0000803013-11-000022.txt : 20110629 0000803013-11-000022.hdr.sgml : 20110629 20110629102004 ACCESSION NUMBER: 0000803013-11-000022 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110430 FILED AS OF DATE: 20110629 DATE AS OF CHANGE: 20110629 EFFECTIVENESS DATE: 20110629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SECURITIES FUND CENTRAL INDEX KEY: 0000754510 IRS NUMBER: 000000000 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04118 FILM NUMBER: 11937465 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391706 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109

0000754510 S000007191 Fidelity OTC Portfolio

C000019679 Fidelity OTC Portfolio FOCPX

C000064268 Class K FOCKX

0000754510 S000007192 Fidelity Real Estate Income Fund

C000019680 Fidelity Real Estate Income Fund FRIFX

C000087887 Fidelity Advisor Real Estate Income Fund: Class A FRINX

C000087889 Fidelity Advisor Real Estate Income Fund: Class C FRIOX

C000087890 Fidelity Advisor Real Estate Income Fund: Class T FRIQX

C000087891 Fidelity Advisor Real Estate Income Fund: Institutional Class FRIRX

0000754510 S000007193 Fidelity Small Cap Growth Fund

C000019681 Fidelity Small Cap Growth Fund FCPGX

C000019682 Fidelity Advisor Small Cap Growth Fund: Class A FCAGX

C000019683 Fidelity Advisor Small Cap Growth Fund: Class B FCBGX

C000019684 Fidelity Advisor Small Cap Growth Fund: Class C FCCGX

C000019685 Fidelity Advisor Small Cap Growth Fund: Class T FCTGX

C000019686 Fidelity Advisor Small Cap Growth Fund: Institutional Class FCIGX

C000076773 Class F FCPFX

0000754510 S000007194 Fidelity Small Cap Value Fund

C000019687 Fidelity Small Cap Value Fund FCPVX

C000019688 Fidelity Advisor Small Cap Value Fund: Class A FCVAX

C000019689 Fidelity Advisor Small Cap Value Fund: Class B FCVBX

C000019690 Fidelity Advisor Small Cap Value Fund: Class C FCVCX

C000019691 Fidelity Advisor Small Cap Value Fund: Class T FCVTX

C000019692 Fidelity Advisor Small Cap Value Fund: Institutional Class FCVIX

C000076774 Class F FSVFX

0000754510 S000007195 Fidelity Blue Chip Growth Fund

C000019693 Fidelity Blue Chip Growth Fund FBGRX

C000064269 Class K FBGKX

C000076775 Class F FBCFX

0000754510 S000007196 Fidelity Blue Chip Value Fund

C000019694 Fidelity Blue Chip Value Fund FBCVX

0000754510 S000007197 Fidelity Dividend Growth Fund

C000019695 Fidelity Dividend Growth Fund FDGFX

C000064270 Class K FDGKX

0000754510 S000007198 Fidelity Growth & Income Portfolio

C000019696 Fidelity Growth & Income Portfolio FGRIX

C000064271 Class K FGIKX

0000754510 S000007199 Fidelity International Real Estate Fund

C000019697 Fidelity International Real Estate Fund FIREX

C000047149 Fidelity Advisor International Real Estate Fund: Class A FIRAX

C000047150 Fidelity Advisor International Real Estate Fund: Class B FIRBX

C000047151 Fidelity Advisor International Real Estate Fund: Class C FIRCX

C000047152 Fidelity Advisor International Real Estate Fund: Class T FIRTX

C000047153 Fidelity Advisor International Real Estate Fund: Institutional Class FIRIX

0000754510 S000007200 Fidelity Leveraged Company Stock Fund

C000019698 Fidelity Leveraged Company Stock Fund FLVCX

C000064272 Class K FLCKX

0000754510 S000015587 Fidelity Series Small Cap Opportunities Fund

C000042507 Fidelity Series Small Cap Opportunities Fund FSOPX

C000076776 Class F FSOFX

N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4118

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	July 31

Date of reporting period:	April 30, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Blue Chip Growth Fund
Blue Chip Growth
Class K
Class F

April 30, 2011

1.800333.107

BCF-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 17.1%
Auto Components - 0.1%
Denso Corp.	225,500		$ 7,546
Automobiles - 2.2%
Bayerische Motoren Werke AG (BMW)	616,358		58,127
Ford Motor Co. (a)	5,369,300		83,063
General Motors Co.	3,345,926		107,371
Hyundai Motor Co.	75,033		17,310
Tesla Motors, Inc. (a)(d)	2,504,000		69,110
			334,981
Diversified Consumer Services - 0.6%
Weight Watchers International, Inc.	1,132,471		88,050
Hotels, Restaurants & Leisure - 4.4%
Arcos Dorados Holdings, Inc.	1,324,400		29,177
Bravo Brio Restaurant Group, Inc.	750,800		15,497
Chipotle Mexican Grill, Inc. (a)	113,500		30,281
Hyatt Hotels Corp. Class A (a)	469,794		20,817
Jubilant Foodworks Ltd. (a)	533,088		8,886
Las Vegas Sands Corp. (a)	2,309,200		108,555
McDonald's Corp.	2,456,930		192,402
Panera Bread Co. Class A (a)	84,700		10,258
Starbucks Corp.	3,682,800		133,281
Wyndham Worldwide Corp.	1,231,785		42,632
Yum! Brands, Inc.	1,421,500		76,249
			668,035
Household Durables - 0.4%
Beazer Homes USA, Inc. (a)(d)	3,151,700		14,687
SodaStream International Ltd.	169,700		7,762
Tempur-Pedic International, Inc. (a)	575,900		36,155
			58,604
Internet & Catalog Retail - 2.6%
Amazon.com, Inc. (a)	1,497,800		294,318
Netflix, Inc. (a)(d)	128,900		29,991
Priceline.com, Inc. (a)	126,700		69,306
			393,615
Leisure Equipment & Products - 0.2%
Hasbro, Inc.	609,100		28,530
Media - 0.8%
Cinemark Holdings, Inc.	436,500		8,874
Comcast Corp. Class A	616,300		16,172
Focus Media Holding Ltd. ADR (a)	605,800		21,294
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
ReachLocal, Inc. (d)	720,300		$ 16,740
Regal Entertainment Group Class A (d)	640,700		8,829
The Walt Disney Co.	977,700		42,139
Time Warner, Inc.	197,800		7,489
			121,537
Multiline Retail - 1.7%
Macy's, Inc.	4,401,300		105,235
Target Corp.	2,957,300		145,203
			250,438
Specialty Retail - 2.8%
Ascena Retail Group, Inc. (a)	1,118,600		35,001
Bed Bath & Beyond, Inc. (a)	284,400		15,961
Chico's FAS, Inc.	1,757,100		25,706
Cia Hering SA	254,600		5,510
Express, Inc.	937,200		20,234
Foot Locker, Inc.	2,232,200		48,037
GNC Holdings, Inc.	200,000		3,810
Home Depot, Inc.	1,818,700		67,547
Limited Brands, Inc.	897,100		36,925
Lowe's Companies, Inc.	2,409,400		63,247
rue21, Inc. (a)(d)	200,000		6,024
TJX Companies, Inc.	1,551,600		83,197
Tractor Supply Co.	252,400		15,616
			426,815
Textiles, Apparel & Luxury Goods - 1.3%
Arezzo Industria e Comercio SA	1,121,000		17,378
Coach, Inc.	194,600		11,639
Deckers Outdoor Corp. (a)	280,700		23,820
Gitanjali Gems Ltd.	2,187,799		13,190
Polo Ralph Lauren Corp. Class A	211,400		27,645
Steven Madden Ltd. (a)	238,100		12,655
Timberland Co. Class A (a)	503,100		22,735
Under Armour, Inc. Class A (sub. vtg.) (a)(d)	265,500		18,176
Vera Bradley, Inc. (d)	961,625		46,773
			194,011
TOTAL CONSUMER DISCRETIONARY			2,572,162
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - 8.7%
Beverages - 2.4%
Dr Pepper Snapple Group, Inc.	2,459,300		$ 96,405
Hansen Natural Corp. (a)	258,100		17,073
PepsiCo, Inc.	222,900		15,356
The Coca-Cola Co.	3,427,700		231,233
			360,067
Food & Staples Retailing - 3.0%
Costco Wholesale Corp.	509,400		41,221
CVS Caremark Corp.	1,769,200		64,116
Droga Raia SA	622,700		9,578
Drogasil SA	930,300		6,682
United Natural Foods, Inc. (a)	237,700		10,147
Walgreen Co.	5,311,000		226,886
Whole Foods Market, Inc.	1,429,500		89,715
			448,345
Food Products - 0.7%
Diamond Foods, Inc. (d)	427,800		28,064
Green Mountain Coffee Roasters, Inc. (a)	1,029,400		68,929
Mead Johnson Nutrition Co. Class A	169,700		11,350
			108,343
Household Products - 0.1%
Procter & Gamble Co.	233,800		15,174
Personal Products - 0.3%
Estee Lauder Companies, Inc. Class A	490,900		47,617
Tobacco - 2.2%
Altria Group, Inc.	1,081,100		29,017
Lorillard, Inc.	523,500		55,753
Philip Morris International, Inc.	3,564,900		247,547
			332,317
TOTAL CONSUMER STAPLES			1,311,863
ENERGY - 11.8%
Energy Equipment & Services - 4.9%
Baker Hughes, Inc.	1,266,800		98,063
Carbo Ceramics, Inc.	111,800		17,993
Dresser-Rand Group, Inc. (a)	221,900		11,659
Halliburton Co.	4,257,800		214,934
ION Geophysical Corp. (a)	547,465		6,920
National Oilwell Varco, Inc.	1,199,600		91,997
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Oceaneering International, Inc. (a)	292,500		$ 25,570
Schlumberger Ltd.	1,553,400		139,418
Transocean Ltd. (United States)(a)	1,183,200		86,078
Weatherford International Ltd. (a)	1,896,500		40,926
			733,558
Oil, Gas & Consumable Fuels - 6.9%
Alpha Natural Resources, Inc. (a)(d)	885,200		51,492
Amyris, Inc.	142,400		3,764
Chesapeake Energy Corp.	1,765,800		59,454
Chevron Corp.	602,900		65,981
ConocoPhillips	233,500		18,430
Continental Resources, Inc. (a)	271,700		18,660
EV Energy Partners LP	78,003		4,594
Exxon Mobil Corp.	5,358,500		471,548
Hess Corp.	547,800		47,089
Marathon Oil Corp.	249,600		13,488
Massey Energy Co.	1,326,653		90,531
Occidental Petroleum Corp.	1,041,400		119,022
Suncor Energy, Inc.	352,800		16,262
Tesoro Corp. (a)	1,345,300		36,485
Whiting Petroleum Corp. (a)	251,600		17,486
			1,034,286
TOTAL ENERGY			1,767,844
FINANCIALS - 3.7%
Capital Markets - 0.7%
Goldman Sachs Group, Inc.	243,700		36,801
Invesco Ltd.	1,433,200		35,644
Money Matters Financial Services Ltd.	988,498		1,387
Waddell & Reed Financial, Inc. Class A	616,600		25,287
			99,119
Commercial Banks - 0.3%
HDFC Bank Ltd.	252,493		13,098
ICICI Bank Ltd.	666,777		16,835
U.S. Bancorp, Delaware	590,400		15,244
			45,177
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Consumer Finance - 0.4%
Discover Financial Services	1,702,000		$ 42,278
Shriram Transport Finance Co. Ltd.	1,309,840		22,935
			65,213
Diversified Financial Services - 1.8%
Citigroup, Inc. (a)	37,048,200		170,051
CME Group, Inc.	106,600		31,529
JPMorgan Chase & Co.	1,572,500		71,753
			273,333
Insurance - 0.2%
Genworth Financial, Inc. Class A (a)	2,683,300		32,709
Real Estate Management & Development - 0.3%
CB Richard Ellis Group, Inc. Class A (a)	758,600		20,262
Parsvnath Developers Ltd. (a)(e)	21,771,340		21,425
			41,687
Thrifts & Mortgage Finance - 0.0%
Housing Development Finance Corp. Ltd.	335,144		5,353
TOTAL FINANCIALS			562,591
HEALTH CARE - 9.0%
Biotechnology - 2.3%
Alkermes, Inc. (a)	917,100		13,225
Amarin Corp. PLC ADR (a)	1,166,467		18,663
Amylin Pharmaceuticals, Inc. (a)	1,832,100		24,367
ARIAD Pharmaceuticals, Inc. (a)	1,000,000		8,550
Biogen Idec, Inc. (a)	191,100		18,604
Exelixis, Inc. (a)	2,613,200		32,038
Gilead Sciences, Inc. (a)	1,209,900		46,993
Human Genome Sciences, Inc. (a)	1,012,500		29,838
InterMune, Inc. (a)	408,700		18,244
Micromet, Inc. (a)	1,322,420		8,940
SIGA Technologies, Inc. (a)	918,000		12,604
Vertex Pharmaceuticals, Inc. (a)	2,001,500		110,123
			342,189
Health Care Equipment & Supplies - 1.1%
C. R. Bard, Inc.	91,200		9,736
Covidien PLC	1,624,100		90,446
Edwards Lifesciences Corp. (a)	165,100		14,256
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
St. Jude Medical, Inc.	864,900		$ 46,220
William Demant Holding A/S (a)	126,000		11,747
			172,405
Health Care Providers & Services - 3.8%
Accretive Health, Inc.	817,700		23,092
Aetna, Inc.	188,000		7,779
CIGNA Corp.	227,200		10,640
Epocrates, Inc. (a)	315,900		7,392
Express Scripts, Inc. (a)	3,055,880		173,391
HCA Holdings, Inc.	1,099,700		36,070
Humana, Inc.	234,300		17,835
McKesson Corp.	1,509,900		125,337
Medco Health Solutions, Inc. (a)	2,186,400		129,719
UnitedHealth Group, Inc.	373,300		18,378
WellPoint, Inc.	240,100		18,437
			568,070
Health Care Technology - 0.4%
Cerner Corp. (a)	489,100		58,780
SXC Health Solutions Corp. (a)	163,800		9,053
			67,833
Life Sciences Tools & Services - 1.0%
Agilent Technologies, Inc. (a)	2,165,255		108,068
Covance, Inc. (a)	119,300		7,468
Illumina, Inc. (a)	391,000		27,753
			143,289
Pharmaceuticals - 0.4%
Allergan, Inc.	161,300		12,833
AVANIR Pharmaceuticals Class A (a)(d)	1,264,000		5,524
Endocyte, Inc.	1,416,100		17,206
Novo Nordisk A/S Series B	76,779		9,720
Valeant Pharmaceuticals International, Inc. (Canada)	325,300		17,157
			62,440
TOTAL HEALTH CARE			1,356,226
INDUSTRIALS - 12.6%
Aerospace & Defense - 4.4%
Bombardier, Inc. Class B (sub. vtg.)	4,461,700		33,247
Goodrich Corp.	170,300		15,049
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Aerospace & Defense - continued
Honeywell International, Inc.	1,194,300		$ 73,127
Precision Castparts Corp.	965,100		149,127
The Boeing Co.	2,107,500		168,136
United Technologies Corp.	2,497,200		223,699
			662,385
Air Freight & Logistics - 0.5%
United Parcel Service, Inc. Class B	969,300		72,668
Airlines - 0.4%
Delta Air Lines, Inc. (a)	3,733,200		38,751
United Continental Holdings, Inc. (a)	868,500		19,819
US Airways Group, Inc. (a)	724,000		6,581
			65,151
Building Products - 0.3%
Armstrong World Industries, Inc.	820,900		36,735
Lennox International, Inc.	142,700		6,937
			43,672
Commercial Services & Supplies - 0.1%
Swisher Hygiene, Inc. (a)(g)	1,159,960		9,156
Swisher Hygiene, Inc. (a)(g)	935,531		7,384
			16,540
Construction & Engineering - 0.9%
Chiyoda Corp.	1,718,000		17,100
Fluor Corp.	1,218,400		85,215
Jacobs Engineering Group, Inc. (a)	731,971		36,313
			138,628
Electrical Equipment - 0.9%
Emerson Electric Co.	1,480,100		89,931
Polypore International, Inc. (a)	667,500		41,231
Regal-Beloit Corp.	108,300		8,208
			139,370
Machinery - 3.9%
3D Systems Corp. (a)	433,900		18,102
Caterpillar, Inc.	993,100		114,614
Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)	1,713,600		4,545
CNH Global NV (a)	193,000		9,322
Cummins, Inc.	491,600		59,080
Danaher Corp.	1,833,800		101,299
Deere & Co.	46,700		4,553
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Dover Corp.	446,500		$ 30,380
Fanuc Ltd.	169,500		28,371
Ingersoll-Rand Co. Ltd.	1,712,100		86,461
Manitowoc Co., Inc.	1,958,200		43,452
Pall Corp.	947,700		55,384
Sany Heavy Equipment International Holdings Co. Ltd.	1,771,000		3,142
WABCO Holdings, Inc. (a)	317,500		23,447
			582,152
Road & Rail - 1.1%
CSX Corp.	663,300		52,195
Union Pacific Corp.	1,006,300		104,122
			156,317
Trading Companies & Distributors - 0.1%
Mills Estruturas e Servicos de Engenharia SA	827,400		11,307
TOTAL INDUSTRIALS			1,888,190
INFORMATION TECHNOLOGY - 33.1%
Communications Equipment - 5.4%
Acme Packet, Inc. (a)	486,200		40,165
Alcatel-Lucent SA sponsored ADR (a)(d)	22,741,700		148,731
Aruba Networks, Inc. (a)	380,000		13,653
Cisco Systems, Inc.	377,500		6,629
HTC Corp.	1,654,000		74,959
InterDigital, Inc. (d)	223,700		10,355
Juniper Networks, Inc. (a)	2,670,600		102,364
QUALCOMM, Inc.	7,190,700		408,719
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	502,700		7,641
			813,216
Computers & Peripherals - 7.9%
Apple, Inc. (a)	2,690,900		937,047
EMC Corp. (a)	3,638,000		103,101
NetApp, Inc. (a)	2,642,200		137,342
Stratasys, Inc. (a)	249,600		13,441
			1,190,931
Electronic Equipment & Components - 0.3%
Fabrinet (a)	985,800		22,723
Jabil Circuit, Inc.	966,700		19,179
			41,902
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 6.1%
Baidu.com, Inc. sponsored ADR (a)	600,400		$ 89,171
Bitauto Holdings Ltd. ADR	1,106,400		11,208
eBay, Inc. (a)	4,539,740		156,167
Facebook, Inc. Class B (a)(g)	543,827		13,596
Google, Inc. Class A (a)	861,300		468,633
INFO Edge India Ltd.	293,110		4,701
Mail.ru Group Ltd. GDR (a)(f)	1,193,100		36,628
OpenTable, Inc. (a)	179,551		19,982
Rackspace Hosting, Inc. (a)	2,061,200		95,207
Responsys, Inc.	25,300		404
SINA Corp. (a)	164,300		22,139
			917,836
IT Services - 3.2%
Accenture PLC Class A	818,300		46,749
Cognizant Technology Solutions Corp. Class A (a)	1,123,600		93,146
MasterCard, Inc. Class A	473,500		130,634
ServiceSource International, Inc.	315,400		3,943
VeriFone Systems, Inc. (a)	362,700		19,883
Visa, Inc. Class A	2,329,100		181,949
			476,304
Semiconductors & Semiconductor Equipment - 3.9%
Altera Corp.	2,620,300		127,609
Avago Technologies Ltd.	3,527,000		118,013
Broadcom Corp. Class A	856,400		30,128
Marvell Technology Group Ltd. (a)	1,645,100		25,384
NVIDIA Corp. (a)	9,966,222		199,324
NXP Semiconductors NV	2,638,100		88,113
Silicon Laboratories, Inc. (a)	97,473		4,248
			592,819
Software - 6.3%
Autodesk, Inc. (a)	374,784		16,858
BroadSoft, Inc. (a)	853,700		38,801
Check Point Software Technologies Ltd. (a)	1,947,300		106,965
Informatica Corp. (a)	1,193,700		66,859
Intuit, Inc. (a)	712,600		39,592
Microsoft Corp.	54,500		1,418
Nuance Communications, Inc. (a)	1,337,000		27,676
Oracle Corp.	7,950,600		286,619
QLIK Technologies, Inc.	1,011,763		32,437
RealPage, Inc.	1,106,300		35,291
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Red Hat, Inc. (a)	2,234,000		$ 106,048
Rovi Corp. (a)	291,500		14,155
salesforce.com, Inc. (a)	722,518		100,141
SuccessFactors, Inc. (a)	199,100		6,903
VMware, Inc. Class A (a)	620,000		59,167
			938,930
TOTAL INFORMATION TECHNOLOGY			4,971,938
MATERIALS - 3.0%
Chemicals - 1.6%
Agrium, Inc.	160,700		14,567
Air Products & Chemicals, Inc.	127,700		12,198
Cabot Corp.	439,900		19,730
Celanese Corp. Class A	475,700		23,747
CF Industries Holdings, Inc.	213,400		30,207
Grasim Industries Ltd.	106,695		6,209
LyondellBasell Industries NV Class A	1,557,900		69,327
PPG Industries, Inc.	180,200		17,060
Praxair, Inc.	57,400		6,109
Rockwood Holdings, Inc. (a)	466,100		26,447
Westlake Chemical Corp.	126,800		8,324
			233,925
Containers & Packaging - 0.1%
Ball Corp.	441,000		16,454
Metals & Mining - 1.3%
Carpenter Technology Corp.	733,325		37,590
Freeport-McMoRan Copper & Gold, Inc.	1,560,900		85,896
Newmont Mining Corp.	249,800		14,641
Reliance Steel & Aluminum Co.	213,100		12,064
Royal Gold, Inc.	188,800		11,513
Silver Wheaton Corp.	260,500		10,601
Walter Energy, Inc.	163,100		22,544
			194,849
TOTAL MATERIALS			445,228
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 0.1%
Electric Utilities - 0.1%
PPL Corp.	510,900		$ 14,014
TOTAL COMMON STOCKS (Cost $10,630,080)		14,890,056
Preferred Stocks - 0.7%

Convertible Preferred Stocks - 0.1%
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Merrimack Pharmaceuticals, Inc. (a)(g)	2,142,858		15,000
Nonconvertible Preferred Stocks - 0.6%
CONSUMER DISCRETIONARY - 0.6%
Automobiles - 0.6%
Volkswagen AG (d)	469,600		92,511
TOTAL PREFERRED STOCKS (Cost $68,339)		107,511
Money Market Funds - 1.5%

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) (Cost $230,332)	230,331,800		230,332
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $10,928,751)		15,227,899
NET OTHER ASSETS (LIABILITIES) - (1.3)%			(195,990)
NET ASSETS - 100%		$ 15,031,909

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) 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 $36,628,000 or 0.2% 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 $45,136,000 or 0.3% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Facebook, Inc. Class B	3/31/11	$ 13,596
Merrimack Pharmaceuticals, Inc.	3/31/11	$ 15,000
Swisher Hygiene, Inc.	3/22/11 - 4/15/11	$ 13,004

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	$ 49
Fidelity Securities Lending Cash Central Fund	809
Total	$ 858

Other Affiliated Issuers

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

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Furniture Brands International, Inc.	$ 16,160	$ -	$ 14,466	$ -	$ -
Parsvnath Developers Ltd.	18,023	14,168	-	-	21,425
Total	$ 34,183	$ 14,168	$ 14,466	$ -	$ 21,425

Other Information

The following is a summary of the inputs used, as of April 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 2,664,673	$ 2,657,127	$ 7,546	$ -
Consumer Staples	1,311,863	1,311,863	-	-
Energy	1,767,844	1,767,844	-	-
Financials	562,591	532,658	29,933	-
Health Care	1,371,226	1,346,506	9,720	15,000
Industrials	1,888,190	1,826,179	62,011	-
Information Technology	4,971,938	4,958,342	-	13,596
Materials	445,228	439,019	6,209	-
Utilities	14,014	14,014	-	-
Money Market Funds	230,332	230,332	-	-
Total Investments in Securities:	$ 15,227,899	$ 15,083,884	$ 115,419	$ 28,596

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

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$ 6,774
Total Realized Gain (Loss)	(1,136)
Total Unrealized Gain (Loss)	174
Cost of Purchases	28,596
Proceeds of Sales	(5,812)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 28,596
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ -

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

Income Tax Information

At April 30, 2011, the cost of investment securities for income tax purposes was $10,970,735,000. Net unrealized appreciation aggregated $4,257,164,000, of which $4,349,341,000 related to appreciated investment securities and $92,177,000 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Blue Chip Value Fund

April 30, 2011

1.800334.107

BCV-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
CONSUMER DISCRETIONARY - 8.9%
Automobiles - 0.9%
Ford Motor Co. (a)	196,561		$ 3,040,799
Honda Motor Co. Ltd.	38,200		1,468,384
			4,509,183
Household Durables - 3.4%
D.R. Horton, Inc.	14,700		182,868
Garmin Ltd. (d)	487,622		16,691,301
			16,874,169
Media - 3.9%
Comcast Corp. Class A (special) (non-vtg.)	198,297		4,868,191
Time Warner, Inc.	118,800		4,497,768
Washington Post Co. Class B (d)	22,570		9,838,263
			19,204,222
Specialty Retail - 0.7%
American Eagle Outfitters, Inc.	213,680		3,324,861
TOTAL CONSUMER DISCRETIONARY			43,912,435
CONSUMER STAPLES - 9.4%
Beverages - 3.8%
Grupo Modelo SAB de CV Series C	2,998,400		18,749,931
Food & Staples Retailing - 2.4%
CVS Caremark Corp.	170,274		6,170,730
Kroger Co.	103,660		2,519,975
Safeway, Inc.	129,061		3,137,473
			11,828,178
Food Products - 1.8%
Dean Foods Co. (a)	243,157		2,720,927
Kraft Foods, Inc. Class A	191,560		6,432,585
			9,153,512
Household Products - 0.4%
Procter & Gamble Co.	29,680		1,926,232
Tobacco - 1.0%
Lorillard, Inc.	45,458		4,841,277
TOTAL CONSUMER STAPLES			46,499,130
ENERGY - 12.1%
Energy Equipment & Services - 0.6%
Transocean Ltd. (United States) (a)	37,866		2,754,752
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - 11.5%
Anadarko Petroleum Corp.	72,700		$ 5,738,938
Apache Corp.	21,500		2,867,455
BP PLC sponsored ADR	227,862		10,513,553
Chevron Corp.	141,200		15,452,928
ConocoPhillips	66,400		5,240,952
Marathon Oil Corp.	111,485		6,024,649
Occidental Petroleum Corp.	48,816		5,579,181
Suncor Energy, Inc.	117,800		5,429,931
			56,847,587
TOTAL ENERGY			59,602,339
FINANCIALS - 24.1%
Capital Markets - 6.3%
Bank of New York Mellon Corp.	165,100		4,781,296
Goldman Sachs Group, Inc.	102,041		15,409,211
Invesco Ltd.	53,706		1,335,668
Morgan Stanley	114,300		2,988,945
Northern Trust Corp.	67,200		3,359,328
State Street Corp.	67,670		3,150,039
			31,024,487
Commercial Banks - 4.2%
Aozora Bank Ltd.	1,477,000		3,198,980
PNC Financial Services Group, Inc.	12,722		793,089
Sumitomo Mitsui Financial Group, Inc.	169,500		5,264,338
Wells Fargo & Co.	394,098		11,472,193
			20,728,600
Consumer Finance - 0.7%
Discover Financial Services	136,900		3,400,596
Diversified Financial Services - 7.2%
Bank of America Corp.	556,302		6,831,389
Citigroup, Inc. (a)	3,452,194		15,845,570
JPMorgan Chase & Co.	289,452		13,207,695
			35,884,654
Insurance - 5.4%
Berkshire Hathaway, Inc. Class B (a)	49,052		4,086,032
First American Financial Corp.	255,868		3,991,541
Lincoln National Corp.	113,500		3,544,605
MetLife, Inc.	194,500		9,100,655
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
RenaissanceRe Holdings Ltd.	27,200		$ 1,911,616
XL Group PLC Class A	158,712		3,875,747
			26,510,196
Thrifts & Mortgage Finance - 0.3%
Radian Group, Inc.	235,679		1,397,576
TOTAL FINANCIALS			118,946,109
HEALTH CARE - 15.5%
Biotechnology - 1.3%
Gilead Sciences, Inc. (a)	166,100		6,451,324
Health Care Equipment & Supplies - 1.1%
Boston Scientific Corp. (a)	232,500		1,741,425
CareFusion Corp. (a)	127,300		3,738,801
			5,480,226
Health Care Providers & Services - 1.0%
Omnicare, Inc.	153,179		4,812,884
Pharmaceuticals - 12.1%
Eli Lilly & Co.	310,527		11,492,604
Johnson & Johnson	156,881		10,310,219
Merck & Co., Inc.	369,715		13,291,254
Pfizer, Inc.	1,134,884		23,787,169
Teva Pharmaceutical Industries Ltd. sponsored ADR	24,300		1,111,239
			59,992,485
TOTAL HEALTH CARE			76,736,919
INDUSTRIALS - 8.1%
Aerospace & Defense - 1.5%
Textron, Inc.	107,131		2,796,119
United Technologies Corp.	51,200		4,586,496
			7,382,615
Building Products - 0.5%
Armstrong World Industries, Inc.	53,500		2,394,125
Construction & Engineering - 0.8%
Jacobs Engineering Group, Inc. (a)	83,950		4,164,760
Electrical Equipment - 1.0%
Alstom SA	71,734		4,770,202
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - 3.5%
General Electric Co.	850,741		$ 17,397,653
Machinery - 0.8%
Navistar International Corp. (a)	58,200		4,046,064
TOTAL INDUSTRIALS			40,155,419
INFORMATION TECHNOLOGY - 11.3%
Communications Equipment - 4.8%
Alcatel-Lucent SA sponsored ADR (a)(d)	2,297,262		15,024,093
Comverse Technology, Inc. (a)	1,144,450		8,720,709
			23,744,802
Computers & Peripherals - 3.0%
Hewlett-Packard Co.	97,426		3,933,088
Seagate Technology	614,794		10,832,670
			14,765,758
Electronic Equipment & Components - 0.5%
Corning, Inc.	122,929		2,574,133
Office Electronics - 1.2%
Xerox Corp.	565,600		5,706,904
Semiconductors & Semiconductor Equipment - 0.1%
Advanced Micro Devices, Inc. (a)	78,670		715,897
Software - 1.7%
Microsoft Corp.	313,428		8,155,397
TOTAL INFORMATION TECHNOLOGY			55,662,891
MATERIALS - 3.4%
Chemicals - 2.4%
Clariant AG (Reg.) (a)	488,917		10,143,975
Dow Chemical Co.	41,722		1,710,185
			11,854,160
Metals & Mining - 1.0%
Goldcorp, Inc.	89,900		5,025,696
TOTAL MATERIALS			16,879,856
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - 4.3%
Diversified Telecommunication Services - 0.6%
AT&T, Inc.	33,190		$ 1,032,873
Verizon Communications, Inc.	45,230		1,708,789
			2,741,662
Wireless Telecommunication Services - 3.7%
Sprint Nextel Corp. (a)	2,722,597		14,103,052
Vodafone Group PLC sponsored ADR	144,404		4,205,044
			18,308,096
TOTAL TELECOMMUNICATION SERVICES			21,049,758
UTILITIES - 1.7%
Electric Utilities - 1.7%
NextEra Energy, Inc.	84,775		4,795,722
PPL Corp.	126,161		3,460,596
			8,256,318
TOTAL COMMON STOCKS (Cost $461,780,199)		487,701,174
Money Market Funds - 9.5%

Fidelity Cash Central Fund, 0.13% (b)	6,459,368		6,459,368
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	40,268,292		40,268,292
TOTAL MONEY MARKET FUNDS (Cost $46,727,660)		46,727,660
TOTAL INVESTMENT PORTFOLIO - 108.3% (Cost $508,507,859)			534,428,834
NET OTHER ASSETS (LIABILITIES) - (8.3)%			(40,816,122)
NET ASSETS - 100%		$ 493,612,712

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	$ 8,826
Fidelity Securities Lending Cash Central Fund	173,071
Total	$ 181,897

Other Information

The following is a summary of the inputs used, as of April 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 43,912,435	$ 42,444,051	$ 1,468,384	$ -
Consumer Staples	46,499,130	46,499,130	-	-
Energy	59,602,339	59,602,339	-	-
Financials	118,946,109	110,482,791	8,463,318	-
Health Care	76,736,919	76,736,919	-	-
Industrials	40,155,419	40,155,419	-	-
Information Technology	55,662,891	55,662,891	-	-
Materials	16,879,856	16,879,856	-	-
Telecommunication Services	21,049,758	21,049,758	-	-
Utilities	8,256,318	8,256,318	-	-
Money Market Funds	46,727,660	46,727,660	-	-
Total Investments in Securities:	$ 534,428,834	$ 524,497,132	$ 9,931,702	$ -

Income Tax Information

At April 30, 2011, the cost of investment securities for income tax purposes was $516,075,668. Net unrealized appreciation aggregated $18,353,166, of which $45,362,302 related to appreciated investment securities and $27,009,136 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Dividend Growth Fund -
Dividend Growth
Class K

