N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4118

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	July 31

Date of reporting period:	October 31, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

October 31, 2012

1.809089.109

GAI-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 11.5%
Auto Components - 0.5%
Gentex Corp.	925,802		$ 15,942
Johnson Controls, Inc.	441,297		11,363
			27,305
Distributors - 0.1%
Genuine Parts Co.	25,400		1,590
LKQ Corp. (a)	223,700		4,673
			6,263
Diversified Consumer Services - 0.2%
Strayer Education, Inc. (d)	230,668		13,254
Hotels, Restaurants & Leisure - 1.2%
McDonald's Corp.	654,046		56,771
Yum! Brands, Inc.	178,212		12,494
			69,265
Household Durables - 0.7%
Ryland Group, Inc.	473,343		16,032
Toll Brothers, Inc. (a)	659,793		21,780
			37,812
Leisure Equipment & Products - 0.0%
Hasbro, Inc. (d)	44,538		1,603
Media - 5.1%
Comcast Corp. Class A	3,236,100		121,386
Scripps Networks Interactive, Inc. Class A	93,399		5,671
The Walt Disney Co.	387,718		19,025
Thomson Reuters Corp. (d)	465,100		13,095
Time Warner Cable, Inc.	173,524		17,198
Time Warner, Inc.	2,177,413		94,609
Viacom, Inc. Class B (non-vtg.)	458,918		23,529
			294,513
Multiline Retail - 1.7%
Kohl's Corp.	129,391		6,894
Target Corp.	1,418,232		90,412
			97,306
Specialty Retail - 2.0%
Lowe's Companies, Inc.	3,068,143		99,346
Staples, Inc.	1,360,335		15,664
			115,010
TOTAL CONSUMER DISCRETIONARY			662,331
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - 11.7%
Beverages - 3.5%
Britvic PLC	365,500		$ 2,119
Dr Pepper Snapple Group, Inc.	913,035		39,124
Molson Coors Brewing Co. Class B	141,350		6,098
PepsiCo, Inc.	957,280		66,282
The Coca-Cola Co.	2,325,128		86,448
			200,071
Food & Staples Retailing - 2.0%
CVS Caremark Corp.	658,904		30,573
Kroger Co.	341,800		8,620
Safeway, Inc.	609,996		9,949
Walgreen Co.	1,944,314		68,498
			117,640
Food Products - 1.0%
Bunge Ltd.	47,700		3,388
Danone SA	186,779		11,481
Kellogg Co.	779,061		40,760
Tate & Lyle PLC	216,133		2,532
			58,161
Household Products - 3.3%
Colgate-Palmolive Co.	55,563		5,832
Kimberly-Clark Corp.	749,804		62,571
Procter & Gamble Co.	1,806,892		125,109
			193,512
Tobacco - 1.9%
British American Tobacco PLC sponsored ADR	685,059		68,067
Lorillard, Inc.	358,469		41,586
			109,653
TOTAL CONSUMER STAPLES			679,037
ENERGY - 11.6%
Energy Equipment & Services - 1.3%
Canadian Energy Services & Tech Credit	41,700		428
Core Laboratories NV (d)	59,100		6,126
Ensco PLC Class A	19,900		1,151
Exterran Partners LP	248,521		5,587
Fugro NV (Certificaten Van Aandelen) unit	22,689		1,534
Halliburton Co.	1,167,964		37,714
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Pason Systems, Inc.	137,100		$ 2,233
Schlumberger Ltd.	306,204		21,290
			76,063
Oil, Gas & Consumable Fuels - 10.3%
Apache Corp.	169,371		14,015
Atlas Pipeline Partners, LP	270,192		9,559
BP PLC sponsored ADR	700,884		30,061
Canadian Natural Resources Ltd.	546,200		16,461
Chevron Corp.	1,688,816		186,124
Exxon Mobil Corp.	1,563,536		142,548
Legacy Reserves LP	95,430		2,595
Markwest Energy Partners LP	218,555		11,852
Occidental Petroleum Corp.	441,745		34,880
Penn West Petroleum Ltd.	448,300		5,822
Royal Dutch Shell PLC Class A (United Kingdom)	1,992,062		68,353
Suncor Energy, Inc.	1,407,400		47,235
The Williams Companies, Inc.	747,880		26,168
			595,673
TOTAL ENERGY			671,736
FINANCIALS - 18.1%
Capital Markets - 4.1%
Apollo Investment Corp.	324,930		2,583
Ashmore Group PLC	2,070,400		12,152
BlackRock, Inc. Class A	97,236		18,444
Charles Schwab Corp.	4,047,163		54,960
Greenhill & Co., Inc.	122,238		5,833
KKR & Co. LP	1,770,940		26,653
Morgan Stanley	2,744,238		47,695
Northern Trust Corp.	603,251		28,823
TD Ameritrade Holding Corp.	977,356		15,335
The Blackstone Group LP	1,157,517		17,779
UBS AG	389,350		5,842
			236,099
Commercial Banks - 5.4%
City National Corp.	150,089		7,670
Comerica, Inc.	169,943		5,066
First Niagara Financial Group, Inc.	372,765		3,086
PNC Financial Services Group, Inc.	84,900		4,940
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - continued
Standard Chartered PLC (United Kingdom)	445,933		$ 10,532
SunTrust Banks, Inc.	1,241,883		33,779
U.S. Bancorp	1,802,912		59,875
Wells Fargo & Co.	5,601,186		188,704
			313,652
Consumer Finance - 0.1%
SLM Corp.	242,018		4,255
Diversified Financial Services - 6.6%
Citigroup, Inc.	2,400,098		89,740
CME Group, Inc.	511,845		28,627
JPMorgan Chase & Co.	5,396,844		224,940
KKR Financial Holdings LLC	3,706,218		37,840
NYSE Euronext	164,350		4,069
			385,216
Insurance - 1.3%
AFLAC, Inc.	55,846		2,780
Direct Line Insurance Grup PLC	702,100		2,204
MetLife, Inc.	1,287,209		45,683
MetLife, Inc. unit (a)	364,100		16,920
Prudential Financial, Inc.	124,476		7,101
			74,688
Real Estate Investment Trusts - 0.4%
Digital Realty Trust, Inc.	88,040		5,408
MFA Financial, Inc.	512,677		4,189
PennyMac Mortgage Investment Trust	39,900		1,015
Sun Communities, Inc.	284,243		11,933
			22,545
Real Estate Management & Development - 0.1%
Beazer Pre-Owned Rental Homes, Inc. (e)	254,400		5,088
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. (a)	175,288		301
Radian Group, Inc.	1,386,620		6,503
			6,804
TOTAL FINANCIALS			1,048,347
HEALTH CARE - 11.5%
Biotechnology - 0.9%
Amgen, Inc.	608,104		52,628
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 0.4%
Baxter International, Inc.	140,800		$ 8,818
St. Jude Medical, Inc.	130,187		4,981
Stryker Corp.	150,310		7,906
			21,705
Health Care Providers & Services - 2.4%
Aetna, Inc.	562,590		24,585
Cardinal Health, Inc.	245,352		10,091
McKesson Corp.	558,964		52,157
WellPoint, Inc.	827,990		50,739
			137,572
Health Care Technology - 0.2%
Quality Systems, Inc.	676,572		11,806
Life Sciences Tools & Services - 0.1%
QIAGEN NV (a)	387,783		6,767
Pharmaceuticals - 7.5%
Abbott Laboratories	613,927		40,224
AstraZeneca PLC sponsored ADR	291,600		13,530
Cardiome Pharma Corp. (a)	935,300		253
Eli Lilly & Co.	705,202		34,294
GlaxoSmithKline PLC sponsored ADR	619,254		27,805
Johnson & Johnson	1,378,397		97,618
Merck & Co., Inc.	2,568,994		117,223
Novartis AG sponsored ADR	187,000		11,306
Pfizer, Inc.	2,850,054		70,881
Sanofi SA	172,329		15,135
Teva Pharmaceutical Industries Ltd. sponsored ADR	139,395		5,634
			433,903
TOTAL HEALTH CARE			664,381
INDUSTRIALS - 12.9%
Aerospace & Defense - 3.0%
Honeywell International, Inc.	329,757		20,194
Raytheon Co.	470,812		26,629
Rockwell Collins, Inc.	740,762		39,690
The Boeing Co.	577,186		40,657
United Technologies Corp.	566,200		44,254
			171,424
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Air Freight & Logistics - 1.5%
C.H. Robinson Worldwide, Inc.	374,559		$ 22,597
United Parcel Service, Inc. Class B	851,021		62,337
			84,934
Building Products - 0.3%
Owens Corning (a)	525,631		17,656
Commercial Services & Supplies - 0.9%
Aggreko PLC	187,100		6,492
Interface, Inc.	1,080,827		15,467
Republic Services, Inc.	1,046,076		29,656
			51,615
Electrical Equipment - 0.5%
Emerson Electric Co.	342,719		16,598
Hubbell, Inc. Class B	118,808		9,947
Rockwell Automation, Inc.	49,819		3,540
			30,085
Industrial Conglomerates - 3.2%
Danaher Corp.	527,996		27,313
DCC PLC (Ireland)	122,600		3,503
General Electric Co.	6,607,953		139,163
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	704,646		17,673
			187,652
Machinery - 1.9%
Briggs & Stratton Corp.	220,100		4,347
Cummins, Inc.	60,961		5,705
Douglas Dynamics, Inc.	898,738		13,652
Graco, Inc.	129,866		6,241
Illinois Tool Works, Inc.	128,886		7,905
Ingersoll-Rand PLC	621,575		29,233
Lincoln Electric Holdings, Inc.	62,788		2,723
Morgan Crucible Co. PLC	597,549		2,430
PACCAR, Inc.	72,400		3,138
Schindler Holding AG (participation certificate)	52,291		6,889
Stanley Black & Decker, Inc.	382,345		26,497
			108,760
Marine - 0.2%
Irish Continental Group PLC unit	132,500		3,229
Kuehne & Nagel International AG	75,930		8,862
			12,091
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Professional Services - 0.5%
Amadeus Fire AG	71,043		$ 3,297
Bureau Veritas SA	135,500		14,389
Michael Page International PLC	2,229,263		12,965
			30,651
Road & Rail - 0.5%
J.B. Hunt Transport Services, Inc.	292,180		17,151
Kansas City Southern	62,100		4,997
Ryder System, Inc.	167,476		7,557
			29,705
Trading Companies & Distributors - 0.4%
W.W. Grainger, Inc.	59,172		11,918
Watsco, Inc.	142,944		9,770
			21,688
TOTAL INDUSTRIALS			746,261
INFORMATION TECHNOLOGY - 16.4%
Communications Equipment - 1.4%
Cisco Systems, Inc.	3,182,293		54,545
QUALCOMM, Inc.	461,804		27,050
			81,595
Computers & Peripherals - 5.2%
Apple, Inc.	449,036		267,226
EMC Corp. (a)	961,700		23,485
Hewlett-Packard Co.	715,295		9,907
			300,618
Electronic Equipment & Components - 0.1%
Arrow Electronics, Inc. (a)	189,146		6,664
Internet Software & Services - 1.7%
Google, Inc. Class A (a)	145,962		99,221
IT Services - 5.5%
Cognizant Technology Solutions Corp. Class A (a)	354,204		23,608
Fidelity National Information Services, Inc.	911,037		29,946
IBM Corp.	136,350		26,524
MasterCard, Inc. Class A	139,950		64,507
Paychex, Inc.	2,729,204		88,508
The Western Union Co.	2,193,751		27,861
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - continued
Total System Services, Inc.	297,684		$ 6,695
Visa, Inc. Class A	370,874		51,462
			319,111
Semiconductors & Semiconductor Equipment - 0.2%
Analog Devices, Inc.	264,865		10,359
Software - 2.3%
Microsoft Corp.	4,021,469		114,753
Royalblue Group PLC	446,536		9,584
Symantec Corp. (a)	424,700		7,725
			132,062
TOTAL INFORMATION TECHNOLOGY			949,630
MATERIALS - 1.3%
Chemicals - 1.3%
Air Products & Chemicals, Inc.	185,295		14,366
Airgas, Inc.	159,226		14,166
E.I. du Pont de Nemours & Co.	247,923		11,038
Syngenta AG (Switzerland)	63,126		24,612
The Dow Chemical Co.	371,244		10,877
			75,059
TELECOMMUNICATION SERVICES - 1.3%
Diversified Telecommunication Services - 0.6%
Verizon Communications, Inc.	764,660		34,134
Wireless Telecommunication Services - 0.7%
Vodafone Group PLC sponsored ADR	1,466,642		39,922
TOTAL TELECOMMUNICATION SERVICES			74,056
UTILITIES - 2.0%
Electric Utilities - 1.3%
American Electric Power Co., Inc.	189,821		8,436
Duke Energy Corp.	86,872		5,707
FirstEnergy Corp.	802,747		36,702
ITC Holdings Corp.	63,400		5,048
NextEra Energy, Inc.	158,864		11,130
PPL Corp.	315,253		9,325
			76,348
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Multi-Utilities - 0.7%
National Grid PLC	1,276,454		$ 14,557
PG&E Corp.	274,316		11,664
Sempra Energy	175,009		12,207
			38,428
TOTAL UTILITIES			114,776
TOTAL COMMON STOCKS (Cost $5,132,898)		5,685,614
Preferred Stocks - 1.2%

Convertible Preferred Stocks - 0.9%
CONSUMER STAPLES - 0.1%
Food Products - 0.1%
Bunge Ltd. 4.875%	41,200		4,179
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Apache Corp. 6.00%	61,400		2,865
HEALTH CARE - 0.5%
Health Care Equipment & Supplies - 0.5%
Alere, Inc. 3.00%	155,507		30,868
INDUSTRIALS - 0.1%
Aerospace & Defense - 0.1%
United Technologies Corp. 7.50%	110,600		6,014
UTILITIES - 0.1%
Electric Utilities - 0.1%
PPL Corp. 8.75%	104,300		5,647
TOTAL CONVERTIBLE PREFERRED STOCKS			49,573
Nonconvertible Preferred Stocks - 0.3%
CONSUMER DISCRETIONARY - 0.3%
Automobiles - 0.3%
Volkswagen AG	86,575		17,909
TOTAL PREFERRED STOCKS (Cost $72,380)		67,482

Convertible Bonds - 0.1%
	Principal Amount (000s)	Value (000s)
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Amyris, Inc. 3% 2/27/17 (e) (Cost $5,615)	$ 5,615	$ 3,861

Money Market Funds - 1.3%
	Shares
Fidelity Cash Central Fund, 0.19% (b)	34,665,961		34,666
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	41,365,363		41,365
TOTAL MONEY MARKET FUNDS (Cost $76,031)		76,031
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $5,286,924)			5,832,988
NET OTHER ASSETS (LIABILITIES) - (0.9)%			(51,820)
NET ASSETS - 100%		$ 5,781,168

Legend

(a) Non-income producing

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

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

(e) 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 $8,949,000 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Amyris, Inc. 3% 2/27/17	2/27/12	$ 5,615
Beazer Pre-Owned Rental Homes, Inc.	5/3/12 - 10/23/12	$ 5,088

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	$ 10
Fidelity Securities Lending Cash Central Fund	125
Total	$ 135

Other Information

The following is a summary of the inputs used, as of October 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 680,240	$ 680,240	$ -	$ -
Consumer Staples	683,216	679,037	4,179	-
Energy	674,601	606,248	68,353	-
Financials	1,048,347	1,037,417	5,842	5,088
Health Care	695,249	680,114	15,135	-
Industrials	752,275	752,275	-	-
Information Technology	949,630	949,630	-	-
Materials	75,059	50,447	24,612	-
Telecommunication Services	74,056	74,056	-	-
Utilities	120,423	100,219	20,204	-
Corporate Bonds	3,861	-	3,861	-
Money Market Funds	76,031	76,031	-	-
Total Investments in Securities:	$ 5,832,988	$ 5,685,714	$ 142,186	$ 5,088

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $5,315,580,000. Net unrealized appreciation aggregated $517,408,000, of which $724,462,000 related to appreciated investment securities and $207,054,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Small Cap Value Fund
Small Cap Value

Class F

October 31, 2012

1.823236.108

SCV-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
CONSUMER DISCRETIONARY - 12.2%
Diversified Consumer Services - 2.0%
Regis Corp. (e)	3,400,000		$ 56,644,000
Household Durables - 4.2%
KB Home (d)	2,903,200		46,393,136
Ryland Group, Inc.	799,100		27,065,517
Tempur-Pedic International, Inc. (a)(d)	1,800,000		47,592,000
			121,050,653
Media - 1.8%
Valassis Communications, Inc. (a)(d)(e)	2,065,841		53,753,183
Specialty Retail - 1.5%
Asbury Automotive Group, Inc. (a)	800,000		25,376,000
Tsutsumi Jewelry Co. Ltd.	791,400		18,151,740
			43,527,740
Textiles, Apparel & Luxury Goods - 2.7%
Hanesbrands, Inc. (a)	2,300,000		76,981,000
TOTAL CONSUMER DISCRETIONARY			351,956,576
CONSUMER STAPLES - 4.4%
Food Products - 2.7%
Chiquita Brands International, Inc. (a)(e)	3,375,000		24,333,750
Dean Foods Co. (a)	1,600,000		26,944,000
Post Holdings, Inc. (a)	884,600		27,909,130
			79,186,880
Household Products - 1.7%
Spectrum Brands Holdings, Inc.	1,062,901		48,351,366
TOTAL CONSUMER STAPLES			127,538,246
ENERGY - 5.3%
Energy Equipment & Services - 2.7%
Superior Energy Services, Inc. (a)	3,850,000		78,270,500
Oil, Gas & Consumable Fuels - 2.6%
Berry Petroleum Co. Class A	1,925,000		74,131,750
TOTAL ENERGY			152,402,250
Common Stocks - continued
	Shares		Value
FINANCIALS - 35.1%
Capital Markets - 2.8%
Monex Group, Inc.	149,703		$ 25,466,200
Waddell & Reed Financial, Inc. Class A	1,700,000		56,661,000
			82,127,200
Commercial Banks - 11.4%
Associated Banc-Corp.	4,432,650		57,136,859
CapitalSource, Inc.	8,600,000		68,026,000
City National Corp.	784,900		40,108,390
National Penn Bancshares, Inc.	4,266,604		38,100,774
PacWest Bancorp (e)	1,900,000		42,750,000
TCF Financial Corp.	7,200,000		82,367,996
			328,490,019
Consumer Finance - 0.1%
World Acceptance Corp. (a)(d)	28,600		1,909,336
Insurance - 8.2%
Alterra Capital Holdings Ltd.	2,550,000		62,296,500
Aspen Insurance Holdings Ltd.	2,100,000		67,935,000
Platinum Underwriters Holdings Ltd. (e)	1,694,139		75,219,772
ProAssurance Corp.	350,000		31,290,000
			236,741,272
Real Estate Investment Trusts - 7.5%
DCT Industrial Trust, Inc.	11,980,586		77,274,780
Franklin Street Properties Corp. (e)	4,200,117		47,923,335
Highwoods Properties, Inc. (SBI)	1,720,330		55,480,643
National Retail Properties, Inc. (d)	1,140,000		36,115,200
			216,793,958
Real Estate Management & Development - 1.1%
Forestar Group, Inc. (a)(e)	1,934,151		30,965,758
Thrifts & Mortgage Finance - 4.0%
Astoria Financial Corp. (d)(e)	5,404,051		54,202,632
Washington Federal, Inc.	3,725,000		62,505,500
			116,708,132
TOTAL FINANCIALS			1,013,735,675
HEALTH CARE - 5.9%
Health Care Equipment & Supplies - 1.0%
Integra LifeSciences Holdings Corp. (a)	750,000		28,687,500
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 4.9%
Chemed Corp.	465,200		$ 31,284,700
MEDNAX, Inc. (a)	779,700		53,783,706
Team Health Holdings, Inc. (a)	2,127,580		56,614,904
			141,683,310
TOTAL HEALTH CARE			170,370,810
INDUSTRIALS - 14.8%
Commercial Services & Supplies - 7.8%
ACCO Brands Corp.	4,042,577		29,268,257
HNI Corp. (e)	2,700,000		74,304,000
Knoll, Inc.	1,750,000		25,182,500
Quad/Graphics, Inc. (d)(e)	2,200,000		40,326,000
United Stationers, Inc.	1,980,800		57,482,816
			226,563,573
Electrical Equipment - 2.5%
GrafTech International Ltd. (a)(e)	6,800,000		71,468,000
Machinery - 1.9%
Blount International, Inc. (a)(e)	2,975,000		39,359,250
Columbus McKinnon Corp. (NY Shares) (a)(e)	1,050,000		15,718,500
			55,077,750
Trading Companies & Distributors - 2.6%
WESCO International, Inc. (a)	1,153,633		74,847,709
TOTAL INDUSTRIALS			427,957,032
INFORMATION TECHNOLOGY - 11.8%
Communications Equipment - 2.9%
Polycom, Inc. (a)	3,400,000		34,068,000
ViaSat, Inc. (a)	1,325,000		51,463,000
			85,531,000
Electronic Equipment & Components - 5.6%
Ingram Micro, Inc. Class A (a)	3,100,000		47,120,000
Macnica, Inc.	677,400		13,330,770
Ryoyo Electro Corp. (e)	1,972,700		19,719,587
SYNNEX Corp. (a)	790,000		25,588,100
Tech Data Corp. (a)	1,275,000		56,495,250
			162,253,707
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 1.4%
j2 Global, Inc. (d)	1,350,000		$ 40,554,000
Semiconductors & Semiconductor Equipment - 0.5%
Miraial Co. Ltd. (e)	720,200		13,712,940
Software - 1.4%
Monotype Imaging Holdings, Inc. (e)	2,654,631		40,642,401
TOTAL INFORMATION TECHNOLOGY			342,694,048
MATERIALS - 5.0%
Chemicals - 1.8%
PolyOne Corp.	2,800,000		53,004,000
Metals & Mining - 3.2%
Carpenter Technology Corp.	409,380		19,899,962
Haynes International, Inc.	550,000		27,874,000
RTI International Metals, Inc. (a)(e)	1,880,000		42,845,200
			90,619,162
TOTAL MATERIALS			143,623,162
UTILITIES - 4.1%
Electric Utilities - 1.4%
Westar Energy, Inc.	1,360,000		40,392,000
Gas Utilities - 2.7%
Southwest Gas Corp.	836,756		36,373,783
UGI Corp.	1,333,454		43,057,230
			79,431,013
TOTAL UTILITIES			119,823,013
TOTAL COMMON STOCKS (Cost $2,352,299,969)		2,850,100,812
Nonconvertible Preferred Stocks - 1.3%

CONSUMER DISCRETIONARY - 0.6%
Household Durables - 0.6%
M/I Homes, Inc. Series A, 9.75% (a)	750,400		16,471,280
Nonconvertible Preferred Stocks - continued
	Shares		Value
FINANCIALS - 0.7%
Real Estate Investment Trusts - 0.7%
DDR Corp. Series H, 7.375%	818,790		$ 20,674,448
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $20,354,770)		37,145,728
Money Market Funds - 1.2%

Fidelity Cash Central Fund, 0.19% (b)	7,179,270		7,179,270
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	28,219,450		28,219,450
TOTAL MONEY MARKET FUNDS (Cost $35,398,720)		35,398,720
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $2,408,053,459)			2,922,645,260
NET OTHER ASSETS (LIABILITIES) - (1.1)%			(32,819,953)
NET ASSETS - 100%		$ 2,889,825,307

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,488
Fidelity Securities Lending Cash Central Fund	134,425
Total	$ 137,913

Other Affiliated Issuers

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

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Astoria Financial Corp.	$ 51,038,992	$ -	$ 134,410	$ 216,162	$ 54,202,632
Blount International, Inc.	37,039,161	4,861,737	-	-	39,359,250
Chiquita Brands International, Inc.	17,482,500	-	-	-	24,333,750
Columbus McKinnon Corp. (NY Shares)	15,414,197	33,512	-	-	15,718,500
Forestar Group, Inc.	22,724,438	-	1,085,444	-	30,965,758
Franklin Street Properties Corp.	32,769,200	11,387,840	-	761,007	47,923,335
GrafTech International Ltd.	62,334,250	7,692,003	-	-	71,468,000
HNI Corp.	71,739,000	-	-	648,000	74,304,000
Miraial Co. Ltd.	10,410,478	-	-	-	13,712,940
Monotype Imaging Holdings, Inc.	38,936,219	34,951	-	106,093	40,642,401
PacWest Bancorp	42,557,616	917,960	-	334,368	42,750,000
Platinum Underwriters Holdings Ltd.	64,411,165	-	-	135,531	75,219,772
Quad/Graphics, Inc.	28,908,484	5,404,970	-	550,000	40,326,000
Regis Corp.	52,452,000	4,787,419	-	186,000	56,644,000
RTI International Metals, Inc.	42,206,000	-	-	-	42,845,200
Ryoyo Electro Corp.	20,552,790	-	-	-	19,719,587
Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Valassis Communications, Inc.	$ 35,733,655	$ 12,490,756	$ -	$ -	$ 53,753,183
Western Liberty Bancorp	2,879,407	-	3,071,972	-	-
Total	$ 649,589,552	$ 47,611,148	$ 4,291,826	$ 2,937,161	$ 743,888,308

Other Information

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

The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing.

Transfers	Total
Level 1 to Level 2	$ 0
Level 2 to Level 1	$ 88,107,039

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $2,409,380,315. Net unrealized appreciation aggregated $513,264,945, of which $617,548,202 related to appreciated investment securities and $104,283,257 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

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

October 31, 2012

1.824309.108

ASCV-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
CONSUMER DISCRETIONARY - 12.2%
Diversified Consumer Services - 2.0%
Regis Corp. (e)	3,400,000		$ 56,644,000
Household Durables - 4.2%
KB Home (d)	2,903,200		46,393,136
Ryland Group, Inc.	799,100		27,065,517
Tempur-Pedic International, Inc. (a)(d)	1,800,000		47,592,000
			121,050,653
Media - 1.8%
Valassis Communications, Inc. (a)(d)(e)	2,065,841		53,753,183
Specialty Retail - 1.5%
Asbury Automotive Group, Inc. (a)	800,000		25,376,000
Tsutsumi Jewelry Co. Ltd.	791,400		18,151,740
			43,527,740
Textiles, Apparel & Luxury Goods - 2.7%
Hanesbrands, Inc. (a)	2,300,000		76,981,000
TOTAL CONSUMER DISCRETIONARY			351,956,576
CONSUMER STAPLES - 4.4%
Food Products - 2.7%
Chiquita Brands International, Inc. (a)(e)	3,375,000		24,333,750
Dean Foods Co. (a)	1,600,000		26,944,000
Post Holdings, Inc. (a)	884,600		27,909,130
			79,186,880
Household Products - 1.7%
Spectrum Brands Holdings, Inc.	1,062,901		48,351,366
TOTAL CONSUMER STAPLES			127,538,246
ENERGY - 5.3%
Energy Equipment & Services - 2.7%
Superior Energy Services, Inc. (a)	3,850,000		78,270,500
Oil, Gas & Consumable Fuels - 2.6%
Berry Petroleum Co. Class A	1,925,000		74,131,750
TOTAL ENERGY			152,402,250
Common Stocks - continued
	Shares		Value
FINANCIALS - 35.1%
Capital Markets - 2.8%
Monex Group, Inc.	149,703		$ 25,466,200
Waddell & Reed Financial, Inc. Class A	1,700,000		56,661,000
			82,127,200
Commercial Banks - 11.4%
Associated Banc-Corp.	4,432,650		57,136,859
CapitalSource, Inc.	8,600,000		68,026,000
City National Corp.	784,900		40,108,390
National Penn Bancshares, Inc.	4,266,604		38,100,774
PacWest Bancorp (e)	1,900,000		42,750,000
TCF Financial Corp.	7,200,000		82,367,996
			328,490,019
Consumer Finance - 0.1%
World Acceptance Corp. (a)(d)	28,600		1,909,336
Insurance - 8.2%
Alterra Capital Holdings Ltd.	2,550,000		62,296,500
Aspen Insurance Holdings Ltd.	2,100,000		67,935,000
Platinum Underwriters Holdings Ltd. (e)	1,694,139		75,219,772
ProAssurance Corp.	350,000		31,290,000
			236,741,272
Real Estate Investment Trusts - 7.5%
DCT Industrial Trust, Inc.	11,980,586		77,274,780
Franklin Street Properties Corp. (e)	4,200,117		47,923,335
Highwoods Properties, Inc. (SBI)	1,720,330		55,480,643
National Retail Properties, Inc. (d)	1,140,000		36,115,200
			216,793,958
Real Estate Management & Development - 1.1%
Forestar Group, Inc. (a)(e)	1,934,151		30,965,758
Thrifts & Mortgage Finance - 4.0%
Astoria Financial Corp. (d)(e)	5,404,051		54,202,632
Washington Federal, Inc.	3,725,000		62,505,500
			116,708,132
TOTAL FINANCIALS			1,013,735,675
HEALTH CARE - 5.9%
Health Care Equipment & Supplies - 1.0%
Integra LifeSciences Holdings Corp. (a)	750,000		28,687,500
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 4.9%
Chemed Corp.	465,200		$ 31,284,700
MEDNAX, Inc. (a)	779,700		53,783,706
Team Health Holdings, Inc. (a)	2,127,580		56,614,904
			141,683,310
TOTAL HEALTH CARE			170,370,810
INDUSTRIALS - 14.8%
Commercial Services & Supplies - 7.8%
ACCO Brands Corp.	4,042,577		29,268,257
HNI Corp. (e)	2,700,000		74,304,000
Knoll, Inc.	1,750,000		25,182,500
Quad/Graphics, Inc. (d)(e)	2,200,000		40,326,000
United Stationers, Inc.	1,980,800		57,482,816
			226,563,573
Electrical Equipment - 2.5%
GrafTech International Ltd. (a)(e)	6,800,000		71,468,000
Machinery - 1.9%
Blount International, Inc. (a)(e)	2,975,000		39,359,250
Columbus McKinnon Corp. (NY Shares) (a)(e)	1,050,000		15,718,500
			55,077,750
Trading Companies & Distributors - 2.6%
WESCO International, Inc. (a)	1,153,633		74,847,709
TOTAL INDUSTRIALS			427,957,032
INFORMATION TECHNOLOGY - 11.8%
Communications Equipment - 2.9%
Polycom, Inc. (a)	3,400,000		34,068,000
ViaSat, Inc. (a)	1,325,000		51,463,000
			85,531,000
Electronic Equipment & Components - 5.6%
Ingram Micro, Inc. Class A (a)	3,100,000		47,120,000
Macnica, Inc.	677,400		13,330,770
Ryoyo Electro Corp. (e)	1,972,700		19,719,587
SYNNEX Corp. (a)	790,000		25,588,100
Tech Data Corp. (a)	1,275,000		56,495,250
			162,253,707
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 1.4%
j2 Global, Inc. (d)	1,350,000		$ 40,554,000
Semiconductors & Semiconductor Equipment - 0.5%
Miraial Co. Ltd. (e)	720,200		13,712,940
Software - 1.4%
Monotype Imaging Holdings, Inc. (e)	2,654,631		40,642,401
TOTAL INFORMATION TECHNOLOGY			342,694,048
MATERIALS - 5.0%
Chemicals - 1.8%
PolyOne Corp.	2,800,000		53,004,000
Metals & Mining - 3.2%
Carpenter Technology Corp.	409,380		19,899,962
Haynes International, Inc.	550,000		27,874,000
RTI International Metals, Inc. (a)(e)	1,880,000		42,845,200
			90,619,162
TOTAL MATERIALS			143,623,162
UTILITIES - 4.1%
Electric Utilities - 1.4%
Westar Energy, Inc.	1,360,000		40,392,000
Gas Utilities - 2.7%
Southwest Gas Corp.	836,756		36,373,783
UGI Corp.	1,333,454		43,057,230
			79,431,013
TOTAL UTILITIES			119,823,013
TOTAL COMMON STOCKS (Cost $2,352,299,969)		2,850,100,812
Nonconvertible Preferred Stocks - 1.3%

CONSUMER DISCRETIONARY - 0.6%
Household Durables - 0.6%
M/I Homes, Inc. Series A, 9.75% (a)	750,400		16,471,280
Nonconvertible Preferred Stocks - continued
	Shares		Value
FINANCIALS - 0.7%
Real Estate Investment Trusts - 0.7%
DDR Corp. Series H, 7.375%	818,790		$ 20,674,448
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $20,354,770)		37,145,728
Money Market Funds - 1.2%

Fidelity Cash Central Fund, 0.19% (b)	7,179,270		7,179,270
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	28,219,450		28,219,450
TOTAL MONEY MARKET FUNDS (Cost $35,398,720)		35,398,720
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $2,408,053,459)			2,922,645,260
NET OTHER ASSETS (LIABILITIES) - (1.1)%			(32,819,953)
NET ASSETS - 100%		$ 2,889,825,307

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,488
Fidelity Securities Lending Cash Central Fund	134,425
Total	$ 137,913

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Astoria Financial Corp.	$ 51,038,992	$ -	$ 134,410	$ 216,162	$ 54,202,632
Blount International, Inc.	37,039,161	4,861,737	-	-	39,359,250
Chiquita Brands International, Inc.	17,482,500	-	-	-	24,333,750
Columbus McKinnon Corp. (NY Shares)	15,414,197	33,512	-	-	15,718,500
Forestar Group, Inc.	22,724,438	-	1,085,444	-	30,965,758
Franklin Street Properties Corp.	32,769,200	11,387,840	-	761,007	47,923,335
GrafTech International Ltd.	62,334,250	7,692,003	-	-	71,468,000
HNI Corp.	71,739,000	-	-	648,000	74,304,000
Miraial Co. Ltd.	10,410,478	-	-	-	13,712,940
Monotype Imaging Holdings, Inc.	38,936,219	34,951	-	106,093	40,642,401
PacWest Bancorp	42,557,616	917,960	-	334,368	42,750,000
Platinum Underwriters Holdings Ltd.	64,411,165	-	-	135,531	75,219,772
Quad/Graphics, Inc.	28,908,484	5,404,970	-	550,000	40,326,000
Regis Corp.	52,452,000	4,787,419	-	186,000	56,644,000
RTI International Metals, Inc.	42,206,000	-	-	-	42,845,200
Ryoyo Electro Corp.	20,552,790	-	-	-	19,719,587
Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Valassis Communications, Inc.	$ 35,733,655	$ 12,490,756	$ -	$ -	$ 53,753,183
Western Liberty Bancorp	2,879,407	-	3,071,972	-	-
Total	$ 649,589,552	$ 47,611,148	$ 4,291,826	$ 2,937,161	$ 743,888,308

Other Information

Transfers	Total
Level 1 to Level 2	$ 0
Level 2 to Level 1	$ 88,107,039

Income Tax Information

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Blue Chip Value Fund

October 31, 2012

1.809087.109

BCV-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%
	Shares		Value
CONSUMER DISCRETIONARY - 7.4%
Diversified Consumer Services - 1.3%
DeVry, Inc.	121,231		$ 3,183,526
Household Durables - 1.5%
Garmin Ltd. (d)	99,244		3,770,280
Media - 3.1%
DISH Network Corp. Class A	111,856		3,985,429
Washington Post Co. Class B (d)	10,375		3,460,166
			7,445,595
Multiline Retail - 1.5%
JCPenney Co., Inc. (d)	156,856		3,766,113
TOTAL CONSUMER DISCRETIONARY			18,165,514
CONSUMER STAPLES - 7.7%
Beverages - 1.7%
Grupo Modelo SAB de CV Series C	475,239		4,188,375
Food & Staples Retailing - 1.9%
CVS Caremark Corp.	47,693		2,212,955
Wal-Mart Stores, Inc.	31,981		2,399,215
			4,612,170
Food Products - 3.9%
Kraft Foods Group, Inc. (a)	42,867		1,949,591
Mondelez International, Inc. (a)	157,431		4,178,219
Ralcorp Holdings, Inc. (a)	47,941		3,460,861
			9,588,671
Household Products - 0.2%
Procter & Gamble Co.	6,599		456,915
TOTAL CONSUMER STAPLES			18,846,131
ENERGY - 17.0%
Energy Equipment & Services - 3.1%
Cameron International Corp. (a)	76,559		3,876,948
Halliburton Co.	36,237		1,170,093
Weatherford International Ltd. (a)	215,700		2,437,410
			7,484,451
Oil, Gas & Consumable Fuels - 13.9%
Anadarko Petroleum Corp.	83,134		5,720,451
Apache Corp.	8,100		670,275
Chevron Corp.	65,333		7,200,350
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Exxon Mobil Corp.	114,375		$ 10,427,566
Hess Corp.	71,274		3,724,779
Marathon Petroleum Corp.	37,089		2,037,299
Occidental Petroleum Corp.	35,253		2,783,577
The Williams Companies, Inc.	41,072		1,437,109
			34,001,406
TOTAL ENERGY			41,485,857
FINANCIALS - 24.6%
Capital Markets - 4.0%
Bank of New York Mellon Corp.	61,000		1,507,310
E*TRADE Financial Corp. (a)	461,915		3,861,609
Goldman Sachs Group, Inc.	11,147		1,364,281
State Street Corp.	67,733		3,018,860
			9,752,060
Commercial Banks - 7.4%
Aozora Bank Ltd.	1,378,000		3,883,878
Fifth Third Bancorp	138,600		2,013,858
KeyCorp	433,159		3,647,199
U.S. Bancorp	59,498		1,975,929
Wells Fargo & Co.	145,798		4,911,935
Zions Bancorporation	70,837		1,520,870
			17,953,669
Consumer Finance - 1.0%
Capital One Financial Corp.	41,500		2,497,055
Diversified Financial Services - 5.5%
Bank of America Corp.	182,635		1,702,158
Citigroup, Inc.	205,137		7,670,072
JPMorgan Chase & Co.	96,016		4,001,947
			13,374,177
Insurance - 4.8%
Allstate Corp.	30,100		1,203,398
Assurant, Inc.	56,086		2,120,612
Berkshire Hathaway, Inc. Class B (a)	9,644		832,759
MetLife, Inc.	26,655		945,986
RenaissanceRe Holdings Ltd.	28,152		2,290,447
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
The Chubb Corp.	18,016		$ 1,386,872
XL Group PLC Class A	118,826		2,939,755
			11,719,829
Real Estate Investment Trusts - 0.8%
Weyerhaeuser Co.	75,384		2,087,383
Thrifts & Mortgage Finance - 1.1%
Radian Group, Inc. (d)	573,799		2,691,117
TOTAL FINANCIALS			60,075,290
HEALTH CARE - 13.0%
Health Care Providers & Services - 1.1%
HCA Holdings, Inc.	90,139		2,560,849
Pharmaceuticals - 11.9%
Bristol-Myers Squibb Co.	70,141		2,332,188
Eli Lilly & Co.	22,663		1,102,102
Johnson & Johnson	64,177		4,545,015
Merck & Co., Inc.	173,295		7,907,451
Pfizer, Inc.	401,653		9,989,110
Sanofi SA sponsored ADR	73,721		3,232,666
			29,108,532
TOTAL HEALTH CARE			31,669,381
INDUSTRIALS - 7.3%
Aerospace & Defense - 2.2%
Textron, Inc.	211,610		5,334,688
Construction & Engineering - 1.1%
Jacobs Engineering Group, Inc. (a)	69,849		2,695,473
Industrial Conglomerates - 4.0%
General Electric Co.	463,831		9,768,281
TOTAL INDUSTRIALS			17,798,442
INFORMATION TECHNOLOGY - 8.5%
Communications Equipment - 0.8%
Cisco Systems, Inc.	118,800		2,036,232
Computers & Peripherals - 1.5%
Hewlett-Packard Co.	258,937		3,586,277
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - 0.9%
Corning, Inc.	195,556		$ 2,297,783
Office Electronics - 0.9%
Xerox Corp.	334,075		2,151,443
Semiconductors & Semiconductor Equipment - 0.5%
Advanced Micro Devices, Inc. (a)(d)	561,136		1,150,329
Software - 3.9%
Comverse Technology, Inc. (a)	780,321		5,142,315
Microsoft Corp.	26,358		752,126
Symantec Corp. (a)	195,946		3,564,258
			9,458,699
TOTAL INFORMATION TECHNOLOGY			20,680,763
MATERIALS - 1.6%
Metals & Mining - 1.6%
Newmont Mining Corp.	70,102		3,824,064
TELECOMMUNICATION SERVICES - 2.3%
Diversified Telecommunication Services - 0.5%
AT&T, Inc.	33,595		1,162,051
CenturyLink, Inc.	1,480		56,802
			1,218,853
Wireless Telecommunication Services - 1.8%
Sprint Nextel Corp. (a)	801,500		4,440,310
TOTAL TELECOMMUNICATION SERVICES			5,659,163
UTILITIES - 5.8%
Electric Utilities - 5.0%
Duke Energy Corp.	22,061		1,449,187
Edison International	74,569		3,500,269
FirstEnergy Corp.	92,569		4,232,255
NextEra Energy, Inc.	43,765		3,066,176
			12,247,887
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - 0.8%
Sempra Energy	25,700		$ 1,792,575
TOTAL UTILITIES			14,040,462
TOTAL COMMON STOCKS (Cost $245,606,570)		232,245,067

U.S. Treasury Obligations - 0.1%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.08% to 0.1% 11/23/12 to 12/20/12 (e) (Cost $179,985)	$ 180,000	179,986

Money Market Funds - 8.5%
	Shares
Fidelity Cash Central Fund, 0.19% (b)	12,187,467		12,187,467
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	8,727,365		8,727,365
TOTAL MONEY MARKET FUNDS (Cost $20,914,832)		20,914,832
TOTAL INVESTMENT PORTFOLIO - 103.8% (Cost $266,701,387)			253,339,885
NET OTHER ASSETS (LIABILITIES) - (3.8)%			(9,385,377)
NET ASSETS - 100%		$ 243,954,508

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
25 NYFE Russell 1000 Value Index Contracts	Dec. 2012	$ 1,750,500	$ (18,548)

The face value of futures purchased as a percentage of net assets is 0.7%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $59,992.

