	11,700		333
			231,479
Containers & Packaging - 1.2%
Owens-Illinois, Inc.	568,900		17,118
Packaging Corp. of America	179,700		4,449
Sealed Air Corp.	313,800		10,324
Smurfit-Stone Container Corp.	3,726,482		44,904
			76,795
Metals & Mining - 3.6%
Chaparral Steel Co.	107,600		7,586
Freeport-McMoRan Copper & Gold, Inc. Class B	2,370,850		159,226
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - continued
Ormet Corp. (a)(i)	1,075,000		$ 20,742
Reliance Steel & Aluminum Co.	498,683		29,622
United States Steel Corp.	160,000		16,246
			233,422
Paper & Forest Products - 2.1%
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.)	184,500		10,146
Domtar Corp. (a)	691,300		6,740
International Paper Co. (f)	1,209,800		45,634
Neenah Paper, Inc.	518,300		19,799
Weyerhaeuser Co.	694,300		55,002
			137,321
TOTAL MATERIALS			679,017
TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 1.0%
General Communications, Inc. Class A (a)	907,800		12,918
Level 3 Communications, Inc. (a)	1,000,000		5,560
McLeodUSA, Inc.	1,701,867		12,764
Qwest Communications International, Inc. (a)	3,203,500		28,447
XO Holdings, Inc. (a)	926,500		4,771
			64,460
UTILITIES - 4.5%
Electric Utilities - 0.2%
Allegheny Energy, Inc. (a)	269,300		14,397
Gas Utilities - 0.2%
ONEOK, Inc.	317,600		15,375
Independent Power Producers & Energy Traders - 2.7%
AES Corp. (a)	5,606,140		123,279
Dynegy, Inc. (a)	1,987,000		18,698
Mirant Corp. (a)	714,500		32,060
			174,037
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Multi-Utilities - 1.4%
Aquila, Inc.	911,800		$ 3,766
CMS Energy Corp.	4,552,600		84,314
			88,080
TOTAL UTILITIES			291,889
TOTAL COMMON STOCKS (Cost $4,360,863)		6,156,990
Preferred Stocks - 0.4%

Convertible Preferred Stocks - 0.4%
ENERGY - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
EXCO Resources, Inc. Series A1:
11.00% (a)(i)	2,173		21,730
7.00% (a)(i)	527		5,270
			27,000
Nonconvertible Preferred Stocks - 0.0%
MATERIALS - 0.0%
Chemicals - 0.0%
Pliant Corp. Series AA 13.00%	5,008		1,753
TELECOMMUNICATION SERVICES - 0.0%
Diversified Telecommunication Services - 0.0%
PTV, Inc. Series A, 10.00%	84		0
TOTAL NONCONVERTIBLE PREFERRED STOCKS			1,753
TOTAL PREFERRED STOCKS (Cost $29,411)		28,753

Corporate Bonds - 0.7%
	Principal Amount (000s)		Value (000s)
Convertible Bonds - 0.2%
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
ICO North America, Inc. 7.5% 8/15/09 (i)	$ 15,495		$ 15,495
Nonconvertible Bonds - 0.5%
CONSUMER DISCRETIONARY - 0.3%
Auto Components - 0.3%
IdleAire Technologies Corp. 0% 12/15/12 unit (e)(h)	24,470		16,762
INDUSTRIALS - 0.2%
Airlines - 0.2%
Delta Air Lines, Inc.:
8% 12/15/07 (d)(h)	7,345		3,746
8.3% 12/15/29 (d)	13,760		7,224
Northwest Airlines, Inc. 9.875% 3/15/49 (d)	7,000		5,495
			16,465
MATERIALS - 0.0%
Chemicals - 0.0%
Pliant Corp. 13% 7/15/10	703		457
TOTAL NONCONVERTIBLE BONDS			33,684
TOTAL CORPORATE BONDS (Cost $50,998)		49,179
Money Market Funds - 9.1%
	Shares
Fidelity Cash Central Fund, 5.29% (b)	316,786,734		316,787
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	277,945,412		277,945
TOTAL MONEY MARKET FUNDS (Cost $594,732)		594,732
Cash Equivalents - 0.1%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 5.12%, dated 4/30/07 due 5/1/07 (Collateralized by U.S. Treasury Obligations) # (Cost $8,101)	$ 8,102		8,101
Equity Funds - 0.5%
	Shares		Value (000s)
Other - 0.5%
Delta Air Lines ALPA Claim (a) (Cost $31,469)	57,870,000		$ 30,092
TOTAL INVESTMENT PORTFOLIO - 104.9% (Cost $5,075,574)			6,867,847
NET OTHER ASSETS - (4.9)%			(323,773)
NET ASSETS - 100%		$ 6,544,074

Legend

(a) Non-income producing

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

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

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

(g) Affiliated company

(h) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $20,508,000 or 0.3% of net assets.

(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $68,869,000 or 1.1% of net assets.

Additional information on each holding is as follows:

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

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

Repurchase Agreement / Counterparty	Value
$8,101,000 due 5/01/07 at 5.12%
Banc of America Securities LLC	$ 1,237
Barclays Capital, Inc.	2,760
Fortis Securities LLC	1,769
Lehman Brothers, Inc.	2,335
	$ 8,101

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	$ 5,197
Fidelity Securities Lending Cash Central Fund	1,901
Total	$ 7,098

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Alpha Natural Resources, Inc.	$ 50,922	$ 11,682	$ -	$ -	$ 66,532
AMIS Holdings, Inc.	17,614	28,288	1,194	-	52,484
Amkor Technology, Inc.	77,867	-	-	-	176,272
Capital Crossing Bank	6,897	-	7,764	-	-
Cenveo, Inc.	56,139	9,769	-	-	88,451
Forest Oil Corp.	120,974	2,688	-	-	130,282
Friendly Ice Cream Corp.	3,260	-	-	-	6,330
General Maritime Corp.	117,946	-	-	55,204	104,202
Interstate Bakeries Corp.	-	8,726	-	-	10,628
Merix Corp.	16,239	-	-	-	11,527
Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Nexstar Broadcasting Group, Inc. Class A	$ 2,093	$ 1,936	$ -	$ -	$ 11,239
OceanFreight, Inc.	-	14,245	-	-	14,331
OMI Corp.	112,526	-	-	2,117	148,283
ON Semiconductor Corp.	112,444	-	-	-	191,458
Service Corp. International	117,896	2,018	-	1,348	193,263
Universal Compression Holdings, Inc.	82,523	47,587	-	-	135,437
Total	$ 895,340	$ 126,939	$ 8,958	$ 58,669	$ 1,340,719

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $5,115,101,000. Net unrealized appreciation aggregated $1,752,746,000, of which $1,923,618,000 related to appreciated investment securities and $170,872,000 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® OTC Portfolio

April 30, 2007

1.800345.103

OTC-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 8.0%
Hotels, Restaurants & Leisure - 1.8%
BJ's Restaurants, Inc. (a)	1,033,805		$ 21,286
Burger King Holdings, Inc.	500,000		11,735
Carrols Restaurant Group, Inc. (d)	990,275		14,874
Indian Hotels Co. Ltd.	1,290,000		4,461
Morgans Hotel Group Co. (a)	1,203,100		26,649
Starbucks Corp. (a)	1,965,300		60,964
Texas Roadhouse, Inc. Class A (a)(d)	1,397,410		20,430
			160,399
Internet & Catalog Retail - 0.4%
Amazon.com, Inc. (a)	500,000		30,665
Leisure Equipment & Products - 0.2%
Callaway Golf Co.	1,104,500		19,837
Media - 1.7%
Charter Communications, Inc. Class A (a)	3,656,700		11,043
Comcast Corp. Class A (a)	3,176,500		84,685
EchoStar Communications Corp. Class A (a)	181,700		8,455
National CineMedia, Inc.	406,000		10,674
New Frontier Media, Inc.	1,000,000		8,750
TiVo, Inc. (a)(d)	3,854,075		24,705
			148,312
Multiline Retail - 1.1%
Sears Holdings Corp. (a)	515,000		98,319
Specialty Retail - 1.7%
Coldwater Creek, Inc. (a)	97,200		2,012
Gamestop Corp. Class A (a)	1,786,100		59,245
OfficeMax, Inc.	511,600		25,181
Staples, Inc.	663,500		16,455
Urban Outfitters, Inc. (a)	1,613,100		41,553
			144,446
Textiles, Apparel & Luxury Goods - 1.1%
Deckers Outdoor Corp. (a)(e)	675,500		51,156
G-III Apparel Group Ltd. (a)	661,055		11,674
Iconix Brand Group, Inc. (a)	485,800		9,779
Provogue (India) Ltd.	400,000		3,992
Provogue (India) Ltd. (g)	700,000		6,597
Under Armour, Inc. Class A (sub. vtg.) (a)	240,000		12,120
			95,318
TOTAL CONSUMER DISCRETIONARY			697,296
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - 1.1%
Food & Staples Retailing - 0.4%
CVS Corp.	121,200		$ 4,392
Rite Aid Corp.	2,477,400		15,211
Winn-Dixie Stores, Inc. (a)(d)	1,152,500		19,996
			39,599
Food Products - 0.5%
Cermaq ASA	538,500		9,504
Marine Harvest ASA (a)	14,786,000		16,006
Nestle SA sponsored ADR	154,300		15,330
			40,840
Household Products - 0.0%
Central Garden & Pet Co. Class A (non-vtg.) (a)	100,000		1,432
Personal Products - 0.2%
Bare Escentuals, Inc.	243,700		9,853
Physicians Formula Holdings, Inc.	235,241		4,945
			14,798
TOTAL CONSUMER STAPLES			96,669
ENERGY - 2.2%
Energy Equipment & Services - 0.3%
North American Energy Partners, Inc. (a)	254,800		5,388
Trico Marine Services, Inc. (a)(d)	165,000		6,387
Weatherford International Ltd. (a)	346,600		18,193
			29,968
Oil, Gas & Consumable Fuels - 1.9%
Chesapeake Energy Corp.	194,900		6,578
CONSOL Energy, Inc.	322,200		13,491
Copano Energy LLC	97,000		3,789
International Coal Group, Inc. (a)	1,242,900		6,948
James River Coal Co. (a)(d)	466,400		4,226
Massey Energy Co.	610,600		16,443
Peabody Energy Corp.	336,000		16,121
Petronet LNG Ltd. (a)	3,440,000		3,792
Valero Energy Corp.	1,313,500		92,247
			163,635
TOTAL ENERGY			193,603
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - 2.5%
Capital Markets - 1.3%
Charles Schwab Corp.	3,504,700		$ 67,010
Fortress Investment Group LLC	628,300		18,227
MarketAxess Holdings, Inc. (a)	348,698		5,712
T. Rowe Price Group, Inc.	444,600		22,088
			113,037
Commercial Banks - 1.1%
Commerce Bancorp, Inc.	1,409,900		47,147
East West Bancorp, Inc.	212,350		8,464
First Community Bancorp, California	76,300		4,186
SVB Financial Group (a)	427,900		21,917
UCBH Holdings, Inc.	706,800		12,694
			94,408
Insurance - 0.1%
Universal American Financial Corp. (a)	580,700		10,778
Thrifts & Mortgage Finance - 0.0%
BankUnited Financial Corp. Class A	178,700		3,869
TOTAL FINANCIALS			222,092
HEALTH CARE - 14.2%
Biotechnology - 10.3%
Acadia Pharmaceuticals, Inc. (a)	244,600		3,341
Alexion Pharmaceuticals, Inc. (a)	217,880		9,120
Alkermes, Inc. (a)	1,547,741		25,429
Alnylam Pharmaceuticals, Inc. (a)	107,755		2,023
Amgen, Inc. (a)	3,279,500		210,347
Amylin Pharmaceuticals, Inc. (a)	1,251,300		51,716
Biogen Idec, Inc. (a)	2,640,200		124,644
Celgene Corp. (a)	3,086,692		188,782
Cephalon, Inc. (a)	678,700		54,031
Cougar Biotechnology, Inc. (a)	203,500		4,324
CytRx Corp. (a)	883,957		3,651
CytRx Corp. (a)(g)	540,510		2,009
Gilead Sciences, Inc. (a)	1,567,100		128,063
GTx, Inc. (a)	264,100		5,153
Myriad Genetics, Inc. (a)	300,000		10,965
ONYX Pharmaceuticals, Inc. (a)(d)	428,700		11,472
Regeneron Pharmaceuticals, Inc. (a)	1,258,100		34,220
Seattle Genetics, Inc. (a)	377,200		3,587
Theravance, Inc. (a)	124,084		4,111
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Transition Therapeutics, Inc. (a)	4,044,000		$ 6,486
Vertex Pharmaceuticals, Inc. (a)	721,588		22,182
			905,656
Health Care Equipment & Supplies - 0.9%
Align Technology, Inc. (a)	355,800		8,062
Gen-Probe, Inc. (a)	500,500		25,581
Respironics, Inc. (a)	1,074,800		43,809
			77,452
Health Care Providers & Services - 0.6%
Bumrungrad Hospital PCL (For. Reg.)	3,597,300		4,965
Express Scripts, Inc. (a)	520,200		49,705
			54,670
Health Care Technology - 0.7%
Cerner Corp. (a)	520,400		27,706
Emdeon Corp. (a)	1,859,750		30,016
iCAD, Inc. (a)	500,000		1,555
			59,277
Life Sciences Tools & Services - 0.8%
Affymetrix, Inc. (a)	787,341		20,683
Exelixis, Inc. (a)	321,000		3,448
Illumina, Inc. (a)(d)	976,046		31,848
Illumina, Inc.:
warrants 11/22/10 (a)(g)	354,776		2,062
warrants 1/19/11 (a)(g)	452,917		2,665
Medivation, Inc. (a)(d)	578,600		11,341
			72,047
Pharmaceuticals - 0.9%
BioMimetic Therapeutics, Inc.	142,600		2,672
Collagenex Pharmaceuticals, Inc. (a)	50,000		686
Elan Corp. PLC sponsored ADR (a)	1,927,100		26,748
Sepracor, Inc. (a)	677,100		36,347
Teva Pharmaceutical Industries Ltd. sponsored ADR	199,300		7,635
			74,088
TOTAL HEALTH CARE			1,243,190
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 1.9%
Aerospace & Defense - 0.1%
AeroVironment, Inc.	50,525		$ 1,081
Ladish Co., Inc. (a)	250,000		10,165
			11,246
Airlines - 0.4%
JetBlue Airways Corp. (a)(d)	3,715,775		36,823
Commercial Services & Supplies - 0.0%
CoStar Group, Inc. (a)	1,796		88
Construction & Engineering - 0.2%
Washington Group International, Inc. (a)	235,700		15,773
Electrical Equipment - 0.1%
Crompton Greaves Ltd.	1,010,000		5,425
Neo-Neon Holdings Ltd.	3,710,000		6,166
			11,591
Industrial Conglomerates - 0.1%
Siemens India Ltd.	170,000		4,875
Machinery - 0.3%
Bucyrus International, Inc. Class A	108,600		6,814
TurboChef Technologies, Inc. (a)(d)	1,448,094		19,723
			26,537
Marine - 0.1%
American Commercial Lines, Inc. (a)	176,100		5,190
Road & Rail - 0.3%
Landstar System, Inc.	587,922		28,403
Trading Companies & Distributors - 0.2%
UAP Holding Corp.	700,000		19,369
Transportation Infrastructure - 0.1%
Aegean Marine Petroleum Network, Inc.	264,000		4,105
TOTAL INDUSTRIALS			164,000
INFORMATION TECHNOLOGY - 66.5%
Communications Equipment - 11.7%
Andrew Corp. (a)	1,654,300		18,065
Avocent Corp. (a)	131,800		3,692
Balda AG	1,147,479		16,441
Ciena Corp. (a)	335,000		9,769
Cisco Systems, Inc. (a)	10,165,700		271,831
Corning, Inc. (a)	380,600		9,028
Harris Corp.	253,600		13,022
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Juniper Networks, Inc. (a)	8,887,487		$ 198,724
NETGEAR, Inc. (a)	579,000		19,460
Opnext, Inc.	325,000		4,362
Powerwave Technologies, Inc. (a)(d)	3,221,400		20,069
QUALCOMM, Inc.	5,724,200		250,720
Research In Motion Ltd. (a)	1,212,022		159,478
Riverbed Technology, Inc. (d)	316,400		10,096
Sonus Networks, Inc. (a)	3,072,000		23,747
			1,028,504
Computers & Peripherals - 13.1%
Apple, Inc. (a)	3,858,500		385,078
Dell, Inc. (a)	8,275,900		208,635
EMC Corp. (a)	3,313,100		50,293
Hewlett-Packard Co.	2,167,800		91,351
Network Appliance, Inc. (a)	3,050,671		113,515
Palm, Inc. (a)(d)(e)	5,609,159		94,683
SanDisk Corp. (a)(d)	3,489,402		151,615
Sun Microsystems, Inc. (a)	9,362,600		48,873
Wistron Corp.	1,156,000		1,728
			1,145,771
Electronic Equipment & Instruments - 1.6%
AU Optronics Corp. sponsored ADR (d)	1,614,700		25,690
Chi Mei Optoelectronics Corp.	1,676,000		1,889
Chi Mei Optoelectronics Corp. GDR (f)	160,900		1,826
China Security & Surveillance Tech, Inc. (a)	490,700		7,846
Cogent, Inc. (a)	600,000		8,424
Gold Circuit Electronics Ltd.	5,301,000		4,081
Hon Hai Precision Industry Co. Ltd. (Foxconn)	6,620,450		44,016
Jabil Circuit, Inc.	730,519		17,021
Mellanox Technologies Ltd.	391,900		6,502
Motech Industries, Inc.	601,000		7,459
Sunpower Corp. Class A (a)(d)	307,200		18,641
			143,395
Internet Software & Services - 11.3%
Akamai Technologies, Inc. (a)	1,262,375		55,645
CNET Networks, Inc. (a)(d)	1,160,100		9,780
CyberSource Corp. (a)	1,448,088		18,405
DivX, Inc.	283,900		5,723
eBay, Inc. (a)	2,634,187		89,404
Equinix, Inc. (a)(d)	556,500		46,451
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
Google, Inc. Class A (sub. vtg.) (a)	1,355,100		$ 638,769
Internet Capital Group, Inc. (a)	1,070,196		12,810
LivePerson, Inc. (a)	1,230,538		8,614
LoopNet, Inc.	611,100		11,201
SAVVIS, Inc. (a)	684,500		35,300
Terremark Worldwide, Inc. (a)	500,000		4,150
United Internet AG	580,000		10,788
Yahoo!, Inc. (a)	1,446,716		40,566
			987,606
IT Services - 2.3%
Cognizant Technology Solutions Corp. Class A (a)	1,357,375		121,349
ExlService Holdings, Inc.	20,532		427
Infosys Technologies Ltd. sponsored ADR (d)	1,084,200		56,758
Sapient Corp. (a)	2,982,000		21,560
			200,094
Semiconductors & Semiconductor Equipment - 11.1%
Altera Corp.	1,522,000		34,306
Applied Materials, Inc.	2,802,000		53,854
Atheros Communications, Inc. (a)	441,325		11,823
Atmel Corp. (a)	4,018,400		21,378
Broadcom Corp. Class A (a)	3,885,309		126,467
Cypress Semiconductor Corp. (a)	1,385,150		31,609
Diodes, Inc. (a)	590,900		21,816
FormFactor, Inc. (a)	696,400		28,754
Himax Technologies, Inc. sponsored ADR	1,433,700		8,416
Hittite Microwave Corp. (a)	125,000		5,648
Infineon Technologies AG sponsored ADR (a)	1,116,800		17,344
Integrated Device Technology, Inc. (a)	1,120,800		16,790
Intel Corp.	7,414,800		159,418
KLA-Tencor Corp.	452,700		25,147
Marvell Technology Group Ltd. (a)	8,640,106		139,365
Maxim Integrated Products, Inc.	2,557,300		81,118
MEMC Electronic Materials, Inc. (a)	731,900		40,167
Micrel, Inc.	2,967,597		37,243
Micron Technology, Inc. (a)	756,600		8,678
Microsemi Corp. (a)(d)	1,030,400		23,813
PMC-Sierra, Inc. (a)	1,970,396		15,231
Qimonda AG Sponsored ADR	605,800		8,905
Renewable Energy Corp. AS	271,100		7,838
Richtek Technology Corp.	471,000		4,892
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Silicon Image, Inc. (a)	2,339,100		$ 20,491
Supertex, Inc. (a)	223,800		7,329
Volterra Semiconductor Corp. (a)(d)	673,378		10,646
			968,486
Software - 15.4%
Activision, Inc. (a)	100,000		2,000
Adobe Systems, Inc. (a)	1,573,656		65,401
Blackboard, Inc. (a)	100,000		3,431
Business Objects SA sponsored ADR (a)(d)	2,194,700		82,323
Cadence Design Systems, Inc. (a)	991,100		22,002
Callidus Software, Inc. (a)	1,000,000		8,370
Cognos, Inc. (a)	420,400		18,123
Comverge, Inc.	260,300		5,583
Electronic Arts, Inc. (a)	2,011,300		101,390
Microsoft Corp.	7,484,000		224,071
Nintendo Co. Ltd.	1,765,900		551,689
Nintendo Co. Ltd. ADR	73,200		2,932
Opsware, Inc. (a)(d)	1,758,261		14,119
Oracle Corp. (a)	1,860,000		34,968
Quest Software, Inc. (a)	1,850,321		31,474
Red Hat, Inc. (a)	3,762,910		79,548
Salesforce.com, Inc. (a)	518,700		21,785
Take-Two Interactive Software, Inc. (a)(d)	2,925,720		56,086
THQ, Inc. (a)	513,000		17,119
Ubisoft Entertainment SA (a)	207,600		10,340
			1,352,754
TOTAL INFORMATION TECHNOLOGY			5,826,610
MATERIALS - 1.0%
Chemicals - 0.3%
Monsanto Co.	472,000		27,843
Metals & Mining - 0.7%
Blue Pearl Mining Ltd. (a)	280,200		4,544
Century Aluminum Co. (a)	315,300		14,917
Chaparral Steel Co.	120,100		8,467
Olympic Steel, Inc.	218,400		7,268
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - continued
Steel Dynamics, Inc.	243,900		$ 10,807
Titanium Metals Corp.	431,200		14,889
			60,892
TOTAL MATERIALS			88,735
TELECOMMUNICATION SERVICES - 2.2%
Diversified Telecommunication Services - 1.2%
Cogent Communications Group, Inc. (a)	1,654,799		42,131
Level 3 Communications, Inc. (a)	6,808,200		37,854
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	1,200,000		24,600
			104,585
Wireless Telecommunication Services - 1.0%
NII Holdings, Inc. (a)	1,044,800		80,188
SBA Communications Corp. Class A (a)	274,000		8,061
			88,249
TOTAL TELECOMMUNICATION SERVICES			192,834
UTILITIES - 0.2%
Electric Utilities - 0.0%
Reliant Energy, Inc. (a)	212,100		4,723
Independent Power Producers & Energy Traders - 0.2%
Dynegy, Inc. (a)	552,000		5,194
Mirant Corp. (a)	197,400		8,857
NRG Energy, Inc.	36,400		2,874
			16,925
TOTAL UTILITIES			21,648
TOTAL COMMON STOCKS (Cost $7,632,781)		8,746,677
Money Market Funds - 2.4%