April 30, 2011

1.800335.107

DGF-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.4%
Auto Components - 0.4%
Minth Group Ltd.	4,824,000		$ 7,416
Modine Manufacturing Co. (a)	650,945		11,593
SAF-Holland SA (a)	90,000		1,089
Tenneco, Inc. (a)	286,107		13,221
TRW Automotive Holdings Corp. (a)	146,787		8,376
			41,695
Automobiles - 0.5%
Bayerische Motoren Werke AG (BMW)	161,188		15,201
General Motors Co.	73,500		2,359
Harley-Davidson, Inc.	284,662		10,607
Mazda Motor Corp.	3,026,000		6,948
Winnebago Industries, Inc. (a)(d)(e)	1,829,836		22,653
			57,768
Distributors - 0.1%
Silver Base Group Holdings Ltd.	11,002,000		9,052
Diversified Consumer Services - 0.7%
Coinstar, Inc. (a)(d)	231,497		12,496
DeVry, Inc.	219,722		11,623
Grand Canyon Education, Inc. (a)	555,923		8,039
ITT Educational Services, Inc. (a)	98,129		7,039
Service Corp. International	1,072,000		12,617
Stewart Enterprises, Inc. Class A	2,119,793		17,192
Weight Watchers International, Inc.	77,700		6,041
			75,047
Hotels, Restaurants & Leisure - 1.9%
Accor SA	327,561		14,556
Ajisen (China) Holdings Ltd.	2,044,000		4,079
Bravo Brio Restaurant Group, Inc.	581,449		12,001
Brinker International, Inc.	893,506		21,525
Club Mediterranee SA (a)	548,247		12,778
Cracker Barrel Old Country Store, Inc.	49,000		2,510
Denny's Corp. (a)	1,230,603		5,033
DineEquity, Inc. (a)(d)	467,465		23,359
McDonald's Corp.	264,728		20,731
NH Hoteles SA (a)	2,058,973		17,368
O'Charleys, Inc. (a)(e)	1,496,225		9,785
Sol Melia SA (d)	861,267		11,226
Spur Corp. Ltd.	1,999,675		4,110
Starbucks Corp.	183,930		6,656
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Hotels, Restaurants & Leisure - continued
WMS Industries, Inc. (a)	999,242		$ 32,775
Wyndham Worldwide Corp.	418,609		14,488
			212,980
Household Durables - 0.6%
Dorel Industries, Inc. Class B (sub. vtg.)	183,900		6,115
Garmin Ltd. (d)	343,400		11,755
Lennar Corp. Class A	70,000		1,329
Newell Rubbermaid, Inc.	605,922		11,549
Stanley Black & Decker, Inc.	287,339		20,875
Techtronic Industries Co. Ltd.	8,747,000		11,939
Tempur-Pedic International, Inc. (a)	92,639		5,816
			69,378
Leisure Equipment & Products - 0.1%
Giant Manufacturing Co. Ltd.	490,000		1,956
Hasbro, Inc.	261,601		12,253
			14,209
Media - 2.5%
CBS Corp. Class B	163,500		4,123
CC Media Holdings, Inc. Class A (a)	1,200,000		9,180
Cinemark Holdings, Inc.	351,388		7,144
Comcast Corp.:
Class A	51,870		1,361
Class A (special) (non-vtg.)	2,579,415		63,325
Dentsu, Inc.	185,000		4,919
DreamWorks Animation SKG, Inc. Class A (a)	384,133		10,176
Havas SA (d)	1,640,751		9,357
MDC Partners, Inc. Class A (sub. vtg.)	1,398,539		23,258
Mood Media Corp. (a)	1,083,500		3,733
Mood Media Corp. (a)(g)	2,002,900		6,211
News Corp. Class A	654,181		11,658
Proto Corp.	12,300		460
Saraiva SA Livreiros Editores	163,500		4,063
The Walt Disney Co.	1,246,025		53,704
Time Warner Cable, Inc.	266,656		20,834
Time Warner, Inc.	1,009,976		38,238
			271,744
Multiline Retail - 0.7%
Macy's, Inc.	179,900		4,301
Maoye International Holdings Ltd.	9,689,000		4,903
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Multiline Retail - continued
Marisa Lojas SA	208,500		$ 3,949
PPR SA	76,800		13,736
Target Corp.	1,043,421		51,232
			78,121
Specialty Retail - 2.4%
Advance Auto Parts, Inc.	466,900		30,563
Asbury Automotive Group, Inc. (a)	479,969		8,303
AutoZone, Inc. (a)	7,352		2,076
Best Buy Co., Inc.	364,842		11,390
Big 5 Sporting Goods Corp.	455,600		5,444
Carphone Warehouse Group PLC (a)	1,419,949		9,434
Casual Male Retail Group, Inc. (a)	1,975,699		8,337
China ZhengTong Auto Services Holdings Ltd.	204,500		231
DSW, Inc. Class A (a)	114,479		5,435
Fast Retailing Co. Ltd.	29,400		4,635
Foot Locker, Inc.	712,327		15,329
Foschini Ltd.	1,061,804		14,645
Guess?, Inc.	159,409		6,853
Hengdeli Holdings Ltd.	29,404,000		17,605
Home Depot, Inc.	338,968		12,589
I.T Ltd.	3,688,000		2,968
Lowe's Companies, Inc.	2,042,012		53,603
Lumber Liquidators Holdings, Inc. (a)(d)	265,919		6,901
MarineMax, Inc. (a)	711,336		6,800
OfficeMax, Inc. (a)	1,123,922		11,194
SuperGroup PLC (a)	245,326		6,499
Urban Outfitters, Inc. (a)	544,268		17,123
			257,957
Textiles, Apparel & Luxury Goods - 0.5%
Bosideng International Holdings Ltd.	21,544,000		6,824
Christian Dior SA	9,004		1,445
G-III Apparel Group Ltd. (a)	384,929		17,268
Maidenform Brands, Inc. (a)	81,722		2,587
Peak Sport Products Co. Ltd.	6,664,000		5,080
Phillips-Van Heusen Corp.	296,663		20,888
			54,092
TOTAL CONSUMER DISCRETIONARY			1,142,043
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - 8.8%
Beverages - 2.1%
Anheuser-Busch InBev SA NV (d)	302,047		$ 19,277
Britvic PLC	1,431,764		9,794
Carlsberg A/S Series B	136,900		16,260
Dr Pepper Snapple Group, Inc.	441,360		17,301
Grupo Modelo SAB de CV Series C	1,800,600		11,260
PepsiCo, Inc.	282,085		19,433
Radico Khaitan Ltd.	102,163		332
The Coca-Cola Co.	2,068,541		139,544
			233,201
Food & Staples Retailing - 1.9%
Casey's General Stores, Inc.	204,401		7,978
CVS Caremark Corp.	1,349,647		48,911
Droga Raia SA	345,600		5,316
Drogasil SA	707,700		5,083
Eurocash SA	68,400		837
Kroger Co.	1,027,591		24,981
Susser Holdings Corp. (a)	830,800		11,457
Sysco Corp.	24,500		708
Wal-Mart Stores, Inc.	1,004,563		55,231
Walgreen Co.	1,004,818		42,926
Winn-Dixie Stores, Inc. (a)	409,235		2,901
			206,329
Food Products - 2.0%
Archer Daniels Midland Co.	850,200		31,474
Calavo Growers, Inc.	581,770		12,217
Chiquita Brands International, Inc. (a)	452,692		7,207
Danone	171,700		12,577
Diamond Foods, Inc. (d)	335,030		21,978
Flowers Foods, Inc. (d)	306,612		9,370
Global Dairy Holdings Ltd.	11,484,000		4,968
Green Mountain Coffee Roasters, Inc. (a)	294,400		19,713
Kraft Foods, Inc. Class A	1,321,541		44,377
Marine Harvest ASA	748,603		989
Nestle SA	497,616		30,887
Sara Lee Corp.	673,096		12,923
Seneca Foods Corp. Class A (a)	16,342		457
Shenguan Holdings Group Ltd.	1,876,000		2,493
Smithfield Foods, Inc. (a)	9,509		224
The J.M. Smucker Co.	110,347		8,284
			220,138
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Household Products - 1.2%
Procter & Gamble Co.	1,540,504		$ 99,979
Reckitt Benckiser Group PLC	65,400		3,631
Spectrum Brands Holdings, Inc. (a)	122,613		3,985
Uni-Charm Corp.	314,800		12,468
Youyuan International Holdings Ltd.	8,394,000		4,864
			124,927
Personal Products - 0.5%
Avon Products, Inc.	692,228		20,338
BaWang International (Group) Holding Ltd. (d)	19,470,000		5,440
Estee Lauder Companies, Inc. Class A	125,035		12,128
Hengan International Group Co. Ltd.	907,000		7,077
USANA Health Sciences, Inc. (a)	340,334		12,694
			57,677
Tobacco - 1.1%
British American Tobacco PLC (United Kingdom)	122,600		5,357
Imperial Tobacco Group PLC	369,268		12,997
Japan Tobacco, Inc.	122		474
Philip Morris International, Inc.	1,508,619		104,759
			123,587
TOTAL CONSUMER STAPLES			965,859
ENERGY - 13.7%
Energy Equipment & Services - 4.2%
Aker Drilling ASA (a)	1,227,500		4,211
Aker Solutions ASA	1,413,171		34,101
Baker Hughes, Inc.	454,110		35,153
Cal Dive International, Inc. (a)	878,492		6,905
Cathedral Energy Services Ltd.	980,700		9,640
Halliburton Co.	1,161,975		58,656
Hornbeck Offshore Services, Inc. (a)	28,600		836
ION Geophysical Corp. (a)	1,969,678		24,897
National Oilwell Varco, Inc.	1,056,270		81,005
Noble Corp.	355,108		15,273
Oceaneering International, Inc. (a)	53,500		4,677
Oil States International, Inc. (a)	8,200		681
Saipem SpA	279,990		15,896
Schlumberger Ltd.	950,054		85,267
Superior Energy Services, Inc. (a)	122,634		4,712
Transocean Ltd. (United States) (a)	329,526		23,973
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Trinidad Drilling Ltd.	208,400		$ 2,388
Unit Corp. (a)	194,078		12,231
Vantage Drilling Co. (a)	5,557,916		9,893
Weatherford International Ltd. (a)	1,347,761		29,085
			459,480
Oil, Gas & Consumable Fuels - 9.5%
Americas Petrogas, Inc. (a)	1,881,400		4,534
Americas Petrogas, Inc. (a)(f)	2,250,000		5,422
Anadarko Petroleum Corp.	343,835		27,142
Apache Corp.	335,028		44,683
Berry Petroleum Co. Class A	377,753		20,070
BP PLC sponsored ADR	661,259		30,510
BPZ Energy, Inc. (a)(d)	755,932		3,598
C&C Energia Ltd.	613,800		8,693
Chesapeake Energy Corp.	969,027		32,627
Chevron Corp.	695,721		76,140
Concho Resources, Inc. (g)	203,320		21,725
Crestwood Midstream Partners LP	72,700		2,177
Crown Point Ventures Ltd. (a)	654,400		1,404
Crown Point Ventures Ltd. (a)(f)	1,487,700		3,192
CVR Energy, Inc. (a)	1,418,412		31,531
Denbury Resources, Inc. (a)	813,434		18,359
Double Eagle Petroleum Co. (a)(d)(e)	699,403		7,120
EOG Resources, Inc.	230,845		26,065
EV Energy Partners LP	111,590		6,572
Exxon Mobil Corp.	1,056,247		92,950
Gran Tierra Energy, Inc. (a)	674,500		5,019
Gulfport Energy Corp. (a)	349,757		11,906
Heritage Oil PLC	653,800		2,737
Holly Corp.	574,428		33,259
HRT Participacoes em Petroleo SA (a)	100		102
HRT Participacoes em Petroleo SA rights 5/20/11 (a)	28		0
InterOil Corp. (a)(d)	252,419		16,054
Kodiak Oil & Gas Corp. (a)(d)	1,915,407		13,446
Madalena Ventures, Inc. (a)	2,780,000		2,116
Marathon Oil Corp.	675,356		36,496
Massey Energy Co.	317,717		21,681
Niko Resources Ltd.	129,900		10,977
Noble Energy, Inc.	227,924		21,942
Northern Oil & Gas, Inc. (a)(d)	2,075,371		49,311
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
OAO Gazprom sponsored ADR	989,400		$ 16,879
Occidental Petroleum Corp.	481,922		55,079
OGX Petroleo e Gas Participacoes SA (a)	20,400		219
Painted Pony Petroleum Ltd. (a)(f)	116,500		1,226
Painted Pony Petroleum Ltd. Class A (a)	61,300		645
Paladin Energy Ltd. (Australia) (a)	3,201,376		11,584
Pan Orient Energy Corp. (a)	938,500		6,051
PetroBakken Energy Ltd. Class A (d)	281,726		5,348
Petrofrontier Corp.	224,900		875
Petrohawk Energy Corp. (a)	1,071,149		28,932
Petroleum Development Corp. (a)	208,509		8,303
Progress Energy Resources Corp.	368,900		5,046
Progress Energy Resources Corp. (f)	290,300		3,970
Resolute Energy Corp. (a)(d)	880,874		15,583
Rodinia Oil Corp.	531,300		1,000
Southwestern Energy Co. (a)	248,003		10,877
Suncor Energy, Inc.	283,700		13,077
TAG Oil Ltd. (a)	899,300		5,532
Talisman Energy, Inc.	627,900		15,165
Targa Resources Corp.	148,200		5,190
Tesoro Corp. (a)	932,116		25,279
Tesoro Logistics LP	43,300		1,027
Tourmaline Oil Corp. (a)	92,700		2,647
Tourmaline Oil Corp. (a)(f)	192,600		5,501
Valero Energy Corp.	1,163,516		32,928
Voyager Oil & Gas, Inc.	2,396,776		10,210
Voyager Oil & Gas, Inc. warrants 2/4/16	1,198,388		1,758
Western Refining, Inc. (a)(d)	400,405		6,791
Whiting Petroleum Corp. (a)	387,582		26,937
Williams Companies, Inc.	910,930		30,216
			1,043,435
TOTAL ENERGY			1,502,915
FINANCIALS - 14.1%
Capital Markets - 2.2%
American Capital Ltd. (a)	529,425		5,437
Artio Global Investors, Inc. Class A	81,762		1,343
Ashmore Group PLC	1,186,300		7,393
Bank of New York Mellon Corp.	856,352		24,800
Bank Sarasin & Co. Ltd. Series B (Reg.)	19,847		872
BlackRock, Inc. Class A	82,478		16,161
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
FXCM, Inc. Class A (d)	327,100		$ 4,354
Goldman Sachs Group, Inc.	393,400		59,407
GP Investments Ltd. (depositary receipt) (a)	1,585,744		6,632
ICAP PLC	927,600		8,034
Internet Capital Group, Inc. (a)	449,436		6,243
Invesco Ltd.	648,687		16,133
Medley Capital Corp.	234,600		2,745
Morgan Stanley	2,004,924		52,429
State Street Corp.	506,341		23,570
TD Ameritrade Holding Corp.	408,811		8,806
			244,359
Commercial Banks - 3.2%
Associated Banc-Corp.	1,195,843		17,459
Banco Pine SA	776,100		6,704
CapitalSource, Inc.	5,593,045		37,362
CIT Group, Inc. (a)	38,876		1,651
Comerica, Inc.	196,202		7,442
Commercial Bank of Qatar GDR (Reg. S)	1,024,737		4,120
Credicorp Ltd. (NY Shares)	4,100		396
Guaranty Trust Bank PLC GDR (Reg. S)	613,034		3,862
Huntington Bancshares, Inc.	2,555,611		17,353
Intesa Sanpaolo SpA	1,267,405		4,209
Itau Unibanco Banco Multiplo SA ADR (a)(f)	253,800		6,028
KeyCorp	651,300		5,647
Lloyds Banking Group PLC (a)	6,395,900		6,350
Regions Financial Corp.	2,968,759		21,791
SunTrust Banks, Inc.	466,716		13,157
Susquehanna Bancshares, Inc.	860,825		7,937
SVB Financial Group (a)	422,500		25,536
Wells Fargo & Co.	5,628,041		163,832
Wilmington Trust Corp., Delaware	367,758		1,659
Zions Bancorporation	89,873		2,197
			354,692
Consumer Finance - 0.8%
American Express Co.	769,561		37,770
Capital One Financial Corp.	205,592		11,252
Discover Financial Services	875,027		21,736
Imperial Holdings, Inc. (a)	412,500		4,100
SLM Corp.	722,922		11,993
			86,851
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - 3.7%
Citigroup, Inc. (a)	35,278,246		$ 161,927
CME Group, Inc.	57,527		17,015
Deutsche Boerse AG	128,642		10,690
Infrastructure Development Finance Co. Ltd.	2,309,980		7,584
JPMorgan Chase & Co.	3,759,919		171,565
PICO Holdings, Inc. (a)(e)	1,219,564		39,172
			407,953
Insurance - 1.9%
ACE Ltd.	28,600		1,923
AEGON NV (a)	1,979,927		15,738
AFLAC, Inc.	522,198		29,342
American Equity Investment Life Holding Co.	474,300		6,099
Assured Guaranty Ltd.	2,289,114		38,915
Berkshire Hathaway, Inc. Class B (a)	186,399		15,527
Delphi Financial Group, Inc. Class A	246,035		7,861
Genworth Financial, Inc. Class A (a)	3,075,402		37,489
Lincoln National Corp.	491,950		15,364
MetLife, Inc.	574,500		26,881
Prudential Financial, Inc.	187,900		11,917
XL Group PLC Class A	118,572		2,896
			209,952
Real Estate Investment Trusts - 1.7%
Beni Stabili SpA SIIQ	4,716,900		5,338
Boston Properties, Inc.	120,591		12,605
Campus Crest Communities, Inc.	340,903		4,029
CBL & Associates Properties, Inc.	1,572,040		29,193
Douglas Emmett, Inc.	81,812		1,703
Education Realty Trust, Inc.	826,300		7,032
Franklin Street Properties Corp.	606,400		8,574
HCP, Inc.	125,400		4,968
ProLogis Trust	1,635,300		26,639
Public Storage	124,919		14,654
SL Green Realty Corp.	281,900		23,265
Ventas, Inc.	110,900		6,203
Weyerhaeuser Co.	1,625,676		37,407
			181,610
Real Estate Management & Development - 0.6%
CB Richard Ellis Group, Inc. Class A (a)	1,544,926		41,265
Iguatemi Empresa de Shopping Centers SA	432,100		11,123
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Management & Development - continued
Kenedix, Inc. (a)	42,790		$ 7,817
The St. Joe Co. (a)	40,900		1,068
			61,273
Thrifts & Mortgage Finance - 0.0%
Hudson City Bancorp, Inc.	61,300		584
TOTAL FINANCIALS			1,547,274
HEALTH CARE - 10.5%
Biotechnology - 2.9%
Acorda Therapeutics, Inc. (a)	254,700		7,142
Alexion Pharmaceuticals, Inc. (a)	126,500		12,257
Amgen, Inc. (a)	836,859		47,575
Amylin Pharmaceuticals, Inc. (a)	598,370		7,958
Ardea Biosciences, Inc. (a)	753,132		21,351
ARIAD Pharmaceuticals, Inc. (a)	2,189,679		18,722
ArQule, Inc. (a)	429,200		3,030
AVEO Pharmaceuticals, Inc. (a)	773,000		12,028
AVEO Pharmaceuticals, Inc. (a)(g)	290,609		4,522
Biogen Idec, Inc. (a)	303,322		29,528
Dynavax Technologies Corp. (a)	2,621,070		7,287
Gilead Sciences, Inc. (a)	288,125		11,191
Human Genome Sciences, Inc. (a)	370,500		10,919
ImmunoGen, Inc. (a)	376,900		5,035
InterMune, Inc. (a)	200,311		8,942
Micromet, Inc. (a)	1,097,200		7,417
NPS Pharmaceuticals, Inc. (a)	553,635		5,741
PDL BioPharma, Inc.	1,012,800		6,502
SIGA Technologies, Inc. (a)(d)	1,484,674		20,385
Theravance, Inc. (a)	1,321,161		36,662
Thrombogenics NV (a)(d)	402,397		12,523
United Therapeutics Corp. (a)	225,400		15,093
ZIOPHARM Oncology, Inc. (a)	1,318,852		9,971
			321,781
Health Care Equipment & Supplies - 1.8%
Baxter International, Inc.	564,170		32,101
Boston Scientific Corp. (a)	1,809,200		13,551
C. R. Bard, Inc.	253,674		27,080
Covidien PLC	567,527		31,606
GN Store Nordic AS	842,174		8,355
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Kinetic Concepts, Inc. (a)	353,927		$ 20,892
Mani, Inc.	4,600		161
Orthofix International NV (a)	432,888		14,748
Orthovita, Inc. (a)	1,626,500		3,920
Sirona Dental Systems, Inc. (a)	171,700		9,799
Symmetry Medical, Inc. (a)	910,951		9,064
William Demant Holding A/S (a)	115,354		10,754
Zimmer Holdings, Inc. (a)	187,942		12,263
			194,294
Health Care Providers & Services - 2.6%
AmerisourceBergen Corp.	130,878		5,319
Brookdale Senior Living, Inc. (a)	1,388,400		37,820
Catalyst Health Solutions, Inc. (a)	323,190		19,249
CIGNA Corp.	900,755		42,182
Community Health Systems, Inc. (a)	204,400		6,281
DaVita, Inc. (a)	165,898		14,614
Diagnosticos da America SA	1,205,000		16,122
Emeritus Corp. (a)	433,433		10,623
Express Scripts, Inc. (a)	820,200		46,538
Fresenius Medical Care AG & Co. KGaA	227,623		17,889
McKesson Corp.	338,092		28,065
Medco Health Solutions, Inc. (a)	568,108		33,706
Sun Healthcare Group, Inc. (a)	789,262		9,305
Sunrise Senior Living, Inc. (a)	97,528		1,012
			288,725
Health Care Technology - 0.1%
Allscripts-Misys Healthcare Solutions, Inc. (a)	417,178		8,986
Life Sciences Tools & Services - 0.8%
Agilent Technologies, Inc. (a)	1,077,975		53,802
Lonza Group AG	105,252		9,039
QIAGEN NV (a)	163,100		3,485
Thermo Fisher Scientific, Inc. (a)	352,390		21,140
			87,466
Pharmaceuticals - 2.3%
Auxilium Pharmaceuticals, Inc. (a)(d)	237,000		5,773
Cadence Pharmaceuticals, Inc. (a)(d)	2,618,495		22,205
Cardiome Pharma Corp. (a)	719,200		3,915
Columbia Laboratories, Inc. (a)	797,400		2,783
GlaxoSmithKline PLC	1,163,300		25,413
GlaxoSmithKline PLC sponsored ADR	524,029		22,879
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Merck & Co., Inc.	2,580,424		$ 92,766
Novo Nordisk A/S Series B	200,837		25,426
Teva Pharmaceutical Industries Ltd. sponsored ADR	387,119		17,703
Valeant Pharmaceuticals International, Inc. (Canada)	489,400		25,812
Watson Pharmaceuticals, Inc. (a)	179,792		11,151
			255,826
TOTAL HEALTH CARE			1,157,078
INDUSTRIALS - 14.4%
Aerospace & Defense - 3.0%
Bombardier, Inc. Class B (sub. vtg.)	3,290,800		24,522
DigitalGlobe, Inc. (a)	348,521		10,107
Esterline Technologies Corp. (a)	157,621		11,317
GeoEye, Inc. (a)	581,150		21,555
Goodrich Corp.	246,154		21,753
Honeywell International, Inc.	593,730		36,354
Meggitt PLC	4,061,741		24,357
Precision Castparts Corp.	245,771		37,977
Raytheon Co.	493,126		23,941
Safran SA (d)	155,300		6,027
Textron, Inc.	1,550,078		40,457
United Technologies Corp.	852,696		76,385
			334,752
Airlines - 0.1%
Copa Holdings SA Class A	118,497		6,891
Southwest Airlines Co.	148,664		1,747
			8,638
Building Products - 0.6%
Armstrong World Industries, Inc.	231,540		10,361
Masco Corp.	1,611,882		21,631
Owens Corning (a)	603,907		22,852
Quanex Building Products Corp.	285,987		5,994
			60,838
Commercial Services & Supplies - 0.8%
KAR Auction Services, Inc. (a)	59,835		1,167
Knoll, Inc.	709,799		13,933
Pitney Bowes, Inc.	218,912		5,376
Quad/Graphics, Inc. (a)	22,468		900
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - continued
R.R. Donnelley & Sons Co.	186,251		$ 3,513
Republic Services, Inc.	510,865		16,154
Schawk, Inc. Class A	179,918		3,393
Steelcase, Inc. Class A	1,496,147		17,280
Swisher Hygiene, Inc. (a)(g)	903,330		7,130
Swisher Hygiene, Inc. (a)(g)	1,177,734		9,296
The Geo Group, Inc. (a)	446,948		11,925
			90,067
Construction & Engineering - 1.5%
Chiyoda Corp.	1,738,000		17,299
Dycom Industries, Inc. (a)	573,133		8,517
Fluor Corp.	492,007		34,411
Foster Wheeler AG (a)	1,169,395		41,595
Great Lakes Dredge & Dock Corp.	622,073		4,634
Jacobs Engineering Group, Inc. (a)	122,616		6,083
MasTec, Inc. (a)	361,600		8,201
MYR Group, Inc. (a)	478,142		11,920
Shaw Group, Inc. (a)	797,231		31,012
SNC-Lavalin Group, Inc.	40,900		2,474
			166,146
Electrical Equipment - 1.4%
Alstom SA	372,483		24,770
AMETEK, Inc.	276,332		12,722
Cooper Industries PLC Class A	305,728		20,163
Emerson Electric Co.	235,985		14,338
Fushi Copperweld, Inc. (a)	490,354		3,947
GrafTech International Ltd. (a)	597,247		13,856
Prysmian SpA (d)	565,000		13,331
Regal-Beloit Corp.	214,474		16,255
Schneider Electric SA	95,607		16,894
Zumtobel AG	450,805		16,359
			152,635
Industrial Conglomerates - 1.8%
Carlisle Companies, Inc.	8,200		406
Cookson Group PLC	1,046,653		12,509
General Electric Co.	6,874,839		140,590
Koninklijke Philips Electronics NV	518,400		15,355
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - continued
Rheinmetall AG	228,900		$ 20,533
Siemens AG sponsored ADR	66,560		9,714
			199,107
Machinery - 2.3%
Actuant Corp. Class A	589,902		16,376
Altra Holdings, Inc. (a)	16,300		414
Caterpillar, Inc.	107,533		12,410
Charter International PLC	388,500		5,328
Commercial Vehicle Group, Inc. (a)	207,125		3,575
Cummins, Inc.	220,828		26,539
Danaher Corp.	36,764		2,031
Dover Corp.	177,471		12,075
Fiat Industrial SpA (a)	1,267,300		18,828
Hardinge, Inc.	149,385		1,935
Ingersoll-Rand Co. Ltd.	611,224		30,867
Jain Irrigation Systems Ltd.	204,305		844
Manitowoc Co., Inc.	257,540		5,715
Navistar International Corp. (a)	904,300		62,867
NORMA Group AG	10,500		316
NSK Ltd.	680,000		6,034
Pall Corp.	271,128		15,845
Schindler Holding AG (participation certificate)	79,502		10,283
SmartHeat, Inc. (a)(d)	1,503,760		4,421
Timken Co.	157,947		8,907
Trinity Industries, Inc.	171,947		6,224
			251,834
Professional Services - 0.6%
CBIZ, Inc. (a)	715,013		5,241
FTI Consulting, Inc. (a)	302,394		12,066
IHS, Inc. Class A (a)	26,509		2,339
Kforce, Inc. (a)	164,005		2,567
Robert Half International, Inc.	497,800		15,098
SFN Group, Inc. (a)	261,506		2,754
SR Teleperformance SA	412,788		15,753
Towers Watson & Co.	278,036		15,948
			71,766
Road & Rail - 1.9%
Arkansas Best Corp.	265,197		6,102
Con-way, Inc.	423,386		16,478
CSX Corp.	823,500		64,801
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Road & Rail - continued
Norfolk Southern Corp.	294,649		$ 22,004
Saia, Inc. (a)(e)	865,075		14,360
Tegma Gestao Logistica	76,100		1,305
Union Pacific Corp.	717,700		74,260
Universal Truckload Services, Inc. (a)	514,446		8,149
			207,459
Trading Companies & Distributors - 0.4%
Barloworld Ltd.	584,400		6,628
DXP Enterprises, Inc. (a)	175,800		4,615
Finning International, Inc.	186,000		5,456
Kaman Corp.	352,687		13,120
Mills Estruturas e Servicos de Engenharia SA	147,000		2,009
Rush Enterprises, Inc. Class A (a)	466,027		9,819
			41,647
TOTAL INDUSTRIALS			1,584,889
INFORMATION TECHNOLOGY - 16.5%
Communications Equipment - 1.9%
Alcatel-Lucent SA sponsored ADR (a)	980,670		6,414
Calix Networks, Inc. (a)	1,225,615		26,792
Cisco Systems, Inc.	4,409,657		77,434
Comverse Technology, Inc. (a)	2,424,200		18,472
Juniper Networks, Inc. (a)	1,115,397		42,753
QUALCOMM, Inc.	515,835		29,320
Tekelec (a)	204,300		1,706
ViaSat, Inc. (a)	85,172		3,400
			206,291
Computers & Peripherals - 3.4%
Apple, Inc. (a)	824,476		287,114
Hewlett-Packard Co.	2,226,753		89,894
			377,008
Electronic Equipment & Components - 1.3%
Arrow Electronics, Inc. (a)	134,953		6,153
Avnet, Inc. (a)	960,688		34,892
Corning, Inc.	1,568,497		32,844
Funtalk China Holdings Ltd. (a)	2,067,961		13,235
HLS Systems International Ltd. (a)	486,535		5,843
Itron, Inc. (a)	44,985		2,449
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Keyence Corp.	52,300		$ 13,819
Molex, Inc. (d)	629,880		17,007
TE Connectivity Ltd.	582,256		20,874
			147,116
Internet Software & Services - 1.0%
DealerTrack Holdings, Inc. (a)	224,800		5,049
eAccess Ltd. (d)	20,253		9,562
eBay, Inc. (a)	1,078,226		37,091
Facebook, Inc. Class B (a)(g)	418,635		10,466
Google, Inc. Class A (a)	37,649		20,485
Yahoo!, Inc. (a)	1,250,929		22,204
			104,857
IT Services - 1.6%
Acxiom Corp. (a)	864,628		12,589
Alliance Data Systems Corp. (a)(d)	264,094		25,089
Atos Origin SA (a)	205,101		12,639
Fidelity National Information Services, Inc.	642,635		21,271
Fiserv, Inc. (a)	147,181		9,024
Heartland Payment Systems, Inc.	643,700		12,848
MasterCard, Inc. Class A	83,316		22,986
Unisys Corp. (a)	506,985		15,047
Virtusa Corp. (a)	221,384		4,131
Visa, Inc. Class A	468,300		36,584
			172,208
Office Electronics - 0.3%
Xerox Corp.	3,241,081		32,703
Semiconductors & Semiconductor Equipment - 4.4%
Advanced Micro Devices, Inc. (a)(d)	516,826		4,703
Analog Devices, Inc.	555,800		22,404
Applied Materials, Inc.	1,416,447		22,224
ASML Holding NV	628,949		26,265
Atmel Corp. (a)	299,270		4,579
Avago Technologies Ltd.	955,582		31,974
Cymer, Inc. (a)	748,289		36,000
Entropic Communications, Inc. (a)(d)	486,484		4,262
Fairchild Semiconductor International, Inc. (a)	1,488,363		31,211
Himax Technologies, Inc. sponsored ADR	2,128,823		5,386
Intersil Corp. Class A	920,495		13,596
Kulicke & Soffa Industries, Inc. (a)	644,015		5,835
Lam Research Corp. (a)	864,236		41,751
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
LTX-Credence Corp. (a)(e)	3,354,337		$ 29,082
Marvell Technology Group Ltd. (a)	2,535,125		39,117
Maxim Integrated Products, Inc.	789,957		21,597
Microchip Technology, Inc. (d)	174,779		7,173
Micron Technology, Inc. (a)	3,541,222		39,980
NVIDIA Corp. (a)	649,696		12,994
NXP Semiconductors NV	506,881		16,930
ON Semiconductor Corp. (a)	3,189,702		33,524
RF Micro Devices, Inc. (a)	367,906		2,450
Spansion, Inc. Class A (a)	142,996		2,817
Standard Microsystems Corp. (a)	40,900		1,110
TriQuint Semiconductor, Inc. (a)	815,957		11,236
Varian Semiconductor Equipment Associates, Inc. (a)	322,534		13,524
			481,724
Software - 2.6%
Aspen Technology, Inc. (a)	790,000		11,842
Autodesk, Inc. (a)	143,039		6,434
BMC Software, Inc. (a)	531,270		26,686
CA, Inc.	828,717		20,378
Check Point Software Technologies Ltd. (a)	265,718		14,596
Citrix Systems, Inc. (a)	221,040		18,643
DemandTec, Inc. (a)	831,862		9,209
Informatica Corp. (a)	515,836		28,892
JDA Software Group, Inc. (a)	390,123		12,784
Micro Focus International PLC	2,382,919		14,787
Oracle Corp.	3,024,779		109,043
Parametric Technology Corp. (a)	134,975		3,276
Sourcefire, Inc. (a)	237,100		6,312
TIBCO Software, Inc. (a)	151,198		4,534
			287,416
TOTAL INFORMATION TECHNOLOGY			1,809,323
MATERIALS - 6.2%
Chemicals - 2.7%
Air Products & Chemicals, Inc.	188,066		17,964
Airgas, Inc.	65,444		4,545
Ashland, Inc.	204,360		12,687
Celanese Corp. Class A	383,840		19,161
Clariant AG (Reg.) (a)	1,379,180		28,615
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
CVR Partners LP	385,700		$ 7,382
Dow Chemical Co.	1,091,200		44,728
Ecolab, Inc.	147,119		7,762
Huabao International Holdings Ltd.	8,481,461		12,581
Israel Chemicals Ltd.	347,300		6,104
Kraton Performance Polymers, Inc. (a)	276,900		12,782
Lanxess AG	69,451		6,371
LyondellBasell Industries NV Class A	342,300		15,232
PolyOne Corp.	603,304		8,736
Spartech Corp. (a)(e)	1,622,853		11,587
Valspar Corp.	55,549		2,184
W.R. Grace & Co. (a)	1,353,025		61,373
Yara International ASA	345,300		20,226
			300,020
Construction Materials - 0.2%
HeidelbergCement AG (d)	270,544		20,690
Containers & Packaging - 0.3%
Ball Corp.	134,916		5,034
FP Corp.	40,900		2,360
Rock-Tenn Co. Class A (d)	371,870		25,685
			33,079
Metals & Mining - 3.0%
Anglo American PLC (United Kingdom)	225,500		11,754
Argonaut Gold, Inc. (a)	400,774		2,287
Centamin Egypt Ltd. (Canada) (a)	694,600		1,512
Commercial Metals Co.	1,062,750		17,812
Eldorado Gold Corp.	1,021,878		19,020
First Quantum Minerals Ltd.	12,300		1,753
Freeport-McMoRan Copper & Gold, Inc.	576,874		31,745
Goldcorp, Inc.	818,600		45,762
Grande Cache Coal Corp. (a)	738,500		6,299
Gulf Resources, Inc. (a)(d)(e)	779,537		2,440
Gulf Resources, Inc. (a)(e)(g)	1,894,460		5,930
Ivanhoe Mines Ltd. (a)	1,850,265		48,520
Kinross Gold Corp.	817,445		12,960
Mirabela Nickel Ltd. (a)	1,860,361		4,019
Newcrest Mining Ltd.	907,007		41,223
Pan American Silver Corp.	297,400		10,730
Randgold Resources Ltd. sponsored ADR	368,823		31,929
Reliance Steel & Aluminum Co.	81,850		4,634
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - continued
Ternium SA sponsored ADR	266,800		$ 8,970
United States Steel Corp.	336,119		16,036
			325,335
TOTAL MATERIALS			679,124
TELECOMMUNICATION SERVICES - 1.3%
Diversified Telecommunication Services - 0.5%
China Unicom (Hong Kong) Ltd.	6,326,000		12,938
Iliad Group SA	139,099		17,882
Koninklijke KPN NV	957,328		15,194
Telefonica SA sponsored ADR	184,560		4,976
			50,990
Wireless Telecommunication Services - 0.8%
NII Holdings, Inc. (a)	251,000		10,437
SOFTBANK CORP.	310,300		13,092
Sprint Nextel Corp. (a)	9,029,643		46,774
TIM Participacoes SA	1,921,600		8,818
TIM Participacoes SA rights 5/12/11 (a)	1,606		0
Turkcell Iletisim Hizmet AS	1,697,000		10,038
			89,159
TOTAL TELECOMMUNICATION SERVICES			140,149
UTILITIES - 2.5%
Electric Utilities - 0.9%
American Electric Power Co., Inc.	520,895		19,002
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) sponsored ADR (d)	502,200		9,411
E.ON AG (d)	174,030		5,949
Edison International	179,891		7,064
FirstEnergy Corp.	200,753		8,022
NextEra Energy, Inc.	380,956		21,551
NV Energy, Inc.	486,328		7,387
PPL Corp.	791,353		21,707
			100,093
Gas Utilities - 0.2%
Aygaz AS	101,860		757
China Gas Holdings Ltd.	9,942,000		3,892
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Gas Utilities - continued
Enn Energy Holdings Ltd.	3,084,000		$ 10,563
ONEOK, Inc.	44,971		3,145
			18,357
Independent Power Producers & Energy Traders - 0.7%
AES Corp. (a)	6,036,156		79,919
Multi-Utilities - 0.7%
Alliant Energy Corp.	97,705		3,863
CenterPoint Energy, Inc.	531,458		9,885
CMS Energy Corp.	602,490		11,929
National Grid PLC	1,228,400		12,604
PG&E Corp.	300,057		13,827
Public Service Enterprise Group, Inc.	423,114		13,612
Sempra Energy	207,722		11,445
			77,165
TOTAL UTILITIES			275,534
TOTAL COMMON STOCKS (Cost $8,597,682)		10,804,189
Preferred Stocks - 0.6%

Convertible Preferred Stocks - 0.5%
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
General Motors Co. 4.75%	401,100		19,979
FINANCIALS - 0.2%
Diversified Financial Services - 0.2%
Citigroup, Inc. 7.50%	157,200		20,442
UTILITIES - 0.1%
Electric Utilities - 0.1%
PPL Corp. 9.50%	187,100		10,605
TOTAL CONVERTIBLE PREFERRED STOCKS			51,026
Preferred Stocks - continued
	Shares		Value (000s)
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Volkswagen AG (d)	89,700		$ 17,671
TOTAL PREFERRED STOCKS (Cost $55,283)		68,697
Investment Companies - 0.2%

Ares Capital Corp. (Cost $13,105)	1,035,380		18,337

Convertible Bonds - 0.4%
	Principal Amount (000s)
FINANCIALS - 0.3%
Real Estate Management & Development - 0.1%
Forest City Enterprises, Inc. 5% 10/15/16	$ 6,170		9,973
Thrifts & Mortgage Finance - 0.2%
MGIC Investment Corp. 9% 4/1/63 (f)	18,163		18,572
TOTAL FINANCIALS			28,545
HEALTH CARE - 0.1%
Biotechnology - 0.1%
Incyte Corp. 4.75% 10/1/15	5,630		12,847
TELECOMMUNICATION SERVICES - 0.0%
Diversified Telecommunication Services - 0.0%
Clearwire Communications LLC/Clearwire Finance, Inc. 8.25% 12/1/40 (f)	4,080		4,238
TOTAL CONVERTIBLE BONDS (Cost $27,421)		45,630

Money Market Funds - 2.7%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.13% (b)	35,131,048		$ 35,131
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	259,656,197		259,656
TOTAL MONEY MARKET FUNDS (Cost $294,787)		294,787
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $8,988,278)			11,231,639
NET OTHER ASSETS (LIABILITIES) - (2.3)%			(251,711)
NET ASSETS - 100%		$ 10,979,928

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
AVEO Pharmaceuticals	10/28/10	$ 3,923
Concho Resources, Inc.	7/20/10	$ 9,210
Facebook, Inc. Class B	3/31/11	$ 10,466
Gulf Resources, Inc.	12/11/09	$ 16,103
Mood Media Corp.	2/2/11	$ 4,054
Swisher Hygiene, Inc.	3/22/11 - 4/15/11	$ 13,586

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	$ 95
Fidelity Securities Lending Cash Central Fund	1,472
Total	$ 1,567

Other Affiliated Issuers

Affiliate $ (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Double Eagle Petroleum Co.	$ -	$ 6,143	$ -	$ -	$ 7,120
Gulf Resources, Inc	5,042	946	107	-	2,440
Gulf Resources, Inc	16,406	-	-	-	5,930
LTX-Credence Corp.	24,000	4,614	1,147	-	29,082
O'Charleys, Inc.	9,141	1,240	-	-	9,785
PICO Holdings, Inc.	38,871	687	1,228	-	39,172
Saia, Inc.	11,583	1,315	-	-	14,360
Spartech Corp.	15,775	2,635	1,873	-	11,587
Winnebago Industries, Inc.	16,261	3,683	-	-	22,653
Total	$ 137,079	$ 21,263	$ 4,355	$ -	$ 142,129

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,179,693	$ 1,156,520	$ 23,173	$ -
Consumer Staples	965,859	928,283	37,576	-
Energy	1,502,915	1,501,157	11,758	-
Financials	1,567,716	1,537,811	29,905	-
Health Care	1,157,078	1,106,078	51,000	-
Industrials	1,584,889	1,529,775	55,114	-
Information Technology	1,809,323	1,775,476	23,381	10,466
Materials	679,124	676,764	2,360	-
Telecommunication Services	140,149	104,081	36,068	-
Utilities	286,139	273,535	12,604	-
Investment Companies	18,337	18,337	-	-
Corporate Bonds	45,630	-	45,630	-
Money Market Funds	294,787	294,787	-	-
Total Investments in Securities:	$ 11,231,639	$ 10,902,604	$ 318,569	$ 10,466

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

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	10,466
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 10,466
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ -

Income Tax Information

At April 30, 2011, the cost of investment securities for income tax purposes was $9,030,616,000. Net unrealized appreciation aggregated $2,201,023,000, of which $2,463,369,000 related to appreciated investment securities and $262,346,000 related to depreciated investment securities.