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	$ 5,103
Fidelity Securities Lending Cash Central Fund	25,987
Total	$ 31,090

Other Information

The following is a summary of the inputs used, as of October 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 18,165,514	$ 18,165,514	$ -	$ -
Consumer Staples	18,846,131	18,846,131	-	-
Energy	41,485,857	41,485,857	-	-
Financials	60,075,290	60,075,290	-	-
Health Care	31,669,381	31,669,381	-	-
Industrials	17,798,442	17,798,442	-	-
Information Technology	20,680,763	20,680,763	-	-
Materials	3,824,064	3,824,064	-	-
Telecommunication Services	5,659,163	5,659,163	-	-
Utilities	14,040,462	14,040,462	-	-
U.S. Government and Government Agency Obligations	179,986	-	179,986	-
Money Market Funds	20,914,832	20,914,832	-	-
Total Investments in Securities:	$ 253,339,885	$ 253,159,899	$ 179,986	$ -
Derivative Instruments:
Liabilities
Futures Contracts	$ (18,548)	$ (18,548)	$ -	$ -

Transfers	Total
Level 1 to Level 2	$ 0
Level 2 to Level 1	$ 6,089,898

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $273,105,959. Net unrealized depreciation aggregated $19,766,074, of which $15,044,519 related to appreciated investment securities and $34,810,593 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Dividend Growth Fund

October 31, 2012

1.809095.109

DGF-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 12.3%
Auto Components - 0.3%
Delphi Automotive PLC	245,199		$ 7,709
Gentex Corp.	290,015		4,994
Tenneco, Inc. (a)	420,012		12,831
			25,534
Automobiles - 0.2%
Harley-Davidson, Inc.	212,256		9,925
Tesla Motors, Inc. (a)	132,500		3,727
			13,652
Diversified Consumer Services - 0.4%
American Public Education, Inc. (a)	69,200		2,521
Anhanguera Educacional Participacoes SA	698,500		12,243
DeVry, Inc.	319,028		8,378
Kroton Educacional SA unit (a)	224,200		4,482
			27,624
Hotels, Restaurants & Leisure - 2.0%
Bloomin' Brands, Inc.	531,500		7,266
Bravo Brio Restaurant Group, Inc. (a)	467,178		6,167
Brinker International, Inc.	673,531		20,745
Club Mediterranee SA (a)	541,223		8,593
Denny's Corp. (a)	4,030,974		18,542
Hyatt Hotels Corp. Class A (a)	152,998		5,584
Icahn Enterprises LP rights	1,067,316		0
Las Vegas Sands Corp.	489,346		22,725
Papa John's International, Inc. (a)	14,500		773
Ruth's Hospitality Group, Inc. (a)	922,300		6,133
Spur Corp. Ltd.	1,848,050		4,689
Starbucks Corp.	205,629		9,438
Texas Roadhouse, Inc. Class A	621,764		10,122
Yum! Brands, Inc.	322,024		22,577
			143,354
Household Durables - 0.6%
PulteGroup, Inc. (a)	616,307		10,687
Taylor Wimpey PLC	7,093,749		6,994
Whirlpool Corp.	218,602		21,353
Woongjin Coway Co. Ltd.	69,860		2,544
			41,578
Internet & Catalog Retail - 0.8%
Amazon.com, Inc. (a)	166,045		38,659
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Internet & Catalog Retail - continued
Liberty Media Corp. Interactive Series A (a)	677,279		$ 13,546
Ocado Group PLC (a)(e)	3,643,405		3,792
			55,997
Leisure Equipment & Products - 0.1%
Amer Group PLC (A Shares)	122,161		1,729
Brunswick Corp.	172,419		4,067
Fenix Outdoor AB	7,246		169
Summer Infant, Inc. (a)	225,908		348
			6,313
Media - 2.3%
Antena 3 de Television SA	464,474		1,860
Comcast Corp. Class A	1,643,678		61,654
DISH Network Corp. Class A	320,829		11,431
Liberty Media Corp. Series A (a)	39,605		2,254
McGraw-Hill Companies, Inc.	347,526		19,211
MDC Partners, Inc. Class A (sub. vtg.)	958,939		10,846
Mood Media Corp. (a)(e)	2,386,900		5,593
The Walt Disney Co.	490,112		24,050
Time Warner, Inc.	614,782		26,712
Valassis Communications, Inc. (a)	152,155		3,959
Virgin Media, Inc. (e)	50,800		1,663
			169,233
Multiline Retail - 0.3%
PPR SA	60,754		10,682
Target Corp.	193,123		12,312
The Bon-Ton Stores, Inc.	187,900		2,307
			25,301
Specialty Retail - 4.3%
Advance Auto Parts, Inc.	348,985		24,757
Ascena Retail Group, Inc. (a)	572,684		11,339
AutoZone, Inc. (a)	51,240		19,215
Bed Bath & Beyond, Inc. (a)	168,372		9,712
Best Buy Co., Inc.	518,642		7,889
Big 5 Sporting Goods Corp.	416,900		3,723
Body Central Corp. (a)(f)	1,045,408		10,444
CarMax, Inc. (a)	247,690		8,360
Express, Inc. (a)	1,111,241		12,368
Fast Retailing Co. Ltd.	29,300		6,526
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Foot Locker, Inc.	228,768		$ 7,664
Foschini Ltd.	343,408		4,986
GameStop Corp. Class A	188,178		4,296
GNC Holdings, Inc.	206,500		7,985
Home Depot, Inc.	1,031,464		63,311
Kingfisher PLC	1,640,700		7,665
Limited Brands, Inc.	325,882		15,606
Lowe's Companies, Inc.	1,128,108		36,528
MarineMax, Inc. (a)	306,940		2,526
Rent-A-Center, Inc.	222,169		7,405
Ross Stores, Inc.	83,791		5,107
SuperGroup PLC (a)(e)	1,436,787		15,500
TJX Companies, Inc.	427,454		17,795
			310,707
Textiles, Apparel & Luxury Goods - 1.0%
G-III Apparel Group Ltd. (a)	213,391		7,887
Iconix Brand Group, Inc. (a)	144,329		2,672
lululemon athletica, Inc. (a)	43,738		3,018
NIKE, Inc. Class B	200,506		18,322
PVH Corp.	230,256		25,326
Vera Bradley, Inc. (a)(e)	371,779		11,083
VF Corp.	35,568		5,566
			73,874
TOTAL CONSUMER DISCRETIONARY			893,167
CONSUMER STAPLES - 9.2%
Beverages - 2.0%
Anheuser-Busch InBev SA NV	21,800		1,823
Cott Corp.	1,102,200		8,420
Dr Pepper Snapple Group, Inc.	584,060		25,027
Monster Beverage Corp. (a)	338,908		15,139
SABMiller PLC	184,500		7,903
The Coca-Cola Co.	2,400,831		89,263
			147,575
Food & Staples Retailing - 1.9%
CVS Caremark Corp.	1,038,137		48,170
Eurocash SA	639,995		7,816
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.	123,760		$ 3,687
Wal-Mart Stores, Inc.	1,022,249		76,689
			136,362
Food Products - 1.3%
Danone SA	69,200		4,254
Flowers Foods, Inc.	541,849		10,669
Green Mountain Coffee Roasters, Inc. (a)	367,137		8,870
Hilton Food Group PLC	346,102		1,551
Kraft Foods Group, Inc. (a)	323,250		14,701
Marine Harvest ASA (a)	7,497,378		5,891
Mead Johnson Nutrition Co. Class A	7,300		450
Mondelez International, Inc. (a)	1,390,644		36,908
The J.M. Smucker Co.	87,046		7,455
Tyson Foods, Inc. Class A	10,900		183
WhiteWave Foods Co.	145,700		2,400
			93,332
Household Products - 1.6%
Procter & Gamble Co.	1,170,494		81,045
Reckitt Benckiser Group PLC	435,900		26,379
Unicharm Corp.	214,600		11,613
			119,037
Personal Products - 0.2%
Estee Lauder Companies, Inc. Class A	99,550		6,134
Hengan International Group Co. Ltd.	692,000		6,304
			12,438
Tobacco - 2.2%
Altria Group, Inc.	764,185		24,301
British American Tobacco PLC (United Kingdom)	271,700		13,476
Imperial Tobacco Group PLC	307,049		11,595
Lorillard, Inc.	218,111		25,303
Philip Morris International, Inc.	939,413		83,194
			157,869
TOTAL CONSUMER STAPLES			666,613
ENERGY - 11.1%
Energy Equipment & Services - 3.9%
BW Offshore Ltd.	8,972,698		5,272
Cal Dive International, Inc. (a)(e)	1,703,683		2,147
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Cameron International Corp. (a)	1,013,332		$ 51,315
Cathedral Energy Services Ltd.	1,248,200		7,499
Essential Energy Services Ltd.	3,982,500		8,453
Forum Energy Technologies, Inc.	40,553		905
Fugro NV (Certificaten Van Aandelen) unit	58,400		3,948
Halliburton Co.	674,564		21,782
McDermott International, Inc. (a)	1,093,259		11,709
National Oilwell Varco, Inc.	967,875		71,332
Noble Corp.	708,408		26,735
Petrofac Ltd.	65,600		1,698
Schlumberger Ltd.	759,691		52,821
Tuscany International Drilling, Inc. (a)	5,159,671		1,601
Vantage Drilling Co. (a)	5,837,278		10,741
Xtreme Drilling & Coil Services Corp. (a)	3,427,560		4,805
Xtreme Drilling & Coil Services Corp. (g)	1,117,800		1,567
			284,330
Oil, Gas & Consumable Fuels - 7.2%
Alpha Natural Resources, Inc. (a)	199,700		1,711
Americas Petrogas, Inc. (a)	2,225,900		4,636
Americas Petrogas, Inc. (a)(g)	2,665,500		5,551
Amyris, Inc. (a)(e)	896,092		2,303
Anadarko Petroleum Corp.	349,409		24,043
Apache Corp.	233,346		19,309
Bonavista Energy Corp. (e)	212,900		3,818
Bonavista Energy Corp. (a)(g)	152,100		2,728
BPZ Energy, Inc. (a)(e)	2,633,378		7,584
Cabot Oil & Gas Corp.	191,000		8,973
Canadian Natural Resources Ltd.	43,600		1,314
Chesapeake Energy Corp. (e)	379,931		7,697
Chevron Corp.	87,469		9,640
Cobalt International Energy, Inc. (a)	7,300		152
Crew Energy, Inc. (a)	982,900		7,568
Crown Point Energy, Inc. (a)	942,800		345
Crown Point Energy, Inc. (g)	4,157,416		1,519
Denbury Resources, Inc. (a)	396,621		6,080
Double Eagle Petroleum Co. (a)(f)	912,603		4,572
Emerald Oil, Inc. (a)(f)	1,160,409		6,266
Emerald Oil, Inc. warrants 2/4/16 (a)(f)	1,198,388		0
Energen Corp.	29,130		1,359
EOG Resources, Inc.	77,495		9,027
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
EQT Corp.	233,150		$ 14,136
EV Energy Partners LP	64,899		4,234
Gran Tierra Energy, Inc. (Canada) (a)	1,390,800		7,004
Halcon Resources Corp. (h)	910,000		5,888
Hess Corp.	173,956		9,091
HollyFrontier Corp.	195,822		7,565
InterOil Corp. (a)(e)	481,928		31,075
Madalena Ventures, Inc. (a)	6,304,000		1,830
Marathon Petroleum Corp.	501,388		27,541
Markwest Energy Partners LP	126,900		6,882
Murphy Oil Corp.	142,053		8,523
Noble Energy, Inc.	13,900		1,321
Northern Oil & Gas, Inc. (a)(e)	2,110,590		31,997
Northern Tier Energy LP Class A	557,400		12,096
Occidental Petroleum Corp.	463,437		36,593
Painted Pony Petroleum Ltd. (a)(g)	178,000		1,925
Painted Pony Petroleum Ltd. Class A (a)	630,500		6,818
Pan Orient Energy Corp.	739,800		2,341
Peabody Energy Corp.	612,600		17,092
Petrobank Energy & Resources Ltd. (a)	116,000		1,594
Petrominerales Ltd.	1,086,900		8,717
Phillips 66	421,135		19,861
Pioneer Natural Resources Co.	89,233		9,427
Resolute Energy Corp. (a)(e)	1,187,582		10,546
Rosetta Resources, Inc. (a)	18,204		838
Royal Dutch Shell PLC Class A sponsored ADR	317,746		21,759
SM Energy Co.	74,049		3,993
Suncor Energy, Inc.	222,600		7,471
TAG Oil Ltd. (a)	1,603,400		11,238
TAG Oil Ltd. (g)	146,900		1,030
Targa Resources Corp.	131,500		6,697
Tesoro Corp.	183,910		6,935
The Williams Companies, Inc.	1,001,092		35,028
Valero Energy Corp.	298,200		8,678
			523,959
TOTAL ENERGY			808,289
FINANCIALS - 13.4%
Capital Markets - 1.3%
Ares Capital Corp.	784,149		13,691
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
BlackRock, Inc. Class A	72,832		$ 13,815
GP Investments Ltd. (depositary receipt) (a)	3,687,279		8,514
ICAP PLC	1,339,900		7,030
ICG Group, Inc. (a)	512,336		5,369
Invesco Ltd.	538,787		13,103
KKR & Co. LP	525,555		7,910
Monex Group, Inc.	22,026		3,747
Morgan Stanley	787,861		13,693
The Blackstone Group LP	532,263		8,176
			95,048
Commercial Banks - 3.3%
Banco Pine SA	997,744		6,976
Bank of Ireland (a)	124,509		15
CIT Group, Inc. (a)	460,398		17,136
Comerica, Inc.	227,800		6,791
Commerce Bancshares, Inc.	21,900		834
Commercial Bank of Qatar GDR (Reg. S)	948,915		3,748
Guaranty Trust Bank PLC GDR (Reg. S)	751,323		4,658
Itau Unibanco Holding SA sponsored ADR	178,481		2,602
KeyCorp	789,200		6,645
M&T Bank Corp.	112,908		11,754
Regions Financial Corp.	964,117		6,286
U.S. Bancorp	1,224,825		40,676
Wells Fargo & Co.	3,835,841		129,229
			237,350
Consumer Finance - 0.5%
Capital One Financial Corp.	626,915		37,721
Diversified Financial Services - 2.5%
Citigroup, Inc.	2,093,670		78,282
CME Group, Inc.	263,635		14,745
JPMorgan Chase & Co.	1,377,354		57,408
PICO Holdings, Inc. (a)(f)	1,405,013		31,107
			181,542
Insurance - 3.6%
AEGON NV	1,383,727		7,739
AFLAC, Inc.	343,551		17,102
Allied World Assurance Co. Holdings Ltd.	111,470		8,951
Assured Guaranty Ltd.	2,318,904		32,210
Axis Capital Holdings Ltd.	98,429		3,565
Berkshire Hathaway, Inc. Class B (a)	1,265,856		109,307
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
Discovery Holdings Ltd.	36,500		$ 234
Fairfax Financial Holdings Ltd. (sub. vtg.)	19,400		7,197
Lincoln National Corp.	186,842		4,632
MetLife, Inc.	931,751		33,068
Prudential Financial, Inc.	273,016		15,576
The Travelers Companies, Inc.	189,296		13,429
Validus Holdings Ltd.	236,752		8,476
			261,486
Real Estate Investment Trusts - 1.7%
American Campus Communities, Inc.	83,300		3,774
American Tower Corp.	229,713		17,295
Beni Stabili SpA SIIQ	14,178,600		7,970
CBL & Associates Properties, Inc.	1,171,549		26,208
Cousins Properties, Inc.	655,700		5,514
Douglas Emmett, Inc.	463,359		10,866
Education Realty Trust, Inc.	1,040,600		10,958
Lexington Corporate Properties Trust	819,900		7,781
Prologis, Inc.	428,424		14,691
SL Green Realty Corp.	191,742		14,438
Sovran Self Storage, Inc.	54,487		3,149
			122,644
Real Estate Management & Development - 0.5%
CBRE Group, Inc. (a)	1,712,661		30,862
Forest City Enterprises, Inc. Class A (a)	203,286		3,263
			34,125
TOTAL FINANCIALS			969,916
HEALTH CARE - 12.2%
Biotechnology - 3.4%
Alnylam Pharmaceuticals, Inc. (a)	716,200		11,581
Amgen, Inc.	490,609		42,460
ARIAD Pharmaceuticals, Inc. (a)	711,878		15,341
AVEO Pharmaceuticals, Inc. (a)(e)	1,032,309		7,876
Biogen Idec, Inc. (a)	143,300		19,807
Biovitrum AB (a)	1,889,028		10,680
Dynavax Technologies Corp. (a)	3,717,870		15,392
Gentium SpA sponsored ADR (a)	364,345		4,055
Gilead Sciences, Inc. (a)	461,354		30,985
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Grifols SA ADR	539,902		$ 13,584
Infinity Pharmaceuticals, Inc. (a)	440,720		9,868
Intercept Pharmaceuticals, Inc.	77,600		1,443
InterMune, Inc. (a)(e)	614,172		4,883
Isis Pharmaceuticals, Inc. (a)	331,000		2,863
KYTHERA Biopharmaceuticals, Inc.	255,000		5,605
Merrimack Pharmaceuticals, Inc. (e)	391,800		2,421
NPS Pharmaceuticals, Inc. (a)	634,835		5,866
Synageva BioPharma Corp. (a)	118,586		5,014
Synta Pharmaceuticals Corp. (a)	7,300		57
Theravance, Inc. (a)	917,861		20,661
Thrombogenics NV (a)	94,987		4,544
Vertex Pharmaceuticals, Inc. (a)	59,100		2,851
ZIOPHARM Oncology, Inc. (a)(e)	2,189,550		10,313
			248,150
Health Care Equipment & Supplies - 0.9%
Analogic Corp.	25,400		1,871
Baxter International, Inc.	64,773		4,057
Boston Scientific Corp. (a)	1,596,038		8,204
CareFusion Corp. (a)	119,642		3,178
Covidien PLC	224,884		12,357
Genmark Diagnostics, Inc. (a)	807,700		6,882
Nakanishi, Inc.	42,300		4,610
Opto Circuits India Ltd.	1,137,349		2,540
Sirona Dental Systems, Inc. (a)	183,067		10,482
Stryker Corp.	76,490		4,023
Syneron Medical Ltd. (a)	320,422		2,974
The Cooper Companies, Inc.	38,300		3,676
			64,854
Health Care Providers & Services - 3.3%
Accretive Health, Inc. (a)	1,066,744		12,577
Apollo Hospitals Enterprise Ltd.	18,148		263
BioScrip, Inc. (a)	214,300		1,974
Brookdale Senior Living, Inc. (a)	2,052,560		48,153
Centene Corp. (a)	275,055		10,447
Chemed Corp.	116,596		7,841
CIGNA Corp.	541,181		27,600
DaVita, Inc. (a)	140,079		15,762
Emeritus Corp. (a)	603,933		13,558
Express Scripts Holding Co. (a)	474,663		29,211
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
Humana, Inc.	97,116		$ 7,213
McKesson Corp.	138,876		12,959
MEDNAX, Inc. (a)	58,121		4,009
Qualicorp SA (a)	799,200		8,200
UnitedHealth Group, Inc.	733,430		41,072
			240,839
Life Sciences Tools & Services - 0.4%
Agilent Technologies, Inc.	559,968		20,153
Charles River Laboratories International, Inc. (a)	196,549		7,335
			27,488
Pharmaceuticals - 4.2%
AVANIR Pharmaceuticals Class A (a)(e)	1,508,431		4,314
Biodelivery Sciences International, Inc. (a)	453,256		2,316
Cadence Pharmaceuticals, Inc. (a)(e)	3,867,920		13,692
Cardiome Pharma Corp. (a)	2,305,800		623
Elan Corp. PLC sponsored ADR (a)	1,663,500		17,966
Endo Pharmaceuticals Holdings, Inc. (a)	32,800		940
Hi-Tech Pharmacal Co., Inc. (a)	68,865		2,159
Horizon Pharma, Inc.	3,196,305		8,246
Horizon Pharma, Inc.:
warrants 2/28/17 (a)	253,903		1
warrants 9/25/17 (a)	932,200		2
Impax Laboratories, Inc. (a)	292,896		6,224
Jazz Pharmaceuticals PLC (a)	158,400		8,511
Johnson & Johnson	1,351,126		95,687
Merck & Co., Inc.	1,984,053		90,532
Mylan, Inc. (a)	21,800		552
Novo Nordisk A/S Series B	137,937		22,113
Valeant Pharmaceuticals International, Inc. (Canada) (a)	144,900		8,096
Warner Chilcott PLC	182,102		2,109
Watson Pharmaceuticals, Inc. (a)	188,511		16,203
XenoPort, Inc. (a)	643,046		5,292
			305,578
TOTAL HEALTH CARE			886,909
INDUSTRIALS - 11.9%
Aerospace & Defense - 2.4%
GeoEye, Inc. (a)	780,262		24,477
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Aerospace & Defense - continued
Honeywell International, Inc.	445,030		$ 27,254
Meggitt PLC	2,825,241		17,599
Precision Castparts Corp.	102,411		17,724
Raytheon Co.	292,264		16,530
Textron, Inc.	789,832		19,912
Ultra Electronics Holdings PLC	192,189		5,251
United Technologies Corp.	555,226		43,396
			172,143
Air Freight & Logistics - 0.4%
FedEx Corp.	18,252		1,679
Hub Group, Inc. Class A (a)	58,316		1,808
Pacer International, Inc. (a)	697,415		2,497
United Parcel Service, Inc. Class B	355,479		26,039
			32,023
Building Products - 0.8%
Armstrong World Industries, Inc.	89,140		4,617
Lennox International, Inc.	113,786		5,695
Masco Corp.	437,066		6,595
Owens Corning (a)	841,407		28,263
Quanex Building Products Corp.	482,339		9,536
			54,706
Commercial Services & Supplies - 0.7%
Corrections Corp. of America	454,000		15,277
Multiplus SA	521,800		12,124
Republic Services, Inc.	271,305		7,691
Steelcase, Inc. Class A	804,176		8,050
Swisher Hygiene, Inc. (a)	2,081,064		2,772
Swisher Hygiene, Inc. (Canada) (a)	1,367,162		2,023
The Geo Group, Inc.	25,534		708
US Ecology, Inc.	203,063		4,819
			53,464
Construction & Engineering - 1.1%
AECOM Technology Corp. (a)	604,419		12,977
Fluor Corp.	361,680		20,200
Foster Wheeler AG (a)	1,306,235		29,090
MasTec, Inc. (a)	720,514		16,255
			78,522
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Electrical Equipment - 1.4%
Alstom SA	369,562		$ 12,622
AMETEK, Inc.	315,198		11,205
Emerson Electric Co.	503,905		24,404
Hubbell, Inc. Class B	92,642		7,756
Prysmian SpA	803,400		15,453
Regal-Beloit Corp.	353,969		23,072
Roper Industries, Inc.	86,258		9,417
			103,929
Industrial Conglomerates - 1.1%
Carlisle Companies, Inc.	72,888		4,049
General Electric Co.	3,298,148		69,459
Reunert Ltd.	495,947		4,369
			77,877
Machinery - 2.5%
Actuant Corp. Class A	487,486		13,767
Colfax Corp. (a)	215,542		7,412
Cummins, Inc.	167,684		15,692
Dover Corp.	129,995		7,568
Fiat Industrial SpA	2,771,205		30,010
GEA Group AG	108,804		3,397
Illinois Tool Works, Inc.	292,048		17,911
Ingersoll-Rand PLC	551,461		25,935
Manitowoc Co., Inc.	1,094,242		15,593
Oshkosh Truck Corp. (a)	152,983		4,586
Pentair Ltd.	25,500		1,077
Stanley Black & Decker, Inc.	321,481		22,279
Timken Co.	208,281		8,225
Valmont Industries, Inc.	43,266		5,845
			179,297
Marine - 0.0%
Ultrapetrol (Bahamas) Ltd. (a)	1,240,200		1,885
Professional Services - 0.4%
CRA International, Inc. (a)	214,916		3,598
Randstad Holding NV	446,500		14,575
Robert Half International, Inc.	261,728		7,038
			25,211
Road & Rail - 0.8%
Con-way, Inc.	21,900		638
J.B. Hunt Transport Services, Inc.	147,481		8,657
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Road & Rail - continued
Union Pacific Corp.	406,365		$ 49,995
Universal Truckload Services, Inc.	107,154		1,697
			60,987
Trading Companies & Distributors - 0.3%
Houston Wire & Cable Co.	517,408		5,728
Rush Enterprises, Inc. Class A (a)	299,696		5,694
Watsco, Inc.	151,925		10,384
			21,806
TOTAL INDUSTRIALS			861,850
INFORMATION TECHNOLOGY - 20.2%
Communications Equipment - 1.6%
Brocade Communications Systems, Inc. (a)	1,398,529		7,412
Cisco Systems, Inc.	2,670,442		45,771
Motorola Solutions, Inc.	284,997		14,729
Polycom, Inc. (a)	994,368		9,964
QUALCOMM, Inc.	415,990		24,367
Riverbed Technology, Inc. (a)	304,223		5,619
ViaSat, Inc. (a)	308,812		11,994
			119,856
Computers & Peripherals - 5.2%
Apple, Inc.	600,603		357,420
Gemalto NV (e)	168,763		15,229
Lexmark International, Inc. Class A (e)	134,900		2,868
NCR Corp. (a)	36,400		775
			376,292
Electronic Equipment & Components - 1.1%
Arrow Electronics, Inc. (a)	382,925		13,490
Avnet, Inc. (a)	639,678		18,327
Corning, Inc.	1,884,412		22,142
Flextronics International Ltd. (a)	669,751		3,864
Jabil Circuit, Inc.	387,124		6,713
Molex, Inc. (e)	305,831		7,942
Tech Data Corp. (a)	90,696		4,019
			76,497
Internet Software & Services - 2.3%
Active Network, Inc. (a)	338,061		2,995
Baidu.com, Inc. sponsored ADR (a)	83,423		8,895
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
Cornerstone OnDemand, Inc. (a)	105,543		$ 2,954
Demandware, Inc.	134,699		3,999
E2open, Inc.	54,700		957
eBay, Inc. (a)	308,166		14,881
Facebook, Inc. Class B (a)(h)	488,526		9,284
Google, Inc. Class A (a)	153,602		104,414
Mail.ru Group Ltd. GDR (Reg. S)	246,600		8,224
QuinStreet, Inc. (a)	661,811		4,050
Velti PLC (a)(e)	809,700		5,911
VeriSign, Inc. (a)	73,000		2,706
			169,270
IT Services - 3.6%
Accenture PLC Class A	366,557		24,710
Amdocs Ltd.	249,754		8,259
Cognizant Technology Solutions Corp. Class A (a)	572,420		38,152
EPAM Systems, Inc.	419,105		7,536
ExlService Holdings, Inc. (a)	325,959		9,661
Fidelity National Information Services, Inc.	495,835		16,298
Fiserv, Inc. (a)	246,171		18,448
Global Payments, Inc.	171,229		7,320
Heartland Payment Systems, Inc.	110,105		2,872
Jack Henry & Associates, Inc.	18,235		693
MasterCard, Inc. Class A	39,623		18,263
Sapient Corp. (a)	633,700		6,514
ServiceSource International, Inc. (a)(e)	1,165,625		10,502
Total System Services, Inc.	32,900		740
Unisys Corp. (a)	1,145,858		19,537
Virtusa Corp. (a)	315,442		5,413
Visa, Inc. Class A	504,428		69,994
			264,912
Office Electronics - 0.3%
Xerox Corp.	2,885,981		18,586
Semiconductors & Semiconductor Equipment - 4.1%
Altera Corp.	116,551		3,552
Analog Devices, Inc.	429,940		16,815
Applied Micro Circuits Corp. (a)	364,735		2,115
ASML Holding NV	1,024,463		56,315
Avago Technologies Ltd.	448,559		14,816
Cirrus Logic, Inc. (a)	566,884		23,106
Cymer, Inc. (a)	256,645		20,452
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Freescale Semiconductor Holdings I Ltd. (a)	1,747,246		$ 15,620
LTX-Credence Corp. (a)(f)	2,667,460		14,858
MagnaChip Semiconductor Corp. (a)	347,200		3,906
Maxim Integrated Products, Inc.	644,151		17,730
Monolithic Power Systems, Inc. (a)	351,731		6,834
NXP Semiconductors NV (a)	1,066,264		25,868
ON Semiconductor Corp. (a)	763,828		4,698
RF Micro Devices, Inc. (a)	3,518,631		15,517
Samsung Electronics Co. Ltd.	21,459		25,783
Skyworks Solutions, Inc. (a)	1,006,199		23,545
Spansion, Inc. Class A	407,281		4,517
			296,047
Software - 2.0%
Adobe Systems, Inc. (a)	151,967		5,167
Autodesk, Inc. (a)	230,005		7,323
Check Point Software Technologies Ltd. (a)	281,364		12,529
Citrix Systems, Inc. (a)	376,611		23,278
Comverse Technology, Inc. (a)	3,632,060		23,935
Electronic Arts, Inc. (a)	361,690		4,467
Ellie Mae, Inc. (a)	50,979		1,274
Informatica Corp. (a)	138,426		3,757
JDA Software Group, Inc. (a)	198,523		7,572
Jive Software, Inc.	18,200		204
Nuance Communications, Inc. (a)	412,331		9,178
Oracle Corp.	969,607		30,106
Progress Software Corp. (a)	51,000		1,006
Symantec Corp. (a)	109,212		1,987
VMware, Inc. Class A (a)	113,800		9,647
Workday, Inc.	107,200		5,199
			146,629
TOTAL INFORMATION TECHNOLOGY			1,468,089
MATERIALS - 4.7%
Chemicals - 1.9%
Albemarle Corp.	119,466		6,584
Ashland, Inc.	156,993		11,170
Clariant AG (Reg.)	1,538,261		16,468
Eastman Chemical Co.	43,600		2,583
Innospec, Inc. (a)	125,805		4,074
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Kraton Performance Polymers, Inc. (a)	120,072		$ 2,620
LyondellBasell Industries NV Class A	179,237		9,569
Monsanto Co.	112,200		9,657
PetroLogistics LP	972,622		12,566
Praxair, Inc.	39,800		4,227
Spartech Corp. (a)	1,420,959		12,163
W.R. Grace & Co. (a)	698,929		44,843
			136,524
Construction Materials - 0.1%
HeidelbergCement Finance AG	107,913		5,719
Lafarge SA (Bearer)	72,700		4,257
			9,976
Containers & Packaging - 0.3%
Nampak Ltd.	2,604,800		8,682
Rock-Tenn Co. Class A	128,497		9,405
			18,087
Metals & Mining - 2.4%
Agnico-Eagle Mines Ltd. (Canada)	174,400		9,847
Commercial Metals Co.	1,210,444		16,656
Copper Mountain Mining Corp. (a)	477,400		1,931
Endeavour Mining Corp. (a)	1,242,350		2,861
First Quantum Minerals Ltd.	278,840		6,268
Freeport-McMoRan Copper & Gold, Inc.	439,795		17,099
Goldcorp, Inc.	357,000		16,139
Iluka Resources Ltd.	443,546		4,567
Ivanplats Ltd. (g)	665,000		3,089
Ivanplats Ltd. Class A (h)	6,810,028		28,474
Newcrest Mining Ltd.	291,654		8,002
Randgold Resources Ltd. sponsored ADR	266,523		31,873
Reliance Steel & Aluminum Co.	72,916		3,962
Turquoise Hill Resources Ltd. (a)	3,324,736		25,999
			176,767
Paper & Forest Products - 0.0%
International Paper Co.	21,800		781
TOTAL MATERIALS			342,135
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 0.5%
CenturyLink, Inc.	558,452		$ 21,433
Frontier Communications Corp. (e)	1,038,889		4,904
PT Telkomunikasi Indonesia Tbk sponsored ADR	252,541		10,266
			36,603
Wireless Telecommunication Services - 0.5%
Crown Castle International Corp. (a)	18,400		1,228
SBA Communications Corp. Class A (a)	485,411		32,343
			33,571
TOTAL TELECOMMUNICATION SERVICES			70,174
UTILITIES - 2.8%
Electric Utilities - 1.4%
Edison International	380,824		17,876
ITC Holdings Corp.	150,546		11,986
NextEra Energy, Inc.	509,556		35,699
Northeast Utilities	713,080		28,024
OGE Energy Corp.	39,848		2,294
Pinnacle West Capital Corp.	72,741		3,853
			99,732
Gas Utilities - 0.1%
Atmos Energy Corp.	104,257		3,750
ONEOK, Inc.	145,666		6,890
			10,640
Independent Power Producers & Energy Traders - 0.4%
The AES Corp.	2,503,593		26,163
Multi-Utilities - 0.9%
CenterPoint Energy, Inc.	246,662		5,345
CMS Energy Corp.	148,693		3,616
PG&E Corp.	662,368		28,164
Sempra Energy	420,221		29,310
			66,435
TOTAL UTILITIES			202,970
TOTAL COMMON STOCKS (Cost $6,185,872)		7,170,112
Convertible Preferred Stocks - 0.1%
	Shares		Value (000s)
HEALTH CARE - 0.0%
Pharmaceuticals - 0.0%
KaloBios Pharmaceuticals, Inc. Series E (h)	1,403,000		$ 4,770
INFORMATION TECHNOLOGY - 0.1%
IT Services - 0.1%
Unisys Corp. Series A, 6.25%	92,200		4,923
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $11,041)		9,693

Convertible Bonds - 0.4%
	Principal Amount (000s)
ENERGY - 0.1%
Energy Equipment & Services - 0.0%
Cal Dive International, Inc. 5% 7/15/17 (g)	$ 3,660		3,070
Oil, Gas & Consumable Fuels - 0.1%
Amyris, Inc. 3% 2/27/17 (h)	7,356		5,058
TOTAL ENERGY			8,128
FINANCIALS - 0.1%
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. 9% 4/1/63 (d)(g)	16,623		5,496
HEALTH CARE - 0.1%
Biotechnology - 0.1%
Exelixis, Inc. 4.25% 8/15/19	9,070		9,535
INDUSTRIALS - 0.1%
Building Products - 0.1%
Aspen Aerogels, Inc. 8% 6/1/14 (h)	4,085		4,085
TELECOMMUNICATION SERVICES - 0.0%
Wireless Telecommunication Services - 0.0%
Clearwire Communications LLC/Clearwire Finance, Inc. 8.25% 12/1/40 (g)	3,730		3,625
TOTAL CONVERTIBLE BONDS (Cost $35,936)		30,869

Money Market Funds - 2.3%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.19% (b)	56,556,578		$ 56,557
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	108,876,922		108,877
TOTAL MONEY MARKET FUNDS (Cost $165,434)		165,434
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $6,398,283)			7,376,108
NET OTHER ASSETS (LIABILITIES) - (1.6)%			(118,367)
NET ASSETS - 100%		$ 7,257,741

Legend

(a) Non-income producing

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

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

(f) Affiliated company

(g) 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 $29,600,000 or 0.4% of net assets.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $57,559,000 or 0.8% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Amyris, Inc. 3% 2/27/17	2/27/12	$ 7,356
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11	$ 4,085
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 12,216
Halcon Resources Corp.	3/1/12	$ 8,190
Ivanplats Ltd. Class A	10/23/12	$ 32,348
KaloBios Pharmaceuticals, Inc. Series E	5/2/12	$ 4,770

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	$ 25
Fidelity Securities Lending Cash Central Fund	821
Total	$ 846

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Body Central Corp.	$ 10,585	$ 228	$ -	$ -	$ 10,444
Double Eagle Petroleum Co.	3,787	-	-	-	4,572
Emerald Oil, Inc.	-	4,260	-	-	6,266
Emerald Oil, Inc. warrants 2/14/16	-	-	-	-	-
GeoEye, Inc.	31,912	-	13,134	-	-
LTX-Credence Corp.	14,900	898	141	-	14,858
PICO Holdings, Inc.	33,875	-	-	-	31,107
Total	$ 95,059	$ 5,386	$ 13,275	$ -	$ 67,247

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 893,167	$ 893,167	$ -	$ -
Consumer Staples	666,613	651,314	15,299	-
Energy	808,289	808,289	-	-
Financials	969,916	962,162	7,754	-
Health Care	891,679	864,793	22,116	4,770
Industrials	861,850	859,078	2,772	-
Information Technology	1,473,012	1,463,728	9,284	-
Materials	342,135	313,661	28,474	-
Telecommunication Services	70,174	70,174	-	-
Utilities	202,970	202,970	-	-
Corporate Bonds	30,869	-	26,784	4,085
Money Market Funds	165,434	165,434	-	-
Total Investments in Securities:	$ 7,376,108	$ 7,254,770	$ 112,483	$ 8,855

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $6,412,428,000. Net unrealized appreciation aggregated $963,680,000, of which $1,371,005,000 related to appreciated investment securities and $407,325,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Real Estate Fund

October 31, 2012

1.809077.109

IRE-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.4%
	Shares		Value
Australia - 15.6%
Abacus Property Group unit	1,940,221		$ 4,189,217
ALE Property Group	354,109		830,737
Charter Hall Group unit	1,061,761		3,515,894
Goodman Group unit	537,871		2,473,433
Mirvac Group unit	7,626,851		11,915,164
Westfield Group unit	2,533,380		28,033,398
TOTAL AUSTRALIA			50,957,843
Bailiwick of Jersey - 1.8%
Atrium European Real Estate Ltd.	1,045,843		5,911,638
Belgium - 1.1%
Warehouses de Pauw	66,135		3,623,422
Bermuda - 3.8%
Csi Properties Ltd.	41,280,000		1,677,821
Great Eagle Holdings Ltd.	1,751,088		5,196,744
Kerry Properties Ltd.	1,090,000		5,407,772
TOTAL BERMUDA			12,282,337
Brazil - 0.9%
Bhg SA Brazil Hospitality Group (a)	59,600		589,823
Even Construtora e Incorporadora SA	353,300		1,408,990
Multiplan Empreendimentos Imobiliarios SA	26,400		773,393
TOTAL BRAZIL			2,772,206
Cayman Islands - 1.8%
KWG Property Holding Ltd.	5,944,500		3,543,666
SOHO China Ltd.	3,066,000		2,084,867
SouFun Holdings Ltd. ADR (d)	6,273		113,353
TOTAL CAYMAN ISLANDS			5,741,886
Chile - 0.5%
Parque Arauco SA	703,611		1,607,126
France - 4.8%
Altarea	11,600		1,736,582
Societe de la Tour Eiffel	33,224		1,833,204
Societe Fonciere Lyonnaise SA	96,136		4,485,840
Unibail-Rodamco	33,257		7,493,989
TOTAL FRANCE			15,549,615
Germany - 3.0%
alstria office REIT-AG	251,600		3,038,705
Common Stocks - continued
	Shares		Value
Germany - continued
Deutsche EuroShop AG	94,949		$ 3,882,800
Patrizia Immobilien AG (a)	422,989		2,979,230
TOTAL GERMANY			9,900,735
Hong Kong - 14.0%
Hang Lung Properties Ltd.	2,111,500		7,342,524
Henderson Land Development Co. Ltd.	1,155,099		8,003,667
Hysan Development Co. Ltd.	890,703		3,936,307
Lai Sun Development Co. Ltd. (a)	48,426,000		1,193,459
Magnificent Estates Ltd.	38,770,000		1,875,956
Sun Hung Kai Properties Ltd.	1,509,226		21,012,185
Wheelock and Co. Ltd.	525,000		2,296,437
TOTAL HONG KONG			45,660,535
India - 0.5%
Phoenix Mills Ltd. (a)	423,737		1,580,597
Italy - 1.0%
Beni Stabili SpA SIIQ	5,991,833		3,368,251
Japan - 18.8%
BLife Investment Corp.	623		4,908,769
Goldcrest Co. Ltd.	95,700		1,439,756
Japan Retail Fund Investment Corp.	3,107		5,662,890
Kenedix, Inc. (a)(d)	10,713		1,388,946
Mitsui Fudosan Co. Ltd.	978,000		19,760,917
Nomura Real Estate Holdings, Inc.	219,800		3,945,552
Sumitomo Realty & Development Co. Ltd.	513,000		14,163,247
Tokyu Land Corp.	568,000		3,187,574
United Urban Investment Corp.	5,560		6,686,208
TOTAL JAPAN			61,143,859
Mexico - 0.7%
Corporacion Inmobiliaria Vesta SAB de CV (d)	1,509,803		2,272,661
Russia - 0.2%
LSR Group OJSC GDR (Reg. S)	153,700		740,066
Singapore - 10.3%
Global Logistic Properties Ltd.	3,507,000		7,388,908
Mapletree Industrial (REIT)	4,610,000		5,291,031
Parkway Life REIT	3,774,000		6,311,658
UOL Group Ltd.	1,805,000		8,375,389
Wing Tai Holdings Ltd.	4,353,181		6,191,809
TOTAL SINGAPORE			33,558,795
Common Stocks - continued
	Shares		Value
Sweden - 2.5%
Castellum AB	212,300		$ 2,843,832
Hufvudstaden AB Series A	229,000		2,908,720
Wihlborgs Fastigheter AB	156,700		2,391,997
TOTAL SWEDEN			8,144,549
United Kingdom - 13.1%
Big Yellow Group PLC	1,226,900		6,771,292
Derwent London PLC	194,800		6,482,072
Hammerson PLC	1,488,229		11,330,888
Helical Bar PLC	2,194,727		6,835,560
Metric Property Investments PLC	2,880,100		4,275,940
Quintain Estates & Development PLC (a)	2,017,100		1,741,476
Safestore Holdings PLC	1,843,800		3,250,660
St. Modwen Properties PLC	636,600		2,067,982
TOTAL UNITED KINGDOM			42,755,870
TOTAL COMMON STOCKS (Cost $307,019,111)		307,571,991
Money Market Funds - 4.6%