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) (Cost $209,989)	209,988,633		209,989
Cash Equivalents - 0.1%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements in a joint trading account at 5.12%, dated 4/30/07 due 5/1/07 (Collateralized by U.S. Treasury Obligations) # (Cost $6,833)	$ 6,834		$ 6,833
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $7,849,603)			8,963,499
NET OTHER ASSETS - (2.3)%			(203,752)
NET ASSETS - 100%		$ 8,759,747

Legend

(a) Non-income producing

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

(e) Affiliated company

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $13,333,000 or 0.2% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
CytRx Corp.	4/18/07	$ 2,324
Illumina, Inc. warrants 11/22/10	11/21/05	$ 0
Illumina, Inc. warrants 1/19/11	1/18/06	$ 0
Provogue (India) Ltd.	2/21/07	$ 7,157

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

Repurchase Agreement / Counterparty	Value (000s)
$6,833,000 due 5/01/07 at 5.12%
Banc of America Securities LLC	$ 1,044
Barclays Capital, Inc.	2,327
Fortis Securities LLC	1,492
Lehman Brothers, Inc.	1,970
	$ 6,833

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 1,586
Fidelity Securities Lending Cash Central Fund	1,540
Total	$ 3,126

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Deckers Outdoor Corp.	$ 28,803	$ -	$ -	$ -	$ 51,156
Palm, Inc.	-	108,126	19,385	-	94,683
Red Robin Gourmet Burgers, Inc.	53,592	-	46,854	-	-
Total	$ 82,395	$ 108,126	$ 66,239	$ 0	$ 145,839

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $7,882,197,000. Net unrealized appreciation aggregated $1,081,302,000, of which $1,468,120,000 related to appreciated investment securities and $386,818,000 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Real Estate Income Fund

April 30, 2007

1.800347.103

REI-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 19.8%
	Shares		Value
CONSUMER DISCRETIONARY - 0.8%
Hotels, Restaurants & Leisure - 0.8%
Red Lion Hotels Corp. (a)	89,500		$ 1,141,125
Starwood Hotels & Resorts Worldwide, Inc.	59,100		3,960,882
			5,102,007
FINANCIALS - 18.3%
Real Estate Investment Trusts - 18.1%
Acadia Realty Trust (SBI)	106,400		2,860,032
Alexandria Real Estate Equities, Inc.	44,300		4,689,155
AMB Property Corp. (SBI)	24,800		1,510,568
American Financial Realty Trust (SBI)	282,000		2,989,200
Annaly Capital Management, Inc.	515,600		8,203,196
Anworth Mortgage Asset Corp.	419,300		4,025,280
Archstone-Smith Trust	50,600		2,636,766
AvalonBay Communities, Inc.	20,100		2,457,426
BioMed Realty Trust, Inc.	7,200		206,712
Boston Properties, Inc.	16,800		1,975,008
Capital Lease Funding, Inc.	244,900		2,735,533
CBRE Realty Finance, Inc.	209,100		2,707,845
Cogdell Spencer, Inc.	25,700		531,733
Corporate Office Properties Trust (SBI)	39,400		1,856,134
Cousins Properties, Inc.	24,900		835,893
Cypress Sharpridge Investments, Inc. (d)	235,000		2,408,750
DCT Industrial Trust, Inc.	298,000		3,346,540
Developers Diversified Realty Corp.	84,400		5,494,440
DiamondRock Hospitality Co.	14,800		270,692
Duke Realty LP	29,900		1,288,989
EastGroup Properties, Inc.	1,000		50,110
Education Realty Trust, Inc.	37,500		534,000
Equity Lifestyle Properties, Inc.	61,930		3,360,941
Equity Residential (SBI)	85,700		3,979,051
Fieldstone Investment Corp.	200,217		746,809
General Growth Properties, Inc.	96,140		6,138,539
GMH Communities Trust	86,000		863,440
Health Care Property Investors, Inc.	111,500		3,945,985
Health Care REIT, Inc.	9,000		407,160
Healthcare Realty Trust, Inc.	38,000		1,294,280
Hersha Hospitality Trust	60,000		712,800
HomeBanc Mortgage Corp., Georgia	153,700		430,360
Host Hotels & Resorts, Inc.	51,249		1,314,024
Inland Real Estate Corp.	221,800		4,034,542
Innkeepers USA Trust (SBI)	50,100		880,257
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Kilroy Realty Corp.	10,500		$ 797,265
Kimco Realty Corp.	37,400		1,797,818
MFA Mortgage Investments, Inc.	422,400		3,083,520
National Retail Properties, Inc.	32,300		773,585
Nationwide Health Properties, Inc.	78,800		2,526,328
New York Mortgage Trust, Inc.	286,000		672,100
Newcastle Investment Corp.	104,200		3,043,682
Potlatch Corp.	29,600		1,284,344
ProLogis Trust	29,866		1,935,317
Quadra Realty Trust, Inc.	53,300		744,601
Regency Centers Corp.	13,200		1,087,680
Resource Capital Corp.	26,200		427,060
Simon Property Group, Inc.	18,404		2,121,613
Spirit Finance Corp.	229,200		3,298,188
Sunstone Hotel Investors, Inc.	16,000		456,320
UDR, Inc.	61,000		1,832,440
Ventas, Inc.	32,600		1,374,416
Vornado Realty Trust	32,700		3,879,201
Washington (REIT) (SBI)	43,000		1,627,980
			114,485,648
Real Estate Management & Development - 0.2%
Meruelo Maddux Properties, Inc.	65,000		527,150
The St. Joe Co.	12,000		679,560
			1,206,710
TOTAL FINANCIALS			115,692,358
HEALTH CARE - 0.7%
Health Care Providers & Services - 0.7%
Capital Senior Living Corp. (a)	163,000		1,892,430
Emeritus Corp. (a)	26,900		886,355
Sun Healthcare Group, Inc. (a)	140,000		1,755,600
			4,534,385
TOTAL COMMON STOCKS (Cost $105,511,308)		125,328,750
Preferred Stocks - 21.4%
	Shares		Value
Convertible Preferred Stocks - 2.3%
FINANCIALS - 2.3%
Real Estate Investment Trusts - 2.3%
Annaly Capital Management, Inc. Series B, 6.00%	20,000		$ 628,740
Crescent Real Estate Equities Co. Series A, 6.75%	17,700		398,781
Health Care REIT, Inc. 7.50%	88,500		2,876,250
HRPT Properties Trust 6.50%	80,000		2,070,640
Lexington Corporate Properties Trust Series C 6.50%	2,800		132,468
The Mills Corp.:
6.75% (d)	7,008		7,375,920
Series F, 6.75%	1,100		1,157,750
			14,640,549
Nonconvertible Preferred Stocks - 19.1%
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Hilton Hotels Corp. 8.00%	4,800		123,024
FINANCIALS - 19.1%
Diversified Financial Services - 0.5%
DRA CRT Acquisition Corp. Series A, 8.50%	25,000		612,500
Red Lion Hotels Capital Trust 9.50%	87,750		2,330,640
			2,943,140
Real Estate Investment Trusts - 17.7%
Accredited Mortgage Loan Trust Series A, 9.75%	248,395		5,116,937
Alexandria Real Estate Equities, Inc. Series C, 8.375%	65,000		1,697,150
American Home Mortgage Investment Corp.:
Series A, 9.375%	120,300		2,954,568
Series B, 9.25%	124,100		3,009,425
Annaly Capital Management, Inc. Series A, 7.875%	169,800		4,278,960
Anthracite Capital, Inc. Series C, 9.375%	46,000		1,165,640
Anworth Mortgage Asset Corp. Series A, 8.625%	229,327		5,744,641
Apartment Investment & Management Co.:
Series G, 9.375%	66,600		1,724,940
Series T, 8.00%	57,500		1,467,975
Ashford Hospitality Trust, Inc. Series A, 8.55%	100,000		2,551,000
Capital Lease Funding, Inc. Series A, 8.125%	2,000		50,740
CBL & Associates Properties, Inc. Series B, 8.75%	64,800		3,266,568
Cedar Shopping Centers, Inc. 8.875%	90,000		2,376,000
CenterPoint Properties Trust Series D, 5.377%	3,575		3,003,000
Colonial Properties Trust (depositary shares) Series D, 8.125%	3,500		88,970
Cousins Properties, Inc. Series A, 7.75%	81,700		2,083,350
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Crescent Real Estate Equities Co. Series B, 9.50%	33,900		$ 851,907
Developers Diversified Realty Corp. (depositary shares) Series G, 8.00%	20,000		514,000
Digital Realty Trust, Inc. Series A, 8.50%	120,000		3,109,200
Duke Realty LP (depositary shares) Series B, 7.99%	74,700		3,776,085
Eagle Hospitality Properties Trust, Inc. Series A, 8.25%	24,000		574,320
EastGroup Properties, Inc. Series D, 7.95%	103,900		2,624,514
Entertainment Properties Trust Series A 9.50%	20,000		504,400
Equity Inns, Inc. Series B, 8.75%	35,300		925,566
Glimcher Realty Trust Series F, 8.75%	32,000		825,600
Gramercy Capital Corp. 8.125%	20,000		510,000
Highwoods Properties, Inc.:
Series A, 8.625%	214		224,700
Series B, 8.00%	8,266		209,708
HomeBanc Mortgage Corp., Georgia Series A, 10.00%	111,085		2,471,641
Hospitality Properties Trust:
Series B, 8.875%	17,975		459,441
Series C, 7.00%	55,000		1,358,500
Host Hotels & Resorts, Inc. Series E, 8.875%	50,000		1,357,000
HRPT Properties Trust Series B, 8.75%	41,200		1,039,888
Innkeepers USA Trust Series C, 8.00%	42,400		1,017,600
LaSalle Hotel Properties Series B, 8.375%	19,400		500,908
LBA Realty Fund II:
Series A, 8.75% (a)(d)	69,000		3,225,750
Series B, 7.625%	31,240		640,420
Lexington Corporate Properties Trust Series B, 8.05%	74,500		1,879,635
Lexington Realty Trust 7.55%	40,000		1,024,000
MFA Mortgage Investments, Inc. Series A, 8.50%	254,400		6,354,912
Mid-America Apartment Communities, Inc. Series H, 8.30%	27,800		719,742
Nationwide Health Properties, Inc. 7.677%	39,539		3,993,044
Newcastle Investment Corp.:
Series B, 9.75%	199,700		5,032,440
Series D, 8.375%	30,000		741,000
NorthStar Realty Finance Corp. Series A 8.75%	20,000		515,200
Omega Healthcare Investors, Inc. Series D, 8.375%	79,800		2,066,022
Prime Group Realty Trust Series B, 9.00%	60,000		1,101,600
ProLogis Trust Series C, 8.54%	6,478		370,866
RAIT Investment Trust:
Series A, 7.75%	24,200		583,946
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
RAIT Investment Trust: - continued
Series B, 8.375%	81,300		$ 2,040,630
Realty Income Corp. 8.25%	76,800		1,993,728
Saul Centers, Inc. 8.00%	113,300		2,884,618
Simon Property Group, Inc.:
Series G, 7.89%	29,600		1,502,200
Series J, 8.375%	9,100		641,550
Strategic Hotel & Resorts, Inc. 8.50% (d)	119,500		2,987,500
The Mills Corp.:
Series B, 9.00%	40,120		1,043,120
Series C, 9.00%	157,300		4,089,800
Series E, 8.75%	101,020		2,626,520
Series G, 7.875%	20,767		539,942
UDR, Inc. 8.60%	12,500		316,500
			112,349,527
Real Estate Management & Development - 0.4%
Affordable Residential Communties, Inc. Series A, 8.25%	97,600		2,415,600
Thrifts & Mortgage Finance - 0.5%
Fannie Mae 7.00%	20,000		1,060,000
MFH Financial Trust I 9.50% (a)(d)	22,660		2,338,512
			3,398,512
TOTAL FINANCIALS			121,106,779
TOTAL NONCONVERTIBLE PREFERRED STOCKS			121,229,803
TOTAL PREFERRED STOCKS (Cost $134,296,986)		135,870,352
Corporate Bonds - 33.6%
	Principal Amount (c)
Convertible Bonds - 2.3%
FINANCIALS - 2.3%
Real Estate Investment Trusts - 2.2%
American Financial Realty Trust 4.375% 7/15/24	$ 10,250,000		9,852,804
Biomed Realty LP 4.5% 10/1/26 (d)	1,000,000		987,500
Corporate Bonds - continued
	Principal Amount (c)		Value
Convertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Essex Portfolio LP 3.625% 11/1/25 (d)	$ 400,000		$ 516,560
Ventas, Inc. 3.875% 11/15/11 (d)	1,500,000		1,598,400
Washington (REIT) 3.875% 9/15/26	750,000		742,250
			13,697,514
Real Estate Management & Development - 0.1%
ERP Operating LP 3.85% 8/15/26	1,000,000		997,630
TOTAL FINANCIALS			14,695,144
Nonconvertible Bonds - 31.3%
CONSUMER DISCRETIONARY - 6.4%
Hotels, Restaurants & Leisure - 0.8%
FelCor Lodging LP 9% 6/1/11 (e)	1,500,000		1,601,250
Host Marriott LP 7% 8/15/12	2,000,000		2,040,000
Landry's Seafood Restaurants, Inc. 7.5% 12/15/14	1,500,000		1,488,750
			5,130,000
Household Durables - 5.6%
Beazer Homes USA, Inc.:
8.125% 6/15/16	1,000,000		985,000
8.375% 4/15/12	1,000,000		990,000
D.R. Horton, Inc. 4.875% 1/15/10	1,000,000		973,750
K. Hovnanian Enterprises, Inc.:
6% 1/15/10	420,000		409,500
6.25% 1/15/16	1,000,000		892,500
7.5% 5/15/16	1,000,000		957,500
7.75% 5/15/13	4,500,000		4,162,500
KB Home:
5.875% 1/15/15	2,000,000		1,840,000
6.25% 6/15/15	3,500,000		3,255,000
7.75% 2/1/10	1,500,000		1,500,000
Kimball Hill, Inc. 10.5% 12/15/12	5,225,000		5,094,375
M/I Homes, Inc. 6.875% 4/1/12	1,400,000		1,295,000
Meritage Homes Corp. 6.25% 3/15/15	3,500,000		3,272,500
Standard Pacific Corp.:
6.5% 8/15/10	500,000		490,000
9.25% 4/15/12	2,000,000		1,950,000
Stanley-Martin Communities LLC 9.75% 8/15/15	4,620,000		4,158,000
Corporate Bonds - continued
	Principal Amount (c)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Technical Olympic USA, Inc.:
7.5% 3/15/11	$ 200,000		$ 149,000
8.25% 4/1/11 (d)	500,000		475,625
WCI Communities, Inc.:
7.875% 10/1/13	500,000		483,750
9.125% 5/1/12	2,250,000		2,233,125
			35,567,125
TOTAL CONSUMER DISCRETIONARY			40,697,125
CONSUMER STAPLES - 0.2%
Food & Staples Retailing - 0.2%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20	1,425,527		1,539,570
FINANCIALS - 23.3%
Diversified Financial Services - 0.1%
Prime Property Funding, Inc. 5.7% 4/15/17 (d)	500,000		498,916
Real Estate Investment Trusts - 20.2%
AMB Property LP 3.5% 3/1/09	2,000,000		1,940,018
Archstone-Smith Trust 5% 8/15/07	1,020,000		1,018,967
Arden Realty LP:
5.2% 9/1/11	740,000		743,530
5.25% 3/1/15	400,000		398,305
7% 11/15/07	1,000,000		1,008,667
8.5% 11/15/10	1,000,000		1,111,273
AvalonBay Communities, Inc. 5.5% 1/15/12	1,000,000		1,009,408
Bay Apartment Communities, Inc. 6.625% 1/15/08	840,000		846,282
Brandywine Operating Partnership LP 4.5% 11/1/09	1,000,000		981,739
BRE Properties, Inc. 5.75% 9/1/09	1,800,000		1,814,805
Camden Property Trust:
4.375% 1/15/10	2,370,000		2,324,176
4.7% 7/15/09	500,000		495,317
Colonial Properties Trust 7% 7/14/07	3,450,000		3,460,429
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15	100,000		102,016
6.25% 6/15/14	500,000		514,755
Crescent Real Estate Equities LP 7.5% 9/15/07 (e)	1,500,000		1,503,750

Corporate Bonds - continued
		Principal Amount (c)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Crescent Real Estate Equities LP/Crescent Finance Co. 9.25% 4/15/09		$ 2,500,000		$ 2,550,000
Developers Diversified Realty Corp.:
5% 5/3/10		1,000,000		993,163
6.625% 1/15/08		550,000		554,394
7.5% 7/15/18		200,000		227,749
Duke Realty LP:
5.25% 1/15/10		200,000		200,063
6.8% 2/12/09		1,500,000		1,541,370
Federal Realty Investment Trust 6.125% 11/15/07		1,200,000		1,203,296
Health Care Property Investors, Inc.:
6% 3/1/15		500,000		502,266
6% 1/30/17		1,000,000		1,003,513
6.3% 9/15/16		4,500,000		4,622,769
Health Care REIT, Inc.:
6% 11/15/13		1,000,000		1,015,298
6.2% 6/1/16		1,500,000		1,529,663
7.5% 8/15/07		450,000		452,103
8% 9/12/12		2,450,000		2,711,275
Healthcare Realty Trust, Inc. 8.125% 5/1/11		1,790,000		1,945,861
Heritage Property Investment Trust, Inc. 4.5% 10/15/09		1,500,000		1,472,855
Highwoods/Forsyth LP:
5.85% 3/15/17 (d)		1,000,000		993,750
7.125% 2/1/08		950,000		961,066
HMB Capital Trust V 8.99% 12/15/36 (d)(e)		2,530,000		2,390,850
Hospitality Properties Trust:
5.625% 3/15/17 (d)		915,000		900,236
6.75% 2/15/13		610,000		642,461
Host Hotels & Resorts LP 6.875% 11/1/14		1,000,000		1,026,250
HRPT Properties Trust:
5.95% 3/16/11 (e)		1,575,000		1,575,279
6.5% 1/15/13		200,000		209,155
iStar Financial, Inc.:
5.125% 4/1/11		1,000,000		984,370
5.6949% 9/15/09 (e)		1,000,000		1,001,168
5.9% 3/16/09 (e)		500,000		503,067
6.5% 12/15/13		1,000,000		1,022,500
7% 3/15/08		1,800,000		1,824,750
Kimco Realty Corp. 6.875% 2/10/09		1,000,000		1,026,301
Corporate Bonds - continued
		Principal Amount (c)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Liberty Property LP 7.25% 8/15/07		$ 1,500,000		$ 1,503,722
Mack-Cali Realty LP 7.25% 3/15/09		180,000		186,129
Nationwide Health Properties, Inc.:
6% 5/20/15		1,000,000		998,071
6.5% 7/15/11		1,500,000		1,547,933
8.25% 7/1/12		1,300,000		1,417,101
New Plan Excel Realty Trust 7.35% 6/15/07		1,750,000		1,751,923
Omega Healthcare Investors, Inc. 7% 4/1/14		3,970,000		4,024,588
ProLogis Trust 7.1% 4/15/08		775,000		782,368
Reckson Operating Partnership LP 7.75% 3/15/09		2,600,000		2,709,213
Rouse Co.:
5.375% 11/26/13		2,000,000		1,885,294
7.2% 9/15/12		3,220,000		3,362,382
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (d)		500,000		506,250
Security Capital Industrial Trust 7.95% 5/15/08		64,000		64,584
Senior Housing Properties Trust:
7.875% 4/15/15		355,000		372,750
8.625% 1/15/12		6,050,000		6,655,000
Shurgard Storage Centers, Inc.:
5.875% 3/15/13		1,000,000		1,024,671
7.75% 2/22/11		500,000		537,800
Simon Property Group LP:
5% 3/1/12		1,000,000		991,485
5.375% 8/28/08		550,000		549,305
Simon Property Group, Inc. 3.75% 1/30/09		500,000		488,505
Tanger Properties LP 9.125% 2/15/08		300,000		312,186
Thornburg Mortgage, Inc. 8% 5/15/13		6,995,000		6,925,050
Trustreet Properties, Inc. 7.5% 4/1/15		3,500,000		3,815,000
UDR, Inc. 5.5% 4/1/14		500,000		498,166
United Dominion Realty Trust, Inc.:
4.5% 3/3/08		2,250,000		2,248,742
5% 1/15/12		1,000,000		985,987
5.13% 1/15/14		500,000		492,315
6.05% 6/1/13		2,500,000		2,551,075
6.5% 6/15/09		325,000		334,504
Ventas Realty LP:
6.5% 6/1/16		2,730,000		2,757,300
6.625% 10/15/14		3,920,000		3,959,200
6.75% 6/1/10		2,100,000		2,142,000
Corporate Bonds - continued
		Principal Amount (c)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Ventas Realty LP: - continued
6.75% 4/1/17		$ 2,000,000		$ 2,035,000
8.75% 5/1/09		800,000		846,000
9% 5/1/12		5,511,000		6,186,098
Vornado Realty LP 4.5% 8/15/09		1,000,000		980,773
Vornado Realty Trust 5.625% 6/15/07		2,700,000		2,699,317
				127,988,065
Real Estate Management & Development - 2.4%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13		1,000,000		983,750
8.125% 6/1/12		3,190,000		3,253,800
Colonial Realty LP 6.05% 9/1/16		1,000,000		1,022,955
ERP Operating LP 5.2% 4/1/13		1,000,000		994,971
First Industrial LP:
5.25% 6/15/09		1,000,000		996,534
7.375% 3/15/11		2,100,000		2,247,368
7.6% 5/15/07		1,000,000		1,000,703
Post Apartment Homes LP:
5.125% 10/12/11		1,500,000		1,477,166
7.7% 12/20/10		2,500,000		2,690,115
Price Development Co. LP 7.29% 3/11/08		550,000		553,438
				15,220,800
Thrifts & Mortgage Finance - 0.6%
Wrightwood Capital LLC 9% 6/1/14 (h)		4,000,000		3,980,000
TOTAL FINANCIALS				147,687,781
HEALTH CARE - 1.0%
Health Care Providers & Services - 1.0%
Sun Healthcare Group, Inc. 9.125% 4/15/15 (d)		2,150,000		2,230,625
Tenet Healthcare Corp. 7.375% 2/1/13		4,000,000		3,755,000
				5,985,625
Corporate Bonds - continued
		Principal Amount (c)		Value
Nonconvertible Bonds - continued
TELECOMMUNICATION SERVICES - 0.4%
Wireless Telecommunication Services - 0.4%
American Tower Corp. 7.125% 10/15/12		$ 2,500,000		$ 2,587,500
TOTAL NONCONVERTIBLE BONDS				198,497,601
TOTAL CORPORATE BONDS (Cost $211,239,557)			213,192,745
Asset-Backed Securities - 4.0%

American Tower Trust I Series 2007-1A Class D, 5.9568% 4/15/37 (d)		3,000,000		3,012,539
Ameriquest Mortgage Securities, Inc. Series 2004-R9 Class M9, 7.82% 10/25/34 (d)(e)		2,000,000		1,947,893
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 6.82% 3/20/50 (d)(e)		2,250,000		2,266,650
Concord Real Estate CDO Ltd./LLC Series 2006-1A Class F, 7.07% 12/25/46 (d)(e)		750,000		729,202
Conseco Finance Securitizations Corp.:
Series 2000-4 Class A4, 7.73% 4/1/31		11,058		11,060
Series 2002-2 Class M2, 9.163% 3/1/33		500,000		367,865
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A Class D, 9% 12/28/35 (d)		500,000		526,300
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (d)		850,000		883,065
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2005-1 Class D, 5.612% 6/15/35 (d)		2,000,000		2,000,310
Fairfield Street Solar Corp. Series 2004-1A Class E1, 8.735% 11/28/39 (d)(e)		550,000		545,820
Gramercy Real Estate CDO Ltd. Series 2005-1A Class H, 7.355% 7/25/35 (d)(e)		2,000,000		2,002,400
Green Tree Financial Corp. Series 1996-4 Class M1, 7.75% 6/15/27		1,788,179		1,519,952
GSAMP Trust Series 2005-HE3 Class B3, 7.82% 6/25/35 (e)		1,259,000		1,033,929
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 6.87% 8/26/30 (d)(e)		735,000		735,588
Class E, 7.32% 8/26/30 (d)(e)		1,420,000		1,423,124
Asset-Backed Securities - continued
		Principal Amount (c)		Value
Merit Securities Corp. Series 13 Class M1, 8.63% 12/28/33		$ 1,923,000		$ 1,682,625
Park Place Securities NIMS Trust Series 2004-WCW1, 5.65% 9/25/34 (d)		56,975		54,127
Park Place Securities, Inc. Series 2004-WHQ2 Class M10, 7.82% 2/25/35 (d)(e)		1,500,000		1,210,380
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 8.01% 2/5/36 (d)(e)		3,000,000		2,797,500
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 7.31% 11/21/40 (d)(e)		250,000		250,275
TOTAL ASSET-BACKED SECURITIES (Cost $25,591,991)			25,000,604
Collateralized Mortgage Obligations - 3.2%

Private Sponsor - 3.1%
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (d)		193,312		177,574
Series 2002-R2 Class 2B3, 6.0887% 7/25/33 (d)(e)		263,535		171,672
Series 2003-40 Class B3, 4.5% 10/25/18 (d)		245,133		215,854
Series 2003-R2 Class B3, 5.5% 5/25/43 (d)		573,664		335,043
Series 2003-R3:
Class B2, 5.5% 11/25/33		1,811,084		1,237,984
Class B3, 5.5% 11/25/33 (d)		542,297		262,479
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (d)(e)		600,264		191,868
Diversified REIT Trust:
Series 1999-1A Class H, 6.78% 3/18/11 (d)(e)		1,785,000		1,757,249
Series 2000-1A:
Class F, 6.971% 3/8/10 (d)		1,512,000		1,556,120
Class G, 6.971% 3/8/10 (d)		1,720,000		1,747,681
RESI Finance LP Series 2006-B Class B6, 7.02% 6/15/38 (d)(e)		994,377		994,377
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 17.27% 7/10/35 (d)(e)		930,096		995,202
Series 2004-C Class B5, 6.67% 9/10/36 (d)(e)		385,035		389,178
Series 2005-A Class B6, 7.32% 3/10/37 (d)(e)		1,938,309		1,938,309
Series 2005-B Class B6, 6.92% 6/10/37 (d)(e)		964,201		976,253
Series 2005-D Class B6, 7.57% 12/15/37 (d)(e)		486,926		488,143
Residential Funding Mortgage Securities I, Inc. Series 2002-S20 Class M3, 5.25% 12/25/17		78,833		76,873
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (d)		163,509		159,789
Collateralized Mortgage Obligations - continued
		Principal Amount (c)		Value
Private Sponsor - continued
RESIX Finance Ltd. floater:
Series 2003-D Class B8, 11.82% 12/10/35 (d)(e)		$ 702,876		$ 736,263
Series 2004-A Class B7, 9.57% 2/10/36 (d)(e)		666,931		686,939
Series 2004-B Class B7, 9.32% 2/10/36 (d)(e)		801,434		813,455
Series 2005-C Class B7, 8.42% 9/10/37 (d)(e)		1,955,458		1,955,458
Series 2006-B Class B7, 9.17% 7/15/38 (d)(e)		994,377		994,377
Series 2007-A Class BB, 8.67% 2/15/39 (d)(e)		798,151		794,160
TOTAL PRIVATE SPONSOR				19,652,300
U.S. Government Agency - 0.1%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (h)		269,148		208,318
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 5.972% 2/25/42 (d)(e)		162,271		109,614
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (h)		324,699		210,439
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 6.0384% 6/25/43 (e)		188,871		116,983
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 6.2032% 10/25/42 (d)(e)		81,290		51,199
TOTAL U.S. GOVERNMENT AGENCY				696,553
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $21,362,134)			20,348,853
Commercial Mortgage Securities - 7.5%

Asset Securitization Corp. Series 1997-D4 Class B2, 7.525% 4/14/29		515,000		558,640
Banc of America Commercial Mortgage, Inc. Series 2003-2:
Class BWF, 7.55% 10/11/37 (d)		504,021		537,742
Class BWG, 8.155% 10/11/37 (d)		488,482		534,471
Class BWH, 9.073% 10/11/37 (d)		256,380		290,738
Class BWJ, 9.99% 10/11/37 (d)		421,474		493,931
Class BWK, 10.676% 10/11/37 (d)		331,158		397,398
Class BWL, 10.1596% 10/11/37 (d)		558,404		652,304
Banc of America Large Loan, Inc. floater:
Series 2005-ESHA Class K, 7.12% 7/14/08 (d)(e)		3,000,000		3,000,324
Series 2005-MIB1 Class K, 7.32% 3/15/22 (d)(e)		700,000		700,336
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1997-C2 Class F, 7.46% 1/17/35 (e)		$ 2,000,000		$ 2,165,900
Series 2004-TF2A Class AX, 0% 11/15/19 (d)(e)(g)		4,742,624		12,805
Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (d)		1,000,000		1,133,477
First Chicago/Lennar Trust I weighted average coupon Series 1997-CHL1 Class E, 7.7188% 4/29/39 (d)(e)		2,086,114		2,116,917
Global Signal Trust III Series 2006-1 Class F, 7.036% 2/15/36		1,015,000		1,028,243
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2 Class F, 6.75% 4/15/29 (e)		2,767,000		2,887,624
Series 1999-C3 Class J, 6.974% 8/15/36 (d)		1,500,000		1,485,703
Series 2000-C1 Class K, 7% 3/15/33 (d)		1,100,000		1,016,813
Series 2003-J10 Class B2, 6.75% 4/15/29 (e)		1,000,000		1,008,516
J.P. Morgan Commercial Mortgage Finance Corp.:
Series 1997-C5 Class F, 7.5605% 9/15/29		2,000,000		2,180,391
Series 1999-C7 Class F, 6% 10/15/35 (d)		350,000		353,309
Series 1999-C8:
Class G, 6% 7/15/31 (d)		1,385,000		1,372,881
Class H, 6% 7/15/31 (d)		2,638,000		2,471,067
Series 2000-C9 Class G, 6.25% 10/15/32 (d)		2,425,000		2,465,175
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-A:
Class G, 6% 10/15/32 (d)(e)		2,895,000		2,841,616
Class X, 1.6918% 10/15/32 (d)(e)(g)		19,664,523		426,327
Merrill Lynch Financial Asset, Inc. Series 2005-CA16:
Class F, 4.384% 7/12/15	CAD	710,000		558,555
Class G, 4.384% 7/12/15	CAD	355,000		270,268
Class H, 4.384% 7/12/15	CAD	236,000		158,423
Class J, 4.384% 7/12/15	CAD	355,000		220,245
Class K, 4.384% 7/12/15	CAD	355,000		206,989
Class L, 4.384% 7/12/15	CAD	236,000		129,434
Class M, 4.384% 7/12/15	CAD	995,000		367,795
Merrill Lynch Mortgage Investors, Inc.:
Series 1999-C1 Class G, 6.71% 11/15/31 (d)		3,359,000		3,055,649
Series 2001-HRPA Class G, 6.778% 2/3/16 (d)		820,000		840,916
Mezz Capital Commercial Mortgage Trust Series 2004-C1:
Class D, 6.988% 9/15/13		750,000		761,334
Class E, 7.983% 10/15/13		1,453,000		1,508,546
Class X, 7.4374% 1/15/18 (e)(g)		6,933,358		2,322,675
SBA CMBS Trust Series 2006-1A Class J, 7.825% 11/15/36 (d)		1,000,000		989,375
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (d)		$ 2,000,000		$ 2,026,016
Wachovia Ltd./Wachovia LLC Series 2006-1 Class 1Ml, 10.8463% 9/25/26 (d)(e)		2,000,000		1,900,800
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $45,384,241)			47,449,668
Floating Rate Loans - 3.4%

CONSUMER DISCRETIONARY - 0.7%
Hotels, Restaurants & Leisure - 0.1%
Intrawest Resorts term loan 7.478% 10/25/07 (e)		467,618		468,203
Landry's Seafood Restaurants, Inc. term loan 7.0809% 12/28/10 (e)		265,141		265,141
				733,344
Specialty Retail - 0.6%
The Pep Boys - Manny, Moe & Jack term loan 7.36% 10/27/13 (e)		60,245		60,546
Toys 'R' US, Inc. term loan 8.32% 12/9/08 (e)		3,600,000		3,631,500
				3,692,046
TOTAL CONSUMER DISCRETIONARY				4,425,390
CONSUMER STAPLES - 0.2%
Food & Staples Retailing - 0.2%
Cumberland Farms, Inc. term loan 7.35% 9/29/13 (e)		1,491,253		1,500,573
FINANCIALS - 2.0%
Diversified Financial Services - 0.8%
LandSource Communities Development LLC:
Tranche 2LN, term loan 9.82% 2/27/14 (e)		2,880,000		2,901,600
Tranche B 1LN, term loan 8.07% 2/27/13 (e)		1,975,050		1,999,738
				4,901,338
Real Estate Investment Trusts - 0.7%
Apartment Investment & Management Co. term loan 6.855% 3/22/11 (e)		2,200,000		2,205,500
Capital Automotive (REIT) Tranche B, term loan 7.07% 12/16/10 (e)		593,026		597,474
Floating Rate Loans - continued
		Principal Amount (c)		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
General Growth Properties, Inc. Tranche A1, term loan 6.57% 2/24/10 (e)		$ 697,368		$ 696,933
Maguire Properties Holdings III, LLC Tranche B, term loan 7.32% 4/24/12 (e)		1,000,000		1,003,750
				4,503,657
Real Estate Management & Development - 0.3%
MDS Realty Holdings LLC Tranche M3, term loan 8.82% 1/8/08 (e)		372,870		372,870
Realogy Corp.:
Tranche B, term loan 8.35% 10/10/13 (e)		787,879		789,848
8.32% 10/10/13 (e)		212,121		212,652
Tishman Speyer Properties term loan 7.07% 12/27/12 (e)		210,000		210,788
				1,586,158
Thrifts & Mortgage Finance - 0.2%
Charter Municipal Mortgage Acceptance Co. term loan 7.86% 8/15/12 (e)		1,492,500		1,498,097
TOTAL FINANCIALS				12,489,250
HEALTH CARE - 0.5%
Health Care Providers & Services - 0.5%
HealthSouth Corp. term loan 7.847% 3/10/13 (e)		2,977,500		2,996,109
TELECOMMUNICATION SERVICES - 0.0%
Wireless Telecommunication Services - 0.0%
Crown Castle International Corp. Tranche B, term loan 6.89% 3/6/14 (e)		170,000		170,213
TOTAL FLOATING RATE LOANS (Cost $21,450,284)			21,581,535
Preferred Securities - 0.8%

FINANCIALS - 0.8%
Diversified Financial Services - 0.8%
Cairn High Grade ABS CDO PLC Series 2006-2A Class SUB, 1/13/47 (d)		1,000,000		930,000
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (d)		500,000		495,425
Preferred Securities - continued
		Principal Amount (c)		Value
FINANCIALS - continued
Diversified Financial Services - continued
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (d)		$ 590,000		$ 664,659
Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (d)		810,000		647,190
Ipswich Street CDO Series 2006-1, 6/27/46 (d)		1,350,000		1,174,500
Kent Funding III Ltd. 11/5/47 (d)		1,650,000		1,369,500
				5,281,274
TOTAL PREFERRED SECURITIES (Cost $5,666,546)			5,281,274
Fixed-Income Funds - 3.1%
		Shares
Fidelity Ultra-Short Central Fund (f) (Cost $19,995,490)		200,884		19,899,569
Money Market Funds - 3.5%

Fidelity Cash Central Fund, 5.29% (b) (Cost $21,987,929)		21,987,929		21,987,929
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $612,486,466)				635,941,279
NET OTHER ASSETS - (0.3)%				(1,775,069)
NET ASSETS - 100%			$ 634,166,210

Currency Abbreviation
CAD	-	Canadian dollar

Legend

(a) Non-income producing

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $104,715,937 or 16.5% of net assets.

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

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

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

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,398,757 or 0.7% 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	$ 229,024
Fannie Mae REMIC Trust Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42	3/25/03	$ 240,847
Wrightwood Capital LLC 9% 6/1/14	1/1/05	$ 4,000,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 915,521
Fidelity Ultra-Short Central Fund	839,332
Total	$ 1,754,853

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Ultra-Short Central Fund	$ 19,983,940	$ -	$ -	$ 19,899,569	0.1%

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $612,730,803. Net unrealized appreciation aggregated $23,210,476, of which $36,669,761 related to appreciated investment securities and $13,459,285 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Small Cap Growth Fund

April 30, 2007

1.815773.102

SCP-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
CONSUMER DISCRETIONARY - 10.8%
Diversified Consumer Services - 1.6%
Apollo Group, Inc. Class A (non-vtg.) (a)	192,000		$ 9,081,600
Sotheby's Class A (ltd. vtg.)	136,400		7,040,968
			16,122,568
Hotels, Restaurants & Leisure - 2.5%
Domino's Pizza, Inc.	152,100		4,905,225
McCormick & Schmick's Seafood Restaurants (a)	230,100		6,159,777
Penn National Gaming, Inc. (a)	127,900		6,182,686
Ruth's Chris Steak House, Inc. (a)	452,700		8,986,095
			26,233,783
Media - 1.7%
Focus Media Holding Ltd. ADR (a)(d)	119,500		4,421,500
New Frontier Media, Inc.	627,044		5,486,635
R.H. Donnelley Corp.	104,000		8,121,360
			18,029,495
Specialty Retail - 3.0%
Coldwater Creek, Inc. (a)(d)	305,800		6,330,060
Hibbett Sports, Inc. (a)	300,500		8,759,575
The Children's Place Retail Stores, Inc. (a)	165,581		8,754,267
The Men's Wearhouse, Inc.	167,800		7,260,706
			31,104,608
Textiles, Apparel & Luxury Goods - 2.0%
Iconix Brand Group, Inc. (a)	443,100		8,919,603
Volcom, Inc. (a)	283,600		11,914,036
			20,833,639
TOTAL CONSUMER DISCRETIONARY			112,324,093
CONSUMER STAPLES - 1.4%
Personal Products - 1.4%
Chattem, Inc. (a)(d)	229,500		13,113,630
Physicians Formula Holdings, Inc.	50,362		1,058,609
			14,172,239
ENERGY - 11.3%
Energy Equipment & Services - 3.7%
Hanover Compressor Co. (a)	369,800		7,998,774
Hornbeck Offshore Services, Inc. (a)	170,600		5,396,078
Common Stocks - continued
	Shares		Value
ENERGY - continued
Energy Equipment & Services - continued
NATCO Group, Inc. Class A (a)	279,600		$ 10,680,720
Superior Energy Services, Inc. (a)	398,700		14,484,771
			38,560,343
Oil, Gas & Consumable Fuels - 7.6%
Cabot Oil & Gas Corp.	225,000		8,194,500
Forest Oil Corp. (a)(d)	227,400		8,013,576
Foundation Coal Holdings, Inc. (d)	235,800		9,288,162
Mariner Energy, Inc. (a)	400,810		9,038,266
Massey Energy Co.	215,800		5,811,494
Petrohawk Energy Corp. (a)	525,000		7,586,250
Range Resources Corp.	208,350		7,615,193
Tesoro Corp.	66,700		8,084,040
Western Refining, Inc.	397,700		15,756,874
			79,388,355
TOTAL ENERGY			117,948,698
FINANCIALS - 8.7%
Commercial Banks - 1.1%
Center Financial Corp., California	155,355		2,541,608
UMB Financial Corp.	241,024		9,428,859
			11,970,467
Consumer Finance - 1.4%
Cash America International, Inc.	197,200		8,511,152
Dollar Financial Corp. (a)	205,078		5,975,973
			14,487,125
Diversified Financial Services - 0.2%
Endeavor Acquisition Corp. (a)	225,700		2,367,593
Insurance - 5.4%
Aspen Insurance Holdings Ltd.	318,800		8,451,388
Max Re Capital Ltd.	270,775		7,256,770
National Financial Partners Corp.	238,800		11,001,516
RLI Corp.	126,100		7,022,509
StanCorp Financial Group, Inc.	147,282		7,010,623
Universal American Financial Corp. (a)	447,131		8,298,751
Willis Group Holdings Ltd.	166,700		6,838,034
			55,879,591
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.6%
Triad Guaranty, Inc. (a)	140,000		$ 6,189,400
TOTAL FINANCIALS			90,894,176
HEALTH CARE - 15.0%
Health Care Equipment & Supplies - 5.2%
American Medical Systems Holdings, Inc. (a)	418,000		7,411,140
ArthroCare Corp. (a)	155,700		6,424,182
DJO, Inc. (a)	217,500		8,495,550
Inverness Medical Innovations, Inc. (a)	197,400		7,905,870
Mentor Corp.	172,200		6,700,302
Respironics, Inc. (a)	278,600		11,355,736
Shandong Weigao Group Medical Polymer Co. Ltd. (e)	1,000,000		1,761,574
Varian Medical Systems, Inc. (a)	109,000		4,600,890
			54,655,244
Health Care Providers & Services - 5.5%
Healthways, Inc. (a)	129,218		5,481,428
Henry Schein, Inc. (a)	143,700		7,491,081
Humana, Inc. (a)	130,700		8,265,468
PSS World Medical, Inc. (a)	305,099		6,132,490
Sierra Health Services, Inc. (a)	391,800		16,228,353
VCA Antech, Inc. (a)	354,600		13,981,878
			57,580,698
Health Care Technology - 0.7%
Cerner Corp. (a)	126,500		6,734,860
Life Sciences Tools & Services - 1.6%
Harvard Bioscience, Inc. (a)	713,798		3,954,441
ICON PLC sponsored ADR	95,190		4,467,267
Pharmaceutical Product Development, Inc.	219,700		7,924,579
			16,346,287
Pharmaceuticals - 2.0%
Adams Respiratory Therapeutics, Inc. (a)(d)	293,300		11,001,683
Medicis Pharmaceutical Corp. Class A	323,200		9,825,280
			20,826,963
TOTAL HEALTH CARE			156,144,052
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 19.6%
Aerospace & Defense - 2.0%
BE Aerospace, Inc. (a)	208,900		$ 7,656,185
Hexcel Corp. (a)(d)	524,300		11,377,310
Ladish Co., Inc. (a)	52,600		2,138,716
			21,172,211
Commercial Services & Supplies - 6.5%
Administaff, Inc.	167,500		5,559,325
American Reprographics Co. (a)	207,400		6,885,680
CDI Corp.	210,300		6,229,086
Clean Harbors, Inc.	187,500		8,722,500
CoStar Group, Inc. (a)(d)	163,500		7,980,435
Huron Consulting Group, Inc. (a)	198,000		11,988,900
InnerWorkings, Inc. (d)	433,200		5,315,364
Navigant Consulting, Inc. (a)	450,100		8,632,918
Tele Atlas NV (a)(d)	282,800		5,827,224
			67,141,432
Construction & Engineering - 3.2%
Chicago Bridge & Iron Co. NV (NY Shares)	188,800		6,538,144
Fluor Corp.	81,000		7,745,220
Foster Wheeler Ltd. (a)	165,800		11,412,014
Infrasource Services, Inc. (a)	230,200		7,684,076
			33,379,454
Electrical Equipment - 1.9%
EnerSys (a)	526,900		8,583,201
Genlyte Group, Inc. (a)	86,800		6,771,268
Q-Cells AG (d)	66,000		4,800,390
			20,154,859
Industrial Conglomerates - 0.8%
Raven Industries, Inc.	298,400		8,620,776
Machinery - 3.0%
Bucyrus International, Inc. Class A (d)	156,700		9,831,358
Flowserve Corp.	211,000		12,873,110
IDEX Corp.	157,302		8,253,636
			30,958,104
Trading Companies & Distributors - 1.6%
WESCO International, Inc. (a)	115,300		7,283,501
Williams Scotsman International, Inc. (a)	428,197		9,433,180
			16,716,681
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Transportation Infrastructure - 0.6%
Quixote Corp.	314,900		$ 6,298,000
TOTAL INDUSTRIALS			204,441,517
INFORMATION TECHNOLOGY - 25.3%
Communications Equipment - 2.4%
F5 Networks, Inc. (a)	96,800		7,432,304
Harris Corp.	241,100		12,380,485
Polycom, Inc. (a)	155,900		5,191,470
			25,004,259
Electronic Equipment & Instruments - 2.5%
Cogent, Inc. (a)(d)	501,600		7,042,464
ScanSource, Inc. (a)	272,800		7,834,816
Trimble Navigation Ltd. (a)	376,800		10,806,624
			25,683,904
Internet Software & Services - 4.3%
aQuantive, Inc. (a)	297,300		9,100,353
CyberSource Corp. (a)	351,060		4,461,973
Equinix, Inc. (a)	110,200		9,198,394
j2 Global Communications, Inc. (a)(d)	497,800		14,316,728
ValueClick, Inc. (a)	281,700		8,056,620
			45,134,068
IT Services - 5.7%
CACI International, Inc. Class A (a)	191,700		8,766,441
Datacash Group PLC	1,380,100		6,877,907
Lionbridge Technologies, Inc. (a)	748,846		3,804,138
MoneyGram International, Inc.	282,900		8,042,847
Ness Technologies, Inc. (a)	397,600		5,303,984
Satyam Computer Services Ltd. sponsored ADR (d)	496,200		12,345,456
SI International, Inc. (a)	230,547		6,100,274
SRA International, Inc. Class A (a)	322,200		7,871,346
			59,112,393
Office Electronics - 0.7%
Zebra Technologies Corp. Class A (a)(d)	196,500		7,818,735
Semiconductors & Semiconductor Equipment - 5.8%
California Micro Devices Corp. (a)	1,147,900		5,578,794
Entegris, Inc. (a)	844,900		9,902,228
FormFactor, Inc. (a)	208,400		8,604,836
Hittite Microwave Corp. (a)	241,521		10,911,919
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Microsemi Corp. (a)(d)	499,000		$ 11,531,890
Rudolph Technologies, Inc. (a)	269,744		4,658,479
Tessera Technologies, Inc. (a)	205,500		8,793,345
			59,981,491
Software - 3.9%
Ansys, Inc. (a)	192,000		9,830,400
Blackbaud, Inc.	572,559		12,642,103
Cognos, Inc. (a)	135,000		5,819,850
Fair, Isaac & Co., Inc.	202,400		7,227,704
Quality Systems, Inc.	122,800		4,969,716
			40,489,773
TOTAL INFORMATION TECHNOLOGY			263,224,623
MATERIALS - 4.4%
Metals & Mining - 4.4%
Carpenter Technology Corp.	95,700		11,615,109
Meridian Gold, Inc. (a)	443,800		11,205,952
Reliance Steel & Aluminum Co.	224,200		13,317,480
Titanium Metals Corp.	277,600		9,585,528
			45,724,069
TELECOMMUNICATION SERVICES - 0.7%
Wireless Telecommunication Services - 0.7%
Dobson Communications Corp. Class A	868,800		7,914,768
UTILITIES - 1.3%
Multi-Utilities - 1.3%
AEM SpA	1,868,900		7,360,168
CMS Energy Corp.	358,600		6,641,272
			14,001,440
TOTAL COMMON STOCKS (Cost $911,005,371)		1,026,789,675
Money Market Funds - 6.9%
	Shares		Value
Fidelity Cash Central Fund, 5.29% (b)	27,438,829		$ 27,438,829
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	44,164,340		44,164,340
TOTAL MONEY MARKET FUNDS (Cost $71,603,169)		71,603,169
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $982,608,540)			1,098,392,844
NET OTHER ASSETS - (5.4)%			(56,644,241)
NET ASSETS - 100%		$ 1,041,748,603

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,072,575
Fidelity Securities Lending Cash Central Fund	101,781
Total	$ 1,174,356

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $984,340,113. Net unrealized appreciation aggregated $114,052,731, of which $134,392,564 related to appreciated investment securities and $20,339,833 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2007

1.817157.102

ASCP-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
CONSUMER DISCRETIONARY - 10.8%
Diversified Consumer Services - 1.6%
Apollo Group, Inc. Class A (non-vtg.) (a)	192,000		$ 9,081,600
Sotheby's Class A (ltd. vtg.)	136,400		7,040,968
			16,122,568
Hotels, Restaurants & Leisure - 2.5%
Domino's Pizza, Inc.	152,100		4,905,225
McCormick & Schmick's Seafood Restaurants (a)	230,100		6,159,777
Penn National Gaming, Inc. (a)	127,900		6,182,686
Ruth's Chris Steak House, Inc. (a)	452,700		8,986,095
			26,233,783
Media - 1.7%
Focus Media Holding Ltd. ADR (a)(d)	119,500		4,421,500
New Frontier Media, Inc.	627,044		5,486,635
R.H. Donnelley Corp.	104,000		8,121,360
			18,029,495
Specialty Retail - 3.0%
Coldwater Creek, Inc. (a)(d)	305,800		6,330,060
Hibbett Sports, Inc. (a)	300,500		8,759,575
The Children's Place Retail Stores, Inc. (a)	165,581		8,754,267
The Men's Wearhouse, Inc.	167,800		7,260,706
			31,104,608
Textiles, Apparel & Luxury Goods - 2.0%
Iconix Brand Group, Inc. (a)	443,100		8,919,603
Volcom, Inc. (a)	283,600		11,914,036
			20,833,639
TOTAL CONSUMER DISCRETIONARY			112,324,093
CONSUMER STAPLES - 1.4%
Personal Products - 1.4%
Chattem, Inc. (a)(d)	229,500		13,113,630
Physicians Formula Holdings, Inc.	50,362		1,058,609
			14,172,239
ENERGY - 11.3%
Energy Equipment & Services - 3.7%
Hanover Compressor Co. (a)	369,800		7,998,774
Hornbeck Offshore Services, Inc. (a)	170,600		5,396,078
Common Stocks - continued
	Shares		Value
ENERGY - continued
Energy Equipment & Services - continued
NATCO Group, Inc. Class A (a)	279,600		$ 10,680,720
Superior Energy Services, Inc. (a)	398,700		14,484,771
			38,560,343
Oil, Gas & Consumable Fuels - 7.6%
Cabot Oil & Gas Corp.	225,000		8,194,500
Forest Oil Corp. (a)(d)	227,400		8,013,576
Foundation Coal Holdings, Inc. (d)	235,800		9,288,162
Mariner Energy, Inc. (a)	400,810		9,038,266
Massey Energy Co.	215,800		5,811,494
Petrohawk Energy Corp. (a)	525,000		7,586,250
Range Resources Corp.	208,350		7,615,193
Tesoro Corp.	66,700		8,084,040
Western Refining, Inc.	397,700		15,756,874
			79,388,355
TOTAL ENERGY			117,948,698
FINANCIALS - 8.7%
Commercial Banks - 1.1%
Center Financial Corp., California	155,355		2,541,608
UMB Financial Corp.	241,024		9,428,859
			11,970,467
Consumer Finance - 1.4%
Cash America International, Inc.	197,200		8,511,152
Dollar Financial Corp. (a)	205,078		5,975,973
			14,487,125
Diversified Financial Services - 0.2%
Endeavor Acquisition Corp. (a)	225,700		2,367,593
Insurance - 5.4%
Aspen Insurance Holdings Ltd.	318,800		8,451,388
Max Re Capital Ltd.	270,775		7,256,770
National Financial Partners Corp.	238,800		11,001,516
RLI Corp.	126,100		7,022,509
StanCorp Financial Group, Inc.	147,282		7,010,623
Universal American Financial Corp. (a)	447,131		8,298,751
Willis Group Holdings Ltd.	166,700		6,838,034
			55,879,591
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.6%
Triad Guaranty, Inc. (a)	140,000		$ 6,189,400
TOTAL FINANCIALS			90,894,176
HEALTH CARE - 15.0%
Health Care Equipment & Supplies - 5.2%
American Medical Systems Holdings, Inc. (a)	418,000		7,411,140
ArthroCare Corp. (a)	155,700		6,424,182
DJO, Inc. (a)	217,500		8,495,550
Inverness Medical Innovations, Inc. (a)	197,400		7,905,870
Mentor Corp.	172,200		6,700,302
Respironics, Inc. (a)	278,600		11,355,736
Shandong Weigao Group Medical Polymer Co. Ltd. (e)	1,000,000		1,761,574
Varian Medical Systems, Inc. (a)	109,000		4,600,890
			54,655,244
Health Care Providers & Services - 5.5%
Healthways, Inc. (a)	129,218		5,481,428
Henry Schein, Inc. (a)	143,700		7,491,081
Humana, Inc. (a)	130,700		8,265,468
PSS World Medical, Inc. (a)	305,099		6,132,490
Sierra Health Services, Inc. (a)	391,800		16,228,353
VCA Antech, Inc. (a)	354,600		13,981,878
			57,580,698
Health Care Technology - 0.7%
Cerner Corp. (a)	126,500		6,734,860
Life Sciences Tools & Services - 1.6%
Harvard Bioscience, Inc. (a)	713,798		3,954,441
ICON PLC sponsored ADR	95,190		4,467,267
Pharmaceutical Product Development, Inc.	219,700		7,924,579
			16,346,287
Pharmaceuticals - 2.0%
Adams Respiratory Therapeutics, Inc. (a)(d)	293,300		11,001,683
Medicis Pharmaceutical Corp. Class A	323,200		9,825,280
			20,826,963
TOTAL HEALTH CARE			156,144,052
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 19.6%
Aerospace & Defense - 2.0%
BE Aerospace, Inc. (a)	208,900		$ 7,656,185
Hexcel Corp. (a)(d)	524,300		11,377,310
Ladish Co., Inc. (a)	52,600		2,138,716
			21,172,211
Commercial Services & Supplies - 6.5%
Administaff, Inc.	167,500		5,559,325
American Reprographics Co. (a)	207,400		6,885,680
CDI Corp.	210,300		6,229,086
Clean Harbors, Inc.	187,500		8,722,500
CoStar Group, Inc. (a)(d)	163,500		7,980,435
Huron Consulting Group, Inc. (a)	198,000		11,988,900
InnerWorkings, Inc. (d)	433,200		5,315,364
Navigant Consulting, Inc. (a)	450,100		8,632,918
Tele Atlas NV (a)(d)	282,800		5,827,224
			67,141,432
Construction & Engineering - 3.2%
Chicago Bridge & Iron Co. NV (NY Shares)	188,800		6,538,144
Fluor Corp.	81,000		7,745,220
Foster Wheeler Ltd. (a)	165,800		11,412,014
Infrasource Services, Inc. (a)	230,200		7,684,076
			33,379,454
Electrical Equipment - 1.9%
EnerSys (a)	526,900		8,583,201
Genlyte Group, Inc. (a)	86,800		6,771,268
Q-Cells AG (d)	66,000		4,800,390
			20,154,859
Industrial Conglomerates - 0.8%
Raven Industries, Inc.	298,400		8,620,776
Machinery - 3.0%
Bucyrus International, Inc. Class A (d)	156,700		9,831,358
Flowserve Corp.	211,000		12,873,110
IDEX Corp.	157,302		8,253,636
			30,958,104
Trading Companies & Distributors - 1.6%
WESCO International, Inc. (a)	115,300		7,283,501
Williams Scotsman International, Inc. (a)	428,197		9,433,180
			16,716,681
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Transportation Infrastructure - 0.6%
Quixote Corp.	314,900		$ 6,298,000
TOTAL INDUSTRIALS			204,441,517
INFORMATION TECHNOLOGY - 25.3%
Communications Equipment - 2.4%
F5 Networks, Inc. (a)	96,800		7,432,304
Harris Corp.	241,100		12,380,485
Polycom, Inc. (a)	155,900		5,191,470
			25,004,259
Electronic Equipment & Instruments - 2.5%
Cogent, Inc. (a)(d)	501,600		7,042,464
ScanSource, Inc. (a)	272,800		7,834,816
Trimble Navigation Ltd. (a)	376,800		10,806,624
			25,683,904
Internet Software & Services - 4.3%
aQuantive, Inc. (a)	297,300		9,100,353
CyberSource Corp. (a)	351,060		4,461,973
Equinix, Inc. (a)	110,200		9,198,394
j2 Global Communications, Inc. (a)(d)	497,800		14,316,728
ValueClick, Inc. (a)	281,700		8,056,620
			45,134,068
IT Services - 5.7%
CACI International, Inc. Class A (a)	191,700		8,766,441
Datacash Group PLC	1,380,100		6,877,907
Lionbridge Technologies, Inc. (a)	748,846		3,804,138
MoneyGram International, Inc.	282,900		8,042,847
Ness Technologies, Inc. (a)	397,600		5,303,984
Satyam Computer Services Ltd. sponsored ADR (d)	496,200		12,345,456
SI International, Inc. (a)	230,547		6,100,274
SRA International, Inc. Class A (a)	322,200		7,871,346
			59,112,393
Office Electronics - 0.7%
Zebra Technologies Corp. Class A (a)(d)	196,500		7,818,735
Semiconductors & Semiconductor Equipment - 5.8%
California Micro Devices Corp. (a)	1,147,900		5,578,794
Entegris, Inc. (a)	844,900		9,902,228
FormFactor, Inc. (a)	208,400		8,604,836
Hittite Microwave Corp. (a)	241,521		10,911,919
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Microsemi Corp. (a)(d)	499,000		$ 11,531,890
Rudolph Technologies, Inc. (a)	269,744		4,658,479
Tessera Technologies, Inc. (a)	205,500		8,793,345
			59,981,491
Software - 3.9%
Ansys, Inc. (a)	192,000		9,830,400
Blackbaud, Inc.	572,559		12,642,103
Cognos, Inc. (a)	135,000		5,819,850
Fair, Isaac & Co., Inc.	202,400		7,227,704
Quality Systems, Inc.	122,800		4,969,716
			40,489,773
TOTAL INFORMATION TECHNOLOGY			263,224,623
MATERIALS - 4.4%
Metals & Mining - 4.4%
Carpenter Technology Corp.	95,700		11,615,109
Meridian Gold, Inc. (a)	443,800		11,205,952
Reliance Steel & Aluminum Co.	224,200		13,317,480
Titanium Metals Corp.	277,600		9,585,528
			45,724,069
TELECOMMUNICATION SERVICES - 0.7%
Wireless Telecommunication Services - 0.7%
Dobson Communications Corp. Class A	868,800		7,914,768
UTILITIES - 1.3%
Multi-Utilities - 1.3%
AEM SpA	1,868,900		7,360,168
CMS Energy Corp.	358,600		6,641,272
			14,001,440
TOTAL COMMON STOCKS (Cost $911,005,371)		1,026,789,675
Money Market Funds - 6.9%
	Shares		Value
Fidelity Cash Central Fund, 5.29% (b)	27,438,829		$ 27,438,829
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	44,164,340		44,164,340
TOTAL MONEY MARKET FUNDS (Cost $71,603,169)		71,603,169
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $982,608,540)			1,098,392,844
NET OTHER ASSETS - (5.4)%			(56,644,241)
NET ASSETS - 100%		$ 1,041,748,603

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,072,575
Fidelity Securities Lending Cash Central Fund	101,781
Total	$ 1,174,356

Income Tax Information

Investment Valuation

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Small Cap
Opportunities Fund

April 30, 2007

1.847958.100

SMO-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%
	Shares		Value
CONSUMER DISCRETIONARY - 16.7%
Auto Components - 1.8%
Aftermarket Technology Corp. (a)	111,800		$ 3,089,034
Amerigon, Inc. (a)	336,500		4,327,390
			7,416,424
Distributors - 0.0%
DXP Enterprises, Inc. (a)	400		19,400
Hotels, Restaurants & Leisure - 2.4%
Domino's Pizza, Inc.	56,490		1,821,803
Famous Dave's of America, Inc. (a)	83,100		1,583,886
Life Time Fitness, Inc. (a)	60,600		3,114,840
Ruth's Chris Steak House, Inc. (a)	152,400		3,025,140
			9,545,669
Internet & Catalog Retail - 0.4%
Gaiam, Inc. Class A (a)	93,000		1,414,530
Leisure Equipment & Products - 0.5%
Pool Corp.	51,900		2,082,747
Media - 2.3%
Martha Stewart Living Omnimedia, Inc. Class A	263,800		5,014,838
TiVo, Inc. (a)	282,300		1,809,543
World Wrestling Entertainment, Inc. Class A	149,300		2,539,593
			9,363,974
Specialty Retail - 7.0%
Cache, Inc. (a)	118,500		2,045,310
Casual Male Retail Group, Inc. (a)	298,200		3,432,282
Coldwater Creek, Inc. (a)	174,900		3,620,430
Genesco, Inc.	22,500		1,140,300
Payless ShoeSource, Inc. (a)	100,800		3,215,520
Shoe Carnival, Inc. (a)	61,000		1,917,840
The Children's Place Retail Stores, Inc. (a)	81,700		4,319,479
The Men's Wearhouse, Inc.	62,800		2,717,356
Tween Brands, Inc. (a)	74,100		2,901,756
Wet Seal, Inc. Class A (a)	544,000		3,253,120
			28,563,393
Textiles, Apparel & Luxury Goods - 2.3%
G-III Apparel Group Ltd. (a)	191,600		3,383,656
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Steven Madden Ltd.	159,800		$ 4,754,050
Volcom, Inc. (a)	33,459		1,405,613
			9,543,319
TOTAL CONSUMER DISCRETIONARY			67,949,456
CONSUMER STAPLES - 3.3%
Personal Products - 3.3%
Bare Escentuals, Inc.	74,300		3,003,949
Chattem, Inc. (a)	83,090		4,747,763
Physicians Formula Holdings, Inc.	139,720		2,936,914
Prestige Brands Holdings, Inc. (a)	212,000		2,758,120
			13,446,746
ENERGY - 5.3%
Energy Equipment & Services - 1.9%
Hanover Compressor Co. (a)	120,600		2,608,578
Oceaneering International, Inc. (a)	44,900		2,134,546
Superior Energy Services, Inc. (a)	86,550		3,144,362
			7,887,486
Oil, Gas & Consumable Fuels - 3.4%
EXCO Resources, Inc.	150,200		2,521,858
Kodiak Oil & Gas Corp. (a)	305,900		1,896,580
Petrohawk Energy Corp. (a)	177,540		2,565,453
UraMin, Inc. (a)	439,100		2,625,096
Western Refining, Inc.	67,800		2,686,236
Williams Partners LP	33,400		1,600,862
			13,896,085
TOTAL ENERGY			21,783,571
FINANCIALS - 19.7%
Capital Markets - 1.4%
Investors Financial Services Corp.	41,800		2,586,584
Lazard Ltd. Class A	55,100		2,983,665
			5,570,249
Commercial Banks - 4.9%
BOK Financial Corp.	66,300		3,403,179
Boston Private Financial Holdings, Inc.	59,500		1,654,695
City National Corp.	40,600		2,972,732
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
Columbia Banking Systems, Inc.	38,100		$ 1,156,335
First Community Bancorp, California	12,770		700,562
Prosperity Bancshares, Inc.	39,100		1,356,379
Southwest Bancorp, Inc., Oklahoma	120,600		2,954,700
UMB Financial Corp.	72,100		2,820,552
Virginia Commerce Bancorp, Inc.	159,830		2,996,813
			20,015,947
Consumer Finance - 1.3%
Cash America International, Inc.	77,700		3,353,532
Dollar Financial Corp. (a)	59,600		1,736,744
			5,090,276
Diversified Financial Services - 0.8%
Genesis Lease Ltd. ADR	114,800		3,099,600
Insurance - 4.9%
Allied World Assurance Co. Holdings Ltd.	86,200		3,820,384
American Safety Insurance Group Ltd. (a)	49,600		1,029,200
Hilb Rogal & Hobbs Co.	60,100		2,611,345
Montpelier Re Holdings Ltd.	111,500		2,035,990
PartnerRe Ltd.	36,100		2,599,922
ProAssurance Corp. (a)	46,900		2,525,096
StanCorp Financial Group, Inc.	26,800		1,275,680
United America Indemnity Ltd. Class A (a)	104,000		2,597,920
Zenith National Insurance Corp.	36,100		1,669,625
			20,165,162
Real Estate Investment Trusts - 3.6%
Annaly Capital Management, Inc.	201,100		3,199,501
Developers Diversified Realty Corp.	49,300		3,209,430
Duke Realty LP	70,400		3,034,944
EastGroup Properties, Inc.	10,000		501,100
Health Care Property Investors, Inc.	81,100		2,870,129
Healthcare Realty Trust, Inc.	14,700		500,682
Home Properties, Inc.	25,100		1,398,070
			14,713,856
Real Estate Management & Development - 0.6%
GAGFAH SA	97,600		2,623,744
Thrifts & Mortgage Finance - 2.2%
BankUnited Financial Corp. Class A	43,800		948,270
Fremont General Corp.	41,500		313,325
IndyMac Bancorp, Inc.	14,525		439,236
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
Triad Guaranty, Inc. (a)	93,900		$ 4,151,319
Washington Federal, Inc.	131,600		3,120,236
			8,972,386
TOTAL FINANCIALS			80,251,220
HEALTH CARE - 10.0%
Biotechnology - 0.0%
Theravance, Inc. (a)	2,100		69,573
Health Care Equipment & Supplies - 3.3%
Abaxis, Inc. (a)	147,600		3,369,708
DENTSPLY International, Inc.	40,968		1,368,741
IDEXX Laboratories, Inc. (a)	26,200		2,362,454
Lifecore Biomedical, Inc. (a)	208,300		3,857,716
West Pharmaceutical Services, Inc.	50,400		2,508,408
			13,467,027
Health Care Providers & Services - 5.6%
Air Methods Corp. (a)	170,400		4,687,704
Capital Senior Living Corp. (a)	195,300		2,267,433
Emergency Medical Services Corp. Class A (a)	101,400		3,394,872
Healthspring, Inc. (a)	95,200		2,239,104
MWI Veterinary Supply, Inc. (a)	100,600		3,738,296
Owens & Minor, Inc.	102,700		3,630,445
Pediatrix Medical Group, Inc. (a)	48,600		2,772,630
			22,730,484
Life Sciences Tools & Services - 1.1%
PAREXEL International Corp. (a)	59,800		2,348,944
Pharmaceutical Product Development, Inc.	64,200		2,315,694
			4,664,638
TOTAL HEALTH CARE			40,931,722
INDUSTRIALS - 12.6%
Air Freight & Logistics - 0.5%
UTI Worldwide, Inc.	83,000		1,948,010
Airlines - 0.4%
AirTran Holdings, Inc. (a)	170,200		1,873,902
Commercial Services & Supplies - 7.8%
Advisory Board Co. (a)	59,700		2,834,556
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - continued
American Reprographics Co. (a)	91,200		$ 3,027,840
Corrections Corp. of America (a)	35,600		2,022,080
Diamond Management & Technology Consultants, Inc.	186,000		2,109,240
eTelecare Global Solutions, Inc. ADR	134,200		1,982,134
Huron Consulting Group, Inc. (a)	55,600		3,366,580
InnerWorkings, Inc.	189,100		2,320,257
Navigant Consulting, Inc. (a)	154,800		2,969,064
PeopleSupport, Inc. (a)	158,800		1,996,116
Resources Connection, Inc. (a)	65,900		1,988,203
Stericycle, Inc. (a)	26,600		2,317,924
The Geo Group, Inc. (a)	94,400		4,833,280
			31,767,274
Construction & Engineering - 1.0%
Foster Wheeler Ltd. (a)	28,400		1,954,772
Granite Construction, Inc.	32,600		1,963,824
			3,918,596
Electrical Equipment - 0.5%
GrafTech International Ltd. (a)	210,700		2,102,786
Machinery - 1.3%
Columbus McKinnon Corp. (NY Shares) (a)	103,300		2,557,708
Titan International, Inc.	96,400		2,716,552
			5,274,260
Trading Companies & Distributors - 0.5%
Williams Scotsman International, Inc. (a)	98,581		2,171,739
Transportation Infrastructure - 0.6%
Quixote Corp.	119,900		2,398,000
TOTAL INDUSTRIALS			51,454,567
INFORMATION TECHNOLOGY - 19.4%
Communications Equipment - 2.3%
Airspan Networks, Inc. (a)	368,200		1,417,570
Arris Group, Inc. (a)	105,600		1,564,992
ECI Telecom Ltd. (a)	352,600		2,947,736
NETGEAR, Inc. (a)	33,658		1,131,245
Optium Corp.	58,500		1,041,300
Sirenza Microdevices, Inc. (a)	155,400		1,415,694
			9,518,537
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 0.0%
STEC, Inc. (a)	600		$ 4,824
Electronic Equipment & Instruments - 1.7%
Gerber Scientific, Inc. (a)	258,500		2,587,585
IPG Photonics Corp.	82,600		1,502,494
Measurement Specialties, Inc. (a)	129,300		2,646,771
			6,736,850
Internet Software & Services - 4.2%
DivX, Inc.	161,500		3,255,840
Equinix, Inc. (a)	12,380		1,033,359
Goldleaf Financial Solutions, Inc. (a)	404,700		2,606,268
j2 Global Communications, Inc. (a)	356,700		10,258,689
VistaPrint Ltd. (a)	1,200		44,856
			17,199,012
IT Services - 2.5%
Iron Mountain, Inc. (a)	206,900		5,813,890
Lionbridge Technologies, Inc. (a)	514,400		2,613,152
Ness Technologies, Inc. (a)	122,200		1,630,148
			10,057,190
Semiconductors & Semiconductor Equipment - 4.3%
California Micro Devices Corp. (a)	736,421		3,579,006
EMCORE Corp. (a)	222,800		1,102,860
Entegris, Inc. (a)	195,500		2,291,260
FormFactor, Inc. (a)	38,000		1,569,020
Hittite Microwave Corp. (a)	54,000		2,439,720
Netlogic Microsystems, Inc. (a)	102,500		3,152,900
Volterra Semiconductor Corp. (a)	27,300		431,613
Zoran Corp. (a)	156,100		3,100,146
			17,666,525
Software - 4.4%
Blackbaud, Inc.	455,000		10,046,400
CommVault Systems, Inc.	219,500		3,722,720
Sonic Solutions, Inc. (a)	302,600		3,942,878
			17,711,998
TOTAL INFORMATION TECHNOLOGY			78,894,936
MATERIALS - 4.3%
Chemicals - 1.5%
Airgas, Inc.	58,200		2,592,810
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Minerals Technologies, Inc.	39,700		$ 2,525,714
Zoltek Companies, Inc. (a)	33,300		1,013,652
			6,132,176
Metals & Mining - 2.8%
Breakwater Resources Ltd. (a)	1,261,500		2,386,837
Carpenter Technology Corp.	24,760		3,005,121
Compass Minerals International, Inc.	87,000		2,987,580
Reliance Steel & Aluminum Co.	52,300		3,106,620
			11,486,158
TOTAL MATERIALS			17,618,334
TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 0.4%
Cincinnati Bell, Inc.	365,900		1,855,113
Wireless Telecommunication Services - 0.6%
Dobson Communications Corp. Class A	144,080		1,312,569
SBA Communications Corp. Class A (a)	35,070		1,031,759
			2,344,328
TOTAL TELECOMMUNICATION SERVICES			4,199,441
UTILITIES - 3.3%
Electric Utilities - 2.2%
Cleco Corp.	122,000		3,423,320
ITC Holdings Corp.	61,750		2,598,440
Pepco Holdings, Inc.	95,100		2,807,352
			8,829,112
Independent Power Producers & Energy Traders - 0.5%
Clipper Windpower PLC (a)	121,200		2,126,475
Multi-Utilities - 0.6%
AEM Spa	255,800		1,007,401
CMS Energy Corp.	77,400		1,433,448
			2,440,849
TOTAL UTILITIES			13,396,436
TOTAL COMMON STOCKS (Cost $389,150,735)		389,926,429
Investment Companies - 0.2%
	Shares		Value
streetTRACKS KBW Bank ETF (Cost $775,768)	13,500		$ 778,410
U.S. Treasury Obligations - 0.3%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 4.87% to 4.94% 6/7/07 to 7/12/07 (c) (Cost $1,130,869)	$ 1,140,000		1,131,222
Money Market Funds - 11.2%
	Shares
Fidelity Cash Central Fund, 5.29% (b) (Cost $45,587,251)	45,587,251		45,587,251
TOTAL INVESTMENT PORTFOLIO - 107.3% (Cost $436,644,623)			437,423,312
NET OTHER ASSETS - (7.3)%			(29,707,316)
NET ASSETS - 100%		$ 407,715,996

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
100 Russell 1000 Mini Index Contracts	June 2007	$ 8,189,000	$ (155,528)

The face value of futures purchased as a percentage of net assets - 2%

Legend

(a) Non-income producing

(c) 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 $834,072.

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	$ 266,462

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $437,284,580. Net unrealized appreciation aggregated $138,732, of which $9,345,847 related to appreciated investment securities and $9,207,115 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

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.

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

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2007

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

1.847933.100

ASMO-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%
	Shares		Value
CONSUMER DISCRETIONARY - 16.7%
Auto Components - 1.8%
Aftermarket Technology Corp. (a)	111,800		$ 3,089,034
Amerigon, Inc. (a)	336,500		4,327,390
			7,416,424
Distributors - 0.0%
DXP Enterprises, Inc. (a)	400		19,400
Hotels, Restaurants & Leisure - 2.4%
Domino's Pizza, Inc.	56,490		1,821,803
Famous Dave's of America, Inc. (a)	83,100		1,583,886
Life Time Fitness, Inc. (a)	60,600		3,114,840
Ruth's Chris Steak House, Inc. (a)	152,400		3,025,140
			9,545,669
Internet & Catalog Retail - 0.4%
Gaiam, Inc. Class A (a)	93,000		1,414,530
Leisure Equipment & Products - 0.5%
Pool Corp.	51,900		2,082,747
Media - 2.3%
Martha Stewart Living Omnimedia, Inc. Class A	263,800		5,014,838
TiVo, Inc. (a)	282,300		1,809,543
World Wrestling Entertainment, Inc. Class A	149,300		2,539,593
			9,363,974
Specialty Retail - 7.0%
Cache, Inc. (a)	118,500		2,045,310
Casual Male Retail Group, Inc. (a)	298,200		3,432,282
Coldwater Creek, Inc. (a)	174,900		3,620,430
Genesco, Inc.	22,500		1,140,300
Payless ShoeSource, Inc. (a)	100,800		3,215,520
Shoe Carnival, Inc. (a)	61,000		1,917,840
The Children's Place Retail Stores, Inc. (a)	81,700		4,319,479
The Men's Wearhouse, Inc.	62,800		2,717,356
Tween Brands, Inc. (a)	74,100		2,901,756
Wet Seal, Inc. Class A (a)	544,000		3,253,120
			28,563,393
Textiles, Apparel & Luxury Goods - 2.3%
G-III Apparel Group Ltd. (a)	191,600		3,383,656
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Steven Madden Ltd.	159,800		$ 4,754,050
Volcom, Inc. (a)	33,459		1,405,613
			9,543,319
TOTAL CONSUMER DISCRETIONARY			67,949,456
CONSUMER STAPLES - 3.3%
Personal Products - 3.3%
Bare Escentuals, Inc.	74,300		3,003,949
Chattem, Inc. (a)	83,090		4,747,763
Physicians Formula Holdings, Inc.	139,720		2,936,914
Prestige Brands Holdings, Inc. (a)	212,000		2,758,120
			13,446,746
ENERGY - 5.3%
Energy Equipment & Services - 1.9%
Hanover Compressor Co. (a)	120,600		2,608,578
Oceaneering International, Inc. (a)	44,900		2,134,546
Superior Energy Services, Inc. (a)	86,550		3,144,362
			7,887,486
Oil, Gas & Consumable Fuels - 3.4%
EXCO Resources, Inc.	150,200		2,521,858
Kodiak Oil & Gas Corp. (a)	305,900		1,896,580
Petrohawk Energy Corp. (a)	177,540		2,565,453
UraMin, Inc. (a)	439,100		2,625,096
Western Refining, Inc.	67,800		2,686,236
Williams Partners LP	33,400		1,600,862
			13,896,085
TOTAL ENERGY			21,783,571
FINANCIALS - 19.7%
Capital Markets - 1.4%
Investors Financial Services Corp.	41,800		2,586,584
Lazard Ltd. Class A	55,100		2,983,665
			5,570,249
Commercial Banks - 4.9%
BOK Financial Corp.	66,300		3,403,179
Boston Private Financial Holdings, Inc.	59,500		1,654,695
City National Corp.	40,600		2,972,732
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
Columbia Banking Systems, Inc.	38,100		$ 1,156,335
First Community Bancorp, California	12,770		700,562
Prosperity Bancshares, Inc.	39,100		1,356,379
Southwest Bancorp, Inc., Oklahoma	120,600		2,954,700
UMB Financial Corp.	72,100		2,820,552
Virginia Commerce Bancorp, Inc.	159,830		2,996,813
			20,015,947
Consumer Finance - 1.3%
Cash America International, Inc.	77,700		3,353,532
Dollar Financial Corp. (a)	59,600		1,736,744
			5,090,276
Diversified Financial Services - 0.8%
Genesis Lease Ltd. ADR	114,800		3,099,600
Insurance - 4.9%
Allied World Assurance Co. Holdings Ltd.	86,200		3,820,384
American Safety Insurance Group Ltd. (a)	49,600		1,029,200
Hilb Rogal & Hobbs Co.	60,100		2,611,345
Montpelier Re Holdings Ltd.	111,500		2,035,990
PartnerRe Ltd.	36,100		2,599,922
ProAssurance Corp. (a)	46,900		2,525,096
StanCorp Financial Group, Inc.	26,800		1,275,680
United America Indemnity Ltd. Class A (a)	104,000		2,597,920
Zenith National Insurance Corp.	36,100		1,669,625
			20,165,162
Real Estate Investment Trusts - 3.6%
Annaly Capital Management, Inc.	201,100		3,199,501
Developers Diversified Realty Corp.	49,300		3,209,430
Duke Realty LP	70,400		3,034,944
EastGroup Properties, Inc.	10,000		501,100
Health Care Property Investors, Inc.	81,100		2,870,129
Healthcare Realty Trust, Inc.	14,700		500,682
Home Properties, Inc.	25,100		1,398,070
			14,713,856
Real Estate Management & Development - 0.6%
GAGFAH SA	97,600		2,623,744
Thrifts & Mortgage Finance - 2.2%
BankUnited Financial Corp. Class A	43,800		948,270
Fremont General Corp.	41,500		313,325
IndyMac Bancorp, Inc.	14,525		439,236
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
Triad Guaranty, Inc. (a)	93,900		$ 4,151,319
Washington Federal, Inc.	131,600		3,120,236
			8,972,386
TOTAL FINANCIALS			80,251,220
HEALTH CARE - 10.0%
Biotechnology - 0.0%
Theravance, Inc. (a)	2,100		69,573
Health Care Equipment & Supplies - 3.3%
Abaxis, Inc. (a)	147,600		3,369,708
DENTSPLY International, Inc.	40,968		1,368,741
IDEXX Laboratories, Inc. (a)	26,200		2,362,454
Lifecore Biomedical, Inc. (a)	208,300		3,857,716
West Pharmaceutical Services, Inc.	50,400		2,508,408
			13,467,027
Health Care Providers & Services - 5.6%
Air Methods Corp. (a)	170,400		4,687,704
Capital Senior Living Corp. (a)	195,300		2,267,433
Emergency Medical Services Corp. Class A (a)	101,400		3,394,872
Healthspring, Inc. (a)	95,200		2,239,104
MWI Veterinary Supply, Inc. (a)	100,600		3,738,296
Owens & Minor, Inc.	102,700		3,630,445
Pediatrix Medical Group, Inc. (a)	48,600		2,772,630
			22,730,484
Life Sciences Tools & Services - 1.1%
PAREXEL International Corp. (a)	59,800		2,348,944
Pharmaceutical Product Development, Inc.	64,200		2,315,694
			4,664,638
TOTAL HEALTH CARE			40,931,722
INDUSTRIALS - 12.6%
Air Freight & Logistics - 0.5%
UTI Worldwide, Inc.	83,000		1,948,010
Airlines - 0.4%
AirTran Holdings, Inc. (a)	170,200		1,873,902
Commercial Services & Supplies - 7.8%
Advisory Board Co. (a)	59,700		2,834,556
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - continued
American Reprographics Co. (a)	91,200		$ 3,027,840
Corrections Corp. of America (a)	35,600		2,022,080
Diamond Management & Technology Consultants, Inc.	186,000		2,109,240
eTelecare Global Solutions, Inc. ADR	134,200		1,982,134
Huron Consulting Group, Inc. (a)	55,600		3,366,580
InnerWorkings, Inc.	189,100		2,320,257
Navigant Consulting, Inc. (a)	154,800		2,969,064
PeopleSupport, Inc. (a)	158,800		1,996,116
Resources Connection, Inc. (a)	65,900		1,988,203
Stericycle, Inc. (a)	26,600		2,317,924
The Geo Group, Inc. (a)	94,400		4,833,280
			31,767,274
Construction & Engineering - 1.0%
Foster Wheeler Ltd. (a)	28,400		1,954,772
Granite Construction, Inc.	32,600		1,963,824
			3,918,596
Electrical Equipment - 0.5%
GrafTech International Ltd. (a)	210,700		2,102,786
Machinery - 1.3%
Columbus McKinnon Corp. (NY Shares) (a)	103,300		2,557,708
Titan International, Inc.	96,400		2,716,552
			5,274,260
Trading Companies & Distributors - 0.5%
Williams Scotsman International, Inc. (a)	98,581		2,171,739
Transportation Infrastructure - 0.6%
Quixote Corp.	119,900		2,398,000
TOTAL INDUSTRIALS			51,454,567
INFORMATION TECHNOLOGY - 19.4%
Communications Equipment - 2.3%
Airspan Networks, Inc. (a)	368,200		1,417,570
Arris Group, Inc. (a)	105,600		1,564,992
ECI Telecom Ltd. (a)	352,600		2,947,736
NETGEAR, Inc. (a)	33,658		1,131,245
Optium Corp.	58,500		1,041,300
Sirenza Microdevices, Inc. (a)	155,400		1,415,694
			9,518,537
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 0.0%
STEC, Inc. (a)	600		$ 4,824
Electronic Equipment & Instruments - 1.7%
Gerber Scientific, Inc. (a)	258,500		2,587,585
IPG Photonics Corp.	82,600		1,502,494
Measurement Specialties, Inc. (a)	129,300		2,646,771
			6,736,850
Internet Software & Services - 4.2%
DivX, Inc.	161,500		3,255,840
Equinix, Inc. (a)	12,380		1,033,359
Goldleaf Financial Solutions, Inc. (a)	404,700		2,606,268
j2 Global Communications, Inc. (a)	356,700		10,258,689
VistaPrint Ltd. (a)	1,200		44,856
			17,199,012
IT Services - 2.5%
Iron Mountain, Inc. (a)	206,900		5,813,890
Lionbridge Technologies, Inc. (a)	514,400		2,613,152
Ness Technologies, Inc. (a)	122,200		1,630,148
			10,057,190
Semiconductors & Semiconductor Equipment - 4.3%
California Micro Devices Corp. (a)	736,421		3,579,006
EMCORE Corp. (a)	222,800		1,102,860
Entegris, Inc. (a)	195,500		2,291,260
FormFactor, Inc. (a)	38,000		1,569,020
Hittite Microwave Corp. (a)	54,000		2,439,720
Netlogic Microsystems, Inc. (a)	102,500		3,152,900
Volterra Semiconductor Corp. (a)	27,300		431,613
Zoran Corp. (a)	156,100		3,100,146
			17,666,525
Software - 4.4%
Blackbaud, Inc.	455,000		10,046,400
CommVault Systems, Inc.	219,500		3,722,720
Sonic Solutions, Inc. (a)	302,600		3,942,878
			17,711,998
TOTAL INFORMATION TECHNOLOGY			78,894,936
MATERIALS - 4.3%
Chemicals - 1.5%
Airgas, Inc.	58,200		2,592,810
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Minerals Technologies, Inc.	39,700		$ 2,525,714
Zoltek Companies, Inc. (a)	33,300		1,013,652
			6,132,176
Metals & Mining - 2.8%
Breakwater Resources Ltd. (a)	1,261,500		2,386,837
Carpenter Technology Corp.	24,760		3,005,121
Compass Minerals International, Inc.	87,000		2,987,580
Reliance Steel & Aluminum Co.	52,300		3,106,620
			11,486,158
TOTAL MATERIALS			17,618,334
TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 0.4%
Cincinnati Bell, Inc.	365,900		1,855,113
Wireless Telecommunication Services - 0.6%
Dobson Communications Corp. Class A	144,080		1,312,569
SBA Communications Corp. Class A (a)	35,070		1,031,759
			2,344,328
TOTAL TELECOMMUNICATION SERVICES			4,199,441
UTILITIES - 3.3%
Electric Utilities - 2.2%
Cleco Corp.	122,000		3,423,320
ITC Holdings Corp.	61,750		2,598,440
Pepco Holdings, Inc.	95,100		2,807,352
			8,829,112
Independent Power Producers & Energy Traders - 0.5%
Clipper Windpower PLC (a)	121,200		2,126,475
Multi-Utilities - 0.6%
AEM Spa	255,800		1,007,401
CMS Energy Corp.	77,400		1,433,448
			2,440,849
TOTAL UTILITIES			13,396,436
TOTAL COMMON STOCKS (Cost $389,150,735)		389,926,429
Investment Companies - 0.2%
	Shares		Value
streetTRACKS KBW Bank ETF (Cost $775,768)	13,500		$ 778,410
U.S. Treasury Obligations - 0.3%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 4.87% to 4.94% 6/7/07 to 7/12/07 (c) (Cost $1,130,869)	$ 1,140,000		1,131,222
Money Market Funds - 11.2%
	Shares
Fidelity Cash Central Fund, 5.29% (b) (Cost $45,587,251)	45,587,251		45,587,251
TOTAL INVESTMENT PORTFOLIO - 107.3% (Cost $436,644,623)			437,423,312
NET OTHER ASSETS - (7.3)%			(29,707,316)
NET ASSETS - 100%		$ 407,715,996

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
100 Russell 1000 Mini Index Contracts	June 2007	$ 8,189,000	$ (155,528)

The face value of futures purchased as a percentage of net assets - 2%

Legend

(a) Non-income producing

(c) 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 $834,072.

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	$ 266,462

Income Tax Information

Investment Valuation

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

Quarterly Report

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.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Small Cap Value Fund

April 30, 2007

1.815774.102

SCV-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
CONSUMER DISCRETIONARY - 13.8%
Auto Components - 0.7%
Aftermarket Technology Corp. (a)	150,000		$ 4,144,500
ArvinMeritor, Inc.	175,000		3,613,750
Hawk Corp. Class A (a)	260,791		2,673,108
			10,431,358
Distributors - 0.4%
Building Materials Holding Corp. (d)	414,100		6,012,732
Hotels, Restaurants & Leisure - 2.2%
Cosi, Inc. (a)(d)	284,700		1,477,593
Domino's Pizza, Inc.	250,000		8,062,500
Great Wolf Resorts, Inc. (a)	22,903		290,639
Pinnacle Entertainment, Inc. (a)	412,700		11,588,616
Red Robin Gourmet Burgers, Inc. (a)(d)	140,000		5,544,000
Wyndham Worldwide Corp. (a)	150,000		5,190,000
			32,153,348
Household Durables - 3.1%
Ethan Allen Interiors, Inc. (d)	285,300		10,071,090
Jarden Corp. (a)	759,600		32,009,544
Ryland Group, Inc.	55,000		2,436,500
			44,517,134
Leisure Equipment & Products - 2.8%
MarineMax, Inc. (a)	30,000		594,900
Pool Corp. (d)	352,100		14,129,773
RC2 Corp. (a)	669,555		26,688,462
			41,413,135
Media - 0.3%
Charter Communications, Inc. Class A (a)	1,000,000		3,020,000
Entravision Communication Corp. Class A (a)	150,000		1,471,500
			4,491,500
Multiline Retail - 0.9%
Retail Ventures, Inc. (a)	23,100		470,778
Saks, Inc.	580,000		12,145,200
			12,615,978
Specialty Retail - 2.3%
Asbury Automotive Group, Inc.	135,000		3,883,950
Coldwater Creek, Inc. (a)	165,000		3,415,500
Gymboree Corp. (a)	330,000		12,599,400
Lithia Motors, Inc. Class A (sub. vtg.)	54,000		1,455,300
Mothers Work, Inc. (a)	78,600		2,751,000
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Payless ShoeSource, Inc. (a)	150,000		$ 4,785,000
Select Comfort Corp. (a)	150,000		2,781,000
Sonic Automotive, Inc. Class A (sub. vtg.)	42,500		1,215,075
			32,886,225
Textiles, Apparel & Luxury Goods - 1.1%
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	330,000		10,362,000
Warnaco Group, Inc. (a)	190,000		5,373,200
			15,735,200
TOTAL CONSUMER DISCRETIONARY			200,256,610
CONSUMER STAPLES - 5.6%
Food & Staples Retailing - 1.5%
The Pantry, Inc. (a)	471,000		21,190,290
Food Products - 1.6%
Chiquita Brands International, Inc.	171,000		2,535,930
Diamond Foods, Inc.	495,400		7,961,078
Hain Celestial Group, Inc. (a)	140,000		4,204,200
Marine Harvest ASA (a)(d)	7,155,000		7,745,146
			22,446,354
Household Products - 1.0%
Central Garden & Pet Co.	231,700		3,431,477
Central Garden & Pet Co. Class A (non-vtg.) (a)	788,300		11,288,456
			14,719,933
Personal Products - 1.5%
Physicians Formula Holdings, Inc.	8,100		170,262
Playtex Products, Inc. (a)	831,600		12,656,952
Prestige Brands Holdings, Inc. (a)	735,231		9,565,355
			22,392,569
TOTAL CONSUMER STAPLES			80,749,146
ENERGY - 10.7%
Energy Equipment & Services - 1.6%
Hornbeck Offshore Services, Inc. (a)	154,100		4,874,183
Oil States International, Inc. (a)	244,760		8,304,707
Superior Energy Services, Inc. (a)	290,000		10,535,700
			23,714,590
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - 9.1%
Alpha Natural Resources, Inc. (a)	107,400		$ 1,865,538
Cabot Oil & Gas Corp.	320,000		11,654,400
Forest Oil Corp. (a)	260,300		9,172,972
Mariner Energy, Inc. (a)	530,000		11,951,500
Petrohawk Energy Corp. (a)	790,000		11,415,500
Petroleum Development Corp. (a)	127,622		6,636,344
Southwestern Energy Co. (a)	320,000		13,440,000
Tesoro Corp.	443,800		53,788,559
USEC, Inc. (a)	275,000		5,546,750
Venoco, Inc.	91,524		1,740,786
Western Refining, Inc.	110,000		4,358,200
			131,570,549
TOTAL ENERGY			155,285,139
FINANCIALS - 23.9%
Capital Markets - 2.1%
ACA Capital Holdings, Inc. (d)	100,000		1,435,000
American Capital Strategies Ltd. (d)	153,700		7,482,116
MarketAxess Holdings, Inc. (a)	450,000		7,371,000
Piper Jaffray Companies (a)	75,000		4,785,750
TradeStation Group, Inc. (a)	718,300		8,748,894
			29,822,760
Commercial Banks - 5.1%
Boston Private Financial Holdings, Inc.	610,200		16,969,662
Cathay General Bancorp	266,520		8,739,191
Center Financial Corp., California	354,052		5,792,291
Colonial Bancgroup, Inc.	130,000		3,127,800
East West Bancorp, Inc.	28,800		1,147,968
First State Bancorp.	233,500		4,882,485
Hanmi Financial Corp.	195,040		3,200,606
Investors Bancorp, Inc. (a)	190,000		2,717,000
Nara Bancorp, Inc.	183,270		3,025,788
South Financial Group, Inc.	340,000		7,694,200
Sterling Bancshares, Inc.	235,000		2,686,050
UCBH Holdings, Inc.	150,000		2,694,000
UMB Financial Corp.	75,000		2,934,000
Wintrust Financial Corp.	198,260		8,521,215
			74,132,256
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Consumer Finance - 0.9%
Advanta Corp. Class B	65,000		$ 2,978,300
Cash America International, Inc.	60,000		2,589,600
CompuCredit Corp. (a)(d)	55,000		1,988,800
Dollar Financial Corp. (a)	185,000		5,390,900
			12,947,600
Diversified Financial Services - 0.7%
Endeavor Acquisition Corp. (a)(d)	341,000		3,577,090
Marlin Business Services Corp. (a)	270,779		6,338,936
			9,916,026
Insurance - 11.6%
American Equity Investment Life Holding Co.	1,039,506		14,189,257
Aspen Insurance Holdings Ltd.	360,200		9,548,902
Delphi Financial Group, Inc. Class A	172,850		7,380,695
HCC Insurance Holdings, Inc.	670,920		20,570,407
Infinity Property & Casualty Corp.	75,000		3,488,250
IPC Holdings Ltd.	572,440		17,161,751
Max Re Capital Ltd.	175,000		4,690,000
National Financial Partners Corp. (d)	456,300		21,021,741
Navigators Group, Inc. (a)	104,862		5,357,400
Ohio Casualty Corp.	100,500		3,179,820
Philadelphia Consolidated Holdings Corp. (a)	99,140		4,302,676
Platinum Underwriters Holdings Ltd.	329,700		11,282,334
Tower Group, Inc.	305,000		9,360,450
United America Indemnity Ltd. Class A (a)	91,022		2,273,730
Universal American Financial Corp. (a)	150,000		2,784,000
Willis Group Holdings Ltd.	195,000		7,998,900
Zenith National Insurance Corp.	524,000		24,235,000
			168,825,313
Real Estate Investment Trusts - 0.4%
Education Realty Trust, Inc.	188,300		2,681,392
GMH Communities Trust	314,100		3,153,564
			5,834,956
Real Estate Management & Development - 1.8%
Jones Lang LaSalle, Inc.	238,000		25,582,620
Thrifts & Mortgage Finance - 1.3%
BankAtlantic Bancorp, Inc. Class A (non-vtg.)	460,000		4,434,400
Farmer Mac Class C (non-vtg.)	155,000		4,243,900
Radian Group, Inc.	65,000		3,777,150
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
Triad Guaranty, Inc. (a)	50,000		$ 2,210,500
Washington Federal, Inc.	210,000		4,979,100
			19,645,050
TOTAL FINANCIALS			346,706,581
HEALTH CARE - 3.1%
Health Care Providers & Services - 0.7%
Air Methods Corp. (a)	204,867		5,635,891
Healthspring, Inc. (a)	210,000		4,939,200
			10,575,091
Life Sciences Tools & Services - 0.6%
ICON PLC sponsored ADR	178,720		8,387,330
Pharmaceuticals - 1.8%
Adams Respiratory Therapeutics, Inc. (a)	115,000		4,313,650
Valeant Pharmaceuticals International	1,215,000		21,894,300
			26,207,950
TOTAL HEALTH CARE			45,170,371
INDUSTRIALS - 15.8%
Aerospace & Defense - 3.2%
AAR Corp. (a)	877,300		26,792,742
DRS Technologies, Inc.	144,000		7,244,640
Hexcel Corp. (a)	250,200		5,429,340
Orbital Sciences Corp. (a)	325,000		6,782,750
			46,249,472
Air Freight & Logistics - 1.2%
Forward Air Corp.	80,000		2,440,800
Hub Group, Inc. Class A	180,000		6,480,000
Park-Ohio Holdings Corp. (a)	401,646		8,567,109
			17,487,909
Airlines - 0.3%
AirTran Holdings, Inc. (a)(d)	330,000		3,633,300
Commercial Services & Supplies - 2.7%
FTI Consulting, Inc. (a)	400,000		14,708,000
IKON Office Solutions, Inc.	200,000		2,992,000
Interface, Inc. Class A	522,490		8,803,957
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - continued
Navigant Consulting, Inc. (a)	125,000		$ 2,397,500
Team, Inc. (a)	299,628		10,313,196
			39,214,653
Construction & Engineering - 2.6%
Infrasource Services, Inc. (a)	200,000		6,676,000
Shaw Group, Inc. (a)	418,000		13,555,740
Washington Group International, Inc. (a)	255,000		17,064,600
			37,296,340
Electrical Equipment - 1.2%
Belden CDT, Inc.	320,000		17,881,600
Machinery - 1.3%
AGCO Corp. (a)	85,000		3,547,050
Force Protection, Inc. (a)(d)	495,000		10,741,500
Manitowoc Co., Inc.	76,520		5,220,960
			19,509,510
Road & Rail - 0.5%
YRC Worldwide, Inc. (a)	175,000		6,963,250
Trading Companies & Distributors - 2.8%
Kaman Corp.	243,822		6,046,786
UAP Holding Corp.	1,055,980		29,218,967
WESCO International, Inc. (a)	88,000		5,558,960
			40,824,713
TOTAL INDUSTRIALS			229,060,747
INFORMATION TECHNOLOGY - 15.7%
Communications Equipment - 2.3%
Andrew Corp. (a)	200,000		2,184,000
Arris Group, Inc. (a)(d)	1,685,000		24,971,700
Polycom, Inc. (a)	180,000		5,994,000
			33,149,700
Computers & Peripherals - 0.5%
Brocade Communications Systems, Inc. (a)	725,000		7,083,250
Electronic Equipment & Instruments - 5.3%
Amphenol Corp. Class A	40,000		1,404,400
Benchmark Electronics, Inc. (a)	167,900		3,556,122
CTS Corp.	190,000		2,485,200
Ingram Micro, Inc. Class A (a)	837,700		16,435,674
Insight Enterprises, Inc. (a)	680,600		13,489,492
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Mettler-Toledo International, Inc. (a)	113,700		$ 11,099,394
SYNNEX Corp. (a)	85,000		1,661,750
Tektronix, Inc.	551,000		16,193,890
Vishay Intertechnology, Inc. (a)	677,491		11,280,225
			77,606,147
Internet Software & Services - 0.8%
j2 Global Communications, Inc. (a)	430,800		12,389,808
IT Services - 2.4%
CACI International, Inc. Class A (a)	135,000		6,173,550
ManTech International Corp. Class A (a)	105,000		3,221,400
MoneyGram International, Inc.	80,000		2,274,400
Ness Technologies, Inc. (a)	265,200		3,537,768
Telvent GIT SA (a)	1,041,000		19,810,230
			35,017,348
Semiconductors & Semiconductor Equipment - 2.9%
California Micro Devices Corp. (a)	303,000		1,472,580
Diodes, Inc. (a)	41,000		1,513,720
Entegris, Inc. (a)	500,000		5,860,000
FormFactor, Inc. (a)	220,900		9,120,961
Integrated Device Technology, Inc. (a)	195,400		2,927,092
LSI Logic Corp. (a)	540,000		4,590,000
Microsemi Corp. (a)	310,000		7,164,100
MKS Instruments, Inc. (a)	123,900		3,339,105
Rudolph Technologies, Inc. (a)	165,244		2,853,764
Standard Microsystems Corp. (a)	90,000		2,885,400
			41,726,722
Software - 1.5%
Blackbaud, Inc.	250,000		5,520,000
Quest Software, Inc. (a)	730,000		12,417,300
Sonic Solutions, Inc. (a)	255,000		3,322,650
			21,259,950
TOTAL INFORMATION TECHNOLOGY			228,232,925
MATERIALS - 5.5%
Chemicals - 1.0%
Airgas, Inc.	90,000		4,009,500
CF Industries Holdings, Inc.	80,000		3,175,200
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Georgia Gulf Corp. (d)	225,800		$ 3,606,026
H.B. Fuller Co.	125,000		3,196,250
			13,986,976
Containers & Packaging - 0.1%
Smurfit-Stone Container Corp.	190,000		2,289,500
Metals & Mining - 4.4%
Carpenter Technology Corp.	290,000		35,197,300
Compass Minerals International, Inc.	511,466		17,563,742
Meridian Gold, Inc. (a)	270,000		6,817,501
Titanium Metals Corp.	120,000		4,143,600
			63,722,143
TOTAL MATERIALS			79,998,619
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 0.9%
General Communications, Inc. Class A (a)	250,000		3,557,500
Level 3 Communications, Inc. (a)	800,000		4,448,000
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	230,000		4,715,000
			12,720,500
Wireless Telecommunication Services - 0.2%
Syniverse Holdings, Inc. (a)	384,000		3,959,040
TOTAL TELECOMMUNICATION SERVICES			16,679,540
UTILITIES - 3.2%
Electric Utilities - 1.4%
DPL, Inc.	160,000		5,016,000
ITC Holdings Corp.	343,400		14,450,272
Maine & Maritimes Corp. (a)	10,170		237,063
			19,703,335
Independent Power Producers & Energy Traders - 0.5%
NRG Energy, Inc. (d)	94,000		7,422,240
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - 1.3%
CMS Energy Corp.	607,500		$ 11,250,900
Integrys Energy Group, Inc.	145,000		8,134,500
			19,385,400
TOTAL UTILITIES			46,510,975
TOTAL COMMON STOCKS (Cost $1,248,883,947)		1,428,650,653
Money Market Funds - 6.3%

Fidelity Cash Central Fund, 5.29% (b)	25,032,773		25,032,773
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	65,567,605		65,567,605
TOTAL MONEY MARKET FUNDS (Cost $90,600,378)		90,600,378
TOTAL INVESTMENT PORTFOLIO - 104.7% (Cost $1,339,484,325)			1,519,251,031
NET OTHER ASSETS - (4.7)%			(68,002,777)
NET ASSETS - 100%		$ 1,451,248,254

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,995,627
Fidelity Securities Lending Cash Central Fund	252,237
Total	$ 2,247,864

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $1,339,845,353. Net unrealized appreciation aggregated $179,405,678, of which $224,559,578 related to appreciated investment securities and $45,153,900 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

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

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

April 30, 2007

1.817158.102

ASCV-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
CONSUMER DISCRETIONARY - 13.8%
Auto Components - 0.7%
Aftermarket Technology Corp. (a)	150,000		$ 4,144,500
ArvinMeritor, Inc.	175,000		3,613,750
Hawk Corp. Class A (a)	260,791		2,673,108
			10,431,358
Distributors - 0.4%
Building Materials Holding Corp. (d)	414,100		6,012,732
Hotels, Restaurants & Leisure - 2.2%
Cosi, Inc. (a)(d)	284,700		1,477,593
Domino's Pizza, Inc.	250,000		8,062,500
Great Wolf Resorts, Inc. (a)	22,903		290,639
Pinnacle Entertainment, Inc. (a)	412,700		11,588,616
Red Robin Gourmet Burgers, Inc. (a)(d)	140,000		5,544,000
Wyndham Worldwide Corp. (a)	150,000		5,190,000
			32,153,348
Household Durables - 3.1%
Ethan Allen Interiors, Inc. (d)	285,300		10,071,090
Jarden Corp. (a)	759,600		32,009,544
Ryland Group, Inc.	55,000		2,436,500
			44,517,134
Leisure Equipment & Products - 2.8%
MarineMax, Inc. (a)	30,000		594,900
Pool Corp. (d)	352,100		14,129,773
RC2 Corp. (a)	669,555		26,688,462
			41,413,135
Media - 0.3%
Charter Communications, Inc. Class A (a)	1,000,000		3,020,000
Entravision Communication Corp. Class A (a)	150,000		1,471,500
			4,491,500
Multiline Retail - 0.9%
Retail Ventures, Inc. (a)	23,100		470,778
Saks, Inc.	580,000		12,145,200
			12,615,978
Specialty Retail - 2.3%
Asbury Automotive Group, Inc.	135,000		3,883,950
Coldwater Creek, Inc. (a)	165,000		3,415,500
Gymboree Corp. (a)	330,000		12,599,400
Lithia Motors, Inc. Class A (sub. vtg.)	54,000		1,455,300
Mothers Work, Inc. (a)	78,600		2,751,000
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Payless ShoeSource, Inc. (a)	150,000		$ 4,785,000
Select Comfort Corp. (a)	150,000		2,781,000
Sonic Automotive, Inc. Class A (sub. vtg.)	42,500		1,215,075
			32,886,225
Textiles, Apparel & Luxury Goods - 1.1%
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	330,000		10,362,000
Warnaco Group, Inc. (a)	190,000		5,373,200
			15,735,200
TOTAL CONSUMER DISCRETIONARY			200,256,610
CONSUMER STAPLES - 5.6%
Food & Staples Retailing - 1.5%
The Pantry, Inc. (a)	471,000		21,190,290
Food Products - 1.6%
Chiquita Brands International, Inc.	171,000		2,535,930
Diamond Foods, Inc.	495,400		7,961,078
Hain Celestial Group, Inc. (a)	140,000		4,204,200
Marine Harvest ASA (a)(d)	7,155,000		7,745,146
			22,446,354
Household Products - 1.0%
Central Garden & Pet Co.	231,700		3,431,477
Central Garden & Pet Co. Class A (non-vtg.) (a)	788,300		11,288,456
			14,719,933
Personal Products - 1.5%
Physicians Formula Holdings, Inc.	8,100		170,262
Playtex Products, Inc. (a)	831,600		12,656,952
Prestige Brands Holdings, Inc. (a)	735,231		9,565,355
			22,392,569
TOTAL CONSUMER STAPLES			80,749,146
ENERGY - 10.7%
Energy Equipment & Services - 1.6%
Hornbeck Offshore Services, Inc. (a)	154,100		4,874,183
Oil States International, Inc. (a)	244,760		8,304,707
Superior Energy Services, Inc. (a)	290,000		10,535,700
			23,714,590
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - 9.1%
Alpha Natural Resources, Inc. (a)	107,400		$ 1,865,538
Cabot Oil & Gas Corp.	320,000		11,654,400
Forest Oil Corp. (a)	260,300		9,172,972
Mariner Energy, Inc. (a)	530,000		11,951,500
Petrohawk Energy Corp. (a)	790,000		11,415,500
Petroleum Development Corp. (a)	127,622		6,636,344
Southwestern Energy Co. (a)	320,000		13,440,000
Tesoro Corp.	443,800		53,788,559
USEC, Inc. (a)	275,000		5,546,750
Venoco, Inc.	91,524		1,740,786
Western Refining, Inc.	110,000		4,358,200
			131,570,549
TOTAL ENERGY			155,285,139
FINANCIALS - 23.9%
Capital Markets - 2.1%
ACA Capital Holdings, Inc. (d)	100,000		1,435,000
American Capital Strategies Ltd. (d)	153,700		7,482,116
MarketAxess Holdings, Inc. (a)	450,000		7,371,000
Piper Jaffray Companies (a)	75,000		4,785,750
TradeStation Group, Inc. (a)	718,300		8,748,894
			29,822,760
Commercial Banks - 5.1%
Boston Private Financial Holdings, Inc.	610,200		16,969,662
Cathay General Bancorp	266,520		8,739,191
Center Financial Corp., California	354,052		5,792,291
Colonial Bancgroup, Inc.	130,000		3,127,800
East West Bancorp, Inc.	28,800		1,147,968
First State Bancorp.	233,500		4,882,485
Hanmi Financial Corp.	195,040		3,200,606
Investors Bancorp, Inc. (a)	190,000		2,717,000
Nara Bancorp, Inc.	183,270		3,025,788
South Financial Group, Inc.	340,000		7,694,200
Sterling Bancshares, Inc.	235,000		2,686,050
UCBH Holdings, Inc.	150,000		2,694,000
UMB Financial Corp.	75,000		2,934,000
Wintrust Financial Corp.	198,260		8,521,215
			74,132,256
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Consumer Finance - 0.9%
Advanta Corp. Class B	65,000		$ 2,978,300
Cash America International, Inc.	60,000		2,589,600
CompuCredit Corp. (a)(d)	55,000		1,988,800
Dollar Financial Corp. (a)	185,000		5,390,900
			12,947,600
Diversified Financial Services - 0.7%
Endeavor Acquisition Corp. (a)(d)	341,000		3,577,090
Marlin Business Services Corp. (a)	270,779		6,338,936
			9,916,026
Insurance - 11.6%
American Equity Investment Life Holding Co.	1,039,506		14,189,257
Aspen Insurance Holdings Ltd.	360,200		9,548,902
Delphi Financial Group, Inc. Class A	172,850		7,380,695
HCC Insurance Holdings, Inc.	670,920		20,570,407
Infinity Property & Casualty Corp.	75,000		3,488,250
IPC Holdings Ltd.	572,440		17,161,751
Max Re Capital Ltd.	175,000		4,690,000
National Financial Partners Corp. (d)	456,300		21,021,741
Navigators Group, Inc. (a)	104,862		5,357,400
Ohio Casualty Corp.	100,500		3,179,820
Philadelphia Consolidated Holdings Corp. (a)	99,140		4,302,676
Platinum Underwriters Holdings Ltd.	329,700		11,282,334
Tower Group, Inc.	305,000		9,360,450
United America Indemnity Ltd. Class A (a)	91,022		2,273,730
Universal American Financial Corp. (a)	150,000		2,784,000
Willis Group Holdings Ltd.	195,000		7,998,900
Zenith National Insurance Corp.	524,000		24,235,000
			168,825,313
Real Estate Investment Trusts - 0.4%
Education Realty Trust, Inc.	188,300		2,681,392
GMH Communities Trust	314,100		3,153,564
			5,834,956
Real Estate Management & Development - 1.8%
Jones Lang LaSalle, Inc.	238,000		25,582,620
Thrifts & Mortgage Finance - 1.3%
BankAtlantic Bancorp, Inc. Class A (non-vtg.)	460,000		4,434,400
Farmer Mac Class C (non-vtg.)	155,000		4,243,900
Radian Group, Inc.	65,000		3,777,150
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
Triad Guaranty, Inc. (a)	50,000		$ 2,210,500
Washington Federal, Inc.	210,000		4,979,100
			19,645,050
TOTAL FINANCIALS			346,706,581
HEALTH CARE - 3.1%
Health Care Providers & Services - 0.7%
Air Methods Corp. (a)	204,867		5,635,891
Healthspring, Inc. (a)	210,000		4,939,200
			10,575,091
Life Sciences Tools & Services - 0.6%
ICON PLC sponsored ADR	178,720		8,387,330
Pharmaceuticals - 1.8%
Adams Respiratory Therapeutics, Inc. (a)	115,000		4,313,650
Valeant Pharmaceuticals International	1,215,000		21,894,300
			26,207,950
TOTAL HEALTH CARE			45,170,371
INDUSTRIALS - 15.8%
Aerospace & Defense - 3.2%
AAR Corp. (a)	877,300		26,792,742
DRS Technologies, Inc.	144,000		7,244,640
Hexcel Corp. (a)	250,200		5,429,340
Orbital Sciences Corp. (a)	325,000		6,782,750
			46,249,472
Air Freight & Logistics - 1.2%
Forward Air Corp.	80,000		2,440,800
Hub Group, Inc. Class A	180,000		6,480,000
Park-Ohio Holdings Corp. (a)	401,646		8,567,109
			17,487,909
Airlines - 0.3%
AirTran Holdings, Inc. (a)(d)	330,000		3,633,300
Commercial Services & Supplies - 2.7%
FTI Consulting, Inc. (a)	400,000		14,708,000
IKON Office Solutions, Inc.	200,000		2,992,000
Interface, Inc. Class A	522,490		8,803,957
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - continued
Navigant Consulting, Inc. (a)	125,000		$ 2,397,500
Team, Inc. (a)	299,628		10,313,196
			39,214,653
Construction & Engineering - 2.6%
Infrasource Services, Inc. (a)	200,000		6,676,000
Shaw Group, Inc. (a)	418,000		13,555,740
Washington Group International, Inc. (a)	255,000		17,064,600
			37,296,340
Electrical Equipment - 1.2%
Belden CDT, Inc.	320,000		17,881,600
Machinery - 1.3%
AGCO Corp. (a)	85,000		3,547,050
Force Protection, Inc. (a)(d)	495,000		10,741,500
Manitowoc Co., Inc.	76,520		5,220,960
			19,509,510
Road & Rail - 0.5%
YRC Worldwide, Inc. (a)	175,000		6,963,250
Trading Companies & Distributors - 2.8%
Kaman Corp.	243,822		6,046,786
UAP Holding Corp.	1,055,980		29,218,967
WESCO International, Inc. (a)	88,000		5,558,960
			40,824,713
TOTAL INDUSTRIALS			229,060,747
INFORMATION TECHNOLOGY - 15.7%
Communications Equipment - 2.3%
Andrew Corp. (a)	200,000		2,184,000
Arris Group, Inc. (a)(d)	1,685,000		24,971,700
Polycom, Inc. (a)	180,000		5,994,000
			33,149,700
Computers & Peripherals - 0.5%
Brocade Communications Systems, Inc. (a)	725,000		7,083,250
Electronic Equipment & Instruments - 5.3%
Amphenol Corp. Class A	40,000		1,404,400
Benchmark Electronics, Inc. (a)	167,900		3,556,122
CTS Corp.	190,000		2,485,200
Ingram Micro, Inc. Class A (a)	837,700		16,435,674
Insight Enterprises, Inc. (a)	680,600		13,489,492
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Mettler-Toledo International, Inc. (a)	113,700		$ 11,099,394
SYNNEX Corp. (a)	85,000		1,661,750
Tektronix, Inc.	551,000		16,193,890
Vishay Intertechnology, Inc. (a)	677,491		11,280,225
			77,606,147
Internet Software & Services - 0.8%
j2 Global Communications, Inc. (a)	430,800		12,389,808
IT Services - 2.4%
CACI International, Inc. Class A (a)	135,000		6,173,550
ManTech International Corp. Class A (a)	105,000		3,221,400
MoneyGram International, Inc.	80,000		2,274,400
Ness Technologies, Inc. (a)	265,200		3,537,768
Telvent GIT SA (a)	1,041,000		19,810,230
			35,017,348
Semiconductors & Semiconductor Equipment - 2.9%
California Micro Devices Corp. (a)	303,000		1,472,580
Diodes, Inc. (a)	41,000		1,513,720
Entegris, Inc. (a)	500,000		5,860,000
FormFactor, Inc. (a)	220,900		9,120,961
Integrated Device Technology, Inc. (a)	195,400		2,927,092
LSI Logic Corp. (a)	540,000		4,590,000
Microsemi Corp. (a)	310,000		7,164,100
MKS Instruments, Inc. (a)	123,900		3,339,105
Rudolph Technologies, Inc. (a)	165,244		2,853,764
Standard Microsystems Corp. (a)	90,000		2,885,400
			41,726,722
Software - 1.5%
Blackbaud, Inc.	250,000		5,520,000
Quest Software, Inc. (a)	730,000		12,417,300
Sonic Solutions, Inc. (a)	255,000		3,322,650
			21,259,950
TOTAL INFORMATION TECHNOLOGY			228,232,925
MATERIALS - 5.5%
Chemicals - 1.0%
Airgas, Inc.	90,000		4,009,500
CF Industries Holdings, Inc.	80,000		3,175,200
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Georgia Gulf Corp. (d)	225,800		$ 3,606,026
H.B. Fuller Co.	125,000		3,196,250
			13,986,976
Containers & Packaging - 0.1%
Smurfit-Stone Container Corp.	190,000		2,289,500
Metals & Mining - 4.4%
Carpenter Technology Corp.	290,000		35,197,300
Compass Minerals International, Inc.	511,466		17,563,742
Meridian Gold, Inc. (a)	270,000		6,817,501
Titanium Metals Corp.	120,000		4,143,600
			63,722,143
TOTAL MATERIALS			79,998,619
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 0.9%
General Communications, Inc. Class A (a)	250,000		3,557,500
Level 3 Communications, Inc. (a)	800,000		4,448,000
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	230,000		4,715,000
			12,720,500
Wireless Telecommunication Services - 0.2%
Syniverse Holdings, Inc. (a)	384,000		3,959,040
TOTAL TELECOMMUNICATION SERVICES			16,679,540
UTILITIES - 3.2%
Electric Utilities - 1.4%
DPL, Inc.	160,000		5,016,000
ITC Holdings Corp.	343,400		14,450,272
Maine & Maritimes Corp. (a)	10,170		237,063
			19,703,335
Independent Power Producers & Energy Traders - 0.5%
NRG Energy, Inc. (d)	94,000		7,422,240
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - 1.3%
CMS Energy Corp.	607,500		$ 11,250,900
Integrys Energy Group, Inc.	145,000		8,134,500
			19,385,400
TOTAL UTILITIES			46,510,975
TOTAL COMMON STOCKS (Cost $1,248,883,947)		1,428,650,653
Money Market Funds - 6.3%

Fidelity Cash Central Fund, 5.29% (b)	25,032,773		25,032,773
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	65,567,605		65,567,605
TOTAL MONEY MARKET FUNDS (Cost $90,600,378)		90,600,378
TOTAL INVESTMENT PORTFOLIO - 104.7% (Cost $1,339,484,325)			1,519,251,031
NET OTHER ASSETS - (4.7)%			(68,002,777)
NET ASSETS - 100%		$ 1,451,248,254

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,995,627
Fidelity Securities Lending Cash Central Fund	252,237
Total	$ 2,247,864

Income Tax Information

Investment Valuation

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Securities Fund

By:	/s/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	June 22, 2007

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

By:	/s/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	June 22, 2007

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

Date:	June 22, 2007

EX-99.CERT 2 ex99.htm

Exhibit EX-99.CERT

I, Kimberley Monasterio, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: June 22, 2007

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

I, Joseph B. Hollis, certify that:

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

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

Date: June 22, 2007

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

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