Investment Valuation

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

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

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

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2011

1.800339.107

GAI-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 11.4%
Distributors - 0.3%
Li & Fung Ltd.	2,271,000		$ 11,609
Pool Corp.	315,979		9,562
			21,171
Hotels, Restaurants & Leisure - 2.1%
McDonald's Corp.	1,117,581		87,518
Yum! Brands, Inc.	872,899		46,822
			134,340
Household Durables - 1.2%
D.R. Horton, Inc.	1,414,482		17,596
KB Home (d)	793,500		9,371
Ryland Group, Inc.	1,480,000		25,619
Toll Brothers, Inc. (a)	979,552		20,580
			73,166
Leisure Equipment & Products - 0.2%
Hasbro, Inc.	204,279		9,568
Media - 2.7%
Comcast Corp. Class A	2,621,300		68,783
Regal Entertainment Group Class A (d)	291,849		4,022
Time Warner, Inc.	1,999,317		75,694
Viacom, Inc. Class B (non-vtg.)	494,491		25,298
			173,797
Multiline Retail - 2.0%
PPR SA	110,188		19,708
Target Corp.	2,180,627		107,069
			126,777
Specialty Retail - 2.9%
Esprit Holdings Ltd.	710,000		2,953
H&M Hennes & Mauritz AB (B Shares) (d)	527,130		18,622
Lowe's Companies, Inc.	3,914,992		102,769
Staples, Inc.	2,168,430		45,841
TJX Companies, Inc.	237,331		12,726
			182,911
Textiles, Apparel & Luxury Goods - 0.0%
VF Corp.	17,600		1,770
TOTAL CONSUMER DISCRETIONARY			723,500
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - 13.4%
Beverages - 5.3%
Diageo PLC	2,363,618		$ 48,085
Dr Pepper Snapple Group, Inc.	903,384		35,413
PepsiCo, Inc.	2,166,471		149,248
The Coca-Cola Co.	1,534,500		103,517
			336,263
Food & Staples Retailing - 1.3%
CVS Caremark Corp.	614,391		22,266
Sysco Corp.	713,832		20,637
Walgreen Co.	917,300		39,187
			82,090
Food Products - 1.3%
Danone	640,586		46,925
Mead Johnson Nutrition Co. Class A	97,843		6,544
Unilever NV unit (d)	854,400		28,195
			81,664
Household Products - 3.7%
Colgate-Palmolive Co.	387,744		32,706
Energizer Holdings, Inc. (a)	43,100		3,255
Kimberly-Clark Corp.	560,272		37,012
Procter & Gamble Co.	1,848,667		119,978
Reckitt Benckiser Group PLC	725,000		40,255
			233,206
Tobacco - 1.8%
British American Tobacco PLC sponsored ADR (d)	898,832		79,277
Lorillard, Inc.	360,230		38,364
			117,641
TOTAL CONSUMER STAPLES			850,864
ENERGY - 11.0%
Energy Equipment & Services - 0.8%
Exterran Partners LP	747,960		21,489
Weatherford International Ltd. (a)	1,320,583		28,498
			49,987
Oil, Gas & Consumable Fuels - 10.2%
Chevron Corp.	2,259,400		247,269
Daylight Energy Ltd. (d)	2,070,600		23,768
Exxon Mobil Corp.	2,910,576		256,130
QEP Resources, Inc.	162,400		6,939
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Royal Dutch Shell PLC Class A (United Kingdom)	2,045,536		$ 79,357
Suncor Energy, Inc.	688,300		31,727
Williams Companies, Inc.	230,889		7,659
			652,849
TOTAL ENERGY			702,836
FINANCIALS - 17.6%
Capital Markets - 1.8%
AllianceBernstein Holding LP	256,360		5,691
Apollo Global Management LLC Class A	111,400		2,014
Ashmore Group PLC	6,945,800		43,288
Bank of New York Mellon Corp.	723,753		20,960
Northern Trust Corp.	557,444		27,867
The Blackstone Group LP	729,931		13,825
			113,645
Commercial Banks - 8.1%
Banco Daycoval SA (PN)	482,600		3,742
Banco Santander SA	411,454		5,255
BB&T Corp.	2,245,081		60,438
DBS Group Holdings Ltd.	401,000		4,907
HSBC Holdings PLC sponsored ADR	1,096,077		59,703
Regions Financial Corp.	3,321,224		24,378
Standard Chartered PLC (United Kingdom)	956,160		26,497
SunTrust Banks, Inc.	894,009		25,202
U.S. Bancorp, Delaware	2,762,800		71,335
Wells Fargo & Co.	7,389,901		215,120
Zions Bancorporation	776,877		18,995
			515,572
Diversified Financial Services - 5.5%
Bank of America Corp.	7,642,740		93,853
JPMorgan Chase & Co.	4,542,956		207,295
KKR Financial Holdings LLC	4,975,087		50,248
			351,396
Insurance - 0.6%
Amlin PLC	186,308		1,301
Everest Re Group Ltd.	159,111		14,498
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
Genworth Financial, Inc. Class A (a)	1,321,757		$ 16,112
MetLife, Inc. unit (a)	107,200		9,404
			41,315
Real Estate Investment Trusts - 1.5%
CBL & Associates Properties, Inc.	693,400		12,876
Digital Realty Trust, Inc.	100,900		6,088
Public Storage	268,600		31,509
Ventas, Inc.	390,200		21,824
Weyerhaeuser Co.	987,000		22,711
			95,008
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. (a)	16,316		141
Radian Group, Inc.	599,930		3,558
			3,699
TOTAL FINANCIALS			1,120,635
HEALTH CARE - 11.8%
Biotechnology - 1.8%
Amgen, Inc. (a)	1,300,004		73,905
ARIAD Pharmaceuticals, Inc. (a)	749,981		6,412
BioMarin Pharmaceutical, Inc. (a)	246,557		6,630
Gilead Sciences, Inc. (a)	162,201		6,300
SIGA Technologies, Inc. (a)(d)	1,043,658		14,329
Theravance, Inc. (a)	234,366		6,504
			114,080
Health Care Equipment & Supplies - 0.2%
Alere, Inc. (a)	148,400		5,512
Meridian Bioscience, Inc.	412,322		10,188
Steris Corp.	18,200		656
			16,356
Health Care Providers & Services - 2.2%
Brookdale Senior Living, Inc. (a)	442,100		12,043
McKesson Corp.	765,854		63,574
Medco Health Solutions, Inc. (a)	1,061,275		62,965
			138,582
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Life Sciences Tools & Services - 0.6%
Lonza Group AG	226,792		$ 19,477
QIAGEN NV (a)	1,053,200		22,507
			41,984
Pharmaceuticals - 7.0%
Abbott Laboratories	750,727		39,068
Cardiome Pharma Corp. (a)	593,100		3,228
GlaxoSmithKline PLC sponsored ADR	1,869,369		81,617
Johnson & Johnson	1,323,408		86,974
Merck & Co., Inc.	3,478,746		125,061
Pfizer, Inc.	4,739,100		99,332
Roche Holding AG (participation certificate)	53,928		8,745
			444,025
TOTAL HEALTH CARE			755,027
INDUSTRIALS - 13.6%
Aerospace & Defense - 4.9%
AerCap Holdings NV (a)	308,740		4,421
Embraer SA sponsored ADR	539,800		17,533
Goodrich Corp.	134,100		11,850
Honeywell International, Inc.	1,246,280		76,310
MTU Aero Engines Holdings AG (d)	106,307		8,149
Rockwell Collins, Inc.	729,500		46,031
The Boeing Co.	834,300		66,560
United Technologies Corp.	941,200		84,313
			315,167
Air Freight & Logistics - 0.1%
C.H. Robinson Worldwide, Inc.	72,226		5,791
Building Products - 1.1%
Lennox International, Inc.	364,500		17,718
Owens Corning (a)	869,700		32,909
Quanex Building Products Corp.	909,378		19,061
			69,688
Commercial Services & Supplies - 0.6%
Aggreko PLC	117,300		3,501
Cintas Corp.	411,300		12,771
Covanta Holding Corp.	184,900		3,175
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - continued
Healthcare Services Group, Inc.	356,500		$ 6,331
Republic Services, Inc.	454,339		14,366
			40,144
Electrical Equipment - 1.4%
Alstom SA	440,793		29,312
Emerson Electric Co.	757,043		45,998
Prysmian SpA	546,100		12,886
			88,196
Industrial Conglomerates - 1.2%
General Electric Co.	1,677,181		34,298
Koninklijke Philips Electronics NV unit	1,423,912		41,991
			76,289
Machinery - 2.9%
Atlas Copco AB (A Shares)	168,300		4,940
Charter International PLC	2,689,500		36,884
Danaher Corp.	962,600		53,174
Ingersoll-Rand Co. Ltd.	1,554,345		78,494
WABCO Holdings, Inc. (a)	165,474		12,220
			185,712
Marine - 0.1%
Kuehne & Nagel International AG	43,080		6,882
Stolt-Nielsen SA	25,700		622
			7,504
Professional Services - 0.9%
Bureau Veritas SA	423,227		36,516
IHS, Inc. Class A (a)	102,223		9,020
Michael Page International PLC	1,307,957		12,060
			57,596
Trading Companies & Distributors - 0.4%
Air Lease Corp. Class A	204,900		5,655
Aircastle Ltd.	336,700		4,195
Beacon Roofing Supply, Inc. (a)	114,500		2,556
Watsco, Inc.	152,869		10,837
			23,243
TOTAL INDUSTRIALS			869,330
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - 17.1%
Communications Equipment - 3.1%
Cisco Systems, Inc.	5,397,420		$ 94,779
HTC Corp.	396,000		17,947
Juniper Networks, Inc. (a)	681,015		26,103
QUALCOMM, Inc.	988,100		56,164
			194,993
Computers & Peripherals - 4.9%
Apple, Inc. (a)	524,800		182,751
EMC Corp. (a)	2,013,700		57,068
Hewlett-Packard Co.	1,752,900		70,765
			310,584
Electronic Equipment & Components - 0.9%
Coretronic Corp.	7,621,000		11,637
Corning, Inc.	1,619,200		33,906
Everlight Electronics Co. Ltd.	3,401,000		9,699
			55,242
Internet Software & Services - 1.4%
eBay, Inc. (a)	434,040		14,931
Google, Inc. Class A (a)	138,350		75,276
			90,207
IT Services - 4.2%
Fidelity National Information Services, Inc.	642,255		21,259
International Business Machines Corp.	357,200		60,931
MasterCard, Inc. Class A	236,242		65,177
Paychex, Inc.	1,615,278		52,836
Visa, Inc. Class A	880,613		68,793
			268,996
Semiconductors & Semiconductor Equipment - 1.1%
Siliconware Precision Industries Co. Ltd. sponsored ADR (d)	4,164,501		28,235
Taiwan Semiconductor Manufacturing Co. Ltd.	4,683,000		12,093
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	2,273,900		30,698
			71,026
Software - 1.5%
ANSYS, Inc. (a)	225,500		12,468
Autonomy Corp. PLC (a)	1,681,697		45,227
Microsoft Corp.	1,554,200		40,440
			98,135
TOTAL INFORMATION TECHNOLOGY			1,089,183
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 1.3%
Chemicals - 1.3%
Air Products & Chemicals, Inc.	146,337		$ 13,978
Ecolab, Inc.	524,495		27,672
PPG Industries, Inc.	68,000		6,438
Praxair, Inc.	335,649		35,720
			83,808
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.1%
Koninklijke KPN NV	282,282		4,480
Wireless Telecommunication Services - 0.2%
American Tower Corp. Class A (a)	294,700		15,416
TOTAL TELECOMMUNICATION SERVICES			19,896
UTILITIES - 1.3%
Electric Utilities - 0.4%
FirstEnergy Corp.	268,084		10,713
PPL Corp.	602,153		16,517
			27,230
Gas Utilities - 0.2%
National Fuel Gas Co.	170,565		12,502
Multi-Utilities - 0.7%
National Grid PLC	3,679,500		37,753
Veolia Environnement	191,800		6,406
			44,159
TOTAL UTILITIES			83,891
TOTAL COMMON STOCKS (Cost $5,749,718)		6,298,970
Preferred Stocks - 0.9%

Convertible Preferred Stocks - 0.4%
HEALTH CARE - 0.3%
Health Care Equipment & Supplies - 0.2%
Alere, Inc. 3.00%	56,505		15,341
Preferred Stocks - continued
	Shares		Value (000s)
Convertible Preferred Stocks - continued
HEALTH CARE - continued
Health Care Providers & Services - 0.1%
Omnicare Capital Trust II Series B, 4.00%	79,200		$ 3,817
TOTAL HEALTH CARE			19,158
UTILITIES - 0.1%
Electric Utilities - 0.1%
PPL Corp. 8.75%	99,800		5,327
TOTAL CONVERTIBLE PREFERRED STOCKS			24,485
Nonconvertible Preferred Stocks - 0.5%
CONSUMER DISCRETIONARY - 0.5%
Automobiles - 0.5%
Porsche Automobil Holding SE (United States)	147,900		10,719
Volkswagen AG	100,000		19,700
			30,419
TOTAL PREFERRED STOCKS (Cost $49,414)		54,904

Convertible Bonds - 0.2%
	Principal Amount (000s)
CONSUMER DISCRETIONARY - 0.1%
Leisure Equipment & Products - 0.1%
Eastman Kodak Co. 7% 4/1/17	$ 6,950		5,905
ENERGY - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
Chesapeake Energy Corp. 2.5% 5/15/37	130		145
HEALTH CARE - 0.1%
Health Care Providers & Services - 0.1%
Omnicare, Inc. 3.75% 12/15/25	5,450		7,268
TOTAL CONVERTIBLE BONDS (Cost $12,865)		13,318

Money Market Funds - 1.5%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.13% (b)	7,777,689		$ 7,778
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	90,720,515		90,721
TOTAL MONEY MARKET FUNDS (Cost $98,499)		98,499
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $5,910,496)			6,465,691
NET OTHER ASSETS (LIABILITIES) - (1.4)%			(89,624)
NET ASSETS - 100%		$ 6,376,067

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 89
Fidelity Securities Lending Cash Central Fund	70
Total	$ 159

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 753,919	$ 753,919	$ -	$ -
Consumer Staples	850,864	802,779	48,085	-
Energy	702,836	702,836	-	-
Financials	1,120,635	1,111,231	9,404	-
Health Care	774,185	774,185	-	-
Industrials	869,330	869,330	-	-
Information Technology	1,089,183	1,077,090	12,093	-
Materials	83,808	83,808	-	-
Telecommunication Services	19,896	19,896	-	-
Utilities	89,218	39,732	49,486	-
Corporate Bonds	13,318	-	13,318	-
Money Market Funds	98,499	98,499	-	-
Total Investments in Securities:	$ 6,465,691	$ 6,333,305	$ 132,386	$ -

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

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$ 3,241
Total Realized Gain (Loss)	(544)
Total Unrealized Gain (Loss)	83
Cost of Purchases	-
Proceeds of Sales	(2,780)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ -

Income Tax Information

At April 30, 2011, the cost of investment securities for income tax purposes was $5,948,538,000. Net unrealized appreciation aggregated $517,153,000, of which $686,260,000 related to appreciated investment securities and $169,107,000 related to depreciated investment securities.

Investment Valuation

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® International Real Estate Fund

April 30, 2011

1.815812.106

IRE-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%
	Shares		Value
Australia - 14.1%
Abacus Property Group unit	1,605,123		$ 3,960,039
Charter Hall Group unit	1,185,740		3,211,405
Goodman Group unit	9,820,666		7,645,536
Mirvac Group unit	4,336,427		6,038,713
The GPT Group unit	2,263,259		7,842,057
Westfield Group unit	2,276,841		22,518,936
TOTAL AUSTRALIA			51,216,686
Bailiwick of Jersey - 0.7%
Atrium European Real Estate Ltd.	390,231		2,670,407
Belgium - 0.0%
Warehouses de Pauw	500		30,513
Bermuda - 1.4%
C C Land Holdings Ltd.	906,000		348,807
Great Eagle Holdings Ltd.	1,296,000		4,605,745
TOTAL BERMUDA			4,954,552
Brazil - 2.7%
Aliansce Shopping Centers SA	188,000		1,672,917
BR Malls Participacoes SA	186,000		1,957,770
Brascan Residential Properties SA	89,600		498,316
Companhia Brasileira de Desenvolvimento Imobiliario Turistico (a)	64,100		926,482
Even Construtora e Incorporadora SA	92,600		509,115
Iguatemi Empresa de Shopping Centers SA	119,000		3,063,306
Rossi Residencial SA	53,600		502,511
Tecnisa SA	70,600		553,743
TOTAL BRAZIL			9,684,160
Cayman Islands - 4.1%
Central China Real Estate Ltd.	5,437,000		1,505,163
Country Garden Holdings Co. Ltd.	12,209,000		4,951,953
Evergrande Real Estate Group Ltd.	2,475,000		1,762,326
Glorious Property Holdings Ltd.	1,387,000		396,475
KWG Property Holding Ltd.	2,079,000		1,501,769
SOHO China Ltd.	5,212,500		4,503,544
SPG Land (Holdings) Ltd.	773,000		344,383
TOTAL CAYMAN ISLANDS			14,965,613
Chile - 0.2%
Parque Arauco SA	380,485		875,913
Common Stocks - continued
	Shares		Value
France - 8.6%
Altarea	24,656		$ 5,331,258
Fonciere Lyonnaise SA	276		16,966
Gecina SA	19,700		2,840,638
Societe de la Tour Eiffel	40,964		4,108,970
Unibail-Rodamco (d)	81,207		18,998,828
TOTAL FRANCE			31,296,660
Germany - 2.9%
alstria office REIT-AG	291,265		4,616,212
DIC Asset AG (d)	174,883		2,357,234
GSW Immobilien AG	63,950		2,060,220
Hamborner (REIT) AG	133,000		1,475,527
TOTAL GERMANY			10,509,193
Hong Kong - 18.1%
China State Construction International Holdings Ltd.	712,000		695,837
China State Construction International Holdings Ltd. rights 5/5/11 (a)	16,000		3,234
Hang Lung Properties Ltd.	2,809,000		12,514,505
Hongkong Land Holdings Ltd.	1,070,000		8,014,300
Hysan Development Co. Ltd.	853,000		3,981,465
Kerry Properties Ltd.	1,550,000		8,262,622
New World Development Co. Ltd.	3,397,725		5,958,695
Sun Hung Kai Properties Ltd.	1,300,000		20,304,392
Wharf Holdings Ltd.	817,000		5,975,252
TOTAL HONG KONG			65,710,302
Italy - 3.3%
Beni Stabili SpA SIIQ	4,465,700		5,053,551
Immobiliare Grande Distribuzione SpA	2,526,039		6,098,757
Pirelli & C. Real Estate SpA (a)	1,262,200		989,938
TOTAL ITALY			12,142,246
Japan - 17.0%
Goldcrest Co. Ltd.	74,970		1,249,158
Hulic Co. Ltd.	524,300		4,383,041
Japan Retail Fund Investment Corp.	1,447		2,339,091
Kenedix Realty Investment Corp.	763		3,242,376
Kenedix, Inc. (a)(d)	44,315		8,096,067
Mitsubishi Estate Co. Ltd.	214,000		3,744,493
Mitsui Fudosan Co. Ltd.	1,097,000		19,036,326
Nomura Real Estate Holdings, Inc.	260,800		4,028,058
NTT Urban Development Co.	3,683		3,055,585
Common Stocks - continued
	Shares		Value
Japan - continued
Sumitomo Realty & Development Co. Ltd.	424,000		$ 8,775,364
Tokyo Tatemono Co. Ltd.	919,000		3,322,739
Tosei Corp. (d)	1,779		547,210
TOTAL JAPAN			61,819,508
Poland - 0.7%
Globe Trade Centre SA (a)	347,700		2,711,341
Russia - 0.6%
LSR Group OJSC GDR (Reg. S) (a)	229,100		2,142,086
Singapore - 8.1%
CapitaLand Ltd.	3,466,900		9,629,884
City Developments Ltd.	278,000		2,689,040
Fraser & Neave Ltd.	357,000		1,828,675
Overseas Union Enterprises Ltd.	444,000		1,113,582
Parkway Life REIT	1,611,000		2,276,892
Wing Tai Holdings Ltd.	8,433,000		10,885,291
Yanlord Land Group Ltd.	755,000		894,367
TOTAL SINGAPORE			29,317,731
Sweden - 2.4%
Castellum AB (d)	274,700		4,259,020
Wihlborgs Fastigheter AB (d)	149,900		4,514,238
TOTAL SWEDEN			8,773,258
United Kingdom - 11.3%
Big Yellow Group PLC	823,100		4,570,188
British Land Co. PLC	858,089		8,607,278
Capital & Counties Properties PLC	877,300		2,464,874
Great Portland Estates PLC	482,554		3,394,311
Hammerson PLC	788,499		6,191,728
Helical Bar PLC	857,800		3,739,788
Land Securities Group PLC	637,999		8,365,851
St. Modwen Properties PLC	1,408,000		3,988,862
TOTAL UNITED KINGDOM			41,322,880
TOTAL COMMON STOCKS (Cost $357,207,963)		350,143,049
Money Market Funds - 7.9%
	Shares		Value
Fidelity Cash Central Fund, 0.13% (b)	3,618,058		$ 3,618,058
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	25,137,334		25,137,334
TOTAL MONEY MARKET FUNDS (Cost $28,755,392)		28,755,392
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $385,963,355)		378,898,441
NET OTHER ASSETS (LIABILITIES) - (4.1)%		(14,912,139)
NET ASSETS - 100%		$ 363,986,302

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	$ 3,744
Fidelity Securities Lending Cash Central Fund	41,158
Total	$ 44,902

Other Information

The following is a summary of the inputs used, as of April 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Hong Kong	$ 65,710,302	$ 65,710,302	$ -	$ -
Japan	61,819,508	-	61,819,508	-
Australia	51,216,686	51,216,686	-	-
United Kingdom	41,322,880	41,322,880	-	-
France	31,296,660	31,296,660	-	-
Singapore	29,317,731	29,317,731	-	-
Cayman Islands	14,965,613	14,965,613	-	-
Italy	12,142,246	12,142,246	-	-
Germany	10,509,193	10,509,193	-	-
Other	31,842,230	31,842,230	-	-
Money Market Funds	28,755,392	28,755,392	-	-
Total Investments in Securities:	$ 378,898,441	$ 317,078,933	$ 61,819,508	$ -

Income Tax Information

At April 30, 2011, the cost of investment securities for income tax purposes was $387,452,246. Net unrealized depreciation aggregated $8,553,805, of which $23,927,787 related to appreciated investment securities and $32,481,592 related to depreciated investment securities.

Investment Valuation

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

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

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

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2011

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

1.847932.104

AIRE-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%
	Shares		Value
Australia - 14.1%
Abacus Property Group unit	1,605,123		$ 3,960,039
Charter Hall Group unit	1,185,740		3,211,405
Goodman Group unit	9,820,666		7,645,536
Mirvac Group unit	4,336,427		6,038,713
The GPT Group unit	2,263,259		7,842,057
Westfield Group unit	2,276,841		22,518,936
TOTAL AUSTRALIA			51,216,686
Bailiwick of Jersey - 0.7%
Atrium European Real Estate Ltd.	390,231		2,670,407
Belgium - 0.0%
Warehouses de Pauw	500		30,513
Bermuda - 1.4%
C C Land Holdings Ltd.	906,000		348,807
Great Eagle Holdings Ltd.	1,296,000		4,605,745
TOTAL BERMUDA			4,954,552
Brazil - 2.7%
Aliansce Shopping Centers SA	188,000		1,672,917
BR Malls Participacoes SA	186,000		1,957,770
Brascan Residential Properties SA	89,600		498,316
Companhia Brasileira de Desenvolvimento Imobiliario Turistico (a)	64,100		926,482
Even Construtora e Incorporadora SA	92,600		509,115
Iguatemi Empresa de Shopping Centers SA	119,000		3,063,306
Rossi Residencial SA	53,600		502,511
Tecnisa SA	70,600		553,743
TOTAL BRAZIL			9,684,160
Cayman Islands - 4.1%
Central China Real Estate Ltd.	5,437,000		1,505,163
Country Garden Holdings Co. Ltd.	12,209,000		4,951,953
Evergrande Real Estate Group Ltd.	2,475,000		1,762,326
Glorious Property Holdings Ltd.	1,387,000		396,475
KWG Property Holding Ltd.	2,079,000		1,501,769
SOHO China Ltd.	5,212,500		4,503,544
SPG Land (Holdings) Ltd.	773,000		344,383
TOTAL CAYMAN ISLANDS			14,965,613
Chile - 0.2%
Parque Arauco SA	380,485		875,913
Common Stocks - continued
	Shares		Value
France - 8.6%
Altarea	24,656		$ 5,331,258
Fonciere Lyonnaise SA	276		16,966
Gecina SA	19,700		2,840,638
Societe de la Tour Eiffel	40,964		4,108,970
Unibail-Rodamco (d)	81,207		18,998,828
TOTAL FRANCE			31,296,660
Germany - 2.9%
alstria office REIT-AG	291,265		4,616,212
DIC Asset AG (d)	174,883		2,357,234
GSW Immobilien AG	63,950		2,060,220
Hamborner (REIT) AG	133,000		1,475,527
TOTAL GERMANY			10,509,193
Hong Kong - 18.1%
China State Construction International Holdings Ltd.	712,000		695,837
China State Construction International Holdings Ltd. rights 5/5/11 (a)	16,000		3,234
Hang Lung Properties Ltd.	2,809,000		12,514,505
Hongkong Land Holdings Ltd.	1,070,000		8,014,300
Hysan Development Co. Ltd.	853,000		3,981,465
Kerry Properties Ltd.	1,550,000		8,262,622
New World Development Co. Ltd.	3,397,725		5,958,695
Sun Hung Kai Properties Ltd.	1,300,000		20,304,392
Wharf Holdings Ltd.	817,000		5,975,252
TOTAL HONG KONG			65,710,302
Italy - 3.3%
Beni Stabili SpA SIIQ	4,465,700		5,053,551
Immobiliare Grande Distribuzione SpA	2,526,039		6,098,757
Pirelli & C. Real Estate SpA (a)	1,262,200		989,938
TOTAL ITALY			12,142,246
Japan - 17.0%
Goldcrest Co. Ltd.	74,970		1,249,158
Hulic Co. Ltd.	524,300		4,383,041
Japan Retail Fund Investment Corp.	1,447		2,339,091
Kenedix Realty Investment Corp.	763		3,242,376
Kenedix, Inc. (a)(d)	44,315		8,096,067
Mitsubishi Estate Co. Ltd.	214,000		3,744,493
Mitsui Fudosan Co. Ltd.	1,097,000		19,036,326
Nomura Real Estate Holdings, Inc.	260,800		4,028,058
NTT Urban Development Co.	3,683		3,055,585
Common Stocks - continued
	Shares		Value
Japan - continued
Sumitomo Realty & Development Co. Ltd.	424,000		$ 8,775,364
Tokyo Tatemono Co. Ltd.	919,000		3,322,739
Tosei Corp. (d)	1,779		547,210
TOTAL JAPAN			61,819,508
Poland - 0.7%
Globe Trade Centre SA (a)	347,700		2,711,341
Russia - 0.6%
LSR Group OJSC GDR (Reg. S) (a)	229,100		2,142,086
Singapore - 8.1%
CapitaLand Ltd.	3,466,900		9,629,884
City Developments Ltd.	278,000		2,689,040
Fraser & Neave Ltd.	357,000		1,828,675
Overseas Union Enterprises Ltd.	444,000		1,113,582
Parkway Life REIT	1,611,000		2,276,892
Wing Tai Holdings Ltd.	8,433,000		10,885,291
Yanlord Land Group Ltd.	755,000		894,367
TOTAL SINGAPORE			29,317,731
Sweden - 2.4%
Castellum AB (d)	274,700		4,259,020
Wihlborgs Fastigheter AB (d)	149,900		4,514,238
TOTAL SWEDEN			8,773,258
United Kingdom - 11.3%
Big Yellow Group PLC	823,100		4,570,188
British Land Co. PLC	858,089		8,607,278
Capital & Counties Properties PLC	877,300		2,464,874
Great Portland Estates PLC	482,554		3,394,311
Hammerson PLC	788,499		6,191,728
Helical Bar PLC	857,800		3,739,788
Land Securities Group PLC	637,999		8,365,851
St. Modwen Properties PLC	1,408,000		3,988,862
TOTAL UNITED KINGDOM			41,322,880
TOTAL COMMON STOCKS (Cost $357,207,963)		350,143,049
Money Market Funds - 7.9%
	Shares		Value
Fidelity Cash Central Fund, 0.13% (b)	3,618,058		$ 3,618,058
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	25,137,334		25,137,334
TOTAL MONEY MARKET FUNDS (Cost $28,755,392)		28,755,392
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $385,963,355)		378,898,441
NET OTHER ASSETS (LIABILITIES) - (4.1)%		(14,912,139)
NET ASSETS - 100%		$ 363,986,302

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	$ 3,744
Fidelity Securities Lending Cash Central Fund	41,158
Total	$ 44,902

Other Information

The following is a summary of the inputs used, as of April 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Hong Kong	$ 65,710,302	$ 65,710,302	$ -	$ -
Japan	61,819,508	-	61,819,508	-
Australia	51,216,686	51,216,686	-	-
United Kingdom	41,322,880	41,322,880	-	-
France	31,296,660	31,296,660	-	-
Singapore	29,317,731	29,317,731	-	-
Cayman Islands	14,965,613	14,965,613	-	-
Italy	12,142,246	12,142,246	-	-
Germany	10,509,193	10,509,193	-	-
Other	31,842,230	31,842,230	-	-
Money Market Funds	28,755,392	28,755,392	-	-
Total Investments in Securities:	$ 378,898,441	$ 317,078,933	$ 61,819,508	$ -

Income Tax Information

Investment Valuation

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Leveraged Company
Stock Fund
Leveraged Company Stock
Class K