Fidelity Cash Central Fund, 0.19% (b)	14,495,630		14,495,630
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	562,433		562,433
TOTAL MONEY MARKET FUNDS (Cost $15,058,063)		15,058,063
TOTAL INVESTMENT PORTFOLIO - 99.0% (Cost $322,077,174)			322,630,054
NET OTHER ASSETS (LIABILITIES) - 1.0%			3,127,148
NET ASSETS - 100%		$ 325,757,202

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	$ 8,114
Fidelity Securities Lending Cash Central Fund	4,955
Total	$ 13,069

Other Information

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

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

Transfers	Total
Level 1 to Level 2	$ 0
Level 2 to Level 1	$ 53,003,004

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $328,503,862. Net unrealized depreciation aggregated $5,873,808, of which $20,438,072 related to appreciated investment securities and $26,311,880 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

October 31, 2012

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

1.859110.106

AIRE-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.4%
	Shares		Value
Australia - 15.6%
Abacus Property Group unit	1,940,221		$ 4,189,217
ALE Property Group	354,109		830,737
Charter Hall Group unit	1,061,761		3,515,894
Goodman Group unit	537,871		2,473,433
Mirvac Group unit	7,626,851		11,915,164
Westfield Group unit	2,533,380		28,033,398
TOTAL AUSTRALIA			50,957,843
Bailiwick of Jersey - 1.8%
Atrium European Real Estate Ltd.	1,045,843		5,911,638
Belgium - 1.1%
Warehouses de Pauw	66,135		3,623,422
Bermuda - 3.8%
Csi Properties Ltd.	41,280,000		1,677,821
Great Eagle Holdings Ltd.	1,751,088		5,196,744
Kerry Properties Ltd.	1,090,000		5,407,772
TOTAL BERMUDA			12,282,337
Brazil - 0.9%
Bhg SA Brazil Hospitality Group (a)	59,600		589,823
Even Construtora e Incorporadora SA	353,300		1,408,990
Multiplan Empreendimentos Imobiliarios SA	26,400		773,393
TOTAL BRAZIL			2,772,206
Cayman Islands - 1.8%
KWG Property Holding Ltd.	5,944,500		3,543,666
SOHO China Ltd.	3,066,000		2,084,867
SouFun Holdings Ltd. ADR (d)	6,273		113,353
TOTAL CAYMAN ISLANDS			5,741,886
Chile - 0.5%
Parque Arauco SA	703,611		1,607,126
France - 4.8%
Altarea	11,600		1,736,582
Societe de la Tour Eiffel	33,224		1,833,204
Societe Fonciere Lyonnaise SA	96,136		4,485,840
Unibail-Rodamco	33,257		7,493,989
TOTAL FRANCE			15,549,615
Germany - 3.0%
alstria office REIT-AG	251,600		3,038,705
Common Stocks - continued
	Shares		Value
Germany - continued
Deutsche EuroShop AG	94,949		$ 3,882,800
Patrizia Immobilien AG (a)	422,989		2,979,230
TOTAL GERMANY			9,900,735
Hong Kong - 14.0%
Hang Lung Properties Ltd.	2,111,500		7,342,524
Henderson Land Development Co. Ltd.	1,155,099		8,003,667
Hysan Development Co. Ltd.	890,703		3,936,307
Lai Sun Development Co. Ltd. (a)	48,426,000		1,193,459
Magnificent Estates Ltd.	38,770,000		1,875,956
Sun Hung Kai Properties Ltd.	1,509,226		21,012,185
Wheelock and Co. Ltd.	525,000		2,296,437
TOTAL HONG KONG			45,660,535
India - 0.5%
Phoenix Mills Ltd. (a)	423,737		1,580,597
Italy - 1.0%
Beni Stabili SpA SIIQ	5,991,833		3,368,251
Japan - 18.8%
BLife Investment Corp.	623		4,908,769
Goldcrest Co. Ltd.	95,700		1,439,756
Japan Retail Fund Investment Corp.	3,107		5,662,890
Kenedix, Inc. (a)(d)	10,713		1,388,946
Mitsui Fudosan Co. Ltd.	978,000		19,760,917
Nomura Real Estate Holdings, Inc.	219,800		3,945,552
Sumitomo Realty & Development Co. Ltd.	513,000		14,163,247
Tokyu Land Corp.	568,000		3,187,574
United Urban Investment Corp.	5,560		6,686,208
TOTAL JAPAN			61,143,859
Mexico - 0.7%
Corporacion Inmobiliaria Vesta SAB de CV (d)	1,509,803		2,272,661
Russia - 0.2%
LSR Group OJSC GDR (Reg. S)	153,700		740,066
Singapore - 10.3%
Global Logistic Properties Ltd.	3,507,000		7,388,908
Mapletree Industrial (REIT)	4,610,000		5,291,031
Parkway Life REIT	3,774,000		6,311,658
UOL Group Ltd.	1,805,000		8,375,389
Wing Tai Holdings Ltd.	4,353,181		6,191,809
TOTAL SINGAPORE			33,558,795
Common Stocks - continued
	Shares		Value
Sweden - 2.5%
Castellum AB	212,300		$ 2,843,832
Hufvudstaden AB Series A	229,000		2,908,720
Wihlborgs Fastigheter AB	156,700		2,391,997
TOTAL SWEDEN			8,144,549
United Kingdom - 13.1%
Big Yellow Group PLC	1,226,900		6,771,292
Derwent London PLC	194,800		6,482,072
Hammerson PLC	1,488,229		11,330,888
Helical Bar PLC	2,194,727		6,835,560
Metric Property Investments PLC	2,880,100		4,275,940
Quintain Estates & Development PLC (a)	2,017,100		1,741,476
Safestore Holdings PLC	1,843,800		3,250,660
St. Modwen Properties PLC	636,600		2,067,982
TOTAL UNITED KINGDOM			42,755,870
TOTAL COMMON STOCKS (Cost $307,019,111)		307,571,991
Money Market Funds - 4.6%

Fidelity Cash Central Fund, 0.19% (b)	14,495,630		14,495,630
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	562,433		562,433
TOTAL MONEY MARKET FUNDS (Cost $15,058,063)		15,058,063
TOTAL INVESTMENT PORTFOLIO - 99.0% (Cost $322,077,174)			322,630,054
NET OTHER ASSETS (LIABILITIES) - 1.0%			3,127,148
NET ASSETS - 100%		$ 325,757,202

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	$ 8,114
Fidelity Securities Lending Cash Central Fund	4,955
Total	$ 13,069

Other Information

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

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

Transfers	Total
Level 1 to Level 2	$ 0
Level 2 to Level 1	$ 53,003,004

Income Tax Information

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Leveraged Company
Stock Fund
Leveraged Company Stock
Class K

October 31, 2012

1.809078.109

LSF-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 85.4%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 21.4%
Auto Components - 1.1%
Delphi Automotive PLC	163,300		$ 5,134
Exide Technologies (a)(f)	3,930,293		11,987
Tenneco, Inc. (a)	97,700		2,985
TRW Automotive Holdings Corp. (a)	456,100		21,213
			41,319
Automobiles - 3.6%
Ford Motor Co.	6,790,633		75,783
General Motors Co. (a)	1,647,566		42,013
General Motors Co.:
warrants 7/10/16 (a)	445,805		7,333
warrants 7/10/19 (a)	445,805		4,578
Motors Liquidation Co. GUC Trust (a)	123,112		2,456
Toyota Motor Corp. sponsored ADR	89,500		6,934
			139,097
Diversified Consumer Services - 5.1%
Service Corp. International (f)	12,988,425		182,357
Stewart Enterprises, Inc. Class A (e)	1,515,242		11,773
			194,130
Hotels, Restaurants & Leisure - 0.4%
Penn National Gaming, Inc. (a)	360,340		14,569
Station Holdco LLC warrants 6/15/18 (a)(i)(j)	146,846		7
			14,576
Household Durables - 2.4%
Hovnanian Enterprises, Inc. Class A (a)(e)	1,419,000		6,102
Lennar Corp. Class A (e)	983,400		36,848
Newell Rubbermaid, Inc.	2,341,747		48,334
			91,284
Leisure Equipment & Products - 0.2%
Callaway Golf Co.	1,630,035		8,900
Media - 5.4%
Cinemark Holdings, Inc.	2,601,645		64,235
Comcast Corp. Class A	3,302,598		123,880
Gray Television, Inc. (a)(f)	3,766,164		8,022
Nexstar Broadcasting Group, Inc. Class A (a)	1,130,500		12,289
			208,426
Multiline Retail - 0.6%
Target Corp.	338,600		21,586
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - 2.4%
Asbury Automotive Group, Inc. (a)	385,122		$ 12,216
GameStop Corp. Class A	3,156,107		72,054
Sally Beauty Holdings, Inc. (a)	300,000		7,224
			91,494
Textiles, Apparel & Luxury Goods - 0.2%
Coach, Inc.	123,220		6,906
TOTAL CONSUMER DISCRETIONARY			817,718
CONSUMER STAPLES - 3.0%
Food & Staples Retailing - 0.6%
Whole Foods Market, Inc.	222,009		21,031
Food Products - 2.2%
ConAgra Foods, Inc.	541,700		15,081
Darling International, Inc. (a)	3,476,642		57,469
Smithfield Foods, Inc. (a)	559,606		11,455
			84,005
Personal Products - 0.2%
Revlon, Inc. (a)	553,261		8,520
TOTAL CONSUMER STAPLES			113,556
ENERGY - 11.7%
Energy Equipment & Services - 2.7%
Ensco PLC Class A	110,000		6,360
Halliburton Co.	1,126,593		36,378
Noble Corp.	447,200		16,877
Oil States International, Inc. (a)	270,700		19,788
Schlumberger Ltd.	109,400		7,607
Transocean Ltd. (United States)	381,900		17,449
			104,459
Oil, Gas & Consumable Fuels - 9.0%
Alpha Natural Resources, Inc. (a)	2,204,108		18,889
Chesapeake Energy Corp. (e)	553,691		11,218
Continental Resources, Inc. (a)	534,087		38,379
Forest Oil Corp. (a)	1,205,652		9,139
Hess Corp.	586,500		30,650
HollyFrontier Corp.	2,516,775		97,223
Kodiak Oil & Gas Corp. (a)	2,019,747		18,662
Nexen, Inc.	188,000		4,489
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Peabody Energy Corp.	822,825		$ 22,957
Range Resources Corp.	247,200		16,157
Valero Energy Corp.	1,438,166		41,851
Western Refining, Inc.	1,303,573		32,420
			342,034
TOTAL ENERGY			446,493
FINANCIALS - 6.8%
Capital Markets - 0.5%
Morgan Stanley	1,187,000		20,630
Commercial Banks - 2.7%
Huntington Bancshares, Inc.	8,526,580		54,485
Regions Financial Corp.	3,284,894		21,418
SunTrust Banks, Inc.	1,019,600		27,733
			103,636
Consumer Finance - 0.5%
American Express Co.	335,547		18,781
Diversified Financial Services - 0.8%
Citigroup, Inc.	855,847		32,000
Insurance - 1.6%
AFLAC, Inc.	641,700		31,944
Assured Guaranty Ltd.	1,249,684		17,358
Lincoln National Corp.	435,700		10,801
			60,103
Real Estate Investment Trusts - 0.7%
Host Hotels & Resorts, Inc.	1,016,122		14,693
Sabra Health Care REIT, Inc.	547,507		12,166
			26,859
TOTAL FINANCIALS			262,009
HEALTH CARE - 7.5%
Health Care Equipment & Supplies - 0.6%
Boston Scientific Corp. (a)	4,796,000		24,651
Health Care Providers & Services - 4.7%
Community Health Systems, Inc. (a)	784,376		21,508
DaVita, Inc. (a)	367,826		41,388
HCA Holdings, Inc.	1,216,779		34,569
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
Sun Healthcare Group, Inc. (a)	547,507		$ 4,632
Tenet Healthcare Corp. (a)	2,574,826		60,766
Universal Health Services, Inc. Class B	385,505		15,956
			178,819
Pharmaceuticals - 2.2%
Johnson & Johnson	153,000		10,835
Merck & Co., Inc.	1,577,900		72,000
			82,835
TOTAL HEALTH CARE			286,305
INDUSTRIALS - 10.9%
Aerospace & Defense - 1.2%
Honeywell International, Inc.	478,776		29,320
Textron, Inc.	602,700		15,194
			44,514
Airlines - 2.0%
Delta Air Lines, Inc. (a)	4,762,411		45,862
Southwest Airlines Co.	571,283		5,039
United Continental Holdings, Inc. (a)	370,700		7,121
US Airways Group, Inc. (a)(e)	1,481,380		18,043
			76,065
Building Products - 1.2%
Armstrong World Industries, Inc.	693,300		35,913
Owens Corning (a)	294,219		9,883
Owens Corning warrants 10/31/13 (a)	406,600		549
			46,345
Commercial Services & Supplies - 1.7%
Deluxe Corp.	1,786,873		56,304
Tyco International Ltd.	328,233		8,820
			65,124
Electrical Equipment - 1.5%
Belden, Inc.	777,664		27,840
Emerson Electric Co.	163,500		7,918
General Cable Corp. (a)	437,132		12,471
Polypore International, Inc. (a)(e)	217,800		7,684
			55,913
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - 0.8%
Carlisle Companies, Inc.	109,910		$ 6,106
General Electric Co.	1,103,883		23,248
			29,354
Machinery - 1.7%
Fiat Industrial SpA	1,634,423		17,700
Ingersoll-Rand PLC	739,500		34,779
Pentair Ltd.	78,757		3,327
Timken Co.	228,734		9,033
			64,839
Marine - 0.2%
Navios Maritime Holdings, Inc.	2,162,794		8,457
Road & Rail - 0.5%
Avis Budget Group, Inc. (a)	719,914		11,900
Hertz Global Holdings, Inc. (a)	707,700		9,391
			21,291
Trading Companies & Distributors - 0.1%
Edgen Group, Inc. Class A	482,300		3,670
TOTAL INDUSTRIALS			415,572
INFORMATION TECHNOLOGY - 4.9%
Communications Equipment - 1.1%
Cisco Systems, Inc.	2,383,049		40,845
Electronic Equipment & Components - 0.9%
Avnet, Inc. (a)	594,313		17,027
Corning, Inc.	726,800		8,540
Viasystems Group, Inc. (a)	540,460		8,274
			33,841
Internet Software & Services - 0.2%
VeriSign, Inc. (a)	194,300		7,203
Semiconductors & Semiconductor Equipment - 1.9%
Fairchild Semiconductor International, Inc. (a)	1,122,274		13,198
Freescale Semiconductor Holdings I Ltd. (a)	584,500		5,225
Intersil Corp. Class A	1,460,387		10,296
Micron Technology, Inc. (a)	2,293,545		12,442
ON Semiconductor Corp. (a)	5,502,368		33,840
			75,001
Software - 0.8%
Citrix Systems, Inc. (a)	230,899		14,272
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Microsoft Corp.	108,800		$ 3,105
Nuance Communications, Inc. (a)	573,666		12,770
			30,147
TOTAL INFORMATION TECHNOLOGY			187,037
MATERIALS - 13.3%
Chemicals - 10.8%
H.B. Fuller Co.	461,829		14,040
LyondellBasell Industries NV Class A	6,130,726		327,317
OMNOVA Solutions, Inc. (a)(f)	3,114,962		24,421
Phosphate Holdings, Inc. (a)	307,500		1,538
The Dow Chemical Co.	832,388		24,389
W.R. Grace & Co. (a)	317,904		20,397
			412,102
Containers & Packaging - 1.7%
Rock-Tenn Co. Class A	733,723		53,701
Sealed Air Corp.	821,949		13,332
			67,033
Metals & Mining - 0.5%
AngloGold Ashanti Ltd. sponsored ADR	526,100		17,877
Ormet Corp. (a)	330,000		347
Ormet Corp. (a)(j)	1,075,000		1,129
			19,353
Paper & Forest Products - 0.3%
Neenah Paper, Inc.	418,300		10,834
TOTAL MATERIALS			509,322
TELECOMMUNICATION SERVICES - 0.8%
Diversified Telecommunication Services - 0.8%
CenturyLink, Inc.	771,680		29,617
UTILITIES - 5.1%
Electric Utilities - 0.5%
FirstEnergy Corp.	421,304		19,262
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Independent Power Producers & Energy Traders - 4.6%
Calpine Corp. (a)	2,361,000		$ 41,554
The AES Corp.	12,738,524		133,118
			174,672
TOTAL UTILITIES			193,934
TOTAL COMMON STOCKS (Cost $2,788,203)		3,261,563
Nonconvertible Preferred Stocks - 0.4%

CONSUMER STAPLES - 0.1%
Personal Products - 0.1%
Revlon, Inc. Series A 12.75%	639,576		3,479
FINANCIALS - 0.3%
Diversified Financial Services - 0.3%
GMAC Capital Trust I Series 2, 8.125%	439,013		11,476
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $19,207)		14,955

Nonconvertible Bonds - 1.0%
	Principal Amount (000s)
CONSUMER DISCRETIONARY - 1.0%
Automobiles - 0.0%
General Motors Corp.:
6.75% 5/1/28 (d)	$ 3,075		0
7.125% 7/15/13 (d)	8,320		0
7.2% 1/15/11 (d)	22,980		0
8.25% 7/15/23 (d)	25,035		0
8.375% 7/15/33 (d)	50,210		0
8.8% 3/1/21 (d)	10,765		0
Household Durables - 0.0%
K. Hovnanian Enterprises, Inc. 8.625% 1/15/17	1,090		1,036
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
CONSUMER DISCRETIONARY - continued
Multiline Retail - 1.0%
The Bon-Ton Department Stores, Inc. 10.625% 7/15/17 (g)	$ 41,875		$ 38,525
TOTAL NONCONVERTIBLE BONDS (Cost $35,088)		39,561
Floating Rate Loans - 0.4%

INDUSTRIALS - 0.3%
Airlines - 0.3%
US Airways Group, Inc. term loan 2.711% 3/23/14 (h)	10,835		10,564
UTILITIES - 0.1%
Electric Utilities - 0.1%
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan 4.7489% 10/10/17 (h)	5,458		3,568
TOTAL FLOATING RATE LOANS (Cost $14,723)		14,132

Money Market Funds - 13.5%
	Shares
Fidelity Cash Central Fund, 0.19% (b)	486,303,403		486,303
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	28,416,866		28,417
TOTAL MONEY MARKET FUNDS (Cost $514,720)		514,720
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $3,371,941)			3,844,931
NET OTHER ASSETS (LIABILITIES) - (0.7)%			(27,492)
NET ASSETS - 100%		$ 3,817,439

Legend

(a) Non-income producing

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

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

(f) Affiliated company

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

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

(j) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,136,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 155
Fidelity Securities Lending Cash Central Fund	447
Total	$ 602

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Exide Technologies	$ 11,516	$ -	$ -	$ -	$ 11,987
Gray Television, Inc.	6,327	-	-	-	8,022
OMNOVA Solutions, Inc.	22,677	-	-	-	24,421
Service Corp. International	176,344	-	10,254	802	182,357
Total	$ 216,864	$ -	$ 10,254	$ 802	$ 226,787

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 817,718	$ 817,711	$ -	$ 7
Consumer Staples	117,035	113,556	-	3,479
Energy	446,493	446,493	-	-
Financials	273,485	273,485	-	-
Health Care	286,305	286,305	-	-
Industrials	415,572	415,572	-	-
Information Technology	187,037	187,037	-	-
Materials	509,322	509,322	-	-
Telecommunication Services	29,617	29,617	-	-
Utilities	193,934	193,934	-	-
Corporate Bonds	39,561	-	39,561	-
Floating Rate Loans	14,132	-	14,132	-
Money Market Funds	514,720	514,720	-	-
Total Investments in Securities:	$ 3,844,931	$ 3,787,752	$ 53,693	$ 3,486

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $3,371,007,000. Net unrealized appreciation aggregated $473,924,000, of which $817,061,000 related to appreciated investment securities and $343,137,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® OTC Portfolio

October 31, 2012

1.809071.109

OTC-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 15.5%
Automobiles - 2.2%
Tesla Motors, Inc. (a)(d)	5,528,664		$ 155,521
Volkswagen AG sponsored ADR	6,100		239
			155,760
Hotels, Restaurants & Leisure - 0.7%
Bravo Brio Restaurant Group, Inc. (a)	400,825		5,291
Chipotle Mexican Grill, Inc. (a)	2,100		535
Dunkin' Brands Group, Inc.	37,400		1,159
Las Vegas Sands Corp.	3,900		181
Starbucks Corp.	860,700		39,506
Texas Roadhouse, Inc. Class A	12,725		207
			46,879
Household Durables - 1.5%
D.R. Horton, Inc.	2,427,400		50,878
iRobot Corp. (a)	7,693		138
Lennar Corp. Class A	6,200		232
PulteGroup, Inc. (a)	80,100		1,389
SodaStream International Ltd. (a)(d)	228,258		8,160
Toll Brothers, Inc. (a)	1,246,100		41,134
			101,931
Internet & Catalog Retail - 3.5%
Amazon.com, Inc. (a)	697,296		162,344
ASOS PLC (a)	6,200		226
HomeAway, Inc. (a)(d)	550,560		14,155
Netflix, Inc. (a)(d)	408,900		32,340
Ocado Group PLC (a)	174,165		181
Start Today Co. Ltd. (d)	3,254,900		35,717
			244,963
Leisure Equipment & Products - 0.3%
Brunswick Corp.	842,900		19,884
Media - 2.4%
DIRECTV (a)	1,293,100		66,090
Discovery Communications, Inc. (a)	810,100		47,812
DISH Network Corp. Class A	547,900		19,522
IMAX Corp. (a)	19,900		450
Lions Gate Entertainment Corp. (a)(d)	1,933,969		32,259
Pandora Media, Inc. (a)(d)	584,119		4,901
			171,034
Multiline Retail - 0.0%
JCPenney Co., Inc.	140,300		3,369
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - 2.8%
Bed Bath & Beyond, Inc. (a)	1,192,400		$ 68,778
Five Below, Inc.	6,100		202
Francescas Holdings Corp. (a)(d)	1,361,709		40,211
Inditex SA	2,033		259
Lowe's Companies, Inc.	1,383,800		44,807
Monro Muffler Brake, Inc.	111,600		3,785
Urban Outfitters, Inc. (a)	1,027,500		36,743
			194,785
Textiles, Apparel & Luxury Goods - 2.1%
Deckers Outdoor Corp. (a)	14,530		416
lululemon athletica, Inc. (a)	1,201,646		82,926
Michael Kors Holdings Ltd.	3,800		208
NIKE, Inc. Class B	308,100		28,154
Ralph Lauren Corp.	1,100		169
Vera Bradley, Inc. (a)(d)	1,181,988		35,235
			147,108
TOTAL CONSUMER DISCRETIONARY			1,085,713
CONSUMER STAPLES - 6.5%
Beverages - 1.1%
Monster Beverage Corp. (a)	1,779,300		79,481
Food & Staples Retailing - 2.4%
Costco Wholesale Corp.	1,736,100		170,884
Food Products - 3.0%
Green Mountain Coffee Roasters, Inc. (a)(d)	4,980,704		120,334
Kraft Foods Group, Inc. (a)	394,866		17,959
Mondelez International, Inc. (a)	2,562,200		68,001
			206,294
TOTAL CONSUMER STAPLES			456,659
ENERGY - 0.8%
Energy Equipment & Services - 0.5%
Halliburton Co.	148,100		4,782
Heckmann Corp. (a)	44,400		155
National Oilwell Varco, Inc.	293,400		21,624
Ocean Rig UDW, Inc. (United States) (a)	677,900		10,758
			37,319
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - 0.3%
Alpha Natural Resources, Inc. (a)	34,821		$ 298
Amyris, Inc. (a)(d)	66,182		170
Cobalt International Energy, Inc. (a)	696,298		14,490
Noble Energy, Inc.	30,600		2,907
Peabody Energy Corp.	8,600		240
Rosetta Resources, Inc. (a)	11,650		536
Solazyme, Inc. (a)	18,141		147
			18,788
TOTAL ENERGY			56,107
FINANCIALS - 2.6%
Capital Markets - 0.2%
WisdomTree Investments, Inc. (a)	1,969,720		12,626
Commercial Banks - 1.9%
First Republic Bank	41,700		1,432
HDFC Bank Ltd. sponsored ADR	5,800		217
Huntington Bancshares, Inc.	8,204,200		52,425
National Penn Bancshares, Inc.	19,600		175
NBH Holdings Corp. (g)	110,800		1,895
UMB Financial Corp.	649,900		28,940
Wells Fargo & Co.	1,492,500		50,282
			135,366
Consumer Finance - 0.5%
Capital One Financial Corp.	597,800		35,970
Real Estate Management & Development - 0.0%
Realogy Holdings Corp.	36,300		1,290
TOTAL FINANCIALS			185,252
HEALTH CARE - 15.0%
Biotechnology - 8.9%
Achillion Pharmaceuticals, Inc. (a)	1,191,200		11,245
Aegerion Pharmaceuticals, Inc. (a)	627,900		14,115
Alkermes PLC (a)	796,636		14,762
Alnylam Pharmaceuticals, Inc. (a)	224,000		3,622
Amarin Corp. PLC ADR (a)(d)	2,084,461		24,555
Amgen, Inc.	1,346,700		116,550
ARIAD Pharmaceuticals, Inc. (a)	9,200		198
Biogen Idec, Inc. (a)	460,800		63,692
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
BioMarin Pharmaceutical, Inc. (a)	863,356		$ 31,979
Biovitrum AB (a)	846,200		4,784
Cepheid, Inc. (a)	5,700		173
Clovis Oncology, Inc. (d)	449,255		9,690
Gilead Sciences, Inc. (a)	1,702,100		114,313
ImmunoGen, Inc. (a)(d)	297,309		3,294
InterMune, Inc. (a)	40,720		324
Ironwood Pharmaceuticals, Inc. Class A (a)(d)	1,574,100		18,307
Isis Pharmaceuticals, Inc. (a)(d)	80,849		699
Medivation, Inc. (a)	1,353,640		69,198
Mesoblast Ltd. (a)(d)	27,236		163
Novavax, Inc. (a)(d)	1,775,719		3,729
NPS Pharmaceuticals, Inc. (a)	291,400		2,693
OncoGenex Pharmaceuticals, Inc. (a)	445,955		5,530
Onyx Pharmaceuticals, Inc. (a)	651,200		51,028
Seattle Genetics, Inc. (a)	7,503		189
Targacept, Inc. (a)	156,349		638
Theravance, Inc. (a)	1,182,300		26,614
Threshold Pharmaceuticals, Inc. (a)	45,000		185
Vertex Pharmaceuticals, Inc. (a)	586,304		28,283
ZIOPHARM Oncology, Inc. (a)	340,900		1,606
			622,158
Health Care Equipment & Supplies - 0.1%
Abiomed, Inc. (a)(d)	16,400		325
DexCom, Inc. (a)	15,000		197
Endologix, Inc. (a)	540,100		7,270
Mako Surgical Corp. (a)	135,863		2,058
Masimo Corp.	7,500		165
			10,015
Health Care Providers & Services - 2.6%
Accretive Health, Inc. (a)(d)(e)	9,934,802		117,131
Catamaran Corp. (a)	4,400		207
Catamaran Corp. (United States) (a)	733,540		34,594
HMS Holdings Corp. (a)	762,500		17,606
Qualicorp SA (a)	1,275,000		13,082
			182,620
Health Care Technology - 0.6%
athenahealth, Inc. (a)(d)	608,654		39,130
Life Sciences Tools & Services - 0.4%
Life Technologies Corp. (a)	589,100		28,813
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - 2.4%
Elan Corp. PLC sponsored ADR (a)	710,900		$ 7,678
Questcor Pharmaceuticals, Inc. (d)(e)	5,614,954		143,069
Roche Holding AG sponsored ADR	397,100		19,069
			169,816
TOTAL HEALTH CARE			1,052,552
INDUSTRIALS - 0.6%
Aerospace & Defense - 0.0%
Precision Castparts Corp.	12,800		2,215
Building Products - 0.1%
Quanex Building Products Corp.	407,624		8,059
Commercial Services & Supplies - 0.3%
Stericycle, Inc. (a)	241,200		22,856
Construction & Engineering - 0.0%
Foster Wheeler AG (a)	11,584		258
Electrical Equipment - 0.0%
II-VI, Inc. (a)	9,400		155
Machinery - 0.1%
Edwards Group Ltd. ADR (a)	77,900		507
Stanley Black & Decker, Inc.	6,100		423
Westport Innovations, Inc. (a)	67,648		1,898
			2,828
Professional Services - 0.1%
Verisk Analytics, Inc. (a)	55,200		2,815
TOTAL INDUSTRIALS			39,186
INFORMATION TECHNOLOGY - 55.1%
Communications Equipment - 2.6%
Acme Packet, Inc. (a)	19,375		320
Aruba Networks, Inc. (a)(d)	540,446		9,820
Cisco Systems, Inc.	4,008,800		68,711
QUALCOMM, Inc.	1,120,309		65,622
ViaSat, Inc. (a)	1,042,552		40,493
			184,966
Computers & Peripherals - 13.9%
Apple, Inc.	1,484,300		883,303
Cray, Inc. (a)	627,400		7,635
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
Fusion-io, Inc. (a)(d)	2,105,366		$ 49,687
SanDisk Corp. (a)	530,350		22,147
Silicon Graphics International Corp. (a)(d)	1,177,474		9,090
			971,862
Electronic Equipment & Components - 0.3%
E Ink Holdings, Inc. GDR (a)(f)	16,900		136
RealD, Inc. (a)(d)	1,859,727		17,388
			17,524
Internet Software & Services - 14.7%
Angie's List, Inc. (d)	1,515,700		17,340
Baidu.com, Inc. sponsored ADR (a)	262,500		27,988
Bazaarvoice, Inc. (d)	1,305,036		16,652
Constant Contact, Inc. (a)(d)(e)	2,248,136		27,742
Demandware, Inc.	116,546		3,460
Dropbox, Inc. (g)	331,524		3,000
eBay, Inc. (a)	3,911,600		188,891
ExactTarget, Inc.	722,021		16,838
Facebook, Inc.:
Class A (d)	8,610,400		181,809
Class B (a)(g)	335,669		6,379
Google, Inc. Class A (a)	709,622		482,380
LinkedIn Corp. (a)	13,400		1,433
Liquidity Services, Inc. (a)	4,000		165
Mail.ru Group Ltd. GDR (f)	5,500		183
Rackspace Hosting, Inc. (a)	9,456		602
SINA Corp. (a)	329,200		17,984
Trulia, Inc.	464,820		10,482
Velti PLC (a)(d)	2,093,451		15,282
YouKu.com, Inc. ADR (a)	360,400		7,136
			1,025,746
IT Services - 1.1%
Cardtronics, Inc. (a)	12,800		364
Cognizant Technology Solutions Corp. Class A (a)	627,645		41,833
HiSoft Technology International Ltd. ADR (a)(d)	194,580		2,022
ServiceSource International, Inc. (a)(d)(e)	3,911,036		35,238
			79,457
Semiconductors & Semiconductor Equipment - 8.5%
Altera Corp.	1,145,594		34,918
Applied Micro Circuits Corp. (a)	464,000		2,691
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
ASML Holding NV	21,500		$ 1,182
Broadcom Corp. Class A	1,229,200		38,763
Cavium, Inc. (a)	124,000		4,114
Cirrus Logic, Inc. (a)	500,996		20,421
Cree, Inc. (a)	172,200		5,223
Inphi Corp. (a)	1,051,795		8,804
LSI Corp. (a)	6,694,000		45,854
Maxim Integrated Products, Inc.	966,900		26,614
Mellanox Technologies Ltd. (a)(d)	397,951		30,630
Monolithic Power Systems, Inc. (a)	678,056		13,175
NVE Corp. (a)(e)	463,657		24,017
NVIDIA Corp. (a)	24,231,212		290,048
NXP Semiconductors NV (a)	982,057		23,825
Skyworks Solutions, Inc. (a)	427,800		10,011
Volterra Semiconductor Corp. (a)	936,275		17,012
			597,302
Software - 14.0%
Activision Blizzard, Inc.	5,231,200		56,968
BroadSoft, Inc. (a)	323,480		12,363
Check Point Software Technologies Ltd. (a)	1,785,700		79,517
Electronic Arts, Inc. (a)	5,103,500		63,028
Envivio, Inc. (d)	679,200		1,460
Fortinet, Inc. (a)	1,582,900		30,661
Gameloft SA (a)(d)(e)	7,764,787		53,140
Guidewire Software, Inc.	1,060,530		32,495
Imperva, Inc.	21,500		678
Infoblox, Inc.	10,000		166
Jive Software, Inc.	51,400		576
Microsoft Corp.	6,165,965		175,946
MicroStrategy, Inc. Class A (a)	81,800		7,728
Oracle Corp.	6,274,200		194,814
Proofpoint, Inc. (d)	14,900		197
QLIK Technologies, Inc. (a)	1,009,300		18,581
salesforce.com, Inc. (a)	371,200		54,188
ServiceNow, Inc.	73,600		2,256
Splunk, Inc. (d)	24,339		683
Synchronoss Technologies, Inc. (a)(e)	3,850,927		78,905
Take-Two Interactive Software, Inc. (a)	2,375,808		26,490
Ubisoft Entertainment SA (a)(e)	8,920,800		82,893
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Ubisoft Entertainment SA warrants 10/10/13 (a)(e)	3,080,130		$ 319
Workday, Inc.	88,300		4,283
			978,335
TOTAL INFORMATION TECHNOLOGY			3,855,192
MATERIALS - 0.9%
Chemicals - 0.4%
Sherwin-Williams Co.	180,500		25,736
Metals & Mining - 0.5%
AngloGold Ashanti Ltd. sponsored ADR	504,000		17,126
Randgold Resources Ltd. sponsored ADR	44,633		5,338
Royal Gold, Inc.	163,000		14,357
			36,821
TOTAL MATERIALS			62,557
TELECOMMUNICATION SERVICES - 2.8%
Diversified Telecommunication Services - 0.9%
Level 3 Communications, Inc. (a)	3,153,879		64,655
Wireless Telecommunication Services - 1.9%
NII Holdings, Inc. (a)(d)(e)	16,620,769		132,468
TOTAL TELECOMMUNICATION SERVICES			197,123
TOTAL COMMON STOCKS (Cost $6,490,197)		6,990,341
Money Market Funds - 8.9%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.19% (b)	7,479,827		$ 7,480
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	617,369,135		617,369
TOTAL MONEY MARKET FUNDS (Cost $624,849)		624,849
TOTAL INVESTMENT PORTFOLIO - 108.7% (Cost $7,115,046)			7,615,190
NET OTHER ASSETS (LIABILITIES) - (8.7)%			(612,510)
NET ASSETS - 100%		$ 7,002,680

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 $319,000 or 0.0% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $11,274,000 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Dropbox, Inc.	5/2/12	$ 3,000
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 8,394
NBH Holdings Corp.	10/13/09	$ 2,216

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	$ 4
Fidelity Securities Lending Cash Central Fund	9,296
Total	$ 9,300

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Accretive Health, Inc.	$ 134,915	$ -	$ -	$ -	$ 117,131
Constant Contact, Inc.	32,819	8,911	2,643	-	27,742
Gameloft SA	44,521	-	-	-	53,140
Inphi Corp.	19,745	-	7,870	-	-
NII Holdings, Inc.	88,138	22,303	-	-	132,468
NVE Corp.	25,650	-	-	-	24,017
Questcor Pharmaceuticals, Inc.	225,333	-	24,311	1,123	143,069
ServiceSource International, Inc.	41,029	6,011	3,490	-	35,238
Synchronoss Technologies, Inc.	73,630	-	-	-	78,905
Ubisoft Entertainment SA	61,686	-	-	-	82,893
Ubisoft Entertainment SA warrants 10/10/13	207	-	217	-	319
Total	$ 747,673	$ 37,225	$ 38,531	$ 1,123	$ 694,922

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,085,713	$ 1,085,713	$ -	$ -
Consumer Staples	456,659	456,659	-	-
Energy	56,107	56,107	-	-
Financials	185,252	183,357	1,895	-
Health Care	1,052,552	1,052,552	-	-
Industrials	39,186	39,186	-	-
Information Technology	3,855,192	3,845,813	6,379	3,000
Materials	62,557	62,557	-	-
Telecommunication Services	197,123	197,123	-	-
Money Market Funds	624,849	624,849	-	-
Total Investments in Securities:	$ 7,615,190	$ 7,603,916	$ 8,274	$ 3,000

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $7,206,494,000. Net unrealized appreciation aggregated $408,696,000, of which $1,211,967,000 related to appreciated investment securities and $803,271,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Real Estate Income Fund

October 31, 2012

1.809106.109

REI-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 23.1%
	Shares		Value
CONSUMER DISCRETIONARY - 0.8%
Household Durables - 0.8%
NVR, Inc. (a)	6,700		$ 6,055,058
Standard Pacific Corp. (a)(f)	1,366,200		9,426,780
Stanley Martin Communities LLC Class B (a)	4,620		4,095,491
Toll Brothers, Inc. (a)	118,100		3,898,481
			23,475,810
FINANCIALS - 20.8%
Capital Markets - 0.1%
HFF, Inc. (a)	243,214		3,387,971
Real Estate Investment Trusts - 20.4%
Acadia Realty Trust (SBI)	1,888,249		48,490,234
American Campus Communities, Inc.	201,400		9,125,434
American Realty Capital Trust, Inc.	239,270		2,696,573
American Residential Properties, Inc. (h)	453,000		8,946,750
American Tower Corp.	207,800		15,645,262
AmREIT, Inc. (g)	200,000		3,258,000
Annaly Capital Management, Inc.	188,650		3,044,811
Anworth Mortgage Asset Corp.	1,065,710		6,543,459
Apartment Investment & Management Co. Class A	568,000		15,159,920
Associated Estates Realty Corp.	309,400		4,637,906
Canadian (REIT)	131,600		5,486,682
CapLease, Inc.	2,465,600		12,648,528
CBL & Associates Properties, Inc.	1,143,373		25,577,254
Cedar Shopping Centers, Inc.	745,800		3,945,282
Chartwell Seniors Housing (REIT)	509,700		5,241,170
Chartwell Seniors Housing (REIT) (h)	78,500		807,204
Chesapeake Lodging Trust	410,800		7,743,580
Chimera Investment Corp.	2,391,898		6,386,368
CommonWealth REIT	469,573		6,437,846
Cys Investments, Inc. (f)	722,339		9,693,789
DCT Industrial Trust, Inc.	1,235,100		7,966,395
DiamondRock Hospitality Co.	531,400		4,506,272
Douglas Emmett, Inc.	368,600		8,643,670
Dynex Capital, Inc.	1,669,043		16,556,907
EastGroup Properties, Inc.	84,600		4,404,276
Education Realty Trust, Inc.	402,600		4,239,378
Equity Lifestyle Properties, Inc.	815,830		54,929,834
Excel Trust, Inc.	1,098,928		13,516,814
First Potomac Realty Trust	766,515		9,129,194
Glimcher Realty Trust	1,206,100		12,869,087
H&R REIT/H&R Finance Trust	256,500		6,197,091
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Hatteras Financial Corp.	98,200		$ 2,677,914
Healthcare Realty Trust, Inc.	127,900		3,004,371
Highwoods Properties, Inc. (SBI)	139,600		4,502,100
Lexington Corporate Properties Trust	2,916,782		27,680,261
LTC Properties, Inc.	357,313		11,794,902
MFA Financial, Inc.	6,342,281		51,816,436
Mid-America Apartment Communities, Inc.	58,900		3,811,419
Monmouth Real Estate Investment Corp. Class A	249,773		2,772,480
National Health Investors, Inc.	49,506		2,644,115
National Retail Properties, Inc.	114,100		3,614,688
Newcastle Investment Corp.	2,286,900		19,781,685
NorthStar Realty Finance Corp. (f)	526,300		3,457,791
Prologis, Inc.	694,887		23,827,675
Retail Properties America, Inc.	483,250		5,914,980
Select Income (REIT)	155,600		3,844,876
Senior Housing Properties Trust (SBI)	605,300		13,304,494
Stag Industrial, Inc.	948,569		16,429,215
Summit Hotel Properties, Inc.	472,000		3,898,720
Terreno Realty Corp.	190,264		2,903,429
Two Harbors Investment Corp.	370,480		4,419,826
Ventas, Inc.	765,946		48,461,403
Washington (REIT) (SBI)	288,400		7,414,764
Whitestone REIT Class B	279,067		3,759,032
WP Carey, Inc.	103,600		5,666,920
			621,878,466
Real Estate Management & Development - 0.3%
Brookfield Asset Management, Inc. Class A (f)	171,900		5,917,319
Kennedy-Wilson Holdings, Inc.	291,209		4,135,168
			10,052,487
Thrifts & Mortgage Finance - 0.0%
Home Loan Servicing Solutions Ltd.	54,388		1,055,127
TOTAL FINANCIALS			636,374,051
HEALTH CARE - 1.2%
Health Care Providers & Services - 1.2%
Brookdale Senior Living, Inc. (a)	883,300		20,722,218
Capital Senior Living Corp. (a)	544,350		8,753,148
Emeritus Corp. (a)	356,493		8,003,268
			37,478,634
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
SBA Communications Corp. Class A (a)	111,900		$ 7,455,897
TOTAL COMMON STOCKS (Cost $573,849,779)		704,784,392
Preferred Stocks - 14.5%