April 30, 2011

1.800341.107

LSF-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 18.2%
Auto Components - 1.9%
Exide Technologies (a)	3,643,393		$ 36,580
Johnson Controls, Inc.	548,300		22,480
Tenneco, Inc. (a)	97,700		4,515
The Goodyear Tire & Rubber Co. (a)	564,063		10,238
TRW Automotive Holdings Corp. (a)	399,400		22,790
			96,603
Automobiles - 1.3%
Daimler AG (United States)	209,400		16,092
General Motors Co.	756,503		24,276
General Motors Co.:
warrants 7/10/16 (a)	425,547		9,860
warrants 7/10/19 (a)	425,547		7,575
Toyota Motor Corp. sponsored ADR (e)	89,500		7,131
			64,934
Diversified Consumer Services - 3.7%
Service Corp. International (f)	15,356,618		180,747
Stewart Enterprises, Inc. Class A	1,515,242		12,289
			193,036
Hotels, Restaurants & Leisure - 1.0%
Biglari Holdings, Inc. (a)	32,970		14,416
Domino's Pizza, Inc. (a)	641,095		11,905
O'Charleys, Inc. (a)	207,849		1,359
Penn National Gaming, Inc. (a)	537,836		21,519
Wendy's/Arby's Group, Inc.	546,800		2,636
			51,835
Household Durables - 3.0%
Harman International Industries, Inc.	1,014,541		49,236
Hovnanian Enterprises, Inc. Class A (a)(e)	1,419,000		4,555
Lennar Corp. Class A	983,400		18,675
Newell Rubbermaid, Inc.	3,179,900		60,609
Stanley Black & Decker, Inc.	349,717		25,407
			158,482
Leisure Equipment & Products - 0.2%
Callaway Golf Co.	1,630,035		11,541
Media - 3.5%
Belo Corp. Series A (a)	163,800		1,384
Cablevision Systems Corp. - NY Group Class A	541,324		19,071
Cinemark Holdings, Inc.	1,554,497		31,603
Comcast Corp. Class A	3,962,898		103,986
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Gray Television, Inc. (a)(f)	3,766,164		$ 10,508
LIN TV Corp. Class A (a)	818,437		4,379
Nexstar Broadcasting Group, Inc. Class A (a)	1,130,500		9,428
			180,359
Specialty Retail - 1.3%
Asbury Automotive Group, Inc. (a)	385,122		6,663
Charming Shoppes, Inc. (a)	3,932,700		17,815
GameStop Corp. Class A (a)	1,547,075		39,729
Sally Beauty Holdings, Inc. (a)	300,000		4,437
			68,644
Textiles, Apparel & Luxury Goods - 2.3%
Coach, Inc.	314,020		18,782
Deckers Outdoor Corp. (a)	602,545		51,132
Hanesbrands, Inc. (a)	404,100		13,137
Phillips-Van Heusen Corp.	548,718		38,635
			121,686
TOTAL CONSUMER DISCRETIONARY			947,120
CONSUMER STAPLES - 2.1%
Food & Staples Retailing - 0.7%
Safeway, Inc.	464,300		11,287
Whole Foods Market, Inc.	467,769		29,357
			40,644
Food Products - 1.2%
Darling International, Inc. (a)	2,997,330		48,467
Smithfield Foods, Inc. (a)	559,606		13,184
			61,651
Personal Products - 0.2%
Revlon, Inc. (a)	553,261		9,527
TOTAL CONSUMER STAPLES			111,822
ENERGY - 15.3%
Energy Equipment & Services - 3.2%
Baker Hughes, Inc.	218,000		16,875
Ensco International Ltd. ADR	110,000		6,558
Exterran Holdings, Inc. (a)	1,019,808		22,140
Halliburton Co.	699,200		35,296
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Noble Corp.	524,700		$ 22,567
Oil States International, Inc. (a)	270,700		22,471
Parker Drilling Co. (a)	1,200,000		8,556
Rowan Companies, Inc. (a)	321,100		13,390
Schlumberger Ltd.	109,400		9,819
Transocean Ltd. (a)	110,000		8,003
			165,675
Oil, Gas & Consumable Fuels - 12.1%
Alpha Natural Resources, Inc. (a)(e)	414,438		24,108
Arch Coal, Inc.	327,055		11,218
Carrizo Oil & Gas, Inc. (a)	438,502		17,470
Chesapeake Energy Corp.	1,860,286		62,636
ConocoPhillips	231,500		18,272
CONSOL Energy, Inc.	270,700		14,642
El Paso Corp.	8,894,546		172,643
Forest Oil Corp. (a)	1,314,652		47,209
Frontier Oil Corp.	1,972,600		55,114
International Coal Group, Inc. (a)	1,194,000		13,170
Nexen, Inc.	188,000		4,974
Overseas Shipholding Group, Inc. (e)	943,292		26,280
Paladin Energy Ltd. (Australia) (a)	2,042,400		7,390
Peabody Energy Corp.	2,135,714		142,708
Range Resources Corp.	272,200		15,366
			633,200
TOTAL ENERGY			798,875
FINANCIALS - 7.6%
Commercial Banks - 5.6%
Huntington Bancshares, Inc.	11,032,080		74,908
KeyCorp	4,412,379		38,255
PNC Financial Services Group, Inc.	396,608		24,725
Regions Financial Corp.	2,011,695		14,766
SunTrust Banks, Inc.	2,425,100		68,364
Wells Fargo & Co.	2,440,088		71,031
			292,049
Consumer Finance - 0.1%
American Express Co.	108,649		5,332
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - 0.4%
Bank of America Corp.	1,015,081		$ 12,465
Citigroup, Inc. (a)	1,638,400		7,520
			19,985
Insurance - 0.7%
Assured Guaranty Ltd.	1,249,684		21,245
Lincoln National Corp.	435,700		13,607
			34,852
Real Estate Investment Trusts - 0.6%
FelCor Lodging Trust, Inc. (a)	1,085,852		6,906
Host Hotels & Resorts, Inc.	1,016,122		18,077
Sabra Health Care REIT, Inc.	547,507		9,209
			34,192
Thrifts & Mortgage Finance - 0.2%
First Niagara Financial Group, Inc.	851,444		12,261
TOTAL FINANCIALS			398,671
HEALTH CARE - 5.6%
Health Care Equipment & Supplies - 0.3%
Alere, Inc. (a)	419,708		15,588
Health Care Providers & Services - 4.1%
Community Health Systems, Inc. (a)	554,676		17,045
DaVita, Inc. (a)	503,747		44,375
HCA Holdings, Inc.	305,500		10,020
RehabCare Group, Inc. (a)	230,000		8,641
Sun Healthcare Group, Inc. (a)	547,507		6,455
Tenet Healthcare Corp. (a)	18,689,259		129,517
			216,053
Health Care Technology - 0.5%
Cerner Corp. (a)	220,709		26,525
Pharmaceuticals - 0.7%
Hospira, Inc. (a)	630,858		35,789
TOTAL HEALTH CARE			293,955
INDUSTRIALS - 16.4%
Aerospace & Defense - 0.8%
American Science & Engineering, Inc.	85,370		7,521
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Aerospace & Defense - continued
Teledyne Technologies, Inc. (a)	340,694		$ 17,202
Textron, Inc.	602,700		15,730
			40,453
Airlines - 2.0%
AirTran Holdings, Inc. (a)	1,779,700		13,366
AMR Corp. (a)(e)	1,140,630		6,695
Delta Air Lines, Inc. (a)	5,499,749		57,087
United Continental Holdings, Inc. (a)	370,700		8,459
US Airways Group, Inc. (a)	2,034,580		18,494
			104,101
Building Products - 3.1%
Armstrong World Industries, Inc.	1,217,530		54,484
Masco Corp.	976,841		13,109
Owens Corning (a)	2,510,301		94,990
Owens Corning warrants 10/31/13 (a)	406,600		2,000
			164,583
Commercial Services & Supplies - 2.9%
Cenveo, Inc. (a)(f)	3,658,300		23,706
Deluxe Corp.	1,786,873		48,389
R.R. Donnelley & Sons Co.	450,900		8,504
Republic Services, Inc.	1,317,784		41,668
The Brink's Co.	464,740		15,341
Waste Management, Inc.	340,992		13,456
			151,064
Electrical Equipment - 2.4%
Belden, Inc.	1,170,366		44,509
Emerson Electric Co.	163,500		9,934
General Cable Corp. (a)	549,400		26,646
Harbin Electric, Inc. (a)(e)	548,369		10,265
Polypore International, Inc. (a)	548,400		33,875
			125,229
Industrial Conglomerates - 0.8%
Carlisle Companies, Inc.	109,910		5,445
General Electric Co.	1,103,883		22,574
Tyco International Ltd.	328,233		15,998
			44,017
Machinery - 2.7%
Accuride Corp. (a)	5,737		79
Accuride Corp. warrants 2/26/12 (a)	778,347		70
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Fiat Industrial SpA (a)	1,634,423		$ 24,282
Ingersoll-Rand Co. Ltd.	1,226,900		61,958
Navistar International Corp. (a)	169,800		11,804
Timken Co.	464,948		26,218
WABCO Holdings, Inc. (a)	211,533		15,622
			140,033
Marine - 0.2%
Navios Maritime Holdings, Inc.	2,162,794		11,441
Road & Rail - 1.3%
Avis Budget Group, Inc. (a)	719,914		13,650
CSX Corp.	109,400		8,609
Hertz Global Holdings, Inc. (a)	2,518,600		43,345
			65,604
Trading Companies & Distributors - 0.2%
Houston Wire & Cable Co. (e)	656,176		11,017
TOTAL INDUSTRIALS			857,542
INFORMATION TECHNOLOGY - 10.3%
Communications Equipment - 0.1%
JDS Uniphase Corp. (a)	163,300		3,403
Electronic Equipment & Components - 2.0%
Avnet, Inc. (a)	328,000		11,913
DDi Corp.	295,899		2,844
Flextronics International Ltd. (a)	9,134,646		63,668
TTM Technologies, Inc. (a)	724,200		13,847
Viasystems Group, Inc. (a)	540,460		14,111
			106,383
Internet Software & Services - 0.3%
NetEase.com, Inc. sponsored ADR (a)	191,500		9,437
VeriSign, Inc.	194,300		7,181
			16,618
IT Services - 0.9%
Alliance Data Systems Corp. (a)(e)	306,909		29,156
CACI International, Inc. Class A (a)	248,000		15,155
Cognizant Technology Solutions Corp. Class A (a)	56,200		4,659
			48,970
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 6.9%
Amkor Technology, Inc. (a)(e)	5,242,218		$ 35,123
Cypress Semiconductor Corp. (a)	651,200		14,170
Fairchild Semiconductor International, Inc. (a)	548,500		11,502
Intel Corp.	454,981		10,551
Micron Technology, Inc. (a)	1,737,600		19,618
National Semiconductor Corp.	1,714,276		41,348
ON Semiconductor Corp. (a)	21,379,802		224,702
			357,014
Software - 0.1%
Microsoft Corp.	108,800		2,831
Nuance Communications, Inc. (a)	163,600		3,387
			6,218
TOTAL INFORMATION TECHNOLOGY			538,606
MATERIALS - 15.3%
Chemicals - 12.6%
Albemarle Corp.	298,079		21,029
Arch Chemicals, Inc.	344,342		13,316
Celanese Corp. Class A	2,153,053		107,480
Dow Chemical Co.	1,651,894		67,711
Ferro Corp. (a)	722,400		10,836
FMC Corp.	178,600		15,767
H.B. Fuller Co.	1,203,861		26,304
LyondellBasell Industries NV Class A	5,865,282		261,006
Nalco Holding Co.	632,219		18,467
OMNOVA Solutions, Inc. (a)(f)	2,749,107		23,367
Phosphate Holdings, Inc. (a)	307,500		3,844
Solutia, Inc. (a)	657,600		17,328
W.R. Grace & Co. (a)	1,601,519		72,645
			659,100
Containers & Packaging - 0.8%
Owens-Illinois, Inc. (a)	421,000		12,491
Rock-Tenn Co. Class A (e)	429,702		29,680
			42,171
Metals & Mining - 1.6%
AngloGold Ashanti Ltd. sponsored ADR	526,100		26,821
Compass Minerals International, Inc.	258,500		25,232
Ormet Corp. (a)(f)	330,000		2,426
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - continued
Ormet Corp. (a)(f)(h)	1,075,000		$ 7,901
Teck Resources Ltd. Class B (sub. vtg.)	417,300		22,684
			85,064
Paper & Forest Products - 0.3%
Neenah Paper, Inc.	518,300		12,092
TOTAL MATERIALS			798,427
TELECOMMUNICATION SERVICES - 2.1%
Diversified Telecommunication Services - 0.8%
CenturyLink, Inc.	771,680		31,469
PAETEC Holding Corp. (a)	2,980,233		10,729
			42,198
Wireless Telecommunication Services - 1.3%
Crown Castle International Corp. (a)	871,891		37,369
Sprint Nextel Corp. (a)	5,692,987		29,490
			66,859
TOTAL TELECOMMUNICATION SERVICES			109,057
UTILITIES - 3.6%
Independent Power Producers & Energy Traders - 3.6%
AES Corp. (a)	10,901,923		144,341
Calpine Corp. (a)	2,479,900		41,538
			185,879
TOTAL COMMON STOCKS (Cost $3,856,097)		5,039,954
Nonconvertible Preferred Stocks - 0.3%

CONSUMER STAPLES - 0.1%
Personal Products - 0.1%
Revlon, Inc. Series A 12.75%	639,576		3,652
FINANCIALS - 0.2%
Diversified Financial Services - 0.2%
GMAC Capital Trust I 8.125%	439,013		11,397
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $19,207)		15,049

Nonconvertible Bonds - 0.2%
	Principal Amount (000s)		Value (000s)
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
General Motors Corp.:
6.75% 5/1/28 (d)	$ 3,075		$ 53
7.125% 7/15/13 (d)	8,320		132
7.2% 1/15/11 (d)	22,980		1,154
8.25% 7/15/23 (d)	25,035		391
8.375% 7/15/33 (d)	50,210		969
8.8% 3/1/21 (d)	10,765		391
			3,090
Hotels, Restaurants & Leisure - 0.0%
Station Casinos, Inc.:
6% 4/1/12 (d)	8,360		1
7.75% 8/15/16 (d)	9,380		1
			2
TOTAL CONSUMER DISCRETIONARY			3,092
FINANCIALS - 0.1%
Commercial Banks - 0.1%
Regions Bank 6.45% 6/26/37	5,430		5,050
INDUSTRIALS - 0.0%
Airlines - 0.0%
Northwest Airlines, Inc. 9.875% 3/15/07 (a)	7,000		0
TOTAL NONCONVERTIBLE BONDS (Cost $12,273)		8,142
Floating Rate Loans - 0.1%

UTILITIES - 0.1%
Electric Utilities - 0.1%
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan 4.7318% 10/10/17 (g)	5,458		4,373
TOTAL FLOATING RATE LOANS (Cost $4,628)		4,373

Money Market Funds - 5.2%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.13% (b)	158,365,305		$ 158,365
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	114,245,960		114,246
TOTAL MONEY MARKET FUNDS (Cost $272,611)		272,611
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $4,164,816)		5,340,129
NET OTHER ASSETS (LIABILITIES) - (2.3)%		(119,953)
NET ASSETS - 100%		$ 5,220,176

Legend

(a) Non-income producing

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

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

(f) Affiliated company

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

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,901,000 or 0.2% 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

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	$ 189
Fidelity Securities Lending Cash Central Fund	399
Total	$ 588

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Cenveo, Inc.	$ 23,767	$ -	$ 1,146	$ -	$ 23,706
Gray Television, Inc.	7,399	1,624	-	-	10,508
OMNOVA Solutions, Inc.	-	22,300	-	-	23,367
ON Semiconductor Corp.	155,780	-	19,161	-	-
Ormet Corp.	957	-	-	-	2,426
Ormet Corp. (Restricted security)	3,118	-	-	-	7,901
Service Corp. International	150,430	-	18,657	2,091	180,747
Total	$ 341,451	$ 23,924	$ 38,964	$ 2,091	$ 248,655

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 947,120	$ 947,120	$ -	$ -
Consumer Staples	115,474	111,822	-	3,652
Energy	798,875	798,875	-	-
Financials	410,068	410,068	-	-
Health Care	293,955	293,955	-	-
Industrials	857,542	857,542	-	-
Information Technology	538,606	538,606	-	-
Materials	798,427	798,427	-	-
Telecommunication Services	109,057	109,057	-	-
Utilities	185,879	185,879	-	-
Corporate Bonds	8,142	-	5,050	3,092
Floating Rate Loans	4,373	-	4,373	-
Money Market Funds	272,611	272,611	-	-
Total Investments in Securities:	$ 5,340,129	$ 5,323,962	$ 9,423	$ 6,744

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

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$ 4,950
Total Realized Gain (Loss)	(1)
Total Unrealized Gain (Loss)	(20,777)
Cost of Purchases	-
Proceeds of Sales	(19,059)
Amortization/Accretion	264
Transfers in to Level 3	41,367
Transfers out of Level 3	-
Ending Balance	$ 6,744
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ (20,777)

Income Tax Information

At April 30, 2011, the cost of investment securities for income tax purposes was $4,181,897,000. Net unrealized appreciation aggregated $1,158,232,000, of which $1,607,875,000 related to appreciated investment securities and $449,643,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® OTC Portfolio -
OTC
Class K

April 30, 2011

1.800345.107

OTC-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 13.8%
Auto Components - 0.6%
Gentex Corp.	1,498,400		$ 46,975
Automobiles - 2.2%
Tesla Motors, Inc. (a)(d)(e)	5,079,350		140,190
Volkswagen AG ADR sponsored (d)	955,700		33,564
			173,754
Diversified Consumer Services - 0.1%
Coinstar, Inc. (a)	65,700		3,546
Global Education & Technology Group Ltd. ADR (a)	600,436		3,765
			7,311
Hotels, Restaurants & Leisure - 2.2%
BJ's Restaurants, Inc. (a)	544,900		25,583
Bravo Brio Restaurant Group, Inc.	661,025		13,644
China Lodging Group Ltd. ADR (a)(d)	1,014,300		22,203
Ctrip.com International Ltd. sponsored ADR (a)	61,900		3,016
Las Vegas Sands Corp. (a)	358,900		16,872
Starbucks Corp.	2,536,800		91,807
Wyndham Worldwide Corp.	95,200		3,295
Wynn Resorts Ltd.	26,500		3,899
			180,319
Household Durables - 1.0%
iRobot Corp. (a)(e)	1,557,886		55,180
Lennar Corp. Class A	221,900		4,214
PulteGroup, Inc. (a)	316,200		2,571
SodaStream International Ltd. (d)	281,958		12,897
Techtronic Industries Co. Ltd.	4,297,000		5,865
			80,727
Internet & Catalog Retail - 1.5%
Amazon.com, Inc. (a)	475,630		93,461
E-Commerce China Dangdang, Inc. ADR (d)	364,900		8,396
Netflix, Inc. (a)	18,100		4,211
Ocado Group PLC (a)	1,598,322		6,045
Priceline.com, Inc. (a)	20,800		11,378
			123,491
Leisure Equipment & Products - 0.5%
Hasbro, Inc.	875,700		41,018
Media - 4.3%
Comcast Corp. Class A	8,802,700		230,983
Discovery Communications, Inc. (a)	1,516,700		67,129
DISH Network Corp. Class A (a)	1,226,500		30,712
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Focus Media Holding Ltd. ADR (a)	211,700		$ 7,441
Liberty Global, Inc. Class A (a)(d)	74,500		3,464
WPP PLC sponsored ADR (d)	87,200		5,693
			345,422
Specialty Retail - 0.2%
Bed Bath & Beyond, Inc. (a)	130,300		7,312
I.T Ltd.	3,544,000		2,852
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	74,700		3,973
			14,137
Textiles, Apparel & Luxury Goods - 1.2%
Deckers Outdoor Corp. (a)	83,900		7,120
lululemon athletica, Inc. (a)	826,473		82,672
Polo Ralph Lauren Corp. Class A	26,200		3,426
Steven Madden Ltd. (a)	86,200		4,582
Trinity Ltd.	2,770,000		2,996
			100,796
TOTAL CONSUMER DISCRETIONARY			1,113,950
CONSUMER STAPLES - 0.9%
Beverages - 0.1%
Hansen Natural Corp. (a)	70,900		4,690
Food & Staples Retailing - 0.1%
Droga Raia SA	37,000		569
Whole Foods Market, Inc.	66,600		4,180
			4,749
Food Products - 0.7%
Green Mountain Coffee Roasters, Inc. (a)	705,800		47,260
Tingyi (Cayman Islands) Holding Corp. ADR	48,200		2,538
Want Want China Holdings Ltd. ADR	217,500		9,760
			59,558
Personal Products - 0.0%
USANA Health Sciences, Inc. (a)	44,800		1,671
TOTAL CONSUMER STAPLES			70,668
ENERGY - 3.0%
Energy Equipment & Services - 1.0%
ION Geophysical Corp. (a)	3,015,000		38,110
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Petroleum Geo-Services ASA sponsored ADR (a)	658,300		$ 10,414
Saipem SpA ADR	1,035,700		29,569
			78,093
Oil, Gas & Consumable Fuels - 2.0%
Amyris, Inc. (d)	862,900		22,806
Brigham Exploration Co. (a)	198,700		6,662
Carrizo Oil & Gas, Inc. (a)	1,180,300		47,023
Georesources, Inc. (a)(d)	900,200		26,124
Petroleum Development Corp. (a)(e)	1,219,551		48,563
Targa Resources Corp.	350,074		12,260
			163,438
TOTAL ENERGY			241,531
FINANCIALS - 3.8%
Commercial Banks - 2.3%
Associated Banc-Corp.	656,100		9,579
FirstMerit Corp.	186,600		3,260
Fulton Financial Corp.	268,100		3,131
HDFC Bank Ltd. sponsored ADR (d)	250,200		43,059
Huntington Bancshares, Inc.	1,014,500		6,888
National Penn Bancshares, Inc.	377,000		3,095
Popular, Inc. (a)	978,800		3,083
Standard Chartered PLC	141,000		3,885
Susquehanna Bancshares, Inc.	144,100		1,329
SVB Financial Group (a)	283,200		17,117
Wells Fargo & Co.	2,517,600		73,287
Zions Bancorporation	701,000		17,139
			184,852
Consumer Finance - 0.4%
Green Dot Corp. Class A (d)	699,400		30,186
Diversified Financial Services - 1.1%
Citigroup, Inc. (a)	1,915,100		8,790
CME Group, Inc.	230,400		68,145
Hong Kong Exchanges and Clearing Ltd.	150,400		3,432
JPMorgan Chase & Co.	64,200		2,929
NBH Holdings Corp. Class A (a)(f)	110,800		1,972
			85,268
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - 0.0%
Protective Life Corp.	105,800		$ 2,847
Thrifts & Mortgage Finance - 0.0%
The PMI Group, Inc. (a)	716,900		1,549
Washington Federal, Inc.	185,270		2,981
			4,530
TOTAL FINANCIALS			307,683
HEALTH CARE - 14.1%
Biotechnology - 9.1%
3SBio, Inc. sponsored ADR (a)	120,047		2,160
Achillion Pharmaceuticals, Inc. (a)	1,269,000		7,081
Alexion Pharmaceuticals, Inc. (a)	164,060		15,896
Allos Therapeutics, Inc. (a)(d)	812,200		2,364
Alnylam Pharmaceuticals, Inc. (a)	263,800		2,707
Amarin Corp. PLC ADR (a)	4,973,239		79,572
Amgen, Inc. (a)	2,093,800		119,033
Amylin Pharmaceuticals, Inc. (a)	1,301,639		17,312
Anthera Pharmaceuticals, Inc. (a)(d)	1,318,500		9,599
ARIAD Pharmaceuticals, Inc. (a)	1,330,100		11,372
Biogen Idec, Inc. (a)	209,500		20,395
BioMarin Pharmaceutical, Inc. (a)	156,000		4,195
Celgene Corp. (a)	980,516		57,733
Cephalon, Inc. (a)	44,200		3,395
Cepheid, Inc. (a)	615,600		19,890
Dendreon Corp. (a)	216,936		9,422
Genomic Health, Inc. (a)	131,020		3,577
Human Genome Sciences, Inc. (a)	2,414,512		71,156
ImmunoGen, Inc. (a)	297,309		3,972
Inhibitex, Inc. (a)	828,400		3,479
InterMune, Inc. (a)	309,220		13,804
Ironwood Pharmaceuticals, Inc. Class A (a)	2,084,400		30,474
Isis Pharmaceuticals, Inc. (a)(d)	374,849		3,516
NPS Pharmaceuticals, Inc. (a)	373,800		3,876
Pharmasset, Inc. (a)	171,300		17,382
Seattle Genetics, Inc. (a)(d)	1,460,603		24,261
Targacept, Inc. (a)	216,749		5,241
Theravance, Inc. (a)	180,900		5,020
Vertex Pharmaceuticals, Inc. (a)	3,056,588		168,173
			736,057
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 0.6%
Endologix, Inc. (a)	896,300		$ 7,126
Mako Surgical Corp. (a)(d)	1,312,863		36,064
Masimo Corp.	150,300		5,229
			48,419
Health Care Providers & Services - 2.9%
Accretive Health, Inc. (d)(e)	7,221,945		203,948
Express Scripts, Inc. (a)	450,700		25,573
			229,521
Health Care Technology - 0.1%
athenahealth, Inc. (a)	114,800		5,307
SXC Health Solutions Corp. (a)	68,300		3,775
			9,082
Life Sciences Tools & Services - 0.9%
Fluidigm Corp. (a)(d)	205,000		3,393
Illumina, Inc. (a)(d)	1,009,582		71,660
			75,053
Pharmaceuticals - 0.5%
Endocyte, Inc.	673,600		8,184
Shire PLC sponsored ADR	316,100		29,464
			37,648
TOTAL HEALTH CARE			1,135,780
INDUSTRIALS - 3.0%
Aerospace & Defense - 0.2%
AeroVironment, Inc. (a)	114,151		3,270
BE Aerospace, Inc. (a)	99,600		3,844
Bombardier, Inc.	704,500		5,249
Rolls-Royce Group PLC sponsored ADR	73,400		3,961
			16,324
Air Freight & Logistics - 0.1%
C.H. Robinson Worldwide, Inc.	38,900		3,119
Airlines - 1.8%
Delta Air Lines, Inc. (a)	4,773,200		49,546
United Continental Holdings, Inc. (a)	4,103,700		93,646
			143,192
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Construction & Engineering - 0.3%
Fluor Corp.	79,000		$ 5,525
Foster Wheeler AG (a)	487,500		17,340
			22,865
Electrical Equipment - 0.2%
Fushi Copperweld, Inc. (a)	316,800		2,550
Polypore International, Inc. (a)	182,200		11,254
			13,804
Machinery - 0.3%
3D Systems Corp. (a)	82,100		3,425
Chart Industries, Inc. (a)	148,200		7,204
Joy Global, Inc.	35,300		3,564
Manitowoc Co., Inc.	206,400		4,580
Sandvik AB sponsored ADR	229,200		4,871
			23,644
Road & Rail - 0.0%
Saia, Inc. (a)	161,200		2,676
Trading Companies & Distributors - 0.1%
DXP Enterprises, Inc. (a)	127,815		3,355
Kaman Corp.	132,700		4,936
Rush Enterprises, Inc. Class A (a)	124,600		2,625
			10,916
TOTAL INDUSTRIALS			236,540
INFORMATION TECHNOLOGY - 55.6%
Communications Equipment - 9.2%
Acme Packet, Inc. (a)	77,374		6,392
Alcatel-Lucent SA sponsored ADR (a)	6,434,600		42,082
Aruba Networks, Inc. (a)(d)	2,389,900		85,869
Cisco Systems, Inc.	3,739,400		65,664
F5 Networks, Inc. (a)	504,300		51,116
HTC Corp.	155,850		7,063
Meru Networks, Inc. (a)(d)	596,905		10,392
Polycom, Inc. (a)	71,300		4,266
QUALCOMM, Inc.	3,435,900		195,297
Research In Motion Ltd. (a)	4,632,900		225,391
Riverbed Technology, Inc. (a)	897,302		31,531
Sandvine Corp. (a)	6,118,866		15,637
			740,700
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 11.2%
Apple, Inc. (a)	2,217,200		$ 772,092
SanDisk Corp. (a)	757,650		37,231
Silicon Graphics International Corp. (a)	1,024,832		18,836
Stratasys, Inc. (a)	445,300		23,979
Synaptics, Inc. (a)(d)(e)	1,798,400		51,111
			903,249
Electronic Equipment & Components - 0.4%
E Ink Holdings, Inc. GDR (a)(f)	44,300		900
FLIR Systems, Inc.	90,900		3,201
HLS Systems International Ltd. (a)	826,100		9,921
IPG Photonics Corp. (a)	206,558		14,348
			28,370
Internet Software & Services - 14.0%
eBay, Inc. (a)	6,598,694		226,995
Facebook, Inc. Class B (a)(g)	285,967		7,149
Google, Inc. Class A (a)	964,222		524,633
LogMeIn, Inc. (a)(d)	881,040		37,946
Mail.ru Group Ltd. GDR (a)(f)	11,300		347
OpenTable, Inc. (a)(d)	356,479		39,673
QuinStreet, Inc. (a)(d)	569,100		10,289
Rackspace Hosting, Inc. (a)(d)	5,559,334		256,786
SINA Corp. (a)	123,500		16,642
Travelzoo, Inc. (a)(d)	59,000		4,832
Velti PLC (a)	13,400		247
YouKu.com, Inc. ADR (a)	9,000		532
			1,126,071
IT Services - 2.3%
Cognizant Technology Solutions Corp. Class A (a)	1,424,245		118,070
Echo Global Logistics, Inc. (a)(d)(e)	1,439,847		20,028
ServiceSource International, Inc.	27,300		341
Visa, Inc. Class A	640,800		50,059
			188,498
Semiconductors & Semiconductor Equipment - 6.7%
ASML Holding NV	102,200		4,268
Avago Technologies Ltd.	1,662,000		55,611
Broadcom Corp. Class A	690,900		24,306
Cypress Semiconductor Corp. (a)	196,550		4,277
First Solar, Inc. (a)(d)	22,736		3,173
GT Solar International, Inc. (a)	501,100		5,597
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Inphi Corp.	31,700		$ 684
Lam Research Corp. (a)	340,700		16,459
Mellanox Technologies Ltd. (a)	1,242,951		36,717
Micron Technology, Inc. (a)	769,400		8,687
NVIDIA Corp. (a)	17,221,381		344,428
Spreadtrum Communications, Inc. ADR (a)(d)	168,000		3,595
Standard Microsystems Corp. (a)	131,000		3,557
Volterra Semiconductor Corp. (a)	1,206,500		31,719
			543,078
Software - 11.8%
Ariba, Inc. (a)	2,814,314		97,854
BMC Software, Inc. (a)	56,200		2,823
BroadSoft, Inc. (a)	326,180		14,825
Check Point Software Technologies Ltd. (a)	1,471,800		80,846
Concur Technologies, Inc. (a)	544,500		31,510
DemandTec, Inc. (a)	290,233		3,213
Fortinet, Inc. (a)	108,500		5,284
Gameloft (a)(e)	7,479,787		54,509
Informatica Corp. (a)	136,900		7,668
Kingdee International Software Group Co. Ltd.	4,456,800		2,858
Microsoft Corp.	7,668,265		199,528
Oracle Corp.	6,029,700		217,371
Pegasystems, Inc. (d)	1,776,713		65,969
QLIK Technologies, Inc.	555,200		17,800
Rovi Corp. (a)	760,100		36,910
salesforce.com, Inc. (a)	20,900		2,897
SuccessFactors, Inc. (a)	999,600		34,656
Synchronoss Technologies, Inc. (a)(e)	1,959,727		63,221
Taleo Corp. Class A (a)	261,322		9,478
			949,220
TOTAL INFORMATION TECHNOLOGY			4,479,186
MATERIALS - 0.7%
Chemicals - 0.1%
Celanese Corp. Class A	66,400		3,315
Innophos Holdings, Inc.	89,656		4,155
			7,470
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - 0.6%
Randgold Resources Ltd. sponsored ADR	419,600		$ 36,325
Royal Gold, Inc.	230,300		14,044
			50,369
TOTAL MATERIALS			57,839
TELECOMMUNICATION SERVICES - 3.9%
Diversified Telecommunication Services - 0.3%
Cbeyond, Inc. (a)	210,590		2,687
Global Crossing Ltd. (a)	869,996		20,341
			23,028
Wireless Telecommunication Services - 3.6%
Clearwire Corp. Class A (a)(d)	6,818,153		33,136
Sprint Nextel Corp. (a)	50,282,306		260,462
			293,598
TOTAL TELECOMMUNICATION SERVICES			316,626
TOTAL COMMON STOCKS (Cost $6,572,105)		7,959,803
Nonconvertible Preferred Stocks - 0.5%

CONSUMER DISCRETIONARY - 0.5%
Automobiles - 0.5%
Porsche Automobil Holding SE (Germany)	258,075		18,704
Porsche Automobil Holding SE (United States)	265,000		19,083
			37,787
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $34,592)		37,787
Money Market Funds - 6.5%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.13% (b)	6,280,946		$ 6,281
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	519,280,200		519,280
TOTAL MONEY MARKET FUNDS (Cost $525,561)		525,561
TOTAL INVESTMENT PORTFOLIO - 105.8% (Cost $7,132,258)			8,523,151
NET OTHER ASSETS (LIABILITIES) - (5.8)%			(468,331)
NET ASSETS - 100%		$ 8,054,820

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Facebook, Inc. Class B	3/31/11	$ 7,149

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	$ 18
Fidelity Securities Lending Cash Central Fund	3,650
Total	$ 3,668

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Accretive Health, Inc.	$ 919	$ 119,860	$ 3,893	$ -	$ 203,948
Alphatec Holdings, Inc.	21,863	1,075	11,983	-	-
BroadSoft, Inc.	-	37,738	46,283	-	-
Echo Global Logistics, Inc.	2,905	23,108	5,631	-	20,028
Gameloft	36,748	267	-	-	54,509
iRobot Corp.	34,374	-	3,199	-	55,180
Petroleum Development Corp.	-	55,914	2,927	-	48,563
Rackspace Hosting, Inc.	142,387	41,571	123,501	-	-
Synaptics, Inc.	-	54,115	-	-	51,111
Synchronoss Technologies, Inc.	-	48,156	-	-	63,221
Tesla Motors, Inc.	-	129,903	-	-	140,190
Total	$ 239,196	$ 511,707	$ 197,417	$ -	$ 636,750

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,151,737	$ 1,151,737	$ -	$ -
Consumer Staples	70,668	70,668	-	-
Energy	241,531	241,531	-	-
Financials	307,683	305,711	1,972	-
Health Care	1,135,780	1,135,780	-	-
Industrials	236,540	236,540	-	-
Information Technology	4,479,186	4,472,037	-	7,149
Materials	57,839	57,839	-	-
Telecommunication Services	316,626	316,626	-	-
Money Market Funds	525,561	525,561	-	-
Total Investments in Securities:	$ 8,523,151	$ 8,514,030	$ 1,972	$ 7,149

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

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$ 2,161
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	7,149
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(2,161)
Ending Balance	$ 7,149
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ -

Income Tax Information

At April 30, 2011, the cost of investment securities for income tax purposes was $7,216,696,000. Net unrealized appreciation aggregated $1,306,455,000, of which $1,660,098,000 related to appreciated investment securities and $353,643,000 related to depreciated investment securities.

At July 31, 2010, the Fund had a capital loss carryforward of approximately $1,651,048,000 of which $1,249,895,000 and $401,153,000 will expire in fiscal 2011 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Real Estate Income Fund

April 30, 2011

1.800347.107

REI-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 25.2%
	Shares		Value
CONSUMER DISCRETIONARY - 1.3%
Hotels, Restaurants & Leisure - 0.6%
Starwood Hotels & Resorts Worldwide, Inc.	84,100		$ 5,009,837
Summit Hotel Properties, Inc.	579,400		6,564,602
			11,574,439
Household Durables - 0.7%
Standard Pacific Corp. (a)(f)	2,070,000		7,990,200
Stanley Martin Communities LLC Class B (a)	4,620		3,696,000
			11,686,200
TOTAL CONSUMER DISCRETIONARY			23,260,639
FINANCIALS - 22.3%
Capital Markets - 0.5%
HFF, Inc. (a)	546,564		8,182,063
Real Estate Investment Trusts - 21.8%
Acadia Realty Trust (SBI)	1,238,149		25,815,407
Alexandria Real Estate Equities, Inc.	28,200		2,316,630
AMB Property Corp. (REIT)	235,900		8,586,760
American Assets Trust, Inc.	146,000		3,223,680
American Campus Communities, Inc.	295,700		10,393,855
Annaly Capital Management, Inc.	217,250		3,875,740
Anworth Mortgage Asset Corp.	1,223,010		8,781,212
Apartment Investment & Management Co. Class A	75,041		2,023,105
Apollo Commercial Real Estate Finance, Inc.	57,500		939,550
Associated Estates Realty Corp.	324,780		5,404,339
AvalonBay Communities, Inc.	44,425		5,624,649
Brandywine Realty Trust (SBI)	295,700		3,755,390
Canadian (REIT)	87,700		3,105,327
CapLease, Inc.	528,200		2,957,920
CBL & Associates Properties, Inc.	315,073		5,850,906
Cedar Shopping Centers, Inc.	271,400		1,601,260
Chartwell Seniors Housing (REIT)	325,300		3,053,233
Chesapeake Lodging Trust	203,500		3,658,930
Coresite Realty Corp.	147,500		2,329,025
Cypress Sharpridge Investments, Inc. (f)	1,296,939		16,017,197
DCT Industrial Trust, Inc.	900,000		5,229,000
DiamondRock Hospitality Co.	406,100		4,889,444
Digital Realty Trust, Inc. (f)	93,805		5,660,194
Duke Realty LP	484,083		7,382,266
Dynex Capital, Inc.	1,163,098		11,491,408
Education Realty Trust, Inc.	140,600		1,196,506
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Equity Lifestyle Properties, Inc.	317,530		$ 18,994,645
Equity Residential (SBI)	100,700		6,013,804
Excel Trust, Inc.	316,100		3,761,590
Federal Realty Investment Trust (SBI)	32,700		2,863,212
H&R Real Estate Investment Trust/H&R Finance Trust	170,500		3,946,676
HCP, Inc.	241,900		9,584,078
Healthcare Realty Trust, Inc.	191,300		4,369,292
Highwoods Properties, Inc. (SBI)	64,300		2,372,670
Hospitality Properties Trust (SBI)	106,400		2,569,560
Lexington Corporate Properties Trust (f)	420,000		4,191,600
LTC Properties, Inc.	247,313		7,275,948
MFA Financial, Inc.	3,341,581		26,665,816
Mid-America Apartment Communities, Inc.	64,600		4,318,510
Monmouth Real Estate Investment Corp. Class A	455,073		3,804,410
National Health Investors, Inc.	167,206		8,131,228
National Retail Properties, Inc.	234,500		6,176,730
Nationwide Health Properties, Inc.	132,680		5,811,384
Omega Healthcare Investors, Inc. (f)	214,000		4,913,440
Pebblebrook Hotel Trust	212,000		4,547,400
ProLogis Trust	461,666		7,520,539
Regency Centers Corp.	107,300		5,049,538
RioCan (REIT)	120,900		3,239,420
Senior Housing Properties Trust (SBI)	75,800		1,797,976
Simon Property Group, Inc.	125,801		14,409,247
Stag Industrial, Inc.	382,692		4,860,188
Sunstone Hotel Investors, Inc. (a)	450,000		4,707,000
The Macerich Co.	27,774		1,467,023
Two Harbors Investment Corp.	377,180		3,945,303
Ventas, Inc.	532,780		29,798,385
Vornado Realty Trust	23,590		2,280,681
Washington (REIT) (SBI)	46,700		1,513,080
Weyerhaeuser Co.	354,729		8,162,314
Whitestone REIT Class B	179,067		2,489,031
			376,714,651
Thrifts & Mortgage Finance - 0.0%
Wrightwood Capital LLC warrants 7/31/14 (a)(g)	60,681		607
TOTAL FINANCIALS			384,897,321
Common Stocks - continued
	Shares		Value
HEALTH CARE - 1.6%
Health Care Providers & Services - 1.6%
Brookdale Senior Living, Inc. (a)	541,600		$ 14,753,184
Capital Senior Living Corp. (a)	507,750		4,706,843
Emeritus Corp. (a)	333,674		8,178,350
			27,638,377
TOTAL COMMON STOCKS (Cost $345,512,902)		435,796,337
Preferred Stocks - 11.1%

Convertible Preferred Stocks - 1.8%
FINANCIALS - 1.8%
Real Estate Investment Trusts - 1.7%
Alexandria Real Estate Equities, Inc. Series D 7.00%	95,000		2,481,875
CommonWealth REIT 6.50%	150,000		3,300,000
Excel Trust, Inc. 7.00% (g)	248,200		6,111,925
Health Care REIT, Inc. 6.50% (a)	30,000		1,620,000
Lexington Corporate Properties Trust Series C 6.50%	328,036		14,459,827
Ramco-Gershenson Properties Trust (SBI) (a)	40,000		2,030,000
			30,003,627
Real Estate Management & Development - 0.1%
Grubb & Ellis Co.:
12.00% (g)	22,500		1,192,500
12.00% (a)(g)	5,000		265,000
			1,457,500
TOTAL FINANCIALS			31,461,127
Nonconvertible Preferred Stocks - 9.3%
CONSUMER DISCRETIONARY - 0.0%
Household Durables - 0.0%
M/I Homes, Inc. Series A, 9.75% (a)	38,200		665,444
FINANCIALS - 9.3%
Diversified Financial Services - 0.3%
DRA CRT Acquisition Corp. Series A, 8.50%	25,000		412,000
Red Lion Hotels Capital Trust 9.50%	163,225		4,145,915
			4,557,915
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - 8.9%
Alexandria Real Estate Equities, Inc. Series C, 8.375%	67,000		$ 1,718,550
American Home Mortgage Investment Corp.:
Series A, 9.375% (a)	120,300		12
Series B, 9.25% (a)	124,100		12
Annaly Capital Management, Inc. Series A, 7.875%	164,900		4,239,579
Anworth Mortgage Asset Corp. Series A, 8.625%	309,630		7,799,580
Apartment Investment & Management Co.:
Series T, 8.00%	57,500		1,446,700
Series U, 7.75%	150,773		3,778,371
Brandywine Realty Trust Series C, 7.50%	37,615		948,274
CapLease, Inc. Series A, 8.125%	43,400		1,072,414
CBL & Associates Properties, Inc.:
(depositary shares) Series C, 7.75%	47,962		1,206,724
7.375%	140,688		3,420,125
Cedar Shopping Centers, Inc. 8.875%	290,352		7,372,037
CenterPoint Properties Trust Series D, 5.377%	3,575		1,658,800
Cogdell Spencer, Inc. 8.50%	114,300		2,855,214
Corporate Office Properties Trust Series H, 7.50%	5,000		125,250
Cousins Properties, Inc. Series A, 7.75%	93,230		2,326,089
Duke Realty LP:
8.375%	128,517		3,419,837
Series L, 6.60%	10,666		256,197
Eagle Hospitality Properties Trust, Inc. 8.25% (a)	24,000		90,000
Equity Lifestyle Properties, Inc.	785,378		19,854,356
Essex Property Trust, Inc.	40,000		1,038,000
First Potomac Realty Trust 7.75%	80,000		2,030,400
Glimcher Realty Trust Series G, 8.125%	171,111		4,238,419
HomeBanc Mortgage Corp. Series A (a)	104,685		1
Hospitality Properties Trust:
Series B, 8.875%	88,600		2,283,222
Series C, 7.00%	58,500		1,450,215
Hudson Pacific Properties, Inc. 8.375%	256,300		6,563,843
Kimco Realty Corp. Series G, 7.75%	97,300		2,520,070
Kite Realty Group Trust 8.25%	96,100		2,363,099
LaSalle Hotel Properties:
Series E, 8.00%	50,468		1,279,868
Series G, 7.25%	114,485		2,767,102
Series H, 7.50%	100,000		2,454,000
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
LBA Realty Fund II:
Series A, 8.75% (a)	69,000		$ 2,863,500
Series B, 7.625% (a)	31,240		734,140
Lexington Corporate Properties Trust Series B, 8.05%	40,300		1,008,709
Lexington Realty Trust 7.55%	23,800		574,770
MFA Financial, Inc. Series A, 8.50%	471,886		11,938,716
Monmouth Real Estate Investment Corp. 7.625%	80,000		2,004,800
Newcastle Investment Corp. Series B, 9.75%	18,095		444,956
Parkway Properties, Inc. Series D, 8.00%	237,900		6,004,596
Pebblebrook Hotel Trust	350,000		8,890,000
ProLogis Trust Series C, 8.54%	94,446		5,147,307
PS Business Parks, Inc.:
(depositary shares) Series H, 7.00%	13,300		332,500
6.875%	50,000		1,243,000
7.20%	83,040		2,085,965
7.375%	100,610		2,543,421
Series P, 6.70%	36,000		888,120
Public Storage:
Series I, 7.25%	10,828		273,732
Series K, 7.25%	147,639		3,758,889
Series N, 7.00%	4,200		107,520
Regency Centers Corp.:
7.25%	10,500		262,290
Series C 7.45%	18,000		452,160
Saul Centers, Inc.:
8.00%	93,700		2,390,287
Series B (depositary shares) 9.00%	118,550		3,153,430
Sunstone Hotel Investors, Inc. Series A, 8.00%	102,200		2,484,482
Vornado Realty Trust 6.75%	20,000		499,600
Weingarten Realty Investors (SBI) Series F, 6.50%	56,230		1,374,261
			154,037,511
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Management & Development - 0.1%
Vornado Realty LP 7.875%	54,682		$ 1,478,601
TOTAL FINANCIALS			160,074,027
TOTAL NONCONVERTIBLE PREFERRED STOCKS			160,739,471
TOTAL PREFERRED STOCKS (Cost $196,725,714)		192,200,598

Corporate Bonds - 26.1%
		Principal Amount (e)
Convertible Bonds - 5.6%
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
Morgans Hotel Group Co. 2.375% 10/15/14		$ 1,340,000		1,187,575
FINANCIALS - 5.5%
Real Estate Investment Trusts - 3.3%
Acadia Realty Trust 3.75% 12/15/26		11,505,000		11,620,050
Alexandria Real Estate Equities, Inc. 3.7% 1/15/27 (g)		5,895,000		6,001,700
Annaly Capital Management, Inc. 4% 2/15/15		1,000,000		1,166,875
CapLease, Inc. 7.5% 10/1/27 (g)		5,180,000		5,231,800
Developers Diversified Realty Corp. 1.75% 11/15/40		1,000,000		1,082,700
Hospitality Properties Trust 3.8% 3/15/27		6,100,000		6,100,000
Inland Real Estate Corp. 4.625% 11/15/26		10,870,000		10,870,000
ProLogis Trust:
1.875% 11/15/37		2,450,000		2,427,031
2.625% 5/15/38		1,500,000		1,490,625
The Macerich Co. 3.25% 3/15/12 (g)		4,800,000		4,806,000
United Dominion Realty Trust, Inc. 3.625% 9/15/11		5,500,000		5,558,300
				56,355,081
Real Estate Management & Development - 2.2%
BioMed Realty LP 4.5% 10/1/26 (g)		2,500,000		2,518,750
Corporate Office Properties LP:
3.5% 9/15/26 (g)		3,280,000		3,280,000
4.25% 4/15/30 (g)		2,000,000		2,024,200
Duke Realty LP 3.75% 12/1/11 (g)		2,650,000		2,669,875
Corporate Bonds - continued
		Principal Amount (e)		Value
Convertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - continued
First Potomac Realty Investment LP 4% 12/15/11 (g)		$ 2,600,000		$ 2,609,750
Grubb & Ellis Co. 7.95% 5/1/15 (g)		5,500,000		4,840,000
Home Properties, Inc. 4.125% 11/1/26 (g)		2,100,000		2,139,375
Kilroy Realty LP 3.25% 4/15/12 (g)		2,185,000		2,195,925
Lexington Master Ltd. Partnership 5.45% 1/15/27 (g)		14,950,000		15,006,063
MPT Operating Partnership LP 9.25% 4/1/13 (g)		1,000,000		1,151,800
SL Green Realty Corp. 3% 3/30/27 (g)		500,000		496,250
				38,931,988
TOTAL FINANCIALS				95,287,069
TOTAL CONVERTIBLE BONDS				96,474,644
Nonconvertible Bonds - 20.5%
CONSUMER DISCRETIONARY - 6.0%
Hotels, Restaurants & Leisure - 0.9%
CityCenter Holdings LLC/CityCenter Finance Corp. 7.625% 1/15/16 (g)		1,945,000		2,027,663
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17		1,700,000		1,827,500
Landry's Restaurants, Inc.:
11.625% 12/1/15		1,000,000		1,075,000
11.625% 12/1/15 (g)		325,000		349,375
Times Square Hotel Trust 8.528% 8/1/26 (g)		9,036,391		10,284,754
				15,564,292
Household Durables - 4.7%
KB Home:
5.75% 2/1/14		510,000		513,825
5.875% 1/15/15		5,000,000		4,937,500
6.25% 6/15/15		8,500,000		8,415,000
9.1% 9/15/17		7,500,000		7,931,250
Lennar Corp.:
5.5% 9/1/14		1,000,000		1,005,000
5.6% 5/31/15		5,000,000		4,912,500
6.5% 4/15/16		4,000,000		3,990,000
6.95% 6/1/18		11,000,000		10,890,000
M/I Homes, Inc.:
6.875% 4/1/12		2,150,000		2,150,000
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Household Durables - continued
M/I Homes, Inc.: - continued
8.625% 11/15/18 (g)		$ 12,565,000		$ 12,596,413
Meritage Homes Corp.:
6.25% 3/15/15		2,500,000		2,493,750
7.15% 4/15/20		1,500,000		1,485,000
Ryland Group, Inc. 8.4% 5/15/17		745,000		815,775
Standard Pacific Corp.:
7% 8/15/15		4,000,000		4,200,000
8.375% 5/15/18		2,913,000		3,000,390
8.375% 5/15/18 (g)		7,755,000		7,948,875
10.75% 9/15/16		3,000,000		3,495,000
				80,780,278
Multiline Retail - 0.2%
Sears Holdings Corp. 6.625% 10/15/18 (g)		4,000,000		3,915,200
Specialty Retail - 0.2%
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17		2,490,000		2,829,387
TOTAL CONSUMER DISCRETIONARY				103,089,157
CONSUMER STAPLES - 0.3%
Food & Staples Retailing - 0.3%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20		1,195,175		1,326,645
C&S Group Enterprises LLC 8.375% 5/1/17 (g)		4,400,000		4,620,000
				5,946,645
FINANCIALS - 13.6%
Commercial Banks - 0.1%
CapitalSource, Inc. 12.75% 7/15/14 (g)		1,500,000		1,807,500
Diversified Financial Services - 0.5%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 7.75% 1/15/16		8,820,000		9,084,600
Real Estate Investment Trusts - 8.5%
Camden Property Trust 5% 6/15/15		1,100,000		1,188,286
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15		2,526,000		2,735,004
6.25% 6/15/14		5,005,000		5,436,206
CommonWealth REIT 5.875% 9/15/20		2,000,000		2,065,986
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Developers Diversified Realty Corp.:
5.375% 10/15/12		$ 500,000		$ 518,696
5.5% 5/1/15		2,000,000		2,122,482
7.5% 4/1/17		6,000,000		6,896,820
7.5% 7/15/18		5,271,000		5,897,669
7.875% 9/1/20		4,637,000		5,391,788
9.625% 3/15/16		3,836,000		4,715,430
Entertainment Properties Trust 7.75% 7/15/20 (g)		2,000,000		2,145,000
Equity One, Inc.:
5.375% 10/15/15		1,500,000		1,578,378
6.25% 12/15/14		4,081,000		4,427,881
6.25% 1/15/17		3,000,000		3,209,559
HCP, Inc. 3.75% 2/1/16		2,000,000		2,039,074
Health Care Property Investors, Inc.:
6% 3/1/15		1,000,000		1,105,278
6.3% 9/15/16		5,250,000		5,883,712
7.072% 6/8/15		1,500,000		1,700,222
Health Care REIT, Inc.:
6% 11/15/13		1,000,000		1,094,116
6.2% 6/1/16		750,000		830,499
Healthcare Realty Trust, Inc.:
5.125% 4/1/14		3,650,000		3,879,976
6.5% 1/17/17		1,875,000		2,103,713
HMB Capital Trust V 3.9095% 12/15/36 (d)(g)(h)		2,530,000		0
Hospitality Properties Trust:
5.625% 3/15/17		915,000		963,088
6.75% 2/15/13		610,000		642,779
7.875% 8/15/14		1,000,000		1,124,413
HRPT Properties Trust:
5.75% 11/1/15		3,600,000		3,879,659
6.25% 8/15/16		1,500,000		1,632,822
6.5% 1/15/13		200,000		208,791
iStar Financial, Inc.:
5.875% 3/15/16		3,000,000		2,715,000
5.95% 10/15/13		5,330,000		5,063,500
6.05% 4/15/15		4,725,000		4,394,250
Kimco Realty Corp. 5.783% 3/15/16		450,000		499,887
MPT Operating Partnership LP/MPT Finance Corp. 6.875% 5/1/21 (g)		2,000,000		2,027,400
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Nationwide Health Properties, Inc.:
6% 5/20/15		$ 3,122,000		$ 3,411,375
6.25% 2/1/13		1,000,000		1,068,967
8.25% 7/1/12		1,300,000		1,372,957
Omega Healthcare Investors, Inc.:
6.75% 10/15/22 (g)		2,115,000		2,141,438
7% 1/15/16		1,295,000		1,333,850
7.5% 2/15/20		1,000,000		1,070,000
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14		1,750,000		1,912,563
Potlatch Corp. 7.5% 11/1/19		1,000,000		1,062,500
ProLogis Trust:
6.25% 3/15/17		4,000,000		4,386,568
6.625% 5/15/18		6,480,000		7,172,343
6.875% 3/15/20		1,500,000		1,682,679
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20		2,000,000		2,304,000
Security Capital Industrial Trust 7.625% 7/1/17		4,690,000		5,438,923
Senior Housing Properties Trust:
4.3% 1/15/16		5,000,000		5,018,730
6.75% 4/15/20		2,000,000		2,128,504
8.625% 1/15/12		5,900,000		6,151,110
UDR, Inc. 5.5% 4/1/14		500,000		532,539
United Dominion Realty Trust, Inc.:
5.13% 1/15/14		500,000		527,145
5.25% 1/15/15		1,000,000		1,061,675
5.25% 1/15/16		4,000,000		4,194,464
Weingarten Realty Investors 4.857% 1/15/14		2,500,000		2,568,653
				146,658,347
Real Estate Management & Development - 4.4%
AMB Property LP 5.9% 8/15/13		400,000		423,885
BioMed Realty LP 3.85% 4/15/16		2,000,000		2,019,908
Brandywine Operating Partnership LP:
5.4% 11/1/14		6,750,000		7,194,569
5.75% 4/1/12		1,000,000		1,035,683
7.5% 5/15/15		1,000,000		1,141,725
CB Richard Ellis Services, Inc.:
6.625% 10/15/20		1,205,000		1,259,225
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - continued
CB Richard Ellis Services, Inc.: - continued
11.625% 6/15/17		$ 1,500,000		$ 1,773,750
Colonial Properties Trust:
6.15% 4/15/13		1,500,000		1,565,618
6.25% 6/15/14		3,094,000		3,301,682
6.875% 8/15/12		1,000,000		1,041,901
Colonial Realty LP 6.05% 9/1/16		2,500,000		2,580,532
Duke Realty LP:
6.25% 5/15/13		750,000		812,431
7.375% 2/15/15		1,500,000		1,713,746
Forest City Enterprises, Inc.:
6.5% 2/1/17		11,560,000		10,982,000
7.625% 6/1/15		1,435,000		1,435,000
Highwoods/Forsyth LP 5.85% 3/15/17		2,800,000		3,020,024
Host Hotels & Resorts LP:
6.875% 11/1/14		500,000		516,250
9% 5/15/17		750,000		840,000
Liberty Property LP 6.375% 8/15/12		2,679,000		2,834,837
Post Apartment Homes LP:
5.45% 6/1/12		713,000		737,203
6.3% 6/1/13		2,000,000		2,147,236
Realogy Corp. 7.875% 2/15/19 (g)		2,035,000		2,055,350
Regency Centers LP:
5.25% 8/1/15		4,509,000		4,854,448
5.875% 6/15/17		400,000		443,998
Toys 'R' Us Property Co. II LLC 8.5% 12/1/17		1,000,000		1,076,300
Ventas Realty LP:
Series 1, 6.5% 6/1/16		11,370,000		11,767,950
3.125% 11/30/15		1,500,000		1,484,523
6.5% 6/1/16		2,340,000		2,421,900
Wells Operating Partnership II LP 5.875% 4/1/18 (g)		3,000,000		3,017,553
				75,499,227
Thrifts & Mortgage Finance - 0.1%
Wrightwood Capital LLC 9% 6/1/14 (d)		4,000,000		1,200,000
TOTAL FINANCIALS				234,249,674
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
HEALTH CARE - 0.6%
Health Care Equipment & Supplies - 0.2%
Aviv Healthcare Properties LP 7.75% 2/15/19 (g)		$ 3,290,000		$ 3,454,500
Health Care Providers & Services - 0.4%
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18		4,410,000		4,608,450
Skilled Healthcare Group, Inc. 11% 1/15/14		3,080,000		3,164,700
				7,773,150
TOTAL HEALTH CARE				11,227,650
TOTAL NONCONVERTIBLE BONDS				354,513,126
TOTAL CORPORATE BONDS (Cost $419,084,222)			450,987,770
Asset-Backed Securities - 5.3%

Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (g)		1,384,000		1,318,260
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.5726% 3/23/19 (g)(h)		335,798		300,136
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.713% 3/20/50 (g)(h)		2,250,000		135,000
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (g)		6,875,000		6,947,875
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.524% 1/20/37 (g)(h)		1,397,997		1,160,337
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (g)		2,207,922		1,876,734
Cbre Realty Finance CDO 2007-1/LLC 0.5438% 4/7/52 (g)(h)		12,698,157		9,015,691
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33		500,000		389,970
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (g)		1,570,000		1,193,200
Class B2, 1.6585% 12/28/35 (g)(h)		1,575,000		992,250
Class D, 9% 12/28/35 (g)		504,483		126,121
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (g)		998,516		344,488
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Crest Ltd. Series 2002-IGA:
Class A, 0.7228% 7/28/17 (g)(h)		$ 317,710		$ 313,920
Class B, 1.6228% 7/28/35 (g)(h)		1,500,000		1,467,150
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27		9,500,000		8,212,959
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.6755% 11/28/39 (g)(h)		550,000		16,500
Green Tree Financial Corp.:
Series 1996-4 Class M1, 7.75% 6/15/27		1,788,179		1,641,150
Series 1997-3 Class M1, 7.53% 3/15/28		7,881,416		5,981,602
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7126% 6/25/35 (h)(k)		1,259,000		79,112
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 1.7626% 8/26/30 (g)(h)		760,223		119,735
Class E, 2.2126% 8/26/30 (g)(h)		1,481,042		62,944
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 3/15/28		1,320,659		456,335
Merit Securities Corp. Series 13 Class M1, 7.9322% 12/28/33 (h)		1,923,000		1,779,025
N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (g)		883,000		662,338
Newcastle Investment Trust Series 2011, Class A, 2.45% 12/10/33 (g)		5,000,000		4,999,361
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A:
Class A2, 4.646% 7/24/39 (g)		1,008,701		1,008,701
Class D, 5.194% 7/24/39 (g)		4,590,000		4,455,054
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 2.9605% 2/5/36 (g)(h)		3,448,941		345
TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp. Series 2002-1A Class IIFX, 6.77% 5/22/37 (g)		3,165,000		3,200,765
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 0% 9/25/26 (g)(h)		2,000,000		860,000
Series 2006-1A:
Class A1A, 0.568% 9/25/26 (g)(h)		20,558,000		18,502,200
Class A1B, 0.638% 9/25/26 (g)(h)		6,285,000		5,342,250
Class A2A, 0.528% 9/25/26 (g)(h)		9,385,000		8,628,569
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 2.2625% 11/21/40 (g)(h)		250,000		75,000
TOTAL ASSET-BACKED SECURITIES (Cost $96,812,218)			91,665,077
Collateralized Mortgage Obligations - 2.1%
		Principal Amount (e)		Value
Private Sponsor - 2.1%
Banc of America Large Loan, Inc. Series 2005-MIB1 Class A2, 0.4288% 3/15/22 (g)(h)		$ 7,715,945		$ 7,595,851
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.3988% 6/15/22 (g)(h)		3,250,000		3,023,273
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (g)		93,262		12,395
Series 2002-R2 Class 2B3, 4.3202% 7/25/33 (g)(h)		229,096		88,413
Series 2003-40 Class B3, 4.5% 10/25/18 (g)		137,335		13,102
Series 2003-R2 Class B3, 5.5% 5/25/43 (g)		225,893		10,145
Series 2003-R3:
Class B2, 5.5% 11/25/33 (g)		1,527,051		342,234
Class B3, 5.5% 11/25/33 (g)		303,279		24,233
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (g)(h)		208,281		6,485
FREMF Mortgage Trust:
Series 2010 K7 Class B, 5.435% 4/25/20 (g)(h)		1,500,000		1,479,600
Series 2010-K6 Class B, 5.3648% 12/26/46 (g)(h)		4,500,000		4,595,264
Merrill Lynch Floating Trust floater Series 2006-1 Class TM, 0.719% 6/15/22 (g)(h)		7,379,869		7,084,675
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (g)		7,120,000		7,362,080
Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (g)		1,600,000		1,639,536
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 12.1814% 7/10/35 (g)(h)		462,091		397,399
Series 2005-A Class B6, 2.2314% 3/10/37 (g)(h)		1,634,955		547,546
Series 2005-B Class B6, 1.8314% 6/10/37 (g)(h)		883,412		100,444
Series 2005-D Class B6, 2.4688% 12/15/37 (g)(h)		445,525		16,351
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (g)		71,472		60,377
RESIX Finance Ltd. floater:
Series 2003-D Class B8, 6.7314% 12/10/35 (g)(h)		426,141		245,159
Series 2004-A Class B7, 4.4814% 2/10/36 (g)(h)		451,953		258,111
Series 2004-B Class B7, 4.2314% 2/10/36 (g)(h)		546,071		248,189
Series 2005-C Class B7, 3.3314% 9/10/37 (g)(h)		1,820,760		147,846
TOTAL PRIVATE SPONSOR				35,298,708
U.S. Government Agency - 0.0%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (k)		186,335		105,486
Collateralized Mortgage Obligations - continued
		Principal Amount (e)		Value
U.S. Government Agency - continued
Fannie Mae REMIC Trust: - continued
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.8436% 2/25/42 (g)(h)		$ 115,533		$ 51,781
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (k)		263,242		81,222
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.9282% 6/25/43 (g)(h)		165,088		67,639
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 4.056% 10/25/42 (g)(h)		71,914		28,725
TOTAL U.S. GOVERNMENT AGENCY				334,853
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $38,469,802)			35,633,561
Commercial Mortgage Securities - 18.2%

ACGS Series 2004-1 Class P, 7.4651% 8/1/19 (k)		7,125,867		6,837,493
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (g)		2,000,000		2,211,177
Asset Securitization Corp. Series 1997-D4:
Class B1, 7.525% 4/14/29		1,565,000		1,631,693
Class B2, 7.525% 4/14/29		560,000		583,837
Banc of America Commercial Mortgage, Inc.:
sequential payer Series 2002-2 Class F, 5.487% 7/11/43		4,185,000		4,284,177
Series 2005-1 Class CJ, 5.1902% 11/10/42 (h)		3,580,000		3,804,755
Series 2005-6 Class AJ, 5.1958% 9/10/47 (h)		5,000,000		5,162,296
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 1.969% 11/15/15 (g)(h)		35,719,671		33,733,645
Banc of America Large Loan, Inc. floater Series 2005-MIB1:
Class J, 1.2688% 3/15/22 (g)(h)		2,000,000		1,765,000
Class K, 2.2188% 3/15/22 (g)(h)		4,190,000		3,058,700
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4546% 3/11/39 (h)		5,700,000		5,838,089
Bear Stearns Commercial Mortgage Securities Trust:
floater Series 2006-BBA7:
Class D, 0.4788% 3/15/19 (g)(h)		2,480,000		2,249,841
Class E, 0.5388% 3/15/19 (g)(h)		1,995,000		1,779,978
Class F, 0.5588% 3/15/19 (g)(h)		1,650,000		1,461,730
Class G, 0.6588% 3/15/19 (g)(h)		2,760,000		2,362,635
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Bear Stearns Commercial Mortgage Securities Trust: - continued
Series 2006-T22 Class B, 5.5196% 4/12/38 (g)(h)		$ 2,520,000		$ 2,462,207
Citigroup Commercial Mortgage Trust floater Series 2007-FL3A Classs MLA2, 1.2688% 4/15/22 (g)(h)		637,226		567,736
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2006-CD2 Class VPM2, 5.6179% 1/15/46 (g)(h)		3,500,000		3,400,219
COMM pass-thru certificates:
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (g)		9,962,922		10,087,459
Series 2001-J1A Class F, 6.958% 2/16/34 (g)		2,600,000		2,620,263
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-TF2A Class AX, 0.0103% 11/15/19 (g)(h)(i)		4,411,854		44
Credit Suisse/Morgan Stanley Commercial Mortgage Trust:
floater Series 2006-HC1A:
Class A2, 0.4788% 5/15/23 (g)(h)		5,800,000		5,757,836
Class D, 0.6888% 5/15/23 (g)(h)		1,250,000		1,231,914
Class F, 0.8188% 5/15/23 (g)(h)		1,825,000		1,788,776
Series 2006-HC1A Class A1, 0.4088% 5/15/23 (g)(h)		3,529,096		3,482,534
CRESI Finance Ltd. Partnership floater Series 2006-A Class E, 1.8626% 3/25/17 (g)(h)		2,512,000		2,030,010
CRESIX Finance Ltd. Series 2006-AA:
Class F, 4.4126% 3/25/17 (g)(h)		3,860,000		3,026,481
Class G, 7.2126% 3/25/17 (g)(h)		3,272,000		2,024,550
Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (g)		1,000,000		670,000
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.7285% 11/10/46 (g)(h)		2,980,000		2,941,553
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		1,200,000		999,891
DLJ Commercial Mortgage Corp.:
Series 1998-CG1 Class B4, 7.2272% 6/10/31 (g)(h)		2,500,000		2,665,597
Series 2000-CKP1 Class B3, 7.9808% 11/10/33 (h)		2,970,000		2,966,416
Extended Stay America Trust Series 2010-ESHA, Class C4, 4.8603% 11/5/27 (g)		5,000,000		5,192,208
First Union National Bank Commercial Mortgage Trust Series 2001-C4:
Class H, 7.036% 12/12/33 (g)		2,000,000		2,023,211
Class K, 6% 12/12/33 (g)		2,000,000		1,994,150
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Freddie Mac Multi-class participation certificates guaranteed:
Series K011 Class X3, 2.661% 12/25/48 (h)(i)		$ 12,206,096		$ 1,953,558
Series K012 Class X3, 2.2875% 1/25/41 (h)(i)		21,072,891		3,022,274
FREMF Mortgage Trust:
Series 2010-K9 Class B, 5.1637% 9/25/45 (g)(h)		4,000,000		4,011,304
Series 2011-K11 Class B, 4.569% 12/25/48 (g)(h)		2,000,000		1,864,580
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (g)		11,222,467		11,228,078
GE Capital Commercial Mortgage Corp.:
Series 2001-3 Class C, 6.51% 6/10/38		820,000		834,408
Series 2002-1A Class H, 7.1417% 12/10/35 (g)(h)		991,000		1,002,503
Global Towers Partners Acquisition Partners I LLC Series 2007-1A Class G, 7.8737% 5/15/37 (g)		1,000,000		1,050,000
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2:
Class F, 6.75% 4/15/29 (h)		1,777,786		1,850,438
Class G, 6.75% 4/15/29 (h)		1,250,000		1,353,649
Series 1999-C3:
Class G, 6.974% 8/15/36 (g)		1,104,467		1,109,304
Class J, 6.974% 8/15/36 (g)		1,500,000		1,504,953
Series 2000-C1 Class K, 7% 3/15/33		1,100,000		627,000
Series 2002-C3 Class D, 5.27% 7/10/39		3,000,000		3,087,583
Greenwich Capital Commercial Funding Corp.:
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (g)		2,000,000		2,056,085
Series 2002-C1 Class H, 5.903% 1/11/35 (g)		880,000		882,600
GS Mortgage Securities Corp. II floater Series 2007-EOP Class L, 6.4193% 3/1/20 (g)(h)		1,400,000		1,390,808
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (g)		2,000,000		2,007,400
JP Morgan Chase Commercial Mortgage Securities Corp.:
Series 2009-IWST Class D, 7.4457% 12/5/27 (g)(h)		5,000,000		5,689,349
Series 2010-CNTM Class MZ, 8.5% 8/4/20 (e)(g)		4,000,000		3,919,672
Series 2010-CNTR:
Class D, 6.1843% 8/5/32 (g)(h)		4,500,000		4,624,458
Class XB, 0.9305% 8/5/32 (g)(i)		32,655,000		1,774,590
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-A:
Class G, 6% 10/15/32 (g)(h)		2,895,000		14,475
Class X, 1.3273% 10/15/32 (g)(h)(i)		7,177,292		6,624
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
JPMorgan Chase Commercial Mortgage Securities Trust floater Series 2005-FL1A Class A2, 0.3988% 2/15/19 (g)(h)		$ 2,084,240		$ 2,042,560
JPMorgan Commercial Mortgage Finance Corp.:
Series 1997-C5 Class F, 7.5605% 9/15/29		1,994,053		2,070,177
Series 1999-C8:
Class G, 6% 7/15/31 (g)		1,385,000		1,375,029
Class H, 6% 7/15/31 (g)		2,638,000		18,466
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (g)		2,920,000		3,082,352
LB-UBS Commercial Mortgage Trust:
sequential payer:
Series 2004-C2 Class E, 4.487% 3/15/36		2,060,000		2,022,175
Series 2005-C7 Class AJ, 5.323% 11/15/40		6,000,000		6,160,217
Series 2006-C7 Class AM, 5.378% 11/15/38		2,040,000		2,127,843
Series 2005-C2 Class AJ, 5.205% 4/15/30 (h)		8,910,000		9,318,581
Series 2006-C4:
Class AJ, 5.8961% 6/15/38 (h)		6,005,000		6,040,733
Class AM, 5.8961% 6/15/38 (h)		6,700,000		7,130,802
Merrill Lynch Financial Asset, Inc. Series 2005-CA16:
Class F, 4.384% 7/12/37	CAD	710,000		472,969
Class G, 4.384% 7/12/37	CAD	355,000		228,554
Class H, 4.384% 7/12/37	CAD	236,000		146,882
Class J, 4.384% 7/12/37	CAD	355,000		213,644
Class K, 4.384% 7/12/37	CAD	355,000		206,636
Class L, 4.384% 7/12/37	CAD	236,000		132,896
Class M, 4.384% 7/12/37	CAD	995,000		437,013
Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (g)		3,334,117		879,373
Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.6691% 5/12/39 (h)		1,200,000		1,273,803
Mezz Capital Commercial Mortgage Trust Series 2004-C1:
Class D, 6.988% 1/15/37 (g)		750,000		0
Class E, 7.983% 1/15/37 (g)		1,453,000		0
Class IO, 7.6669% 1/15/37 (h)(i)		5,408,885		299,652
Morgan Stanley Capital I Trust:
sequential payer:
Series 2004-RR2 Class A2, 5.45% 10/28/33 (g)		1,845,420		1,826,965
Series 2006-HQ10 Class AM, 5.36% 11/12/41		8,200,000		8,638,308
Series 1997-RR Class F, 7.4059% 4/30/39 (g)(h)		2,225,604		2,136,580
Series 1998-CF1 Class G, 7.35% 7/15/32 (g)		2,830,092		1,775,883
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43		7,500,000		7,584,825
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g)		$ 3,249,327		$ 3,485,878
RBSCF Trust Series 2010-MB1 Class D, 4.6686% 4/15/24 (g)(h)		5,820,000		5,857,285
Salomon Brothers Mortgage Securities VII, Inc. Series 2001-MMA:
Class E3, 6.5% 2/18/34 (g)(h)		3,000,000		3,077,589
Class E5, 6.5% 2/18/34 (g)(h)		3,000,000		3,093,202
Structured Asset Securities Corp.:
Series 1996-CFL Class I, 7.75% 2/25/28 (g)		2,652,818		2,757,604
Series 1997-LLI Class F, 7.3% 10/12/34 (g)		2,170,000		2,210,370
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.983% 8/15/39 (h)		2,080,000		2,206,133
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (g)		10,630,000		11,214,650
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.7938% 7/15/24 (g)(h)		1,200,000		422,297
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/20 (g)		2,540,000		2,630,521
Wachovia Bank Commercial Mortgage Trust:
floater Series 2007-WHL8 Class MH1, 1.0188% 6/15/20 (g)(h)		1,437,020		1,291,410
Series 2004-C10 Class E, 4.931% 2/15/41		2,000,000		1,999,298
Series 2004-C11:
Class D, 5.3534% 1/15/41 (h)		5,177,000		4,902,105
Class E, 5.4034% 1/15/41 (h)		3,785,000		3,296,576
Series 2004-C12 Class D, 5.3075% 7/15/41 (h)		2,750,000		2,603,800
Series 2004-C14 Class B, 5.17% 8/15/41		3,180,000		3,300,478
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $298,155,356)			313,555,908
Floating Rate Loans - 3.9%

CONSUMER DISCRETIONARY - 0.6%
Hotels, Restaurants & Leisure - 0.5%
Extended Stay America, Inc. term loan 9.75% 11/1/15		9,000,000		9,000,000
Specialty Retail - 0.1%
The Pep Boys - Manny, Moe & Jack term loan 2.31% 10/27/13 (h)		1,985,546		1,980,582
TOTAL CONSUMER DISCRETIONARY				10,980,582
Floating Rate Loans - continued
		Principal Amount (e)		Value
FINANCIALS - 1.9%
Diversified Financial Services - 0.6%
Capital Automotive LP term loan 5% 3/11/17 (h)		$ 6,471,934		$ 6,439,574
Pilot Travel Centers LLC Tranche B, term loan 4.25% 3/30/18 (h)		4,000,000		4,030,000
				10,469,574
Real Estate Investment Trusts - 0.1%
iStar Financial, Inc. Tranche A 1LN, term loan 5% 6/28/13 (h)		1,906,122		1,891,826
Real Estate Management & Development - 1.2%
CB Richard Ellis Group, Inc. Tranche B, term loan 3.4814% 11/9/16 (h)		1,713,900		1,716,042
CB Richard Ellis Services, Inc. Tranche D, term loan 1.75% 9/4/19 (h)(j)		3,000,000		2,988,750
Equity Inns Reality LLC:
Tranche A, term loan 9% 11/2/12 (h)		2,000,000		1,797,500
Tranche B 2LN, term loan 6.05% 11/2/12 (h)		5,000,000		4,593,750
Realogy Corp.:
Credit-Linked Deposit 3.2435% 10/10/13 (h)		621,862		596,988
Credit-Linked Deposit 4.4935% 10/10/16 (h)		211,372		198,690
term loan 4.5615% 10/10/16 (h)		1,249,372		1,174,410
Tranche 2LN, term loan 13.5% 10/15/17		2,500,000		2,681,250
Tranche B, term loan 3.3115% 10/10/13 (h)		5,247,484		5,037,584
				20,784,964
TOTAL FINANCIALS				33,146,364
HEALTH CARE - 0.5%
Health Care Providers & Services - 0.5%
Community Health Systems, Inc.:
Tranche B, term loan 2.5605% 7/25/14 (h)		2,849,692		2,785,574
Tranche DD, term loan 2.5605% 7/25/14 (h)		146,401		143,107
Skilled Healthcare Group, Inc. term loan 5.25% 4/9/16 (h)		3,748,403		3,748,403
Universal Health Services, Inc. term loan 4% 11/15/16 (h)		1,913,547		1,923,114
				8,600,198
INDUSTRIALS - 0.7%
Construction & Engineering - 0.7%
Drumm Investors LLC Tranche B, term loan 5% 4/26/18 (h)		12,000,000		11,790,000
Floating Rate Loans - continued
		Principal Amount (e)		Value
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
TowerCo Finance LLC Tranche B, term loan 5.25% 2/2/17 (h)		$ 3,000,000		$ 3,018,750
TOTAL FLOATING RATE LOANS (Cost $66,968,419)			67,535,894

Preferred Securities - 0.0%

FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (g)	500,000		15,000
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (g)	1,220,000		366,000
Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (g)	810,000		8
Ipswich Street CDO Series 2006-1, 6/27/46 (d)(g)	1,350,000		0
			381,008
TOTAL PREFERRED SECURITIES (Cost $3,376,835)		381,008
Money Market Funds - 10.7%
	Shares
Fidelity Cash Central Fund, 0.13% (b)	166,275,985		166,275,985
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	19,084,884		19,084,884
TOTAL MONEY MARKET FUNDS (Cost $185,360,869)		185,360,869
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $1,650,466,337)			1,773,117,022
NET OTHER ASSETS (LIABILITIES) - (2.6)%			(45,595,433)
NET ASSETS - 100%		$ 1,727,521,589

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

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

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $425,789,577 or 24.6% of net assets.