Convertible Preferred Stocks - 1.3%
FINANCIALS - 1.3%
Real Estate Investment Trusts - 1.3%
Alexandria Real Estate Equities, Inc. Series D 7.00%	95,000		2,582,813
CommonWealth REIT 6.50%	396,216		9,540,881
Excel Trust, Inc. 7.00% (h)	248,200		5,965,075
Health Care REIT, Inc. Series I, 6.50%	46,800		2,620,800
Lexington Corporate Properties Trust Series C, 6.50%	350,566		16,827,168
Ramco-Gershenson Properties Trust (SBI) Series D, 7.25%	40,000		2,086,800
			39,623,537
Nonconvertible Preferred Stocks - 13.2%
CONSUMER DISCRETIONARY - 0.2%
Hotels, Restaurants & Leisure - 0.2%
Red Lion Hotels Capital Trust 9.50%	163,225		4,198,147
Household Durables - 0.0%
M/I Homes, Inc. Series A, 9.75% (a)	36,700		805,565
TOTAL CONSUMER DISCRETIONARY			5,003,712
FINANCIALS - 13.0%
Real Estate Investment Trusts - 12.5%
AG Mortgage Investment Trust, Inc. 8.00% (a)	240,000		6,045,600
American Capital Agency Corp. 8.00%	200,000		5,204,000
American Home Mortgage Investment Corp.:
Series A, 9.375% (a)	120,300		12
Series B, 9.25% (a)	124,100		1,241
Annaly Capital Management, Inc.:
Series A, 7.875%	134,900		3,493,910
Series C, 7.625%	77,837		1,991,070
Series D, 7.50% (a)	213,116		5,423,802
Anworth Mortgage Asset Corp. Series A, 8.625%	309,630		8,133,980
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Apollo Commercial Real Estate Finance, Inc. Series A, 8.625% (a)	235,101		$ 6,044,447
Apollo Residential Mortgage, Inc. Series A, 8.00% (a)	121,879		3,060,382
Ashford Hospitality Trust, Inc. Series E, 9.00%	85,751		2,327,282
Brandywine Realty Trust Series D, 7.375%	34,596		890,501
Campus Crest Communities, Inc. Series A, 8.00%	248,431		6,747,386
CapLease, Inc.:
Series A, 8.125%	132,510		3,339,252
Series B, 8.375%	439,766		11,825,308
CBL & Associates Properties, Inc.:
(depositary shares) Series C, 7.75%	147,962		3,721,244
7.375%	274,876		7,003,840
Series E, 6.625% (a)	95,000		2,398,750
Cedar Shopping Centers, Inc.:
8.875%	65,983		1,701,042
Series B, 7.25%	222,628		5,514,496
CenterPoint Properties Trust Series D, 5.377%	3,575		2,109,250
Chesapeake Lodging Trust Series A, 7.75%	266,916		7,123,988
Colony Financial, Inc. Series A, 8.50%	282,171		7,373,128
CommonWealth REIT 7.50%	93,300		2,036,739
Corporate Office Properties Trust Series L, 7.375% (a)	80,000		2,096,000
Cousins Properties, Inc. Series A, 7.75%	205,970		5,186,325
CubeSmart Series A, 7.75%	40,000		1,066,800
Cys Investments, Inc. Series A, 7.75%	117,824		2,978,591
DDR Corp. Series J, 6.50%	113,300		2,829,101
Digital Realty Trust, Inc.:
Series E, 7.00%	40,000		1,100,000
Series F, 6.625%	40,000		1,060,800
Duke Realty LP:
8.375%	128,517		3,333,731
Series L, 6.60%	10,666		270,916
Dynex Capital, Inc. Series A, 8.50%	362,932		9,403,568
Equity Lifestyle Properties, Inc. Series C, 6.75% (a)	800,000		20,960,000
Essex Property Trust, Inc. Series H, 7.125%	40,000		1,059,200
Excel Trust, Inc. Series B, 8.125%	400,000		10,536,000
First Potomac Realty Trust 7.75%	395,296		10,147,248
Gladstone Commercial Corp. Series C, 7.125%	232,238		5,954,582
Glimcher Realty Trust:
Series G, 8.125%	193,186		4,879,878
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Glimcher Realty Trust: - continued
Series H, 7.50%	140,000		$ 3,614,800
Hatteras Financial Corp. Series A, 7.625% (a)	104,668		2,654,380
Health Care REIT, Inc. Series J, 6.50%	20,000		544,600
Hersha Hospitality Trust Series B, 8.00%	162,538		4,224,363
HomeBanc Mortgage Corp. Series A (a)	104,685		1
Hospitality Properties Trust:
Series C, 7.00%	30,863		777,748
Series D, 7.125%	40,800		1,113,432
Hudson Pacific Properties, Inc. 8.375%	303,800		8,278,550
Inland Real Estate Corp. Series A, 8.125%	423,500		11,349,800
Invesco Mortgage Capital, Inc. Series A, 7.75%	113,342		2,868,686
Investors Real Estate Trust Series B, 7.95% (a)	126,572		3,278,215
Kilroy Realty Corp. Series G, 6.875%	40,000		1,047,600
Kite Realty Group Trust 8.25%	96,100		2,527,430
LaSalle Hotel Properties:
Series G, 7.25%	114,485		2,941,120
Series H, 7.50%	126,308		3,287,797
LBA Realty Fund II:
Series A, 8.75% (a)	69,000		2,766,900
Series B, 7.625% (a)	31,240		626,362
Lexington Realty Trust 7.55%	23,800		599,998
MFA Financial, Inc.:
8.00%	538,930		13,958,287
Series A, 8.50%	485,381		12,537,391
Monmouth Real Estate Investment Corp.:
7.625%	80,000		2,093,600
Series B, 7.875%	95,000		2,517,500
National Retail Properties, Inc. Series D, 6.625%	62,437		1,636,474
Newcastle Investment Corp. Series B, 9.75%	34,530		881,551
NorthStar Realty Finance Corp.:
Series B, 8.25%	50,000		1,207,500
Series C, 8.875% (a)	153,105		3,804,659
Parkway Properties, Inc. Series D, 8.00%	306,382		7,730,018
Pebblebrook Hotel Trust:
Series A, 7.875%	372,000		9,791,040
Series B, 8.00%	185,085		4,943,620
Pennsylvania (REIT) 7.375% (a)	76,510		1,930,347
Prologis, Inc. Series Q, 8.54%	94,446		5,879,264
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
PS Business Parks, Inc. 6.875%	50,000		$ 1,340,500
Regency Centers Corp. Series 6, 6.625%	62,261		1,681,047
Saul Centers, Inc.:
8.00%	93,700		2,415,586
Series B (depositary shares) 9.00%	118,550		3,102,454
Stag Industrial, Inc. Series A, 9.00%	280,000		7,700,000
Summit Hotel Properties, Inc. Series A, 9.25%	138,340		3,700,595
Sunstone Hotel Investors, Inc.:
Series A, 8.00%	366,039		9,220,522
Series D, 8.00%	60,362		1,557,340
Terreno Realty Corp. Series A 7.75%	165,690		4,286,400
UMH Properties, Inc. Series A, 8.25%	600,000		15,900,000
Urstadt Biddle Properties, Inc. Series F, 7.125% (a)	210,000		5,418,000
Vornado Realty Trust 6.75%	20,000		504,400
Weingarten Realty Investors (SBI) Series F, 6.50%	56,230		1,428,242
Winthrop Realty Trust:
7.75%	540,000		13,878,000
Series D, 9.25%	65,000		1,733,550
			381,653,059
Real Estate Management & Development - 0.5%
Forest City Enterprises, Inc. 7.375%	657,000		15,984,810
Vornado Realty LP 7.875%	54,682		1,525,081
			17,509,891
TOTAL FINANCIALS			399,162,950
TOTAL NONCONVERTIBLE PREFERRED STOCKS			404,166,662
TOTAL PREFERRED STOCKS (Cost $428,568,600)		443,790,199

Corporate Bonds - 23.4%
		Principal Amount (e)		Value
Convertible Bonds - 2.4%
CONSUMER DISCRETIONARY - 0.2%
Hotels, Restaurants & Leisure - 0.2%
Morgans Hotel Group Co. 2.375% 10/15/14		$ 4,510,000		$ 4,126,650
FINANCIALS - 2.2%
Real Estate Investment Trusts - 1.9%
Annaly Capital Management, Inc.:
4% 2/15/15		1,000,000		1,227,500
5% 5/15/15		34,396,000		34,976,433
CapLease, Inc. 7.5% 10/1/27 (h)		5,180,000		5,180,000
Northstar Realty Finance LP 8.875% 6/15/32 (h)		11,500,000		12,959,063
ProLogis LP:
1.875% 11/15/37		2,450,000		2,450,000
2.625% 5/15/38		1,500,000		1,507,575
				58,300,571
Real Estate Management & Development - 0.3%
Corporate Office Properties LP 4.25% 4/15/30 (h)		9,460,000		9,708,325
Hrubb & Ellis Co. 7.95% 5/1/15 (d)(h)		5,500,000		2,750
				9,711,075
TOTAL FINANCIALS				68,011,646
TOTAL CONVERTIBLE BONDS				72,138,296
Nonconvertible Bonds - 21.0%
CONSUMER DISCRETIONARY - 7.4%
Hotels, Restaurants & Leisure - 0.7%
CityCenter Holdings LLC/CityCenter Finance Corp.:
7.625% 1/15/16		1,945,000		2,071,425
7.625% 1/15/16 (h)		1,560,000		1,657,500
FelCor Lodging LP 6.75% 6/1/19		5,875,000		6,271,563
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17		1,700,000		1,933,750
Times Square Hotel Trust 8.528% 8/1/26 (h)		8,970,587		10,627,803
				22,562,041
Household Durables - 6.2%
D.R. Horton, Inc. 4.75% 5/15/17		2,000,000		2,130,000
KB Home:
5.875% 1/15/15		7,000,000		7,245,000
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Household Durables - continued
KB Home: - continued
6.25% 6/15/15		$ 10,000,000		$ 10,600,000
7.25% 6/15/18		7,420,000		7,995,050
8% 3/15/20		8,465,000		9,438,475
9.1% 9/15/17		17,595,000		20,278,238
Lennar Corp.:
5.5% 9/1/14		1,000,000		1,060,000
5.6% 5/31/15		6,000,000		6,435,000
6.5% 4/15/16		4,000,000		4,430,000
6.95% 6/1/18		14,280,000		16,047,150
M/I Homes, Inc. 8.625% 11/15/18		26,055,000		28,139,400
Meritage Homes Corp.:
7% 4/1/22		7,525,000		8,127,000
7.15% 4/15/20		7,060,000		7,713,050
Ryland Group, Inc.:
6.625% 5/1/20		1,555,000		1,726,050
8.4% 5/15/17		5,420,000		6,504,000
Standard Pacific Corp.:
7% 8/15/15		4,000,000		4,400,000
8.375% 5/15/18		28,983,000		33,765,195
10.75% 9/15/16		8,415,000		10,434,600
Toll Brothers Finance Corp. 5.875% 2/15/22		1,550,000		1,743,750
				188,211,958
Multiline Retail - 0.5%
JC Penney Corp., Inc.:
5.65% 6/1/20		4,720,000		4,383,700
5.75% 2/15/18		2,845,000		2,777,431
Sears Holdings Corp. 6.625% 10/15/18		9,820,000		9,206,250
				16,367,381
TOTAL CONSUMER DISCRETIONARY				227,141,380
CONSUMER STAPLES - 0.2%
Food & Staples Retailing - 0.2%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20		1,044,738		1,196,225
C&S Group Enterprises LLC 8.375% 5/1/17 (h)		3,960,000		4,148,100
				5,344,325
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - 11.8%
Diversified Financial Services - 0.6%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
7.75% 1/15/16		$ 10,820,000		$ 11,306,900
8% 1/15/18		3,070,000		3,300,250
8% 1/15/18 (h)		2,170,000		2,332,750
				16,939,900
Real Estate Investment Trusts - 8.2%
Camden Property Trust 5% 6/15/15		1,100,000		1,198,710
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15		2,526,000		2,870,685
6.25% 6/15/14		5,005,000		5,391,536
CubeSmart LP 4.8% 7/15/22		2,000,000		2,199,400
Developers Diversified Realty Corp.:
5.5% 5/1/15		4,000,000		4,371,720
7.5% 4/1/17		6,000,000		7,237,248
7.5% 7/15/18		8,756,000		10,870,066
7.875% 9/1/20		4,637,000		6,026,203
9.625% 3/15/16		3,836,000		4,757,396
Duke Realty LP 6.25% 5/15/13		750,000		770,935
Equity One, Inc.:
5.375% 10/15/15		3,500,000		3,846,325
6.25% 12/15/14		4,081,000		4,547,050
6.25% 1/15/17		3,000,000		3,435,675
Health Care Property Investors, Inc.:
6% 6/15/14		2,340,000		2,503,650
6% 3/1/15		1,000,000		1,095,482
7.072% 6/8/15		1,500,000		1,681,346
Health Care REIT, Inc.:
4.125% 4/1/19		2,000,000		2,156,274
6% 11/15/13		1,000,000		1,047,082
6.2% 6/1/16		750,000		860,188
Healthcare Realty Trust, Inc.:
5.125% 4/1/14		5,084,000		5,344,047
5.75% 1/15/21		2,000,000		2,250,098
6.5% 1/17/17		2,875,000		3,290,647
Highwoods/Forsyth LP 5.85% 3/15/17		2,800,000		3,109,907
HMB Capital Trust V 3.9888% 12/15/36 (d)(h)(j)		2,530,000		0
Hospitality Properties Trust:
5% 8/15/22		3,177,000		3,391,076
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Hospitality Properties Trust: - continued
5.625% 3/15/17		$ 915,000		$ 1,003,674
7.875% 8/15/14		1,000,000		1,078,549
HRPT Properties Trust:
5.75% 11/1/15		4,826,000		5,174,022
6.25% 8/15/16		7,500,000		8,187,923
6.25% 6/15/17		1,055,000		1,155,666
6.65% 1/15/18		3,000,000		3,339,936
iStar Financial, Inc.:
5.85% 3/15/17		3,587,000		3,479,390
5.875% 3/15/16		34,260,000		33,574,800
5.95% 10/15/13		7,330,000		7,485,763
6.05% 4/15/15		14,630,000		14,483,700
6.5% 12/15/13		6,880,000		6,828,400
8.625% 6/1/13		6,155,000		6,370,425
9% 6/1/17		13,000,000		14,040,000
MPT Operating Partnership LP/MPT Finance Corp.:
6.375% 2/15/22		3,110,000		3,249,950
6.875% 5/1/21		2,000,000		2,160,000
Nationwide Health Properties, Inc. 6.25% 2/1/13		1,000,000		1,013,015
Omega Healthcare Investors, Inc.:
6.75% 10/15/22		2,115,000		2,315,925
7.5% 2/15/20		1,000,000		1,100,000
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14		1,750,000		1,873,797
Potlatch Corp. 7.5% 11/1/19		1,000,000		1,080,000
ProLogis LP:
6.625% 5/15/18		6,480,000		7,679,746
7.625% 7/1/17		4,690,000		5,541,798
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20		2,000,000		2,415,800
Senior Housing Properties Trust:
4.3% 1/15/16		5,000,000		5,177,255
6.75% 4/15/20		11,000,000		12,561,054
6.75% 12/15/21		8,000,000		9,206,192
United Dominion Realty Trust, Inc.:
5.13% 1/15/14		500,000		521,809
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
United Dominion Realty Trust, Inc.: - continued
5.25% 1/15/15		$ 1,000,000		$ 1,083,280
5.25% 1/15/16		4,000,000		4,428,660
				251,863,275
Real Estate Management & Development - 2.9%
AMB Property LP 5.9% 8/15/13		400,000		413,193
BioMed Realty LP 3.85% 4/15/16		2,000,000		2,105,552
Brandywine Operating Partnership LP:
5.4% 11/1/14		6,750,000		7,238,437
7.5% 5/15/15		1,000,000		1,130,061
CB Richard Ellis Services, Inc.:
6.625% 10/15/20		1,205,000		1,302,967
11.625% 6/15/17		1,500,000		1,665,000
Colonial Properties Trust:
6.15% 4/15/13		1,500,000		1,530,185
6.25% 6/15/14		3,094,000		3,319,036
Colonial Realty LP 6.05% 9/1/16		2,500,000		2,814,303
Forest City Enterprises, Inc.:
6.5% 2/1/17		17,120,000		16,606,400
7.625% 6/1/15		10,156,000		10,149,653
Host Hotels & Resorts LP:
5.25% 3/15/22		2,000,000		2,210,000
5.875% 6/15/19		2,725,000		2,997,500
Kennedy-Wilson, Inc. 8.75% 4/1/19		8,785,000		9,301,558
Post Apartment Homes LP 6.3% 6/1/13		2,000,000		2,057,958
Realogy Corp.:
7.875% 2/15/19 (h)		7,085,000		7,598,663
9% 1/15/20 (h)		1,920,000		2,157,504
Regency Centers LP:
5.25% 8/1/15		4,509,000		4,956,744
5.875% 6/15/17		400,000		463,656
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17		2,490,000		2,695,425
Ventas Realty LP 4% 4/30/19		2,262,000		2,440,845
Wells Operating Partnership II LP 5.875% 4/1/18		3,000,000		3,126,150
				88,280,790
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.1%
Wrightwood Capital LLC 1.9% 4/20/20 (d)		$ 4,180,035		$ 2,382,620
TOTAL FINANCIALS				359,466,585
HEALTH CARE - 1.3%
Health Care Equipment & Supplies - 0.3%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. 7.75% 2/15/19		10,410,000		10,956,525
Health Care Providers & Services - 1.0%
Sabra Health Care LP/Sabra Capital Corp.:
8.125% 11/1/18		25,545,000		27,524,738
8.125% 11/1/18 (h)		1,960,000		2,107,000
				29,631,738
TOTAL HEALTH CARE				40,588,263
INDUSTRIALS - 0.2%
Commercial Services & Supplies - 0.1%
Iron Mountain, Inc. 5.75% 8/15/24		2,235,000		2,229,413
Industrial Conglomerates - 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 7.375% 10/1/17 (h)		3,050,000		3,072,875
TOTAL INDUSTRIALS				5,302,288
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
Crown Castle International Corp. 5.25% 1/15/23 (h)		4,000,000		4,130,000
TOTAL NONCONVERTIBLE BONDS				641,972,841
TOTAL CORPORATE BONDS (Cost $658,266,876)			714,111,137
Asset-Backed Securities - 3.7%
		Principal Amount (e)		Value
Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (h)		$ 1,384,000		$ 1,384,000
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.5707% 3/23/19 (h)(j)		250,976		244,701
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.7107% 3/20/50 (h)(j)		2,250,000		101,250
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (h)		4,046,500		4,122,574
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.6003% 1/20/37 (h)(j)		1,076,392		1,001,045
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (h)		1,145,097		1,007,686
CBRE Realty Finance CDO LLC Series 2007-1A Class A1, 0.6013% 4/7/52 (h)(j)		10,907,355		9,271,251
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33		500,000		274,180
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (h)		741,577		738,981
Class B2, 1.7123% 12/28/35 (h)(j)		743,939		714,181
Class D, 9% 12/28/35 (h)		511,250		123,416
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A:
Class B1, 1.8623% 6/28/38 (h)(j)		1,230,000		1,213,764
Class D, 9% 6/28/38 (h)		1,035,356		693,689
Crest Ltd. Series 2002-IGA Class B, 1.6633% 7/28/35 (h)(j)		159,603		159,603
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27		9,500,000		8,936,014
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.7919% 11/28/39 (h)(j)		571,568		17,147
Green Tree Financial Corp.:
Series 1996-4 Class M1, 7.75% 6/15/27		1,788,179		1,646,550
Series 1997-3 Class M1, 7.53% 3/15/28		7,404,130		6,272,766
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7107% 6/25/35 (j)(l)		1,161,480		39,706
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 1.7607% 8/26/30 (h)(j)		735,000		611,888
Class E, 2.2107% 8/26/30 (h)(j)		1,517,957		758,979
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40		1,143,712		414,500
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Merit Securities Corp. Series 13 Class M1, 7.8892% 12/28/33 (j)		$ 1,923,000		$ 2,078,475
N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (h)		899,989		737,991
Newcastle Investment Trust Series 2011-MH1 Class A, 2.45% 12/10/33 (h)		3,033,278		3,070,578
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class D, 5.194% 7/24/39 (h)		2,480,957		2,480,957
Prima Capital Ltd. Series 2006-CR1A Class A2, 5.533% 12/28/48 (h)		9,370,000		9,557,400
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3.0919% 2/5/36 (h)(j)		3,610,514		361
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 5.8693% 9/25/26 (h)(j)		2,000,000		1,010,000
Series 2006-1A:
Class A1A, 0.6293% 9/25/26 (h)(j)		17,048,063		15,535,900
Class A1B, 0.6993% 9/25/26 (h)(j)		22,506,000		19,186,365
Class A2A, 0.5893% 9/25/26 (h)(j)		4,906,191		4,841,430
Class A2B, 0.6793% 9/25/26 (h)(j)		1,550,000		1,379,500
Class B, 0.7293% 9/25/26 (h)(j)		890,000		732,025
Class C 0.8993% 9/25/26 (h)(j)		3,830,000		3,083,150
Class G, 1.7193% 9/25/26 (h)(j)		1,270,000		920,750
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A:
Class A1, 0.7545% 11/21/40 (h)(j)		10,319,967		9,081,571
Class F, 2.3845% 11/21/40 (h)(j)		250,000		45,000
TOTAL ASSET-BACKED SECURITIES (Cost $110,149,277)			113,489,324
Collateralized Mortgage Obligations - 0.6%

Private Sponsor - 0.6%
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.394% 6/15/22 (h)(j)		1,897,166		1,836,081
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (h)		57,463		19,055
Series 2002-R2 Class 2B3, 3.7068% 7/25/33 (h)(j)		207,574		99,229
Series 2003-40 Class B3, 4.5% 10/25/18 (h)		95,969		61,060
Series 2003-R3:
Class B2, 5.5% 11/25/33 (h)		1,380,309		260,089
Class B3, 5.5% 11/25/33		147,224		8,747
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (h)(j)		112,380		5,515
Collateralized Mortgage Obligations - continued
		Principal Amount (e)		Value
Private Sponsor - continued
FREMF Mortgage Trust:
Series 2010 K7 Class B, 5.6187% 4/25/20 (h)(j)		$ 3,200,000		$ 3,627,050
Series 2010-K6 Class B, 5.5327% 12/25/46 (h)(j)		4,500,000		5,067,792
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (h)		7,120,000		7,199,616
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 12.1675% 7/10/35 (h)(j)		295,785		236,214
Series 2005-A Class B6, 2.2175% 3/10/37 (h)(j)		1,432,988		94,577
Series 2005-B Class B6, 1.8175% 6/10/37 (h)(j)		849,808		30,848
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (h)		40,875		35,282
RESIX Finance Ltd. floater:
Series 2003-D Class B8, 6.7175% 12/10/35 (h)(j)		282,187		138,780
Series 2004-A Class B7, 4.4675% 2/10/36 (h)(j)		312,407		170,106
Series 2004-B Class B7, 4.2175% 2/10/36 (h)(j)		374,838		174,749
TOTAL PRIVATE SPONSOR				19,064,790
U.S. Government Agency - 0.0%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (l)		157,201		83,492
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.1709% 2/25/42 (h)(j)		99,272		55,472
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (l)		231,513		61,674
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.1743% 6/25/43 (h)(j)		149,980		59,464
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 3.1288% 10/25/42 (h)(j)		64,617		24,608
TOTAL U.S. GOVERNMENT AGENCY				284,710
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $20,764,711)			19,349,500
Commercial Mortgage Securities - 19.2%

ACGS Series 2004-1 Class P, 7.4651% 8/1/19 (l)		4,560,524		4,435,109
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (h)		2,000,000		2,378,033
Asset Securitization Corp. Series 1997-D4 Class B2, 7.525% 4/14/29		195,103		197,316
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Banc of America Commercial Mortgage, Inc.:
sequential payer Series 2002-2 Class F, 5.487% 7/11/43		$ 1,443,279		$ 1,477,768
Series 2005-1 Class CJ, 5.3664% 11/10/42 (j)		3,580,000		3,778,128
Series 2005-6 Class AJ, 5.3644% 9/10/47 (j)		5,000,000		5,353,060
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 1.964% 11/15/15 (h)(j)		117,703,224		117,457,798
Banc of America Large Loan, Inc. floater Series 2005-MIB1:
Class J, 1.264% 3/15/22 (h)(j)		4,702,779		4,343,877
Class K, 2.214% 3/15/22 (h)(j)		4,190,000		2,613,253
Banc of America REMIC Trust Series 2012-CLMZ Class A, 7.714% 8/15/17 (h)(j)		4,900,000		5,034,750
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.6185% 3/11/39 (j)		5,700,000		5,667,916
Bear Stearns Commercial Mortgage Securities Trust Series 2006-T22 Class B, 5.7122% 4/12/38 (h)(j)		2,520,000		2,463,892
COMM pass-thru certificates:
floater Series 2006-FL12:
Class AJ, 0.344% 12/15/20 (h)(j)		8,000,000		7,436,104
Class B, 0.384% 12/15/20 (h)(j)		3,036,954		2,792,518
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (h)		5,057,138		5,101,641
Commercial Mortgage pass-thru certificates:
Series 2005-C6 Class AJ, 5.209% 6/10/44 (j)		5,000,000		5,261,495
Series 2012-CR1:
Class C, 5.547% 5/15/45		1,000,000		1,107,852
Class D, 5.547% 5/15/45 (h)		2,050,000		1,926,231
Commercial Mortgage Trust pass-thru certificates:
Series 2012-CR2:
Class D, 5.02% 8/15/45 (h)(j)		4,500,000		4,516,596
Class E, 5.02% 8/15/45 (h)(j)		3,000,000		2,729,325
Series 2012-LC4:
Class C, 5.8245% 12/10/44 (j)		2,000,000		2,266,578
Class D, 5.8245% 12/10/44 (h)(j)		8,000,000		7,694,008
Communication Mortgage Trust Series 2011-THL:
Class E, 5.949% 6/9/28 (h)		3,690,000		3,835,050
Class F, 4.867% 6/9/28 (h)		11,090,000		10,196,956
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1998-C1 Class F, 6% 5/17/40 (h)		2,357,497		2,502,076
Series 1998-C2 Class F, 6.75% 11/15/30 (h)		3,000,000		3,216,159
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.7283% 11/10/46 (h)(j)		12,490,000		12,733,917
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		$ 1,200,000		$ 1,234,250
DLJ Commercial Mortgage Corp.:
Series 1998-CG1 Class B4, 7.4442% 6/10/31 (h)(j)		2,500,000		2,544,750
Series 2000-CKP1 Class B3, 7.8491% 11/10/33 (j)		2,970,000		2,981,589
Extended Stay America Trust Series 2010-ESHA Class D, 5.4983% 11/5/27 (h)		6,000,000		6,069,109
Freddie Mac:
pass-thru certificates:
Series K011 Class X3, 2.662% 12/25/43 (j)(k)		12,206,096		2,023,551
Series K012 Class X3, 2.3658% 1/25/41 (j)(k)		21,072,886		3,121,885
Series K013 Class X3, 2.8847% 1/25/43 (j)(k)		14,360,000		2,610,677
Series KAIV Class X2, 3.6146% 6/25/46 (j)(k)		7,430,000		1,633,763
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (h)		10,508,548		10,564,243
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2 Class G, 6.75% 4/15/29 (j)		993,151		1,103,587
Series 1999-C3 Class J, 6.974% 8/15/36		1,500,000		1,473,708
Series 2000-C1 Class K, 7% 3/15/33		201,793		153,113
Series 2002-C3 Class D, 5.27% 7/10/39		3,000,000		2,998,338
Greenwich Capital Commercial Funding Corp.:
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (h)		2,000,000		2,022,768
Series 2002-C1 Class H, 5.903% 1/11/35 (h)		880,000		878,721
GS Mortgage Securities Corp. II:
floater Series 2007-EOP Class L, 5.4585% 3/6/20 (h)(j)		1,400,000		1,400,690
Series 2010-C1:
Class D, 6.1336% 8/10/43 (h)(j)		4,000,000		4,399,236
Class E, 4% 8/10/43 (h)		3,770,000		2,960,076
Series 2012-GCJ7:
Class C, 5.9059% 5/10/45 (j)		6,500,000		7,195,082
Class D, 5.722% 5/10/45 (h)(j)		2,000,000		1,930,765
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (h)		9,185,000		9,230,007
GS Mortgage Securities Trust:
Series 2010-C2 Class D, 5.4021% 12/10/43 (h)(j)		3,000,000		3,033,435
Series 2011-GC5:
Class C, 5.4748% 8/10/44 (h)(j)		9,000,000		10,060,902
Class D, 5.4748% 8/10/44 (h)(j)		4,000,000		3,720,208
Series 2012-GC6 Class C, 5.827% 1/10/45 (h)(j)		3,600,000		4,013,874
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2001-A:
Class G, 6% 10/15/32 (h)(j)		$ 2,036,910		$ 2,506
Class X, 0.6303% 10/15/32 (h)(j)(k)		4,795,801		29,759
Series 2002-C1 Class E, 6.135% 7/12/37 (h)		2,808,481		2,811,102
Series 2009-IWST:
Class C, 7.6935% 12/5/27 (h)(j)		3,000,000		3,690,513
Class D, 7.6935% 12/5/27 (h)(j)		8,550,000		9,785,612
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (h)		9,000,000		9,500,392
Series 2010-CNTR:
Class D, 6.3899% 8/5/32 (h)(j)		4,500,000		4,753,985
Class XB, 0.9305% 8/5/32 (h)(k)		32,655,000		1,644,343
Series 2012-CBX Class C, 5.3635% 6/16/45 (j)		4,530,000		4,897,669
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2005-LDP5 Class AJ, 5.4804% 12/15/44 (j)		3,470,000		3,658,832
Series 2011-C5 Class C, 5.4913% 8/15/46 (h)(j)		6,525,375		7,299,787
JPMorgan Commercial Mortgage Finance Corp. Series 1999-C8:
Class G, 6% 7/15/31 (h)		886,459		902,513
Class H, 6% 7/15/31 (h)		1,341,102		678,242
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (h)		2,574,218		2,662,598
LB-UBS Commercial Mortgage Trust:
sequential payer:
Series 2004-C2 Class E, 4.487% 3/15/36		2,060,000		2,087,173
Series 2005-C3 Class AJ, 4.843% 7/15/40		6,620,000		6,920,330
Series 2005-C7 Class AJ, 5.323% 11/15/40		8,000,000		8,409,216
Series 2006-C7 Class AM, 5.378% 11/15/38		2,040,000		2,195,876
Series 2004-C7 Class E, 4.918% 10/15/36		5,120,000		5,149,425
Series 2005-C1 Class E, 4.924% 2/15/40		4,000,000		3,899,288
Series 2006-C4:
Class AJ, 6.0837% 6/15/38 (j)		7,005,000		6,525,242
Class AM, 6.0837% 6/15/38 (j)		6,700,000		7,555,778
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2007-LLFA Class E, 1.114% 6/15/22 (h)(j)		6,230,000		5,988,394
Lstar Commercial Mortgage Trust:
Series 2011-1 Class D, 5.5914% 6/25/43 (h)(j)		4,699,000		4,667,723
Series 2011-1 Class B, 5.5914% 6/25/43 (h)(j)		6,165,000		6,786,975
Merrill Lynch Financial Asset, Inc. Series 2005-CA16:
Class F, 4.384% 7/12/37	CAD	710,000		559,454
Class G, 4.384% 7/12/37	CAD	355,000		273,246
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Merrill Lynch Financial Asset, Inc. Series 2005-CA16: - continued
Class H, 4.384% 7/12/37	CAD	236,000		$ 177,466
Class J, 4.384% 7/12/37	CAD	355,000		260,835
Class K, 4.384% 7/12/37	CAD	355,000		254,892
Class L, 4.384% 7/12/37	CAD	236,000		165,610
Class M, 4.384% 7/12/37	CAD	995,000		606,050
Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (h)		$ 712,872		356,436
Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.8471% 5/12/39 (j)		1,200,000		1,340,693
Mezz Capital Commercial Mortgage Trust:
sequential payer:
Series 2004-C1 Class A, 4.836% 1/15/37 (h)		3,371,229		3,101,531
Series 2004-C2 Class A, 5.318% 10/15/40 (h)		9,995,195		8,246,036
Series 2004-C1:
Class D, 6.988% 1/15/37 (h)		335,293		34
Class IO, 9.1147% 1/15/37 (h)(j)(k)		3,347,797		150,651
Morgan Stanley Capital I Trust:
sequential payer:
Series 2012-C4 Class E, 5.71% 3/15/45 (h)		4,630,000		4,296,029
Series 2004-RR2 Class A2, 5.45% 10/28/33 (h)		648,431		650,863
Series 2006-HQ10 Class AM, 5.36% 11/12/41		8,200,000		9,048,987
Series 1997-RR Class F, 7.3941% 4/30/39 (h)(j)		1,167,999		1,092,079
Series 1998-CF1 Class G, 7.35% 7/15/32 (h)		2,638,435		1,917,623
Series 2005-HQ5 Class B, 5.272% 1/14/42		2,000,000		2,078,874
Series 2005-HQ6 Class AJ, 5.073% 8/13/42 (j)		2,500,000		2,608,185
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43		7,500,000		8,271,450
Series 2011-C1 Class C, 5.4212% 9/15/47 (h)(j)		4,000,000		4,414,340
Series 2011-C2:
Class D, 5.4947% 6/15/44 (h)(j)		4,610,000		4,812,923
Class E, 5.4947% 6/15/44 (h)(j)		9,600,000		9,399,763
Class F, 5.4947% 6/15/44 (h)(j)		4,440,000		3,755,618
Class XB, 0.5394% 6/15/44 (h)(j)(k)		63,708,222		2,028,597
Series 2011-C3:
Class C, 5.3572% 7/15/49 (h)(j)		2,000,000		2,228,554
Class D, 5.357% 7/15/49 (h)		7,400,000		7,608,332
Series 2012-C4 Class D, 5.7107% 3/15/45 (h)(j)		6,310,000		6,679,829
NationsLink Funding Corp. Series 1999-SL Class X, 11/10/30 (j)(k)		748,340		749,293
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (h)		3,641,887		4,399,400
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
RBSCF Trust Series 2010-MB1 Class D, 4.8334% 4/15/24 (h)(j)		$ 9,049,000		$ 9,206,860
Salomon Brothers Mortgage Securities VII, Inc. Series 2001-MMA Class E3, 6.5% 2/18/34 (h)(j)		3,000,000		3,068,025
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.5849% 8/15/39 (j)		2,080,000		2,267,333
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (h)		10,630,000		10,989,868
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.789% 7/15/24 (h)(j)		1,200,000		908,947
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 6.0707% 1/10/45 (h)(j)		3,000,000		3,587,469
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/28 (h)		2,540,000		2,920,797
Wachovia Bank Commercial Mortgage Trust:
Series 2004-C10 Class E, 4.931% 2/15/41		2,000,000		2,051,952
Series 2004-C11:
Class D, 5.5672% 1/15/41 (j)		5,177,000		4,888,491
Class E, 5.6172% 1/15/41 (j)		3,785,000		3,357,662
Series 2004-C12 Class D, 5.4889% 7/15/41 (j)		2,750,000		2,783,520
Series 2004-C14 Class B, 5.17% 8/15/41		3,180,000		3,359,117
Wells Fargo Commercial Mortgage Trust Series 2012-LC5 Class D, 4.7802% 10/15/45 (h)		2,000,000		1,774,480
WF-RBS Commercial Mortgage Trust:
Series 2011-C3:
Class C, 5.335% 3/15/44 (h)		4,900,000		5,482,145
Class D, 5.7219% 3/15/44 (h)(j)		1,000,000		996,754
Class E, 5% 3/15/44 (h)		2,000,000		1,494,532
Series 2012-C7 Class D, 5.0063% 6/15/45 (h)(j)		2,380,000		2,452,000
WFDB Commercial Mortgage Trust Series 2011-BXR Class D, 5.914% 7/5/24 (h)		4,000,000		4,163,972
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $544,485,803)			587,666,603
Floating Rate Loans - 8.3%

CONSUMER DISCRETIONARY - 3.5%
Hotels, Restaurants & Leisure - 3.2%
Extended Stay America, Inc. term loan 9.75% 11/1/15		9,000,000		9,090,000
Hilton Hotels Corp.:
term loan 3.99% 11/12/15 (j)		27,030,758		25,172,393
Tranche B, term loan 2.4449% 11/12/15 (j)		12,000,000		11,505,000
Floating Rate Loans - continued
		Principal Amount (e)		Value
CONSUMER DISCRETIONARY - continued
Hotels, Restaurants & Leisure - continued
Hilton Hotels Corp.: - continued
Tranche C, term loan 3.24% 11/12/15 (j)		$ 20,000,000		$ 19,075,000
Tranche D, term loan 3.471% 11/12/15 (j)		20,097,902		19,118,129
Tranche E, term loan 3.74% 11/12/15 (j)		15,000,000		14,231,250
				98,191,772
Media - 0.1%
PRIMEDIA, Inc. Tranche B, term loan 7.5% 1/13/18 (j)		2,814,375		2,673,656
Specialty Retail - 0.2%
The Pep Boys - Manny, Moe & Jack Tranche B, term loan 5% 10/11/18 (j)		5,355,000		5,395,163
TOTAL CONSUMER DISCRETIONARY				106,260,591
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Panda Sherman Power, LLC term loan 9% 9/14/18 (j)		5,200,000		5,226,000
FINANCIALS - 3.3%
Diversified Financial Services - 0.9%
Blackstone REL 10% 10/1/2017		17,500,000		17,850,000
Pilot Travel Centers LLC:
Tranche B 2LN, term loan 4.25% 8/7/19 (j)		4,725,000		4,760,438
Tranche B, term loan 3.75% 3/30/18 (j)		6,700,420		6,717,171
				29,327,609
Real Estate Investment Trusts - 0.8%
iStar Financial, Inc. Tranche B, term loan 5.75% 10/11/17 (j)		24,000,000		23,970,000
Real Estate Management & Development - 1.5%
CB Richard Ellis Group, Inc. Tranche B, term loan 3.4607% 11/9/16 (j)		2,977,215		2,984,658
CB Richard Ellis Services, Inc. Tranche D, term loan 3.7208% 9/4/19 (j)		4,724,121		4,712,311
CityCenter term loan 8.75% 7/1/13 (j)		4,169,750		4,169,750
EOP Operating LP term loan:
5% 2/5/13 (j)		5,000,000		4,853,500
5.25% 2/5/13 (j)		3,800,000		3,669,660
Equity Inns Reality LLC:
Tranche A, term loan 9.5% 11/2/12 (j)		6,184,917		5,636,693
Tranche B 2LN, term loan 6.55% 11/2/12 (j)		5,000,000		4,950,000
Floating Rate Loans - continued
		Principal Amount (e)		Value
FINANCIALS - continued
Real Estate Management & Development - continued
Realogy Corp.:
Credit-Linked Deposit 3.2143% 10/10/13 (j)		$ 517,551		$ 491,674
Credit-Linked Deposit 4.4643% 10/10/16 (i)(j)		1,098,284		1,090,047
term loan 4.464% 10/10/16 (j)		13,066,882		13,034,214
				45,592,507
Thrifts & Mortgage Finance - 0.1%
Ocwen Financial Corp. Tranche B, term loan 7% 9/1/16 (j)		3,181,399		3,189,352
TOTAL FINANCIALS				102,079,468
HEALTH CARE - 0.5%
Health Care Providers & Services - 0.5%
Community Health Systems, Inc. term loan 3.9212% 1/25/17 (j)		2,903,247		2,892,360
Health Management Associates, Inc. Tranche B, term loan 4.5% 11/18/18 (j)		1,985,000		2,002,369
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (j)		10,314,384		10,237,026
				15,131,755
INDUSTRIALS - 0.4%
Construction & Engineering - 0.4%
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (j)		13,432,304		12,861,431
TELECOMMUNICATION SERVICES - 0.4%
Wireless Telecommunication Services - 0.4%
Crown Castle Operating Co. Tranche B, term loan 4% 1/31/19 (j)		8,961,230		9,006,036
SBA Senior Finance II, LLC term loan 3.75% 9/28/19 (j)		3,345,000		3,357,544
				12,363,580
TOTAL FLOATING RATE LOANS (Cost $251,621,755)			253,922,825

Preferred Securities - 0.0%
	Principal Amount (e)		Value
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (h)(j)	500,000		$ 25,000
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (h)(j)	1,220,000		183,000
Ipswich Street CDO Series 2006-1, 6/27/46 (d)(h)(j)	1,350,000		0
			208,000
TOTAL PREFERRED SECURITIES (Cost $2,595,411)		208,000
Money Market Funds - 8.7%
	Shares
Fidelity Cash Central Fund, 0.19% (b)	242,738,219		242,738,219
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	23,034,253		23,034,253
TOTAL MONEY MARKET FUNDS (Cost $265,772,472)		265,772,472
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $2,856,074,684)			3,103,094,452
NET OTHER ASSETS (LIABILITIES) - (1.5)%			(44,961,970)
NET ASSETS - 100%		$ 3,058,132,482

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

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

(g) 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 $629,821,981 or 20.6% of net assets.