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

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

(j) Position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $3,000,000 and $2,988,750, respectively. The coupon rate will be determined at time of settlement.

(k) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,103,313 or 0.4% 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	$ 6,900,435
Fannie Mae REMIC Trust: Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41	5/21/03	$ 161,471
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42	3/25/03	$ 198,377
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7126% 6/25/35	6/3/05	$ 1,110,697

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 166,703
Fidelity Securities Lending Cash Central Fund	22,359
Total	$ 189,062

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 23,926,083	$ 20,230,083	$ -	$ 3,696,000
Financials	576,432,475	552,236,796	19,672,747	4,522,932
Health Care	27,638,377	27,638,377	-	-
Corporate Bonds	450,987,770	-	449,787,770	1,200,000
Asset-Backed Securities	91,665,077	-	75,518,664	16,146,413
Collateralized Mortgage Obligations	35,633,561	-	34,801,701	831,860
Commercial Mortgage Securities	313,555,908	-	274,460,216	39,095,692
Floating Rate Loans	67,535,894	-	58,535,894	9,000,000
Preferred Securities	381,008	-	-	381,008
Money Market Funds	185,360,869	185,360,869	-	-
Total Investments in Securities:	$ 1,773,117,022	$ 785,466,125	$ 912,776,992	$ 74,873,905

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

Investments in Securities:
Equities - Consumer Discretionary
Beginning Balance	$ 3,696,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 3,696,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ -
Equities - Financials
Beginning Balance	$ 3,922,244
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	600,688
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 4,522,932
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ 600,688
Corporate Bonds
Beginning Balance	$ 1,370,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(170,000)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 1,200,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ (170,000)
Asset-Backed Securities
Beginning Balance	$ 16,886,956
Total Realized Gain (Loss)	371,369
Total Unrealized Gain (Loss)	2,323,329
Cost of Purchases	1,620,764
Proceeds of Sales	(4,400,655)
Amortization/Accretion	(350,829)
Transfers in to Level 3	5,213,750
Transfers out of Level 3	(5,518,271)
Ending Balance	$ 16,146,413
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ 1,346,132
Collateralized Mortgage Obligations
Beginning Balance	$ 994,555
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	142,528
Cost of Purchases	-
Proceeds of Sales	(247,242)
Amortization/Accretion	(73,320)
Transfers in to Level 3	15,339
Transfers out of Level 3	-
Ending Balance	$ 831,860
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ 142,528
Commercial Mortgage Securities
Beginning Balance	$ 12,252,746
Total Realized Gain (Loss)	96,597
Total Unrealized Gain (Loss)	2,356,718
Cost of Purchases	27,384,650
Proceeds of Sales	(1,468,770)
Amortization/Accretion	(12,383)
Transfers in to Level 3	5,540,709
Transfers out of Level 3	(7,054,575)
Ending Balance	$ 39,095,692
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ 2,356,718
Floating Rate Loans
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	65,903
Cost of Purchases	8,928,750
Proceeds of Sales	-
Amortization/Accretion	5,347
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 9,000,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ 65,903
Preferred Securities
Beginning Balance	$ 365,608
Total Realized Gain (Loss)	(2,306,146)
Total Unrealized Gain (Loss)	2,420,076
Cost of Purchases	-
Proceeds of Sales	(99,000)
Amortization/Accretion	470
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 381,008
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ 13,537

Income Tax Information

At April 30, 2011, the cost of investment securities for income tax purposes was $1,651,658,980. Net unrealized appreciation aggregated $121,458,042, of which $176,130,751 related to appreciated investment securities and $54,672,709 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2011

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

1.907554.101

REIA-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 25.2%
	Shares		Value
CONSUMER DISCRETIONARY - 1.3%
Hotels, Restaurants & Leisure - 0.6%
Starwood Hotels & Resorts Worldwide, Inc.	84,100		$ 5,009,837
Summit Hotel Properties, Inc.	579,400		6,564,602
			11,574,439
Household Durables - 0.7%
Standard Pacific Corp. (a)(f)	2,070,000		7,990,200
Stanley Martin Communities LLC Class B (a)	4,620		3,696,000
			11,686,200
TOTAL CONSUMER DISCRETIONARY			23,260,639
FINANCIALS - 22.3%
Capital Markets - 0.5%
HFF, Inc. (a)	546,564		8,182,063
Real Estate Investment Trusts - 21.8%
Acadia Realty Trust (SBI)	1,238,149		25,815,407
Alexandria Real Estate Equities, Inc.	28,200		2,316,630
AMB Property Corp. (REIT)	235,900		8,586,760
American Assets Trust, Inc.	146,000		3,223,680
American Campus Communities, Inc.	295,700		10,393,855
Annaly Capital Management, Inc.	217,250		3,875,740
Anworth Mortgage Asset Corp.	1,223,010		8,781,212
Apartment Investment & Management Co. Class A	75,041		2,023,105
Apollo Commercial Real Estate Finance, Inc.	57,500		939,550
Associated Estates Realty Corp.	324,780		5,404,339
AvalonBay Communities, Inc.	44,425		5,624,649
Brandywine Realty Trust (SBI)	295,700		3,755,390
Canadian (REIT)	87,700		3,105,327
CapLease, Inc.	528,200		2,957,920
CBL & Associates Properties, Inc.	315,073		5,850,906
Cedar Shopping Centers, Inc.	271,400		1,601,260
Chartwell Seniors Housing (REIT)	325,300		3,053,233
Chesapeake Lodging Trust	203,500		3,658,930
Coresite Realty Corp.	147,500		2,329,025
Cypress Sharpridge Investments, Inc. (f)	1,296,939		16,017,197
DCT Industrial Trust, Inc.	900,000		5,229,000
DiamondRock Hospitality Co.	406,100		4,889,444
Digital Realty Trust, Inc. (f)	93,805		5,660,194
Duke Realty LP	484,083		7,382,266
Dynex Capital, Inc.	1,163,098		11,491,408
Education Realty Trust, Inc.	140,600		1,196,506
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Equity Lifestyle Properties, Inc.	317,530		$ 18,994,645
Equity Residential (SBI)	100,700		6,013,804
Excel Trust, Inc.	316,100		3,761,590
Federal Realty Investment Trust (SBI)	32,700		2,863,212
H&R Real Estate Investment Trust/H&R Finance Trust	170,500		3,946,676
HCP, Inc.	241,900		9,584,078
Healthcare Realty Trust, Inc.	191,300		4,369,292
Highwoods Properties, Inc. (SBI)	64,300		2,372,670
Hospitality Properties Trust (SBI)	106,400		2,569,560
Lexington Corporate Properties Trust (f)	420,000		4,191,600
LTC Properties, Inc.	247,313		7,275,948
MFA Financial, Inc.	3,341,581		26,665,816
Mid-America Apartment Communities, Inc.	64,600		4,318,510
Monmouth Real Estate Investment Corp. Class A	455,073		3,804,410
National Health Investors, Inc.	167,206		8,131,228
National Retail Properties, Inc.	234,500		6,176,730
Nationwide Health Properties, Inc.	132,680		5,811,384
Omega Healthcare Investors, Inc. (f)	214,000		4,913,440
Pebblebrook Hotel Trust	212,000		4,547,400
ProLogis Trust	461,666		7,520,539
Regency Centers Corp.	107,300		5,049,538
RioCan (REIT)	120,900		3,239,420
Senior Housing Properties Trust (SBI)	75,800		1,797,976
Simon Property Group, Inc.	125,801		14,409,247
Stag Industrial, Inc.	382,692		4,860,188
Sunstone Hotel Investors, Inc. (a)	450,000		4,707,000
The Macerich Co.	27,774		1,467,023
Two Harbors Investment Corp.	377,180		3,945,303
Ventas, Inc.	532,780		29,798,385
Vornado Realty Trust	23,590		2,280,681
Washington (REIT) (SBI)	46,700		1,513,080
Weyerhaeuser Co.	354,729		8,162,314
Whitestone REIT Class B	179,067		2,489,031
			376,714,651
Thrifts & Mortgage Finance - 0.0%
Wrightwood Capital LLC warrants 7/31/14 (a)(g)	60,681		607
TOTAL FINANCIALS			384,897,321
Common Stocks - continued
	Shares		Value
HEALTH CARE - 1.6%
Health Care Providers & Services - 1.6%
Brookdale Senior Living, Inc. (a)	541,600		$ 14,753,184
Capital Senior Living Corp. (a)	507,750		4,706,843
Emeritus Corp. (a)	333,674		8,178,350
			27,638,377
TOTAL COMMON STOCKS (Cost $345,512,902)		435,796,337
Preferred Stocks - 11.1%

Convertible Preferred Stocks - 1.8%
FINANCIALS - 1.8%
Real Estate Investment Trusts - 1.7%
Alexandria Real Estate Equities, Inc. Series D 7.00%	95,000		2,481,875
CommonWealth REIT 6.50%	150,000		3,300,000
Excel Trust, Inc. 7.00% (g)	248,200		6,111,925
Health Care REIT, Inc. 6.50% (a)	30,000		1,620,000
Lexington Corporate Properties Trust Series C 6.50%	328,036		14,459,827
Ramco-Gershenson Properties Trust (SBI) (a)	40,000		2,030,000
			30,003,627
Real Estate Management & Development - 0.1%
Grubb & Ellis Co.:
12.00% (g)	22,500		1,192,500
12.00% (a)(g)	5,000		265,000
			1,457,500
TOTAL FINANCIALS			31,461,127
Nonconvertible Preferred Stocks - 9.3%
CONSUMER DISCRETIONARY - 0.0%
Household Durables - 0.0%
M/I Homes, Inc. Series A, 9.75% (a)	38,200		665,444
FINANCIALS - 9.3%
Diversified Financial Services - 0.3%
DRA CRT Acquisition Corp. Series A, 8.50%	25,000		412,000
Red Lion Hotels Capital Trust 9.50%	163,225		4,145,915
			4,557,915
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - 8.9%
Alexandria Real Estate Equities, Inc. Series C, 8.375%	67,000		$ 1,718,550
American Home Mortgage Investment Corp.:
Series A, 9.375% (a)	120,300		12
Series B, 9.25% (a)	124,100		12
Annaly Capital Management, Inc. Series A, 7.875%	164,900		4,239,579
Anworth Mortgage Asset Corp. Series A, 8.625%	309,630		7,799,580
Apartment Investment & Management Co.:
Series T, 8.00%	57,500		1,446,700
Series U, 7.75%	150,773		3,778,371
Brandywine Realty Trust Series C, 7.50%	37,615		948,274
CapLease, Inc. Series A, 8.125%	43,400		1,072,414
CBL & Associates Properties, Inc.:
(depositary shares) Series C, 7.75%	47,962		1,206,724
7.375%	140,688		3,420,125
Cedar Shopping Centers, Inc. 8.875%	290,352		7,372,037
CenterPoint Properties Trust Series D, 5.377%	3,575		1,658,800
Cogdell Spencer, Inc. 8.50%	114,300		2,855,214
Corporate Office Properties Trust Series H, 7.50%	5,000		125,250
Cousins Properties, Inc. Series A, 7.75%	93,230		2,326,089
Duke Realty LP:
8.375%	128,517		3,419,837
Series L, 6.60%	10,666		256,197
Eagle Hospitality Properties Trust, Inc. 8.25% (a)	24,000		90,000
Equity Lifestyle Properties, Inc.	785,378		19,854,356
Essex Property Trust, Inc.	40,000		1,038,000
First Potomac Realty Trust 7.75%	80,000		2,030,400
Glimcher Realty Trust Series G, 8.125%	171,111		4,238,419
HomeBanc Mortgage Corp. Series A (a)	104,685		1
Hospitality Properties Trust:
Series B, 8.875%	88,600		2,283,222
Series C, 7.00%	58,500		1,450,215
Hudson Pacific Properties, Inc. 8.375%	256,300		6,563,843
Kimco Realty Corp. Series G, 7.75%	97,300		2,520,070
Kite Realty Group Trust 8.25%	96,100		2,363,099
LaSalle Hotel Properties:
Series E, 8.00%	50,468		1,279,868
Series G, 7.25%	114,485		2,767,102
Series H, 7.50%	100,000		2,454,000
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
LBA Realty Fund II:
Series A, 8.75% (a)	69,000		$ 2,863,500
Series B, 7.625% (a)	31,240		734,140
Lexington Corporate Properties Trust Series B, 8.05%	40,300		1,008,709
Lexington Realty Trust 7.55%	23,800		574,770
MFA Financial, Inc. Series A, 8.50%	471,886		11,938,716
Monmouth Real Estate Investment Corp. 7.625%	80,000		2,004,800
Newcastle Investment Corp. Series B, 9.75%	18,095		444,956
Parkway Properties, Inc. Series D, 8.00%	237,900		6,004,596
Pebblebrook Hotel Trust	350,000		8,890,000
ProLogis Trust Series C, 8.54%	94,446		5,147,307
PS Business Parks, Inc.:
(depositary shares) Series H, 7.00%	13,300		332,500
6.875%	50,000		1,243,000
7.20%	83,040		2,085,965
7.375%	100,610		2,543,421
Series P, 6.70%	36,000		888,120
Public Storage:
Series I, 7.25%	10,828		273,732
Series K, 7.25%	147,639		3,758,889
Series N, 7.00%	4,200		107,520
Regency Centers Corp.:
7.25%	10,500		262,290
Series C 7.45%	18,000		452,160
Saul Centers, Inc.:
8.00%	93,700		2,390,287
Series B (depositary shares) 9.00%	118,550		3,153,430
Sunstone Hotel Investors, Inc. Series A, 8.00%	102,200		2,484,482
Vornado Realty Trust 6.75%	20,000		499,600
Weingarten Realty Investors (SBI) Series F, 6.50%	56,230		1,374,261
			154,037,511
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Management & Development - 0.1%
Vornado Realty LP 7.875%	54,682		$ 1,478,601
TOTAL FINANCIALS			160,074,027
TOTAL NONCONVERTIBLE PREFERRED STOCKS			160,739,471
TOTAL PREFERRED STOCKS (Cost $196,725,714)		192,200,598

Corporate Bonds - 26.1%
		Principal Amount (e)
Convertible Bonds - 5.6%
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
Morgans Hotel Group Co. 2.375% 10/15/14		$ 1,340,000		1,187,575
FINANCIALS - 5.5%
Real Estate Investment Trusts - 3.3%
Acadia Realty Trust 3.75% 12/15/26		11,505,000		11,620,050
Alexandria Real Estate Equities, Inc. 3.7% 1/15/27 (g)		5,895,000		6,001,700
Annaly Capital Management, Inc. 4% 2/15/15		1,000,000		1,166,875
CapLease, Inc. 7.5% 10/1/27 (g)		5,180,000		5,231,800
Developers Diversified Realty Corp. 1.75% 11/15/40		1,000,000		1,082,700
Hospitality Properties Trust 3.8% 3/15/27		6,100,000		6,100,000
Inland Real Estate Corp. 4.625% 11/15/26		10,870,000		10,870,000
ProLogis Trust:
1.875% 11/15/37		2,450,000		2,427,031
2.625% 5/15/38		1,500,000		1,490,625
The Macerich Co. 3.25% 3/15/12 (g)		4,800,000		4,806,000
United Dominion Realty Trust, Inc. 3.625% 9/15/11		5,500,000		5,558,300
				56,355,081
Real Estate Management & Development - 2.2%
BioMed Realty LP 4.5% 10/1/26 (g)		2,500,000		2,518,750
Corporate Office Properties LP:
3.5% 9/15/26 (g)		3,280,000		3,280,000
4.25% 4/15/30 (g)		2,000,000		2,024,200
Duke Realty LP 3.75% 12/1/11 (g)		2,650,000		2,669,875
Corporate Bonds - continued
		Principal Amount (e)		Value
Convertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - continued
First Potomac Realty Investment LP 4% 12/15/11 (g)		$ 2,600,000		$ 2,609,750
Grubb & Ellis Co. 7.95% 5/1/15 (g)		5,500,000		4,840,000
Home Properties, Inc. 4.125% 11/1/26 (g)		2,100,000		2,139,375
Kilroy Realty LP 3.25% 4/15/12 (g)		2,185,000		2,195,925
Lexington Master Ltd. Partnership 5.45% 1/15/27 (g)		14,950,000		15,006,063
MPT Operating Partnership LP 9.25% 4/1/13 (g)		1,000,000		1,151,800
SL Green Realty Corp. 3% 3/30/27 (g)		500,000		496,250
				38,931,988
TOTAL FINANCIALS				95,287,069
TOTAL CONVERTIBLE BONDS				96,474,644
Nonconvertible Bonds - 20.5%
CONSUMER DISCRETIONARY - 6.0%
Hotels, Restaurants & Leisure - 0.9%
CityCenter Holdings LLC/CityCenter Finance Corp. 7.625% 1/15/16 (g)		1,945,000		2,027,663
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17		1,700,000		1,827,500
Landry's Restaurants, Inc.:
11.625% 12/1/15		1,000,000		1,075,000
11.625% 12/1/15 (g)		325,000		349,375
Times Square Hotel Trust 8.528% 8/1/26 (g)		9,036,391		10,284,754
				15,564,292
Household Durables - 4.7%
KB Home:
5.75% 2/1/14		510,000		513,825
5.875% 1/15/15		5,000,000		4,937,500
6.25% 6/15/15		8,500,000		8,415,000
9.1% 9/15/17		7,500,000		7,931,250
Lennar Corp.:
5.5% 9/1/14		1,000,000		1,005,000
5.6% 5/31/15		5,000,000		4,912,500
6.5% 4/15/16		4,000,000		3,990,000
6.95% 6/1/18		11,000,000		10,890,000
M/I Homes, Inc.:
6.875% 4/1/12		2,150,000		2,150,000
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Household Durables - continued
M/I Homes, Inc.: - continued
8.625% 11/15/18 (g)		$ 12,565,000		$ 12,596,413
Meritage Homes Corp.:
6.25% 3/15/15		2,500,000		2,493,750
7.15% 4/15/20		1,500,000		1,485,000
Ryland Group, Inc. 8.4% 5/15/17		745,000		815,775
Standard Pacific Corp.:
7% 8/15/15		4,000,000		4,200,000
8.375% 5/15/18		2,913,000		3,000,390
8.375% 5/15/18 (g)		7,755,000		7,948,875
10.75% 9/15/16		3,000,000		3,495,000
				80,780,278
Multiline Retail - 0.2%
Sears Holdings Corp. 6.625% 10/15/18 (g)		4,000,000		3,915,200
Specialty Retail - 0.2%
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17		2,490,000		2,829,387
TOTAL CONSUMER DISCRETIONARY				103,089,157
CONSUMER STAPLES - 0.3%
Food & Staples Retailing - 0.3%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20		1,195,175		1,326,645
C&S Group Enterprises LLC 8.375% 5/1/17 (g)		4,400,000		4,620,000
				5,946,645
FINANCIALS - 13.6%
Commercial Banks - 0.1%
CapitalSource, Inc. 12.75% 7/15/14 (g)		1,500,000		1,807,500
Diversified Financial Services - 0.5%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 7.75% 1/15/16		8,820,000		9,084,600
Real Estate Investment Trusts - 8.5%
Camden Property Trust 5% 6/15/15		1,100,000		1,188,286
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15		2,526,000		2,735,004
6.25% 6/15/14		5,005,000		5,436,206
CommonWealth REIT 5.875% 9/15/20		2,000,000		2,065,986
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Developers Diversified Realty Corp.:
5.375% 10/15/12		$ 500,000		$ 518,696
5.5% 5/1/15		2,000,000		2,122,482
7.5% 4/1/17		6,000,000		6,896,820
7.5% 7/15/18		5,271,000		5,897,669
7.875% 9/1/20		4,637,000		5,391,788
9.625% 3/15/16		3,836,000		4,715,430
Entertainment Properties Trust 7.75% 7/15/20 (g)		2,000,000		2,145,000
Equity One, Inc.:
5.375% 10/15/15		1,500,000		1,578,378
6.25% 12/15/14		4,081,000		4,427,881
6.25% 1/15/17		3,000,000		3,209,559
HCP, Inc. 3.75% 2/1/16		2,000,000		2,039,074
Health Care Property Investors, Inc.:
6% 3/1/15		1,000,000		1,105,278
6.3% 9/15/16		5,250,000		5,883,712
7.072% 6/8/15		1,500,000		1,700,222
Health Care REIT, Inc.:
6% 11/15/13		1,000,000		1,094,116
6.2% 6/1/16		750,000		830,499
Healthcare Realty Trust, Inc.:
5.125% 4/1/14		3,650,000		3,879,976
6.5% 1/17/17		1,875,000		2,103,713
HMB Capital Trust V 3.9095% 12/15/36 (d)(g)(h)		2,530,000		0
Hospitality Properties Trust:
5.625% 3/15/17		915,000		963,088
6.75% 2/15/13		610,000		642,779
7.875% 8/15/14		1,000,000		1,124,413
HRPT Properties Trust:
5.75% 11/1/15		3,600,000		3,879,659
6.25% 8/15/16		1,500,000		1,632,822
6.5% 1/15/13		200,000		208,791
iStar Financial, Inc.:
5.875% 3/15/16		3,000,000		2,715,000
5.95% 10/15/13		5,330,000		5,063,500
6.05% 4/15/15		4,725,000		4,394,250
Kimco Realty Corp. 5.783% 3/15/16		450,000		499,887
MPT Operating Partnership LP/MPT Finance Corp. 6.875% 5/1/21 (g)		2,000,000		2,027,400
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Nationwide Health Properties, Inc.:
6% 5/20/15		$ 3,122,000		$ 3,411,375
6.25% 2/1/13		1,000,000		1,068,967
8.25% 7/1/12		1,300,000		1,372,957
Omega Healthcare Investors, Inc.:
6.75% 10/15/22 (g)		2,115,000		2,141,438
7% 1/15/16		1,295,000		1,333,850
7.5% 2/15/20		1,000,000		1,070,000
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14		1,750,000		1,912,563
Potlatch Corp. 7.5% 11/1/19		1,000,000		1,062,500
ProLogis Trust:
6.25% 3/15/17		4,000,000		4,386,568
6.625% 5/15/18		6,480,000		7,172,343
6.875% 3/15/20		1,500,000		1,682,679
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20		2,000,000		2,304,000
Security Capital Industrial Trust 7.625% 7/1/17		4,690,000		5,438,923
Senior Housing Properties Trust:
4.3% 1/15/16		5,000,000		5,018,730
6.75% 4/15/20		2,000,000		2,128,504
8.625% 1/15/12		5,900,000		6,151,110
UDR, Inc. 5.5% 4/1/14		500,000		532,539
United Dominion Realty Trust, Inc.:
5.13% 1/15/14		500,000		527,145
5.25% 1/15/15		1,000,000		1,061,675
5.25% 1/15/16		4,000,000		4,194,464
Weingarten Realty Investors 4.857% 1/15/14		2,500,000		2,568,653
				146,658,347
Real Estate Management & Development - 4.4%
AMB Property LP 5.9% 8/15/13		400,000		423,885
BioMed Realty LP 3.85% 4/15/16		2,000,000		2,019,908
Brandywine Operating Partnership LP:
5.4% 11/1/14		6,750,000		7,194,569
5.75% 4/1/12		1,000,000		1,035,683
7.5% 5/15/15		1,000,000		1,141,725
CB Richard Ellis Services, Inc.:
6.625% 10/15/20		1,205,000		1,259,225
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - continued
CB Richard Ellis Services, Inc.: - continued
11.625% 6/15/17		$ 1,500,000		$ 1,773,750
Colonial Properties Trust:
6.15% 4/15/13		1,500,000		1,565,618
6.25% 6/15/14		3,094,000		3,301,682
6.875% 8/15/12		1,000,000		1,041,901
Colonial Realty LP 6.05% 9/1/16		2,500,000		2,580,532
Duke Realty LP:
6.25% 5/15/13		750,000		812,431
7.375% 2/15/15		1,500,000		1,713,746
Forest City Enterprises, Inc.:
6.5% 2/1/17		11,560,000		10,982,000
7.625% 6/1/15		1,435,000		1,435,000
Highwoods/Forsyth LP 5.85% 3/15/17		2,800,000		3,020,024
Host Hotels & Resorts LP:
6.875% 11/1/14		500,000		516,250
9% 5/15/17		750,000		840,000
Liberty Property LP 6.375% 8/15/12		2,679,000		2,834,837
Post Apartment Homes LP:
5.45% 6/1/12		713,000		737,203
6.3% 6/1/13		2,000,000		2,147,236
Realogy Corp. 7.875% 2/15/19 (g)		2,035,000		2,055,350
Regency Centers LP:
5.25% 8/1/15		4,509,000		4,854,448
5.875% 6/15/17		400,000		443,998
Toys 'R' Us Property Co. II LLC 8.5% 12/1/17		1,000,000		1,076,300
Ventas Realty LP:
Series 1, 6.5% 6/1/16		11,370,000		11,767,950
3.125% 11/30/15		1,500,000		1,484,523
6.5% 6/1/16		2,340,000		2,421,900
Wells Operating Partnership II LP 5.875% 4/1/18 (g)		3,000,000		3,017,553
				75,499,227
Thrifts & Mortgage Finance - 0.1%
Wrightwood Capital LLC 9% 6/1/14 (d)		4,000,000		1,200,000
TOTAL FINANCIALS				234,249,674
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
HEALTH CARE - 0.6%
Health Care Equipment & Supplies - 0.2%
Aviv Healthcare Properties LP 7.75% 2/15/19 (g)		$ 3,290,000		$ 3,454,500
Health Care Providers & Services - 0.4%
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18		4,410,000		4,608,450
Skilled Healthcare Group, Inc. 11% 1/15/14		3,080,000		3,164,700
				7,773,150
TOTAL HEALTH CARE				11,227,650
TOTAL NONCONVERTIBLE BONDS				354,513,126
TOTAL CORPORATE BONDS (Cost $419,084,222)			450,987,770
Asset-Backed Securities - 5.3%

Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (g)		1,384,000		1,318,260
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.5726% 3/23/19 (g)(h)		335,798		300,136
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.713% 3/20/50 (g)(h)		2,250,000		135,000
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (g)		6,875,000		6,947,875
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.524% 1/20/37 (g)(h)		1,397,997		1,160,337
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (g)		2,207,922		1,876,734
Cbre Realty Finance CDO 2007-1/LLC 0.5438% 4/7/52 (g)(h)		12,698,157		9,015,691
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33		500,000		389,970
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (g)		1,570,000		1,193,200
Class B2, 1.6585% 12/28/35 (g)(h)		1,575,000		992,250
Class D, 9% 12/28/35 (g)		504,483		126,121
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (g)		998,516		344,488
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Crest Ltd. Series 2002-IGA:
Class A, 0.7228% 7/28/17 (g)(h)		$ 317,710		$ 313,920
Class B, 1.6228% 7/28/35 (g)(h)		1,500,000		1,467,150
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27		9,500,000		8,212,959
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.6755% 11/28/39 (g)(h)		550,000		16,500
Green Tree Financial Corp.:
Series 1996-4 Class M1, 7.75% 6/15/27		1,788,179		1,641,150
Series 1997-3 Class M1, 7.53% 3/15/28		7,881,416		5,981,602
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7126% 6/25/35 (h)(k)		1,259,000		79,112
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 1.7626% 8/26/30 (g)(h)		760,223		119,735
Class E, 2.2126% 8/26/30 (g)(h)		1,481,042		62,944
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 3/15/28		1,320,659		456,335
Merit Securities Corp. Series 13 Class M1, 7.9322% 12/28/33 (h)		1,923,000		1,779,025
N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (g)		883,000		662,338
Newcastle Investment Trust Series 2011, Class A, 2.45% 12/10/33 (g)		5,000,000		4,999,361
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A:
Class A2, 4.646% 7/24/39 (g)		1,008,701		1,008,701
Class D, 5.194% 7/24/39 (g)		4,590,000		4,455,054
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 2.9605% 2/5/36 (g)(h)		3,448,941		345
TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp. Series 2002-1A Class IIFX, 6.77% 5/22/37 (g)		3,165,000		3,200,765
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 0% 9/25/26 (g)(h)		2,000,000		860,000
Series 2006-1A:
Class A1A, 0.568% 9/25/26 (g)(h)		20,558,000		18,502,200
Class A1B, 0.638% 9/25/26 (g)(h)		6,285,000		5,342,250
Class A2A, 0.528% 9/25/26 (g)(h)		9,385,000		8,628,569
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 2.2625% 11/21/40 (g)(h)		250,000		75,000
TOTAL ASSET-BACKED SECURITIES (Cost $96,812,218)			91,665,077
Collateralized Mortgage Obligations - 2.1%
		Principal Amount (e)		Value
Private Sponsor - 2.1%
Banc of America Large Loan, Inc. Series 2005-MIB1 Class A2, 0.4288% 3/15/22 (g)(h)		$ 7,715,945		$ 7,595,851
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.3988% 6/15/22 (g)(h)		3,250,000		3,023,273
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (g)		93,262		12,395
Series 2002-R2 Class 2B3, 4.3202% 7/25/33 (g)(h)		229,096		88,413
Series 2003-40 Class B3, 4.5% 10/25/18 (g)		137,335		13,102
Series 2003-R2 Class B3, 5.5% 5/25/43 (g)		225,893		10,145
Series 2003-R3:
Class B2, 5.5% 11/25/33 (g)		1,527,051		342,234
Class B3, 5.5% 11/25/33 (g)		303,279		24,233
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (g)(h)		208,281		6,485
FREMF Mortgage Trust:
Series 2010 K7 Class B, 5.435% 4/25/20 (g)(h)		1,500,000		1,479,600
Series 2010-K6 Class B, 5.3648% 12/26/46 (g)(h)		4,500,000		4,595,264
Merrill Lynch Floating Trust floater Series 2006-1 Class TM, 0.719% 6/15/22 (g)(h)		7,379,869		7,084,675
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (g)		7,120,000		7,362,080
Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (g)		1,600,000		1,639,536
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 12.1814% 7/10/35 (g)(h)		462,091		397,399
Series 2005-A Class B6, 2.2314% 3/10/37 (g)(h)		1,634,955		547,546
Series 2005-B Class B6, 1.8314% 6/10/37 (g)(h)		883,412		100,444
Series 2005-D Class B6, 2.4688% 12/15/37 (g)(h)		445,525		16,351
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (g)		71,472		60,377
RESIX Finance Ltd. floater:
Series 2003-D Class B8, 6.7314% 12/10/35 (g)(h)		426,141		245,159
Series 2004-A Class B7, 4.4814% 2/10/36 (g)(h)		451,953		258,111
Series 2004-B Class B7, 4.2314% 2/10/36 (g)(h)		546,071		248,189
Series 2005-C Class B7, 3.3314% 9/10/37 (g)(h)		1,820,760		147,846
TOTAL PRIVATE SPONSOR				35,298,708
U.S. Government Agency - 0.0%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (k)		186,335		105,486
Collateralized Mortgage Obligations - continued
		Principal Amount (e)		Value
U.S. Government Agency - continued
Fannie Mae REMIC Trust: - continued
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.8436% 2/25/42 (g)(h)		$ 115,533		$ 51,781
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (k)		263,242		81,222
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.9282% 6/25/43 (g)(h)		165,088		67,639
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 4.056% 10/25/42 (g)(h)		71,914		28,725
TOTAL U.S. GOVERNMENT AGENCY				334,853
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $38,469,802)			35,633,561
Commercial Mortgage Securities - 18.2%

ACGS Series 2004-1 Class P, 7.4651% 8/1/19 (k)		7,125,867		6,837,493
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (g)		2,000,000		2,211,177
Asset Securitization Corp. Series 1997-D4:
Class B1, 7.525% 4/14/29		1,565,000		1,631,693
Class B2, 7.525% 4/14/29		560,000		583,837
Banc of America Commercial Mortgage, Inc.:
sequential payer Series 2002-2 Class F, 5.487% 7/11/43		4,185,000		4,284,177
Series 2005-1 Class CJ, 5.1902% 11/10/42 (h)		3,580,000		3,804,755
Series 2005-6 Class AJ, 5.1958% 9/10/47 (h)		5,000,000		5,162,296
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 1.969% 11/15/15 (g)(h)		35,719,671		33,733,645
Banc of America Large Loan, Inc. floater Series 2005-MIB1:
Class J, 1.2688% 3/15/22 (g)(h)		2,000,000		1,765,000
Class K, 2.2188% 3/15/22 (g)(h)		4,190,000		3,058,700
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4546% 3/11/39 (h)		5,700,000		5,838,089
Bear Stearns Commercial Mortgage Securities Trust:
floater Series 2006-BBA7:
Class D, 0.4788% 3/15/19 (g)(h)		2,480,000		2,249,841
Class E, 0.5388% 3/15/19 (g)(h)		1,995,000		1,779,978
Class F, 0.5588% 3/15/19 (g)(h)		1,650,000		1,461,730
Class G, 0.6588% 3/15/19 (g)(h)		2,760,000		2,362,635
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Bear Stearns Commercial Mortgage Securities Trust: - continued
Series 2006-T22 Class B, 5.5196% 4/12/38 (g)(h)		$ 2,520,000		$ 2,462,207
Citigroup Commercial Mortgage Trust floater Series 2007-FL3A Classs MLA2, 1.2688% 4/15/22 (g)(h)		637,226		567,736
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2006-CD2 Class VPM2, 5.6179% 1/15/46 (g)(h)		3,500,000		3,400,219
COMM pass-thru certificates:
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (g)		9,962,922		10,087,459
Series 2001-J1A Class F, 6.958% 2/16/34 (g)		2,600,000		2,620,263
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-TF2A Class AX, 0.0103% 11/15/19 (g)(h)(i)		4,411,854		44
Credit Suisse/Morgan Stanley Commercial Mortgage Trust:
floater Series 2006-HC1A:
Class A2, 0.4788% 5/15/23 (g)(h)		5,800,000		5,757,836
Class D, 0.6888% 5/15/23 (g)(h)		1,250,000		1,231,914
Class F, 0.8188% 5/15/23 (g)(h)		1,825,000		1,788,776
Series 2006-HC1A Class A1, 0.4088% 5/15/23 (g)(h)		3,529,096		3,482,534
CRESI Finance Ltd. Partnership floater Series 2006-A Class E, 1.8626% 3/25/17 (g)(h)		2,512,000		2,030,010
CRESIX Finance Ltd. Series 2006-AA:
Class F, 4.4126% 3/25/17 (g)(h)		3,860,000		3,026,481
Class G, 7.2126% 3/25/17 (g)(h)		3,272,000		2,024,550
Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (g)		1,000,000		670,000
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.7285% 11/10/46 (g)(h)		2,980,000		2,941,553
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		1,200,000		999,891
DLJ Commercial Mortgage Corp.:
Series 1998-CG1 Class B4, 7.2272% 6/10/31 (g)(h)		2,500,000		2,665,597
Series 2000-CKP1 Class B3, 7.9808% 11/10/33 (h)		2,970,000		2,966,416
Extended Stay America Trust Series 2010-ESHA, Class C4, 4.8603% 11/5/27 (g)		5,000,000		5,192,208
First Union National Bank Commercial Mortgage Trust Series 2001-C4:
Class H, 7.036% 12/12/33 (g)		2,000,000		2,023,211
Class K, 6% 12/12/33 (g)		2,000,000		1,994,150
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Freddie Mac Multi-class participation certificates guaranteed:
Series K011 Class X3, 2.661% 12/25/48 (h)(i)		$ 12,206,096		$ 1,953,558
Series K012 Class X3, 2.2875% 1/25/41 (h)(i)		21,072,891		3,022,274
FREMF Mortgage Trust:
Series 2010-K9 Class B, 5.1637% 9/25/45 (g)(h)		4,000,000		4,011,304
Series 2011-K11 Class B, 4.569% 12/25/48 (g)(h)		2,000,000		1,864,580
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (g)		11,222,467		11,228,078
GE Capital Commercial Mortgage Corp.:
Series 2001-3 Class C, 6.51% 6/10/38		820,000		834,408
Series 2002-1A Class H, 7.1417% 12/10/35 (g)(h)		991,000		1,002,503
Global Towers Partners Acquisition Partners I LLC Series 2007-1A Class G, 7.8737% 5/15/37 (g)		1,000,000		1,050,000
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2:
Class F, 6.75% 4/15/29 (h)		1,777,786		1,850,438
Class G, 6.75% 4/15/29 (h)		1,250,000		1,353,649
Series 1999-C3:
Class G, 6.974% 8/15/36 (g)		1,104,467		1,109,304
Class J, 6.974% 8/15/36 (g)		1,500,000		1,504,953
Series 2000-C1 Class K, 7% 3/15/33		1,100,000		627,000
Series 2002-C3 Class D, 5.27% 7/10/39		3,000,000		3,087,583
Greenwich Capital Commercial Funding Corp.:
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (g)		2,000,000		2,056,085
Series 2002-C1 Class H, 5.903% 1/11/35 (g)		880,000		882,600
GS Mortgage Securities Corp. II floater Series 2007-EOP Class L, 6.4193% 3/1/20 (g)(h)		1,400,000		1,390,808
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (g)		2,000,000		2,007,400
JP Morgan Chase Commercial Mortgage Securities Corp.:
Series 2009-IWST Class D, 7.4457% 12/5/27 (g)(h)		5,000,000		5,689,349
Series 2010-CNTM Class MZ, 8.5% 8/4/20 (e)(g)		4,000,000		3,919,672
Series 2010-CNTR:
Class D, 6.1843% 8/5/32 (g)(h)		4,500,000		4,624,458
Class XB, 0.9305% 8/5/32 (g)(i)		32,655,000		1,774,590
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-A:
Class G, 6% 10/15/32 (g)(h)		2,895,000		14,475
Class X, 1.3273% 10/15/32 (g)(h)(i)		7,177,292		6,624
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
JPMorgan Chase Commercial Mortgage Securities Trust floater Series 2005-FL1A Class A2, 0.3988% 2/15/19 (g)(h)		$ 2,084,240		$ 2,042,560
JPMorgan Commercial Mortgage Finance Corp.:
Series 1997-C5 Class F, 7.5605% 9/15/29		1,994,053		2,070,177
Series 1999-C8:
Class G, 6% 7/15/31 (g)		1,385,000		1,375,029
Class H, 6% 7/15/31 (g)		2,638,000		18,466
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (g)		2,920,000		3,082,352
LB-UBS Commercial Mortgage Trust:
sequential payer:
Series 2004-C2 Class E, 4.487% 3/15/36		2,060,000		2,022,175
Series 2005-C7 Class AJ, 5.323% 11/15/40		6,000,000		6,160,217
Series 2006-C7 Class AM, 5.378% 11/15/38		2,040,000		2,127,843
Series 2005-C2 Class AJ, 5.205% 4/15/30 (h)		8,910,000		9,318,581
Series 2006-C4:
Class AJ, 5.8961% 6/15/38 (h)		6,005,000		6,040,733
Class AM, 5.8961% 6/15/38 (h)		6,700,000		7,130,802
Merrill Lynch Financial Asset, Inc. Series 2005-CA16:
Class F, 4.384% 7/12/37	CAD	710,000		472,969
Class G, 4.384% 7/12/37	CAD	355,000		228,554
Class H, 4.384% 7/12/37	CAD	236,000		146,882
Class J, 4.384% 7/12/37	CAD	355,000		213,644
Class K, 4.384% 7/12/37	CAD	355,000		206,636
Class L, 4.384% 7/12/37	CAD	236,000		132,896
Class M, 4.384% 7/12/37	CAD	995,000		437,013
Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (g)		3,334,117		879,373
Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.6691% 5/12/39 (h)		1,200,000		1,273,803
Mezz Capital Commercial Mortgage Trust Series 2004-C1:
Class D, 6.988% 1/15/37 (g)		750,000		0
Class E, 7.983% 1/15/37 (g)		1,453,000		0
Class IO, 7.6669% 1/15/37 (h)(i)		5,408,885		299,652
Morgan Stanley Capital I Trust:
sequential payer:
Series 2004-RR2 Class A2, 5.45% 10/28/33 (g)		1,845,420		1,826,965
Series 2006-HQ10 Class AM, 5.36% 11/12/41		8,200,000		8,638,308
Series 1997-RR Class F, 7.4059% 4/30/39 (g)(h)		2,225,604		2,136,580
Series 1998-CF1 Class G, 7.35% 7/15/32 (g)		2,830,092		1,775,883
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43		7,500,000		7,584,825
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g)		$ 3,249,327		$ 3,485,878
RBSCF Trust Series 2010-MB1 Class D, 4.6686% 4/15/24 (g)(h)		5,820,000		5,857,285
Salomon Brothers Mortgage Securities VII, Inc. Series 2001-MMA:
Class E3, 6.5% 2/18/34 (g)(h)		3,000,000		3,077,589
Class E5, 6.5% 2/18/34 (g)(h)		3,000,000		3,093,202
Structured Asset Securities Corp.:
Series 1996-CFL Class I, 7.75% 2/25/28 (g)		2,652,818		2,757,604
Series 1997-LLI Class F, 7.3% 10/12/34 (g)		2,170,000		2,210,370
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.983% 8/15/39 (h)		2,080,000		2,206,133
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (g)		10,630,000		11,214,650
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.7938% 7/15/24 (g)(h)		1,200,000		422,297
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/20 (g)		2,540,000		2,630,521
Wachovia Bank Commercial Mortgage Trust:
floater Series 2007-WHL8 Class MH1, 1.0188% 6/15/20 (g)(h)		1,437,020		1,291,410
Series 2004-C10 Class E, 4.931% 2/15/41		2,000,000		1,999,298
Series 2004-C11:
Class D, 5.3534% 1/15/41 (h)		5,177,000		4,902,105
Class E, 5.4034% 1/15/41 (h)		3,785,000		3,296,576
Series 2004-C12 Class D, 5.3075% 7/15/41 (h)		2,750,000		2,603,800
Series 2004-C14 Class B, 5.17% 8/15/41		3,180,000		3,300,478
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $298,155,356)			313,555,908
Floating Rate Loans - 3.9%

CONSUMER DISCRETIONARY - 0.6%
Hotels, Restaurants & Leisure - 0.5%
Extended Stay America, Inc. term loan 9.75% 11/1/15		9,000,000		9,000,000
Specialty Retail - 0.1%
The Pep Boys - Manny, Moe & Jack term loan 2.31% 10/27/13 (h)		1,985,546		1,980,582
TOTAL CONSUMER DISCRETIONARY				10,980,582
Floating Rate Loans - continued
		Principal Amount (e)		Value
FINANCIALS - 1.9%
Diversified Financial Services - 0.6%
Capital Automotive LP term loan 5% 3/11/17 (h)		$ 6,471,934		$ 6,439,574
Pilot Travel Centers LLC Tranche B, term loan 4.25% 3/30/18 (h)		4,000,000		4,030,000
				10,469,574
Real Estate Investment Trusts - 0.1%
iStar Financial, Inc. Tranche A 1LN, term loan 5% 6/28/13 (h)		1,906,122		1,891,826
Real Estate Management & Development - 1.2%
CB Richard Ellis Group, Inc. Tranche B, term loan 3.4814% 11/9/16 (h)		1,713,900		1,716,042
CB Richard Ellis Services, Inc. Tranche D, term loan 1.75% 9/4/19 (h)(j)		3,000,000		2,988,750
Equity Inns Reality LLC:
Tranche A, term loan 9% 11/2/12 (h)		2,000,000		1,797,500
Tranche B 2LN, term loan 6.05% 11/2/12 (h)		5,000,000		4,593,750
Realogy Corp.:
Credit-Linked Deposit 3.2435% 10/10/13 (h)		621,862		596,988
Credit-Linked Deposit 4.4935% 10/10/16 (h)		211,372		198,690
term loan 4.5615% 10/10/16 (h)		1,249,372		1,174,410
Tranche 2LN, term loan 13.5% 10/15/17		2,500,000		2,681,250
Tranche B, term loan 3.3115% 10/10/13 (h)		5,247,484		5,037,584
				20,784,964
TOTAL FINANCIALS				33,146,364
HEALTH CARE - 0.5%
Health Care Providers & Services - 0.5%
Community Health Systems, Inc.:
Tranche B, term loan 2.5605% 7/25/14 (h)		2,849,692		2,785,574
Tranche DD, term loan 2.5605% 7/25/14 (h)		146,401		143,107
Skilled Healthcare Group, Inc. term loan 5.25% 4/9/16 (h)		3,748,403		3,748,403
Universal Health Services, Inc. term loan 4% 11/15/16 (h)		1,913,547		1,923,114
				8,600,198
INDUSTRIALS - 0.7%
Construction & Engineering - 0.7%
Drumm Investors LLC Tranche B, term loan 5% 4/26/18 (h)		12,000,000		11,790,000
Floating Rate Loans - continued
		Principal Amount (e)		Value
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
TowerCo Finance LLC Tranche B, term loan 5.25% 2/2/17 (h)		$ 3,000,000		$ 3,018,750
TOTAL FLOATING RATE LOANS (Cost $66,968,419)			67,535,894

Preferred Securities - 0.0%

FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (g)	500,000		15,000
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (g)	1,220,000		366,000
Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (g)	810,000		8
Ipswich Street CDO Series 2006-1, 6/27/46 (d)(g)	1,350,000		0
			381,008
TOTAL PREFERRED SECURITIES (Cost $3,376,835)		381,008
Money Market Funds - 10.7%
	Shares
Fidelity Cash Central Fund, 0.13% (b)	166,275,985		166,275,985
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	19,084,884		19,084,884
TOTAL MONEY MARKET FUNDS (Cost $185,360,869)		185,360,869
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $1,650,466,337)			1,773,117,022
NET OTHER ASSETS (LIABILITIES) - (2.6)%			(45,595,433)
NET ASSETS - 100%		$ 1,727,521,589

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

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

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

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	$ 6,900,435
Fannie Mae REMIC Trust: Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41	5/21/03	$ 161,471
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42	3/25/03	$ 198,377
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7126% 6/25/35	6/3/05	$ 1,110,697

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 166,703
Fidelity Securities Lending Cash Central Fund	22,359
Total	$ 189,062

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 23,926,083	$ 20,230,083	$ -	$ 3,696,000
Financials	576,432,475	552,236,796	19,672,747	4,522,932
Health Care	27,638,377	27,638,377	-	-
Corporate Bonds	450,987,770	-	449,787,770	1,200,000
Asset-Backed Securities	91,665,077	-	75,518,664	16,146,413
Collateralized Mortgage Obligations	35,633,561	-	34,801,701	831,860
Commercial Mortgage Securities	313,555,908	-	274,460,216	39,095,692
Floating Rate Loans	67,535,894	-	58,535,894	9,000,000
Preferred Securities	381,008	-	-	381,008
Money Market Funds	185,360,869	185,360,869	-	-
Total Investments in Securities:	$ 1,773,117,022	$ 785,466,125	$ 912,776,992	$ 74,873,905

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

Investments in Securities:
Equities - Consumer Discretionary
Beginning Balance	$ 3,696,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 3,696,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ -
Equities - Financials
Beginning Balance	$ 3,922,244
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	600,688
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 4,522,932
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ 600,688
Corporate Bonds
Beginning Balance	$ 1,370,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(170,000)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 1,200,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ (170,000)
Asset-Backed Securities
Beginning Balance	$ 16,886,956
Total Realized Gain (Loss)	371,369
Total Unrealized Gain (Loss)	2,323,329
Cost of Purchases	1,620,764
Proceeds of Sales	(4,400,655)
Amortization/Accretion	(350,829)
Transfers in to Level 3	5,213,750
Transfers out of Level 3	(5,518,271)
Ending Balance	$ 16,146,413
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ 1,346,132
Collateralized Mortgage Obligations
Beginning Balance	$ 994,555
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	142,528
Cost of Purchases	-
Proceeds of Sales	(247,242)
Amortization/Accretion	(73,320)
Transfers in to Level 3	15,339
Transfers out of Level 3	-
Ending Balance	$ 831,860
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ 142,528
Commercial Mortgage Securities
Beginning Balance	$ 12,252,746
Total Realized Gain (Loss)	96,597
Total Unrealized Gain (Loss)	2,356,718
Cost of Purchases	27,384,650
Proceeds of Sales	(1,468,770)
Amortization/Accretion	(12,383)
Transfers in to Level 3	5,540,709
Transfers out of Level 3	(7,054,575)
Ending Balance	$ 39,095,692
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ 2,356,718
Floating Rate Loans
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	65,903
Cost of Purchases	8,928,750
Proceeds of Sales	-
Amortization/Accretion	5,347
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 9,000,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ 65,903
Preferred Securities
Beginning Balance	$ 365,608
Total Realized Gain (Loss)	(2,306,146)
Total Unrealized Gain (Loss)	2,420,076
Cost of Purchases	-
Proceeds of Sales	(99,000)
Amortization/Accretion	470
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 381,008
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ 13,537

Income Tax Information

Investment Valuation

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

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2011

1.847958.104

SMO-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
CONSUMER DISCRETIONARY - 13.6%
Auto Components - 0.9%
Tenneco, Inc. (a)	394,286		$ 18,219,956
Hotels, Restaurants & Leisure - 1.7%
Cracker Barrel Old Country Store, Inc.	124,141		6,359,743
Vail Resorts, Inc. (a)	205,759		10,080,133
WMS Industries, Inc. (a)	170,200		5,582,560
Wyndham Worldwide Corp.	344,700		11,930,067
			33,952,503
Household Durables - 2.8%
iRobot Corp. (a)	332,383		11,773,006
La-Z-Boy, Inc. (a)	605,290		7,118,210
Meritage Homes Corp. (a)	466,600		11,156,406
Mohawk Industries, Inc. (a)	129,800		7,793,192
Tempur-Pedic International, Inc. (a)	322,906		20,272,039
			58,112,853
Media - 0.8%
Lamar Advertising Co. Class A (a)	276,900		9,004,788
MDC Partners, Inc. Class A (sub. vtg.)	472,600		7,859,342
			16,864,130
Multiline Retail - 1.1%
Dollarama, Inc. (a)	260,666		8,169,059
Retail Ventures, Inc. (a)	717,984		14,740,212
			22,909,271
Specialty Retail - 4.1%
Ascena Retail Group, Inc. (a)	389,180		12,177,442
Cabela's, Inc. Class A (a)	574,538		14,673,701
Fourlis Holdings SA	567,600		4,666,047
GameStop Corp. Class A (a)	325,500		8,358,840
Shoe Carnival, Inc. (a)	511,914		14,983,723
Signet Jewelers Ltd. (a)	325,900		14,258,125
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	263,408		14,010,672
			83,128,550
Textiles, Apparel & Luxury Goods - 2.2%
Deckers Outdoor Corp. (a)	102,133		8,667,006
G-III Apparel Group Ltd. (a)	532,700		23,896,922
Phillips-Van Heusen Corp.	185,000		13,025,850
			45,589,778
TOTAL CONSUMER DISCRETIONARY			278,777,041
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 2.8%
Beverages - 0.4%
Hansen Natural Corp. (a)	110,500		$ 7,309,575
Food & Staples Retailing - 0.7%
BJ's Wholesale Club, Inc. (a)	137,800		7,071,896
United Natural Foods, Inc. (a)	151,455		6,465,614
			13,537,510
Food Products - 1.0%
Chiquita Brands International, Inc. (a)	350,730		5,583,622
Diamond Foods, Inc. (d)	59,000		3,870,400
Green Mountain Coffee Roasters, Inc. (a)	180,400		12,079,584
			21,533,606
Personal Products - 0.7%
Elizabeth Arden, Inc. (a)	369,145		11,096,499
Nutraceutical International Corp. (a)	185,888		2,948,184
			14,044,683
TOTAL CONSUMER STAPLES			56,425,374
ENERGY - 6.3%
Energy Equipment & Services - 1.6%
Newpark Resources, Inc. (a)	999,128		9,022,126
Superior Energy Services, Inc. (a)	312,900		12,021,618
Willbros Group, Inc. (a)	1,114,900		11,985,175
			33,028,919
Oil, Gas & Consumable Fuels - 4.7%
Atlas Pipeline Partners, LP	377,129		13,938,688
Berry Petroleum Co. Class A	293,800		15,609,594
Cloud Peak Energy, Inc. (a)	556,100		11,578,002
Petroleum Development Corp. (a)	402,429		16,024,723
SM Energy Co.	211,007		16,006,991
Targa Resources Corp.	246,900		8,646,438
Whiting Petroleum Corp. (a)	200,370		13,925,715
			95,730,151
TOTAL ENERGY			128,759,070
FINANCIALS - 18.4%
Capital Markets - 2.8%
Affiliated Managers Group, Inc. (a)	166,700		18,183,636
Artio Global Investors, Inc. Class A	140,231		2,303,995
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Duff & Phelps Corp. Class A	548,941		$ 8,448,202
optionsXpress Holdings, Inc.	188,804		3,481,546
Waddell & Reed Financial, Inc. Class A	582,900		23,904,721
			56,322,100
Commercial Banks - 5.0%
Associated Banc-Corp.	957,228		13,975,529
CapitalSource, Inc.	2,926,000		19,545,680
Cathay General Bancorp	607,724		10,361,694
City National Corp.	282,300		16,122,153
National Penn Bancshares, Inc.	2,695,900		22,133,339
PacWest Bancorp	584,100		13,428,459
TCF Financial Corp.	214,080		3,337,507
Western Liberty Bancorp (a)(e)	1,000,000		3,730,000
			102,634,361
Insurance - 3.0%
Alterra Capital Holdings Ltd.	645,011		14,177,342
Amerisafe, Inc. (a)	818,100		18,268,173
Endurance Specialty Holdings Ltd.	319,300		14,157,762
Platinum Underwriters Holdings Ltd.	402,299		15,210,925
			61,814,202
Real Estate Investment Trusts - 4.5%
American Assets Trust, Inc.	596,500		13,170,720
Franklin Street Properties Corp.	1,474,900		20,855,086
Highwoods Properties, Inc. (SBI)	430,000		15,867,000
Home Properties, Inc.	227,900		14,448,860
National Retail Properties, Inc. (d)	466,200		12,279,708
Ramco-Gershenson Properties Trust (SBI)	1,207,000		15,558,230
			92,179,604
Real Estate Management & Development - 1.5%
Forestar Group, Inc. (a)	1,130,700		22,240,869
Jones Lang LaSalle, Inc.	69,100		7,074,458
			29,315,327
Thrifts & Mortgage Finance - 1.6%
Astoria Financial Corp.	909,800		13,164,806
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
Washington Federal, Inc.	948,500		$ 15,261,365
WSFS Financial Corp.	108,768		4,891,297
			33,317,468
TOTAL FINANCIALS			375,583,062
HEALTH CARE - 11.9%
Biotechnology - 2.9%
Achillion Pharmaceuticals, Inc. (a)	334,600		1,867,068
Amarin Corp. PLC ADR (a)	228,100		3,649,600
Ardea Biosciences, Inc. (a)	194,301		5,508,433
ARIAD Pharmaceuticals, Inc. (a)	737,782		6,308,036
ArQule, Inc. (a)	492,442		3,476,641
BioMarin Pharmaceutical, Inc. (a)	132,994		3,576,209
Chelsea Therapeutics International Ltd. (a)(d)	648,137		3,052,725
Dynavax Technologies Corp. (a)	1,663,159		4,623,582
Pharmasset, Inc. (a)	70,326		7,135,979
QLT, Inc. (a)	148,000		1,206,201
SIGA Technologies, Inc. (a)(d)	352,724		4,842,901
Targacept, Inc. (a)	154,378		3,732,860
Telik, Inc. (a)	1,104,057		993,651
Theravance, Inc. (a)	194,319		5,392,352
ZIOPHARM Oncology, Inc. (a)	611,219		4,620,816
			59,987,054
Health Care Equipment & Supplies - 1.2%
Analogic Corp.	123,787		7,138,796
Masimo Corp.	178,409		6,206,849
Sirona Dental Systems, Inc. (a)	184,200		10,512,294
			23,857,939
Health Care Providers & Services - 6.3%
Accretive Health, Inc. (d)	367,825		10,387,378
Air Methods Corp. (a)	99,877		6,753,683
Catalyst Health Solutions, Inc. (a)	170,499		10,154,920
Centene Corp. (a)	235,547		8,533,868
Corvel Corp. (a)	112,900		5,848,220
Epocrates, Inc. (a)(d)	308,085		7,209,189
Health Management Associates, Inc. Class A (a)	641,862		7,240,203
Healthspring, Inc. (a)	229,600		9,526,104
HMS Holdings Corp. (a)	85,986		6,767,958
Humana, Inc.	124,972		9,512,869
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
MWI Veterinary Supply, Inc. (a)	68,618		$ 5,706,959
Omnicare, Inc.	181,993		5,718,220
PSS World Medical, Inc. (a)	488,169		14,039,740
The Ensign Group, Inc.	196,112		5,424,458
Universal Health Services, Inc. Class B	152,500		8,353,950
Wellcare Health Plans, Inc. (a)	153,975		6,745,645
			127,923,364
Life Sciences Tools & Services - 0.6%
eResearchTechnology, Inc. (a)	787,939		5,011,292
Illumina, Inc. (a)	94,750		6,725,355
Sequenom, Inc. (a)	18,319		129,149
			11,865,796
Pharmaceuticals - 0.9%
Cardiome Pharma Corp. (a)	424,143		2,308,780
Columbia Laboratories, Inc. (a)	730,232		2,548,510
Endocyte, Inc. (d)	185,600		2,255,040
Questcor Pharmaceuticals, Inc. (a)	388,155		7,957,178
XenoPort, Inc. (a)	486,000		3,975,480
			19,044,988
TOTAL HEALTH CARE			242,679,141
INDUSTRIALS - 15.4%
Aerospace & Defense - 0.9%
Teledyne Technologies, Inc. (a)	350,849		17,714,366
Air Freight & Logistics - 0.6%
UTI Worldwide, Inc.	539,800		12,096,918
Building Products - 1.9%
A.O. Smith Corp.	353,761		15,554,871
AAON, Inc.	334,700		10,994,895
Armstrong World Industries, Inc.	262,174		11,732,287
			38,282,053
Commercial Services & Supplies - 1.7%
Swisher Hygiene, Inc. (a)(g)	961,491		7,589,048
Swisher Hygiene, Inc. (Canada) (a)	7,500		66,114
Sykes Enterprises, Inc. (a)	617,098		12,360,473
United Stationers, Inc.	199,400		14,368,764
			34,384,399
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 1.1%
Foster Wheeler AG (a)	358,628		$ 12,756,398
Shaw Group, Inc. (a)	230,513		8,966,956
			21,723,354
Electrical Equipment - 2.3%
General Cable Corp. (a)	409,185		19,845,473
GrafTech International Ltd. (a)	661,603		15,349,190
Regal-Beloit Corp.	161,500		12,240,085
			47,434,748
Industrial Conglomerates - 0.6%
Carlisle Companies, Inc.	231,200		11,453,648
Machinery - 3.5%
Accuride Corp. (a)	874,685		12,114,387
Actuant Corp. Class A	485,131		13,467,237
Altra Holdings, Inc. (a)	430,323		10,925,901
CLARCOR, Inc.	297,886		13,461,468
John Bean Technologies Corp.	507,000		10,246,470
Wabtec Corp.	164,754		11,760,141
			71,975,604
Professional Services - 0.4%
Advisory Board Co. (a)	189,962		8,875,025
Road & Rail - 0.5%
Kansas City Southern (a)	184,800		10,738,728
Trading Companies & Distributors - 1.9%
Interline Brands, Inc. (a)	570,893		12,057,260
Watsco, Inc.	260,877		18,493,571
WESCO International, Inc. (a)	148,892		9,223,859
			39,774,690
TOTAL INDUSTRIALS			314,453,533
INFORMATION TECHNOLOGY - 19.1%
Communications Equipment - 3.0%
Aruba Networks, Inc. (a)	143,710		5,163,500
Comtech Telecommunications Corp.	336,653		9,527,280
DG FastChannel, Inc. (a)	336,615		12,316,743
Ixia (a)	902,308		14,743,713
NETGEAR, Inc. (a)	304,637		12,718,595
Oclaro, Inc. (a)(d)	670,185		7,516,125
			61,985,956
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 3.7%
Lexmark International, Inc. Class A (a)	230,500		$ 7,433,625
NCR Corp. (a)	513,400		10,170,454
OCZ Technology Group, Inc. (a)(d)	433,929		3,562,557
Quantum Corp. (a)	5,636,046		17,922,626
STEC, Inc. (a)(d)	345,646		7,230,914
Super Micro Computer, Inc. (a)	755,180		12,883,371
Synaptics, Inc. (a)(d)	583,877		16,593,784
			75,797,331
Electronic Equipment & Components - 1.0%
Fabrinet (a)	494,546		11,399,285
Plexus Corp. (a)	247,022		9,013,833
			20,413,118
Internet Software & Services - 3.5%
Constant Contact, Inc. (a)	252,972		7,009,854
LoopNet, Inc. (a)	457,262		8,495,928
Rackspace Hosting, Inc. (a)	227,999		10,531,274
SAVVIS, Inc. (a)	400,049		15,745,929
VeriSign, Inc.	492,409		18,199,437
Web.com, Inc. (a)	731,387		11,541,287
			71,523,709
IT Services - 1.2%
Alliance Data Systems Corp. (a)(d)	101,452		9,637,940
hiSoft Technology International Ltd. ADR (a)	300,724		5,611,510
Syntel, Inc.	161,100		8,808,948
			24,058,398
Semiconductors & Semiconductor Equipment - 2.0%
Marvell Technology Group Ltd. (a)	409,500		6,318,585
Micron Technology, Inc. (a)	767,788		8,668,327
Power Integrations, Inc.	147,583		5,953,498
Semtech Corp. (a)	328,484		9,220,546
TriQuint Semiconductor, Inc. (a)	748,206		10,302,797
			40,463,753
Software - 4.7%
AutoNavi Holdings Ltd. ADR	356,500		6,420,565
Blackboard, Inc. (a)(d)	189,262		9,105,395
BroadSoft, Inc. (a)	128,900		5,858,505
JDA Software Group, Inc. (a)	294,710		9,657,647
Kenexa Corp. (a)	309,745		9,112,698
Micro Focus International PLC	1,744,207		10,823,739
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Nuance Communications, Inc. (a)	415,700		$ 8,604,990
Parametric Technology Corp. (a)	631,530		15,327,233
S1 Corp. (a)	287,222		1,973,215
SolarWinds, Inc. (a)	374,700		9,078,981
Synchronoss Technologies, Inc. (a)	340,144		10,973,045
			96,936,013
TOTAL INFORMATION TECHNOLOGY			391,178,278
MATERIALS - 5.6%
Chemicals - 2.6%
Cabot Corp.	326,700		14,652,495
Rockwood Holdings, Inc. (a)	397,600		22,559,824
Solutia, Inc. (a)	635,510		16,745,689
			53,958,008
Construction Materials - 0.3%
Texas Industries, Inc. (d)	155,900		6,574,303
Metals & Mining - 2.7%
Carpenter Technology Corp.	331,400		16,987,564
Coeur d'Alene Mines Corp. (a)	407,500		12,921,825
Compass Minerals International, Inc.	153,500		14,983,135
HudBay Minerals, Inc.	584,500		9,328,771
			54,221,295
TOTAL MATERIALS			114,753,606
TELECOMMUNICATION SERVICES - 0.8%
Diversified Telecommunication Services - 0.5%
AboveNet, Inc.	93,814		6,262,085
Global Crossing Ltd. (a)	70,592		1,650,441
PAETEC Holding Corp. (a)	974,927		3,509,737
			11,422,263
Wireless Telecommunication Services - 0.3%
Clearwire Corp. Class A (a)	625,500		3,039,930
NII Holdings, Inc. (a)	71,257		2,962,866
			6,002,796
TOTAL TELECOMMUNICATION SERVICES			17,425,059
Common Stocks - continued
	Shares		Value
UTILITIES - 2.9%
Electric Utilities - 1.6%
Cleco Corp.	275,800		$ 9,680,580
Great Plains Energy, Inc.	353,700		7,279,146
IDACORP, Inc.	209,093		8,198,537
Westar Energy, Inc.	264,000		7,183,440
			32,341,703
Gas Utilities - 0.9%
Northwest Natural Gas Co.	142,170		6,573,941
Southwest Gas Corp.	276,800		11,008,336
			17,582,277
Multi-Utilities - 0.4%
NorthWestern Energy Corp.	266,100		8,661,555
TOTAL UTILITIES			58,585,535
TOTAL COMMON STOCKS (Cost $1,433,034,620)		1,978,619,699
Convertible Preferred Stocks - 0.1%

HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Merrimack Pharmaceuticals, Inc. (a)(g) (Cost $2,665,600)	380,800		2,665,600

U.S. Treasury Obligations - 0.0%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.04% to 0.14% 6/2/11 to 6/30/11 (f) (Cost $999,905)	$ 1,000,000	999,977

Money Market Funds - 4.8%
	Shares		Value
Fidelity Cash Central Fund, 0.13% (b)	53,999,471		$ 53,999,471
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	43,629,725		43,629,725
TOTAL MONEY MARKET FUNDS (Cost $97,629,196)		97,629,196
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $1,534,329,321)			2,079,914,472
NET OTHER ASSETS (LIABILITIES) - (1.7)%			(35,665,162)
NET ASSETS - 100%		$ 2,044,249,310

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
319 NYFE Russell Mini Index Contracts	June 2011	$ 27,558,410	$ 1,781,551

The face value of futures purchased as a percentage of net assets is 1.3%

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $999,977.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Merrimack Pharmaceuticals, Inc.	3/31/11	$ 2,665,600
Swisher Hygiene, Inc.	4/15/11	$ 7,403,481

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	$ 58,137
Fidelity Securities Lending Cash Central Fund	364,046
Total	$ 422,183

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Western Liberty Bancorp	$ 6,240,000	$ -	$ -	$ -	$ 3,730,000

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 278,777,041	$ 278,777,041	$ -	$ -
Consumer Staples	56,425,374	56,425,374	-	-
Energy	128,759,070	128,759,070	-	-
Financials	375,583,062	375,583,062	-	-
Health Care	245,344,741	242,679,141	-	2,665,600
Industrials	314,453,533	306,864,485	7,589,048	-
Information Technology	391,178,278	391,178,278	-	-
Materials	114,753,606	114,753,606	-	-
Telecommunication Services	17,425,059	17,425,059	-	-
Utilities	58,585,535	58,585,535	-	-
U.S. Government and Government Agency Obligations	999,977	-	999,977	-
Money Market Funds	97,629,196	97,629,196	-	-
Total Investments in Securities:	$ 2,079,914,472	$ 2,068,659,847	$ 8,589,025	$ 2,665,600
Derivative Instruments:
Assets
Futures Contracts	$ 1,781,551	$ 1,781,551	$ -	$ -

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	2,665,600
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 2,665,600
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2011	$ -

Income Tax Information

At April 30, 2011, the cost of investment securities for income tax purposes was $1,536,462,018. Net unrealized appreciation aggregated $543,452,454, of which $573,134,920 related to appreciated investment securities and $29,682,466 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Small Cap Growth Fund

April 30, 2011

1.815773.106

SCP-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
CONSUMER DISCRETIONARY - 18.3%
Auto Components - 1.6%
Modine Manufacturing Co. (a)	654,000		$ 11,647,740
Tenneco, Inc. (a)	438,000		20,239,980
			31,887,720
Diversified Consumer Services - 0.5%
Steiner Leisure Ltd. (a)	198,000		9,610,920
Hotels, Restaurants & Leisure - 0.5%
Life Time Fitness, Inc. (a)	238,000		9,310,560
Household Durables - 0.8%
Tempur-Pedic International, Inc. (a)	249,000		15,632,220
Multiline Retail - 1.5%
Dollarama, Inc. (a)	415,000		13,005,760
Marisa Lojas SA	885,000		16,762,855
			29,768,615
Specialty Retail - 6.7%
Delticom AG (d)	136,910		14,884,866
DSW, Inc. Class A (a)(d)	592,000		28,108,160
Jos. A. Bank Clothiers, Inc. (a)(d)	256,500		13,445,730
Sally Beauty Holdings, Inc. (a)	1,117,000		16,520,430
Signet Jewelers Ltd. (a)	406,400		17,780,000
SuperGroup PLC (a)	441,663		11,700,776
Tom Tailor Holding AG (a)	690,000		13,541,871
Tractor Supply Co.	240,000		14,848,800
			130,830,633
Textiles, Apparel & Luxury Goods - 6.7%
Fossil, Inc. (a)	142,000		13,600,760
G-III Apparel Group Ltd. (a)	370,300		16,611,658
Maidenform Brands, Inc. (a)	565,000		17,887,900
Phillips-Van Heusen Corp.	256,559		18,064,319
Steven Madden Ltd. (a)	435,000		23,120,250
Ted Baker PLC	1,358,485		16,451,797
Warnaco Group, Inc. (a)	410,000		26,387,600
			132,124,284
TOTAL CONSUMER DISCRETIONARY			359,164,952
CONSUMER STAPLES - 2.7%
Food & Staples Retailing - 0.4%
United Natural Foods, Inc. (a)	175,000		7,470,750
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - 1.3%
Calavo Growers, Inc. (d)(e)	739,046		$ 15,519,966
Darling International, Inc. (a)	640,000		10,348,800
			25,868,766
Personal Products - 1.0%
Inter Parfums, Inc.	1,007,000		19,163,210
TOTAL CONSUMER STAPLES			52,502,726
ENERGY - 4.8%
Energy Equipment & Services - 2.9%
ION Geophysical Corp. (a)	1,546,400		19,546,496
Newpark Resources, Inc. (a)	1,528,900		13,805,967
Rowan Companies, Inc. (a)	556,000		23,185,200
			56,537,663
Oil, Gas & Consumable Fuels - 1.9%
Petroleum Development Corp. (a)(d)	547,200		21,789,504
Targa Resources Corp. (d)	432,500		15,146,150
			36,935,654
TOTAL ENERGY			93,473,317
FINANCIALS - 1.9%
Commercial Banks - 1.3%
Banco Pine SA	1,432,000		12,369,465
CapitalSource, Inc.	1,995,000		13,326,600
			25,696,065
Real Estate Investment Trusts - 0.6%
CBL & Associates Properties, Inc. (d)	612,000		11,364,840
TOTAL FINANCIALS			37,060,905
HEALTH CARE - 18.5%
Biotechnology - 2.4%
Ardea Biosciences, Inc. (a)	249,263		7,066,606
BioMarin Pharmaceutical, Inc. (a)	295,000		7,932,550
Incyte Corp. (a)(d)	355,000		6,560,400
PDL BioPharma, Inc.	1,560,000		10,015,200
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
Theravance, Inc. (a)(d)	299,000		$ 8,297,250
ZIOPHARM Oncology, Inc. (a)(d)	952,000		7,197,120
			47,069,126
Health Care Equipment & Supplies - 2.9%
Cooper Companies, Inc.	256,000		19,174,400
Integra LifeSciences Holdings Corp. (a)	417,400		21,834,194
Wright Medical Group, Inc. (a)	1,020,000		16,860,600
			57,869,194
Health Care Providers & Services - 7.7%
Accretive Health, Inc. (d)	355,000		10,025,200
Air Methods Corp. (a)	300,000		20,286,000
Catalyst Health Solutions, Inc. (a)	345,000		20,548,200
Corvel Corp. (a)	290,000		15,022,000
Hanger Orthopedic Group, Inc. (a)	756,900		20,564,973
IPC The Hospitalist Co., Inc. (a)	310,000		16,076,600
MWI Veterinary Supply, Inc. (a)	180,000		14,970,600
PSS World Medical, Inc. (a)(d)	610,000		17,543,600
Synergy Health PLC	1,145,411		16,186,472
			151,223,645
Life Sciences Tools & Services - 3.1%
Bruker BioSciences Corp. (a)	505,000		9,968,700
PAREXEL International Corp. (a)	600,000		16,656,000
PerkinElmer, Inc.	715,000		20,213,050
QIAGEN NV (a)(d)	636,000		13,591,320
			60,429,070
Pharmaceuticals - 2.4%
Cadence Pharmaceuticals, Inc. (a)(d)	812,693		6,891,637
Cardiome Pharma Corp. (a)	1,025,000		5,579,484
Hikma Pharmaceuticals PLC	1,050,000		13,777,042
Jazz Pharmaceuticals, Inc. (a)	216,000		6,892,560
Questcor Pharmaceuticals, Inc. (a)	635,000		13,017,500
			46,158,223
TOTAL HEALTH CARE			362,749,258
INDUSTRIALS - 18.2%
Aerospace & Defense - 3.1%
Esterline Technologies Corp. (a)	345,200		24,785,360
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Aerospace & Defense - continued
Teledyne Technologies, Inc. (a)	442,000		$ 22,316,580
Triumph Group, Inc.	169,000		14,554,280
			61,656,220
Building Products - 1.6%
A.O. Smith Corp.	260,000		11,432,200
Armstrong World Industries, Inc.	449,000		20,092,750
			31,524,950
Commercial Services & Supplies - 1.8%
The Geo Group, Inc. (a)	688,000		18,355,840
Waste Connections, Inc.	556,500		17,123,505
			35,479,345
Construction & Engineering - 2.1%
Foster Wheeler AG (a)	475,000		16,895,750
KBR, Inc.	625,980		24,018,853
			40,914,603
Electrical Equipment - 4.3%
Acuity Brands, Inc.	243,500		14,317,800
GrafTech International Ltd. (a)	895,000		20,764,000
Regal-Beloit Corp.	247,000		18,720,130
Zumtobel AG	855,596		31,049,066
			84,850,996
Machinery - 1.2%
Blount International, Inc. (a)	615,000		10,209,000
Wabtec Corp.	195,000		13,919,100
			24,128,100
Road & Rail - 0.5%
Contrans Group, Inc. Class A	968,600		9,214,037
Trading Companies & Distributors - 3.6%
Interline Brands, Inc. (a)	465,000		9,820,800
Rush Enterprises, Inc. Class A (a)	1,058,254		22,297,412
Watsco, Inc.	175,000		12,405,750
WESCO International, Inc. (a)	416,000		25,771,200
			70,295,162
TOTAL INDUSTRIALS			358,063,413
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 27.0%
Communications Equipment - 2.5%
DG FastChannel, Inc. (a)	527,329		$ 19,294,968
NETGEAR, Inc. (a)	308,307		12,871,817
Polycom, Inc. (a)	280,000		16,752,400
			48,919,185
Computers & Peripherals - 2.0%
Super Micro Computer, Inc. (a)	1,139,000		19,431,340
Synaptics, Inc. (a)(d)	686,000		19,496,120
			38,927,460
Electronic Equipment & Components - 3.6%
Fabrinet (a)	504,890		11,637,715
Insight Enterprises, Inc. (a)	597,400		10,251,384
Jabil Circuit, Inc.	1,098,000		21,784,320
OSI Systems, Inc. (a)	329,000		12,630,310
SYNNEX Corp. (a)	432,800		14,511,784
			70,815,513
Internet Software & Services - 5.7%
Digital River, Inc. (a)	376,000		12,235,040
j2 Global Communications, Inc. (a)	482,500		14,214,450
LivePerson, Inc. (a)(d)	1,080,000		14,428,800
Perficient, Inc. (a)(e)	1,658,502		20,714,690
Rackspace Hosting, Inc. (a)(d)	615,000		28,406,850
Sohu.com, Inc. (a)(d)	99,000		10,470,240
Travelzoo, Inc. (a)(d)	146,000		11,957,400
			112,427,470
IT Services - 2.5%
Virtusa Corp. (a)	900,000		16,794,000
WNS Holdings Ltd. sponsored ADR (a)	613,457		6,202,050
Wright Express Corp. (a)	460,000		25,911,800
			48,907,850
Semiconductors & Semiconductor Equipment - 5.8%
Ceva, Inc. (a)	366,700		11,213,686
Cymer, Inc. (a)	245,000		11,786,950
Entegris, Inc. (a)	2,170,000		18,727,100
Hittite Microwave Corp. (a)	183,821		11,836,234
International Rectifier Corp. (a)	543,000		18,766,080
Semtech Corp. (a)	400,000		11,228,000
Standard Microsystems Corp. (a)	546,823		14,846,244
TriQuint Semiconductor, Inc. (a)	1,078,000		14,844,060
			113,248,354
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 4.9%
ebix.com, Inc. (a)(d)	857,910		$ 19,603,244
Informatica Corp. (a)	274,000		15,346,740
Kenexa Corp. (a)	375,000		11,032,500
Solera Holdings, Inc.	447,000		24,585,000
TIBCO Software, Inc. (a)	849,000		25,461,510
			96,028,994
TOTAL INFORMATION TECHNOLOGY			529,274,826
MATERIALS - 5.1%
Chemicals - 2.2%
Rockwood Holdings, Inc. (a)	383,000		21,731,420
Solutia, Inc. (a)	797,000		21,000,950
			42,732,370
Metals & Mining - 2.9%
Carpenter Technology Corp.	382,000		19,581,320
MacArthur Coal Ltd.	1,630,000		20,732,622
Royal Gold, Inc.	293,000		17,867,140
			58,181,082
TOTAL MATERIALS			100,913,452
TOTAL COMMON STOCKS (Cost $1,419,901,864)		1,893,202,849
Money Market Funds - 9.5%
	Shares		Value
Fidelity Cash Central Fund, 0.13% (b)	51,275,627		$ 51,275,627
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	135,823,525		135,823,525
TOTAL MONEY MARKET FUNDS (Cost $187,099,152)		187,099,152
TOTAL INVESTMENT PORTFOLIO - 106.0% (Cost $1,607,001,016)		2,080,302,001
NET OTHER ASSETS (LIABILITIES) - (6.0)%		(117,489,065)
NET ASSETS - 100%		$ 1,962,812,936