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

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

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

(l) 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 $4,619,981 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
ACGS Series 2004-1 Class P, 7.4651% 8/1/19	2/17/11	$ 4,416,248
Fannie Mae REMIC Trust Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41	5/21/03	$ 136,224
Fannie Mae REMIC Trust Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42	3/25/03	$ 174,467
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7107% 6/25/35	6/3/05	$ 1,024,665

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	$ 93,940
Fidelity Securities Lending Cash Central Fund	16,131
Total	$ 110,071

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
AmREIT, Inc.	$ 2,818,000	$ -	$ -	$ 40,000	$ 3,258,000
Total	$ 2,818,000	$ -	$ -	$ 40,000	$ 3,258,000

Other Information

The following is a summary of the inputs used, as of October 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 28,479,522	$ 24,384,031	$ -	$ 4,095,491
Financials	1,075,160,538	1,041,576,511	22,528,014	11,056,013
Health Care	37,478,634	37,478,634	-	-
Telecommunication Services	7,455,897	7,455,897	-	-
Corporate Bonds	714,111,137	-	711,728,517	2,382,620
Asset-Backed Securities	113,489,324	-	84,102,908	29,386,416
Collateralized Mortgage Obligations	19,349,500	-	18,611,095	738,405
Commercial Mortgage Securities	587,666,603	-	551,409,837	36,256,766
Floating Rate Loans	253,922,825	-	214,289,915	39,632,910
Preferred Securities	208,000	-	-	208,000
Money Market Funds	265,772,472	265,772,472	-	-
Total Investments in Securities:	$ 3,103,094,452	$ 1,376,667,545	$ 1,602,670,286	$ 123,756,621

Valuation Inputs at Reporting Date:

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

Investments in Securities:
Asset-Backed Securities
Beginning Balance	$ 36,313,723
Total Realized Gain (Loss)	553,100
Total Unrealized Gain (Loss)	1,624,807
Cost of Purchases	67,423
Proceeds of Sales	(4,386,491)
Amortization/Accretion	576,728
Transfers in to Level 3	-
Transfers out of Level 3	(5,362,874)
Ending Balance	$ 29,386,416
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2012	$ 1,624,807
Floating Rate Loans
Beginning Balance	$ 18,003,477
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	367,881
Cost of Purchases	21,299,578
Proceeds of Sales	(220,414)
Amortization/Accretion	182,388
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 39,632,910
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2012	$ 367,881
Commercial Mortgage Securities
Beginning Balance	$ 53,984,005
Total Realized Gain (Loss)	1,030,002
Total Unrealized Gain (Loss)	1,929,225
Cost of Purchases	-
Proceeds of Sells	(10,824,690)
Amortization/Accretion	(147,154)
Transfers in to Level 3	-
Transfers out of Level 3	(9,714,622)
Ending Balance	$ 36,256,766

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2012	$ 992,715
Other Investments in Securities
Beginning Balance	$ 19,436,383
Total Realized Gain (Loss)	(27,368)
Total Unrealized Gain (Loss)	300,944
Cost of Purchases	-
Proceeds of Sells	(229,781)
Amortization/Accretion	(21,731)
Transfers in to Level 3	-
Transfers out of Level 3	(977,918)
Ending Balance	$ 18,480,529

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2012	$ 300,944

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

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $2,857,237,320. Net unrealized appreciation aggregated $245,857,132, of which $295,495,380 related to appreciated investment securities and $49,638,248 related to depreciated investment securities.

Investment Valuation

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

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

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type	Fair Value at 10/31/12	Valuation Technique(s)	Unobservable Input	Range	Weighted Average
Asset-Backed Securities	$ 2,246,397	Discounted cash flow	Yield	3.54% - 15%	5.16%
Collateralized Mortgage Obligations	$ 719,349	Discounted cash flow	Yield	7% - 52%	17.11%
Commercial Mortgage Securities	$ 1,267,889	Discounted cash flow	Yield	50%	50%
		Market comparable	Spread	40.25%	40.25%
			Quoted prices	$ 50	$ 50
Common Stocks	$ 13,042,241	Adjusted book value	Book value multiple	1.0	1.0
		Market comparable	Transaction price	$ 19.75	$ 19.75
Corporate Bonds	$ 2,382,620	Discounted cash flow	Constant prepayment rate	30%	30%
		Expected distribution	Recovery rate	0%	0%
Floating Rate Loans	$ 31,109,750	Discounted cash flow	Yield	8.91% - 9.6%	9.38%
		Discounted cash flow	Internal rate of return	10.04%	10.04%
Preferred Securities	$ -	Expected distribution	Recovery rate	0%	0%
Asset Type	Fair Value at 10/31/12	Valuation Technique(s)	Unobservable Input	Range	Weighted Average
Preferred Stocks	$ 13	Expected distribution	Recovery rate	0%	0%
		Market comparable	Transaction price	$ 0.0001	$ 0.0001

For the unobservable inputs listed in the table above, a significant increase in yields, spreads, constant prepayment rates or internal rate of return could result in a significant decrease to the fair value measurement. A significant increase in quoted prices, book value multiples, transaction prices or recovery rates could result in a significant increase to the fair value measurement.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report
for
Fidelity Advisor® Real Estate Income Fund
Class A
Class T
Class C
Institutional Class
October 31, 2012

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

1.907555.103

REIA-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 23.1%
	Shares		Value
CONSUMER DISCRETIONARY - 0.8%
Household Durables - 0.8%
NVR, Inc. (a)	6,700		$ 6,055,058
Standard Pacific Corp. (a)(f)	1,366,200		9,426,780
Stanley Martin Communities LLC Class B (a)	4,620		4,095,491
Toll Brothers, Inc. (a)	118,100		3,898,481
			23,475,810
FINANCIALS - 20.8%
Capital Markets - 0.1%
HFF, Inc. (a)	243,214		3,387,971
Real Estate Investment Trusts - 20.4%
Acadia Realty Trust (SBI)	1,888,249		48,490,234
American Campus Communities, Inc.	201,400		9,125,434
American Realty Capital Trust, Inc.	239,270		2,696,573
American Residential Properties, Inc. (h)	453,000		8,946,750
American Tower Corp.	207,800		15,645,262
AmREIT, Inc. (g)	200,000		3,258,000
Annaly Capital Management, Inc.	188,650		3,044,811
Anworth Mortgage Asset Corp.	1,065,710		6,543,459
Apartment Investment & Management Co. Class A	568,000		15,159,920
Associated Estates Realty Corp.	309,400		4,637,906
Canadian (REIT)	131,600		5,486,682
CapLease, Inc.	2,465,600		12,648,528
CBL & Associates Properties, Inc.	1,143,373		25,577,254
Cedar Shopping Centers, Inc.	745,800		3,945,282
Chartwell Seniors Housing (REIT)	509,700		5,241,170
Chartwell Seniors Housing (REIT) (h)	78,500		807,204
Chesapeake Lodging Trust	410,800		7,743,580
Chimera Investment Corp.	2,391,898		6,386,368
CommonWealth REIT	469,573		6,437,846
Cys Investments, Inc. (f)	722,339		9,693,789
DCT Industrial Trust, Inc.	1,235,100		7,966,395
DiamondRock Hospitality Co.	531,400		4,506,272
Douglas Emmett, Inc.	368,600		8,643,670
Dynex Capital, Inc.	1,669,043		16,556,907
EastGroup Properties, Inc.	84,600		4,404,276
Education Realty Trust, Inc.	402,600		4,239,378
Equity Lifestyle Properties, Inc.	815,830		54,929,834
Excel Trust, Inc.	1,098,928		13,516,814
First Potomac Realty Trust	766,515		9,129,194
Glimcher Realty Trust	1,206,100		12,869,087
H&R REIT/H&R Finance Trust	256,500		6,197,091
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Hatteras Financial Corp.	98,200		$ 2,677,914
Healthcare Realty Trust, Inc.	127,900		3,004,371
Highwoods Properties, Inc. (SBI)	139,600		4,502,100
Lexington Corporate Properties Trust	2,916,782		27,680,261
LTC Properties, Inc.	357,313		11,794,902
MFA Financial, Inc.	6,342,281		51,816,436
Mid-America Apartment Communities, Inc.	58,900		3,811,419
Monmouth Real Estate Investment Corp. Class A	249,773		2,772,480
National Health Investors, Inc.	49,506		2,644,115
National Retail Properties, Inc.	114,100		3,614,688
Newcastle Investment Corp.	2,286,900		19,781,685
NorthStar Realty Finance Corp. (f)	526,300		3,457,791
Prologis, Inc.	694,887		23,827,675
Retail Properties America, Inc.	483,250		5,914,980
Select Income (REIT)	155,600		3,844,876
Senior Housing Properties Trust (SBI)	605,300		13,304,494
Stag Industrial, Inc.	948,569		16,429,215
Summit Hotel Properties, Inc.	472,000		3,898,720
Terreno Realty Corp.	190,264		2,903,429
Two Harbors Investment Corp.	370,480		4,419,826
Ventas, Inc.	765,946		48,461,403
Washington (REIT) (SBI)	288,400		7,414,764
Whitestone REIT Class B	279,067		3,759,032
WP Carey, Inc.	103,600		5,666,920
			621,878,466
Real Estate Management & Development - 0.3%
Brookfield Asset Management, Inc. Class A (f)	171,900		5,917,319
Kennedy-Wilson Holdings, Inc.	291,209		4,135,168
			10,052,487
Thrifts & Mortgage Finance - 0.0%
Home Loan Servicing Solutions Ltd.	54,388		1,055,127
TOTAL FINANCIALS			636,374,051
HEALTH CARE - 1.2%
Health Care Providers & Services - 1.2%
Brookdale Senior Living, Inc. (a)	883,300		20,722,218
Capital Senior Living Corp. (a)	544,350		8,753,148
Emeritus Corp. (a)	356,493		8,003,268
			37,478,634
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
SBA Communications Corp. Class A (a)	111,900		$ 7,455,897
TOTAL COMMON STOCKS (Cost $573,849,779)		704,784,392
Preferred Stocks - 14.5%

Convertible Preferred Stocks - 1.3%
FINANCIALS - 1.3%
Real Estate Investment Trusts - 1.3%
Alexandria Real Estate Equities, Inc. Series D 7.00%	95,000		2,582,813
CommonWealth REIT 6.50%	396,216		9,540,881
Excel Trust, Inc. 7.00% (h)	248,200		5,965,075
Health Care REIT, Inc. Series I, 6.50%	46,800		2,620,800
Lexington Corporate Properties Trust Series C, 6.50%	350,566		16,827,168
Ramco-Gershenson Properties Trust (SBI) Series D, 7.25%	40,000		2,086,800
			39,623,537
Nonconvertible Preferred Stocks - 13.2%
CONSUMER DISCRETIONARY - 0.2%
Hotels, Restaurants & Leisure - 0.2%
Red Lion Hotels Capital Trust 9.50%	163,225		4,198,147
Household Durables - 0.0%
M/I Homes, Inc. Series A, 9.75% (a)	36,700		805,565
TOTAL CONSUMER DISCRETIONARY			5,003,712
FINANCIALS - 13.0%
Real Estate Investment Trusts - 12.5%
AG Mortgage Investment Trust, Inc. 8.00% (a)	240,000		6,045,600
American Capital Agency Corp. 8.00%	200,000		5,204,000
American Home Mortgage Investment Corp.:
Series A, 9.375% (a)	120,300		12
Series B, 9.25% (a)	124,100		1,241
Annaly Capital Management, Inc.:
Series A, 7.875%	134,900		3,493,910
Series C, 7.625%	77,837		1,991,070
Series D, 7.50% (a)	213,116		5,423,802
Anworth Mortgage Asset Corp. Series A, 8.625%	309,630		8,133,980
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Apollo Commercial Real Estate Finance, Inc. Series A, 8.625% (a)	235,101		$ 6,044,447
Apollo Residential Mortgage, Inc. Series A, 8.00% (a)	121,879		3,060,382
Ashford Hospitality Trust, Inc. Series E, 9.00%	85,751		2,327,282
Brandywine Realty Trust Series D, 7.375%	34,596		890,501
Campus Crest Communities, Inc. Series A, 8.00%	248,431		6,747,386
CapLease, Inc.:
Series A, 8.125%	132,510		3,339,252
Series B, 8.375%	439,766		11,825,308
CBL & Associates Properties, Inc.:
(depositary shares) Series C, 7.75%	147,962		3,721,244
7.375%	274,876		7,003,840
Series E, 6.625% (a)	95,000		2,398,750
Cedar Shopping Centers, Inc.:
8.875%	65,983		1,701,042
Series B, 7.25%	222,628		5,514,496
CenterPoint Properties Trust Series D, 5.377%	3,575		2,109,250
Chesapeake Lodging Trust Series A, 7.75%	266,916		7,123,988
Colony Financial, Inc. Series A, 8.50%	282,171		7,373,128
CommonWealth REIT 7.50%	93,300		2,036,739
Corporate Office Properties Trust Series L, 7.375% (a)	80,000		2,096,000
Cousins Properties, Inc. Series A, 7.75%	205,970		5,186,325
CubeSmart Series A, 7.75%	40,000		1,066,800
Cys Investments, Inc. Series A, 7.75%	117,824		2,978,591
DDR Corp. Series J, 6.50%	113,300		2,829,101
Digital Realty Trust, Inc.:
Series E, 7.00%	40,000		1,100,000
Series F, 6.625%	40,000		1,060,800
Duke Realty LP:
8.375%	128,517		3,333,731
Series L, 6.60%	10,666		270,916
Dynex Capital, Inc. Series A, 8.50%	362,932		9,403,568
Equity Lifestyle Properties, Inc. Series C, 6.75% (a)	800,000		20,960,000
Essex Property Trust, Inc. Series H, 7.125%	40,000		1,059,200
Excel Trust, Inc. Series B, 8.125%	400,000		10,536,000
First Potomac Realty Trust 7.75%	395,296		10,147,248
Gladstone Commercial Corp. Series C, 7.125%	232,238		5,954,582
Glimcher Realty Trust:
Series G, 8.125%	193,186		4,879,878
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Glimcher Realty Trust: - continued
Series H, 7.50%	140,000		$ 3,614,800
Hatteras Financial Corp. Series A, 7.625% (a)	104,668		2,654,380
Health Care REIT, Inc. Series J, 6.50%	20,000		544,600
Hersha Hospitality Trust Series B, 8.00%	162,538		4,224,363
HomeBanc Mortgage Corp. Series A (a)	104,685		1
Hospitality Properties Trust:
Series C, 7.00%	30,863		777,748
Series D, 7.125%	40,800		1,113,432
Hudson Pacific Properties, Inc. 8.375%	303,800		8,278,550
Inland Real Estate Corp. Series A, 8.125%	423,500		11,349,800
Invesco Mortgage Capital, Inc. Series A, 7.75%	113,342		2,868,686
Investors Real Estate Trust Series B, 7.95% (a)	126,572		3,278,215
Kilroy Realty Corp. Series G, 6.875%	40,000		1,047,600
Kite Realty Group Trust 8.25%	96,100		2,527,430
LaSalle Hotel Properties:
Series G, 7.25%	114,485		2,941,120
Series H, 7.50%	126,308		3,287,797
LBA Realty Fund II:
Series A, 8.75% (a)	69,000		2,766,900
Series B, 7.625% (a)	31,240		626,362
Lexington Realty Trust 7.55%	23,800		599,998
MFA Financial, Inc.:
8.00%	538,930		13,958,287
Series A, 8.50%	485,381		12,537,391
Monmouth Real Estate Investment Corp.:
7.625%	80,000		2,093,600
Series B, 7.875%	95,000		2,517,500
National Retail Properties, Inc. Series D, 6.625%	62,437		1,636,474
Newcastle Investment Corp. Series B, 9.75%	34,530		881,551
NorthStar Realty Finance Corp.:
Series B, 8.25%	50,000		1,207,500
Series C, 8.875% (a)	153,105		3,804,659
Parkway Properties, Inc. Series D, 8.00%	306,382		7,730,018
Pebblebrook Hotel Trust:
Series A, 7.875%	372,000		9,791,040
Series B, 8.00%	185,085		4,943,620
Pennsylvania (REIT) 7.375% (a)	76,510		1,930,347
Prologis, Inc. Series Q, 8.54%	94,446		5,879,264
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
PS Business Parks, Inc. 6.875%	50,000		$ 1,340,500
Regency Centers Corp. Series 6, 6.625%	62,261		1,681,047
Saul Centers, Inc.:
8.00%	93,700		2,415,586
Series B (depositary shares) 9.00%	118,550		3,102,454
Stag Industrial, Inc. Series A, 9.00%	280,000		7,700,000
Summit Hotel Properties, Inc. Series A, 9.25%	138,340		3,700,595
Sunstone Hotel Investors, Inc.:
Series A, 8.00%	366,039		9,220,522
Series D, 8.00%	60,362		1,557,340
Terreno Realty Corp. Series A 7.75%	165,690		4,286,400
UMH Properties, Inc. Series A, 8.25%	600,000		15,900,000
Urstadt Biddle Properties, Inc. Series F, 7.125% (a)	210,000		5,418,000
Vornado Realty Trust 6.75%	20,000		504,400
Weingarten Realty Investors (SBI) Series F, 6.50%	56,230		1,428,242
Winthrop Realty Trust:
7.75%	540,000		13,878,000
Series D, 9.25%	65,000		1,733,550
			381,653,059
Real Estate Management & Development - 0.5%
Forest City Enterprises, Inc. 7.375%	657,000		15,984,810
Vornado Realty LP 7.875%	54,682		1,525,081
			17,509,891
TOTAL FINANCIALS			399,162,950
TOTAL NONCONVERTIBLE PREFERRED STOCKS			404,166,662
TOTAL PREFERRED STOCKS (Cost $428,568,600)		443,790,199

Corporate Bonds - 23.4%
		Principal Amount (e)		Value
Convertible Bonds - 2.4%
CONSUMER DISCRETIONARY - 0.2%
Hotels, Restaurants & Leisure - 0.2%
Morgans Hotel Group Co. 2.375% 10/15/14		$ 4,510,000		$ 4,126,650
FINANCIALS - 2.2%
Real Estate Investment Trusts - 1.9%
Annaly Capital Management, Inc.:
4% 2/15/15		1,000,000		1,227,500
5% 5/15/15		34,396,000		34,976,433
CapLease, Inc. 7.5% 10/1/27 (h)		5,180,000		5,180,000
Northstar Realty Finance LP 8.875% 6/15/32 (h)		11,500,000		12,959,063
ProLogis LP:
1.875% 11/15/37		2,450,000		2,450,000
2.625% 5/15/38		1,500,000		1,507,575
				58,300,571
Real Estate Management & Development - 0.3%
Corporate Office Properties LP 4.25% 4/15/30 (h)		9,460,000		9,708,325
Hrubb & Ellis Co. 7.95% 5/1/15 (d)(h)		5,500,000		2,750
				9,711,075
TOTAL FINANCIALS				68,011,646
TOTAL CONVERTIBLE BONDS				72,138,296
Nonconvertible Bonds - 21.0%
CONSUMER DISCRETIONARY - 7.4%
Hotels, Restaurants & Leisure - 0.7%
CityCenter Holdings LLC/CityCenter Finance Corp.:
7.625% 1/15/16		1,945,000		2,071,425
7.625% 1/15/16 (h)		1,560,000		1,657,500
FelCor Lodging LP 6.75% 6/1/19		5,875,000		6,271,563
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17		1,700,000		1,933,750
Times Square Hotel Trust 8.528% 8/1/26 (h)		8,970,587		10,627,803
				22,562,041
Household Durables - 6.2%
D.R. Horton, Inc. 4.75% 5/15/17		2,000,000		2,130,000
KB Home:
5.875% 1/15/15		7,000,000		7,245,000
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Household Durables - continued
KB Home: - continued
6.25% 6/15/15		$ 10,000,000		$ 10,600,000
7.25% 6/15/18		7,420,000		7,995,050
8% 3/15/20		8,465,000		9,438,475
9.1% 9/15/17		17,595,000		20,278,238
Lennar Corp.:
5.5% 9/1/14		1,000,000		1,060,000
5.6% 5/31/15		6,000,000		6,435,000
6.5% 4/15/16		4,000,000		4,430,000
6.95% 6/1/18		14,280,000		16,047,150
M/I Homes, Inc. 8.625% 11/15/18		26,055,000		28,139,400
Meritage Homes Corp.:
7% 4/1/22		7,525,000		8,127,000
7.15% 4/15/20		7,060,000		7,713,050
Ryland Group, Inc.:
6.625% 5/1/20		1,555,000		1,726,050
8.4% 5/15/17		5,420,000		6,504,000
Standard Pacific Corp.:
7% 8/15/15		4,000,000		4,400,000
8.375% 5/15/18		28,983,000		33,765,195
10.75% 9/15/16		8,415,000		10,434,600
Toll Brothers Finance Corp. 5.875% 2/15/22		1,550,000		1,743,750
				188,211,958
Multiline Retail - 0.5%
JC Penney Corp., Inc.:
5.65% 6/1/20		4,720,000		4,383,700
5.75% 2/15/18		2,845,000		2,777,431
Sears Holdings Corp. 6.625% 10/15/18		9,820,000		9,206,250
				16,367,381
TOTAL CONSUMER DISCRETIONARY				227,141,380
CONSUMER STAPLES - 0.2%
Food & Staples Retailing - 0.2%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20		1,044,738		1,196,225
C&S Group Enterprises LLC 8.375% 5/1/17 (h)		3,960,000		4,148,100
				5,344,325
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - 11.8%
Diversified Financial Services - 0.6%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
7.75% 1/15/16		$ 10,820,000		$ 11,306,900
8% 1/15/18		3,070,000		3,300,250
8% 1/15/18 (h)		2,170,000		2,332,750
				16,939,900
Real Estate Investment Trusts - 8.2%
Camden Property Trust 5% 6/15/15		1,100,000		1,198,710
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15		2,526,000		2,870,685
6.25% 6/15/14		5,005,000		5,391,536
CubeSmart LP 4.8% 7/15/22		2,000,000		2,199,400
Developers Diversified Realty Corp.:
5.5% 5/1/15		4,000,000		4,371,720
7.5% 4/1/17		6,000,000		7,237,248
7.5% 7/15/18		8,756,000		10,870,066
7.875% 9/1/20		4,637,000		6,026,203
9.625% 3/15/16		3,836,000		4,757,396
Duke Realty LP 6.25% 5/15/13		750,000		770,935
Equity One, Inc.:
5.375% 10/15/15		3,500,000		3,846,325
6.25% 12/15/14		4,081,000		4,547,050
6.25% 1/15/17		3,000,000		3,435,675
Health Care Property Investors, Inc.:
6% 6/15/14		2,340,000		2,503,650
6% 3/1/15		1,000,000		1,095,482
7.072% 6/8/15		1,500,000		1,681,346
Health Care REIT, Inc.:
4.125% 4/1/19		2,000,000		2,156,274
6% 11/15/13		1,000,000		1,047,082
6.2% 6/1/16		750,000		860,188
Healthcare Realty Trust, Inc.:
5.125% 4/1/14		5,084,000		5,344,047
5.75% 1/15/21		2,000,000		2,250,098
6.5% 1/17/17		2,875,000		3,290,647
Highwoods/Forsyth LP 5.85% 3/15/17		2,800,000		3,109,907
HMB Capital Trust V 3.9888% 12/15/36 (d)(h)(j)		2,530,000		0
Hospitality Properties Trust:
5% 8/15/22		3,177,000		3,391,076
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Hospitality Properties Trust: - continued
5.625% 3/15/17		$ 915,000		$ 1,003,674
7.875% 8/15/14		1,000,000		1,078,549
HRPT Properties Trust:
5.75% 11/1/15		4,826,000		5,174,022
6.25% 8/15/16		7,500,000		8,187,923
6.25% 6/15/17		1,055,000		1,155,666
6.65% 1/15/18		3,000,000		3,339,936
iStar Financial, Inc.:
5.85% 3/15/17		3,587,000		3,479,390
5.875% 3/15/16		34,260,000		33,574,800
5.95% 10/15/13		7,330,000		7,485,763
6.05% 4/15/15		14,630,000		14,483,700
6.5% 12/15/13		6,880,000		6,828,400
8.625% 6/1/13		6,155,000		6,370,425
9% 6/1/17		13,000,000		14,040,000
MPT Operating Partnership LP/MPT Finance Corp.:
6.375% 2/15/22		3,110,000		3,249,950
6.875% 5/1/21		2,000,000		2,160,000
Nationwide Health Properties, Inc. 6.25% 2/1/13		1,000,000		1,013,015
Omega Healthcare Investors, Inc.:
6.75% 10/15/22		2,115,000		2,315,925
7.5% 2/15/20		1,000,000		1,100,000
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14		1,750,000		1,873,797
Potlatch Corp. 7.5% 11/1/19		1,000,000		1,080,000
ProLogis LP:
6.625% 5/15/18		6,480,000		7,679,746
7.625% 7/1/17		4,690,000		5,541,798
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20		2,000,000		2,415,800
Senior Housing Properties Trust:
4.3% 1/15/16		5,000,000		5,177,255
6.75% 4/15/20		11,000,000		12,561,054
6.75% 12/15/21		8,000,000		9,206,192
United Dominion Realty Trust, Inc.:
5.13% 1/15/14		500,000		521,809
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
United Dominion Realty Trust, Inc.: - continued
5.25% 1/15/15		$ 1,000,000		$ 1,083,280
5.25% 1/15/16		4,000,000		4,428,660
				251,863,275
Real Estate Management & Development - 2.9%
AMB Property LP 5.9% 8/15/13		400,000		413,193
BioMed Realty LP 3.85% 4/15/16		2,000,000		2,105,552
Brandywine Operating Partnership LP:
5.4% 11/1/14		6,750,000		7,238,437
7.5% 5/15/15		1,000,000		1,130,061
CB Richard Ellis Services, Inc.:
6.625% 10/15/20		1,205,000		1,302,967
11.625% 6/15/17		1,500,000		1,665,000
Colonial Properties Trust:
6.15% 4/15/13		1,500,000		1,530,185
6.25% 6/15/14		3,094,000		3,319,036
Colonial Realty LP 6.05% 9/1/16		2,500,000		2,814,303
Forest City Enterprises, Inc.:
6.5% 2/1/17		17,120,000		16,606,400
7.625% 6/1/15		10,156,000		10,149,653
Host Hotels & Resorts LP:
5.25% 3/15/22		2,000,000		2,210,000
5.875% 6/15/19		2,725,000		2,997,500
Kennedy-Wilson, Inc. 8.75% 4/1/19		8,785,000		9,301,558
Post Apartment Homes LP 6.3% 6/1/13		2,000,000		2,057,958
Realogy Corp.:
7.875% 2/15/19 (h)		7,085,000		7,598,663
9% 1/15/20 (h)		1,920,000		2,157,504
Regency Centers LP:
5.25% 8/1/15		4,509,000		4,956,744
5.875% 6/15/17		400,000		463,656
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17		2,490,000		2,695,425
Ventas Realty LP 4% 4/30/19		2,262,000		2,440,845
Wells Operating Partnership II LP 5.875% 4/1/18		3,000,000		3,126,150
				88,280,790
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.1%
Wrightwood Capital LLC 1.9% 4/20/20 (d)		$ 4,180,035		$ 2,382,620
TOTAL FINANCIALS				359,466,585
HEALTH CARE - 1.3%
Health Care Equipment & Supplies - 0.3%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. 7.75% 2/15/19		10,410,000		10,956,525
Health Care Providers & Services - 1.0%
Sabra Health Care LP/Sabra Capital Corp.:
8.125% 11/1/18		25,545,000		27,524,738
8.125% 11/1/18 (h)		1,960,000		2,107,000
				29,631,738
TOTAL HEALTH CARE				40,588,263
INDUSTRIALS - 0.2%
Commercial Services & Supplies - 0.1%
Iron Mountain, Inc. 5.75% 8/15/24		2,235,000		2,229,413
Industrial Conglomerates - 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 7.375% 10/1/17 (h)		3,050,000		3,072,875
TOTAL INDUSTRIALS				5,302,288
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
Crown Castle International Corp. 5.25% 1/15/23 (h)		4,000,000		4,130,000
TOTAL NONCONVERTIBLE BONDS				641,972,841
TOTAL CORPORATE BONDS (Cost $658,266,876)			714,111,137
Asset-Backed Securities - 3.7%
		Principal Amount (e)		Value
Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (h)		$ 1,384,000		$ 1,384,000
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.5707% 3/23/19 (h)(j)		250,976		244,701
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.7107% 3/20/50 (h)(j)		2,250,000		101,250
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (h)		4,046,500		4,122,574
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.6003% 1/20/37 (h)(j)		1,076,392		1,001,045
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (h)		1,145,097		1,007,686
CBRE Realty Finance CDO LLC Series 2007-1A Class A1, 0.6013% 4/7/52 (h)(j)		10,907,355		9,271,251
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33		500,000		274,180
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (h)		741,577		738,981
Class B2, 1.7123% 12/28/35 (h)(j)		743,939		714,181
Class D, 9% 12/28/35 (h)		511,250		123,416
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A:
Class B1, 1.8623% 6/28/38 (h)(j)		1,230,000		1,213,764
Class D, 9% 6/28/38 (h)		1,035,356		693,689
Crest Ltd. Series 2002-IGA Class B, 1.6633% 7/28/35 (h)(j)		159,603		159,603
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27		9,500,000		8,936,014
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.7919% 11/28/39 (h)(j)		571,568		17,147
Green Tree Financial Corp.:
Series 1996-4 Class M1, 7.75% 6/15/27		1,788,179		1,646,550
Series 1997-3 Class M1, 7.53% 3/15/28		7,404,130		6,272,766
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7107% 6/25/35 (j)(l)		1,161,480		39,706
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 1.7607% 8/26/30 (h)(j)		735,000		611,888
Class E, 2.2107% 8/26/30 (h)(j)		1,517,957		758,979
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40		1,143,712		414,500
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Merit Securities Corp. Series 13 Class M1, 7.8892% 12/28/33 (j)		$ 1,923,000		$ 2,078,475
N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (h)		899,989		737,991
Newcastle Investment Trust Series 2011-MH1 Class A, 2.45% 12/10/33 (h)		3,033,278		3,070,578
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class D, 5.194% 7/24/39 (h)		2,480,957		2,480,957
Prima Capital Ltd. Series 2006-CR1A Class A2, 5.533% 12/28/48 (h)		9,370,000		9,557,400
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3.0919% 2/5/36 (h)(j)		3,610,514		361
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 5.8693% 9/25/26 (h)(j)		2,000,000		1,010,000
Series 2006-1A:
Class A1A, 0.6293% 9/25/26 (h)(j)		17,048,063		15,535,900
Class A1B, 0.6993% 9/25/26 (h)(j)		22,506,000		19,186,365
Class A2A, 0.5893% 9/25/26 (h)(j)		4,906,191		4,841,430
Class A2B, 0.6793% 9/25/26 (h)(j)		1,550,000		1,379,500
Class B, 0.7293% 9/25/26 (h)(j)		890,000		732,025
Class C 0.8993% 9/25/26 (h)(j)		3,830,000		3,083,150
Class G, 1.7193% 9/25/26 (h)(j)		1,270,000		920,750
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A:
Class A1, 0.7545% 11/21/40 (h)(j)		10,319,967		9,081,571
Class F, 2.3845% 11/21/40 (h)(j)		250,000		45,000
TOTAL ASSET-BACKED SECURITIES (Cost $110,149,277)			113,489,324
Collateralized Mortgage Obligations - 0.6%

Private Sponsor - 0.6%
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.394% 6/15/22 (h)(j)		1,897,166		1,836,081
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (h)		57,463		19,055
Series 2002-R2 Class 2B3, 3.7068% 7/25/33 (h)(j)		207,574		99,229
Series 2003-40 Class B3, 4.5% 10/25/18 (h)		95,969		61,060
Series 2003-R3:
Class B2, 5.5% 11/25/33 (h)		1,380,309		260,089
Class B3, 5.5% 11/25/33		147,224		8,747
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (h)(j)		112,380		5,515
Collateralized Mortgage Obligations - continued
		Principal Amount (e)		Value
Private Sponsor - continued
FREMF Mortgage Trust:
Series 2010 K7 Class B, 5.6187% 4/25/20 (h)(j)		$ 3,200,000		$ 3,627,050
Series 2010-K6 Class B, 5.5327% 12/25/46 (h)(j)		4,500,000		5,067,792
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (h)		7,120,000		7,199,616
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 12.1675% 7/10/35 (h)(j)		295,785		236,214
Series 2005-A Class B6, 2.2175% 3/10/37 (h)(j)		1,432,988		94,577
Series 2005-B Class B6, 1.8175% 6/10/37 (h)(j)		849,808		30,848
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (h)		40,875		35,282
RESIX Finance Ltd. floater:
Series 2003-D Class B8, 6.7175% 12/10/35 (h)(j)		282,187		138,780
Series 2004-A Class B7, 4.4675% 2/10/36 (h)(j)		312,407		170,106
Series 2004-B Class B7, 4.2175% 2/10/36 (h)(j)		374,838		174,749
TOTAL PRIVATE SPONSOR				19,064,790
U.S. Government Agency - 0.0%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (l)		157,201		83,492
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.1709% 2/25/42 (h)(j)		99,272		55,472
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (l)		231,513		61,674
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.1743% 6/25/43 (h)(j)		149,980		59,464
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 3.1288% 10/25/42 (h)(j)		64,617		24,608
TOTAL U.S. GOVERNMENT AGENCY				284,710
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $20,764,711)			19,349,500
Commercial Mortgage Securities - 19.2%

ACGS Series 2004-1 Class P, 7.4651% 8/1/19 (l)		4,560,524		4,435,109
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (h)		2,000,000		2,378,033
Asset Securitization Corp. Series 1997-D4 Class B2, 7.525% 4/14/29		195,103		197,316
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Banc of America Commercial Mortgage, Inc.:
sequential payer Series 2002-2 Class F, 5.487% 7/11/43		$ 1,443,279		$ 1,477,768
Series 2005-1 Class CJ, 5.3664% 11/10/42 (j)		3,580,000		3,778,128
Series 2005-6 Class AJ, 5.3644% 9/10/47 (j)		5,000,000		5,353,060
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 1.964% 11/15/15 (h)(j)		117,703,224		117,457,798
Banc of America Large Loan, Inc. floater Series 2005-MIB1:
Class J, 1.264% 3/15/22 (h)(j)		4,702,779		4,343,877
Class K, 2.214% 3/15/22 (h)(j)		4,190,000		2,613,253
Banc of America REMIC Trust Series 2012-CLMZ Class A, 7.714% 8/15/17 (h)(j)		4,900,000		5,034,750
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.6185% 3/11/39 (j)		5,700,000		5,667,916
Bear Stearns Commercial Mortgage Securities Trust Series 2006-T22 Class B, 5.7122% 4/12/38 (h)(j)		2,520,000		2,463,892
COMM pass-thru certificates:
floater Series 2006-FL12:
Class AJ, 0.344% 12/15/20 (h)(j)		8,000,000		7,436,104
Class B, 0.384% 12/15/20 (h)(j)		3,036,954		2,792,518
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (h)		5,057,138		5,101,641
Commercial Mortgage pass-thru certificates:
Series 2005-C6 Class AJ, 5.209% 6/10/44 (j)		5,000,000		5,261,495
Series 2012-CR1:
Class C, 5.547% 5/15/45		1,000,000		1,107,852
Class D, 5.547% 5/15/45 (h)		2,050,000		1,926,231
Commercial Mortgage Trust pass-thru certificates:
Series 2012-CR2:
Class D, 5.02% 8/15/45 (h)(j)		4,500,000		4,516,596
Class E, 5.02% 8/15/45 (h)(j)		3,000,000		2,729,325
Series 2012-LC4:
Class C, 5.8245% 12/10/44 (j)		2,000,000		2,266,578
Class D, 5.8245% 12/10/44 (h)(j)		8,000,000		7,694,008
Communication Mortgage Trust Series 2011-THL:
Class E, 5.949% 6/9/28 (h)		3,690,000		3,835,050
Class F, 4.867% 6/9/28 (h)		11,090,000		10,196,956
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1998-C1 Class F, 6% 5/17/40 (h)		2,357,497		2,502,076
Series 1998-C2 Class F, 6.75% 11/15/30 (h)		3,000,000		3,216,159
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.7283% 11/10/46 (h)(j)		12,490,000		12,733,917
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		$ 1,200,000		$ 1,234,250
DLJ Commercial Mortgage Corp.:
Series 1998-CG1 Class B4, 7.4442% 6/10/31 (h)(j)		2,500,000		2,544,750
Series 2000-CKP1 Class B3, 7.8491% 11/10/33 (j)		2,970,000		2,981,589
Extended Stay America Trust Series 2010-ESHA Class D, 5.4983% 11/5/27 (h)		6,000,000		6,069,109
Freddie Mac:
pass-thru certificates:
Series K011 Class X3, 2.662% 12/25/43 (j)(k)		12,206,096		2,023,551
Series K012 Class X3, 2.3658% 1/25/41 (j)(k)		21,072,886		3,121,885
Series K013 Class X3, 2.8847% 1/25/43 (j)(k)		14,360,000		2,610,677
Series KAIV Class X2, 3.6146% 6/25/46 (j)(k)		7,430,000		1,633,763
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (h)		10,508,548		10,564,243
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2 Class G, 6.75% 4/15/29 (j)		993,151		1,103,587
Series 1999-C3 Class J, 6.974% 8/15/36		1,500,000		1,473,708
Series 2000-C1 Class K, 7% 3/15/33		201,793		153,113
Series 2002-C3 Class D, 5.27% 7/10/39		3,000,000		2,998,338
Greenwich Capital Commercial Funding Corp.:
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (h)		2,000,000		2,022,768
Series 2002-C1 Class H, 5.903% 1/11/35 (h)		880,000		878,721
GS Mortgage Securities Corp. II:
floater Series 2007-EOP Class L, 5.4585% 3/6/20 (h)(j)		1,400,000		1,400,690
Series 2010-C1:
Class D, 6.1336% 8/10/43 (h)(j)		4,000,000		4,399,236
Class E, 4% 8/10/43 (h)		3,770,000		2,960,076
Series 2012-GCJ7:
Class C, 5.9059% 5/10/45 (j)		6,500,000		7,195,082
Class D, 5.722% 5/10/45 (h)(j)		2,000,000		1,930,765
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (h)		9,185,000		9,230,007
GS Mortgage Securities Trust:
Series 2010-C2 Class D, 5.4021% 12/10/43 (h)(j)		3,000,000		3,033,435
Series 2011-GC5:
Class C, 5.4748% 8/10/44 (h)(j)		9,000,000		10,060,902
Class D, 5.4748% 8/10/44 (h)(j)		4,000,000		3,720,208
Series 2012-GC6 Class C, 5.827% 1/10/45 (h)(j)		3,600,000		4,013,874
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2001-A:
Class G, 6% 10/15/32 (h)(j)		$ 2,036,910		$ 2,506
Class X, 0.6303% 10/15/32 (h)(j)(k)		4,795,801		29,759
Series 2002-C1 Class E, 6.135% 7/12/37 (h)		2,808,481		2,811,102
Series 2009-IWST:
Class C, 7.6935% 12/5/27 (h)(j)		3,000,000		3,690,513
Class D, 7.6935% 12/5/27 (h)(j)		8,550,000		9,785,612
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (h)		9,000,000		9,500,392
Series 2010-CNTR:
Class D, 6.3899% 8/5/32 (h)(j)		4,500,000		4,753,985
Class XB, 0.9305% 8/5/32 (h)(k)		32,655,000		1,644,343
Series 2012-CBX Class C, 5.3635% 6/16/45 (j)		4,530,000		4,897,669
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2005-LDP5 Class AJ, 5.4804% 12/15/44 (j)		3,470,000		3,658,832
Series 2011-C5 Class C, 5.4913% 8/15/46 (h)(j)		6,525,375		7,299,787
JPMorgan Commercial Mortgage Finance Corp. Series 1999-C8:
Class G, 6% 7/15/31 (h)		886,459		902,513
Class H, 6% 7/15/31 (h)		1,341,102		678,242
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (h)		2,574,218		2,662,598
LB-UBS Commercial Mortgage Trust:
sequential payer:
Series 2004-C2 Class E, 4.487% 3/15/36		2,060,000		2,087,173
Series 2005-C3 Class AJ, 4.843% 7/15/40		6,620,000		6,920,330
Series 2005-C7 Class AJ, 5.323% 11/15/40		8,000,000		8,409,216
Series 2006-C7 Class AM, 5.378% 11/15/38		2,040,000		2,195,876
Series 2004-C7 Class E, 4.918% 10/15/36		5,120,000		5,149,425
Series 2005-C1 Class E, 4.924% 2/15/40		4,000,000		3,899,288
Series 2006-C4:
Class AJ, 6.0837% 6/15/38 (j)		7,005,000		6,525,242
Class AM, 6.0837% 6/15/38 (j)		6,700,000		7,555,778
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2007-LLFA Class E, 1.114% 6/15/22 (h)(j)		6,230,000		5,988,394
Lstar Commercial Mortgage Trust:
Series 2011-1 Class D, 5.5914% 6/25/43 (h)(j)		4,699,000		4,667,723
Series 2011-1 Class B, 5.5914% 6/25/43 (h)(j)		6,165,000		6,786,975
Merrill Lynch Financial Asset, Inc. Series 2005-CA16:
Class F, 4.384% 7/12/37	CAD	710,000		559,454
Class G, 4.384% 7/12/37	CAD	355,000		273,246
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Merrill Lynch Financial Asset, Inc. Series 2005-CA16: - continued
Class H, 4.384% 7/12/37	CAD	236,000		$ 177,466
Class J, 4.384% 7/12/37	CAD	355,000		260,835
Class K, 4.384% 7/12/37	CAD	355,000		254,892
Class L, 4.384% 7/12/37	CAD	236,000		165,610
Class M, 4.384% 7/12/37	CAD	995,000		606,050
Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (h)		$ 712,872		356,436
Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.8471% 5/12/39 (j)		1,200,000		1,340,693
Mezz Capital Commercial Mortgage Trust:
sequential payer:
Series 2004-C1 Class A, 4.836% 1/15/37 (h)		3,371,229		3,101,531
Series 2004-C2 Class A, 5.318% 10/15/40 (h)		9,995,195		8,246,036
Series 2004-C1:
Class D, 6.988% 1/15/37 (h)		335,293		34
Class IO, 9.1147% 1/15/37 (h)(j)(k)		3,347,797		150,651
Morgan Stanley Capital I Trust:
sequential payer:
Series 2012-C4 Class E, 5.71% 3/15/45 (h)		4,630,000		4,296,029
Series 2004-RR2 Class A2, 5.45% 10/28/33 (h)		648,431		650,863
Series 2006-HQ10 Class AM, 5.36% 11/12/41		8,200,000		9,048,987
Series 1997-RR Class F, 7.3941% 4/30/39 (h)(j)		1,167,999		1,092,079
Series 1998-CF1 Class G, 7.35% 7/15/32 (h)		2,638,435		1,917,623
Series 2005-HQ5 Class B, 5.272% 1/14/42		2,000,000		2,078,874
Series 2005-HQ6 Class AJ, 5.073% 8/13/42 (j)		2,500,000		2,608,185
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43		7,500,000		8,271,450
Series 2011-C1 Class C, 5.4212% 9/15/47 (h)(j)		4,000,000		4,414,340
Series 2011-C2:
Class D, 5.4947% 6/15/44 (h)(j)		4,610,000		4,812,923
Class E, 5.4947% 6/15/44 (h)(j)		9,600,000		9,399,763
Class F, 5.4947% 6/15/44 (h)(j)		4,440,000		3,755,618
Class XB, 0.5394% 6/15/44 (h)(j)(k)		63,708,222		2,028,597
Series 2011-C3:
Class C, 5.3572% 7/15/49 (h)(j)		2,000,000		2,228,554
Class D, 5.357% 7/15/49 (h)		7,400,000		7,608,332
Series 2012-C4 Class D, 5.7107% 3/15/45 (h)(j)		6,310,000		6,679,829
NationsLink Funding Corp. Series 1999-SL Class X, 11/10/30 (j)(k)		748,340		749,293
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (h)		3,641,887		4,399,400
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
RBSCF Trust Series 2010-MB1 Class D, 4.8334% 4/15/24 (h)(j)		$ 9,049,000		$ 9,206,860
Salomon Brothers Mortgage Securities VII, Inc. Series 2001-MMA Class E3, 6.5% 2/18/34 (h)(j)		3,000,000		3,068,025
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.5849% 8/15/39 (j)		2,080,000		2,267,333
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (h)		10,630,000		10,989,868
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.789% 7/15/24 (h)(j)		1,200,000		908,947
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 6.0707% 1/10/45 (h)(j)		3,000,000		3,587,469
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/28 (h)		2,540,000		2,920,797
Wachovia Bank Commercial Mortgage Trust:
Series 2004-C10 Class E, 4.931% 2/15/41		2,000,000		2,051,952
Series 2004-C11:
Class D, 5.5672% 1/15/41 (j)		5,177,000		4,888,491
Class E, 5.6172% 1/15/41 (j)		3,785,000		3,357,662
Series 2004-C12 Class D, 5.4889% 7/15/41 (j)		2,750,000		2,783,520
Series 2004-C14 Class B, 5.17% 8/15/41		3,180,000		3,359,117
Wells Fargo Commercial Mortgage Trust Series 2012-LC5 Class D, 4.7802% 10/15/45 (h)		2,000,000		1,774,480
WF-RBS Commercial Mortgage Trust:
Series 2011-C3:
Class C, 5.335% 3/15/44 (h)		4,900,000		5,482,145
Class D, 5.7219% 3/15/44 (h)(j)		1,000,000		996,754
Class E, 5% 3/15/44 (h)		2,000,000		1,494,532
Series 2012-C7 Class D, 5.0063% 6/15/45 (h)(j)		2,380,000		2,452,000
WFDB Commercial Mortgage Trust Series 2011-BXR Class D, 5.914% 7/5/24 (h)		4,000,000		4,163,972
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $544,485,803)			587,666,603
Floating Rate Loans - 8.3%

CONSUMER DISCRETIONARY - 3.5%
Hotels, Restaurants & Leisure - 3.2%
Extended Stay America, Inc. term loan 9.75% 11/1/15		9,000,000		9,090,000
Hilton Hotels Corp.:
term loan 3.99% 11/12/15 (j)		27,030,758		25,172,393
Tranche B, term loan 2.4449% 11/12/15 (j)		12,000,000		11,505,000
Floating Rate Loans - continued
		Principal Amount (e)		Value
CONSUMER DISCRETIONARY - continued
Hotels, Restaurants & Leisure - continued
Hilton Hotels Corp.: - continued
Tranche C, term loan 3.24% 11/12/15 (j)		$ 20,000,000		$ 19,075,000
Tranche D, term loan 3.471% 11/12/15 (j)		20,097,902		19,118,129
Tranche E, term loan 3.74% 11/12/15 (j)		15,000,000		14,231,250
				98,191,772
Media - 0.1%
PRIMEDIA, Inc. Tranche B, term loan 7.5% 1/13/18 (j)		2,814,375		2,673,656
Specialty Retail - 0.2%
The Pep Boys - Manny, Moe & Jack Tranche B, term loan 5% 10/11/18 (j)		5,355,000		5,395,163
TOTAL CONSUMER DISCRETIONARY				106,260,591
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Panda Sherman Power, LLC term loan 9% 9/14/18 (j)		5,200,000		5,226,000
FINANCIALS - 3.3%
Diversified Financial Services - 0.9%
Blackstone REL 10% 10/1/2017		17,500,000		17,850,000
Pilot Travel Centers LLC:
Tranche B 2LN, term loan 4.25% 8/7/19 (j)		4,725,000		4,760,438
Tranche B, term loan 3.75% 3/30/18 (j)		6,700,420		6,717,171
				29,327,609
Real Estate Investment Trusts - 0.8%
iStar Financial, Inc. Tranche B, term loan 5.75% 10/11/17 (j)		24,000,000		23,970,000
Real Estate Management & Development - 1.5%
CB Richard Ellis Group, Inc. Tranche B, term loan 3.4607% 11/9/16 (j)		2,977,215		2,984,658
CB Richard Ellis Services, Inc. Tranche D, term loan 3.7208% 9/4/19 (j)		4,724,121		4,712,311
CityCenter term loan 8.75% 7/1/13 (j)		4,169,750		4,169,750
EOP Operating LP term loan:
5% 2/5/13 (j)		5,000,000		4,853,500
5.25% 2/5/13 (j)		3,800,000		3,669,660
Equity Inns Reality LLC:
Tranche A, term loan 9.5% 11/2/12 (j)		6,184,917		5,636,693
Tranche B 2LN, term loan 6.55% 11/2/12 (j)		5,000,000		4,950,000
Floating Rate Loans - continued
		Principal Amount (e)		Value
FINANCIALS - continued
Real Estate Management & Development - continued
Realogy Corp.:
Credit-Linked Deposit 3.2143% 10/10/13 (j)		$ 517,551		$ 491,674
Credit-Linked Deposit 4.4643% 10/10/16 (i)(j)		1,098,284		1,090,047
term loan 4.464% 10/10/16 (j)		13,066,882		13,034,214
				45,592,507
Thrifts & Mortgage Finance - 0.1%
Ocwen Financial Corp. Tranche B, term loan 7% 9/1/16 (j)		3,181,399		3,189,352
TOTAL FINANCIALS				102,079,468
HEALTH CARE - 0.5%
Health Care Providers & Services - 0.5%
Community Health Systems, Inc. term loan 3.9212% 1/25/17 (j)		2,903,247		2,892,360
Health Management Associates, Inc. Tranche B, term loan 4.5% 11/18/18 (j)		1,985,000		2,002,369
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (j)		10,314,384		10,237,026
				15,131,755
INDUSTRIALS - 0.4%
Construction & Engineering - 0.4%
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (j)		13,432,304		12,861,431
TELECOMMUNICATION SERVICES - 0.4%
Wireless Telecommunication Services - 0.4%
Crown Castle Operating Co. Tranche B, term loan 4% 1/31/19 (j)		8,961,230		9,006,036
SBA Senior Finance II, LLC term loan 3.75% 9/28/19 (j)		3,345,000		3,357,544
				12,363,580
TOTAL FLOATING RATE LOANS (Cost $251,621,755)			253,922,825

Preferred Securities - 0.0%
	Principal Amount (e)		Value
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (h)(j)	500,000		$ 25,000
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (h)(j)	1,220,000		183,000
Ipswich Street CDO Series 2006-1, 6/27/46 (d)(h)(j)	1,350,000		0
			208,000
TOTAL PREFERRED SECURITIES (Cost $2,595,411)		208,000
Money Market Funds - 8.7%
	Shares
Fidelity Cash Central Fund, 0.19% (b)	242,738,219		242,738,219
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	23,034,253		23,034,253
TOTAL MONEY MARKET FUNDS (Cost $265,772,472)		265,772,472
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $2,856,074,684)			3,103,094,452
NET OTHER ASSETS (LIABILITIES) - (1.5)%			(44,961,970)
NET ASSETS - 100%		$ 3,058,132,482

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

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

(g) Affiliated company

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

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
ACGS Series 2004-1 Class P, 7.4651% 8/1/19	2/17/11	$ 4,416,248
Fannie Mae REMIC Trust Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41	5/21/03	$ 136,224
Fannie Mae REMIC Trust Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42	3/25/03	$ 174,467
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7107% 6/25/35	6/3/05	$ 1,024,665

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	$ 93,940
Fidelity Securities Lending Cash Central Fund	16,131
Total	$ 110,071

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
AmREIT, Inc.	$ 2,818,000	$ -	$ -	$ 40,000	$ 3,258,000
Total	$ 2,818,000	$ -	$ -	$ 40,000	$ 3,258,000

Other Information

The following is a summary of the inputs used, as of October 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 28,479,522	$ 24,384,031	$ -	$ 4,095,491
Financials	1,075,160,538	1,041,576,511	22,528,014	11,056,013
Health Care	37,478,634	37,478,634	-	-
Telecommunication Services	7,455,897	7,455,897	-	-
Corporate Bonds	714,111,137	-	711,728,517	2,382,620
Asset-Backed Securities	113,489,324	-	84,102,908	29,386,416
Collateralized Mortgage Obligations	19,349,500	-	18,611,095	738,405
Commercial Mortgage Securities	587,666,603	-	551,409,837	36,256,766
Floating Rate Loans	253,922,825	-	214,289,915	39,632,910
Preferred Securities	208,000	-	-	208,000
Money Market Funds	265,772,472	265,772,472	-	-
Total Investments in Securities:	$ 3,103,094,452	$ 1,376,667,545	$ 1,602,670,286	$ 123,756,621

Valuation Inputs at Reporting Date:

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

Investments in Securities:
Asset-Backed Securities
Beginning Balance	$ 36,313,723
Total Realized Gain (Loss)	553,100
Total Unrealized Gain (Loss)	1,624,807
Cost of Purchases	67,423
Proceeds of Sales	(4,386,491)
Amortization/Accretion	576,728
Transfers in to Level 3	-
Transfers out of Level 3	(5,362,874)
Ending Balance	$ 29,386,416
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2012	$ 1,624,807
Floating Rate Loans
Beginning Balance	$ 18,003,477
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	367,881
Cost of Purchases	21,299,578
Proceeds of Sales	(220,414)
Amortization/Accretion	182,388
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 39,632,910
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2012	$ 367,881
Commercial Mortgage Securities
Beginning Balance	$ 53,984,005
Total Realized Gain (Loss)	1,030,002
Total Unrealized Gain (Loss)	1,929,225
Cost of Purchases	-
Proceeds of Sells	(10,824,690)
Amortization/Accretion	(147,154)
Transfers in to Level 3	-
Transfers out of Level 3	(9,714,622)
Ending Balance	$ 36,256,766

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2012	$ 992,715
Other Investments in Securities
Beginning Balance	$ 19,436,383
Total Realized Gain (Loss)	(27,368)
Total Unrealized Gain (Loss)	300,944
Cost of Purchases	-
Proceeds of Sells	(229,781)
Amortization/Accretion	(21,731)
Transfers in to Level 3	-
Transfers out of Level 3	(977,918)
Ending Balance	$ 18,480,529

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2012	$ 300,944

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

Income Tax Information

Investment Valuation

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

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

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type	Fair Value at 10/31/12	Valuation Technique(s)	Unobservable Input	Range	Weighted Average
Asset-Backed Securities	$ 2,246,397	Discounted cash flow	Yield	3.54% - 15%	5.16%
Collateralized Mortgage Obligations	$ 719,349	Discounted cash flow	Yield	7% - 52%	17.11%
Commercial Mortgage Securities	$ 1,267,889	Discounted cash flow	Yield	50%	50%
		Market comparable	Spread	40.25%	40.25%
			Quoted prices	$ 50	$ 50
Common Stocks	$ 13,042,241	Adjusted book value	Book value multiple	1.0	1.0
		Market comparable	Transaction price	$ 19.75	$ 19.75
Corporate Bonds	$ 2,382,620	Discounted cash flow	Constant prepayment rate	30%	30%
		Expected distribution	Recovery rate	0%	0%
Floating Rate Loans	$ 31,109,750	Discounted cash flow	Yield	8.91% - 9.6%	9.38%
		Discounted cash flow	Internal rate of return	10.04%	10.04%
Preferred Securities	$ -	Expected distribution	Recovery rate	0%	0%
Asset Type	Fair Value at 10/31/12	Valuation Technique(s)	Unobservable Input	Range	Weighted Average
Preferred Stocks	$ 13	Expected distribution	Recovery rate	0%	0%
		Market comparable	Transaction price	$ 0.0001	$ 0.0001

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Blue Chip Growth Fund

October 31, 2012

1.809076.109

BCF-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 21.5%
Automobiles - 1.0%
Ford Motor Co.	1,454,800		$ 16,236
General Motors Co. (a)	647,400		16,509
Hyundai Motor Co.	75,033		15,450
Kia Motors Corp.	152,660		8,485
Tesla Motors, Inc. (a)(d)	3,379,412		95,063
			151,743
Hotels, Restaurants & Leisure - 3.9%
Dunkin' Brands Group, Inc.	693,900		21,511
Hyatt Hotels Corp. Class A (a)	395,297		14,428
Las Vegas Sands Corp.	2,186,400		101,536
McDonald's Corp.	1,718,630		149,177
Panera Bread Co. Class A (a)	516,200		87,052
Starbucks Corp.	2,475,700		113,635
Yum! Brands, Inc.	1,328,700		93,155
			580,494
Household Durables - 1.1%
Lennar Corp. Class A	691,952		25,927
SodaStream International Ltd. (a)	286,400		10,239
Toll Brothers, Inc. (a)	267,700		8,837
Whirlpool Corp.	1,229,543		120,102
			165,105
Internet & Catalog Retail - 2.7%
Amazon.com, Inc. (a)	1,311,700		305,390
Priceline.com, Inc. (a)	185,600		106,492
			411,882
Media - 1.9%
Comcast Corp. Class A	4,402,400		165,134
DIRECTV (a)	264,300		13,508
Lions Gate Entertainment Corp. (a)	188,500		3,144
Shutterstock, Inc.	144,600		3,434
The Walt Disney Co.	1,616,300		79,312
Time Warner Cable, Inc.	174,500		17,295
Time Warner, Inc.	113,500		4,932
			286,759
Multiline Retail - 1.6%
Dillard's, Inc. Class A	184,300		14,191
Dollarama, Inc.	420,234		26,546
JCPenney Co., Inc.	2,732,300		65,603
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Multiline Retail - continued
Macy's, Inc.	2,061,800		$ 78,493
Target Corp.	833,300		53,123
			237,956
Specialty Retail - 5.8%
Abercrombie & Fitch Co. Class A	126,600		3,871
AutoZone, Inc. (a)	25,200		9,450
CarMax, Inc. (a)	733,000		24,739
Cia.Hering SA	254,600		5,849
Foot Locker, Inc.	506,500		16,968
Francescas Holdings Corp. (a)	955,900		28,228
Gap, Inc.	1,292,700		46,175
GNC Holdings, Inc.	815,300		31,528
Home Depot, Inc.	4,182,000		256,691
Limited Brands, Inc.	2,801,000		134,140
Lowe's Companies, Inc.	2,606,900		84,411
Ross Stores, Inc.	505,000		30,780
TJX Companies, Inc.	3,212,880		133,752
Urban Outfitters, Inc. (a)	1,758,900		62,898
			869,480
Textiles, Apparel & Luxury Goods - 3.5%
adidas AG	39,400		3,357
Arezzo Industria e Comercio SA	1,646,000		29,378
Fifth & Pacific Companies, Inc. (a)	1,354,511		14,873
Fossil, Inc. (a)	644,319		56,120
lululemon athletica, Inc. (a)	451,780		31,177
Michael Kors Holdings Ltd.	2,733,437		149,492
NIKE, Inc. Class B	692,900		63,317
Prada SpA	1,806,200		14,729
PVH Corp.	954,900		105,029
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	1,257,700		20,878
Under Armour, Inc. Class A (sub. vtg.) (a)(d)	850,600		44,452
			532,802
TOTAL CONSUMER DISCRETIONARY			3,236,221
CONSUMER STAPLES - 15.4%
Beverages - 4.3%
Anheuser-Busch InBev SA NV ADR	806,800		67,610
Beam, Inc.	285,100		15,840
Constellation Brands, Inc. Class A (sub. vtg.) (a)	648,100		22,904
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Beverages - continued
Diageo PLC sponsored ADR	74,000		$ 8,454
Dr Pepper Snapple Group, Inc.	933,300		39,992
Heineken NV (Bearer)	122,600		7,558
Monster Beverage Corp. (a)	1,537,300		68,671
PepsiCo, Inc.	1,619,800		112,155
SABMiller PLC	181,900		7,792
The Coca-Cola Co.	7,920,400		294,480
			645,456
Food & Staples Retailing - 3.6%
Costco Wholesale Corp.	1,185,100		116,649
CVS Caremark Corp.	2,426,800		112,604
Fresh Market, Inc. (a)	418,000		23,705
United Natural Foods, Inc. (a)	50,300		2,678
Wal-Mart Stores, Inc.	2,582,600		193,747
Whole Foods Market, Inc.	943,800		89,406
			538,789
Food Products - 2.3%
Associated British Foods PLC	592,900		13,252
Bunge Ltd.	163,700		11,628
ConAgra Foods, Inc.	809,000		22,523
Danone SA	494,300		30,385
D.E. Master Blenders 1753 NV (a)	821,500		10,040
Green Mountain Coffee Roasters, Inc. (a)(d)	4,842,913		117,005
Ingredion, Inc.	50,800		3,122
Kellogg Co.	237,300		12,416
Kraft Foods Group, Inc. (a)	173,300		7,882
Mead Johnson Nutrition Co. Class A	121,900		7,516
Mondelez International, Inc. (a)	519,900		13,798
The Hershey Co.	993,500		68,402
The J.M. Smucker Co.	229,700		19,672
WhiteWave Foods Co.	404,800		6,667
			344,308
Household Products - 2.0%
Colgate-Palmolive Co.	429,600		45,091
Kimberly-Clark Corp.	199,900		16,682
Procter & Gamble Co.	3,328,300		230,451
Reckitt Benckiser Group PLC	279,351		16,905
			309,129
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Personal Products - 0.5%
Herbalife Ltd.	1,553,031		$ 79,748
Tobacco - 2.7%
Altria Group, Inc.	1,873,900		59,590
British American Tobacco PLC (United Kingdom)	146,800		7,281
Lorillard, Inc.	833,100		96,648
Philip Morris International, Inc.	2,640,600		233,852
Souza Cruz SA	202,200		2,638
			400,009
TOTAL CONSUMER STAPLES			2,317,439
ENERGY - 5.2%
Energy Equipment & Services - 1.8%
Cameron International Corp. (a)	309,200		15,658
Ensco PLC Class A	353,000		20,410
National Oilwell Varco, Inc.	1,343,500		99,016
Rowan Companies PLC (a)	302,600		9,595
Schlumberger Ltd.	1,713,800		119,161
			263,840
Oil, Gas & Consumable Fuels - 3.4%
Alpha Natural Resources, Inc. (a)	1,317,700		11,293
Anadarko Petroleum Corp.	1,223,700		84,203
Apache Corp.	310,200		25,669
Cabot Oil & Gas Corp.	352,600		16,565
Chevron Corp.	632,300		69,686
Cobalt International Energy, Inc. (a)	290,000		6,035
Concho Resources, Inc. (a)	83,900		7,225
EOG Resources, Inc.	315,200		36,718
EQT Corp.	397,000		24,070
Hess Corp.	578,400		30,227
HollyFrontier Corp.	195,100		7,537
Marathon Petroleum Corp.	746,100		40,983
Murphy Oil Corp.	270,400		16,224
Noble Energy, Inc.	31,100		2,955
Occidental Petroleum Corp.	204,600		16,155
Peabody Energy Corp.	618,500		17,256
Phillips 66	407,900		19,237
Pioneer Natural Resources Co.	408,000		43,105
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Tesoro Corp.	222,500		$ 8,390
Valero Energy Corp.	1,051,100		30,587
			514,120
TOTAL ENERGY			777,960
FINANCIALS - 2.8%
Capital Markets - 0.7%
KKR & Co. LP	623,200		9,379
Morgan Stanley	3,900,512		67,791
The Blackstone Group LP	329,500		5,061
UBS AG (NY Shares)	887,300		13,327
Walter Investment Management Corp.	190,600		9,212
			104,770
Commercial Banks - 0.1%
ICICI Bank Ltd.	588,272		11,446
Wells Fargo & Co.	322,000		10,848
			22,294
Consumer Finance - 0.3%
Capital One Financial Corp.	111,000		6,679
Discover Financial Services	851,100		34,895
SLM Corp.	175,700		3,089
			44,663
Diversified Financial Services - 1.4%
Bank of America Corp.	2,114,000		19,702
Citigroup, Inc.	3,532,520		132,081
JPMorgan Chase & Co.	1,409,800		58,760
			210,543
Real Estate Management & Development - 0.2%
Parsvnath Developers Ltd. (a)(e)	21,771,340		14,769
Realogy Holdings Corp.	450,000		15,993
			30,762
Thrifts & Mortgage Finance - 0.1%
Nationstar Mortgage Holdings, Inc. (d)	324,900		11,739
TOTAL FINANCIALS			424,771
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - 10.8%
Biotechnology - 5.6%
Alexion Pharmaceuticals, Inc. (a)	665,000		$ 60,103
Alkermes PLC (a)	917,100		16,994
Alnylam Pharmaceuticals, Inc. (a)	397,263		6,424
Amarin Corp. PLC ADR (a)(d)	1,333,800		15,712
Amgen, Inc.	1,467,900		127,039
ARIAD Pharmaceuticals, Inc. (a)	1,698,200		36,596
Biogen Idec, Inc. (a)	915,300		126,513
BioMarin Pharmaceutical, Inc. (a)	107,500		3,982
Clovis Oncology, Inc.	195,300		4,213
CSL Ltd.	66,241		3,266
Exelixis, Inc. (a)	3,668,800		17,427
Gilead Sciences, Inc. (a)	2,739,100		183,958
Grifols SA (a)	330,400		11,460
Grifols SA ADR	278,900		7,017
InterMune, Inc. (a)	366,600		2,914
Ironwood Pharmaceuticals, Inc. Class A (a)	473,000		5,501
Medivation, Inc. (a)	299,000		15,285
Merrimack Pharmaceuticals, Inc.	2,407,858		14,881
Onyx Pharmaceuticals, Inc. (a)	342,300		26,823
Regeneron Pharmaceuticals, Inc. (a)	307,800		43,800
Spectrum Pharmaceuticals, Inc. (a)(d)	1,538,300		17,167
Theravance, Inc. (a)	593,600		13,362
Vertex Pharmaceuticals, Inc. (a)	1,615,500		77,932
ZIOPHARM Oncology, Inc. (a)	774,944		3,650
			842,019
Health Care Equipment & Supplies - 0.9%
Align Technology, Inc. (a)	547,104		14,542
Baxter International, Inc.	132,600		8,305
Covidien PLC	160,900		8,841
Insulet Corp. (a)	310,600		6,588
Intuitive Surgical, Inc. (a)	44,400		24,075
Steris Corp.	90,600		3,226
The Cooper Companies, Inc.	762,572		73,192
			138,769
Health Care Providers & Services - 1.1%
Apollo Hospitals Enterprise Ltd.	649,448		9,414
Brookdale Senior Living, Inc. (a)	255,400		5,992
Catamaran Corp. (a)	204,600		9,608
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
Express Scripts Holding Co. (a)	2,114,327		$ 130,116
Qualicorp SA (a)	836,000		8,578
			163,708
Health Care Technology - 0.2%
athenahealth, Inc. (a)(d)	154,575		9,938
Cerner Corp. (a)	152,400		11,611
			21,549
Pharmaceuticals - 3.0%
Abbott Laboratories	352,900		23,122
Allergan, Inc.	284,100		25,546
AVANIR Pharmaceuticals Class A (a)	2,885,556		8,253
Bristol-Myers Squibb Co.	1,101,300		36,618
Elan Corp. PLC sponsored ADR (a)	1,109,200		11,979
Eli Lilly & Co.	338,400		16,456
Johnson & Johnson	1,583,340		112,132
Merck & Co., Inc.	642,500		29,317
Novo Nordisk A/S Series B sponsored ADR	38,700		6,203
Pfizer, Inc.	2,763,300		68,723
Questcor Pharmaceuticals, Inc. (d)	611,352		15,577
Salix Pharmaceuticals Ltd. (a)	408,900		15,963
Sanofi SA sponsored ADR	145,600		6,385
Valeant Pharmaceuticals International, Inc. (Canada) (a)	1,073,200		59,960
Watson Pharmaceuticals, Inc. (a)	188,800		16,227
			452,461
TOTAL HEALTH CARE			1,618,506
INDUSTRIALS - 7.3%
Aerospace & Defense - 2.4%
Honeywell International, Inc.	737,300		45,152
Precision Castparts Corp.	565,300		97,836
The Boeing Co.	1,320,900		93,044
United Technologies Corp.	1,688,400		131,965
			367,997
Air Freight & Logistics - 0.6%
C.H. Robinson Worldwide, Inc.	76,900		4,639
FedEx Corp.	166,300		15,298
United Parcel Service, Inc. Class B	981,700		71,910
			91,847
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Building Products - 0.2%
Armstrong World Industries, Inc.	692,100		$ 35,851
Commercial Services & Supplies - 0.0%
Swisher Hygiene, Inc. (a)	2,095,491		2,791
Construction & Engineering - 0.2%
Foster Wheeler AG (a)	598,702		13,333
MasTec, Inc. (a)	152,400		3,438
Quanta Services, Inc. (a)	643,100		16,676
			33,447
Electrical Equipment - 0.1%
Generac Holdings, Inc.	308,000		10,472
General Cable Corp. (a)	262,700		7,495
			17,967
Industrial Conglomerates - 1.0%
Danaher Corp.	2,152,800		111,364
General Electric Co.	1,712,800		36,072
			147,436
Machinery - 1.7%
Caterpillar, Inc.	612,600		51,955
Cummins, Inc.	645,300		60,387
Illinois Tool Works, Inc.	410,500		25,176
Ingersoll-Rand PLC	1,093,600		51,432
Joy Global, Inc.	949,900		59,321
			248,271
Road & Rail - 1.0%
Canadian Pacific	569,200		52,364
Union Pacific Corp.	747,400		91,953
			144,317
Trading Companies & Distributors - 0.1%
Mills Estruturas e Servicos de Engenharia SA	827,400		12,686
TOTAL INDUSTRIALS			1,102,610
INFORMATION TECHNOLOGY - 34.6%
Communications Equipment - 2.5%
Cisco Systems, Inc.	1,049,000		17,980
Finisar Corp. (a)	613,500		7,068
Juniper Networks, Inc. (a)	1,879,300		31,140
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Motorola Solutions, Inc.	85,500		$ 4,419
QUALCOMM, Inc.	5,143,100		301,257
Riverbed Technology, Inc. (a)	736,348		13,600
			375,464
Computers & Peripherals - 10.4%
3D Systems Corp. (a)(d)	120,800		5,255
Apple, Inc.	2,399,700		1,428,054
EMC Corp. (a)	2,121,200		51,800
Fusion-io, Inc. (a)	738,348		17,425
Gemalto NV (d)	286,924		25,891
SanDisk Corp. (a)	840,100		35,083
Stratasys, Inc. (a)	72,700		4,847
			1,568,355
Internet Software & Services - 8.2%
Akamai Technologies, Inc. (a)	1,518,500		57,688
Baidu.com, Inc. sponsored ADR (a)	248,300		26,474
Cornerstone OnDemand, Inc. (a)	149,200		4,176
Dropbox, Inc. (f)	1,003,814		9,084
eBay, Inc. (a)	3,069,300		148,216
ExactTarget, Inc.	135,200		3,153
Facebook, Inc.:
Class A (d)	2,342,800		49,468
Class B (a)(f)	636,167		12,089
Google, Inc. Class A (a)	1,260,867		857,100
SINA Corp. (a)	265,992		14,531
Tencent Holdings Ltd.	759,600		26,855
Trulia, Inc.	20,700		467
Yahoo!, Inc. (a)	1,369,300		23,018
			1,232,319
IT Services - 3.4%
Cognizant Technology Solutions Corp. Class A (a)	1,598,600		106,547
EPAM Systems, Inc.	389,100		6,996
IBM Corp.	36,100		7,023
MasterCard, Inc. Class A	450,400		207,603
Teradata Corp. (a)	269,100		18,382
Visa, Inc. Class A	1,198,600		166,318
			512,869
Semiconductors & Semiconductor Equipment - 5.4%
Altera Corp.	3,027,100		92,266
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Avago Technologies Ltd.	1,855,200		$ 61,277
Broadcom Corp. Class A	6,363,500		200,673
Cirrus Logic, Inc. (a)	973,028		39,661
Cree, Inc. (a)	581,000		17,622
Freescale Semiconductor Holdings I Ltd. (a)(d)	5,610,010		50,153
Intersil Corp. Class A	2,623,800		18,498
MediaTek, Inc.	1,144,000		12,709
Mellanox Technologies Ltd. (a)	612,300		47,129
Monolithic Power Systems, Inc. (a)	1,004,399		19,515
NVIDIA Corp. (a)	3,357,173		40,185
NXP Semiconductors NV (a)	7,212,035		174,964
Samsung Electronics Co. Ltd.	15,324		18,412
STMicroelectronics NV	1,024,500		6,034
STMicroelectronics NV (NY Shares) unit	1,817,000		10,702
			809,800
Software - 4.7%
Check Point Software Technologies Ltd. (a)	420,700		18,734
Citrix Systems, Inc. (a)	968,800		59,882
Dassault Systemes SA	27,900		2,940
Electronic Arts, Inc. (a)	1,781,300		21,999
Eloqua, Inc.	224,400		5,235
Guidewire Software, Inc.	248,300		7,608
Microsoft Corp.	5,024,589		143,377
Nintendo Co. Ltd.	51,000		6,567
Nuance Communications, Inc. (a)	576,400		12,831
Oracle Corp.	2,392,100		74,275
QLIK Technologies, Inc. (a)	767,063		14,122
Qualys, Inc.	610,400		7,923
Red Hat, Inc. (a)	1,020,700		50,188
salesforce.com, Inc. (a)	1,341,665		195,856
Splunk, Inc. (d)	196,000		5,498
Take-Two Interactive Software, Inc. (a)	562,800		6,275
Ubisoft Entertainment SA (a)	554,720		5,155
VMware, Inc. Class A (a)	686,500		58,195
Workday, Inc.	187,400		9,089
Zynga, Inc. (d)	1,073,100		2,414
			708,163
TOTAL INFORMATION TECHNOLOGY			5,206,970
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 1.6%
Chemicals - 1.5%
Ashland, Inc.	65,800		$ 4,682
E.I. du Pont de Nemours & Co.	616,600		27,451
Eastman Chemical Co.	280,000		16,587
LyondellBasell Industries NV Class A	544,600		29,076
Mexichem SAB de CV	3,322,800		16,467
Monsanto Co.	1,191,000		102,509
PetroLogistics LP	793,200		10,248
The Dow Chemical Co.	365,300		10,703
Westlake Chemical Corp.	16,244		1,236
			218,959
Containers & Packaging - 0.1%
Rock-Tenn Co. Class A	174,500		12,772
TOTAL MATERIALS			231,731
TELECOMMUNICATION SERVICES - 0.1%
Diversified Telecommunication Services - 0.0%
Verizon Communications, Inc.	70,700		3,156
Wireless Telecommunication Services - 0.1%
Vodafone Group PLC sponsored ADR	564,600		15,368
TOTAL TELECOMMUNICATION SERVICES			18,524
TOTAL COMMON STOCKS (Cost $11,136,300)		14,934,732
Nonconvertible Preferred Stocks - 0.5%

CONSUMER DISCRETIONARY - 0.5%
Automobiles - 0.5%
Volkswagen AG (Cost $42,871)	396,900		82,105
Money Market Funds - 1.3%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.19% (b)	31,166,233		$ 31,166
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	163,219,663		163,220
TOTAL MONEY MARKET FUNDS (Cost $194,386)		194,386
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $11,373,557)			15,211,223
NET OTHER ASSETS (LIABILITIES) - (1.1)%			(165,957)
NET ASSETS - 100%		$ 15,045,266

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $21,173,000 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Dropbox, Inc.	5/2/12	$ 9,084
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 15,909

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 3
Fidelity Securities Lending Cash Central Fund	1,602
Total	$ 1,605

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Parsvnath Developers Ltd.	$ 15,302	$ -	$ -	$ -	$ 14,769
Total	$ 15,302	$ -	$ -	$ -	$ 14,769

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,318,326	$ 3,318,326	$ -	$ -
Consumer Staples	2,317,439	2,310,158	7,281	-
Energy	777,960	777,960	-	-
Financials	424,771	413,325	11,446	-
Health Care	1,618,506	1,618,506	-	-
Industrials	1,102,610	1,099,819	2,791	-
Information Technology	5,206,970	5,179,763	18,123	9,084
Materials	231,731	231,731	-	-
Telecommunication Services	18,524	18,524	-	-
Money Market Funds	194,386	194,386	-	-
Total Investments in Securities:	$ 15,211,223	$ 15,162,498	$ 39,641	$ 9,084

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $11,431,015,000. Net unrealized appreciation aggregated $3,780,208,000, of which $4,190,776,000 related to appreciated investment securities and $410,568,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Small Cap Growth Fund

October 31, 2012

1.823237.108

SCP-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%
	Shares		Value
CONSUMER DISCRETIONARY - 18.3%
Distributors - 0.8%
Pool Corp.	380,000		$ 16,005,600
Diversified Consumer Services - 0.9%
Grand Canyon Education, Inc. (a)	740,000		16,102,400
Hotels, Restaurants & Leisure - 4.8%
AFC Enterprises, Inc. (a)	640,000		16,204,800
Chuys Holdings, Inc.	285,540		6,975,742
Denny's Corp. (a)	2,300,000		10,580,000
Interval Leisure Group, Inc.	1,221,800		23,287,508
Jack in the Box, Inc. (a)	620,000		16,126,200
Life Time Fitness, Inc. (a)	129,900		5,831,211
Papa John's International, Inc. (a)	200,000		10,664,000
			89,669,461
Household Durables - 2.2%
Jarden Corp.	290,000		14,442,000
Lennar Corp. Class A	303,800		11,383,386
Toll Brothers, Inc. (a)	461,300		15,227,513
			41,052,899
Internet & Catalog Retail - 1.7%
HSN, Inc.	600,000		31,211,998
Media - 0.7%
National CineMedia, Inc.	855,800		13,230,668
Multiline Retail - 1.2%
Dollarama, Inc.	214,900		13,575,010
The Bon-Ton Stores, Inc. (d)	700,000		8,596,000
			22,171,010
Specialty Retail - 4.1%
Ascena Retail Group, Inc. (a)	684,800		13,559,040
Conn's, Inc. (a)(d)	600,000		15,198,000
DSW, Inc. Class A	216,300		13,538,217
Hibbett Sports, Inc. (a)	250,000		13,497,500
Vitamin Shoppe, Inc. (a)	372,300		21,310,452
			77,103,209
Textiles, Apparel & Luxury Goods - 1.9%
Hanesbrands, Inc. (a)	420,000		14,057,400
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Oxford Industries, Inc.	131,268		$ 7,282,749
Steven Madden Ltd. (a)	331,400		14,223,688
			35,563,837
TOTAL CONSUMER DISCRETIONARY			342,111,082
CONSUMER STAPLES - 6.9%
Food & Staples Retailing - 2.3%
Susser Holdings Corp. (a)	678,155		24,372,891
United Natural Foods, Inc. (a)	350,000		18,634,000
			43,006,891
Food Products - 2.4%
Hain Celestial Group, Inc. (a)	275,000		15,895,000
J&J Snack Foods Corp.	250,000		14,317,500
Post Holdings, Inc. (a)	480,000		15,144,000
			45,356,500
Household Products - 1.4%
Spectrum Brands Holdings, Inc.	258,300		11,750,067
WD-40 Co.	290,326		13,895,002
			25,645,069
Personal Products - 0.8%
Elizabeth Arden, Inc. (a)	315,000		14,861,700
TOTAL CONSUMER STAPLES			128,870,160
ENERGY - 5.1%
Energy Equipment & Services - 2.2%
Essential Energy Services Ltd.	5,166,700		10,967,113
Tesco Corp. (a)	750,000		6,607,500
Western Energy Services Corp.	1,530,000		10,953,191
Xtreme Drilling & Coil Services Corp. (a)(e)	4,100,000		5,747,184
Xtreme Drilling & Coil Services Corp. (e)(f)	151,700		212,646
Zedi, Inc. (a)(e)	9,000,000		5,677,096
			40,164,730
Oil, Gas & Consumable Fuels - 2.9%
Cabot Oil & Gas Corp.	218,943		10,285,942
Stone Energy Corp. (a)	436,300		10,292,317
Targa Resources Corp.	249,300		12,696,849
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Tesoro Logistics LP	250,000		$ 11,047,500
Whitecap Resources, Inc. (a)	1,300,000		10,347,935
			54,670,543
TOTAL ENERGY			94,835,273
FINANCIALS - 7.0%
Commercial Banks - 3.0%
Banco Pine SA	1,658,287		11,593,843
Banco Pine SA (a)	210,171		1,469,402
BBCN Bancorp, Inc.	1,740,000		20,758,200
Columbia Banking Systems, Inc.	39,290		695,826
Texas Capital Bancshares, Inc. (a)	450,000		21,361,500
			55,878,771
Insurance - 1.8%
Allied World Assurance Co. Holdings Ltd.	119,800		9,619,940
Amerisafe, Inc. (a)	464,900		12,203,625
ProAssurance Corp.	140,000		12,516,000
			34,339,565
Real Estate Investment Trusts - 1.4%
Rayonier, Inc.	205,000		10,047,050
Sovran Self Storage, Inc.	280,000		16,184,000
			26,231,050
Real Estate Management & Development - 0.8%
Altisource Portfolio Solutions SA (a)	126,400		14,346,400
TOTAL FINANCIALS			130,795,786
HEALTH CARE - 21.1%
Biotechnology - 6.8%
Alkermes PLC (a)	175,500		3,252,015
ARIAD Pharmaceuticals, Inc. (a)	420,000		9,051,000
BioMarin Pharmaceutical, Inc. (a)	190,000		7,037,600
Biovitrum AB (a)	1,000,000		5,653,636
Cubist Pharmaceuticals, Inc. (a)	350,000		15,015,000
Infinity Pharmaceuticals, Inc. (a)	243,736		5,457,249
Insmed, Inc. (a)	138,900		887,571
Isis Pharmaceuticals, Inc. (a)(d)	447,257		3,868,773
Medivation, Inc. (a)	180,000		9,201,600
Merrimack Pharmaceuticals, Inc.	133,700		826,266
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
OncoGenex Pharmaceuticals, Inc. (a)	539,470		$ 6,689,428
Pharmacyclics, Inc. (a)	150,000		9,160,500
Seattle Genetics, Inc. (a)	440,000		11,070,400
Sunesis Pharmaceuticals, Inc. (a)(d)	877,300		3,781,163
Synageva BioPharma Corp. (a)	170,000		7,187,600
Synergy Pharmaceuticals, Inc. (a)	800,000		3,168,000
Targacept, Inc. (a)	500,000		2,040,000
Theravance, Inc. (a)(d)	519,000		11,682,690
Threshold Pharmaceuticals, Inc. (a)(d)	1,155,000		4,747,050
XOMA Corp. (a)(d)	2,500,000		6,850,000
			126,627,541
Health Care Equipment & Supplies - 5.9%
Align Technology, Inc. (a)(d)	914,398		24,304,699
Haemonetics Corp. (a)	10,600		866,020
ICU Medical, Inc. (a)	304,700		18,077,851
Sirona Dental Systems, Inc. (a)	275,000		15,746,500
Teleflex, Inc.	249,300		16,939,935
The Cooper Companies, Inc.	171,900		16,498,962
The Spectranetics Corp. (a)	1,230,000		17,908,800
			110,342,767
Health Care Providers & Services - 4.8%
Air Methods Corp. (a)	131,000		14,361,530
Catamaran Corp. (a)	201,614		9,467,531
Centene Corp. (a)	330,000		12,533,400
Corvel Corp. (a)	162,592		6,915,038
HMS Holdings Corp. (a)	609,425		14,071,623
MEDNAX, Inc. (a)	212,900		14,685,842
MWI Veterinary Supply, Inc. (a)	173,400		18,210,468
			90,245,432
Health Care Technology - 1.9%
athenahealth, Inc. (a)	250,000		16,072,500
Epocrates, Inc. (a)	672,706		6,579,065
Medidata Solutions, Inc. (a)	315,900		13,274,118
			35,925,683
Life Sciences Tools & Services - 0.5%
Luminex Corp. (a)	520,000		8,361,600
Pharmaceuticals - 1.2%
Biodelivery Sciences International, Inc. (a)	988,409		5,050,770
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Jazz Pharmaceuticals PLC (a)	200,000		$ 10,746,000
ViroPharma, Inc. (a)	290,291		7,329,848
			23,126,618
TOTAL HEALTH CARE			394,629,641
INDUSTRIALS - 14.5%
Aerospace & Defense - 0.8%
Teledyne Technologies, Inc. (a)	235,700		15,091,871
Building Products - 0.7%
Armstrong World Industries, Inc.	260,000		13,468,000
Electrical Equipment - 1.9%
Generac Holdings, Inc.	450,000		15,300,000
Hubbell, Inc. Class B	161,800		13,545,896
II-VI, Inc. (a)	396,132		6,540,139
			35,386,035
Industrial Conglomerates - 0.6%
Carlisle Companies, Inc.	190,000		10,554,500
Machinery - 5.3%
Actuant Corp. Class A	483,100		13,642,744
Middleby Corp. (a)	240,000		29,988,000
Proto Labs, Inc. (d)	332,194		11,527,132
TriMas Corp. (a)	535,298		13,425,274
Valmont Industries, Inc.	125,032		16,891,823
Wabtec Corp.	167,300		13,701,870
			99,176,843
Professional Services - 2.3%
Advisory Board Co. (a)	365,105		17,342,488
Nielsen Holdings B.V. (a)	490,000		14,170,800
Nihon M&A Center, Inc.	385,512		11,565,843
			43,079,131
Road & Rail - 1.0%
Genesee & Wyoming, Inc. Class A (a)	260,000		18,842,200
Trading Companies & Distributors - 1.9%
DXP Enterprises, Inc. (a)	304,719		15,001,316
Watsco, Inc.	289,000		19,753,150
			34,754,466
TOTAL INDUSTRIALS			270,353,046
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 18.5%
Communications Equipment - 0.4%
Telular Corp. (e)	850,000		$ 8,491,500
Computers & Peripherals - 1.3%
Stratasys, Inc. (a)	240,000		16,000,800
Super Micro Computer, Inc. (a)	979,923		7,751,191
			23,751,991
Electronic Equipment & Components - 2.0%
InvenSense, Inc. (d)	1,500,000		16,800,000
Neonode, Inc. (a)(d)(e)	1,874,892		7,105,841
Parametric Sound Corp. (a)(d)(e)	471,969		2,548,633
Zygo Corp. (a)	619,600		11,536,952
			37,991,426
Internet Software & Services - 4.4%
Blucora, Inc. (a)	1,263,936		22,182,077
Cornerstone OnDemand, Inc. (a)	710,000		19,872,900
Demand Media, Inc. (a)(d)	1,812,700		15,462,331
Demandware, Inc.	37,499		1,113,345
E2open, Inc.	480,005		8,400,088
LivePerson, Inc. (a)	963,426		15,116,154
			82,146,895
IT Services - 1.8%
Maximus, Inc.	393,376		21,706,488
Total System Services, Inc.	533,868		12,006,691
			33,713,179
Semiconductors & Semiconductor Equipment - 0.8%
Mellanox Technologies Ltd. (a)	110,000		8,466,700
PDF Solutions, Inc. (a)	466,056		6,170,581
			14,637,281
Software - 7.8%
Allot Communications Ltd. (a)	586,000		13,688,960
Aspen Technology, Inc. (a)	1,092,200		27,064,716
CommVault Systems, Inc. (a)	430,000		26,862,100
Ebix, Inc. (d)	503,610		10,973,662
Fair Isaac Corp.	450,000		20,970,000
Manhattan Associates, Inc. (a)	288,199		17,291,940
Mentor Graphics Corp. (a)	730,000		11,329,600
NetScout Systems, Inc. (a)	272,704		6,743,970
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
NetSuite, Inc. (a)	24,900		$ 1,581,399
Synopsys, Inc. (a)	300,000		9,660,000
			146,166,347
TOTAL INFORMATION TECHNOLOGY			346,898,619
MATERIALS - 3.6%
Chemicals - 1.3%
Cytec Industries, Inc.	270,000		18,581,400
Innospec, Inc. (a)	176,424		5,712,609
			24,294,009
Containers & Packaging - 0.7%
Myers Industries, Inc.	850,000		12,605,500
Metals & Mining - 1.6%
Commercial Metals Co.	809,800		11,142,848
Compass Minerals International, Inc.	126,847		10,001,886
Kaiser Aluminum Corp.	160,000		9,692,800
			30,837,534
TOTAL MATERIALS			67,737,043
TELECOMMUNICATION SERVICES - 1.6%
Diversified Telecommunication Services - 1.6%
Atlantic Tele-Network, Inc.	340,000		14,089,600
Cogent Communications Group, Inc.	700,000		15,197,000
			29,286,600
TOTAL COMMON STOCKS (Cost $1,638,587,367)		1,805,517,250
Money Market Funds - 4.8%
	Shares		Value
Fidelity Cash Central Fund, 0.19% (b)	47,854,408		$ 47,854,408
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	41,550,475		41,550,475
TOTAL MONEY MARKET FUNDS (Cost $89,404,883)		89,404,883
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $1,727,992,250)			1,894,922,133
NET OTHER ASSETS (LIABILITIES) - (1.4)%			(25,919,096)
NET ASSETS - 100%		$ 1,869,003,037

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 39,874
Fidelity Securities Lending Cash Central Fund	287,082
Total	$ 326,956

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Neonode, Inc.	$ 6,969,000	$ 1,979,433	$ -	$ -	$ 7,105,841
Parametric Sound Corp.	2,428,413	2,126,724	-	-	2,548,633
Telular Corp.	4,715,000	3,371,313	-	55,000	8,491,500
US Home Systems, Inc.	6,604,750	-	8,975,299	-	-
Xtreme Drilling & Coil Services Corp.	6,786,658	-	-	-	5,747,184
Xtreme Drilling & Coil Services Corp. (144A)	-	178,443	-	-	212,646
Zedi, Inc.	3,905,172	2,997,316	-	-	5,677,096
Total	$ 31,408,993	$ 10,653,229	$ 8,975,299	$ 55,000	$ 29,782,900

Other Information

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $1,729,820,374. Net unrealized appreciation aggregated $165,101,759, of which $242,474,860 related to appreciated investment securities and $77,373,101 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor®
Small Cap Growth Fund

Class A
Class T
Class B
Class C
Institutional Class

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

October 31, 2012

1.824307.108

ASCP-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%
	Shares		Value
CONSUMER DISCRETIONARY - 18.3%
Distributors - 0.8%
Pool Corp.	380,000		$ 16,005,600
Diversified Consumer Services - 0.9%
Grand Canyon Education, Inc. (a)	740,000		16,102,400
Hotels, Restaurants & Leisure - 4.8%
AFC Enterprises, Inc. (a)	640,000		16,204,800
Chuys Holdings, Inc.	285,540		6,975,742
Denny's Corp. (a)	2,300,000		10,580,000
Interval Leisure Group, Inc.	1,221,800		23,287,508
Jack in the Box, Inc. (a)	620,000		16,126,200
Life Time Fitness, Inc. (a)	129,900		5,831,211
Papa John's International, Inc. (a)	200,000		10,664,000
			89,669,461
Household Durables - 2.2%
Jarden Corp.	290,000		14,442,000
Lennar Corp. Class A	303,800		11,383,386
Toll Brothers, Inc. (a)	461,300		15,227,513
			41,052,899
Internet & Catalog Retail - 1.7%
HSN, Inc.	600,000		31,211,998
Media - 0.7%
National CineMedia, Inc.	855,800		13,230,668
Multiline Retail - 1.2%
Dollarama, Inc.	214,900		13,575,010
The Bon-Ton Stores, Inc. (d)	700,000		8,596,000
			22,171,010
Specialty Retail - 4.1%
Ascena Retail Group, Inc. (a)	684,800		13,559,040
Conn's, Inc. (a)(d)	600,000		15,198,000
DSW, Inc. Class A	216,300		13,538,217
Hibbett Sports, Inc. (a)	250,000		13,497,500
Vitamin Shoppe, Inc. (a)	372,300		21,310,452
			77,103,209
Textiles, Apparel & Luxury Goods - 1.9%
Hanesbrands, Inc. (a)	420,000		14,057,400
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Oxford Industries, Inc.	131,268		$ 7,282,749
Steven Madden Ltd. (a)	331,400		14,223,688
			35,563,837
TOTAL CONSUMER DISCRETIONARY			342,111,082
CONSUMER STAPLES - 6.9%
Food & Staples Retailing - 2.3%
Susser Holdings Corp. (a)	678,155		24,372,891
United Natural Foods, Inc. (a)	350,000		18,634,000
			43,006,891
Food Products - 2.4%
Hain Celestial Group, Inc. (a)	275,000		15,895,000
J&J Snack Foods Corp.	250,000		14,317,500
Post Holdings, Inc. (a)	480,000		15,144,000
			45,356,500
Household Products - 1.4%
Spectrum Brands Holdings, Inc.	258,300		11,750,067
WD-40 Co.	290,326		13,895,002
			25,645,069
Personal Products - 0.8%
Elizabeth Arden, Inc. (a)	315,000		14,861,700
TOTAL CONSUMER STAPLES			128,870,160
ENERGY - 5.1%
Energy Equipment & Services - 2.2%
Essential Energy Services Ltd.	5,166,700		10,967,113
Tesco Corp. (a)	750,000		6,607,500
Western Energy Services Corp.	1,530,000		10,953,191
Xtreme Drilling & Coil Services Corp. (a)(e)	4,100,000		5,747,184
Xtreme Drilling & Coil Services Corp. (e)(f)	151,700		212,646
Zedi, Inc. (a)(e)	9,000,000		5,677,096
			40,164,730
Oil, Gas & Consumable Fuels - 2.9%
Cabot Oil & Gas Corp.	218,943		10,285,942
Stone Energy Corp. (a)	436,300		10,292,317
Targa Resources Corp.	249,300		12,696,849
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Tesoro Logistics LP	250,000		$ 11,047,500
Whitecap Resources, Inc. (a)	1,300,000		10,347,935
			54,670,543
TOTAL ENERGY			94,835,273
FINANCIALS - 7.0%
Commercial Banks - 3.0%
Banco Pine SA	1,658,287		11,593,843
Banco Pine SA (a)	210,171		1,469,402
BBCN Bancorp, Inc.	1,740,000		20,758,200
Columbia Banking Systems, Inc.	39,290		695,826
Texas Capital Bancshares, Inc. (a)	450,000		21,361,500
			55,878,771
Insurance - 1.8%
Allied World Assurance Co. Holdings Ltd.	119,800		9,619,940
Amerisafe, Inc. (a)	464,900		12,203,625
ProAssurance Corp.	140,000		12,516,000
			34,339,565
Real Estate Investment Trusts - 1.4%
Rayonier, Inc.	205,000		10,047,050
Sovran Self Storage, Inc.	280,000		16,184,000
			26,231,050
Real Estate Management & Development - 0.8%
Altisource Portfolio Solutions SA (a)	126,400		14,346,400
TOTAL FINANCIALS			130,795,786
HEALTH CARE - 21.1%
Biotechnology - 6.8%
Alkermes PLC (a)	175,500		3,252,015
ARIAD Pharmaceuticals, Inc. (a)	420,000		9,051,000
BioMarin Pharmaceutical, Inc. (a)	190,000		7,037,600
Biovitrum AB (a)	1,000,000		5,653,636
Cubist Pharmaceuticals, Inc. (a)	350,000		15,015,000
Infinity Pharmaceuticals, Inc. (a)	243,736		5,457,249
Insmed, Inc. (a)	138,900		887,571
Isis Pharmaceuticals, Inc. (a)(d)	447,257		3,868,773
Medivation, Inc. (a)	180,000		9,201,600
Merrimack Pharmaceuticals, Inc.	133,700		826,266
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
OncoGenex Pharmaceuticals, Inc. (a)	539,470		$ 6,689,428
Pharmacyclics, Inc. (a)	150,000		9,160,500
Seattle Genetics, Inc. (a)	440,000		11,070,400
Sunesis Pharmaceuticals, Inc. (a)(d)	877,300		3,781,163
Synageva BioPharma Corp. (a)	170,000		7,187,600
Synergy Pharmaceuticals, Inc. (a)	800,000		3,168,000
Targacept, Inc. (a)	500,000		2,040,000
Theravance, Inc. (a)(d)	519,000		11,682,690
Threshold Pharmaceuticals, Inc. (a)(d)	1,155,000		4,747,050
XOMA Corp. (a)(d)	2,500,000		6,850,000
			126,627,541
Health Care Equipment & Supplies - 5.9%
Align Technology, Inc. (a)(d)	914,398		24,304,699
Haemonetics Corp. (a)	10,600		866,020
ICU Medical, Inc. (a)	304,700		18,077,851
Sirona Dental Systems, Inc. (a)	275,000		15,746,500
Teleflex, Inc.	249,300		16,939,935
The Cooper Companies, Inc.	171,900		16,498,962
The Spectranetics Corp. (a)	1,230,000		17,908,800
			110,342,767
Health Care Providers & Services - 4.8%
Air Methods Corp. (a)	131,000		14,361,530
Catamaran Corp. (a)	201,614		9,467,531
Centene Corp. (a)	330,000		12,533,400
Corvel Corp. (a)	162,592		6,915,038
HMS Holdings Corp. (a)	609,425		14,071,623
MEDNAX, Inc. (a)	212,900		14,685,842
MWI Veterinary Supply, Inc. (a)	173,400		18,210,468
			90,245,432
Health Care Technology - 1.9%
athenahealth, Inc. (a)	250,000		16,072,500
Epocrates, Inc. (a)	672,706		6,579,065
Medidata Solutions, Inc. (a)	315,900		13,274,118
			35,925,683
Life Sciences Tools & Services - 0.5%
Luminex Corp. (a)	520,000		8,361,600
Pharmaceuticals - 1.2%
Biodelivery Sciences International, Inc. (a)	988,409		5,050,770
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Jazz Pharmaceuticals PLC (a)	200,000		$ 10,746,000
ViroPharma, Inc. (a)	290,291		7,329,848
			23,126,618
TOTAL HEALTH CARE			394,629,641
INDUSTRIALS - 14.5%
Aerospace & Defense - 0.8%
Teledyne Technologies, Inc. (a)	235,700		15,091,871
Building Products - 0.7%
Armstrong World Industries, Inc.	260,000		13,468,000
Electrical Equipment - 1.9%
Generac Holdings, Inc.	450,000		15,300,000
Hubbell, Inc. Class B	161,800		13,545,896
II-VI, Inc. (a)	396,132		6,540,139
			35,386,035
Industrial Conglomerates - 0.6%
Carlisle Companies, Inc.	190,000		10,554,500
Machinery - 5.3%
Actuant Corp. Class A	483,100		13,642,744
Middleby Corp. (a)	240,000		29,988,000
Proto Labs, Inc. (d)	332,194		11,527,132
TriMas Corp. (a)	535,298		13,425,274
Valmont Industries, Inc.	125,032		16,891,823
Wabtec Corp.	167,300		13,701,870
			99,176,843
Professional Services - 2.3%
Advisory Board Co. (a)	365,105		17,342,488
Nielsen Holdings B.V. (a)	490,000		14,170,800
Nihon M&A Center, Inc.	385,512		11,565,843
			43,079,131
Road & Rail - 1.0%
Genesee & Wyoming, Inc. Class A (a)	260,000		18,842,200
Trading Companies & Distributors - 1.9%
DXP Enterprises, Inc. (a)	304,719		15,001,316
Watsco, Inc.	289,000		19,753,150
			34,754,466
TOTAL INDUSTRIALS			270,353,046
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 18.5%
Communications Equipment - 0.4%
Telular Corp. (e)	850,000		$ 8,491,500
Computers & Peripherals - 1.3%
Stratasys, Inc. (a)	240,000		16,000,800
Super Micro Computer, Inc. (a)	979,923		7,751,191
			23,751,991
Electronic Equipment & Components - 2.0%
InvenSense, Inc. (d)	1,500,000		16,800,000
Neonode, Inc. (a)(d)(e)	1,874,892		7,105,841
Parametric Sound Corp. (a)(d)(e)	471,969		2,548,633
Zygo Corp. (a)	619,600		11,536,952
			37,991,426
Internet Software & Services - 4.4%
Blucora, Inc. (a)	1,263,936		22,182,077
Cornerstone OnDemand, Inc. (a)	710,000		19,872,900
Demand Media, Inc. (a)(d)	1,812,700		15,462,331
Demandware, Inc.	37,499		1,113,345
E2open, Inc.	480,005		8,400,088
LivePerson, Inc. (a)	963,426		15,116,154
			82,146,895
IT Services - 1.8%
Maximus, Inc.	393,376		21,706,488
Total System Services, Inc.	533,868		12,006,691
			33,713,179
Semiconductors & Semiconductor Equipment - 0.8%
Mellanox Technologies Ltd. (a)	110,000		8,466,700
PDF Solutions, Inc. (a)	466,056		6,170,581
			14,637,281
Software - 7.8%
Allot Communications Ltd. (a)	586,000		13,688,960
Aspen Technology, Inc. (a)	1,092,200		27,064,716
CommVault Systems, Inc. (a)	430,000		26,862,100
Ebix, Inc. (d)	503,610		10,973,662
Fair Isaac Corp.	450,000		20,970,000
Manhattan Associates, Inc. (a)	288,199		17,291,940
Mentor Graphics Corp. (a)	730,000		11,329,600
NetScout Systems, Inc. (a)	272,704		6,743,970
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
NetSuite, Inc. (a)	24,900		$ 1,581,399
Synopsys, Inc. (a)	300,000		9,660,000
			146,166,347
TOTAL INFORMATION TECHNOLOGY			346,898,619
MATERIALS - 3.6%
Chemicals - 1.3%
Cytec Industries, Inc.	270,000		18,581,400
Innospec, Inc. (a)	176,424		5,712,609
			24,294,009
Containers & Packaging - 0.7%
Myers Industries, Inc.	850,000		12,605,500
Metals & Mining - 1.6%
Commercial Metals Co.	809,800		11,142,848
Compass Minerals International, Inc.	126,847		10,001,886
Kaiser Aluminum Corp.	160,000		9,692,800
			30,837,534
TOTAL MATERIALS			67,737,043
TELECOMMUNICATION SERVICES - 1.6%
Diversified Telecommunication Services - 1.6%
Atlantic Tele-Network, Inc.	340,000		14,089,600
Cogent Communications Group, Inc.	700,000		15,197,000
			29,286,600
TOTAL COMMON STOCKS (Cost $1,638,587,367)		1,805,517,250
Money Market Funds - 4.8%
	Shares		Value
Fidelity Cash Central Fund, 0.19% (b)	47,854,408		$ 47,854,408
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	41,550,475		41,550,475
TOTAL MONEY MARKET FUNDS (Cost $89,404,883)		89,404,883
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $1,727,992,250)			1,894,922,133
NET OTHER ASSETS (LIABILITIES) - (1.4)%			(25,919,096)
NET ASSETS - 100%		$ 1,869,003,037

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 39,874
Fidelity Securities Lending Cash Central Fund	287,082
Total	$ 326,956

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Neonode, Inc.	$ 6,969,000	$ 1,979,433	$ -	$ -	$ 7,105,841
Parametric Sound Corp.	2,428,413	2,126,724	-	-	2,548,633
Telular Corp.	4,715,000	3,371,313	-	55,000	8,491,500
US Home Systems, Inc.	6,604,750	-	8,975,299	-	-
Xtreme Drilling & Coil Services Corp.	6,786,658	-	-	-	5,747,184
Xtreme Drilling & Coil Services Corp. (144A)	-	178,443	-	-	212,646
Zedi, Inc.	3,905,172	2,997,316	-	-	5,677,096
Total	$ 31,408,993	$ 10,653,229	$ 8,975,299	$ 55,000	$ 29,782,900

Other Information

Income Tax Information

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series Small Cap
Opportunities Fund

October 31, 2012

1.858552.106

SMO-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%
	Shares		Value
CONSUMER DISCRETIONARY - 13.9%
Auto Components - 1.2%
Gentex Corp.	659,950		$ 11,364,339
Tenneco, Inc. (a)	558,286		17,055,637
			28,419,976
Hotels, Restaurants & Leisure - 1.6%
BJ's Restaurants, Inc. (a)	318,600		10,529,730
Life Time Fitness, Inc. (a)	389,799		17,498,077
Wyndham Worldwide Corp.	202,900		10,226,160
			38,253,967
Household Durables - 1.2%
Ethan Allen Interiors, Inc.	620,090		18,236,847
Skullcandy, Inc. (a)(d)	841,329		10,188,494
			28,425,341
Internet & Catalog Retail - 0.5%
HSN, Inc.	243,907		12,688,042
Media - 1.5%
Cinemark Holdings, Inc.	614,033		15,160,475
John Wiley & Sons, Inc. Class A	304,534		13,210,685
MDC Partners, Inc. Class A (sub. vtg.)	629,200		7,116,250
			35,487,410
Multiline Retail - 0.9%
Dollarama, Inc.	317,366		20,047,681
Specialty Retail - 4.8%
Ascena Retail Group, Inc. (a)	965,260		19,112,148
Conn's, Inc. (a)	583,573		14,781,904
DSW, Inc. Class A	284,258		17,791,708
Express, Inc. (a)	702,583		7,819,749
GameStop Corp. Class A	472,300		10,782,609
Jos. A. Bank Clothiers, Inc. (a)	327,175		15,308,518
Shoe Carnival, Inc.	436,990		10,216,826
Signet Jewelers Ltd.	341,900		17,696,744
			113,510,206
Textiles, Apparel & Luxury Goods - 2.2%
Hanesbrands, Inc. (a)	425,165		14,230,273
PVH Corp.	171,600		18,874,284
Steven Madden Ltd. (a)	422,361		18,127,734
			51,232,291
TOTAL CONSUMER DISCRETIONARY			328,064,914
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 3.6%
Food & Staples Retailing - 1.6%
Casey's General Stores, Inc.	84,283		$ 4,344,789
Fresh Market, Inc. (a)	174,986		9,923,456
Susser Holdings Corp. (a)	273,280		9,821,683
United Natural Foods, Inc. (a)	243,355		12,956,220
			37,046,148
Food Products - 1.2%
Calavo Growers, Inc. (d)	278,827		6,583,105
Fresh Del Monte Produce, Inc.	340,840		8,578,943
Green Mountain Coffee Roasters, Inc. (a)	147,200		3,556,352
Post Holdings, Inc. (a)	320,548		10,113,289
			28,831,689
Household Products - 0.3%
Spectrum Brands Holdings, Inc.	136,101		6,191,234
Personal Products - 0.5%
Elizabeth Arden, Inc. (a)	260,284		12,280,199
TOTAL CONSUMER STAPLES			84,349,270
ENERGY - 6.1%
Energy Equipment & Services - 1.0%
Atwood Oceanics, Inc. (a)	268,900		12,853,420
Total Energy Services, Inc.	724,050		10,983,086
			23,836,506
Oil, Gas & Consumable Fuels - 5.1%
Atlas Pipeline Partners, LP	445,338		15,756,058
Berry Petroleum Co. Class A	406,846		15,667,639
Cloud Peak Energy, Inc. (a)	752,300		15,873,530
Energen Corp.	77,738		3,626,478
PDC Energy, Inc. (a)	616,778		18,669,870
Stone Energy Corp. (a)	675,900		15,944,481
Targa Resources Corp.	380,000		19,353,400
Western Refining, Inc.	585,360		14,557,903
			119,449,359
TOTAL ENERGY			143,285,865
FINANCIALS - 20.6%
Capital Markets - 2.0%
Affiliated Managers Group, Inc. (a)	97,000		12,270,500
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Duff & Phelps Corp. Class A	1,135,977		$ 14,120,194
Waddell & Reed Financial, Inc. Class A	639,841		21,325,901
			47,716,595
Commercial Banks - 6.9%
Associated Banc-Corp.	1,386,828		17,876,213
BancFirst Corp.	263,000		11,561,480
Bank of the Ozarks, Inc.	569,205		18,635,772
BBCN Bancorp, Inc.	1,404,710		16,758,190
Bridge Capital Holdings (a)	564,498		8,439,245
Cathay General Bancorp	616,024		10,897,465
City National Corp.	363,278		18,563,506
National Penn Bancshares, Inc.	2,518,444		22,489,705
PacWest Bancorp	692,903		15,590,318
UMB Financial Corp.	483,700		21,539,161
			162,351,055
Insurance - 3.2%
Allied World Assurance Co. Holdings Ltd.	262,500		21,078,750
Alterra Capital Holdings Ltd.	727,196		17,765,398
Amerisafe, Inc. (a)	681,500		17,889,375
ProAssurance Corp.	204,504		18,282,658
			75,016,181
Real Estate Investment Trusts - 7.7%
American Assets Trust, Inc.	815,900		22,168,003
Colonial Properties Trust (SBI)	1,125,989		24,355,142
DCT Industrial Trust, Inc.	3,259,000		21,020,550
Glimcher Realty Trust	2,301,105		24,552,790
Highwoods Properties, Inc. (SBI)	583,400		18,814,650
Home Properties, Inc.	356,549		21,674,614
National Retail Properties, Inc.	784,300		24,846,621
Ramco-Gershenson Properties Trust (SBI)	1,808,350		23,436,216
			180,868,586
Thrifts & Mortgage Finance - 0.8%
Washington Federal, Inc.	1,113,005		18,676,224
TOTAL FINANCIALS			484,628,641
HEALTH CARE - 11.4%
Biotechnology - 5.0%
Achillion Pharmaceuticals, Inc. (a)	860,896		8,126,858
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
ARIAD Pharmaceuticals, Inc. (a)	290,896		$ 6,268,809
BioMarin Pharmaceutical, Inc. (a)	138,644		5,135,374
Discovery Laboratories, Inc. (a)	1,755,983		4,231,919
Dynavax Technologies Corp. (a)	2,014,890		8,341,645
Infinity Pharmaceuticals, Inc. (a)	342,637		7,671,642
Insmed, Inc. (a)	833,029		5,323,055
Isis Pharmaceuticals, Inc. (a)(d)	717,972		6,210,458
Medivation, Inc. (a)	127,814		6,533,852
Merrimack Pharmaceuticals, Inc. (d)	653,810		4,040,546
Novavax, Inc. (a)	3,448,513		7,241,877
OncoGenex Pharmaceuticals, Inc. (a)	371,471		4,606,240
Pharmacyclics, Inc. (a)	109,648		6,696,203
Rigel Pharmaceuticals, Inc. (a)	544,700		4,853,277
Synageva BioPharma Corp. (a)	165,313		6,989,434
Targacept, Inc. (a)	1,044,883		4,263,123
Theravance, Inc. (a)	411,731		9,268,065
Threshold Pharmaceuticals, Inc. (a)	886,228		3,642,397
Tranzyme, Inc. (a)(d)	843,929		3,578,259
XOMA Corp. (a)	2,170,341		5,946,734
			118,969,767
Health Care Equipment & Supplies - 2.3%
Align Technology, Inc. (a)	507,878		13,499,397
Analogic Corp.	62,133		4,576,717
Cerus Corp. (a)(d)	2,283,328		7,101,150
Conceptus, Inc. (a)	433,164		8,160,810
ICU Medical, Inc. (a)	198,866		11,798,720
Natus Medical, Inc. (a)	421,710		4,765,323
Sirona Dental Systems, Inc. (a)	96,267		5,512,248
			55,414,365
Health Care Providers & Services - 1.7%
BioScrip, Inc. (a)	760,945		7,008,303
Corvel Corp. (a)	117,148		4,982,304
Humana, Inc.	97,372		7,231,818
Magellan Health Services, Inc. (a)	94,087		4,718,463
MEDNAX, Inc. (a)	109,845		7,577,108
Team Health Holdings, Inc. (a)	279,002		7,424,243
			38,942,239
Health Care Technology - 1.1%
Epocrates, Inc. (a)	862,710		8,437,304
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Technology - continued
MedAssets, Inc. (a)	312,500		$ 5,540,625
Medidata Solutions, Inc. (a)	268,083		11,264,848
			25,242,777
Life Sciences Tools & Services - 0.3%
Luminex Corp. (a)	382,297		6,147,336
Pharmaceuticals - 1.0%
Biodelivery Sciences International, Inc. (a)(d)	1,223,277		6,250,945
ViroPharma, Inc. (a)	399,678		10,091,870
XenoPort, Inc. (a)	782,500		6,439,975
			22,782,790
TOTAL HEALTH CARE			267,499,274
INDUSTRIALS - 14.7%
Aerospace & Defense - 1.3%
Alliant Techsystems, Inc.	138,607		7,940,795
Teledyne Technologies, Inc. (a)	360,049		23,053,937
			30,994,732
Air Freight & Logistics - 0.9%
Hub Group, Inc. Class A (a)	464,709		14,410,626
UTI Worldwide, Inc.	537,300		7,463,097
			21,873,723
Building Products - 1.1%
AAON, Inc.	554,850		11,640,753
Armstrong World Industries, Inc.	295,474		15,305,553
			26,946,306
Commercial Services & Supplies - 1.3%
Swisher Hygiene, Inc. (a)	961,491		1,280,706
Tetra Tech, Inc. (a)	606,919		15,743,479
United Stationers, Inc.	456,800		13,256,336
			30,280,521
Construction & Engineering - 1.1%
Foster Wheeler AG (a)	576,128		12,830,371
MasTec, Inc. (a)	614,710		13,867,858
			26,698,229
Electrical Equipment - 1.2%
General Cable Corp. (a)	612,710		17,480,616
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - continued
GrafTech International Ltd. (a)	676,703		$ 7,112,149
II-VI, Inc. (a)	266,984		4,407,906
			29,000,671
Industrial Conglomerates - 0.6%
Carlisle Companies, Inc.	255,600		14,198,580
Machinery - 2.4%
Actuant Corp. Class A	568,431		16,052,491
Altra Holdings, Inc.	329,585		5,939,122
CLARCOR, Inc.	259,890		11,757,424
TriMas Corp. (a)	482,597		12,103,533
Wabtec Corp.	121,754		9,971,653
			55,824,223
Marine - 0.3%
DryShips, Inc. (a)(d)	2,760,603		6,128,539
Professional Services - 2.7%
Advisory Board Co. (a)	119,864		5,693,540
Equifax, Inc.	273,200		13,670,928
Manpower, Inc.	390,904		14,830,898
Stantec, Inc.	527,800		18,179,044
Towers Watson & Co.	199,600		10,720,516
			63,094,926
Road & Rail - 0.4%
Ryder System, Inc.	203,999		9,204,435
Trading Companies & Distributors - 1.4%
Kaman Corp.	396,200		14,738,640
Watsco, Inc.	264,377		18,070,168
			32,808,808
TOTAL INDUSTRIALS			347,053,693
INFORMATION TECHNOLOGY - 16.4%
Communications Equipment - 3.4%
Acme Packet, Inc. (a)	435,217		7,198,489
Brocade Communications Systems, Inc. (a)	2,550,023		13,515,122
Finisar Corp. (a)(d)	1,299,661		14,972,095
Ixia (a)	432,747		6,062,785
NETGEAR, Inc. (a)	292,831		10,398,429
Plantronics, Inc.	324,104		10,513,934
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Polycom, Inc. (a)	1,144,726		$ 11,470,155
Riverbed Technology, Inc. (a)	347,451		6,417,420
			80,548,429
Computers & Peripherals - 2.2%
NCR Corp. (a)	591,800		12,593,504
Quantum Corp. (a)	9,027,211		9,478,572
SanDisk Corp. (a)	208,260		8,696,938
Super Micro Computer, Inc. (a)	1,178,512		9,322,030
Synaptics, Inc. (a)	509,700		11,804,652
			51,895,696
Electronic Equipment & Components - 1.2%
Arrow Electronics, Inc. (a)	233,887		8,239,839
Fabrinet (a)	937,939		9,032,353
InvenSense, Inc.	393,681		4,409,227
Vishay Intertechnology, Inc. (a)	714,100		5,912,748
			27,594,167
Internet Software & Services - 1.9%
Bankrate, Inc. (a)	1,289,950		13,841,164
Blucora, Inc. (a)	503,078		8,829,019
EarthLink, Inc.	380,320		2,411,229
QuinStreet, Inc. (a)	409,962		2,508,967
Stamps.com, Inc. (a)	316,637		8,713,850
Web.com Group, Inc. (a)	538,218		8,493,080
			44,797,309
IT Services - 2.3%
Euronet Worldwide, Inc. (a)	756,717		15,353,788
ExlService Holdings, Inc. (a)	571,152		16,928,945
HiSoft Technology International Ltd. ADR (a)	467,524		4,857,574
Sapient Corp. (a)	1,763,002		18,123,661
			55,263,968
Semiconductors & Semiconductor Equipment - 1.6%
Cirrus Logic, Inc. (a)	172,116		7,015,448
Entegris, Inc. (a)	1,263,123		10,370,240
Integrated Device Technology, Inc. (a)	1,204,538		6,552,687
RF Micro Devices, Inc. (a)	3,124,650		13,779,707
Spansion, Inc. Class A	87,035		965,218
			38,683,300
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 3.8%
BroadSoft, Inc. (a)(d)	178,257		$ 6,812,983
Mentor Graphics Corp. (a)	461,632		7,164,529
Nuance Communications, Inc. (a)	935,045		20,814,102
Parametric Technology Corp. (a)	825,997		16,668,619
QLIK Technologies, Inc. (a)	368,300		6,780,403
Solera Holdings, Inc.	261,018		12,218,253
Synchronoss Technologies, Inc. (a)	315,844		6,471,644
Verint Systems, Inc. (a)	427,363		11,654,189
			88,584,722
TOTAL INFORMATION TECHNOLOGY			387,367,591
MATERIALS - 4.7%
Chemicals - 1.2%
Cabot Corp.	399,397		14,282,437
Kraton Performance Polymers, Inc. (a)	435,739		9,507,825
LyondellBasell Industries NV Class A	273		14,575
Zoltek Companies, Inc. (a)(d)	715,500		4,901,175
			28,706,012
Containers & Packaging - 1.1%
Aptargroup, Inc.	214,550		11,002,124
Rock-Tenn Co. Class A	200,800		14,696,552
			25,698,676
Metals & Mining - 2.4%
Carpenter Technology Corp.	291,641		14,176,669
Coeur d'Alene Mines Corp. (a)	530,900		16,410,119
Compass Minerals International, Inc.	223,500		17,622,975
HudBay Minerals, Inc.	823,300		7,641,543
			55,851,306
TOTAL MATERIALS			110,255,994
TELECOMMUNICATION SERVICES - 0.8%
Diversified Telecommunication Services - 0.2%
Towerstream Corp. (a)(d)	957,187		3,369,298
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 0.6%
Clearwire Corp. Class A (a)(d)	6,689,069		$ 13,378,138
NII Holdings, Inc. (a)	200,476		1,597,794
			14,975,932
TOTAL TELECOMMUNICATION SERVICES			18,345,230
UTILITIES - 3.3%
Electric Utilities - 2.3%
Cleco Corp.	336,800		14,532,920
Empire District Electric Co. (d)	420,123		9,120,870
IDACORP, Inc.	255,593		11,430,119
PNM Resources, Inc.	434,251		9,623,002
UNS Energy Corp.	220,900		9,419,176
			54,126,087
Gas Utilities - 1.0%
Atmos Energy Corp.	301,437		10,842,689
Northwest Natural Gas Co.	271,281		12,622,705
			23,465,394
TOTAL UTILITIES			77,591,481
TOTAL COMMON STOCKS (Cost $2,014,567,343)		2,248,441,953
Convertible Preferred Stocks - 0.1%

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

U.S. Treasury Obligations - 0.0%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.1% to 0.11% 11/23/12 to 12/20/12 (e) (Cost $1,669,875)	$ 1,670,000	1,669,899

Money Market Funds - 6.5%
	Shares		Value
Fidelity Cash Central Fund, 0.19% (b)	102,440,348		$ 102,440,348
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	50,193,185		50,193,185
TOTAL MONEY MARKET FUNDS (Cost $152,633,533)		152,633,533
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $2,170,609,005)			2,404,483,639
NET OTHER ASSETS (LIABILITIES) - (2.1)%			(50,390,700)
NET ASSETS - 100%		$ 2,354,092,939

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
354 NYFE Russell 2000 Mini Index Contracts	Dec. 2012	$ 28,897,020	$ (633,388)

The face value of futures purchased as a percentage of net assets is 1.2%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,669,899.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Agios Pharmaceuticals, Inc. Series C	11/16/11	$ 1,738,254

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	$ 42,416
Fidelity Securities Lending Cash Central Fund	1,213,280
Total	$ 1,255,696

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Biodelivery Sciences International, Inc.	$ 8,128,124	$ 11,358	$ 2,846,353	$ -	$ -
Total	$ 8,128,124	$ 11,358	$ 2,846,353	$ -	$ -

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 328,064,914	$ 328,064,914	$ -	$ -
Consumer Staples	84,349,270	84,349,270	-	-
Energy	143,285,865	143,285,865	-	-
Financials	484,628,641	484,628,641	-	-
Health Care	269,237,528	267,499,274	-	1,738,254
Industrials	347,053,693	345,772,987	1,280,706	-
Information Technology	387,367,591	387,367,591	-	-
Materials	110,255,994	110,255,994	-	-
Telecommunication Services	18,345,230	18,345,230	-	-
Utilities	77,591,481	77,591,481	-	-
U.S. Government and Government Agency Obligations	1,669,899	-	1,669,899	-
Money Market Funds	152,633,533	152,633,533	-	-
Total Investments in Securities:	$ 2,404,483,639	$ 2,399,794,780	$ 2,950,605	$ 1,738,254
Derivative Instruments:
Liabilities
Futures Contracts	$ (633,388)	$ (633,388)	$ -	$ -

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $2,173,821,261. Net unrealized appreciation aggregated $230,662,378, of which $377,632,712 related to appreciated investment securities and $146,970,334 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series Real
Estate Income Fund

October 31, 2012

1.924315.101

SRE-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 14.9%
	Shares		Value
CONSUMER DISCRETIONARY - 0.1%
Household Durables - 0.1%
Standard Pacific Corp. (a)(e)	138,900		$ 958,410
FINANCIALS - 13.3%
Capital Markets - 0.1%
HFF, Inc. (a)	30,400		423,472
Real Estate Investment Trusts - 13.1%
Acadia Realty Trust (SBI)	420,200		10,790,736
American Campus Communities, Inc.	24,700		1,119,157
American Realty Capital Trust, Inc.	37,600		423,752
American Residential Properties, Inc. (f)	119,000		2,350,250
American Tower Corp.	28,300		2,130,707
AmREIT, Inc.	39,300		640,197
Annaly Capital Management, Inc.	23,800		384,132
Anworth Mortgage Asset Corp.	271,800		1,668,852
Apartment Investment & Management Co. Class A	71,400		1,905,666
Associated Estates Realty Corp.	67,100		1,005,829
CapLease, Inc.	342,800		1,758,564
CBL & Associates Properties, Inc.	164,200		3,673,154
Chartwell Seniors Housing (REIT) (f)	14,700		151,158
Chesapeake Lodging Trust	87,900		1,656,915
Chimera Investment Corp.	334,100		892,047
CommonWealth REIT	64,700		887,037
Cys Investments, Inc. (e)	121,800		1,634,556
DCT Industrial Trust, Inc.	213,500		1,377,075
DiamondRock Hospitality Co.	71,700		608,016
Douglas Emmett, Inc.	44,400		1,041,180
Dynex Capital, Inc.	218,300		2,165,536
EastGroup Properties, Inc.	9,500		494,570
Education Realty Trust, Inc.	102,100		1,075,113
Equity Lifestyle Properties, Inc.	139,300		9,379,069
Excel Trust, Inc.	206,300		2,537,490
First Potomac Realty Trust	91,500		1,089,765
Glimcher Realty Trust	151,000		1,611,170
Hatteras Financial Corp.	8,900		242,703
Highwoods Properties, Inc. (SBI)	16,300		525,675
Lexington Corporate Properties Trust	392,600		3,725,774
LTC Properties, Inc.	46,300		1,528,363
MFA Financial, Inc.	1,254,200		10,246,814
Mid-America Apartment Communities, Inc.	8,900		575,919
Monmouth Real Estate Investment Corp. Class A	34,000		377,400
National Retail Properties, Inc.	29,500		934,560
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Newcastle Investment Corp.	310,200		$ 2,683,230
NorthStar Realty Finance Corp.	63,600		417,852
Prologis, Inc.	126,900		4,351,401
Retail Properties America, Inc.	74,200		908,208
Senior Housing Properties Trust (SBI)	90,100		1,980,398
Stag Industrial, Inc.	179,400		3,107,208
Summit Hotel Properties, Inc.	74,500		615,370
Two Harbors Investment Corp.	25,600		305,408
Ventas, Inc.	167,000		10,566,090
Washington (REIT) (SBI)	37,100		953,841
WP Carey, Inc.	13,500		738,450
			99,236,357
Real Estate Management & Development - 0.1%
Kennedy-Wilson Holdings, Inc.	50,600		718,520
Thrifts & Mortgage Finance - 0.0%
Home Loan Servicing Solutions Ltd.	11,800		228,920
TOTAL FINANCIALS			100,607,269
HEALTH CARE - 1.5%
Health Care Providers & Services - 1.5%
Brookdale Senior Living, Inc. (a)	204,300		4,792,878
Capital Senior Living Corp. (a)	141,200		2,270,496
Emeritus Corp. (a)	186,600		4,189,170
			11,252,544
TOTAL COMMON STOCKS (Cost $91,986,571)		112,818,223
Preferred Stocks - 18.8%

Convertible Preferred Stocks - 0.9%
FINANCIALS - 0.9%
Real Estate Investment Trusts - 0.9%
CommonWealth REIT 6.50%	127,200		3,062,976
Health Care REIT, Inc. Series I, 6.50%	16,200		907,200
Lexington Corporate Properties Trust Series C, 6.50%	58,800		2,822,400
			6,792,576
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - 17.9%
CONSUMER DISCRETIONARY - 0.4%
Hotels, Restaurants & Leisure - 0.4%
Red Lion Hotels Capital Trust 9.50%	112,200		$ 2,885,784
FINANCIALS - 17.5%
Real Estate Investment Trusts - 16.9%
AG Mortgage Investment Trust, Inc. 8.00% (a)	32,000		806,080
American Capital Agency Corp. 8.00%	120,000		3,122,400
Annaly Capital Management, Inc.:
Series A, 7.875%	150,300		3,892,770
Series C, 7.625%	9,839		251,682
Series D, 7.50% (a)	55,213		1,405,171
Anworth Mortgage Asset Corp. Series A, 8.625%	178,800		4,697,076
Apollo Commercial Real Estate Finance, Inc. Series A, 8.625% (a)	61,725		1,586,950
Apollo Residential Mortgage, Inc. Series A, 8.00% (a)	31,474		790,312
Ashford Hospitality Trust, Inc. Series E, 9.00%	35,948		975,629
BioMed Realty Trust, Inc. Series A, 7.375%	16,200		418,770
Brandywine Realty Trust Series D, 7.375%	9,200		236,808
Campus Crest Communities, Inc. Series A, 8.00%	71,569		1,943,814
CapLease, Inc.:
Series A, 8.125%	22,150		558,180
Series B, 8.375%	190,234		5,115,392
CBL & Associates Properties, Inc.:
(depositary shares) Series C, 7.75%	8,100		203,715
7.375%	67,200		1,712,256
Series E, 6.625% (a)	25,000		631,250
Cedar Shopping Centers, Inc.:
8.875%	9,259		238,697
Series B, 7.25%	57,640		1,427,743
Chesapeake Lodging Trust Series A, 7.75%	64,034		1,709,067
Colony Financial, Inc. Series A, 8.50%	77,829		2,033,672
CommonWealth REIT 7.50%	24,923		544,069
Corporate Office Properties Trust Series L, 7.375% (a)	80,000		2,096,000
Cousins Properties, Inc.:
Series A, 7.75%	84,500		2,127,710
Series B, 7.50%	34,900		875,990
CubeSmart Series A, 7.75%	40,000		1,066,800
Cys Investments, Inc. Series A, 7.75%	10,014		253,154
DDR Corp. Series J, 6.50%	30,181		753,620
Digital Realty Trust, Inc. Series F, 6.625%	20,000		530,400
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Duke Realty LP:
8.375%	51,200		$ 1,328,128
Series L, 6.60%	4,300		109,220
Dynex Capital, Inc. Series A, 8.50%	96,313		2,495,470
Equity Lifestyle Properties, Inc. Series C, 6.75% (a)	160,000		4,192,000
Essex Property Trust, Inc. Series H, 7.125%	8,100		214,488
Excel Trust, Inc. Series B, 8.125%	360,000		9,482,400
First Potomac Realty Trust 7.75%	107,746		2,765,840
Gladstone Commercial Corp. Series C, 7.125%	67,762		1,737,418
Glimcher Realty Trust Series G, 8.125%	72,497		1,831,274
Hatteras Financial Corp. Series A, 7.625% (a)	19,592		496,853
Health Care REIT, Inc. Series J, 6.50%	20,000		544,600
Hersha Hospitality Trust Series B, 8.00%	18,928		491,939
Hospitality Properties Trust:
Series C, 7.00%	31,975		805,770
Series D, 7.125%	40,200		1,097,058
Hudson Pacific Properties, Inc. 8.375%	77,800		2,120,050
Inland Real Estate Corp. Series A, 8.125%	200,000		5,360,000
Invesco Mortgage Capital, Inc. Series A, 7.75%	30,151		763,122
Investors Real Estate Trust Series B, 7.95% (a)	33,428		865,785
Kilroy Realty Corp. Series G, 6.875%	20,000		523,800
Kite Realty Group Trust 8.25%	4,100		107,830
LaSalle Hotel Properties:
Series G, 7.25%	71,100		1,826,559
Series H, 7.50%	7,192		187,208
LBA Realty Fund II Series B, 7.625% (a)	118,900		2,383,945
Lexington Realty Trust 7.55%	16,500		415,965
MFA Financial, Inc.:
8.00%	108,747		2,816,547
Series A, 8.50%	306,700		7,922,061
Monmouth Real Estate Investment Corp. Series B, 7.875%	30,000		795,000
National Retail Properties, Inc. Series D, 6.625%	17,563		460,326
NorthStar Realty Finance Corp. Series C, 8.875% (a)	38,746		962,838
Parkway Properties, Inc. Series D, 8.00%	18,518		467,209
Pebblebrook Hotel Trust:
Series A, 7.875%	49,000		1,289,680
Series B, 8.00%	37,400		998,954
Pennsylvania (REIT) 7.375% (a)	19,408		489,664
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Prologis, Inc.:
Series O, 7.00%	900		$ 22,680
Series Q, 8.54%	15,800		983,550
Regency Centers Corp. Series 6, 6.625%	17,739		478,953
Saul Centers, Inc.:
8.00%	36,400		938,392
Series B (depositary shares) 9.00%	24,400		638,548
Stag Industrial, Inc. Series A, 9.00%	280,000		7,700,000
Summit Hotel Properties, Inc. Series A, 9.25%	173,700		4,646,475
Sunstone Hotel Investors, Inc.:
Series A, 8.00%	126,400		3,184,016
Series D, 8.00%	20,200		521,160
Terreno Realty Corp. Series A 7.75%	44,310		1,146,300
UMH Properties, Inc. Series A, 8.25%	96,000		2,544,000
Urstadt Biddle Properties, Inc. Series F, 7.125% (a)	30,000		774,000
Weingarten Realty Investors (SBI) Series F, 6.50%	62,800		1,595,120
Winthrop Realty Trust:
7.75%	60,000		1,542,000
Series D, 9.25%	35,000		933,450
			128,002,822
Real Estate Management & Development - 0.6%
Forest City Enterprises, Inc. 7.375%	180,500		4,391,565
TOTAL FINANCIALS			132,394,387
TOTAL NONCONVERTIBLE PREFERRED STOCKS			135,280,171
TOTAL PREFERRED STOCKS (Cost $134,766,240)		142,072,747

Corporate Bonds - 26.6%
	Principal Amount
Convertible Bonds - 3.0%
CONSUMER DISCRETIONARY - 0.2%
Hotels, Restaurants & Leisure - 0.2%
Morgans Hotel Group Co. 2.375% 10/15/14	$ 1,365,000		1,248,975
Corporate Bonds - continued
	Principal Amount		Value
Convertible Bonds - continued
FINANCIALS - 2.8%
Real Estate Investment Trusts - 2.6%
Annaly Capital Management, Inc.:
4% 2/15/15	$ 405,000		$ 497,138
5% 5/15/15	6,690,000		6,802,894
CapLease, Inc. 7.5% 10/1/27 (f)	4,458,000		4,458,000
Northstar Realty Finance LP 8.875% 6/15/32 (f)	5,000,000		5,634,375
ProLogis LP:
1.875% 11/15/37	1,783,000		1,783,000
2.625% 5/15/38	405,000		407,045
			19,582,452
Real Estate Management & Development - 0.2%
Corporate Office Properties LP 4.25% 4/15/30 (f)	1,940,000		1,990,925
Grubb & Ellis Co. 7.95% 5/1/15 (d)(f)	1,540,000		770
			1,991,695
TOTAL FINANCIALS			21,574,147
TOTAL CONVERTIBLE BONDS			22,823,122
Nonconvertible Bonds - 23.6%
CONSUMER DISCRETIONARY - 7.8%
Hotels, Restaurants & Leisure - 0.7%
CityCenter Holdings LLC/CityCenter Finance Corp. 7.625% 1/15/16 (f)	440,000		467,500
FelCor Lodging LP 6.75% 6/1/19	1,375,000		1,467,813
Times Square Hotel Trust 8.528% 8/1/26 (f)	2,795,172		3,311,549
			5,246,862
Household Durables - 6.6%
D.R. Horton, Inc. 6.5% 4/15/16	811,000		906,293
KB Home:
5.875% 1/15/15	1,216,000		1,258,560
6.25% 6/15/15	5,634,000		5,972,040
7.25% 6/15/18	2,110,000		2,273,525
8% 3/15/20	2,395,000		2,670,425
9.1% 9/15/17	3,230,000		3,722,575
Lennar Corp.:
5.5% 9/1/14	3,242,000		3,436,520
5.6% 5/31/15	1,216,000		1,304,160
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Lennar Corp.: - continued
6.95% 6/1/18	$ 1,720,000		$ 1,932,850
M/I Homes, Inc. 8.625% 11/15/18	6,764,000		7,305,120
Meritage Homes Corp.:
7% 4/1/22	2,005,000		2,165,400
7.15% 4/15/20	440,000		480,700
Ryland Group, Inc.:
6.625% 5/1/20	445,000		493,950
8.4% 5/15/17	1,446,000		1,735,200
Standard Pacific Corp.:
8.375% 5/15/18	8,047,000		9,374,755
10.75% 9/15/16	3,284,000		4,072,160
Toll Brothers Finance Corp. 5.875% 2/15/22	450,000		506,250
			49,610,483
Multiline Retail - 0.5%
JC Penney Corp., Inc.:
5.65% 6/1/20	1,280,000		1,188,800
5.75% 2/15/18	756,000		738,045
Sears Holdings Corp. 6.625% 10/15/18	2,053,000		1,924,688
			3,851,533
TOTAL CONSUMER DISCRETIONARY			58,708,878
FINANCIALS - 14.1%
Diversified Financial Services - 0.6%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
7.75% 1/15/16	2,172,000		2,269,740
8% 1/15/18	1,215,000		1,306,125
8% 1/15/18 (f)	580,000		623,500
			4,199,365
Real Estate Investment Trusts - 9.8%
Camden Property Trust 5% 6/15/15	1,135,000		1,236,850
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15	917,000		1,042,129
6.25% 6/15/14	949,000		1,022,291
CubeSmart LP 4.8% 7/15/22	1,000,000		1,099,700
Developers Diversified Realty Corp.:
7.5% 7/15/18	2,407,000		2,988,151
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Developers Diversified Realty Corp.: - continued
9.625% 3/15/16	$ 2,254,000		$ 2,795,404
Duke Realty LP 6.25% 5/15/13	608,000		624,971
Equity One, Inc.:
5.375% 10/15/15	405,000		445,075
6% 9/15/16	811,000		923,035
6.25% 12/15/14	811,000		903,616
6.25% 1/15/17	811,000		928,777
Health Care Property Investors, Inc.:
6% 6/15/14	660,000		706,158
6% 3/1/15	1,216,000		1,332,106
6.3% 9/15/16	3,850,000		4,442,858
7.072% 6/8/15	405,000		453,963
Health Care REIT, Inc. 4.125% 4/1/19	1,000,000		1,078,137
Healthcare Realty Trust, Inc.:
5.125% 4/1/14	811,000		852,483
6.5% 1/17/17	506,000		579,154
Highwoods/Forsyth LP 5.85% 3/15/17	2,593,000		2,879,996
Hospitality Properties Trust:
5% 8/15/22	823,000		878,456
5.625% 3/15/17	1,248,000		1,368,945
6.7% 1/15/18	811,000		940,899
7.875% 8/15/14	405,000		436,812
HRPT Properties Trust 6.25% 8/15/16	4,000,000		4,366,892
iStar Financial, Inc.:
5.85% 3/15/17	825,000		800,250
5.875% 3/15/16	8,610,000		8,437,800
5.95% 10/15/13	3,833,000		3,914,451
6.05% 4/15/15	2,887,000		2,858,130
6.5% 12/15/13	1,020,000		1,012,350
8.625% 6/1/13	1,745,000		1,806,075
9% 6/1/17	3,440,000		3,715,200
MPT Operating Partnership LP/MPT Finance Corp. 6.375% 2/15/22	890,000		930,050
National Retail Properties, Inc. 6.875% 10/15/17	1,621,000		1,959,463
Nationwide Health Properties, Inc.:
6% 5/20/15	1,540,000		1,719,017
6.25% 2/1/13	1,621,000		1,642,097
Omega Healthcare Investors, Inc. 7.5% 2/15/20	811,000		892,100
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14	$ 1,378,000		$ 1,475,481
Potlatch Corp. 7.5% 11/1/19	811,000		875,880
ProLogis LP 7.625% 7/1/17	1,268,000		1,498,294
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20	811,000		979,607
Senior Housing Properties Trust:
6.75% 4/15/20	576,000		657,742
6.75% 12/15/21	2,000,000		2,301,548
UDR, Inc. 5.5% 4/1/14	1,000,000		1,056,348
United Dominion Realty Trust, Inc.:
5.25% 1/15/15	405,000		438,728
5.25% 1/15/16	811,000		897,911
			74,195,380
Real Estate Management & Development - 3.7%
AMB Property LP 5.9% 8/15/13	486,000		502,029
Brandywine Operating Partnership LP:
5.4% 11/1/14	1,216,000		1,303,991
6% 4/1/16	811,000		901,017
7.5% 5/15/15	405,000		457,675
CB Richard Ellis Services, Inc. 11.625% 6/15/17	811,000		900,210
Colonial Properties Trust:
6.15% 4/15/13	1,013,000		1,033,385
6.25% 6/15/14	1,293,000		1,387,044
Colonial Realty LP 6.05% 9/1/16	1,216,000		1,368,877
First Industrial LP 5.75% 1/15/16	811,000		861,488
Forest City Enterprises, Inc.:
6.5% 2/1/17	6,171,000		5,985,870
7.625% 6/1/15	2,583,000		2,581,386
Host Hotels & Resorts LP 6% 10/1/21	485,000		562,600
Kennedy-Wilson, Inc. 8.75% 4/1/19	215,000		227,642
Post Apartment Homes LP 6.3% 6/1/13	811,000		834,502
Realogy Corp.:
7.875% 2/15/19 (f)	1,450,000		1,555,125
9% 1/15/20 (f)	560,000		629,272
Regency Centers LP:
5.25% 8/1/15	3,250,000		3,572,725
5.875% 6/15/17	486,000		563,342
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - continued
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17	$ 2,035,000		$ 2,202,888
Ventas Realty LP 4% 4/30/19	597,000		644,202
			28,075,270
TOTAL FINANCIALS			106,470,015
HEALTH CARE - 1.4%
Health Care Equipment & Supplies - 0.3%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. 7.75% 2/15/19	1,835,000		1,931,338
Health Care Providers & Services - 1.1%
Health Management Associates, Inc. 7.375% 1/15/20	385,000		413,875
Sabra Health Care LP/Sabra Capital Corp.:
8.125% 11/1/18	7,047,000		7,593,143
8.125% 11/1/18 (f)	520,000		559,000
			8,566,018
TOTAL HEALTH CARE			10,497,356
INDUSTRIALS - 0.1%
Industrial Conglomerates - 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 7.375% 10/1/17 (f)	785,000		790,888
MATERIALS - 0.2%
Paper & Forest Products - 0.2%
Plum Creek Timberlands LP 5.875% 11/15/15	1,621,000		1,782,899
TOTAL NONCONVERTIBLE BONDS			178,250,036
TOTAL CORPORATE BONDS (Cost $184,768,790)		201,073,158
Asset-Backed Securities - 5.6%

Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (f)	1,331,000		1,331,000
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.5707% 3/23/19 (f)(g)	1,368,821		1,334,601
Asset-Backed Securities - continued
	Principal Amount		Value
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (f)	$ 2,423,780		$ 2,469,347
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.6003% 1/20/37 (f)(g)	1,001,069		930,994
CBRE Realty Finance CDO LLC Series 2007-1A Class A1, 0.6013% 4/7/52 (f)(g)	3,248,966		2,761,621
Conseco Finance Securitizations Corp.:
Series 2002-1 Class M2, 9.546% 12/1/33	1,216,000		1,057,657
Series 2002-2 Class M2, 9.163% 3/1/33	2,026,000		1,110,977
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (f)	819,041		816,174
Class B2, 1.7123% 12/28/35 (f)(g)	808,177		775,850
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27	1,627,000		1,530,410
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40	3,847,447		1,394,380
N-Star Real Estate CDO Ltd. Series 1A Class B1, 2.1019% 8/28/38 (f)(g)	3,574,000		3,305,950
Prima Capital Ltd. Series 2006-CR1A Class A2, 5.533% 12/28/48 (f)	2,570,000		2,621,400
Residential Asset Securities Corp. Series 2003-KS10 Class MI3, 6.41% 12/25/33	289,911		83,227
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 5.8693% 9/25/26 (f)(g)	2,432,000		1,228,160
Series 2006-1A:
Class A1A, 0.6293% 9/25/26 (f)(g)	1,896,110		1,727,925
Class A1B, 0.6993% 9/25/26 (f)(g)	11,266,000		9,604,265
Class A2A, 0.5893% 9/25/26 (f)(g)	2,575,457		2,541,461
Class C 0.8993% 9/25/26 (f)(g)	1,010,000		813,050
Class F, 1.5193% 9/25/26 (f)(g)	1,824,000		1,368,000
Class G, 1.7193% 9/25/26 (f)(g)	1,273,000		922,925
Class H, 2.0193% 9/25/26 (f)(g)	3,486,000		2,440,200
TOTAL ASSET-BACKED SECURITIES (Cost $37,763,052)		42,169,574
Collateralized Mortgage Obligations - 0.8%

Private Sponsor - 0.8%
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.394% 6/15/22 (f)(g)	1,301,164		1,259,269
FREMF Mortgage Trust:
Series 2010 K7 Class B, 5.6187% 4/25/20 (f)(g)	2,605,000		2,952,645
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
FREMF Mortgage Trust: - continued
Series 2010-K6 Class B, 5.5327% 12/25/46 (f)(g)	$ 811,000		$ 913,329
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (f)	811,000		820,069
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $5,203,705)		5,945,312
Commercial Mortgage Securities - 22.8%

Banc of America Commercial Mortgage, Inc.:
sequential payer:
Series 2002-2 Class F, 5.487% 7/11/43	1,118,067		1,144,784
Series 2005-1 Class A3, 4.877% 11/10/42	41,803		41,777
Series 2005-1 Class CJ, 5.3664% 11/10/42 (g)	1,175,000		1,240,028
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 1.964% 11/15/15 (f)(g)	27,593,207		27,535,668
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.214% 3/15/22 (f)(g)	2,132,000		1,329,703
Banc of America REMIC Trust Series 2012-CLMZ Class A, 7.714% 8/15/17 (f)(g)	1,010,000		1,037,775
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.6185% 3/11/39 (g)	2,432,000		2,418,311
Chase Commercial Mortgage Securities Corp. Series 1998-1 Class H, 6.34% 5/18/30 (f)	1,621,000		1,420,708
COMM pass-thru certificates:
floater Series 2006-FL12 Class AJ, 0.344% 12/15/20 (f)(g)	1,621,000		1,506,741
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (f)	1,274,449		1,285,664
Commercial Mortgage pass-thru certificates:
Series 2005-C6 Class AJ, 5.209% 6/10/44 (g)	2,000,000		2,104,598
Series 2012-CR1:
Class C, 5.547% 5/15/45	3,000,000		3,323,556
Class D, 5.547% 5/15/45 (f)	1,350,000		1,268,494
Commercial Mortgage Trust pass-thru certificates:
Series 2012-CR2 Class D, 5.02% 8/15/45 (f)(g)	500,000		501,844
Series 2012-LC4:
Class C, 5.8245% 12/10/44 (g)	780,000		883,965
Class D, 5.8245% 12/10/44 (f)(g)	2,830,000		2,721,755
Communication Mortgage Trust Series 2011-THL:
Class E, 5.949% 6/9/28 (f)	2,260,000		2,348,838
Class F, 4.867% 6/9/28 (f)	3,640,000		3,346,882
Commercial Mortgage Securities - continued
	Principal Amount		Value
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1998-C2 Class F, 6.75% 11/15/30 (f)	$ 811,000		$ 869,435
Series 2003-C3 Class D, 4.131% 5/15/38	1,621,000		1,638,196
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.7283% 11/10/46 (f)(g)	2,450,000		2,497,846
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31	1,946,000		2,001,543
DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.4442% 6/10/31 (f)(g)	2,026,000		2,062,265
Extended Stay America Trust Series 2010-ESHA Class D, 5.4983% 11/5/27 (f)	4,500,000		4,551,832
Freddie Mac pass-thru certificates:
Series K011 Class X3, 2.662% 12/25/43 (g)(h)	4,947,000		820,124
Series K012 Class X3, 2.3658% 1/25/41 (g)(h)	2,846,999		421,774
Series K013 Class X3, 2.8847% 1/25/43 (g)(h)	4,806,000		873,740
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (f)	5,230,611		5,258,334
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2 Class G, 6.75% 4/15/29 (g)	870,795		967,625
Series 1999-C1 Class F, 6.02% 5/15/33 (f)	935,690		958,023
Series 1999-C3 Class J, 6.974% 8/15/36	2,204,000		2,165,368
Series 2000-C1 Class K, 7% 3/15/33	148,776		112,886
Series 2003-C3 Class H, 5.9082% 4/10/40 (f)(g)	830,000		754,182
Greenwich Capital Commercial Funding Corp.:
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (f)	811,000		820,232
Series 2002-C1 Class H, 5.903% 1/11/35 (f)	925,000		923,656
Series 2005-GG3 Class B, 4.894% 8/10/42 (g)	885,000		902,746
GS Mortgage Securities Corp. II:
floater Series 2007-EOP Class L, 5.4585% 3/6/20 (f)(g)	2,270,000		2,271,119
Series 2012-GCJ7:
Class C, 5.9059% 5/10/45 (g)	3,500,000		3,874,275
Class D, 5.722% 5/10/45 (f)	2,500,000		2,413,456
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (f)	6,300,000		6,330,870
GS Mortgage Securities Trust:
Series 2010-C2 Class D, 5.4021% 12/10/43 (f)(g)	2,000,000		2,022,290
Series 2012-GC6 Class C, 5.827% 1/10/45 (f)(g)	2,400,000		2,675,916
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2009-IWST Class D, 7.6935% 12/5/27 (f)(g)	2,779,000		3,180,610
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (f)	2,620,000		2,765,670
Series 2010-CNTR Class D, 6.3899% 8/5/32 (f)(g)	1,216,000		1,284,632
Commercial Mortgage Securities - continued
	Principal Amount		Value
JPMorgan Chase Commercial Mortgage Securities Corp.: - continued
Series 2012-CBX Class C, 5.3635% 6/16/45 (g)	$ 1,240,000		$ 1,340,642
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (f)	765,213		791,485
LB-UBS Commercial Mortgage Trust:
sequential payer:
Series 2005-C3 Class AJ, 4.843% 7/15/40	3,760,000		3,930,580
Series 2005-C7 Class AJ, 5.323% 11/15/40	1,240,000		1,303,428
Series 2005-C1 Class E, 4.924% 2/15/40	1,000,000		974,822
Series 2006-C4 Class AJ, 6.0837% 6/15/38 (g)	2,511,000		2,339,027
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2007-LLFA Class E, 1.114% 6/15/22 (f)(g)	1,770,000		1,701,358
Lstar Commercial Mortgage Trust:
Series 2011-1 Class D, 5.5914% 6/25/43 (f)(h)	1,564,000		1,553,590
Series 2011-1 Class B, 5.5914% 6/25/43 (f)(h)	1,897,000		2,088,385
Mezz Capital Commercial Mortgage Trust sequential payer Series 2004-C2 Class A, 5.318% 10/15/40 (f)	2,638,984		2,177,162
Morgan Stanley Capital I Trust:
sequential payer:
Series 2012-C4 Class E, 5.71% 3/15/45 (f)	1,250,000		1,159,835
Series 2004-RR2 Class A2, 5.45% 10/28/33 (f)	989,242		993,002
Series 2006-HQ10 Class AM, 5.36% 11/12/41	3,769,000		4,159,223
Series 1997-RR Class F, 7.3941% 4/30/39 (f)(g)	248,690		232,525
Series 1998-CF1 Class G, 7.35% 7/15/32 (f)	1,798,366		1,307,058
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43	3,242,000		3,575,472
Series 2011-C1 Class C, 5.4212% 9/15/47 (f)(g)	2,000,000		2,207,170
Series 2011-C2:
Class D, 5.4947% 6/15/44 (f)(g)	1,532,000		1,599,436
Class E, 5.4947% 6/15/44 (f)(g)	1,946,000		1,905,410
Class F, 5.4947% 6/15/44 (f)(g)	1,467,000		1,240,935
Class XB, 0.5394% 6/15/44 (f)(g)(h)	51,641,000		1,644,353
Series 2011-C3 Class C, 5.3572% 7/15/49 (f)(g)	2,000,000		2,228,554
Series 2012-C4 Class D, 5.7107% 3/15/45 (f)(g)	1,640,000		1,736,120
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (f)	1,000,305		1,208,369
RBSCF Trust Series 2010-MB1 Class D, 4.8334% 4/15/24 (f)(g)	2,687,000		2,733,875
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (f)	2,026,000		2,094,588
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.789% 7/15/24 (f)(g)	1,459,000		1,105,128
Commercial Mortgage Securities - continued
	Principal Amount		Value
Wachovia Bank Commercial Mortgage Trust:
Series 2004-C10 Class E, 4.931% 2/15/41	$ 1,621,000		$ 1,663,107
Series 2004-C12 Class D, 5.4889% 7/15/41 (g)	1,824,000		1,846,233
Series 2004-C14 Class B, 5.17% 8/15/41	2,708,000		2,860,531
WF-RBS Commercial Mortgage Trust:
Series 2011-C3:
Class C, 5.335% 3/15/44 (g)	2,100,000		2,349,491
Class D, 5.7219% 3/15/44 (f)(g)	1,000,000		996,754
Series 2011-C5 Class C, 5.8245% 11/15/44 (f)(g)	1,250,000		1,425,998
Series 2012-C7 Class D, 5.0063% 6/15/45 (f)(g)	620,000		638,756
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $156,456,569)		171,992,138
Floating Rate Loans - 7.3%

CONSUMER DISCRETIONARY - 3.6%
Hotels, Restaurants & Leisure - 3.4%
Hilton Hotels Corp.:
Tranche C, term loan 3.24% 11/12/15 (g)	15,000,000		14,306,250
Tranche D, term loan 3.471% 11/12/15 (g)	12,500,000		11,890,625
			26,196,875
Specialty Retail - 0.2%
The Pep Boys - Manny, Moe & Jack Tranche B, term loan 5% 10/11/18 (g)	1,360,000		1,370,200
TOTAL CONSUMER DISCRETIONARY			27,567,075
FINANCIALS - 2.4%
Diversified Financial Services - 1.0%
Blackstone REL 10% 10/1/2017	7,500,000		7,650,000
Pilot Travel Centers LLC Tranche B 2LN, term loan 4.25% 8/7/19 (g)	190,000		191,425
			7,841,425
Real Estate Investment Trusts - 0.5%
iStar Financial, Inc. Tranche B, term loan 5.75% 10/11/17 (g)	4,000,000		3,995,000
Real Estate Management & Development - 0.9%
CB Richard Ellis Services, Inc. Tranche D, term loan 3.7208% 9/4/19 (g)	1,020,221		1,017,671
EOP Operating LP term loan 5.25% 2/5/13 (g)	1,700,000		1,641,690
Floating Rate Loans - continued
	Principal Amount		Value
FINANCIALS - continued
Real Estate Management & Development - continued
Equity Inns Reality LLC Tranche A, term loan 9.5% 11/2/12 (g)	$ 1,000,000		$ 911,361
Realogy Corp.:
Credit-Linked Deposit 3.2143% 10/10/13 (g)	235,043		223,291
Credit-Linked Deposit 4.4643% 10/10/16 (g)	198,653		197,163
term loan 4.464% 10/10/16 (g)	2,545,171		2,538,808
			6,529,984
TOTAL FINANCIALS			18,366,409
HEALTH CARE - 0.5%
Health Care Providers & Services - 0.5%
Community Health Systems, Inc. term loan 3.9212% 1/25/17 (g)	393,006		391,532
Health Management Associates, Inc. Tranche B, term loan 4.5% 11/18/18 (g)	496,250		500,592
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (g)	3,214,312		3,190,205
			4,082,329
INDUSTRIALS - 0.5%
Construction & Engineering - 0.5%
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (g)	3,616,670		3,462,962
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
Crown Castle Operating Co. Tranche B, term loan 4% 1/31/19 (g)	1,991,032		2,000,987
TOTAL FLOATING RATE LOANS (Cost $54,640,805)		55,479,762

Money Market Funds - 3.6%
	Shares		Value
Fidelity Cash Central Fund, 0.19% (b)	24,394,057		$ 24,394,057
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	2,513,575		2,513,575
TOTAL MONEY MARKET FUNDS (Cost $26,907,632)		26,907,632
TOTAL INVESTMENT PORTFOLIO - 100.4% (Cost $692,493,364)			758,458,546
NET OTHER ASSETS (LIABILITIES) - (0.4)%			(2,664,420)
NET ASSETS - 100%		$ 755,794,126

Legend

(a) Non-income producing

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

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 11,345
Fidelity Securities Lending Cash Central Fund	4,176
Total	$ 15,521

Other Information

The following is a summary of the inputs used, as of October 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,844,194	$ 3,844,194	$ -	$ -
Financials	239,794,232	233,169,287	4,274,695	2,350,250
Health Care	11,252,544	11,252,544	-	-
Corporate Bonds	201,073,158	-	201,073,158	-
Asset-Backed Securities	42,169,574	-	31,844,378	10,325,196
Collateralized Mortgage Obligations	5,945,312	-	5,945,312	-
Commercial Mortgage Securities	171,992,138	-	161,933,325	10,058,813
Floating Rate Loans	55,479,762	-	46,188,072	9,291,690
Money Market Funds	26,907,632	26,907,632	-	-
Total Investments in Securities:	$ 758,458,546	$ 275,173,657	$ 451,258,940	$ 32,025,949

Valuation Inputs at Reporting Date:

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

Investments in Securities:
Other Investments in Securities
Beginning Balance	$ 3,470,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(87,710)
Cost of Purchases	-
Proceeds of Sales	(1,032,040)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 2,350,250
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2012	$ (29,750)
Asset-Backed Securities
Beginning Balance	$ 15,625,880
Total Realized Gain (Loss)	624,123
Total Unrealized Gain (Loss)	79,367
Cost of Purchases	-
Proceeds of Sales	(2,574,902)
Amortization/Accretion	218,473
Transfers in to Level 3	-
Transfers out of Level 3	(3,647,745)
Ending Balance	$ 10,325,196
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2012	$ 79,367
Investments in Securities:
Commercial Mortgage Securities
Beginning Balance	$ 19,153,838
Total Realized Gain (Loss)	1,009,559
Total Unrealized Gain (Loss)	(199,191)
Cost of Purchases	-
Proceeds of Sales	(4,154,595)
Amortization/Accretion	220,929
Transfers in to Level 3	-
Transfers out of Level 3	(5,971,727)
Ending Balance	$ 10,058,813
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2012	$ 282,256
Floating Rate Loans
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	140,254
Cost of Purchases	9,199,811
Proceeds of Sales	(58,492)
Amortization/Accretion	10,117
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 9,291,690
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2012	$ 140,254

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

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $692,497,717. Net unrealized appreciation aggregated $65,960,829, of which $68,505,941 related to appreciated investment securities and $2,545,112 related to depreciated investment securities.

Investment Valuation

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

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

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

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type	Fair Value at 10/31/12	Valuation Technique(s)	Unobservable Input	Range	Weighted Average
Asset-Backed Securities	$ 2,147,174	Discounted cash flow	Yield	3.54% - 6.54%	4.68%
Commercial Mortgage Securities	$ 1,105,128	Market comparable	Spread	40.25%	40.25%
Common Stocks	$ 2,350,250	Market comparable	Transaction price	$ 19.75	$ 19.75
Floating Rate Loans	$ 7,650,000	Discounted cash flow	Internal rate of return	10.04%	10.04%

For the unobservable inputs listed in the table above, a significant increase in yields, spreads or internal rate of return could result in a significant decrease to the fair value measurement. A significant increase in transactions prices could result in a significant increase to the fair value measurement.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series Real
Estate Equity Fund

October 31, 2012

1.930458.101

SLE-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 2.3%
Health Care Facilities - 2.3%
Brookdale Senior Living, Inc. (a)	341,246		$ 8,005,631
Emeritus Corp. (a)	460,264		10,332,927
TOTAL HEALTH CARE FACILITIES			18,338,558
REAL ESTATE INVESTMENT TRUSTS - 93.4%
REITs - Apartments - 17.4%
American Campus Communities, Inc.	26,700		1,209,777
Apartment Investment & Management Co. Class A	319,300		8,522,117
AvalonBay Communities, Inc.	85,100		11,536,156
Camden Property Trust (SBI)	426,672		28,002,483
Education Realty Trust, Inc.	1,734,100		18,260,073
Equity Residential (SBI)	331,251		19,017,120
Essex Property Trust, Inc.	221,367		33,205,050
Home Properties, Inc.	297,507		18,085,451
TOTAL REITS - APARTMENTS			137,838,227
REITs - Factory Outlets - 0.4%
Tanger Factory Outlet Centers, Inc.	105,400		3,316,938
REITs - Health Care Facilities - 12.3%
HCP, Inc.	671,859		29,763,354
Health Care REIT, Inc.	107,570		6,392,885
Ventas, Inc.	970,510		61,404,168
TOTAL REITS - HEALTH CARE FACILITIES			97,560,407
REITs - Hotels - 4.7%
Chesapeake Lodging Trust	648,466		12,223,584
Host Hotels & Resorts, Inc.	821,000		11,871,660
Sunstone Hotel Investors, Inc. (a)	1,348,866		13,326,796
TOTAL REITS - HOTELS			37,422,040
REITs - Industrial Buildings - 14.8%
DCT Industrial Trust, Inc.	1,063,600		6,860,220
First Potomac Realty Trust	244,400		2,910,804
Prologis, Inc.	1,414,926		48,517,813
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
REITs - Industrial Buildings - continued
Public Storage	390,350		$ 54,114,221
Stag Industrial, Inc.	262,100		4,539,572
TOTAL REITS - INDUSTRIAL BUILDINGS			116,942,630
REITs - Malls - 17.6%
CBL & Associates Properties, Inc.	1,205,300		26,962,561
General Growth Properties, Inc.	731,700		14,385,222
Simon Property Group, Inc.	642,368		97,774,831
TOTAL REITS - MALLS			139,122,614
REITs - Management/Investment - 1.4%
Digital Realty Trust, Inc.	90,474		5,557,818
Lexington Corporate Properties Trust	191,900		1,821,131
Retail Properties America, Inc.	279,062		3,415,719
TOTAL REITS - MANAGEMENT/INVESTMENT			10,794,668
REITs - Mobile Home Parks - 0.7%
Sun Communities, Inc.	136,922		5,747,986
REITs - Office Buildings - 14.6%
Boston Properties, Inc.	347,800		36,971,140
Cousins Properties, Inc.	196,300		1,650,883
Douglas Emmett, Inc.	822,500		19,287,625
Highwoods Properties, Inc. (SBI)	577,517		18,624,923
SL Green Realty Corp.	438,900		33,049,170
Sovran Self Storage, Inc.	107,800		6,230,840
TOTAL REITS - OFFICE BUILDINGS			115,814,581
REITs - Shopping Centers - 9.5%
Acadia Realty Trust (SBI)	447,100		11,481,528
Cedar Shopping Centers, Inc.	782,700		4,140,483
Equity One, Inc.	1,094,369		22,872,312
Excel Trust, Inc.	108,892		1,339,372
Glimcher Realty Trust	959,900		10,242,133
Kimco Realty Corp.	534,700		10,437,344
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
REITs - Shopping Centers - continued
Kite Realty Group Trust	773,200		$ 4,229,404
Vornado Realty Trust	133,100		10,675,951
TOTAL REITS - SHOPPING CENTERS			75,418,527
TOTAL REAL ESTATE INVESTMENT TRUSTS			739,978,618
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.5%
Real Estate Operating Companies - 0.9%
Forest City Enterprises, Inc. Class A (a)	460,900		7,397,445
Real Estate Services - 0.6%
CBRE Group, Inc. (a)	237,089		4,272,344
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			11,669,789
TOTAL COMMON STOCKS (Cost $690,395,456)		769,986,965
Money Market Funds - 3.1%

Fidelity Cash Central Fund, 0.19% (b) (Cost $24,566,519)	24,566,519		24,566,519
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $714,961,975)			794,553,484
NET OTHER ASSETS (LIABILITIES) - (0.3)%			(2,013,344)
NET ASSETS - 100%		$ 792,540,140

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 11,229
Fidelity Securities Lending Cash Central Fund	5,348
Total	$ 16,577

Other Information

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

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $715,459,203. Net unrealized appreciation aggregated $79,094,281, of which $84,807,932 related to appreciated investment securities and $5,713,651 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Securities Fund

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

Date:	December 28, 2012

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

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

Date:	December 28, 2012

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

Date:	December 28, 2012