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	$ 69,185
Fidelity Securities Lending Cash Central Fund	918,391
Total	$ 987,576

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Calavo Growers, Inc.	$ 12,651,852	$ 3,204,832	$ -	$ 351,475	$ 15,519,966
Online Resources Corp.	7,777,946	567,018	12,586,965	-	-
Perficient, Inc.	13,394,542	1,019,485	-	-	20,714,690
Total	$ 33,824,340	$ 4,791,335	$ 12,586,965	$ 351,475	$ 36,234,656

Other Information

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

Income Tax Information

At April 30, 2011, the cost of investment securities for income tax purposes was $1,609,061,995. Net unrealized appreciation aggregated $471,240,006, of which $489,088,457 related to appreciated investment securities and $17,848,451 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Small Cap Growth Fund

Class A
Class T
Class B
Class C
Institutional Class

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

April 30, 2011

1.817157.106

ASCP-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
CONSUMER DISCRETIONARY - 18.3%
Auto Components - 1.6%
Modine Manufacturing Co. (a)	654,000		$ 11,647,740
Tenneco, Inc. (a)	438,000		20,239,980
			31,887,720
Diversified Consumer Services - 0.5%
Steiner Leisure Ltd. (a)	198,000		9,610,920
Hotels, Restaurants & Leisure - 0.5%
Life Time Fitness, Inc. (a)	238,000		9,310,560
Household Durables - 0.8%
Tempur-Pedic International, Inc. (a)	249,000		15,632,220
Multiline Retail - 1.5%
Dollarama, Inc. (a)	415,000		13,005,760
Marisa Lojas SA	885,000		16,762,855
			29,768,615
Specialty Retail - 6.7%
Delticom AG (d)	136,910		14,884,866
DSW, Inc. Class A (a)(d)	592,000		28,108,160
Jos. A. Bank Clothiers, Inc. (a)(d)	256,500		13,445,730
Sally Beauty Holdings, Inc. (a)	1,117,000		16,520,430
Signet Jewelers Ltd. (a)	406,400		17,780,000
SuperGroup PLC (a)	441,663		11,700,776
Tom Tailor Holding AG (a)	690,000		13,541,871
Tractor Supply Co.	240,000		14,848,800
			130,830,633
Textiles, Apparel & Luxury Goods - 6.7%
Fossil, Inc. (a)	142,000		13,600,760
G-III Apparel Group Ltd. (a)	370,300		16,611,658
Maidenform Brands, Inc. (a)	565,000		17,887,900
Phillips-Van Heusen Corp.	256,559		18,064,319
Steven Madden Ltd. (a)	435,000		23,120,250
Ted Baker PLC	1,358,485		16,451,797
Warnaco Group, Inc. (a)	410,000		26,387,600
			132,124,284
TOTAL CONSUMER DISCRETIONARY			359,164,952
CONSUMER STAPLES - 2.7%
Food & Staples Retailing - 0.4%
United Natural Foods, Inc. (a)	175,000		7,470,750
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - 1.3%
Calavo Growers, Inc. (d)(e)	739,046		$ 15,519,966
Darling International, Inc. (a)	640,000		10,348,800
			25,868,766
Personal Products - 1.0%
Inter Parfums, Inc.	1,007,000		19,163,210
TOTAL CONSUMER STAPLES			52,502,726
ENERGY - 4.8%
Energy Equipment & Services - 2.9%
ION Geophysical Corp. (a)	1,546,400		19,546,496
Newpark Resources, Inc. (a)	1,528,900		13,805,967
Rowan Companies, Inc. (a)	556,000		23,185,200
			56,537,663
Oil, Gas & Consumable Fuels - 1.9%
Petroleum Development Corp. (a)(d)	547,200		21,789,504
Targa Resources Corp. (d)	432,500		15,146,150
			36,935,654
TOTAL ENERGY			93,473,317
FINANCIALS - 1.9%
Commercial Banks - 1.3%
Banco Pine SA	1,432,000		12,369,465
CapitalSource, Inc.	1,995,000		13,326,600
			25,696,065
Real Estate Investment Trusts - 0.6%
CBL & Associates Properties, Inc. (d)	612,000		11,364,840
TOTAL FINANCIALS			37,060,905
HEALTH CARE - 18.5%
Biotechnology - 2.4%
Ardea Biosciences, Inc. (a)	249,263		7,066,606
BioMarin Pharmaceutical, Inc. (a)	295,000		7,932,550
Incyte Corp. (a)(d)	355,000		6,560,400
PDL BioPharma, Inc.	1,560,000		10,015,200
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
Theravance, Inc. (a)(d)	299,000		$ 8,297,250
ZIOPHARM Oncology, Inc. (a)(d)	952,000		7,197,120
			47,069,126
Health Care Equipment & Supplies - 2.9%
Cooper Companies, Inc.	256,000		19,174,400
Integra LifeSciences Holdings Corp. (a)	417,400		21,834,194
Wright Medical Group, Inc. (a)	1,020,000		16,860,600
			57,869,194
Health Care Providers & Services - 7.7%
Accretive Health, Inc. (d)	355,000		10,025,200
Air Methods Corp. (a)	300,000		20,286,000
Catalyst Health Solutions, Inc. (a)	345,000		20,548,200
Corvel Corp. (a)	290,000		15,022,000
Hanger Orthopedic Group, Inc. (a)	756,900		20,564,973
IPC The Hospitalist Co., Inc. (a)	310,000		16,076,600
MWI Veterinary Supply, Inc. (a)	180,000		14,970,600
PSS World Medical, Inc. (a)(d)	610,000		17,543,600
Synergy Health PLC	1,145,411		16,186,472
			151,223,645
Life Sciences Tools & Services - 3.1%
Bruker BioSciences Corp. (a)	505,000		9,968,700
PAREXEL International Corp. (a)	600,000		16,656,000
PerkinElmer, Inc.	715,000		20,213,050
QIAGEN NV (a)(d)	636,000		13,591,320
			60,429,070
Pharmaceuticals - 2.4%
Cadence Pharmaceuticals, Inc. (a)(d)	812,693		6,891,637
Cardiome Pharma Corp. (a)	1,025,000		5,579,484
Hikma Pharmaceuticals PLC	1,050,000		13,777,042
Jazz Pharmaceuticals, Inc. (a)	216,000		6,892,560
Questcor Pharmaceuticals, Inc. (a)	635,000		13,017,500
			46,158,223
TOTAL HEALTH CARE			362,749,258
INDUSTRIALS - 18.2%
Aerospace & Defense - 3.1%
Esterline Technologies Corp. (a)	345,200		24,785,360
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Aerospace & Defense - continued
Teledyne Technologies, Inc. (a)	442,000		$ 22,316,580
Triumph Group, Inc.	169,000		14,554,280
			61,656,220
Building Products - 1.6%
A.O. Smith Corp.	260,000		11,432,200
Armstrong World Industries, Inc.	449,000		20,092,750
			31,524,950
Commercial Services & Supplies - 1.8%
The Geo Group, Inc. (a)	688,000		18,355,840
Waste Connections, Inc.	556,500		17,123,505
			35,479,345
Construction & Engineering - 2.1%
Foster Wheeler AG (a)	475,000		16,895,750
KBR, Inc.	625,980		24,018,853
			40,914,603
Electrical Equipment - 4.3%
Acuity Brands, Inc.	243,500		14,317,800
GrafTech International Ltd. (a)	895,000		20,764,000
Regal-Beloit Corp.	247,000		18,720,130
Zumtobel AG	855,596		31,049,066
			84,850,996
Machinery - 1.2%
Blount International, Inc. (a)	615,000		10,209,000
Wabtec Corp.	195,000		13,919,100
			24,128,100
Road & Rail - 0.5%
Contrans Group, Inc. Class A	968,600		9,214,037
Trading Companies & Distributors - 3.6%
Interline Brands, Inc. (a)	465,000		9,820,800
Rush Enterprises, Inc. Class A (a)	1,058,254		22,297,412
Watsco, Inc.	175,000		12,405,750
WESCO International, Inc. (a)	416,000		25,771,200
			70,295,162
TOTAL INDUSTRIALS			358,063,413
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 27.0%
Communications Equipment - 2.5%
DG FastChannel, Inc. (a)	527,329		$ 19,294,968
NETGEAR, Inc. (a)	308,307		12,871,817
Polycom, Inc. (a)	280,000		16,752,400
			48,919,185
Computers & Peripherals - 2.0%
Super Micro Computer, Inc. (a)	1,139,000		19,431,340
Synaptics, Inc. (a)(d)	686,000		19,496,120
			38,927,460
Electronic Equipment & Components - 3.6%
Fabrinet (a)	504,890		11,637,715
Insight Enterprises, Inc. (a)	597,400		10,251,384
Jabil Circuit, Inc.	1,098,000		21,784,320
OSI Systems, Inc. (a)	329,000		12,630,310
SYNNEX Corp. (a)	432,800		14,511,784
			70,815,513
Internet Software & Services - 5.7%
Digital River, Inc. (a)	376,000		12,235,040
j2 Global Communications, Inc. (a)	482,500		14,214,450
LivePerson, Inc. (a)(d)	1,080,000		14,428,800
Perficient, Inc. (a)(e)	1,658,502		20,714,690
Rackspace Hosting, Inc. (a)(d)	615,000		28,406,850
Sohu.com, Inc. (a)(d)	99,000		10,470,240
Travelzoo, Inc. (a)(d)	146,000		11,957,400
			112,427,470
IT Services - 2.5%
Virtusa Corp. (a)	900,000		16,794,000
WNS Holdings Ltd. sponsored ADR (a)	613,457		6,202,050
Wright Express Corp. (a)	460,000		25,911,800
			48,907,850
Semiconductors & Semiconductor Equipment - 5.8%
Ceva, Inc. (a)	366,700		11,213,686
Cymer, Inc. (a)	245,000		11,786,950
Entegris, Inc. (a)	2,170,000		18,727,100
Hittite Microwave Corp. (a)	183,821		11,836,234
International Rectifier Corp. (a)	543,000		18,766,080
Semtech Corp. (a)	400,000		11,228,000
Standard Microsystems Corp. (a)	546,823		14,846,244
TriQuint Semiconductor, Inc. (a)	1,078,000		14,844,060
			113,248,354
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 4.9%
ebix.com, Inc. (a)(d)	857,910		$ 19,603,244
Informatica Corp. (a)	274,000		15,346,740
Kenexa Corp. (a)	375,000		11,032,500
Solera Holdings, Inc.	447,000		24,585,000
TIBCO Software, Inc. (a)	849,000		25,461,510
			96,028,994
TOTAL INFORMATION TECHNOLOGY			529,274,826
MATERIALS - 5.1%
Chemicals - 2.2%
Rockwood Holdings, Inc. (a)	383,000		21,731,420
Solutia, Inc. (a)	797,000		21,000,950
			42,732,370
Metals & Mining - 2.9%
Carpenter Technology Corp.	382,000		19,581,320
MacArthur Coal Ltd.	1,630,000		20,732,622
Royal Gold, Inc.	293,000		17,867,140
			58,181,082
TOTAL MATERIALS			100,913,452
TOTAL COMMON STOCKS (Cost $1,419,901,864)		1,893,202,849
Money Market Funds - 9.5%
	Shares		Value
Fidelity Cash Central Fund, 0.13% (b)	51,275,627		$ 51,275,627
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	135,823,525		135,823,525
TOTAL MONEY MARKET FUNDS (Cost $187,099,152)		187,099,152
TOTAL INVESTMENT PORTFOLIO - 106.0% (Cost $1,607,001,016)		2,080,302,001
NET OTHER ASSETS (LIABILITIES) - (6.0)%		(117,489,065)
NET ASSETS - 100%		$ 1,962,812,936

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	$ 69,185
Fidelity Securities Lending Cash Central Fund	918,391
Total	$ 987,576

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Calavo Growers, Inc.	$ 12,651,852	$ 3,204,832	$ -	$ 351,475	$ 15,519,966
Online Resources Corp.	7,777,946	567,018	12,586,965	-	-
Perficient, Inc.	13,394,542	1,019,485	-	-	20,714,690
Total	$ 33,824,340	$ 4,791,335	$ 12,586,965	$ 351,475	$ 36,234,656

Other Information

Income Tax Information

Investment Valuation

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Small Cap Value Fund
Small Cap Value
Class F

April 30, 2011

1.815774.106

SCV-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
CONSUMER DISCRETIONARY - 11.1%
Diversified Consumer Services - 3.2%
Matthews International Corp. Class A	740,187		$ 29,711,106
Regis Corp. (d)(e)	3,521,235		59,860,995
			89,572,101
Household Durables - 5.2%
M.D.C. Holdings, Inc. (d)(e)	2,376,481		69,369,480
Meritage Homes Corp. (a)	1,536,160		36,729,585
Ryland Group, Inc. (d)	2,153,837		37,282,918
			143,381,983
Specialty Retail - 2.7%
Asbury Automotive Group, Inc. (a)	1,465,159		25,347,251
Ascena Retail Group, Inc. (a)	960,700		30,060,303
Tsutsumi Jewelry Co. Ltd.	791,400		19,743,995
			75,151,549
TOTAL CONSUMER DISCRETIONARY			308,105,633
CONSUMER STAPLES - 4.2%
Food & Staples Retailing - 2.3%
BJ's Wholesale Club, Inc. (a)	1,027,561		52,734,431
Ingles Markets, Inc. Class A	664,024		12,623,096
			65,357,527
Food Products - 1.9%
Chiquita Brands International, Inc. (a)	2,070,900		32,968,728
Dean Foods Co. (a)	1,675,000		18,743,250
			51,711,978
TOTAL CONSUMER STAPLES			117,069,505
ENERGY - 5.5%
Energy Equipment & Services - 2.4%
Superior Energy Services, Inc. (a)	1,741,700		66,916,114
Oil, Gas & Consumable Fuels - 3.1%
Berry Petroleum Co. Class A	1,600,000		85,007,998
TOTAL ENERGY			151,924,112
Common Stocks - continued
	Shares		Value
FINANCIALS - 34.5%
Capital Markets - 2.1%
optionsXpress Holdings, Inc.	430,000		$ 7,929,200
Waddell & Reed Financial, Inc. Class A	1,210,000		49,622,100
			57,551,300
Commercial Banks - 10.9%
Associated Banc-Corp.	3,832,650		55,956,690
CapitalSource, Inc.	6,515,270		43,522,004
City National Corp.	784,900		44,825,639
National Penn Bancshares, Inc.	3,766,604		30,923,819
PacWest Bancorp (e)	1,857,600		42,706,224
TCF Financial Corp. (d)	4,855,800		75,701,922
Western Liberty Bancorp (a)(e)	2,400,000		8,952,000
			302,588,298
Insurance - 6.7%
Alterra Capital Holdings Ltd.	2,357,411		51,815,894
Aspen Insurance Holdings Ltd.	2,120,200		60,574,114
Platinum Underwriters Holdings Ltd.	1,576,975		59,625,425
ProAssurance Corp. (a)	214,129		14,218,166
			186,233,599
Real Estate Investment Trusts - 10.3%
Alexandria Real Estate Equities, Inc. (d)	628,300		51,614,845
American Assets Trust, Inc.	225,200		4,972,416
DCT Industrial Trust, Inc. (e)	13,830,586		80,355,705
Franklin Street Properties Corp.	3,160,000		44,682,400
Highwoods Properties, Inc. (SBI) (d)	1,940,330		71,598,177
National Retail Properties, Inc. (d)	1,240,000		32,661,600
			285,885,143
Thrifts & Mortgage Finance - 4.5%
Astoria Financial Corp.	4,818,152		69,718,659
Washington Federal, Inc.	3,486,175		56,092,556
			125,811,215
TOTAL FINANCIALS			958,069,555
HEALTH CARE - 7.9%
Health Care Providers & Services - 7.9%
Centene Corp. (a)	1,324,832		47,998,663
Chemed Corp.	510,200		35,525,226
MEDNAX, Inc. (a)	981,500		69,607,980
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Providence Service Corp. (a)(e)	1,016,495		$ 14,983,136
Team Health Holdings, Inc. (a)	2,565,700		51,006,116
			219,121,121
INDUSTRIALS - 13.7%
Commercial Services & Supplies - 6.7%
ACCO Brands Corp. (a)	2,420,000		23,498,200
HNI Corp. (d)(e)	2,349,671		64,662,946
Knoll, Inc.	1,412,898		27,735,188
United Stationers, Inc.	990,400		71,368,224
			187,264,558
Machinery - 2.2%
Blount International, Inc. (a)(e)	2,604,723		43,238,402
Columbus McKinnon Corp. (NY Shares) (a)(e)	960,000		19,200,000
			62,438,402
Trading Companies & Distributors - 4.8%
H&E Equipment Services, Inc. (a)(e)	2,449,699		48,749,010
WESCO International, Inc. (a)	1,350,000		83,632,500
			132,381,510
TOTAL INDUSTRIALS			382,084,470
INFORMATION TECHNOLOGY - 10.2%
Communications Equipment - 1.2%
ViaSat, Inc. (a)	809,472		32,314,122
Electronic Equipment & Components - 5.6%
Ingram Micro, Inc. Class A (a)	2,453,100		45,946,563
Macnica, Inc.	677,400		16,094,869
Ryoyo Electro Corp. (e)	1,972,700		20,289,720
SYNNEX Corp. (a)	668,098		22,401,326
Tech Data Corp. (a)	989,600		52,577,448
			157,309,926
Internet Software & Services - 1.5%
DealerTrack Holdings, Inc. (a)	1,083,804		24,342,238
j2 Global Communications, Inc. (a)	630,149		18,564,190
			42,906,428
Semiconductors & Semiconductor Equipment - 0.6%
Miraial Co. Ltd. (e)	720,200		16,597,220
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 1.3%
Monotype Imaging Holdings, Inc. (a)(e)	2,583,700		$ 35,138,320
TOTAL INFORMATION TECHNOLOGY			284,266,016
MATERIALS - 3.7%
Metals & Mining - 3.7%
Carpenter Technology Corp.	834,380		42,770,319
Haynes International, Inc. (e)	621,363		33,578,457
RTI International Metals, Inc. (a)	870,997		27,819,644
			104,168,420
UTILITIES - 6.3%
Electric Utilities - 2.1%
Westar Energy, Inc. (d)	2,160,000		58,773,600
Gas Utilities - 4.2%
Southwest Gas Corp.	1,130,989		44,979,433
UGI Corp.	2,150,000		71,595,000
			116,574,433
TOTAL UTILITIES			175,348,033
TOTAL COMMON STOCKS (Cost $2,095,023,838)		2,700,156,865
Nonconvertible Preferred Stocks - 1.2%

CONSUMER DISCRETIONARY - 0.5%
Household Durables - 0.5%
M/I Homes, Inc. Series A, 9.75% (a)	750,400		13,071,968
FINANCIALS - 0.7%
Real Estate Investment Trusts - 0.7%
Developers Diversified Realty Corp. (depositary shares) Series H, 7.375%	818,790		20,379,683
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $20,354,770)		33,451,651
Money Market Funds - 6.9%
	Shares		Value
Fidelity Cash Central Fund, 0.13% (b)	29,771,987		$ 29,771,987
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	161,275,375		161,275,375
TOTAL MONEY MARKET FUNDS (Cost $191,047,362)		191,047,362
TOTAL INVESTMENT PORTFOLIO - 105.2% (Cost $2,306,425,970)		2,924,655,878
NET OTHER ASSETS (LIABILITIES) - (5.2)%		(143,355,527)
NET ASSETS - 100%		$ 2,781,300,351

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	$ 18,599
Fidelity Securities Lending Cash Central Fund	87,683
Total	$ 106,282

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
ACCO Brands Corp.	$ 22,027,864	$ 1,922,616	$ 12,330,836	$ -	$ -
Blount International, Inc.	27,740,300	-	-	-	43,238,402
Columbus McKinnon Corp. (NY Shares)	-	19,267,200	-	-	19,200,000
DCT Industrial Trust, Inc.	46,900,000	19,790,290	-	1,199,818	80,355,705
H&E Equipment Services, Inc.	30,357,850	-	20,488,691	-	48,749,010
Haynes International, Inc.	-	24,864,038	-	48,846	33,578,457
HNI Corp.	55,547,499	5,138,794	-	1,507,783	64,662,946
M.D.C. Holdings, Inc.	35,651,616	30,726,500	-	918,225	69,369,480
Miraial Co. Ltd.	15,372,473	3,618,630	-	244,180	16,597,220
Monotype Imaging Holdings, Inc.	11,299,816	12,600,234	-	-	35,138,320
PacWest Bancorp	37,552,606	1,164,578	-	54,644	42,706,224
Providence Service Corp.	14,637,528	-	-	-	14,983,136
Regis Corp.	41,819,783	20,573,749	-	344,423	59,860,995
RTI International Metals, Inc.	48,035,903	-	23,272,802	-	-
Ryoyo Electro Corp.	18,932,046	2,120,893	-	334,417	20,289,720
TradeStation Group, Inc.	13,178,039	-	19,917,635	-	-
Western Liberty Bancorp	14,976,000	-	-	-	8,952,000
Total	$ 434,029,323	$ 141,787,522	$ 76,009,964	$ 4,652,336	$ 557,681,615

Other Information

The following is a summary of the inputs used, as of April 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 321,177,601	$ 301,433,606	$ 19,743,995	$ -
Consumer Staples	117,069,505	117,069,505	-	-
Energy	151,924,112	151,924,112	-	-
Financials	978,449,238	978,449,238	-	-
Health Care	219,121,121	219,121,121	-	-
Industrials	382,084,470	382,084,470	-	-
Information Technology	284,266,016	231,284,207	52,981,809	-
Materials	104,168,420	104,168,420	-	-
Utilities	175,348,033	175,348,033	-	-
Money Market Funds	191,047,362	191,047,362	-	-
Total Investments in Securities:	$ 2,924,655,878	$ 2,851,930,074	$ 72,725,804	$ -

Income Tax Information

At April 30, 2011, the cost of investment securities for income tax purposes was $2,308,770,231. Net unrealized appreciation aggregated $615,885,647, of which $694,356,215 related to appreciated investment securities and $78,470,568 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

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

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

April 30, 2011

1.817158.106

ASCV-QTLY-0611

Investments April 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
CONSUMER DISCRETIONARY - 11.1%
Diversified Consumer Services - 3.2%
Matthews International Corp. Class A	740,187		$ 29,711,106
Regis Corp. (d)(e)	3,521,235		59,860,995
			89,572,101
Household Durables - 5.2%
M.D.C. Holdings, Inc. (d)(e)	2,376,481		69,369,480
Meritage Homes Corp. (a)	1,536,160		36,729,585
Ryland Group, Inc. (d)	2,153,837		37,282,918
			143,381,983
Specialty Retail - 2.7%
Asbury Automotive Group, Inc. (a)	1,465,159		25,347,251
Ascena Retail Group, Inc. (a)	960,700		30,060,303
Tsutsumi Jewelry Co. Ltd.	791,400		19,743,995
			75,151,549
TOTAL CONSUMER DISCRETIONARY			308,105,633
CONSUMER STAPLES - 4.2%
Food & Staples Retailing - 2.3%
BJ's Wholesale Club, Inc. (a)	1,027,561		52,734,431
Ingles Markets, Inc. Class A	664,024		12,623,096
			65,357,527
Food Products - 1.9%
Chiquita Brands International, Inc. (a)	2,070,900		32,968,728
Dean Foods Co. (a)	1,675,000		18,743,250
			51,711,978
TOTAL CONSUMER STAPLES			117,069,505
ENERGY - 5.5%
Energy Equipment & Services - 2.4%
Superior Energy Services, Inc. (a)	1,741,700		66,916,114
Oil, Gas & Consumable Fuels - 3.1%
Berry Petroleum Co. Class A	1,600,000		85,007,998
TOTAL ENERGY			151,924,112
Common Stocks - continued
	Shares		Value
FINANCIALS - 34.5%
Capital Markets - 2.1%
optionsXpress Holdings, Inc.	430,000		$ 7,929,200
Waddell & Reed Financial, Inc. Class A	1,210,000		49,622,100
			57,551,300
Commercial Banks - 10.9%
Associated Banc-Corp.	3,832,650		55,956,690
CapitalSource, Inc.	6,515,270		43,522,004
City National Corp.	784,900		44,825,639
National Penn Bancshares, Inc.	3,766,604		30,923,819
PacWest Bancorp (e)	1,857,600		42,706,224
TCF Financial Corp. (d)	4,855,800		75,701,922
Western Liberty Bancorp (a)(e)	2,400,000		8,952,000
			302,588,298
Insurance - 6.7%
Alterra Capital Holdings Ltd.	2,357,411		51,815,894
Aspen Insurance Holdings Ltd.	2,120,200		60,574,114
Platinum Underwriters Holdings Ltd.	1,576,975		59,625,425
ProAssurance Corp. (a)	214,129		14,218,166
			186,233,599
Real Estate Investment Trusts - 10.3%
Alexandria Real Estate Equities, Inc. (d)	628,300		51,614,845
American Assets Trust, Inc.	225,200		4,972,416
DCT Industrial Trust, Inc. (e)	13,830,586		80,355,705
Franklin Street Properties Corp.	3,160,000		44,682,400
Highwoods Properties, Inc. (SBI) (d)	1,940,330		71,598,177
National Retail Properties, Inc. (d)	1,240,000		32,661,600
			285,885,143
Thrifts & Mortgage Finance - 4.5%
Astoria Financial Corp.	4,818,152		69,718,659
Washington Federal, Inc.	3,486,175		56,092,556
			125,811,215
TOTAL FINANCIALS			958,069,555
HEALTH CARE - 7.9%
Health Care Providers & Services - 7.9%
Centene Corp. (a)	1,324,832		47,998,663
Chemed Corp.	510,200		35,525,226
MEDNAX, Inc. (a)	981,500		69,607,980
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Providence Service Corp. (a)(e)	1,016,495		$ 14,983,136
Team Health Holdings, Inc. (a)	2,565,700		51,006,116
			219,121,121
INDUSTRIALS - 13.7%
Commercial Services & Supplies - 6.7%
ACCO Brands Corp. (a)	2,420,000		23,498,200
HNI Corp. (d)(e)	2,349,671		64,662,946
Knoll, Inc.	1,412,898		27,735,188
United Stationers, Inc.	990,400		71,368,224
			187,264,558
Machinery - 2.2%
Blount International, Inc. (a)(e)	2,604,723		43,238,402
Columbus McKinnon Corp. (NY Shares) (a)(e)	960,000		19,200,000
			62,438,402
Trading Companies & Distributors - 4.8%
H&E Equipment Services, Inc. (a)(e)	2,449,699		48,749,010
WESCO International, Inc. (a)	1,350,000		83,632,500
			132,381,510
TOTAL INDUSTRIALS			382,084,470
INFORMATION TECHNOLOGY - 10.2%
Communications Equipment - 1.2%
ViaSat, Inc. (a)	809,472		32,314,122
Electronic Equipment & Components - 5.6%
Ingram Micro, Inc. Class A (a)	2,453,100		45,946,563
Macnica, Inc.	677,400		16,094,869
Ryoyo Electro Corp. (e)	1,972,700		20,289,720
SYNNEX Corp. (a)	668,098		22,401,326
Tech Data Corp. (a)	989,600		52,577,448
			157,309,926
Internet Software & Services - 1.5%
DealerTrack Holdings, Inc. (a)	1,083,804		24,342,238
j2 Global Communications, Inc. (a)	630,149		18,564,190
			42,906,428
Semiconductors & Semiconductor Equipment - 0.6%
Miraial Co. Ltd. (e)	720,200		16,597,220
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 1.3%
Monotype Imaging Holdings, Inc. (a)(e)	2,583,700		$ 35,138,320
TOTAL INFORMATION TECHNOLOGY			284,266,016
MATERIALS - 3.7%
Metals & Mining - 3.7%
Carpenter Technology Corp.	834,380		42,770,319
Haynes International, Inc. (e)	621,363		33,578,457
RTI International Metals, Inc. (a)	870,997		27,819,644
			104,168,420
UTILITIES - 6.3%
Electric Utilities - 2.1%
Westar Energy, Inc. (d)	2,160,000		58,773,600
Gas Utilities - 4.2%
Southwest Gas Corp.	1,130,989		44,979,433
UGI Corp.	2,150,000		71,595,000
			116,574,433
TOTAL UTILITIES			175,348,033
TOTAL COMMON STOCKS (Cost $2,095,023,838)		2,700,156,865
Nonconvertible Preferred Stocks - 1.2%

CONSUMER DISCRETIONARY - 0.5%
Household Durables - 0.5%
M/I Homes, Inc. Series A, 9.75% (a)	750,400		13,071,968
FINANCIALS - 0.7%
Real Estate Investment Trusts - 0.7%
Developers Diversified Realty Corp. (depositary shares) Series H, 7.375%	818,790		20,379,683
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $20,354,770)		33,451,651
Money Market Funds - 6.9%
	Shares		Value
Fidelity Cash Central Fund, 0.13% (b)	29,771,987		$ 29,771,987
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	161,275,375		161,275,375
TOTAL MONEY MARKET FUNDS (Cost $191,047,362)		191,047,362
TOTAL INVESTMENT PORTFOLIO - 105.2% (Cost $2,306,425,970)		2,924,655,878
NET OTHER ASSETS (LIABILITIES) - (5.2)%		(143,355,527)
NET ASSETS - 100%		$ 2,781,300,351

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	$ 18,599
Fidelity Securities Lending Cash Central Fund	87,683
Total	$ 106,282

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
ACCO Brands Corp.	$ 22,027,864	$ 1,922,616	$ 12,330,836	$ -	$ -
Blount International, Inc.	27,740,300	-	-	-	43,238,402
Columbus McKinnon Corp. (NY Shares)	-	19,267,200	-	-	19,200,000
DCT Industrial Trust, Inc.	46,900,000	19,790,290	-	1,199,818	80,355,705
H&E Equipment Services, Inc.	30,357,850	-	20,488,691	-	48,749,010
Haynes International, Inc.	-	24,864,038	-	48,846	33,578,457
HNI Corp.	55,547,499	5,138,794	-	1,507,783	64,662,946
M.D.C. Holdings, Inc.	35,651,616	30,726,500	-	918,225	69,369,480
Miraial Co. Ltd.	15,372,473	3,618,630	-	244,180	16,597,220
Monotype Imaging Holdings, Inc.	11,299,816	12,600,234	-	-	35,138,320
PacWest Bancorp	37,552,606	1,164,578	-	54,644	42,706,224
Providence Service Corp.	14,637,528	-	-	-	14,983,136
Regis Corp.	41,819,783	20,573,749	-	344,423	59,860,995
RTI International Metals, Inc.	48,035,903	-	23,272,802	-	-
Ryoyo Electro Corp.	18,932,046	2,120,893	-	334,417	20,289,720
TradeStation Group, Inc.	13,178,039	-	19,917,635	-	-
Western Liberty Bancorp	14,976,000	-	-	-	8,952,000
Total	$ 434,029,323	$ 141,787,522	$ 76,009,964	$ 4,652,336	$ 557,681,615

Other Information

The following is a summary of the inputs used, as of April 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 321,177,601	$ 301,433,606	$ 19,743,995	$ -
Consumer Staples	117,069,505	117,069,505	-	-
Energy	151,924,112	151,924,112	-	-
Financials	978,449,238	978,449,238	-	-
Health Care	219,121,121	219,121,121	-	-
Industrials	382,084,470	382,084,470	-	-
Information Technology	284,266,016	231,284,207	52,981,809	-
Materials	104,168,420	104,168,420	-	-
Utilities	175,348,033	175,348,033	-	-
Money Market Funds	191,047,362	191,047,362	-	-
Total Investments in Securities:	$ 2,924,655,878	$ 2,851,930,074	$ 72,725,804	$ -

Income Tax Information

Investment Valuation

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

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Securities Fund

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

Date:	June 29, 2011

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

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

Date:	June 29, 2011

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

Date:	June 29, 2011

EX-99.CERT 2 sec99cert.htm

Exhibit EX-99.CERT

I, Kenneth B. Robins, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: June 29, 2011

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

I, Christine Reynolds, certify that:

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

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

Date: June 29, 2011

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer