N-Q 1 secone.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)

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(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, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Leveraged Company
Stock Fund
Leveraged Company Stock
Class K

April 30, 2013

1.800341.109

LSF-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 85.3%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 23.8%
Auto Components - 1.7%
Delphi Automotive PLC	592,300		$ 27,370
Exide Technologies (a)	3,930,293		3,329
Tenneco, Inc. (a)	825,300		31,914
TRW Automotive Holdings Corp. (a)	396,200		23,800
			86,413
Automobiles - 6.0%
Ford Motor Co.	9,413,433		129,058
General Motors Co. (a)	4,578,649		141,206
General Motors Co.:
warrants 7/10/16 (a)	445,805		9,558
warrants 7/10/19 (a)	445,805		6,281
Motors Liquidation Co. GUC Trust (a)	123,112		3,761
Toyota Motor Corp. sponsored ADR	89,500		10,409
			300,273
Diversified Consumer Services - 4.7%
Service Corp. International (f)	12,885,925		217,514
Stewart Enterprises, Inc. Class A	1,515,242		13,501
			231,015
Hotels, Restaurants & Leisure - 0.4%
Penn National Gaming, Inc. (a)	360,340		21,098
Station Holdco LLC unit (h)(i)	146,846		9
			21,107
Household Durables - 2.2%
Hovnanian Enterprises, Inc. Class A (a)(e)	1,419,000		7,734
Lennar Corp. Class A (e)	983,400		40,536
Newell Rubbermaid, Inc.	2,341,747		61,682
			109,952
Leisure Equipment & Products - 0.2%
Callaway Golf Co.	1,630,035		10,921
Media - 5.7%
Cinemark Holdings, Inc.	2,601,645		80,365
Comcast Corp. Class A	3,657,098		151,038
Gray Television, Inc. (a)(f)	3,766,164		23,915
Nexstar Broadcasting Group, Inc. Class A	1,108,474		26,991
			282,309
Multiline Retail - 0.5%
Target Corp.	338,600		23,892
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - 2.4%
Asbury Automotive Group, Inc. (a)	385,122		$ 15,440
GameStop Corp. Class A (e)	2,755,507		96,167
Sally Beauty Holdings, Inc. (a)	300,000		9,018
			120,625
TOTAL CONSUMER DISCRETIONARY			1,186,507
CONSUMER STAPLES - 2.2%
Food Products - 2.0%
ConAgra Foods, Inc.	541,700		19,160
Darling International, Inc. (a)	3,476,642		64,353
Smithfield Foods, Inc. (a)	559,606		14,326
			97,839
Personal Products - 0.2%
Revlon, Inc. (a)	553,261		10,706
TOTAL CONSUMER STAPLES			108,545
ENERGY - 9.8%
Energy Equipment & Services - 2.6%
Ensco PLC Class A	110,000		6,345
Halliburton Co.	1,126,593		48,184
Noble Corp.	447,200		16,770
Oil States International, Inc. (a)	345,966		30,916
Schlumberger Ltd.	109,400		8,143
Transocean Ltd. (United States) (a)	381,900		19,656
			130,014
Oil, Gas & Consumable Fuels - 7.2%
Alpha Natural Resources, Inc. (a)	3,200,189		23,745
Continental Resources, Inc. (a)	534,087		42,684
Forest Oil Corp. (a)	1,205,652		5,052
Hess Corp.	779,010		56,229
HollyFrontier Corp.	1,924,927		95,188
Kodiak Oil & Gas Corp. (a)	2,019,747		15,815
Peabody Energy Corp.	822,825		16,506
Range Resources Corp.	247,200		18,174
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Valero Energy Corp.	1,599,566		$ 64,495
Western Refining, Inc. (e)	685,914		21,202
			359,090
TOTAL ENERGY			489,104
FINANCIALS - 7.6%
Commercial Banks - 2.6%
CIT Group, Inc. (a)	229,310		9,748
Huntington Bancshares, Inc.	8,526,580		61,136
Regions Financial Corp.	3,284,894		27,889
SunTrust Banks, Inc.	1,019,600		29,823
			128,596
Consumer Finance - 0.9%
American Express Co.	679,548		46,488
Diversified Financial Services - 2.3%
Bank of America Corp.	3,843,538		47,314
Citigroup, Inc.	1,458,047		68,032
			115,346
Insurance - 1.0%
AFLAC, Inc.	641,700		34,934
Lincoln National Corp.	435,700		14,818
			49,752
Real Estate Investment Trusts - 0.7%
Host Hotels & Resorts, Inc.	1,016,122		18,565
Sabra Health Care REIT, Inc.	547,507		16,327
			34,892
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. (a)	441,300		2,383
TOTAL FINANCIALS			377,457
HEALTH CARE - 10.1%
Health Care Equipment & Supplies - 1.5%
Boston Scientific Corp. (a)	10,011,725		74,988
Health Care Providers & Services - 5.6%
Community Health Systems, Inc.	784,376		35,744
DaVita, Inc. (a)	367,826		43,643
HCA Holdings, Inc.	1,216,779		48,537
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
Tenet Healthcare Corp. (a)	2,775,026		$ 125,875
Universal Health Services, Inc. Class B	385,505		25,671
			279,470
Pharmaceuticals - 3.0%
Johnson & Johnson	153,000		13,040
Merck & Co., Inc.	1,754,400		82,457
Sanofi SA sponsored ADR	992,534		52,952
			148,449
TOTAL HEALTH CARE			502,907
INDUSTRIALS - 9.5%
Aerospace & Defense - 1.1%
Honeywell International, Inc.	478,776		35,209
Huntington Ingalls Industries, Inc.	57,160		3,024
Textron, Inc.	602,700		15,520
			53,753
Airlines - 2.2%
Delta Air Lines, Inc. (a)	3,665,001		62,818
Southwest Airlines Co.	571,283		7,827
United Continental Holdings, Inc. (a)	370,700		11,974
US Airways Group, Inc. (a)	1,481,380		25,035
			107,654
Building Products - 1.0%
Armstrong World Industries, Inc.	693,300		35,386
Owens Corning (a)	294,219		12,375
Owens Corning warrants 10/31/13 (a)	406,600		1,077
			48,838
Commercial Services & Supplies - 1.1%
Deluxe Corp.	1,109,373		42,311
Tyco International Ltd.	328,233		10,543
			52,854
Electrical Equipment - 1.8%
Belden, Inc.	777,664		38,432
Emerson Electric Co.	163,500		9,076
Generac Holdings, Inc.	438,657		15,761
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Electrical Equipment - continued
General Cable Corp. (a)	437,132		$ 15,072
Polypore International, Inc. (a)(e)	217,800		9,132
			87,473
Industrial Conglomerates - 0.6%
Carlisle Companies, Inc.	109,910		7,130
General Electric Co.	1,103,883		24,606
			31,736
Machinery - 1.1%
Ingersoll-Rand PLC	739,500		39,785
Pentair Ltd.	78,757		4,280
Timken Co.	228,734		12,025
			56,090
Marine - 0.2%
Navios Maritime Holdings, Inc.	2,162,794		9,797
Road & Rail - 0.3%
Hertz Global Holdings, Inc. (a)	707,700		17,041
Trading Companies & Distributors - 0.1%
Edgen Group, Inc. Class A	841,256		5,763
TOTAL INDUSTRIALS			470,999
INFORMATION TECHNOLOGY - 5.0%
Communications Equipment - 1.0%
Cisco Systems, Inc.	2,383,049		49,853
Computers & Peripherals - 0.3%
NCR Corp. (a)	569,631		15,534
Electronic Equipment & Components - 0.7%
Avnet, Inc. (a)	594,313		19,464
Corning, Inc.	726,800		10,539
Viasystems Group, Inc. (a)	540,460		6,875
			36,878
Internet Software & Services - 0.2%
VeriSign, Inc. (a)	194,300		8,951
Semiconductors & Semiconductor Equipment - 2.2%
Fairchild Semiconductor International, Inc. (a)	1,122,274		14,477
Freescale Semiconductor Holdings I Ltd. (a)(e)	1,178,100		18,237
Intersil Corp. Class A	1,460,387		11,333
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Micron Technology, Inc. (a)	2,293,545		$ 21,605
ON Semiconductor Corp. (a)	5,502,368		43,249
			108,901
Software - 0.6%
Citrix Systems, Inc. (a)	230,899		14,355
Microsoft Corp.	108,800		3,601
Nuance Communications, Inc. (a)	573,666		10,923
			28,879
TOTAL INFORMATION TECHNOLOGY			248,996
MATERIALS - 11.4%
Chemicals - 8.9%
H.B. Fuller Co.	461,829		17,503
LyondellBasell Industries NV Class A	5,798,852		351,984
OMNOVA Solutions, Inc. (a)(f)	3,114,962		20,777
Phosphate Holdings, Inc. (a)	307,500		384
The Dow Chemical Co.	832,388		28,226
W.R. Grace & Co. (a)	317,904		24,514
			443,388
Containers & Packaging - 2.0%
Rock-Tenn Co. Class A	814,923		81,606
Sealed Air Corp.	821,949		18,182
			99,788
Metals & Mining - 0.2%
AngloGold Ashanti Ltd. sponsored ADR	526,100		10,259
Ormet Corp. (a)	330,000		4
Ormet Corp. (a)(i)	1,075,000		14
			10,277
Paper & Forest Products - 0.3%
Neenah Paper, Inc.	418,300		12,030
TOTAL MATERIALS			565,483
TELECOMMUNICATION SERVICES - 0.5%
Diversified Telecommunication Services - 0.5%
Intelsat SA	1,144,700		23,066
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 5.4%
Electric Utilities - 0.4%
FirstEnergy Corp.	421,304		$ 19,633
Independent Power Producers & Energy Traders - 5.0%
Calpine Corp. (a)	2,616,200		56,850
The AES Corp.	14,007,224		194,140
			250,990
TOTAL UTILITIES			270,623
TOTAL COMMON STOCKS (Cost $3,140,916)		4,243,687
Nonconvertible Preferred Stocks - 0.3%

CONSUMER STAPLES - 0.1%
Personal Products - 0.1%
Revlon, Inc. Series A 12.75%	639,576		3,467
FINANCIALS - 0.2%
Diversified Financial Services - 0.2%
GMAC Capital Trust I Series 2, 8.125%	439,013		12,025
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $19,207)		15,492

Corporate Bonds - 0.9%
	Principal Amount (000s)
Convertible Bonds - 0.1%
INDUSTRIALS - 0.1%
Marine - 0.1%
Genco Shipping & Trading Ltd. 5% 8/15/15	$ 12,440		3,989
Nonconvertible Bonds - 0.8%
CONSUMER DISCRETIONARY - 0.8%
Automobiles - 0.0%
General Motors Corp.:
6.75% 5/1/28 (d)	3,075		0
7.125% 7/15/13 (d)	8,320		0
7.2% 1/15/11 (d)	22,980		0
8.25% 7/15/23 (d)	25,035		0
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Automobiles - continued
General Motors Corp.: - continued
8.375% 7/15/33 (d)	$ 50,210		$ 0
8.8% 3/1/21 (d)	10,765		0
Multiline Retail - 0.8%
The Bon-Ton Department Stores, Inc. 10.625% 7/15/17	41,875		42,189
TOTAL CORPORATE BONDS (Cost $40,006)		46,178
Floating Rate Loans - 0.3%

INDUSTRIALS - 0.2%
Airlines - 0.2%
US Airways Group, Inc. term loan 2.6992% 3/23/14 (g)	10,680		10,667
UTILITIES - 0.1%
Electric Utilities - 0.1%
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan 4.7313% 10/10/17 (g)	5,458		4,005
TOTAL FLOATING RATE LOANS (Cost $14,942)		14,672

Money Market Funds - 14.6%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.13% (b)	668,150,743		$ 668,151
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	60,865,725		60,866
TOTAL MONEY MARKET FUNDS (Cost $729,017)		729,017
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $3,944,088)			5,049,046
NET OTHER ASSETS (LIABILITIES) - (1.4)%			(70,920)
NET ASSETS - 100%		$ 4,978,126

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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) 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) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.

(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $23,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 674
Fidelity Securities Lending Cash Central Fund	1,889
Total	$ 2,563

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
Exide Technologies	$ 11,516	$ -	$ -	$ -	$ -
Gray Television, Inc.	6,327	-	-	-	23,915
OMNOVA Solutions, Inc.	22,677	-	-	-	20,777
Service Corp. International	176,344	-	11,722	2,348	217,514
Total	$ 216,864	$ -	$ 11,722	$ 2,348	$ 262,206

Other Information

The following is a summary of the inputs used, as of April 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,186,507	$ 1,186,498	$ -	$ 9
Consumer Staples	112,012	112,012	-	-
Energy	489,104	489,104	-	-
Financials	389,482	389,482	-	-
Health Care	502,907	502,907	-	-
Industrials	470,999	470,999	-	-
Information Technology	248,996	248,996	-	-
Materials	565,483	565,483	-	-
Telecommunication Services	23,066	23,066	-	-
Utilities	270,623	270,623	-	-
Corporate Bonds	46,178	-	46,178	-
Floating Rate Loans	14,672	-	14,672	-
Money Market Funds	729,017	729,017	-	-
Total Investments in Securities:	$ 5,049,046	$ 4,988,187	$ 60,850	$ 9

Income Tax Information

At April 30, 2013, the cost of investment securities for income tax purposes was $3,941,512,000. Net unrealized appreciation aggregated $1,107,534,000, of which $1,358,597,000 related to appreciated investment securities and $251,063,000 related to depreciated investment securities.

Investment Valuation

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

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

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 ® Series Real
Estate Equity Fund

April 30, 2013

1.930459.101

SLE-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 2.5%
Health Care Facilities - 2.5%
Brookdale Senior Living, Inc. (a)	514,466		$ 13,268,078
Emeritus Corp. (a)	478,864		12,306,805
TOTAL HEALTH CARE FACILITIES			25,574,883
REAL ESTATE INVESTMENT TRUSTS - 93.1%
REITs - Apartments - 15.7%
Apartment Investment & Management Co. Class A	180,900		5,627,799
AvalonBay Communities, Inc.	142,400		18,944,896
Camden Property Trust (SBI)	501,972		36,312,654
Education Realty Trust, Inc.	1,704,848		18,736,280
Equity Residential (SBI)	451,551		26,217,051
Essex Property Trust, Inc.	201,067		31,577,572
Home Properties, Inc.	356,197		22,960,459
TOTAL REITS - APARTMENTS			160,376,711
REITs - Health Care Facilities - 13.0%
Aviv REIT, Inc.	35,400		909,426
HCP, Inc.	701,059		37,366,445
Health Care REIT, Inc.	247,426		18,549,527
Ventas, Inc.	950,137		75,659,409
TOTAL REITS - HEALTH CARE FACILITIES			132,484,807
REITs - Hotels - 5.2%
Chesapeake Lodging Trust	816,321		19,314,155
Host Hotels & Resorts, Inc.	1,042,300		19,042,821
Sunstone Hotel Investors, Inc. (a)	1,161,766		14,417,516
TOTAL REITS - HOTELS			52,774,492
REITs - Industrial Buildings - 16.1%
DuPont Fabros Technology, Inc.	451,400		11,348,196
First Industrial Realty Trust, Inc.	651,525		11,688,359
First Potomac Realty Trust	327,860		5,245,760
Prologis, Inc.	1,498,626		62,867,361
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
REITs - Industrial Buildings - continued
Public Storage	433,250		$ 71,486,250
Terreno Realty Corp.	55,200		1,038,864
TOTAL REITS - INDUSTRIAL BUILDINGS			163,674,790
REITs - Malls - 16.6%
CBL & Associates Properties, Inc.	372,819		8,999,851
General Growth Properties, Inc.	1,255,400		28,522,688
Simon Property Group, Inc.	697,368		124,180,319
The Macerich Co.	100,309		7,026,645
TOTAL REITS - MALLS			168,729,503
REITs - Management/Investment - 1.4%
Coresite Realty Corp.	23,300		842,994
Equity Lifestyle Properties, Inc.	27,600		2,242,500
Retail Properties America, Inc.	414,862		6,351,537
Weyerhaeuser Co.	150,800		4,600,908
TOTAL REITS - MANAGEMENT/INVESTMENT			14,037,939
REITs - Mobile Home Parks - 0.7%
Sun Communities, Inc.	143,803		7,355,523
REITs - Office Buildings - 16.9%
Alexandria Real Estate Equities, Inc.	381,478		27,760,154
Boston Properties, Inc.	358,875		39,271,691
Cousins Properties, Inc.	1,156,431		12,628,227
Douglas Emmett, Inc.	766,900		20,069,773
Highwoods Properties, Inc. (SBI)	379,450		15,568,834
Piedmont Office Realty Trust, Inc. Class A	615,600		12,632,112
SL Green Realty Corp.	481,900		43,708,330
TOTAL REITS - OFFICE BUILDINGS			171,639,121
REITs - Shopping Centers - 7.5%
Acadia Realty Trust (SBI)	381,800		10,900,390
Cedar Shopping Centers, Inc.	881,898		5,652,966
Equity One, Inc.	916,569		23,363,344
Excel Trust, Inc.	123,092		1,874,691
Glimcher Realty Trust	1,459,863		18,306,682
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
REITs - Shopping Centers - continued
Kite Realty Group Trust	865,400		$ 5,711,640
Vornado Realty Trust	122,800		10,752,368
TOTAL REITS - SHOPPING CENTERS			76,562,081
TOTAL REAL ESTATE INVESTMENT TRUSTS			947,634,967
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%
Real Estate Operating Companies - 1.0%
Forest City Enterprises, Inc. Class A (a)	538,900		10,061,263
Real Estate Services - 0.4%
CBRE Group, Inc. (a)	149,337		3,616,942
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			13,678,205
TOTAL COMMON STOCKS (Cost $791,736,085)		986,888,055
Money Market Funds - 2.8%

Fidelity Cash Central Fund, 0.13% (b) (Cost $28,415,106)	28,415,106		28,415,106
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $820,151,191)			1,015,303,161
NET OTHER ASSETS (LIABILITIES) - 0.2%			2,347,845
NET ASSETS - 100%		$ 1,017,651,006

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 32,686
Fidelity Securities Lending Cash Central Fund	5,575
Total	$ 38,261

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, 2013, the cost of investment securities for income tax purposes was $820,685,418. Net unrealized appreciation aggregated $194,617,743, of which $195,476,040 related to appreciated investment securities and $858,297 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® OTC Portfolio

April 30, 2013

1.800345.109

OTC-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 11.4%
Automobiles - 2.1%
Tesla Motors, Inc. (a)(d)	2,556,795		$ 138,041
Volkswagen AG sponsored ADR	499,000		19,361
			157,402
Hotels, Restaurants & Leisure - 1.7%
Bravo Brio Restaurant Group, Inc. (a)	70,925		1,206
Buffalo Wild Wings, Inc. (a)	24,600		2,214
Chipotle Mexican Grill, Inc. (a)	196,600		71,403
Dunkin' Brands Group, Inc.	37,400		1,451
Las Vegas Sands Corp.	3,900		219
Panera Bread Co. Class A (a)	15,060		2,669
Penn National Gaming, Inc. (a)	13,100		767
Starbucks Corp.	693,000		42,162
Texas Roadhouse, Inc. Class A	12,725		299
The Cheesecake Factory, Inc.	28,800		1,147
			123,537
Household Durables - 0.4%
D.R. Horton, Inc.	395,300		10,309
iRobot Corp. (a)	7,693		224
Lennar Corp. Class A	6,200		256
PulteGroup, Inc. (a)	46,600		978
SodaStream International Ltd. (a)(d)	228,258		12,289
Toll Brothers, Inc. (a)	201,100		6,900
			30,956
Internet & Catalog Retail - 1.9%
Amazon.com, Inc. (a)	488,896		124,087
ASOS PLC (a)	6,200		308
HomeAway, Inc. (a)	165,360		5,052
Ocado Group PLC (a)	174,165		460
Start Today Co. Ltd. (d)	781,700		11,835
			141,742
Leisure Equipment & Products - 0.1%
Brunswick Corp.	155,600		4,926
Media - 0.6%
Charter Communications, Inc. Class A (a)	10,800		1,088
DIRECTV (a)	30,500		1,725
Discovery Communications, Inc. (a)	105,200		8,292
DISH Network Corp. Class A	29,400		1,152
Grupo Televisa SA de CV (CPO) sponsored ADR	26,200		663
IMAX Corp. (a)	14,500		370
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Lions Gate Entertainment Corp. (a)(d)	948,669		$ 23,536
Pandora Media, Inc. (a)(d)	521,719		7,268
			44,094
Multiline Retail - 0.0%
J.C. Penney Co., Inc. (d)	41,000		673
Specialty Retail - 2.8%
Bed Bath & Beyond, Inc. (a)	211,200		14,531
Five Below, Inc.	6,100		220
Francescas Holdings Corp. (a)(d)	334,009		9,539
Inditex SA	2,033		273
Lowe's Companies, Inc.	1,964,600		75,480
Monro Muffler Brake, Inc. (d)	250,913		10,378
O'Reilly Automotive, Inc. (a)	16,500		1,771
Restoration Hardware Holdings, Inc. (d)	22,100		861
Ross Stores, Inc.	595,200		39,325
Tractor Supply Co.	131,488		14,092
Ulta Salon, Cosmetics & Fragrance, Inc.	182,600		16,005
Urban Outfitters, Inc. (a)	515,400		21,358
			203,833
Textiles, Apparel & Luxury Goods - 1.8%
adidas AG sponsored ADR	14,000		732
Deckers Outdoor Corp. (a)	13,530		746
lululemon athletica, Inc. (a)(d)	227,746		17,338
Michael Kors Holdings Ltd. (a)	874,400		49,788
NIKE, Inc. Class B	357,900		22,762
Ralph Lauren Corp.	215,900		39,203
Vera Bradley, Inc. (a)(d)	66,588		1,520
			132,089
TOTAL CONSUMER DISCRETIONARY			839,252
CONSUMER STAPLES - 5.5%
Beverages - 0.2%
Monster Beverage Corp. (a)	272,100		15,346
Food & Staples Retailing - 2.3%
Costco Wholesale Corp.	1,547,300		167,774
Food Products - 3.0%
Danone SA sponsored ADR	1,844,700		27,707
Green Mountain Coffee Roasters, Inc. (a)(d)	2,475,617		142,100
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - continued
Kraft Foods Group, Inc.	60,566		$ 3,119
Mondelez International, Inc.	1,515,200		47,653
			220,579
TOTAL CONSUMER STAPLES			403,699
ENERGY - 0.2%
Energy Equipment & Services - 0.1%
Halliburton Co.	20,000		855
Heckmann Corp. (a)(d)	44,400		164
National Oilwell Varco, Inc.	58,200		3,796
Ocean Rig UDW, Inc. (United States) (a)	135,800		2,224
			7,039
Oil, Gas & Consumable Fuels - 0.1%
Alpha Natural Resources, Inc. (a)	34,821		258
Amyris, Inc. (a)(d)	66,182		180
Cobalt International Energy, Inc. (a)	212,098		5,926
Noble Energy, Inc.	29,800		3,376
Peabody Energy Corp.	8,600		173
Rosetta Resources, Inc. (a)	8,550		367
Solazyme, Inc. (a)(d)	18,141		165
			10,445
TOTAL ENERGY			17,484
FINANCIALS - 2.3%
Capital Markets - 0.1%
WisdomTree Investments, Inc. (a)	962,120		11,161
Commercial Banks - 1.3%
First Republic Bank	20,700		786
HDFC Bank Ltd. sponsored ADR	5,800		246
Huntington Bancshares, Inc.	1,516,500		10,873
National Penn Bancshares, Inc.	19,600		192
Signature Bank (a)	185,500		13,284
SVB Financial Group (a)	10,100		718
Texas Capital Bancshares, Inc. (a)	352,200		14,673
UMB Financial Corp.	125,700		6,328
Wells Fargo & Co.	1,229,600		46,700
			93,800
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Consumer Finance - 0.8%
Capital One Financial Corp.	1,059,800		$ 61,235
Real Estate Management & Development - 0.1%
Altisource Portfolio Solutions SA	39,200		3,236
Realogy Holdings Corp.	18,000		864
			4,100
TOTAL FINANCIALS			170,296
HEALTH CARE - 21.6%
Biotechnology - 13.1%
Achillion Pharmaceuticals, Inc. (a)	374,300		2,822
Aegerion Pharmaceuticals, Inc. (a)	579,000		24,341
Alexion Pharmaceuticals, Inc. (a)	991,300		97,147
Alkermes PLC (a)	796,636		24,385
Alnylam Pharmaceuticals, Inc. (a)	278,300		6,665
Amarin Corp. PLC ADR (a)(d)	225,061		1,668
Amgen, Inc.	172,900		18,018
ARIAD Pharmaceuticals, Inc. (a)	2,485,000		44,407
Biogen Idec, Inc. (a)	378,300		82,821
BioMarin Pharmaceutical, Inc. (a)	1,000,156		65,610
Biovitrum AB (a)	177,300		1,130
Cepheid, Inc. (a)	5,700		217
Clovis Oncology, Inc. (a)	442,455		16,557
Gilead Sciences, Inc. (a)	2,656,900		134,545
ImmunoGen, Inc. (a)(d)	297,309		4,763
Infinity Pharmaceuticals, Inc. (a)	324,589		13,987
InterMune, Inc. (a)	36,720		343
Ironwood Pharmaceuticals, Inc. Class A (a)(d)	2,764,542		42,049
Isis Pharmaceuticals, Inc. (a)	80,849		1,810
Medivation, Inc. (a)	2,138,089		112,699
Mesoblast Ltd. (a)	27,236		166
Novavax, Inc. (a)(d)	422,419		993
NPS Pharmaceuticals, Inc. (a)	278,200		3,736
OncoGenex Pharmaceuticals, Inc. (a)	120,155		1,217
Onyx Pharmaceuticals, Inc. (a)	666,600		63,194
Prothena Corp. PLC (a)	14,987		124
Regeneron Pharmaceuticals, Inc. (a)	208,732		44,907
Seattle Genetics, Inc. (a)(d)	1,429,686		52,827
Synageva BioPharma Corp. (a)	54,500		2,817
Targacept, Inc. (a)	145,749		672
Theravance, Inc. (a)(d)	2,500,481		84,391
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Threshold Pharmaceuticals, Inc. (a)	45,000		$ 217
Vertex Pharmaceuticals, Inc. (a)	183,300		14,081
ZIOPHARM Oncology, Inc. (a)(d)	183,200		308
			965,634
Health Care Equipment & Supplies - 0.5%
Abiomed, Inc. (a)(d)	16,400		303
Align Technology, Inc. (a)	456,800		15,129
DexCom, Inc. (a)	15,000		246
Endologix, Inc. (a)	1,201,100		18,041
MAKO Surgical Corp. (a)(d)	74,063		784
Masimo Corp.	7,500		150
			34,653
Health Care Providers & Services - 3.2%
Accretive Health, Inc. (a)(d)(e)	9,842,302		103,738
BioScrip, Inc. (a)	57,300		794
Catamaran Corp. (a)	4,400		254
Catamaran Corp. (United States) (a)	135,640		7,830
ExamWorks Group, Inc. (a)	79,400		1,437
Express Scripts Holding Co. (a)	1,974,900		117,250
Qualicorp SA (a)	252,100		2,455
			233,758
Health Care Technology - 2.0%
athenahealth, Inc. (a)(d)	1,499,077		144,301
HMS Holdings Corp. (a)	133,000		3,353
			147,654
Life Sciences Tools & Services - 0.7%
Illumina, Inc. (a)(d)	838,400		54,236
Pharmaceuticals - 2.1%
Questcor Pharmaceuticals, Inc. (d)(e)	4,816,189		148,050
Roche Holding AG sponsored ADR	73,300		4,575
			152,625
TOTAL HEALTH CARE			1,588,560
INDUSTRIALS - 0.5%
Aerospace & Defense - 0.0%
Precision Castparts Corp.	4,800		918
Building Products - 0.0%
Quanex Building Products Corp.	73,024		1,188
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - 0.1%
Stericycle, Inc. (a)	44,600		$ 4,831
Construction & Engineering - 0.0%
Foster Wheeler AG (a)	11,584		244
Electrical Equipment - 0.3%
SolarCity Corp. (d)	729,394		19,708
Machinery - 0.0%
Edwards Group Ltd. ADR (a)	76,586		577
ExOne Co. (d)	14,500		557
Proto Labs, Inc. (a)	15,200		776
Stanley Black & Decker, Inc.	4,400		329
			2,239
Professional Services - 0.1%
Verisk Analytics, Inc. (a)	65,400		4,008
TOTAL INDUSTRIALS			33,136
INFORMATION TECHNOLOGY - 54.3%
Communications Equipment - 5.1%
Aruba Networks, Inc. (a)	694,546		15,620
Cisco Systems, Inc.	2,272,300		47,537
Juniper Networks, Inc. (a)	1,007,800		16,679
QUALCOMM, Inc.	2,272,709		140,044
Radware Ltd. (a)(e)	4,441,672		66,581
Research In Motion Ltd. (a)(d)	127,500		2,077
Riverbed Technology, Inc. (a)	5,380,800		79,959
ViaSat, Inc. (a)	144,152		6,987
			375,484
Computers & Peripherals - 9.1%
Apple, Inc.	1,258,800		557,337
Cray, Inc. (a)	1,116,677		23,629
Fusion-io, Inc. (a)(d)	2,173,066		40,810
SanDisk Corp. (a)	97,950		5,136
Silicon Graphics International Corp. (a)(d)	1,177,474		15,307
Stratasys Ltd. (a)	276,500		22,963
			665,182
Electronic Equipment & Components - 0.0%
E Ink Holdings, Inc. GDR (a)(f)	16,900		126
Trimble Navigation Ltd. (a)	34,100		980
			1,106
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 16.9%
Angie's List, Inc. (a)(d)	753,500		$ 18,265
Constant Contact, Inc. (a)(e)	2,917,136		42,619
Demandware, Inc. (a)	474,300		12,948
Dropbox, Inc. (g)	331,524		3,315
E2open, Inc. (e)	1,896,838		26,954
eBay, Inc. (a)	2,070,600		108,479
ExactTarget, Inc. (a)(e)	6,867,180		134,459
Facebook, Inc. Class A	10,712,669		297,384
Google, Inc. Class A (a)	606,122		499,790
LinkedIn Corp. (a)	127,600		24,511
Liquidity Services, Inc. (a)	4,000		132
Mail.Ru Group Ltd. GDR (f)	5,500		149
Millennial Media, Inc. (a)(d)	3,137,908		21,746
Rackspace Hosting, Inc. (a)	596,956		28,773
SINA Corp. (a)	61,300		3,452
Trulia, Inc. (d)	434,496		12,626
Velti PLC (a)(d)	505,451		1,011
Yahoo!, Inc. (a)	66,000		1,632
Yelp, Inc. (a)	55,900		1,455
YouKu.com, Inc. ADR (a)(d)	79,900		1,619
			1,241,319
IT Services - 1.0%
Cardtronics, Inc. (a)	12,800		359
Cognizant Technology Solutions Corp. Class A (a)	680,100		44,070
Pactera Technology International Ltd. ADR	125,505		639
ServiceSource International, Inc. (a)(e)	4,376,136		28,007
			73,075
Semiconductors & Semiconductor Equipment - 5.9%
Altera Corp.	942,694		30,176
Applied Micro Circuits Corp. (a)	572,050		4,267
ASML Holding NV	9,965		741
Atmel Corp. (a)	247,600		1,602
Broadcom Corp. Class A	1,061,200		38,203
Cirrus Logic, Inc. (a)	562,196		10,856
Cree, Inc. (a)	25,700		1,454
Inphi Corp. (a)	798,295		7,512
Integrated Device Technology, Inc. (a)	86,700		616
LSI Corp. (a)	2,817,600		18,427
Maxim Integrated Products, Inc.	921,200		28,493
Mellanox Technologies Ltd. (a)(d)	1,004,012		51,185
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Microchip Technology, Inc. (d)	58,700		$ 2,138
Monolithic Power Systems, Inc.	333,456		8,043
NVE Corp. (a)(e)	436,057		23,142
NVIDIA Corp.	12,558,792		172,935
Skyworks Solutions, Inc. (a)	1,534,900		33,875
			433,665
Software - 16.3%
Activision Blizzard, Inc.	5,541,000		82,838
Adobe Systems, Inc. (a)	573,200		25,840
Allot Communications Ltd. (a)	48,500		549
BroadSoft, Inc. (a)	1,080,180		27,609
Check Point Software Technologies Ltd. (a)	608,200		28,354
Electronic Arts, Inc. (a)	12,539,792		220,826
Envivio, Inc. (d)	502,200		804
Fortinet, Inc. (a)	508,400		9,131
Gameloft Se (a)(e)	7,764,787		52,152
Guidewire Software, Inc. (a)	848,830		34,021
Imperva, Inc. (a)	14,500		565
Infoblox, Inc.	10,000		221
Jive Software, Inc. (a)	364,428		4,953
MICROS Systems, Inc. (a)	580,100		24,602
Microsoft Corp.	3,126,865		103,499
Oracle Corp.	6,266,100		205,403
Proofpoint, Inc.	14,900		273
QLIK Technologies, Inc. (a)	209,600		5,452
salesforce.com, Inc. (a)	1,062,400		43,675
ServiceNow, Inc. (d)	1,314,276		53,833
Splunk, Inc.	19,539		797
Synchronoss Technologies, Inc. (a)(e)	3,850,927		109,135
Synopsys, Inc. (a)	311,800		11,091
Take-Two Interactive Software, Inc. (a)	3,200,008		48,832
Ubisoft Entertainment SA (a)(e)	9,537,704		106,389
Ubisoft Entertainment SA warrants 10/10/13 (a)(e)	3,080,130		604
			1,201,448
TOTAL INFORMATION TECHNOLOGY			3,991,279
MATERIALS - 0.9%
Chemicals - 0.0%
Sherwin-Williams Co.	4,200		769
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - 0.9%
AngloGold Ashanti Ltd. sponsored ADR	69,400		$ 1,353
Randgold Resources Ltd. sponsored ADR	745,933		61,002
Royal Gold, Inc.	23,400		1,301
			63,656
TOTAL MATERIALS			64,425
TELECOMMUNICATION SERVICES - 3.2%
Diversified Telecommunication Services - 1.2%
Level 3 Communications, Inc. (a)	4,360,879		87,784
Wireless Telecommunication Services - 2.0%
NII Holdings, Inc. (a)(d)(e)	17,120,769		148,951
TOTAL TELECOMMUNICATION SERVICES			236,735
TOTAL COMMON STOCKS (Cost $6,205,761)		7,344,866
Money Market Funds - 8.9%

Fidelity Cash Central Fund, 0.13% (b)	37,784,129		37,784
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	619,267,093		619,267
TOTAL MONEY MARKET FUNDS (Cost $657,051)		657,051
TOTAL INVESTMENT PORTFOLIO - 108.8% (Cost $6,862,812)			8,001,917
NET OTHER ASSETS (LIABILITIES) - (8.8)%			(648,149)
NET ASSETS - 100%		$ 7,353,768

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $275,000 or 0.0% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,315,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Dropbox, Inc.	5/2/12	$ 3,000

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	$ 12
Fidelity Securities Lending Cash Central Fund	28,508
Total	$ 28,520

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Accretive Health, Inc.	$ 134,915	$ -	$ 1,010	$ -	$ 103,738
Constant Contact, Inc.	32,819	21,849	6,097	-	42,619
Cray, Inc.	3,901	26,901	19,100	-	-
E2open, Inc.	-	33,882	-	-	26,954
ExactTarget, Inc.	-	139,067	-	-	134,459
Gameloft Se	44,521	-	-	-	52,152
Inphi Corp.	19,745	-	9,995	-	-
NII Holdings, Inc.	88,138	24,865	-	-	148,951
NVE Corp.	25,650	-	1,423	-	23,142
Questcor Pharmaceuticals, Inc.	225,333	9,667	60,008	3,450	148,050
Radware Ltd.	-	78,856	1,551	-	66,581
ServiceSource International, Inc.	41,029	12,837	7,647	-	28,007
Synchronoss Technologies, Inc.	73,630	-	-	-	109,135
Ubisoft Entertainment SA	61,686	6,090	-	-	106,389
Ubisoft Entertainment SA warrants 10/10/13	207	-	217	-	604
Total	$ 751,574	$ 354,014	$ 107,048	$ 3,450	$ 990,781

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 839,252	$ 827,417	$ 11,835	$ -
Consumer Staples	403,699	403,699	-	-
Energy	17,484	17,484	-	-
Financials	170,296	170,296	-	-
Health Care	1,588,560	1,588,560	-	-
Industrials	33,136	33,136	-	-
Information Technology	3,991,279	3,987,964	-	3,315
Materials	64,425	64,425	-	-
Telecommunication Services	236,735	236,735	-	-
Money Market Funds	657,051	657,051	-	-
Total Investments in Securities:	$ 8,001,917	$ 7,986,767	$ 11,835	$ 3,315

Income Tax Information

At April 30, 2013, the cost of investment securities for income tax purposes was $6,898,334,000. Net unrealized appreciation aggregated $1,103,583,000, of which $1,544,024,000 related to appreciated investment securities and $440,441,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Blue Chip Growth Fund

April 30, 2013

1.800333.109

BCF-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 21.9%
Auto Components - 0.2%
Bridgestone Corp.	130,600		$ 4,929
Johnson Controls, Inc.	696,400		24,381
			29,310
Automobiles - 1.1%
Ford Motor Co.	2,494,100		34,194
Maruti Suzuki India Ltd.	136,747		4,436
Tesla Motors, Inc. (a)(d)	3,122,964		168,609
			207,239
Distributors - 0.1%
LKQ Corp. (a)	945,500		22,768
Diversified Consumer Services - 0.4%
H&R Block, Inc.	2,027,400		56,240
Kroton Educacional SA	1,180,000		16,478
			72,718
Hotels, Restaurants & Leisure - 3.8%
Alsea S.A.B. de CV	2,981,200		9,114
Buffalo Wild Wings, Inc. (a)	251,500		22,635
Chipotle Mexican Grill, Inc. (a)	91,600		33,268
Dunkin' Brands Group, Inc.	723,500		28,079
Hyatt Hotels Corp. Class A (a)	608,297		25,962
Jubilant Foodworks Ltd. (a)	288,917		5,971
Las Vegas Sands Corp.	1,980,500		111,403
Panera Bread Co. Class A (a)	397,500		70,449
Penn National Gaming, Inc. (a)	479,400		28,069
Starbucks Corp.	3,787,600		230,438
Starwood Hotels & Resorts Worldwide, Inc.	561,000		36,196
Wyndham Worldwide Corp.	491,627		29,537
Yum! Brands, Inc.	874,600		59,578
			690,699
Household Durables - 0.9%
KB Home	463,000		10,436
Lennar Corp. Class A	92,600		3,817
M/I Homes, Inc. (a)	290,500		7,146
Mohawk Industries, Inc. (a)	48,600		5,389
SodaStream International Ltd. (a)	286,400		15,420
Toll Brothers, Inc. (a)	430,900		14,784
Whirlpool Corp.	994,778		113,683
			170,675
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Internet & Catalog Retail - 2.7%
Amazon.com, Inc. (a)	1,189,500		$ 301,907
Netflix, Inc. (a)	286,100		61,818
priceline.com, Inc. (a)	197,200		137,249
			500,974
Leisure Equipment & Products - 0.2%
Brunswick Corp.	897,500		28,415
Media - 2.4%
CBS Corp. Class B	559,300		25,605
Comcast Corp. Class A	5,484,100		226,493
Fuji Media Holdings, Inc.	2,000		4,347
News Corp. Class A	2,377,100		73,619
Sirius XM Radio, Inc.	2,254,100		7,326
The Walt Disney Co.	879,500		55,268
Time Warner, Inc.	687,500		41,099
			433,757
Multiline Retail - 1.1%
Dollar General Corp. (a)	733,100		38,187
Dollar Tree, Inc. (a)	156,300		7,434
J.C. Penney Co., Inc. (d)	1,508,600		24,771
Macy's, Inc.	1,516,200		67,623
Target Corp.	1,028,200		72,550
			210,565
Specialty Retail - 5.9%
Abercrombie & Fitch Co. Class A	1,968,700		97,569
AutoZone, Inc. (a)	24,000		9,818
Best Buy Co., Inc.	1,739,500		45,210
CarMax, Inc. (a)	543,500		25,023
Home Depot, Inc.	4,733,300		347,188
L Brands, Inc.	1,873,900		94,463
Lowe's Companies, Inc.	3,796,800		145,873
Lumber Liquidators Holdings, Inc. (a)	272,200		22,310
Ross Stores, Inc.	1,817,900		120,109
TJX Companies, Inc.	2,527,380		123,260
Tractor Supply Co.	32,700		3,504
Urban Outfitters, Inc. (a)	1,022,900		42,389
			1,076,716
Textiles, Apparel & Luxury Goods - 3.1%
Arezzo Industria e Comercio SA	1,646,000		34,685
Fifth & Pacific Companies, Inc. (a)	1,228,600		25,334
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Fossil, Inc. (a)	509,819		$ 50,023
lululemon athletica, Inc. (a)	536,580		40,850
Michael Kors Holdings Ltd. (a)	2,405,337		136,960
NIKE, Inc. Class B	1,712,800		108,934
Prada SpA	1,995,500		17,987
PVH Corp.	767,300		88,554
Quiksilver, Inc. (a)	607,500		4,088
Ralph Lauren Corp.	10,800		1,961
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	468,583		9,737
Titan Industries Ltd. (a)	1,240,995		6,258
Under Armour, Inc. Class A (sub. vtg.) (a)	902,700		51,526
			576,897
TOTAL CONSUMER DISCRETIONARY			4,020,733
CONSUMER STAPLES - 14.5%
Beverages - 3.6%
Anheuser-Busch InBev SA NV ADR (d)	695,000		66,456
Beam, Inc.	228,300		14,773
Constellation Brands, Inc. Class A (sub. vtg.) (a)	323,500		15,965
Fomento Economico Mexicano S.A.B. de CV sponsored ADR	99,900		11,328
Monster Beverage Corp. (a)	1,294,400		73,004
PepsiCo, Inc.	2,227,300		183,685
SABMiller PLC	147,300		7,936
The Coca-Cola Co.	6,952,400		294,295
United Spirits Ltd. (a)	99,296		4,089
			671,531
Food & Staples Retailing - 3.2%
Costco Wholesale Corp.	1,409,300		152,810
CVS Caremark Corp.	3,050,600		177,484
Kroger Co.	1,223,200		42,054
Safeway, Inc.	911,400		20,525
Walgreen Co.	2,428,500		120,235
Whole Foods Market, Inc.	795,100		70,223
			583,331
Food Products - 3.2%
Archer Daniels Midland Co.	109,300		3,710
Associated British Foods PLC	592,900		17,821
Bunge Ltd.	483,600		34,921
Danone SA	658,200		50,284
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - continued
Green Mountain Coffee Roasters, Inc. (a)(d)	4,911,864		$ 281,941
Kellogg Co.	758,600		49,339
Mead Johnson Nutrition Co. Class A	759,900		61,620
Mondelez International, Inc.	1,208,000		37,992
The Hershey Co.	265,000		23,627
Unilever NV (NY Reg.)	620,500		26,359
			587,614
Household Products - 1.7%
Energizer Holdings, Inc.	77,400		7,476
Procter & Gamble Co.	3,900,100		299,411
Svenska Cellulosa AB (SCA) (B Shares)	377,600		9,806
			316,693
Personal Products - 0.4%
Herbalife Ltd.	1,778,391		70,620
Tobacco - 2.4%
Altria Group, Inc.	1,693,800		61,841
British American Tobacco PLC (United Kingdom)	146,800		8,138
Japan Tobacco, Inc.	270,300		10,218
Lorillard, Inc.	1,997,400		85,668
Philip Morris International, Inc.	2,842,800		271,743
			437,608
TOTAL CONSUMER STAPLES			2,667,397
ENERGY - 3.5%
Energy Equipment & Services - 0.7%
Cameron International Corp. (a)	402,500		24,774
Ensco PLC Class A	557,500		32,157
Halliburton Co.	1,802,200		77,080
Seadrill Ltd.	102,500		3,945
			137,956
Oil, Gas & Consumable Fuels - 2.8%
Anadarko Petroleum Corp.	1,373,700		116,435
Cabot Oil & Gas Corp.	277,300		18,870
Canadian Natural Resources Ltd.	634,800		18,620
Cobalt International Energy, Inc. (a)	654,900		18,298
Concho Resources, Inc. (a)	296,400		25,529
Continental Resources, Inc. (a)	349,700		27,948
EOG Resources, Inc.	382,900		46,392
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
EQT Corp.	134,400		$ 10,096
Hess Corp.	638,100		46,058
Murphy Oil Corp.	356,200		22,116
Occidental Petroleum Corp.	762,000		68,016
Pioneer Natural Resources Co.	617,900		75,526
Western Gas Equity Partners LP	594,900		21,149
			515,053
TOTAL ENERGY			653,009
FINANCIALS - 4.3%
Capital Markets - 1.4%
Ameriprise Financial, Inc.	340,800		25,400
Apollo Global Management LLC Class A	591,100		15,912
BlackRock, Inc. Class A	271,700		72,408
Deutsche Bank AG	212,000		9,759
Invesco Ltd.	636,100		20,190
KKR & Co. LP	1,020,300		21,426
Monex Group, Inc.	32,474		14,652
Morgan Stanley	2,096,712		46,442
The Blackstone Group LP	751,600		15,445
Virtus Investment Partners, Inc. (a)	35,000		6,685
			248,319
Commercial Banks - 0.3%
Axis Bank Ltd.	338,576		9,414
Barclays PLC sponsored ADR	1,470,500		26,440
ICICI Bank Ltd.	588,272		12,820
PNC Financial Services Group, Inc.	54,700		3,713
			52,387
Consumer Finance - 0.0%
SLM Corp.	176,700		3,649
Diversified Financial Services - 2.3%
Bank of America Corp.	6,662,500		82,015
Citigroup, Inc.	4,466,320		208,398
JPMorgan Chase & Co.	2,330,800		114,233
Moody's Corp.	131,000		7,971
			412,617
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - 0.2%
Berkshire Hathaway, Inc. Class B (a)	265,800		$ 28,260
MetLife, Inc.	428,800		16,719
			44,979
Real Estate Management & Development - 0.1%
Altisource Portfolio Solutions SA	50,000		4,127
Howard Hughes Corp. (a)	80,200		7,569
Parsvnath Developers Ltd. (a)(e)	21,771,340		13,849
			25,545
Thrifts & Mortgage Finance - 0.0%
Housing Development Finance Corp. Ltd. (a)	204,856		3,234
TOTAL FINANCIALS			790,730
HEALTH CARE - 13.7%
Biotechnology - 8.4%
Acorda Therapeutics, Inc. (a)	116,000		4,590
Alexion Pharmaceuticals, Inc. (a)	665,000		65,170
Alkermes PLC (a)	1,017,100		31,133
Alnylam Pharmaceuticals, Inc. (a)	561,263		13,442
Amgen, Inc.	2,622,100		273,249
ARIAD Pharmaceuticals, Inc. (a)	1,781,860		31,842
Biogen Idec, Inc. (a)	1,116,600		244,457
BioMarin Pharmaceutical, Inc. (a)	288,700		18,939
Celgene Corp. (a)	567,500		67,005
Clovis Oncology, Inc. (a)	195,300		7,308
CSL Ltd.	66,241		4,324
Exelixis, Inc. (a)	3,668,800		19,041
Gilead Sciences, Inc. (a)	9,086,600		460,145
Grifols SA (d)	330,400		13,258
Grifols SA:
ADR	292,845		9,146
Class B (a)	16,520		510
Infinity Pharmaceuticals, Inc. (a)	640,000		27,578
InterMune, Inc. (a)(d)	2,356,200		21,983
Ironwood Pharmaceuticals, Inc. Class A (a)	473,000		7,194
Medivation, Inc. (a)	299,000		15,760
Merrimack Pharmaceuticals, Inc. (a)	2,407,858		11,847
Onyx Pharmaceuticals, Inc. (a)	400,500		37,967
Regeneron Pharmaceuticals, Inc. (a)	423,869		91,191
Seattle Genetics, Inc. (a)	239,900		8,864
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Synageva BioPharma Corp. (a)	180,700		$ 9,340
Vertex Pharmaceuticals, Inc. (a)	614,660		47,218
			1,542,501
Health Care Equipment & Supplies - 0.9%
Alere, Inc. (a)	407,100		10,454
Baxter International, Inc.	403,900		28,220
Boston Scientific Corp. (a)	2,078,600		15,569
Insulet Corp. (a)	310,600		7,840
Intuitive Surgical, Inc. (a)	30,700		15,113
The Cooper Companies, Inc.	865,272		95,526
			172,722
Health Care Providers & Services - 1.3%
AmerisourceBergen Corp.	201,900		10,927
Apollo Hospitals Enterprise Ltd.	936,371		14,550
Catamaran Corp. (a)	226,100		13,055
Express Scripts Holding Co. (a)	2,704,500		160,566
HCA Holdings, Inc.	572,100		22,821
MEDNAX, Inc. (a)	42,000		3,727
Qualicorp SA (a)	1,151,000		11,207
Quest Diagnostics, Inc.	94,700		5,334
			242,187
Health Care Technology - 0.3%
athenahealth, Inc. (a)(d)	154,575		14,879
Cerner Corp. (a)	305,800		29,592
			44,471
Life Sciences Tools & Services - 0.2%
Illumina, Inc. (a)	455,200		29,447
Lonza Group AG	58,001		4,039
			33,486
Pharmaceuticals - 2.6%
AbbVie, Inc.	1,067,800		49,172
Allergan, Inc.	363,800		41,309
AVANIR Pharmaceuticals Class A (a)	2,885,556		9,205
Endo Health Solutions, Inc. (a)	720,068		26,383
Johnson & Johnson	1,959,840		167,037
Pfizer, Inc.	1,517,000		44,099
Questcor Pharmaceuticals, Inc. (d)	508,852		15,642
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Sanofi SA sponsored ADR	349,100		$ 18,624
Valeant Pharmaceuticals International, Inc. (Canada) (a)	1,378,900		104,706
			476,177
TOTAL HEALTH CARE			2,511,544
INDUSTRIALS - 11.4%
Aerospace & Defense - 2.8%
Esterline Technologies Corp. (a)	102,900		7,722
Honeywell International, Inc.	1,207,200		88,777
Precision Castparts Corp.	596,000		114,009
The Boeing Co.	669,800		61,226
United Technologies Corp.	2,732,600		249,459
			521,193
Air Freight & Logistics - 0.6%
United Parcel Service, Inc. Class B	1,236,200		106,115
Airlines - 0.6%
Delta Air Lines, Inc. (a)	1,253,400		21,483
Spirit Airlines, Inc. (a)	791,500		21,133
United Continental Holdings, Inc. (a)	899,800		29,064
US Airways Group, Inc. (a)	2,300,900		38,885
			110,565
Building Products - 0.6%
Armstrong World Industries, Inc.	981,800		50,111
Fortune Brands Home & Security, Inc. (a)	299,400		10,895
Masco Corp.	2,654,200		51,598
			112,604
Commercial Services & Supplies - 0.0%
Swisher Hygiene, Inc. (a)	2,095,491		3,060
Construction & Engineering - 0.1%
Quanta Services, Inc. (a)	758,300		20,838
URS Corp.	61,900		2,719
			23,557
Electrical Equipment - 0.5%
Eaton Corp. PLC	1,620,100		99,490
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - 1.2%
Danaher Corp.	2,788,100		$ 169,907
General Electric Co.	1,893,200		42,199
			212,106
Machinery - 2.2%
Briggs & Stratton Corp.	1,284,356		28,885
Caterpillar, Inc.	1,024,900		86,778
Cummins, Inc.	1,373,200		146,095
Ingersoll-Rand PLC	1,237,900		66,599
ITT Corp.	539,200		14,882
Manitowoc Co., Inc.	1,582,400		29,686
PACCAR, Inc.	341,600		17,005
Snap-On, Inc.	108,700		9,370
			399,300
Professional Services - 0.5%
Manpower, Inc.	1,616,400		85,928
Verisk Analytics, Inc. (a)	61,900		3,794
			89,722
Road & Rail - 2.0%
Canadian Pacific Railway Ltd.	569,200		70,940
Con-way, Inc.	431,200		14,575
CSX Corp.	1,096,200		26,956
Hertz Global Holdings, Inc. (a)	4,200,100		101,138
Norfolk Southern Corp.	295,400		22,870
Union Pacific Corp.	853,000		126,210
			362,689
Trading Companies & Distributors - 0.3%
Mills Estruturas e Servicos de Engenharia SA	827,400		13,552
W.W. Grainger, Inc.	55,200		13,605
WESCO International, Inc. (a)	305,300		21,887
			49,044
TOTAL INDUSTRIALS			2,089,445
INFORMATION TECHNOLOGY - 27.8%
Communications Equipment - 2.5%
Alcatel-Lucent SA (a)(d)	12,103,095		16,669
Alcatel-Lucent SA sponsored ADR (a)(d)	6,075,605		8,324
Cisco Systems, Inc.	1,401,400		29,317
F5 Networks, Inc. (a)	481,500		36,801
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Juniper Networks, Inc. (a)	2,603,100		$ 43,081
QUALCOMM, Inc.	5,162,900		318,138
Research In Motion Ltd. (a)	260,500		4,244
			456,574
Computers & Peripherals - 5.7%
Apple, Inc.	1,974,100		874,033
EMC Corp. (a)	2,979,300		66,826
Fusion-io, Inc. (a)	730,306		13,715
Hewlett-Packard Co.	2,314,600		47,681
NCR Corp. (a)	661,157		18,030
SanDisk Corp. (a)	625,800		32,817
			1,053,102
Internet Software & Services - 8.0%
Cornerstone OnDemand, Inc. (a)	149,200		5,413
Dropbox, Inc. (f)	1,003,814		10,038
eBay, Inc. (a)	3,434,100		179,912
Facebook, Inc. Class A	3,761,267		104,413
Google, Inc. Class A (a)	1,256,967		1,036,459
LinkedIn Corp. (a)	380,200		73,033
Marin Software, Inc.	242,406		3,563
Trulia, Inc.	161,200		4,684
Yahoo!, Inc. (a)	2,333,600		57,710
			1,475,225
IT Services - 3.6%
Cognizant Technology Solutions Corp. Class A (a)	1,669,100		108,158
FleetCor Technologies, Inc. (a)	95,800		7,367
MasterCard, Inc. Class A	480,200		265,517
The Western Union Co.	2,093,600		31,006
Visa, Inc. Class A	1,495,800		251,982
			664,030
Semiconductors & Semiconductor Equipment - 3.6%
Altera Corp.	2,909,700		93,139
Avago Technologies Ltd.	1,341,600		42,878
Broadcom Corp. Class A	5,695,600		205,042
Cree, Inc. (a)	343,500		19,432
Freescale Semiconductor Holdings I Ltd. (a)	2,446,310		37,869
Intersil Corp. Class A	1,900,064		14,744
Mellanox Technologies Ltd. (a)	167,100		8,519
Micron Technology, Inc. (a)	1,528,000		14,394
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Monolithic Power Systems, Inc.	514,800		$ 12,417
NVIDIA Corp.	744,835		10,256
NXP Semiconductors NV (a)	5,317,635		146,501
PMC-Sierra, Inc. (a)	3,072,400		17,697
Samsung Electronics Co. Ltd.	21,690		29,928
			652,816
Software - 4.4%
Activision Blizzard, Inc.	6,149,700		91,938
Adobe Systems, Inc. (a)	386,700		17,432
Electronic Arts, Inc. (a)	4,366,596		76,896
Guidewire Software, Inc. (a)	248,300		9,952
Infoblox, Inc.	87,400		1,932
Linx SA	124,800		2,091
Microsoft Corp.	2,781,689		92,074
Oracle Corp.	3,492,800		114,494
QLIK Technologies, Inc. (a)	767,063		19,951
Red Hat, Inc. (a)	1,463,400		70,141
salesforce.com, Inc. (a)	5,107,160		209,955
ServiceNow, Inc.	522,500		21,402
Splunk, Inc.	196,000		7,997
Take-Two Interactive Software, Inc. (a)	1,678,900		25,620
Ubisoft Entertainment SA (a)	881,104		9,828
Ultimate Software Group, Inc. (a)	19,500		1,884
Workday, Inc. Class A	531,000		33,267
			806,854
TOTAL INFORMATION TECHNOLOGY			5,108,601
MATERIALS - 2.2%
Chemicals - 2.0%
Axiall Corp.	675,100		35,409
Cabot Corp.	152,600		5,732
Eastman Chemical Co.	1,166,700		77,761
LyondellBasell Industries NV Class A	726,300		44,086
Mexichem S.A.B. de CV	3,322,800		16,937
Monsanto Co.	1,789,000		191,101
RPM International, Inc.	118,400		3,836
			374,862
Construction Materials - 0.1%
Vulcan Materials Co.	198,900		9,921
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Paper & Forest Products - 0.1%
Boise Cascade Co.	494,300		$ 15,832
International Paper Co.	228,800		10,749
			26,581
TOTAL MATERIALS			411,364
TELECOMMUNICATION SERVICES - 0.1%
Diversified Telecommunication Services - 0.1%
Verizon Communications, Inc.	383,700		20,685
UTILITIES - 0.1%
Multi-Utilities - 0.1%
Sempra Energy	122,700		10,166
TOTAL COMMON STOCKS (Cost $13,046,100)		18,283,674
Nonconvertible Preferred Stocks - 0.4%

CONSUMER DISCRETIONARY - 0.4%
Automobiles - 0.4%
Volkswagen AG (d) (Cost $36,728)	347,500		70,431
Money Market Funds - 2.2%

Fidelity Cash Central Fund, 0.13% (b)	906,143		906
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	404,493,528		404,494
TOTAL MONEY MARKET FUNDS (Cost $405,400)		405,400
Cash Equivalents - 0.0%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements in a joint trading account at 0.14%, dated 4/30/13 due 5/1/13 (Collateralized by U.S. Treasury Obligations) # (Cost $5,026)	$ 5,026		$ 5,026
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $13,493,254)			18,764,531
NET OTHER ASSETS (LIABILITIES) - (2.1)%			(393,616)
NET ASSETS - 100%		$ 18,370,915

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,038,000 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Dropbox, Inc.	5/2/12	$ 9,084

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

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$5,026,000 due 5/01/13 at 0.14%
BNP Paribas Securities Corp.	$ 2,627
Barclays Capital, Inc.	1,397
Merrill Lynch, Pierce, Fenner & Smith, Inc.	1,002
	$ 5,026

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	$ 35
Fidelity Securities Lending Cash Central Fund	6,984
Total	$ 7,019

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Parsvnath Developers Ltd.	$ 15,302	$ -	$ -	$ -	$ 13,849
Total	$ 15,302	$ -	$ -	$ -	$ 13,849

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 4,091,164	$ 4,077,452	$ 13,712	$ -
Consumer Staples	2,667,397	2,649,041	18,356	-
Energy	653,009	653,009	-	-
Financials	790,730	753,499	37,231	-
Health Care	2,511,544	2,511,544	-	-
Industrials	2,089,445	2,089,445	-	-
Information Technology	5,108,601	5,081,894	16,669	10,038
Materials	411,364	411,364	-	-
Telecommunication Services	20,685	20,685	-	-
Utilities	10,166	10,166	-	-
Money Market Funds	405,400	405,400	-	-
Cash Equivalents	5,026	-	5,026	-
Total Investments in Securities:	$ 18,764,531	$ 18,663,499	$ 90,994	$ 10,038

Income Tax Information

At April 30, 2013, the cost of investment securities for income tax purposes was $13,558,577,000. Net unrealized appreciation aggregated $5,205,954,000, of which $5,374,935,000 related to appreciated investment securities and $168,981,000 related to depreciated investment securities.

Investment Valuation

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Small Cap Value Fund
Small Cap Value

Class F

April 30, 2013

1.815774.108

SCV-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
CONSUMER DISCRETIONARY - 13.7%
Diversified Consumer Services - 1.6%
Regis Corp. (e)	3,400,000		$ 63,750,000
Household Durables - 3.1%
KB Home (d)	1,600,000		36,064,000
Tempur-Pedic International, Inc. (a)	1,800,000		87,300,000
			123,364,000
Media - 1.4%
Valassis Communications, Inc. (d)(e)	2,102,541		53,888,126
Specialty Retail - 4.7%
Asbury Automotive Group, Inc. (a)	1,070,000		42,896,300
Genesco, Inc. (a)	856,128		52,694,678
Rent-A-Center, Inc.	1,958,967		68,426,717
Tsutsumi Jewelry Co. Ltd.	795,800		24,850,159
			188,867,854
Textiles, Apparel & Luxury Goods - 2.9%
Hanesbrands, Inc.	2,300,000		115,368,000
TOTAL CONSUMER DISCRETIONARY			545,237,980
CONSUMER STAPLES - 2.0%
Food Products - 1.8%
Chiquita Brands International, Inc. (a)(e)	3,375,000		29,126,250
Post Holdings, Inc. (a)	984,700		43,120,013
			72,246,263
Household Products - 0.2%
Spectrum Brands Holdings, Inc.	165,000		9,240,000
TOTAL CONSUMER STAPLES			81,486,263
ENERGY - 6.1%
Energy Equipment & Services - 2.9%
Superior Energy Services, Inc. (a)	4,211,000		116,181,490
Oil, Gas & Consumable Fuels - 3.2%
Berry Petroleum Co. Class A	2,575,000		123,368,251
World Fuel Services Corp.	45,000		1,824,750
			125,193,001
TOTAL ENERGY			241,374,491
Common Stocks - continued
	Shares		Value
FINANCIALS - 36.0%
Capital Markets - 4.5%
Federated Investors, Inc. Class B (non-vtg.) (d)	4,589,400		$ 105,372,624
Monex Group, Inc. (d)	10,000		4,511,947
Waddell & Reed Financial, Inc. Class A	1,654,000		70,906,980
			180,791,551
Commercial Banks - 11.4%
Associated Banc-Corp.	4,500,000		64,215,000
CapitalSource, Inc.	8,225,000		73,613,750
City National Corp.	1,200,000		68,676,000
First Citizen Bancshares, Inc.	41,746		7,782,289
First Citizen Bancshares, Inc. (f)	180,954		30,360,100
National Penn Bancshares, Inc.	4,400,000		43,076,000
PacWest Bancorp (e)	1,900,000		52,687,000
TCF Financial Corp.	7,700,000		112,035,000
			452,445,139
Consumer Finance - 2.7%
Cash America International, Inc. (d)	794,300		34,655,309
EZCORP, Inc. (non-vtg.) Class A (a)	1,753,688		29,637,327
World Acceptance Corp. (a)(d)	475,000		42,208,500
			106,501,136
Insurance - 7.6%
Aspen Insurance Holdings Ltd.	2,300,000		87,837,000
Endurance Specialty Holdings Ltd.	1,486,000		72,769,420
Platinum Underwriters Holdings Ltd.	1,531,739		86,926,188
ProAssurance Corp.	1,100,000		53,889,000
StanCorp Financial Group, Inc.	50,000		2,159,000
			303,580,608
Real Estate Investment Trusts - 6.9%
DCT Industrial Trust, Inc.	11,980,586		93,807,988
Franklin Street Properties Corp. (e)	4,800,000		73,296,000
Highwoods Properties, Inc. (SBI)	1,720,330		70,585,140
National Retail Properties, Inc. (d)	900,000		35,712,000
			273,401,128
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 2.9%
Astoria Financial Corp. (e)	5,404,051		$ 51,824,849
Washington Federal, Inc.	3,715,000		63,786,550
			115,611,399
TOTAL FINANCIALS			1,432,330,961
HEALTH CARE - 5.2%
Health Care Equipment & Supplies - 1.4%
Hill-Rom Holdings, Inc.	573,549		19,540,814
Integra LifeSciences Holdings Corp. (a)	1,050,000		36,781,500
			56,322,314
Health Care Providers & Services - 3.8%
AmSurg Corp. (a)	1,048,014		35,171,350
Chemed Corp.	465,700		38,010,434
MEDNAX, Inc. (a)	650,000		57,674,500
Team Health Holdings, Inc. (a)	550,000		20,504,000
			151,360,284
TOTAL HEALTH CARE			207,682,598
INDUSTRIALS - 14.0%
Commercial Services & Supplies - 7.8%
ACCO Brands Corp. (e)	10,194,626		68,813,726
HNI Corp. (e)	2,700,000		92,961,000
Knoll, Inc.	1,940,000		30,186,400
Quad/Graphics, Inc. (d)(e)	2,675,000		55,907,500
United Stationers, Inc.	1,980,800		64,316,576
			312,185,202
Electrical Equipment - 2.6%
EnerSys (a)	1,065,000		48,819,600
GrafTech International Ltd. (a)(d)(e)	7,709,000		55,350,620
			104,170,220
Machinery - 1.5%
Blount International, Inc. (a)(e)	2,975,000		41,322,750
Columbus McKinnon Corp. (NY Shares) (a)(e)	1,050,000		19,719,000
			61,041,750
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Trading Companies & Distributors - 2.1%
WESCO International, Inc. (a)(d)	1,138,633		$ 81,628,600
TOTAL INDUSTRIALS			559,025,772
INFORMATION TECHNOLOGY - 14.3%
Communications Equipment - 1.6%
Polycom, Inc. (a)	5,800,000		60,900,000
ViaSat, Inc. (a)	101,171		4,903,758
			65,803,758
Electronic Equipment & Components - 5.1%
Ingram Micro, Inc. Class A (a)	3,935,000		70,082,350
Ryoyo Electro Corp. (e)	1,704,900		15,396,100
SYNNEX Corp. (a)	790,000		27,334,000
Tech Data Corp. (a)(e)	1,912,707		89,380,798
			202,193,248
Internet Software & Services - 2.7%
j2 Global, Inc. (d)(e)	2,674,233		108,841,283
IT Services - 1.8%
CACI International, Inc. Class A (a)(d)(e)	1,200,000		70,188,000
Software - 3.1%
Monotype Imaging Holdings, Inc. (e)	2,671,431		61,950,485
SS&C Technologies Holdings, Inc. (a)	2,000,000		61,380,000
			123,330,485
TOTAL INFORMATION TECHNOLOGY			570,356,774
MATERIALS - 4.1%
Chemicals - 1.6%
PolyOne Corp.	2,800,000		63,084,000
Metals & Mining - 2.5%
Carpenter Technology Corp.	438,880		19,732,045
Haynes International, Inc.	550,000		26,735,500
RTI International Metals, Inc. (a)(e)	1,880,000		54,557,600
			101,025,145
TOTAL MATERIALS			164,109,145
Common Stocks - continued
	Shares		Value
UTILITIES - 4.2%
Electric Utilities - 3.1%
UIL Holdings Corp.	1,550,000		$ 64,542,000
UNS Energy Corp.	1,150,000		58,604,000
			123,146,000
Gas Utilities - 1.1%
Southwest Gas Corp.	836,756		42,398,427
TOTAL UTILITIES			165,544,427
TOTAL COMMON STOCKS (Cost $3,061,299,894)		3,967,148,411
Nonconvertible Preferred Stocks - 0.0%

CONSUMER DISCRETIONARY - 0.0%
Household Durables - 0.0%
M/I Homes, Inc. Series A, 9.75% (a) (Cost $68,818)	12,206		306,981
Money Market Funds - 3.5%

Fidelity Cash Central Fund, 0.13% (b)	8,837,021		8,837,021
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	130,316,678		130,316,678
TOTAL MONEY MARKET FUNDS (Cost $139,153,699)		139,153,699
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $3,200,522,411)			4,106,609,091
NET OTHER ASSETS (LIABILITIES) - (3.1)%			(123,084,750)
NET ASSETS - 100%		$ 3,983,524,341

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
First Citizen Bancshares, Inc.	12/21/12	$ 25,333,560

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	$ 20,521
Fidelity Securities Lending Cash Central Fund	400,574
Total	$ 421,095

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
ACCO Brands Corp.	$ 18,634,000	$ 57,347,558	$ -	$ -	$ 68,813,726
Astoria Financial Corp.	51,038,992	-	134,410	648,486	51,824,849
Blount International, Inc.	37,039,161	4,861,737	-	-	41,322,750
CACI International, Inc. Class A	-	66,942,082	-	-	70,188,000
Chiquita Brands International, Inc.	17,482,500	-	-	-	29,126,250
Columbus McKinnon Corp. (NY Shares)	15,414,197	33,512	-	-	19,719,000
Forestar Group, Inc.	22,724,438	-	37,180,120	-	-
Franklin Street Properties Corp.	32,769,200	18,353,991	-	2,585,007	73,296,000
GrafTech International Ltd.	62,334,250	15,596,640	-	-	55,350,620
HNI Corp.	71,739,000	-	-	1,944,000	92,961,000
j2 Global, Inc.	38,011,100	45,217,336	-	1,187,650	108,841,283
Miraial Co. Ltd.	10,410,478	-	12,126,954	294,642	-
Monotype Imaging Holdings, Inc.	38,936,219	295,917	-	373,236	61,950,485
PacWest Bancorp	42,557,616	917,960	-	1,284,368	52,687,000
Platinum Underwriters Holdings Ltd.	64,411,165	-	9,032,440	406,593	-
Quad/Graphics, Inc.	28,908,484	12,835,355	-	7,358,750	55,907,500
Regis Corp.	52,452,000	4,787,419	-	594,000	63,750,000
RTI International Metals, Inc.	42,206,000	-	-	-	54,557,600
Ryoyo Electro Corp.	20,552,790	-	2,333,217	302,645	15,396,100
Tech Data Corp.	50,100,000	44,313,833	-	-	89,380,798
Valassis Communications, Inc.	35,733,655	13,465,583	-	1,303,575	53,888,126
Western Liberty Bancorp	2,879,407	-	3,071,972	-	-
Total	$ 756,334,652	$ 284,968,923	$ 63,879,113	$ 18,282,952	$ 1,058,961,087

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 545,544,961	$ 520,694,802	$ 24,850,159	$ -
Consumer Staples	81,486,263	81,486,263	-	-
Energy	241,374,491	241,374,491	-	-
Financials	1,432,330,961	1,397,458,914	34,872,047	-
Health Care	207,682,598	207,682,598	-	-
Industrials	559,025,772	559,025,772	-	-
Information Technology	570,356,774	554,960,674	15,396,100	-
Materials	164,109,145	164,109,145	-	-
Utilities	165,544,427	165,544,427	-	-
Money Market Funds	139,153,699	139,153,699	-	-
Total Investments in Securities:	$ 4,106,609,091	$ 4,031,490,785	$ 75,118,306	$ -

Income Tax Information

At April 30, 2013, the cost of investment securities for income tax purposes was $3,201,703,675. Net unrealized appreciation aggregated $904,905,416, of which $1,002,362,417 related to appreciated investment securities and $97,457,001 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Blue Chip Value Fund

April 30, 2013

1.800334.109

BCV-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%
	Shares		Value
CONSUMER DISCRETIONARY - 5.7%
Automobiles - 0.6%
Ford Motor Co.	118,817		$ 1,628,981
Diversified Consumer Services - 2.4%
Apollo Group, Inc. Class A (non-vtg.) (a)	248,980		4,573,763
DeVry, Inc.	65,849		1,844,430
			6,418,193
Media - 2.1%
DISH Network Corp. Class A	31,446		1,232,369
Washington Post Co. Class B	10,075		4,466,651
			5,699,020
Multiline Retail - 0.6%
J.C. Penney Co., Inc. (d)	94,721		1,555,319
TOTAL CONSUMER DISCRETIONARY			15,301,513
CONSUMER STAPLES - 7.7%
Beverages - 0.3%
PepsiCo, Inc.	8,736		720,458
Food & Staples Retailing - 2.5%
CVS Caremark Corp.	52,613		3,061,024
Wal-Mart Stores, Inc.	47,481		3,690,223
			6,751,247
Food Products - 3.1%
Kraft Foods Group, Inc.	77,075		3,968,592
Mondelez International, Inc.	119,913		3,771,264
Pinnacle Foods, Inc.	28,500		680,295
			8,420,151
Household Products - 1.8%
Procter & Gamble Co.	62,739		4,816,473
TOTAL CONSUMER STAPLES			20,708,329
ENERGY - 16.4%
Energy Equipment & Services - 3.1%
Cameron International Corp. (a)	32,441		1,996,744
Halliburton Co.	147,981		6,329,147
			8,325,891
Oil, Gas & Consumable Fuels - 13.3%
Anadarko Petroleum Corp.	78,862		6,684,343
Apache Corp.	14,150		1,045,402
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Chevron Corp.	69,333		$ 8,459,319
Exxon Mobil Corp.	131,865		11,734,666
Occidental Petroleum Corp.	78,044		6,966,207
Phillips 66	11,394		694,464
			35,584,401
TOTAL ENERGY			43,910,292
FINANCIALS - 24.9%
Capital Markets - 3.9%
Bank of New York Mellon Corp.	64,000		1,806,080
E*TRADE Financial Corp. (a)	344,753		3,547,508
Goldman Sachs Group, Inc.	9,887		1,444,194
Raymond James Financial, Inc.	18,056		747,880
State Street Corp.	48,504		2,836,029
			10,381,691
Commercial Banks - 6.9%
Comerica, Inc.	15,900		576,375
Fifth Third Bancorp	210,800		3,589,924
KeyCorp	546,259		5,446,202
PNC Financial Services Group, Inc.	7,803		529,668
U.S. Bancorp	49,797		1,657,244
Wells Fargo & Co.	136,798		5,195,588
Zions Bancorporation	60,337		1,485,497
			18,480,498
Consumer Finance - 1.6%
Capital One Financial Corp.	73,633		4,254,515
Diversified Financial Services - 7.2%
Bank of America Corp.	302,235		3,720,513
Citigroup, Inc.	197,637		9,221,742
JPMorgan Chase & Co.	132,216		6,479,906
			19,422,161
Insurance - 4.7%
Allstate Corp.	37,000		1,822,620
American International Group, Inc. (a)	38,175		1,581,209
Assurant, Inc.	28,279		1,344,384
MetLife, Inc.	18,391		717,065
RenaissanceRe Holdings Ltd.	27,752		2,605,635
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
The Chubb Corp.	24,816		$ 2,185,545
XL Group PLC Class A	77,281		2,406,530
			12,662,988
Real Estate Investment Trusts - 0.3%
Weyerhaeuser Co.	23,764		725,040
Thrifts & Mortgage Finance - 0.3%
Radian Group, Inc.	57,199		683,528
TOTAL FINANCIALS			66,610,421
HEALTH CARE - 11.9%
Health Care Providers & Services - 0.6%
HCA Holdings, Inc.	41,999		1,675,340
Pharmaceuticals - 11.3%
Eli Lilly & Co.	5,788		320,539
Johnson & Johnson	17,241		1,469,450
Merck & Co., Inc.	225,453		10,596,291
Pfizer, Inc.	461,353		13,411,533
Zoetis, Inc. Class A	137,225		4,531,170
			30,328,983
TOTAL HEALTH CARE			32,004,323
INDUSTRIALS - 7.3%
Aerospace & Defense - 2.2%
Textron, Inc.	223,539		5,756,129
Construction & Engineering - 0.7%
Jacobs Engineering Group, Inc. (a)	37,700		1,903,096
Industrial Conglomerates - 4.4%
General Electric Co.	532,131		11,861,200
TOTAL INDUSTRIALS			19,520,425
INFORMATION TECHNOLOGY - 12.7%
Communications Equipment - 0.9%
Cisco Systems, Inc.	116,000		2,426,720
Computers & Peripherals - 0.8%
Hewlett-Packard Co.	110,352		2,273,251
Internet Software & Services - 2.4%
Yahoo!, Inc. (a)	265,786		6,572,888
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Office Electronics - 1.6%
Xerox Corp.	496,444		$ 4,259,490
Semiconductors & Semiconductor Equipment - 1.2%
Intel Corp.	31,015		742,809
Micron Technology, Inc. (a)	256,670		2,417,831
			3,160,640
Software - 5.8%
Activision Blizzard, Inc.	235,708		3,523,835
Comverse, Inc.	96,232		2,553,035
Microsoft Corp.	30,158		998,230
Symantec Corp. (a)	196,717		4,780,223
Verint Systems, Inc. (a)	109,049		3,602,979
			15,458,302
TOTAL INFORMATION TECHNOLOGY			34,151,291
MATERIALS - 4.9%
Chemicals - 1.1%
The Dow Chemical Co.	85,316		2,893,066
Containers & Packaging - 0.6%
Crown Holdings, Inc. (a)	36,112		1,541,260
Metals & Mining - 2.3%
Freeport-McMoRan Copper & Gold, Inc.	35,645		1,084,677
Newmont Mining Corp.	155,895		5,050,998
			6,135,675
Paper & Forest Products - 0.9%
International Paper Co.	53,914		2,532,880
TOTAL MATERIALS			13,102,881
TELECOMMUNICATION SERVICES - 1.9%
Diversified Telecommunication Services - 0.4%
tw telecom, inc. (a)	35,060		949,425
Wireless Telecommunication Services - 1.5%
Sprint Nextel Corp. (a)	586,704		4,136,263
TOTAL TELECOMMUNICATION SERVICES			5,085,688
UTILITIES - 0.4%
Multi-Utilities - 0.4%
Sempra Energy	11,430		946,976
TOTAL COMMON STOCKS (Cost $241,384,111)		251,342,139

U.S. Treasury Obligations - 0.1%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 0.07% 5/30/13 (e) (Cost $269,986)	$ 270,000	$ 269,995

Money Market Funds - 6.4%
	Shares
Fidelity Cash Central Fund, 0.13% (b)	16,224,619		16,224,619
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	1,043,984		1,043,984
TOTAL MONEY MARKET FUNDS (Cost $17,268,603)		17,268,603
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $258,922,700)			268,880,737
NET OTHER ASSETS (LIABILITIES) - (0.3)%			(927,347)
NET ASSETS - 100%		$ 267,953,390

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
38 ICE Russell 1000 Value Index Contracts	June 2013	$ 3,070,020	$ 39,816

The face value of futures purchased as a percentage of net assets is 1.1%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $269,995.

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	$ 13,357
Fidelity Securities Lending Cash Central Fund	93,287
Total	$ 106,644

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 15,301,513	$ 15,301,513	$ -	$ -
Consumer Staples	20,708,329	20,708,329	-	-
Energy	43,910,292	43,910,292	-	-
Financials	66,610,421	66,610,421	-	-
Health Care	32,004,323	32,004,323	-	-
Industrials	19,520,425	19,520,425	-	-
Information Technology	34,151,291	34,151,291	-	-
Materials	13,102,881	13,102,881	-	-
Telecommunication Services	5,085,688	5,085,688	-	-
Utilities	946,976	946,976	-	-
U.S. Government and Government Agency Obligations	269,995	-	269,995	-
Money Market Funds	17,268,603	17,268,603	-	-
Total Investments in Securities:	$ 268,880,737	$ 268,610,742	$ 269,995	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 39,816	$ 39,816	$ -	$ -

Income Tax Information

At April 30, 2013, the cost of investment securities for income tax purposes was $265,047,395. Net unrealized appreciation aggregated $3,833,342, of which $25,662,080 related to appreciated investment securities and $21,828,738 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Dividend Growth Fund

April 30, 2013

1.800335.109

DGF-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 12.2%
Auto Components - 0.3%
Delphi Automotive PLC	292,606		$ 13,521
Tenneco, Inc. (a)	200,178		7,741
			21,262
Automobiles - 0.4%
Ford Motor Co.	1,610,279		22,077
Harley-Davidson, Inc.	219,356		11,988
Tesla Motors, Inc. (a)	25,450		1,374
			35,439
Diversified Consumer Services - 0.5%
Anhanguera Educacional Participacoes SA	698,500		12,572
H&R Block, Inc.	527,653		14,637
Kroton Educacional SA	689,800		9,633
			36,842
Hotels, Restaurants & Leisure - 1.7%
Bloomin' Brands, Inc.	212,776		4,628
Bravo Brio Restaurant Group, Inc. (a)	598,743		10,179
Brinker International, Inc.	754,463		29,349
Club Mediterranee SA (a)	437,319		7,429
Hyatt Hotels Corp. Class A (a)	293,701		12,535
Icahn Enterprises LP rights	1,067,316		0
Las Vegas Sands Corp.	68,680		3,863
Penn National Gaming, Inc. (a)	32,600		1,909
Ruth's Hospitality Group, Inc.	681,239		6,751
Spur Corp. Ltd.	1,002,363		3,373
Starbucks Corp.	224,525		13,660
Texas Roadhouse, Inc. Class A	632,764		14,870
The Cheesecake Factory, Inc.	72,364		2,882
Yum! Brands, Inc.	311,824		21,241
			132,669
Household Durables - 0.5%
KB Home	300,457		6,772
PulteGroup, Inc. (a)	325,200		6,826
Taylor Wimpey PLC	6,838,649		9,879
Whirlpool Corp.	119,207		13,623
			37,100
Internet & Catalog Retail - 0.5%
Liberty Media Corp. Interactive Series A (a)	516,869		11,004
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Internet & Catalog Retail - continued
Ocado Group PLC (a)(e)	3,368,398		$ 8,895
priceline.com, Inc. (a)	23,230		16,168
			36,067
Leisure Equipment & Products - 0.2%
Amer Group PLC (A Shares)	268,761		4,573
Brunswick Corp.	351,923		11,142
Fenix Outdoor AB	10,846		368
Polaris Industries, Inc.	47,039		4,054
			20,137
Media - 3.0%
Antena 3 de Television SA (e)	162,900		991
CBS Corp. Class B	689,799		31,579
Comcast Corp. Class A	1,651,048		68,188
Ipsos SA	115,900		3,885
MDC Partners, Inc. Class A (sub. vtg.)	970,439		16,585
Mood Media Corp. (a)(h)	1,813,700		1,674
News Corp. Class A	586,320		18,158
Omnicom Group, Inc.	76,005		4,543
The Walt Disney Co.	674,329		42,375
Time Warner, Inc.	196,845		11,767
Valassis Communications, Inc.	152,155		3,900
Viacom, Inc. Class B (non-vtg.)	511,541		32,734
			236,379
Multiline Retail - 0.2%
PPR SA	60,754		13,366
The Bon-Ton Stores, Inc.	178,200		2,734
			16,100
Specialty Retail - 4.0%
Advance Auto Parts, Inc.	11,209		940
American Eagle Outfitters, Inc.	459,552		8,938
Ascena Retail Group, Inc. (a)	743,616		13,757
AutoZone, Inc. (a)	46,390		18,978
Bed Bath & Beyond, Inc. (a)	116,713		8,030
Body Central Corp. (a)(f)	1,020,834		10,392
CarMax, Inc. (a)	144,768		6,665
Express, Inc. (a)	956,681		17,421
Foot Locker, Inc.	130,543		4,552
Francescas Holdings Corp. (a)	272,600		7,785
GNC Holdings, Inc.	206,500		9,361
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Home Depot, Inc.	994,164		$ 72,922
Kingfisher PLC	1,702,400		8,280
L Brands, Inc.	263,618		13,289
Lithia Motors, Inc. Class A (sub. vtg.)	14,500		718
Lowe's Companies, Inc.	1,087,208		41,771
OfficeMax, Inc.	723,711		8,330
Rent-A-Center, Inc.	522,067		18,236
Ross Stores, Inc.	148,591		9,817
Staples, Inc.	72,416		959
SuperGroup PLC (a)(e)	1,203,487		12,946
TJX Companies, Inc.	422,954		20,627
			314,714
Textiles, Apparel & Luxury Goods - 0.9%
Coach, Inc.	79,611		4,686
lululemon athletica, Inc. (a)	97,864		7,450
NIKE, Inc. Class B	404,368		25,718
PVH Corp.	184,472		21,290
Ralph Lauren Corp.	5,100		926
Vera Bradley, Inc. (a)(e)	264,197		6,029
VF Corp.	34,331		6,118
			72,217
TOTAL CONSUMER DISCRETIONARY			958,926
CONSUMER STAPLES - 10.1%
Beverages - 2.4%
Anheuser-Busch InBev SA NV	39,800		3,824
Beam, Inc.	94,174		6,094
Coca-Cola Enterprises, Inc.	18,100		663
Cott Corp.	1,048,200		11,518
Dr. Pepper Snapple Group, Inc.	639,478		31,226
Monster Beverage Corp. (a)	462,590		26,090
Remy Cointreau SA	3,600		419
SABMiller PLC	205,300		11,061
The Coca-Cola Co.	2,289,539		96,916
			187,811
Food & Staples Retailing - 1.5%
Carrefour SA (e)	54,314		1,609
CVS Caremark Corp.	980,037		57,019
Kroger Co.	322,155		11,076
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.	177,460		$ 8,197
Wal-Mart Stores, Inc.	117,374		9,122
Walgreen Co.	727,378		36,012
			123,035
Food Products - 1.8%
Amira Nature Foods Ltd.	401,200		3,073
Astral Foods Ltd.	404,734		4,262
Bunge Ltd.	150,217		10,847
Cal-Maine Foods, Inc.	25,309		1,080
Danone SA	112,372		8,585
Green Mountain Coffee Roasters, Inc. (a)	414,591		23,798
Hilton Food Group PLC	622,553		3,438
Ingredion, Inc.	115,897		8,346
Kellogg Co.	254,592		16,559
Marine Harvest ASA (a)	9,495,578		9,880
Mead Johnson Nutrition Co. Class A	165,044		13,383
Mondelez International, Inc.	1,296,744		40,783
			144,034
Household Products - 1.9%
Energizer Holdings, Inc.	119,470		11,540
Procter & Gamble Co.	1,481,553		113,739
Svenska Cellulosa AB (SCA) (B Shares)	430,700		11,184
Unicharm Corp. (e)	191,600		12,389
			148,852
Personal Products - 0.4%
Estee Lauder Companies, Inc. Class A	127,694		8,856
Hengan International Group Co. Ltd.	652,500		6,743
Herbalife Ltd.	199,300		7,914
Nu Skin Enterprises, Inc. Class A	99,577		5,052
			28,565
Tobacco - 2.1%
Altria Group, Inc.	399,842		14,598
British American Tobacco PLC (United Kingdom)	319,000		17,684
Japan Tobacco, Inc.	874,600		33,061
Philip Morris International, Inc.	1,016,813		97,197
			162,540
TOTAL CONSUMER STAPLES			794,837
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 10.3%
Energy Equipment & Services - 3.7%
BW Offshore Ltd.	8,762,498		$ 8,266
Cal Dive International, Inc. (a)(e)	1,644,553		2,746
Cameron International Corp. (a)	1,025,232		63,103
Cathedral Energy Services Ltd.	1,059,600		4,354
Ensco PLC Class A	442,928		25,548
Essential Energy Services Ltd.	3,751,100		7,707
Halliburton Co.	702,759		30,057
McDermott International, Inc. (a)	449,624		4,802
National Oilwell Varco, Inc.	903,975		58,957
Noble Corp.	389,723		14,615
Schlumberger Ltd.	660,210		49,139
Vantage Drilling Co. (a)	7,095,626		11,992
Xtreme Drilling & Coil Services Corp. (a)	3,434,660		8,694
Xtreme Drilling & Coil Services Corp. (g)	1,117,800		2,829
			292,809
Oil, Gas & Consumable Fuels - 6.6%
Access Midstream Partners LP	293,561		12,115
Americas Petrogas, Inc. (a)	2,225,900		3,756
Americas Petrogas, Inc. (a)(g)	2,665,500		4,498
Amyris, Inc. (a)(e)	134,197		365
Anadarko Petroleum Corp.	403,825		34,228
Apache Corp.	233,120		17,223
Atlas Energy LP	43,399		2,179
Atlas Pipeline Partners LP	333,249		12,110
BPZ Energy, Inc. (a)	2,730,178		5,843
Cabot Oil & Gas Corp.	137,200		9,336
Cobalt International Energy, Inc. (a)	701,715		19,606
Concho Resources, Inc. (a)	211,874		18,249
Crew Energy, Inc. (a)	596,600		4,139
Crown Point Energy, Inc. (g)	3,632,416		937
Double Eagle Petroleum Co. (a)(f)	972,213		4,832
Emerald Oil, Inc. warrants 2/4/16 (a)	171,198		0
Energen Corp.	58,030		2,752
EOG Resources, Inc.	98,779		11,968
EQT Corp.	254,550		19,122
Gran Tierra Energy, Inc. (Canada) (a)	1,134,600		6,307
Halcon Resources Corp.	910,000		5,951
Hess Corp.	129,196		9,325
InterOil Corp. (a)(e)	486,028		38,455
Madalena Ventures, Inc. (a)	1,235,500		411
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Magellan Midstream Partners LP	83,273		$ 4,416
Marathon Petroleum Corp.	124,536		9,759
Markwest Energy Partners LP	326,924		20,662
Motor Oil (HELLAS) Corinth Refineries SA	21,700		239
Murphy Oil Corp.	10,940		679
Noble Energy, Inc.	60,100		6,809
Northern Oil & Gas, Inc. (a)(e)	2,269,040		29,248
Occidental Petroleum Corp.	445,692		39,782
Painted Pony Petroleum Ltd. (g)	456,400		4,431
Painted Pony Petroleum Ltd. Class A (a)	630,500		6,121
Pan Orient Energy Corp.	714,800		1,660
PDC Energy, Inc. (a)	102,612		4,443
Peabody Energy Corp.	788,519		15,818
Phillips 66	317,268		19,337
Pioneer Natural Resources Co.	140,984		17,232
Royal Dutch Shell PLC Class A sponsored ADR	273,098		18,562
Southcross Energy Partners LP	95,500		2,066
Suncor Energy, Inc.	229,900		7,168
TAG Oil Ltd. (a)(f)	3,585,500		19,574
TAG Oil Ltd. (f)(g)	146,900		802
The Williams Companies, Inc.	1,075,738		41,018
Valero Energy Corp.	145,394		5,862
Western Gas Equity Partners LP	94,857		3,372
			522,767
TOTAL ENERGY			815,576
FINANCIALS - 15.7%
Capital Markets - 2.2%
AllianceBernstein Holding LP	283,985		6,728
Ameriprise Financial, Inc.	72,460		5,400
Ares Capital Corp.	14,874		270
BlackRock, Inc. Class A	75,132		20,023
Deutsche Bank AG	182,500		8,401
Goldman Sachs Group, Inc.	29,030		4,240
GP Investments Ltd. Class A (depositary receipt) (a)	3,963,079		9,349
ICG Group, Inc. (a)	480,536		5,704
Invesco Ltd.	581,579		18,459
KKR & Co. LP	585,055		12,286
Monex Group, Inc.	36,220		16,342
Morgan Stanley	761,299		16,863
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
Oaktree Capital Group LLC	94,074		$ 4,884
State Street Corp.	174,709		10,215
The Blackstone Group LP	568,563		11,684
UBS AG (NY Shares)	1,219,679		21,698
			172,546
Commercial Banks - 2.8%
Axis Bank Ltd.	21,264		591
Bank of Ireland (a)	124,509		28
Barclays PLC sponsored ADR	586,800		10,551
Comerica, Inc.	88,600		3,212
Commerce Bancshares, Inc.	186,332		7,474
Guaranty Trust Bank PLC GDR (Reg. S)	541,723		4,442
Itau Unibanco Holding SA sponsored ADR	76,024		1,279
KeyCorp	458,600		4,572
Komercni Banka A/S	1,800		344
M&T Bank Corp.	68,797		6,893
PNC Financial Services Group, Inc.	276,503		18,769
PT Bank Rakyat Indonesia Tbk	414,500		401
Regions Financial Corp.	487,514		4,139
Sberbank (Savings Bank of the Russian Federation) sponsored ADR	317,000		4,077
U.S. Bancorp	920,115		30,621
Wells Fargo & Co.	3,355,427		127,439
			224,832
Consumer Finance - 0.6%
Capital One Financial Corp.	633,374		36,596
Cash America International, Inc.	86,900		3,791
SLM Corp.	390,900		8,072
			48,459
Diversified Financial Services - 4.3%
Bank of America Corp.	6,783,427		83,504
Citigroup, Inc.	2,487,371		116,061
JPMorgan Chase & Co.	1,656,241		81,172
McGraw-Hill Companies, Inc.	276,561		14,965
Moody's Corp.	148,373		9,028
PICO Holdings, Inc. (a)(f)	1,374,213		29,820
The NASDAQ Stock Market, Inc.	170,808		5,035
			339,585
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - 3.2%
ACE Ltd.	185,952		$ 16,576
AFLAC, Inc.	239,681		13,048
Allied World Assurance Co. Holdings Ltd.	105,570		9,587
Arthur J. Gallagher & Co.	94,092		3,994
Assured Guaranty Ltd.	1,785,984		36,845
Axis Capital Holdings Ltd.	98,429		4,393
Berkshire Hathaway, Inc. Class B (a)	913,006		97,071
Everest Re Group Ltd.	32,592		4,400
Fairfax Financial Holdings Ltd. (sub. vtg.)	19,400		7,783
Marsh & McLennan Companies, Inc.	231,739		8,808
MetLife, Inc.	311,924		12,162
Prudential Financial, Inc.	249,816		15,094
The Travelers Companies, Inc.	169,196		14,451
Validus Holdings Ltd.	188,252		7,268
			251,480
Real Estate Investment Trusts - 1.8%
American Campus Communities, Inc.	90,173		4,025
American Tower Corp.	221,083		18,569
Beni Stabili SpA SIIQ	14,178,600		9,990
CBL & Associates Properties, Inc.	510,356		12,320
Coresite Realty Corp.	10,900		394
Corrections Corp. of America	122,082		4,419
Cousins Properties, Inc.	485,086		5,297
Douglas Emmett, Inc.	420,280		10,999
Education Realty Trust, Inc.	1,040,600		11,436
Lexington Corporate Properties Trust	819,900		10,503
Parkway Properties, Inc.	224,600		4,094
Piedmont Office Realty Trust, Inc. Class A	239,000		4,904
Prologis, Inc.	255,693		10,726
Retail Properties America, Inc.	148,409		2,272
SL Green Realty Corp.	172,242		15,622
Westfield Group unit	370,152		4,471
Weyerhaeuser Co.	410,926		12,537
			142,578
Real Estate Management & Development - 0.6%
Atrium European Real Estate Ltd.	90,606		541
CBRE Group, Inc. (a)	1,582,161		38,320
CSI Properties Ltd.	85,760,000		4,034
Jones Lang LaSalle, Inc.	39,844		3,945
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Management & Development - continued
LEG Immobilien AG	51,023		$ 2,809
Unite Group PLC	54,300		293
			49,942
Thrifts & Mortgage Finance - 0.2%
MGIC Investment Corp. (a)	1,368,600		7,390
Radian Group, Inc.	444,600		5,313
			12,703
TOTAL FINANCIALS			1,242,125
HEALTH CARE - 13.8%
Biotechnology - 3.9%
Achillion Pharmaceuticals, Inc. (a)	784,100		5,912
Alnylam Pharmaceuticals, Inc. (a)	817,200		19,572
Amgen, Inc.	482,809		50,314
ARIAD Pharmaceuticals, Inc. (a)	547,152		9,778
Array Biopharma, Inc. (a)	235,250		1,400
Astex Pharmaceuticals, Inc. (a)	72,400		498
Biogen Idec, Inc. (a)	129,481		28,347
BioMarin Pharmaceutical, Inc. (a)	21,700		1,424
Biovitrum AB (a)	1,815,628		11,570
CSL Ltd.	27,166		1,773
Cytos Biotechnology AG (a)	7,239		32
Dynavax Technologies Corp. (a)	3,874,970		9,106
Elan Corp. PLC sponsored ADR (a)	1,600,400		18,725
Gentium SpA sponsored ADR (a)	320,425		2,631
Gilead Sciences, Inc. (a)	918,163		46,496
Grifols SA ADR	566,897		17,704
Infinity Pharmaceuticals, Inc. (a)	674,412		29,060
Insmed, Inc. (a)	131,000		1,200
Intercept Pharmaceuticals, Inc.	77,600		2,642
Isis Pharmaceuticals, Inc. (a)	331,000		7,411
KaloBios Pharmaceuticals, Inc.	454,437		2,454
KaloBios Pharmaceuticals, Inc.	150,700		904
Medivation, Inc. (a)	79,700		4,201
Merrimack Pharmaceuticals, Inc. (a)	391,800		1,928
Novavax, Inc. (a)	923,149		2,169
Onyx Pharmaceuticals, Inc. (a)	68,776		6,520
Theravance, Inc. (a)	682,504		23,035
			306,806
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 1.2%
Align Technology, Inc. (a)	133,993		$ 4,438
Ansell Ltd.	199,074		3,261
Baxter International, Inc.	64,773		4,526
Boston Scientific Corp. (a)	1,503,958		11,265
Covidien PLC	217,084		13,859
Genmark Diagnostics, Inc. (a)	807,700		12,560
Hill-Rom Holdings, Inc.	231,783		7,897
Nakanishi, Inc.	21,700		2,774
Sirona Dental Systems, Inc. (a)	114,804		8,443
Stryker Corp.	192,720		12,639
The Cooper Companies, Inc.	38,300		4,228
Trinity Biotech PLC sponsored ADR	141,252		2,259
Zimmer Holdings, Inc.	36,153		2,764
			90,913
Health Care Providers & Services - 3.2%
Accretive Health, Inc. (a)	1,095,644		11,548
AmerisourceBergen Corp.	300,341		16,254
AmSurg Corp. (a)	254,514		8,541
Apollo Hospitals Enterprise Ltd.	251,291		3,905
BioScrip, Inc. (a)	600,255		8,320
Brookdale Senior Living, Inc. (a)	1,972,835		50,879
CIGNA Corp.	148,793		9,846
DaVita, Inc. (a)	131,275		15,576
Emeritus Corp. (a)	603,933		15,521
Express Scripts Holding Co. (a)	635,557		37,733
McKesson Corp.	158,777		16,802
MEDNAX, Inc. (a)	81,104		7,196
Qualicorp SA (a)	949,200		9,242
Quest Diagnostics, Inc.	151,967		8,560
UnitedHealth Group, Inc.	593,463		35,566
			255,489
Life Sciences Tools & Services - 0.2%
Agilent Technologies, Inc.	231,389		9,589
Lonza Group AG	81,327		5,664
			15,253
Pharmaceuticals - 5.3%
AbbVie, Inc.	859,540		39,582
Actavis, Inc. (a)	168,773		17,844
AVANIR Pharmaceuticals Class A (a)(e)	1,174,095		3,745
Biodelivery Sciences International, Inc. (a)	1,299,603		7,382
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Cadence Pharmaceuticals, Inc. (a)(e)	3,402,820		$ 24,092
Dechra Pharmaceuticals PLC	369,717		4,123
Endo Health Solutions, Inc. (a)	481,600		17,646
GlaxoSmithKline PLC	560,923		14,473
Horizon Pharma, Inc. (a)(e)	3,209,598		7,703
Horizon Pharma, Inc.:
warrants 2/28/17 (a)	253,903		0*
warrants 9/25/17 (a)	932,200		0*
Jazz Pharmaceuticals PLC (a)	175,600		10,246
Johnson & Johnson	1,253,116		106,803
Merck & Co., Inc.	2,060,453		96,841
Novo Nordisk A/S Series B	119,537		21,041
Optimer Pharmaceuticals, Inc. (a)	275,142		4,248
Pacira Pharmaceuticals, Inc. (a)	144,831		4,181
Pfizer, Inc.	173,690		5,049
Sanofi SA	123,772		13,382
Valeant Pharmaceuticals International, Inc. (Canada) (a)	149,000		11,314
Warner Chilcott PLC	652,886		9,389
			419,084
TOTAL HEALTH CARE			1,087,545
INDUSTRIALS - 11.5%
Aerospace & Defense - 1.8%
Finmeccanica SpA (a)	821,374		4,275
GenCorp, Inc. (non-vtg.) (a)	18,121		237
General Dynamics Corp.	72,451		5,358
Honeywell International, Inc.	430,930		31,691
Meggitt PLC	2,145,010		15,614
Orbital Sciences Corp. (a)	14,500		261
Precision Castparts Corp.	96,872		18,531
Textron, Inc.	763,732		19,666
United Technologies Corp.	542,326		49,509
			145,142
Air Freight & Logistics - 0.4%
United Parcel Service, Inc. Class B	394,612		33,873
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Airlines - 0.1%
Copa Holdings SA Class A	25,433		$ 3,194
easyJet PLC	123,200		2,138
			5,332
Building Products - 0.6%
Armstrong World Industries, Inc.	89,140		4,550
Masco Corp.	1,659,469		32,260
Owens Corning (a)	285,040		11,989
			48,799
Commercial Services & Supplies - 0.4%
Multiplus SA	495,200		8,163
Republic Services, Inc.	332,917		11,346
Swisher Hygiene, Inc. (a)	2,081,064		3,038
Swisher Hygiene, Inc. (Canada) (a)(e)	1,367,162		1,996
Waste Management, Inc.	79,660		3,264
West Corp.	174,000		3,654
			31,461
Construction & Engineering - 0.7%
AECOM Technology Corp. (a)	386,952		11,249
Boart Longyear Ltd.	434,306		430
Dycom Industries, Inc. (a)	97,750		1,889
EMCOR Group, Inc.	65,243		2,440
FLSmidth & Co. A/S	130,479		7,590
Fluor Corp.	112,225		6,395
Foster Wheeler AG (a)	196,622		4,149
MasTec, Inc. (a)	388,121		10,790
URS Corp.	206,362		9,063
			53,995
Electrical Equipment - 1.8%
Alstom SA	365,634		15,004
AMETEK, Inc.	290,742		11,836
Bharat Heavy Electricals Ltd.	1,340,049		4,811
Eaton Corp. PLC	159,283		9,782
Emerson Electric Co.	474,805		26,356
Generac Holdings, Inc.	247,194		8,882
General Cable Corp. (a)	130,272		4,492
Hubbell, Inc. Class B	121,695		11,678
Prysmian SpA	709,800		14,330
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Electrical Equipment - continued
Regal-Beloit Corp.	314,837		$ 24,752
Roper Industries, Inc.	93,558		11,194
			143,117
Industrial Conglomerates - 1.6%
Carlisle Companies, Inc.	130,923		8,493
Danaher Corp.	195,484		11,913
General Electric Co.	4,281,420		95,433
Koninklijke Philips Electronics NV	273,300		7,564
Reunert Ltd.	156,666		1,362
Siemens AG sponsored ADR	10,800		1,129
			125,894
Machinery - 2.2%
Actuant Corp. Class A	367,152		11,492
Caterpillar, Inc.	7,200		610
Cummins, Inc.	164,484		17,499
Dover Corp.	115,195		7,946
GEA Group AG	130,355		4,409
Haitian International Holdings Ltd.	108,000		185
Harsco Corp.	497,386		10,858
Illinois Tool Works, Inc.	282,048		18,209
Ingersoll-Rand PLC	533,961		28,727
Manitowoc Co., Inc.	1,185,242		22,235
Metka SA	21,700		330
Pentair Ltd.	123,164		6,694
SPX Corp.	119,609		8,912
Stanley Black & Decker, Inc.	319,581		23,908
Terex Corp. (a)	130,441		3,731
Timken Co.	177,301		9,321
			175,066
Marine - 0.1%
Ultrapetrol (Bahamas) Ltd. (a)	1,815,563		4,212
Professional Services - 0.4%
CRA International, Inc. (a)	329,531		6,077
Dun & Bradstreet Corp.	97,711		8,643
Manpower, Inc.	79,700		4,237
Michael Page International PLC	1,354,386		7,839
Randstad Holding NV	93,700		3,901
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Professional Services - continued
Towers Watson & Co.	32,209		$ 2,349
Verisk Analytics, Inc. (a)	41,700		2,556
			35,602
Road & Rail - 0.9%
CSX Corp.	115,859		2,849
J.B. Hunt Transport Services, Inc.	147,481		10,481
Union Pacific Corp.	388,265		57,448
			70,778
Trading Companies & Distributors - 0.5%
Houston Wire & Cable Co.	624,888		8,511
Watsco, Inc.	151,925		12,819
WESCO International, Inc. (a)	217,276		15,577
			36,907
TOTAL INDUSTRIALS			910,178
INFORMATION TECHNOLOGY - 16.8%
Communications Equipment - 1.4%
Brocade Communications Systems, Inc. (a)	804,581		4,683
Cisco Systems, Inc.	3,052,396		63,856
Juniper Networks, Inc. (a)	144,821		2,397
Motorola Solutions, Inc.	78,674		4,500
QUALCOMM, Inc.	603,735		37,202
			112,638
Computers & Peripherals - 2.8%
Apple, Inc.	398,745		176,547
EMC Corp. (a)	238,834		5,357
NCR Corp. (a)	495,177		13,503
Seagate Technology	336,625		12,354
Western Digital Corp.	291,013		16,087
			223,848
Electronic Equipment & Components - 0.7%
Arrow Electronics, Inc. (a)	276,948		10,865
Corning, Inc.	872,662		12,654
Flextronics International Ltd. (a)	793,705		5,675
Jabil Circuit, Inc.	429,324		7,642
TE Connectivity Ltd.	332,546		14,482
			51,318
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 2.2%
Active Network, Inc. (a)(e)	1,074,299		$ 5,404
Demandware, Inc. (a)	145,490		3,972
Facebook, Inc. Class A	453,426		12,587
Google, Inc. Class A (a)	152,393		125,659
Mail.Ru Group Ltd.:
GDR (g)	16,600		448
GDR (Reg. S)	264,700		7,147
Marin Software, Inc.	47,240		694
QuinStreet, Inc. (a)	513,268		3,357
SciQuest, Inc. (a)	68,866		1,574
Velti PLC (a)(e)	3,152,629		6,305
Velti PLC (h)	1,639,166		2,950
			170,097
IT Services - 3.4%
Accenture PLC Class A	386,193		31,452
Amdocs Ltd.	269,954		9,637
Cognizant Technology Solutions Corp. Class A (a)	302,096		19,576
EPAM Systems, Inc. (a)	525,105		11,290
EVERTEC, Inc.	291,000		5,835
ExlService Holdings, Inc. (a)	313,059		10,212
Fidelity National Information Services, Inc.	490,535		20,627
Global Payments, Inc.	97,826		4,539
MasterCard, Inc. Class A	64,123		35,456
Sapient Corp. (a)	1,016,603		11,874
ServiceSource International, Inc. (a)	941,425		6,025
Total System Services, Inc.	260,562		6,154
Unisys Corp. (a)	342,244		6,547
Virtusa Corp. (a)	315,742		7,013
Visa, Inc. Class A	464,028		78,170
WNS Holdings Ltd. sponsored ADR (a)	217,500		3,249
			267,656
Office Electronics - 0.3%
Xerox Corp.	2,857,981		24,521
Semiconductors & Semiconductor Equipment - 3.0%
Altera Corp.	218,117		6,982
Analog Devices, Inc.	170,162		7,485
Applied Micro Circuits Corp. (a)	364,735		2,721
ASML Holding NV (e)	670,036		49,831
Avago Technologies Ltd.	301,169		9,625
Broadcom Corp. Class A	402,178		14,478
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Freescale Semiconductor Holdings I Ltd. (a)	1,142,810		$ 17,691
LTX-Credence Corp. (a)	2,200,012		12,980
MagnaChip Semiconductor Corp. (a)	347,200		5,569
Maxim Integrated Products, Inc.	632,351		19,559
Micron Technology, Inc. (a)	923,096		8,696
Monolithic Power Systems, Inc.	351,731		8,484
NXP Semiconductors NV (a)	532,143		14,661
Samsung Electronics Co. Ltd.	25,683		35,437
Skyworks Solutions, Inc. (a)	1,156,699		25,528
			239,727
Software - 3.0%
Activision Blizzard, Inc.	1,358,499		20,310
Adobe Systems, Inc. (a)	158,067		7,126
Autodesk, Inc. (a)	311,896		12,282
Check Point Software Technologies Ltd. (a)	391,409		18,247
Citrix Systems, Inc. (a)	364,811		22,680
Comverse, Inc.	363,206		9,636
Constellation Software, Inc.	59,000		8,053
Electronic Arts, Inc. (a)	1,321,705		23,275
Infoblox, Inc.	130,350		2,882
Jive Software, Inc. (a)	307,802		4,183
MICROS Systems, Inc. (a)	159,360		6,758
Microsoft Corp.	188,200		6,229
Nuance Communications, Inc. (a)	630,772		12,010
Oracle Corp.	1,309,523		42,926
Sourcefire, Inc. (a)	112,264		5,362
SS&C Technologies Holdings, Inc. (a)	82,051		2,518
Symantec Corp. (a)	541,633		13,162
Verint Systems, Inc. (a)	466,511		15,414
			233,053
TOTAL INFORMATION TECHNOLOGY			1,322,858
MATERIALS - 4.4%
Chemicals - 2.0%
Albemarle Corp.	147,666		9,045
Ashland, Inc.	173,615		14,794
Axiall Corp.	203,880		10,694
Cabot Corp.	213,561		8,021
Eastman Chemical Co.	144,892		9,657
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Filtrona PLC	61,500		$ 675
Innospec, Inc.	133,005		5,854
LyondellBasell Industries NV Class A	264,916		16,080
Monsanto Co.	209,851		22,416
PetroLogistics LP	147,930		2,034
PolyOne Corp.	181,527		4,090
PPG Industries, Inc.	89,743		13,205
Royal DSM NV	14,500		934
RPM International, Inc.	94,135		3,050
W.R. Grace & Co. (a)	508,081		39,178
			159,727
Construction Materials - 0.4%
HeidelbergCement Finance AG	107,913		7,769
Lafarge SA (Bearer)	94,200		6,086
Vulcan Materials Co.	296,730		14,801
			28,656
Containers & Packaging - 0.3%
Graphic Packaging Holding Co. (a)	336,494		2,530
Nampak Ltd.	2,559,600		9,407
Rock-Tenn Co. Class A	131,957		13,214
			25,151
Metals & Mining - 1.5%
Agnico Eagle Mines Ltd. (Canada)	155,000		5,003
Commercial Metals Co.	868,712		12,701
Franco-Nevada Corp.	21,700		945
Freeport-McMoRan Copper & Gold, Inc.	439,795		13,383
Goldcorp, Inc.	720,900		21,338
Imdex Ltd.	36,203		37
Ivanplats Ltd. (g)	7,475,028		22,259
Randgold Resources Ltd. sponsored ADR	250,723		20,504
Turquoise Hill Resources Ltd. (a)	3,289,436		23,182
			119,352
Paper & Forest Products - 0.2%
Canfor Corp. (a)	238,900		4,989
International Paper Co.	250,058		11,748
			16,737
TOTAL MATERIALS			349,623
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 0.4%
CenturyLink, Inc.	504,572		$ 18,957
PT Telkomunikasi Indonesia Tbk sponsored ADR	189,941		9,092
			28,049
Wireless Telecommunication Services - 0.7%
Megafon OJSC GDR	156,700		4,836
Mobile TeleSystems OJSC sponsored ADR	416,282		8,617
SBA Communications Corp. Class A (a)	357,611		28,248
Vodafone Group PLC	4,451,500		13,583
			55,284
TOTAL TELECOMMUNICATION SERVICES			83,333
UTILITIES - 2.8%
Electric Utilities - 1.5%
Edison International	425,424		22,888
Hawaiian Electric Industries, Inc.	245,963		6,961
ITC Holdings Corp.	275,372		25,395
NextEra Energy, Inc.	330,446		27,106
Northeast Utilities	690,580		31,304
NV Energy, Inc.	144,872		3,134
			116,788
Gas Utilities - 0.1%
Atmos Energy Corp.	109,757		4,870
ONEOK, Inc.	94,227		4,839
			9,709
Independent Power Producers & Energy Traders - 0.4%
The AES Corp.	2,412,793		33,441
Multi-Utilities - 0.8%
CenterPoint Energy, Inc.	226,262		5,584
NiSource, Inc.	43,500		1,337
PG&E Corp.	249,700		12,095
Sempra Energy	541,749		44,884
			63,900
TOTAL UTILITIES			223,838
TOTAL COMMON STOCKS (Cost $6,196,134)		7,788,839
Preferred Stocks - 0.1%
	Shares		Value (000s)
Convertible Preferred Stocks - 0.0%
INFORMATION TECHNOLOGY - 0.0%
IT Services - 0.0%
Unisys Corp. Series A, 6.25%	92,200		$ 5,297
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Volkswagen AG	29,000		5,878
TOTAL PREFERRED STOCKS (Cost $11,872)		11,175

Corporate Bonds - 0.9%
		Principal Amount (000s)(d)
Convertible Bonds - 0.8%
ENERGY - 0.1%
Energy Equipment & Services - 0.0%
Cal Dive International, Inc. 5% 7/15/17 (g)		$ 3,660		3,536
Oil, Gas & Consumable Fuels - 0.1%
Amyris, Inc. 3% 2/27/17		7,356		5,148
BPZ Energy, Inc. 6.5% 3/1/15		3,620		3,023
				8,171
TOTAL ENERGY				11,707
FINANCIALS - 0.2%
Thrifts & Mortgage Finance - 0.2%
MGIC Investment Corp. 9% 4/1/63 (g)		15,783		16,276
HEALTH CARE - 0.2%
Biotechnology - 0.2%
Exelixis, Inc. 4.25% 8/15/19		9,070		9,433
InterMune, Inc. 2.5% 12/15/17		2,810		2,985
Theravance, Inc. 2.125% 1/15/23		3,620		5,093
				17,511
INDUSTRIALS - 0.1%
Building Products - 0.1%
Aspen Aerogels, Inc. 8% 6/1/14 (h)		4,618		4,618
Corporate Bonds - continued
		Principal Amount (000s)(d)		Value (000s)
Convertible Bonds - continued
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
GT Advanced Technologies, Inc. 3% 10/1/17		$ 7,010		$ 5,950
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
Clearwire Communications LLC/Clearwire Finance, Inc. 8.25% 12/1/40 (g)		3,730		3,996
TOTAL CONVERTIBLE BONDS				60,058
Nonconvertible Bonds - 0.1%
FINANCIALS - 0.1%
Commercial Banks - 0.1%
Bank of Ireland 10% 7/30/16	EUR	5,542		7,668
TOTAL CORPORATE BONDS (Cost $57,800)			67,726

Money Market Funds - 1.6%
	Shares
Fidelity Cash Central Fund, 0.13% (b)	11,756,849		11,757
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	115,382,809		115,383
TOTAL MONEY MARKET FUNDS (Cost $127,140)		127,140
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $6,392,946)			7,994,880
NET OTHER ASSETS (LIABILITIES) - (1.3)%			(102,772)
NET ASSETS - 100%		$ 7,892,108

Currency Abbreviations
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

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

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

(f) Affiliated company

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $60,012,000 or 0.8% of net assets.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9,243,000 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11 - 12/31/12	$ 4,618
Mood Media Corp.	2/2/11	$ 3,671
Velti PLC	4/19/13	$ 2,459

* Amount represents less than $1,000

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 49
Fidelity Securities Lending Cash Central Fund	2,831
Total	$ 2,880

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Body Central Corp.	$ 10,585	$ 360	$ 332	$ -	$ 10,392
Double Eagle Petroleum Co.	3,787	282	-	-	4,832
Emerald Oil, Inc.	-	4,260	6,750	-	-
Emerald Oil, Inc. warrants 2/4/16	-	-	-	-	-
GeoEye, Inc.	31,912	-	38,071	-	-
LTX-Credence Corp.	14,900	898	3,004	-	-
PICO Holdings, Inc.	33,875	57	774	-	29,820
TAG Oil Ltd.	11,208	9,234	-	-	19,574
TAG Oil Ltd.	1,027	-	-	-	802
Total	$ 107,294	$ 15,091	$ 48,931	$ -	$ 65,420

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 964,804	$ 964,804	$ -	$ -
Consumer Staples	794,837	727,879	66,958	-
Energy	815,576	815,576	-	-
Financials	1,242,125	1,217,354	24,771	-
Health Care	1,087,545	1,033,421	54,124	-
Industrials	910,178	902,614	7,564	-
Information Technology	1,328,155	1,325,205	2,950	-
Materials	349,623	349,623	-	-
Telecommunication Services	83,333	69,750	13,583	-
Utilities	223,838	223,838	-	-
Corporate Bonds	67,726	-	63,108	4,618
Money Market Funds	127,140	127,140	-	-
Total Investments in Securities:	$ 7,994,880	$ 7,757,204	$ 233,058	$ 4,618

Income Tax Information

At April 30, 2013, the cost of investment securities for income tax purposes was $6,400,965,000. Net unrealized appreciation aggregated $1,593,915,000, of which $1,814,414,000 related to appreciated investment securities and $220,499,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Small Cap Growth Fund

April 30, 2013

1.815773.108

SCP-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
CONSUMER DISCRETIONARY - 17.2%
Distributors - 1.1%
Pool Corp.	450,000		$ 22,059,000
Diversified Consumer Services - 2.4%
Grand Canyon Education, Inc. (a)	1,010,000		25,825,700
Service Corp. International	1,450,000		24,476,000
			50,301,700
Hotels, Restaurants & Leisure - 5.4%
AFC Enterprises, Inc. (a)	400,231		12,759,364
Chuys Holdings, Inc.	285,540		9,337,158
Fiesta Restaurant Group, Inc. (a)	448,100		12,215,206
Interval Leisure Group, Inc.	1,141,800		21,762,708
Jack in the Box, Inc. (a)	600,000		21,510,000
Papa John's International, Inc. (a)	300,000		18,900,000
Texas Roadhouse, Inc. Class A	600,000		14,100,000
			110,584,436
Household Durables - 0.8%
Jarden Corp. (a)	375,000		16,878,750
Internet & Catalog Retail - 1.4%
HSN, Inc.	545,000		28,656,100
Leisure Equipment & Products - 1.0%
Brunswick Corp.	650,000		20,579,000
Media - 1.0%
Cinemark Holdings, Inc.	700,000		21,623,000
Multiline Retail - 0.4%
The Bon-Ton Stores, Inc. (d)	500,000		7,670,000
Specialty Retail - 2.1%
Conn's, Inc. (a)	344,947		14,939,655
GNC Holdings, Inc.	250,000		11,332,500
Tile Shop Holdings, Inc. (a)	680,000		16,864,000
			43,136,155
Textiles, Apparel & Luxury Goods - 1.6%
Hanesbrands, Inc.	240,000		12,038,400
Steven Madden Ltd. (a)	451,400		21,951,582
			33,989,982
TOTAL CONSUMER DISCRETIONARY			355,478,123
CONSUMER STAPLES - 2.2%
Food & Staples Retailing - 0.5%
Susser Holdings Corp. (a)	188,155		10,004,201
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - 1.5%
Ingredion, Inc.	220,000		$ 15,842,200
J&J Snack Foods Corp.	200,000		15,004,000
			30,846,200
Personal Products - 0.2%
Inter Parfums, Inc.	148,156		4,292,079
TOTAL CONSUMER STAPLES			45,142,480
ENERGY - 7.4%
Energy Equipment & Services - 3.8%
Atwood Oceanics, Inc. (a)	220,000		10,791,000
Dril-Quip, Inc. (a)	200,000		16,742,000
Essential Energy Services Ltd.	5,166,700		10,615,980
Forum Energy Technologies, Inc.	483,600		13,448,916
Western Energy Services Corp.	1,530,000		10,676,361
Xtreme Drilling & Coil Services Corp. (a)(e)	4,100,000		10,377,686
Zedi, Inc. (a)(e)	8,322,500		4,956,573
			77,608,516
Oil, Gas & Consumable Fuels - 3.6%
EPL Oil & Gas, Inc. (a)	380,000		12,414,600
Oasis Petroleum, Inc. (a)	570,000		19,511,100
Rosetta Resources, Inc. (a)	400,000		17,164,000
Tesoro Logistics LP	250,000		14,900,000
Whitecap Resources, Inc. (d)	1,100,000		11,289,890
			75,279,590
TOTAL ENERGY			152,888,106
FINANCIALS - 5.6%
Capital Markets - 0.7%
AllianceBernstein Holding LP	590,000		13,977,100
Commercial Banks - 1.9%
BBCN Bancorp, Inc.	1,440,000		18,547,200
City National Corp.	300,000		17,169,000
Pacific Premier Bancorp, Inc. (a)	385,000		4,677,750
			40,393,950
Insurance - 3.0%
Allied World Assurance Co. Holdings Ltd.	12,934		1,174,537
Amerisafe, Inc.	484,900		15,836,834
FBL Financial Group, Inc. Class A	264,698		10,405,278
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Primerica, Inc.	400,000		$ 13,584,000
ProAssurance Corp.	430,000		21,065,700
			62,066,349
TOTAL FINANCIALS			116,437,399
HEALTH CARE - 19.6%
Biotechnology - 7.8%
Alkermes PLC (a)	175,500		5,372,055
ARIAD Pharmaceuticals, Inc. (a)	210,000		3,752,700
Astex Pharmaceuticals, Inc. (a)	1,100,000		7,568,000
BioMarin Pharmaceutical, Inc. (a)	120,000		7,872,000
Biovitrum AB (a)	1,000,000		6,372,424
Hyperion Therapeutics, Inc.	200,000		4,290,000
Infinity Pharmaceuticals, Inc. (a)	228,236		9,834,689
Insmed, Inc. (a)(d)	800,000		7,328,000
Isis Pharmaceuticals, Inc. (a)(d)	447,257		10,014,084
Medivation, Inc. (a)	160,000		8,433,600
Novavax, Inc. (a)	2,100,000		4,935,000
OncoGenex Pharmaceuticals, Inc. (a)	450,000		4,558,500
Seattle Genetics, Inc. (a)	440,000		16,258,000
Stemline Therapeutics, Inc.	154,000		2,208,360
Sunesis Pharmaceuticals, Inc. (a)(d)	1,097,300		6,177,799
Synageva BioPharma Corp. (a)	170,000		8,787,300
Synergy Pharmaceuticals, Inc. (a)(d)	800,000		4,200,000
Targacept, Inc. (a)	500,000		2,305,000
Theravance, Inc. (a)(d)	789,000		26,628,750
Threshold Pharmaceuticals, Inc. (a)(d)	1,155,000		5,567,100
XOMA Corp. (a)	2,500,000		8,750,000
			161,213,361
Health Care Equipment & Supplies - 4.6%
Align Technology, Inc. (a)	754,398		24,985,662
ICU Medical, Inc. (a)	191,000		11,507,750
Sirona Dental Systems, Inc. (a)	145,000		10,663,300
Steris Corp.	71,000		2,952,890
Teleflex, Inc.	189,300		14,790,009
The Cooper Companies, Inc.	111,900		12,353,760
The Spectranetics Corp. (a)	975,003		18,183,806
			95,437,177
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 3.9%
BioScrip, Inc. (a)	1,000,000		$ 13,860,000
Centene Corp. (a)	330,000		15,246,000
MEDNAX, Inc. (a)	122,900		10,904,917
Molina Healthcare, Inc. (a)	600,000		19,920,000
MWI Veterinary Supply, Inc. (a)	173,400		20,410,914
			80,341,831
Health Care Technology - 1.2%
Medidata Solutions, Inc. (a)	373,948		24,815,189
Life Sciences Tools & Services - 1.0%
Bruker BioSciences Corp. (a)	1,180,000		20,968,600
Pharmaceuticals - 1.1%
Biodelivery Sciences International, Inc. (a)(d)	1,257,084		7,140,237
Pacira Pharmaceuticals, Inc. (a)	300,000		8,661,000
ViroPharma, Inc. (a)	270,000		7,357,500
			23,158,737
TOTAL HEALTH CARE			405,934,895
INDUSTRIALS - 16.8%
Aerospace & Defense - 1.7%
Esterline Technologies Corp. (a)	150,000		11,256,000
Teledyne Technologies, Inc. (a)	305,700		22,945,842
			34,201,842
Air Freight & Logistics - 0.7%
Hub Group, Inc. Class A (a)	400,000		14,660,000
Airlines - 0.8%
Allegiant Travel Co.	187,825		16,885,468
Building Products - 0.7%
A.O. Smith Corp.	200,000		15,086,000
Commercial Services & Supplies - 1.2%
KAR Auction Services, Inc.	1,140,000		25,501,800
Construction & Engineering - 1.0%
EMCOR Group, Inc.	350,000		13,090,000
Tutor Perini Corp. (a)	494,285		8,126,045
			21,216,045
Electrical Equipment - 3.2%
EnerSys (a)	500,000		22,920,000
Generac Holdings, Inc. (d)	622,700		22,373,611
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - continued
Hubbell, Inc. Class B	161,800		$ 15,526,328
Preformed Line Products Co.	60,306		4,854,633
			65,674,572
Industrial Conglomerates - 1.0%
Carlisle Companies, Inc.	310,000		20,109,700
Machinery - 3.6%
Actuant Corp. Class A	353,100		11,052,030
Oshkosh Truck Corp. (a)	250,000		9,815,000
Standex International Corp.	292,838		15,491,130
TriMas Corp. (a)	605,298		18,461,589
Valmont Industries, Inc.	32		4,663
Wabtec Corp.	192,300		20,179,962
			75,004,374
Professional Services - 0.7%
Dun & Bradstreet Corp.	19,193		1,697,621
Nihon M&A Center, Inc.	245,512		12,950,730
			14,648,351
Road & Rail - 0.7%
Con-way, Inc.	400,000		13,520,000
Trading Companies & Distributors - 1.5%
Watsco, Inc.	229,000		19,323,020
WESCO International, Inc. (a)	150,000		10,753,500
			30,076,520
TOTAL INDUSTRIALS			346,584,672
INFORMATION TECHNOLOGY - 22.8%
Communications Equipment - 2.0%
Arris Group, Inc. (a)	800,000		13,208,000
Plantronics, Inc.	380,000		16,651,600
Telular Corp.	850,000		10,854,500
			40,714,100
Computers & Peripherals - 0.9%
Cray, Inc. (a)	900,000		19,044,000
Electronic Equipment & Components - 2.6%
FEI Co.	380,000		24,274,400
InvenSense, Inc. (a)(d)	1,350,000		12,582,000
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Neonode, Inc. (a)(d)	1,497,122		$ 8,548,567
Parametric Sound Corp. (a)(d)(e)	529,068		9,517,933
			54,922,900
Internet Software & Services - 6.2%
Angie's List, Inc. (a)(d)	1,080,000		26,179,200
Blucora, Inc. (a)	505,758		7,470,046
Cornerstone OnDemand, Inc. (a)	710,000		25,758,800
Demandware, Inc. (a)	357,439		9,758,085
E2open, Inc. (d)	1,171,594		16,648,351
j2 Global, Inc.	300,000		12,210,000
NIC, Inc.	1,457,104		24,537,631
SciQuest, Inc. (a)	294,372		6,729,344
			129,291,457
IT Services - 2.3%
Genpact Ltd.	1,050,000		19,530,000
Maximus, Inc.	343,376		27,363,633
			46,893,633
Semiconductors & Semiconductor Equipment - 2.1%
Hittite Microwave Corp. (a)	321,863		18,059,733
MagnaChip Semiconductor Corp. (a)	919,266		14,745,027
PDF Solutions, Inc. (a)	583,644		9,986,149
			42,790,909
Software - 6.7%
Aspen Technology, Inc. (a)	1,082,200		32,985,456
CommVault Systems, Inc. (a)	450,000		33,093,002
Guidewire Software, Inc. (a)	500,000		20,040,000
Manhattan Associates, Inc. (a)	118,986		8,354,007
Synopsys, Inc. (a)	540,000		19,207,800
Tangoe, Inc. (a)	400,000		5,144,000
Tyler Technologies, Inc. (a)	308,725		19,523,769
			138,348,034
TOTAL INFORMATION TECHNOLOGY			472,005,033
MATERIALS - 5.6%
Chemicals - 4.0%
Axiall Corp.	550,000		28,847,500
Chemtura Corp. (a)	950,000		20,197,000
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Cytec Industries, Inc.	210,000		$ 15,300,600
Innospec, Inc.	386,424		17,006,520
			81,351,620
Containers & Packaging - 1.0%
Graphic Packaging Holding Co. (a)	1,700,000		12,784,000
Myers Industries, Inc.	550,000		8,151,000
			20,935,000
Metals & Mining - 0.6%
Commercial Metals Co.	809,800		11,839,276
Worthington Industries, Inc.	34,207		1,100,781
			12,940,057
TOTAL MATERIALS			115,226,677
TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 1.0%
Cogent Communications Group, Inc.	700,000		20,048,000
inContact, Inc. (a)	195,400		1,582,740
			21,630,740
TOTAL COMMON STOCKS (Cost $1,710,139,800)		2,031,328,125
Money Market Funds - 4.4%

Fidelity Cash Central Fund, 0.13% (b)	26,566,900		26,566,900
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	63,680,995		63,680,995
TOTAL MONEY MARKET FUNDS (Cost $90,247,895)		90,247,895
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $1,800,387,695)			2,121,576,020
NET OTHER ASSETS (LIABILITIES) - (2.6)%			(54,025,841)
NET ASSETS - 100%		$ 2,067,550,179

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	$ 78,739
Fidelity Securities Lending Cash Central Fund	1,444,204
Total	$ 1,522,943

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Neonode, Inc.	$ 6,969,000	$ 5,207,720	$ 5,076,631	$ -	$ -
Parametric Sound Corp.	2,428,413	3,322,952	1,370,377	-	9,517,933
Telular Corp.	4,715,000	3,371,313	-	259,000	-
US Home Systems, Inc.	6,604,750	-	8,975,299	-	-
Xtreme Drilling & Coil Services Corp.	6,786,658	178,443	201,743	-	10,377,686
Zedi, Inc.	3,905,172	2,997,316	420,943	-	4,956,573
Total	$ 31,408,993	$ 15,077,744	$ 16,044,993	$ 259,000	$ 24,852,192

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 355,478,123	$ 355,478,123	$ -	$ -
Consumer Staples	45,142,480	45,142,480	-	-
Energy	152,888,106	152,888,106	-	-
Financials	116,437,399	116,437,399	-	-
Health Care	405,934,895	405,934,895	-	-
Industrials	346,584,672	333,633,942	12,950,730	-
Information Technology	472,005,033	472,005,033	-	-
Materials	115,226,677	115,226,677	-	-
Telecommunication Services	21,630,740	21,630,740	-	-
Money Market Funds	90,247,895	90,247,895	-	-
Total Investments in Securities:	$ 2,121,576,020	$ 2,108,625,290	$ 12,950,730	$ -

Income Tax Information

At April 30, 2013, the cost of investment securities for income tax purposes was $1,802,905,424. Net unrealized appreciation aggregated $318,670,596, of which $354,028,609 related to appreciated investment securities and $35,358,013 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

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

April 30, 2013

1.817158.108

ASCV-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
CONSUMER DISCRETIONARY - 13.7%
Diversified Consumer Services - 1.6%
Regis Corp. (e)	3,400,000		$ 63,750,000
Household Durables - 3.1%
KB Home (d)	1,600,000		36,064,000
Tempur-Pedic International, Inc. (a)	1,800,000		87,300,000
			123,364,000
Media - 1.4%
Valassis Communications, Inc. (d)(e)	2,102,541		53,888,126
Specialty Retail - 4.7%
Asbury Automotive Group, Inc. (a)	1,070,000		42,896,300
Genesco, Inc. (a)	856,128		52,694,678
Rent-A-Center, Inc.	1,958,967		68,426,717
Tsutsumi Jewelry Co. Ltd.	795,800		24,850,159
			188,867,854
Textiles, Apparel & Luxury Goods - 2.9%
Hanesbrands, Inc.	2,300,000		115,368,000
TOTAL CONSUMER DISCRETIONARY			545,237,980
CONSUMER STAPLES - 2.0%
Food Products - 1.8%
Chiquita Brands International, Inc. (a)(e)	3,375,000		29,126,250
Post Holdings, Inc. (a)	984,700		43,120,013
			72,246,263
Household Products - 0.2%
Spectrum Brands Holdings, Inc.	165,000		9,240,000
TOTAL CONSUMER STAPLES			81,486,263
ENERGY - 6.1%
Energy Equipment & Services - 2.9%
Superior Energy Services, Inc. (a)	4,211,000		116,181,490
Oil, Gas & Consumable Fuels - 3.2%
Berry Petroleum Co. Class A	2,575,000		123,368,251
World Fuel Services Corp.	45,000		1,824,750
			125,193,001
TOTAL ENERGY			241,374,491
Common Stocks - continued
	Shares		Value
FINANCIALS - 36.0%
Capital Markets - 4.5%
Federated Investors, Inc. Class B (non-vtg.) (d)	4,589,400		$ 105,372,624
Monex Group, Inc. (d)	10,000		4,511,947
Waddell & Reed Financial, Inc. Class A	1,654,000		70,906,980
			180,791,551
Commercial Banks - 11.4%
Associated Banc-Corp.	4,500,000		64,215,000
CapitalSource, Inc.	8,225,000		73,613,750
City National Corp.	1,200,000		68,676,000
First Citizen Bancshares, Inc.	41,746		7,782,289
First Citizen Bancshares, Inc. (f)	180,954		30,360,100
National Penn Bancshares, Inc.	4,400,000		43,076,000
PacWest Bancorp (e)	1,900,000		52,687,000
TCF Financial Corp.	7,700,000		112,035,000
			452,445,139
Consumer Finance - 2.7%
Cash America International, Inc. (d)	794,300		34,655,309
EZCORP, Inc. (non-vtg.) Class A (a)	1,753,688		29,637,327
World Acceptance Corp. (a)(d)	475,000		42,208,500
			106,501,136
Insurance - 7.6%
Aspen Insurance Holdings Ltd.	2,300,000		87,837,000
Endurance Specialty Holdings Ltd.	1,486,000		72,769,420
Platinum Underwriters Holdings Ltd.	1,531,739		86,926,188
ProAssurance Corp.	1,100,000		53,889,000
StanCorp Financial Group, Inc.	50,000		2,159,000
			303,580,608
Real Estate Investment Trusts - 6.9%
DCT Industrial Trust, Inc.	11,980,586		93,807,988
Franklin Street Properties Corp. (e)	4,800,000		73,296,000
Highwoods Properties, Inc. (SBI)	1,720,330		70,585,140
National Retail Properties, Inc. (d)	900,000		35,712,000
			273,401,128
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 2.9%
Astoria Financial Corp. (e)	5,404,051		$ 51,824,849
Washington Federal, Inc.	3,715,000		63,786,550
			115,611,399
TOTAL FINANCIALS			1,432,330,961
HEALTH CARE - 5.2%
Health Care Equipment & Supplies - 1.4%
Hill-Rom Holdings, Inc.	573,549		19,540,814
Integra LifeSciences Holdings Corp. (a)	1,050,000		36,781,500
			56,322,314
Health Care Providers & Services - 3.8%
AmSurg Corp. (a)	1,048,014		35,171,350
Chemed Corp.	465,700		38,010,434
MEDNAX, Inc. (a)	650,000		57,674,500
Team Health Holdings, Inc. (a)	550,000		20,504,000
			151,360,284
TOTAL HEALTH CARE			207,682,598
INDUSTRIALS - 14.0%
Commercial Services & Supplies - 7.8%
ACCO Brands Corp. (e)	10,194,626		68,813,726
HNI Corp. (e)	2,700,000		92,961,000
Knoll, Inc.	1,940,000		30,186,400
Quad/Graphics, Inc. (d)(e)	2,675,000		55,907,500
United Stationers, Inc.	1,980,800		64,316,576
			312,185,202
Electrical Equipment - 2.6%
EnerSys (a)	1,065,000		48,819,600
GrafTech International Ltd. (a)(d)(e)	7,709,000		55,350,620
			104,170,220
Machinery - 1.5%
Blount International, Inc. (a)(e)	2,975,000		41,322,750
Columbus McKinnon Corp. (NY Shares) (a)(e)	1,050,000		19,719,000
			61,041,750
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Trading Companies & Distributors - 2.1%
WESCO International, Inc. (a)(d)	1,138,633		$ 81,628,600
TOTAL INDUSTRIALS			559,025,772
INFORMATION TECHNOLOGY - 14.3%
Communications Equipment - 1.6%
Polycom, Inc. (a)	5,800,000		60,900,000
ViaSat, Inc. (a)	101,171		4,903,758
			65,803,758
Electronic Equipment & Components - 5.1%
Ingram Micro, Inc. Class A (a)	3,935,000		70,082,350
Ryoyo Electro Corp. (e)	1,704,900		15,396,100
SYNNEX Corp. (a)	790,000		27,334,000
Tech Data Corp. (a)(e)	1,912,707		89,380,798
			202,193,248
Internet Software & Services - 2.7%
j2 Global, Inc. (d)(e)	2,674,233		108,841,283
IT Services - 1.8%
CACI International, Inc. Class A (a)(d)(e)	1,200,000		70,188,000
Software - 3.1%
Monotype Imaging Holdings, Inc. (e)	2,671,431		61,950,485
SS&C Technologies Holdings, Inc. (a)	2,000,000		61,380,000
			123,330,485
TOTAL INFORMATION TECHNOLOGY			570,356,774
MATERIALS - 4.1%
Chemicals - 1.6%
PolyOne Corp.	2,800,000		63,084,000
Metals & Mining - 2.5%
Carpenter Technology Corp.	438,880		19,732,045
Haynes International, Inc.	550,000		26,735,500
RTI International Metals, Inc. (a)(e)	1,880,000		54,557,600
			101,025,145
TOTAL MATERIALS			164,109,145
Common Stocks - continued
	Shares		Value
UTILITIES - 4.2%
Electric Utilities - 3.1%
UIL Holdings Corp.	1,550,000		$ 64,542,000
UNS Energy Corp.	1,150,000		58,604,000
			123,146,000
Gas Utilities - 1.1%
Southwest Gas Corp.	836,756		42,398,427
TOTAL UTILITIES			165,544,427
TOTAL COMMON STOCKS (Cost $3,061,299,894)		3,967,148,411
Nonconvertible Preferred Stocks - 0.0%

CONSUMER DISCRETIONARY - 0.0%
Household Durables - 0.0%
M/I Homes, Inc. Series A, 9.75% (a) (Cost $68,818)	12,206		306,981
Money Market Funds - 3.5%

Fidelity Cash Central Fund, 0.13% (b)	8,837,021		8,837,021
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	130,316,678		130,316,678
TOTAL MONEY MARKET FUNDS (Cost $139,153,699)		139,153,699
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $3,200,522,411)			4,106,609,091
NET OTHER ASSETS (LIABILITIES) - (3.1)%			(123,084,750)
NET ASSETS - 100%		$ 3,983,524,341

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
First Citizen Bancshares, Inc.	12/21/12	$ 25,333,560

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	$ 20,521
Fidelity Securities Lending Cash Central Fund	400,574
Total	$ 421,095

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
ACCO Brands Corp.	$ 18,634,000	$ 57,347,558	$ -	$ -	$ 68,813,726
Astoria Financial Corp.	51,038,992	-	134,410	648,486	51,824,849
Blount International, Inc.	37,039,161	4,861,737	-	-	41,322,750
CACI International, Inc. Class A	-	66,942,082	-	-	70,188,000
Chiquita Brands International, Inc.	17,482,500	-	-	-	29,126,250
Columbus McKinnon Corp. (NY Shares)	15,414,197	33,512	-	-	19,719,000
Forestar Group, Inc.	22,724,438	-	37,180,120	-	-
Franklin Street Properties Corp.	32,769,200	18,353,991	-	2,585,007	73,296,000
GrafTech International Ltd.	62,334,250	15,596,640	-	-	55,350,620
HNI Corp.	71,739,000	-	-	1,944,000	92,961,000
j2 Global, Inc.	38,011,100	45,217,336	-	1,187,650	108,841,283
Miraial Co. Ltd.	10,410,478	-	12,126,954	294,642	-
Monotype Imaging Holdings, Inc.	38,936,219	295,917	-	373,236	61,950,485
PacWest Bancorp	42,557,616	917,960	-	1,284,368	52,687,000
Platinum Underwriters Holdings Ltd.	64,411,165	-	9,032,440	406,593	-
Quad/Graphics, Inc.	28,908,484	12,835,355	-	7,358,750	55,907,500
Regis Corp.	52,452,000	4,787,419	-	594,000	63,750,000
RTI International Metals, Inc.	42,206,000	-	-	-	54,557,600
Ryoyo Electro Corp.	20,552,790	-	2,333,217	302,645	15,396,100
Tech Data Corp.	50,100,000	44,313,833	-	-	89,380,798
Valassis Communications, Inc.	35,733,655	13,465,583	-	1,303,575	53,888,126
Western Liberty Bancorp	2,879,407	-	3,071,972	-	-
Total	$ 756,334,652	$ 284,968,923	$ 63,879,113	$ 18,282,952	$ 1,058,961,087

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 545,544,961	$ 520,694,802	$ 24,850,159	$ -
Consumer Staples	81,486,263	81,486,263	-	-
Energy	241,374,491	241,374,491	-	-
Financials	1,432,330,961	1,397,458,914	34,872,047	-
Health Care	207,682,598	207,682,598	-	-
Industrials	559,025,772	559,025,772	-	-
Information Technology	570,356,774	554,960,674	15,396,100	-
Materials	164,109,145	164,109,145	-	-
Utilities	165,544,427	165,544,427	-	-
Money Market Funds	139,153,699	139,153,699	-	-
Total Investments in Securities:	$ 4,106,609,091	$ 4,031,490,785	$ 75,118,306	$ -

Income Tax Information

Investment Valuation

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity 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, 2013

1.817157.108

ASCP-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
CONSUMER DISCRETIONARY - 17.2%
Distributors - 1.1%
Pool Corp.	450,000		$ 22,059,000
Diversified Consumer Services - 2.4%
Grand Canyon Education, Inc. (a)	1,010,000		25,825,700
Service Corp. International	1,450,000		24,476,000
			50,301,700
Hotels, Restaurants & Leisure - 5.4%
AFC Enterprises, Inc. (a)	400,231		12,759,364
Chuys Holdings, Inc.	285,540		9,337,158
Fiesta Restaurant Group, Inc. (a)	448,100		12,215,206
Interval Leisure Group, Inc.	1,141,800		21,762,708
Jack in the Box, Inc. (a)	600,000		21,510,000
Papa John's International, Inc. (a)	300,000		18,900,000
Texas Roadhouse, Inc. Class A	600,000		14,100,000
			110,584,436
Household Durables - 0.8%
Jarden Corp. (a)	375,000		16,878,750
Internet & Catalog Retail - 1.4%
HSN, Inc.	545,000		28,656,100
Leisure Equipment & Products - 1.0%
Brunswick Corp.	650,000		20,579,000
Media - 1.0%
Cinemark Holdings, Inc.	700,000		21,623,000
Multiline Retail - 0.4%
The Bon-Ton Stores, Inc. (d)	500,000		7,670,000
Specialty Retail - 2.1%
Conn's, Inc. (a)	344,947		14,939,655
GNC Holdings, Inc.	250,000		11,332,500
Tile Shop Holdings, Inc. (a)	680,000		16,864,000
			43,136,155
Textiles, Apparel & Luxury Goods - 1.6%
Hanesbrands, Inc.	240,000		12,038,400
Steven Madden Ltd. (a)	451,400		21,951,582
			33,989,982
TOTAL CONSUMER DISCRETIONARY			355,478,123
CONSUMER STAPLES - 2.2%
Food & Staples Retailing - 0.5%
Susser Holdings Corp. (a)	188,155		10,004,201
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - 1.5%
Ingredion, Inc.	220,000		$ 15,842,200
J&J Snack Foods Corp.	200,000		15,004,000
			30,846,200
Personal Products - 0.2%
Inter Parfums, Inc.	148,156		4,292,079
TOTAL CONSUMER STAPLES			45,142,480
ENERGY - 7.4%
Energy Equipment & Services - 3.8%
Atwood Oceanics, Inc. (a)	220,000		10,791,000
Dril-Quip, Inc. (a)	200,000		16,742,000
Essential Energy Services Ltd.	5,166,700		10,615,980
Forum Energy Technologies, Inc.	483,600		13,448,916
Western Energy Services Corp.	1,530,000		10,676,361
Xtreme Drilling & Coil Services Corp. (a)(e)	4,100,000		10,377,686
Zedi, Inc. (a)(e)	8,322,500		4,956,573
			77,608,516
Oil, Gas & Consumable Fuels - 3.6%
EPL Oil & Gas, Inc. (a)	380,000		12,414,600
Oasis Petroleum, Inc. (a)	570,000		19,511,100
Rosetta Resources, Inc. (a)	400,000		17,164,000
Tesoro Logistics LP	250,000		14,900,000
Whitecap Resources, Inc. (d)	1,100,000		11,289,890
			75,279,590
TOTAL ENERGY			152,888,106
FINANCIALS - 5.6%
Capital Markets - 0.7%
AllianceBernstein Holding LP	590,000		13,977,100
Commercial Banks - 1.9%
BBCN Bancorp, Inc.	1,440,000		18,547,200
City National Corp.	300,000		17,169,000
Pacific Premier Bancorp, Inc. (a)	385,000		4,677,750
			40,393,950
Insurance - 3.0%
Allied World Assurance Co. Holdings Ltd.	12,934		1,174,537
Amerisafe, Inc.	484,900		15,836,834
FBL Financial Group, Inc. Class A	264,698		10,405,278
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Primerica, Inc.	400,000		$ 13,584,000
ProAssurance Corp.	430,000		21,065,700
			62,066,349
TOTAL FINANCIALS			116,437,399
HEALTH CARE - 19.6%
Biotechnology - 7.8%
Alkermes PLC (a)	175,500		5,372,055
ARIAD Pharmaceuticals, Inc. (a)	210,000		3,752,700
Astex Pharmaceuticals, Inc. (a)	1,100,000		7,568,000
BioMarin Pharmaceutical, Inc. (a)	120,000		7,872,000
Biovitrum AB (a)	1,000,000		6,372,424
Hyperion Therapeutics, Inc.	200,000		4,290,000
Infinity Pharmaceuticals, Inc. (a)	228,236		9,834,689
Insmed, Inc. (a)(d)	800,000		7,328,000
Isis Pharmaceuticals, Inc. (a)(d)	447,257		10,014,084
Medivation, Inc. (a)	160,000		8,433,600
Novavax, Inc. (a)	2,100,000		4,935,000
OncoGenex Pharmaceuticals, Inc. (a)	450,000		4,558,500
Seattle Genetics, Inc. (a)	440,000		16,258,000
Stemline Therapeutics, Inc.	154,000		2,208,360
Sunesis Pharmaceuticals, Inc. (a)(d)	1,097,300		6,177,799
Synageva BioPharma Corp. (a)	170,000		8,787,300
Synergy Pharmaceuticals, Inc. (a)(d)	800,000		4,200,000
Targacept, Inc. (a)	500,000		2,305,000
Theravance, Inc. (a)(d)	789,000		26,628,750
Threshold Pharmaceuticals, Inc. (a)(d)	1,155,000		5,567,100
XOMA Corp. (a)	2,500,000		8,750,000
			161,213,361
Health Care Equipment & Supplies - 4.6%
Align Technology, Inc. (a)	754,398		24,985,662
ICU Medical, Inc. (a)	191,000		11,507,750
Sirona Dental Systems, Inc. (a)	145,000		10,663,300
Steris Corp.	71,000		2,952,890
Teleflex, Inc.	189,300		14,790,009
The Cooper Companies, Inc.	111,900		12,353,760
The Spectranetics Corp. (a)	975,003		18,183,806
			95,437,177
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 3.9%
BioScrip, Inc. (a)	1,000,000		$ 13,860,000
Centene Corp. (a)	330,000		15,246,000
MEDNAX, Inc. (a)	122,900		10,904,917
Molina Healthcare, Inc. (a)	600,000		19,920,000
MWI Veterinary Supply, Inc. (a)	173,400		20,410,914
			80,341,831
Health Care Technology - 1.2%
Medidata Solutions, Inc. (a)	373,948		24,815,189
Life Sciences Tools & Services - 1.0%
Bruker BioSciences Corp. (a)	1,180,000		20,968,600
Pharmaceuticals - 1.1%
Biodelivery Sciences International, Inc. (a)(d)	1,257,084		7,140,237
Pacira Pharmaceuticals, Inc. (a)	300,000		8,661,000
ViroPharma, Inc. (a)	270,000		7,357,500
			23,158,737
TOTAL HEALTH CARE			405,934,895
INDUSTRIALS - 16.8%
Aerospace & Defense - 1.7%
Esterline Technologies Corp. (a)	150,000		11,256,000
Teledyne Technologies, Inc. (a)	305,700		22,945,842
			34,201,842
Air Freight & Logistics - 0.7%
Hub Group, Inc. Class A (a)	400,000		14,660,000
Airlines - 0.8%
Allegiant Travel Co.	187,825		16,885,468
Building Products - 0.7%
A.O. Smith Corp.	200,000		15,086,000
Commercial Services & Supplies - 1.2%
KAR Auction Services, Inc.	1,140,000		25,501,800
Construction & Engineering - 1.0%
EMCOR Group, Inc.	350,000		13,090,000
Tutor Perini Corp. (a)	494,285		8,126,045
			21,216,045
Electrical Equipment - 3.2%
EnerSys (a)	500,000		22,920,000
Generac Holdings, Inc. (d)	622,700		22,373,611
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - continued
Hubbell, Inc. Class B	161,800		$ 15,526,328
Preformed Line Products Co.	60,306		4,854,633
			65,674,572
Industrial Conglomerates - 1.0%
Carlisle Companies, Inc.	310,000		20,109,700
Machinery - 3.6%
Actuant Corp. Class A	353,100		11,052,030
Oshkosh Truck Corp. (a)	250,000		9,815,000
Standex International Corp.	292,838		15,491,130
TriMas Corp. (a)	605,298		18,461,589
Valmont Industries, Inc.	32		4,663
Wabtec Corp.	192,300		20,179,962
			75,004,374
Professional Services - 0.7%
Dun & Bradstreet Corp.	19,193		1,697,621
Nihon M&A Center, Inc.	245,512		12,950,730
			14,648,351
Road & Rail - 0.7%
Con-way, Inc.	400,000		13,520,000
Trading Companies & Distributors - 1.5%
Watsco, Inc.	229,000		19,323,020
WESCO International, Inc. (a)	150,000		10,753,500
			30,076,520
TOTAL INDUSTRIALS			346,584,672
INFORMATION TECHNOLOGY - 22.8%
Communications Equipment - 2.0%
Arris Group, Inc. (a)	800,000		13,208,000
Plantronics, Inc.	380,000		16,651,600
Telular Corp.	850,000		10,854,500
			40,714,100
Computers & Peripherals - 0.9%
Cray, Inc. (a)	900,000		19,044,000
Electronic Equipment & Components - 2.6%
FEI Co.	380,000		24,274,400
InvenSense, Inc. (a)(d)	1,350,000		12,582,000
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Neonode, Inc. (a)(d)	1,497,122		$ 8,548,567
Parametric Sound Corp. (a)(d)(e)	529,068		9,517,933
			54,922,900
Internet Software & Services - 6.2%
Angie's List, Inc. (a)(d)	1,080,000		26,179,200
Blucora, Inc. (a)	505,758		7,470,046
Cornerstone OnDemand, Inc. (a)	710,000		25,758,800
Demandware, Inc. (a)	357,439		9,758,085
E2open, Inc. (d)	1,171,594		16,648,351
j2 Global, Inc.	300,000		12,210,000
NIC, Inc.	1,457,104		24,537,631
SciQuest, Inc. (a)	294,372		6,729,344
			129,291,457
IT Services - 2.3%
Genpact Ltd.	1,050,000		19,530,000
Maximus, Inc.	343,376		27,363,633
			46,893,633
Semiconductors & Semiconductor Equipment - 2.1%
Hittite Microwave Corp. (a)	321,863		18,059,733
MagnaChip Semiconductor Corp. (a)	919,266		14,745,027
PDF Solutions, Inc. (a)	583,644		9,986,149
			42,790,909
Software - 6.7%
Aspen Technology, Inc. (a)	1,082,200		32,985,456
CommVault Systems, Inc. (a)	450,000		33,093,002
Guidewire Software, Inc. (a)	500,000		20,040,000
Manhattan Associates, Inc. (a)	118,986		8,354,007
Synopsys, Inc. (a)	540,000		19,207,800
Tangoe, Inc. (a)	400,000		5,144,000
Tyler Technologies, Inc. (a)	308,725		19,523,769
			138,348,034
TOTAL INFORMATION TECHNOLOGY			472,005,033
MATERIALS - 5.6%
Chemicals - 4.0%
Axiall Corp.	550,000		28,847,500
Chemtura Corp. (a)	950,000		20,197,000
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Cytec Industries, Inc.	210,000		$ 15,300,600
Innospec, Inc.	386,424		17,006,520
			81,351,620
Containers & Packaging - 1.0%
Graphic Packaging Holding Co. (a)	1,700,000		12,784,000
Myers Industries, Inc.	550,000		8,151,000
			20,935,000
Metals & Mining - 0.6%
Commercial Metals Co.	809,800		11,839,276
Worthington Industries, Inc.	34,207		1,100,781
			12,940,057
TOTAL MATERIALS			115,226,677
TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 1.0%
Cogent Communications Group, Inc.	700,000		20,048,000
inContact, Inc. (a)	195,400		1,582,740
			21,630,740
TOTAL COMMON STOCKS (Cost $1,710,139,800)		2,031,328,125
Money Market Funds - 4.4%

Fidelity Cash Central Fund, 0.13% (b)	26,566,900		26,566,900
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	63,680,995		63,680,995
TOTAL MONEY MARKET FUNDS (Cost $90,247,895)		90,247,895
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $1,800,387,695)			2,121,576,020
NET OTHER ASSETS (LIABILITIES) - (2.6)%			(54,025,841)
NET ASSETS - 100%		$ 2,067,550,179

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	$ 78,739
Fidelity Securities Lending Cash Central Fund	1,444,204
Total	$ 1,522,943

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Neonode, Inc.	$ 6,969,000	$ 5,207,720	$ 5,076,631	$ -	$ -
Parametric Sound Corp.	2,428,413	3,322,952	1,370,377	-	9,517,933
Telular Corp.	4,715,000	3,371,313	-	259,000	-
US Home Systems, Inc.	6,604,750	-	8,975,299	-	-
Xtreme Drilling & Coil Services Corp.	6,786,658	178,443	201,743	-	10,377,686
Zedi, Inc.	3,905,172	2,997,316	420,943	-	4,956,573
Total	$ 31,408,993	$ 15,077,744	$ 16,044,993	$ 259,000	$ 24,852,192

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 355,478,123	$ 355,478,123	$ -	$ -
Consumer Staples	45,142,480	45,142,480	-	-
Energy	152,888,106	152,888,106	-	-
Financials	116,437,399	116,437,399	-	-
Health Care	405,934,895	405,934,895	-	-
Industrials	346,584,672	333,633,942	12,950,730	-
Information Technology	472,005,033	472,005,033	-	-
Materials	115,226,677	115,226,677	-	-
Telecommunication Services	21,630,740	21,630,740	-	-
Money Market Funds	90,247,895	90,247,895	-	-
Total Investments in Securities:	$ 2,121,576,020	$ 2,108,625,290	$ 12,950,730	$ -

Income Tax Information

Investment Valuation

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

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report
for
Fidelity Advisor® Real Estate Income Fund
Class A
Class T
Class C
Institutional Class
April 30, 2013

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

1.907554.103

REIA-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 29.9%
	Shares		Value
CONSUMER DISCRETIONARY - 0.7%
Hotels, Restaurants & Leisure - 0.3%
Hyatt Hotels Corp. Class A (a)	248,000		$ 10,584,640
Household Durables - 0.4%
NVR, Inc. (a)	6,700		6,901,000
Standard Pacific Corp. (a)(f)	560,795		5,075,195
Stanley Martin Communities LLC Class B (a)	4,620		4,355,921
Toll Brothers, Inc. (a)	82,100		2,816,851
			19,148,967
TOTAL CONSUMER DISCRETIONARY			29,733,607
FINANCIALS - 27.8%
Capital Markets - 0.1%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	549,700		6,255,586
Real Estate Investment Trusts - 26.8%
Acadia Realty Trust (SBI)	2,078,249		59,334,009
AG Mortgage Investment Trust, Inc.	469,500		12,145,965
American Campus Communities, Inc.	463,400		20,686,176
American Residential Properties, Inc. (h)	574,941		10,866,385
American Tower Corp.	313,200		26,305,668
AmREIT, Inc. Class B	200,000		3,802,000
Anworth Mortgage Asset Corp.	1,120,710		7,071,680
Apartment Investment & Management Co. Class A	1,230,700		38,287,077
Arbor Realty Trust, Inc. (g)	2,673,575		20,639,999
Associated Estates Realty Corp.	727,208		12,995,207
AvalonBay Communities, Inc.	194,000		25,809,760
Aviv REIT, Inc.	69,300		1,780,317
BioMed Realty Trust, Inc.	649,400		14,617,994
Boardwalk (REIT)	126,200		8,251,322
Canadian (REIT)	131,600		6,226,981
CapLease, Inc.	2,956,300		20,753,226
CBL & Associates Properties, Inc.	1,762,973		42,558,168
Cedar Shopping Centers, Inc.	921,410		5,906,238
Chartwell Retirement Residence	459,700		5,206,389
Chartwell Retirement Residence (h)	78,500		889,061
Chesapeake Lodging Trust	513,600		12,151,776
CommonWealth REIT	194,400		4,340,952
CyrusOne, Inc.	122,600		2,941,174
Cys Investments, Inc.	1,585,439		19,707,007
DCT Industrial Trust, Inc.	1,235,100		9,670,833
DiamondRock Hospitality Co.	623,300		6,220,534
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Digital Realty Trust, Inc.	157,400		$ 11,099,848
Douglas Emmett, Inc.	836,300		21,885,971
DuPont Fabros Technology, Inc.	316,600		7,959,324
Dynex Capital, Inc.	1,893,043		20,350,212
EastGroup Properties, Inc.	134,800		8,501,836
Education Realty Trust, Inc.	402,600		4,424,574
Equity Lifestyle Properties, Inc.	1,030,630		83,738,688
Equity Residential (SBI)	317,700		18,445,662
Excel Trust, Inc.	1,333,928		20,315,723
First Potomac Realty Trust	1,349,015		21,584,240
Glimcher Realty Trust	1,192,200		14,950,188
H&R REIT/H&R Finance Trust	284,100		6,979,478
Hatteras Financial Corp.	185,000		5,056,050
HCP, Inc.	215,400		11,480,820
Highwoods Properties, Inc. (SBI)	209,500		8,595,785
Lexington Corporate Properties Trust	3,246,382		41,586,153
LTC Properties, Inc.	471,813		21,939,305
MFA Financial, Inc.	10,998,493		101,956,030
Mid-America Apartment Communities, Inc.	305,000		20,962,650
Monmouth Real Estate Investment Corp. Class A	249,773		2,657,585
National Retail Properties, Inc.	195,700		7,765,376
Newcastle Investment Corp.	1,617,600		18,327,408
NorthStar Realty Finance Corp. (f)	1,450,900		14,465,473
Parkway Properties, Inc.	135,008		2,461,196
Piedmont Office Realty Trust, Inc. Class A	859,100		17,628,732
Prologis, Inc.	732,787		30,740,415
RAIT Financial Trust (f)	348,852		2,979,196
Rayonier, Inc.	268,200		15,936,444
Redwood Trust, Inc.	280,000		6,389,600
Retail Properties America, Inc.	897,650		13,743,022
Select Income (REIT)	333,500		9,514,755
Senior Housing Properties Trust (SBI)	845,400		24,034,722
Silver Bay Realty Trust Corp.	1		19
Simon Property Group, Inc.	73,500		13,088,145
Stag Industrial, Inc.	864,169		19,046,285
Summit Hotel Properties, Inc.	692,000		6,913,080
Terreno Realty Corp.	689,959		12,985,028
Two Harbors Investment Corp.	685,180		8,208,456
Ventas, Inc.	966,746		76,981,984
Washington (REIT) (SBI)	471,900		13,477,464
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Whitestone REIT Class B (f)	183,267		$ 3,023,906
WP Carey, Inc. (f)	173,600		12,242,272
			1,183,588,998
Real Estate Management & Development - 0.5%
Altisource Residential Corp. Class B (a)	200,000		3,800,000
Brookfield Asset Management, Inc. Class A	232,000		8,955,760
Kennedy-Wilson Holdings, Inc.	664,021		11,042,669
			23,798,429
Thrifts & Mortgage Finance - 0.4%
Home Loan Servicing Solutions Ltd.	683,094		15,472,079
TOTAL FINANCIALS			1,229,115,092
HEALTH CARE - 1.1%
Health Care Providers & Services - 1.1%
Brookdale Senior Living, Inc. (a)	1,277,700		32,951,883
Emeritus Corp. (a)	532,174		13,676,872
			46,628,755
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
SBA Communications Corp. Class A (a)	153,000		12,085,470
TOTAL COMMON STOCKS (Cost $1,034,480,472)		1,317,562,924
Preferred Stocks - 13.6%

Convertible Preferred Stocks - 1.0%
FINANCIALS - 1.0%
Real Estate Investment Trusts - 1.0%
Alexandria Real Estate Equities, Inc. Series D 7.00%	95,000		2,618,438
CommonWealth REIT 6.50%	396,216		9,402,206
Excel Trust, Inc. 7.00% (h)	248,200		6,773,797
Health Care REIT, Inc. Series I, 6.50%	46,800		3,131,210
Preferred Stocks - continued
	Shares		Value
Convertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Lexington Corporate Properties Trust Series C, 6.50%	388,432		$ 19,308,955
Ramco-Gershenson Properties Trust (SBI) Series D, 7.25%	40,000		2,568,800
			43,803,406
Nonconvertible Preferred Stocks - 12.6%
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
Red Lion Hotels Capital Trust 9.50%	163,225		4,297,714
Household Durables - 0.0%
M/I Homes, Inc. Series A, 9.75% (a)	18,350		461,503
TOTAL CONSUMER DISCRETIONARY			4,759,217
FINANCIALS - 12.5%
Capital Markets - 0.1%
Arlington Asset Investment Corp. 6.625%	168,472		4,127,564
Real Estate Investment Trusts - 11.9%
AG Mortgage Investment Trust, Inc. 8.00%	324,817		8,234,111
American Capital Agency Corp. 8.00%	200,000		5,340,000
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%	134,900		3,520,890
Series C, 7.625%	77,837		2,015,978
Series D, 7.50%	213,116		5,474,950
Anworth Mortgage Asset Corp. Series A, 8.625%	309,630		8,003,936
Apollo Commercial Real Estate Finance, Inc. Series A, 8.625%	375,101		9,977,687
Apollo Residential Mortgage, Inc. Series A, 8.00%	279,276		7,121,538
Arbor Realty Trust, Inc. Series A, 8.25% (g)	189,089		4,914,423
Armour Residential REIT, Inc. Series B, 7.875%	153,654		3,878,227
Ashford Hospitality Trust, Inc.:
Series D, 8.45%	27,000		685,800
Series E, 9.00%	85,751		2,389,880
Boston Properties, Inc. 5.25%	50,000		1,273,000
Campus Crest Communities, Inc. Series A, 8.00%	248,431		6,804,525
CapLease, Inc.:
Series A, 8.125%	70,306		1,782,257
Series B, 8.375%	439,766		12,128,746
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
CapLease, Inc.: - continued
Series C, 7.25%	210,000		$ 5,680,500
CBL & Associates Properties, Inc.:
7.375%	289,876		7,365,749
Series E, 6.625%	95,000		2,470,000
Cedar Shopping Centers, Inc. Series B, 7.25%	326,128		8,547,815
CenterPoint Properties Trust Series D, 5.377%	3,575		2,180,750
Chesapeake Lodging Trust Series A, 7.75%	266,916		7,230,754
Colony Financial, Inc. Series A, 8.50%	282,171		7,666,586
CommonWealth REIT 7.50%	93,300		2,020,878
Coresite Realty Corp. Series A, 7.25%	258,224		6,755,140
Corporate Office Properties Trust Series L, 7.375%	80,000		2,160,000
Cousins Properties, Inc. Series A, 7.75%	245,420		6,130,592
CubeSmart Series A, 7.75%	40,000		1,100,000
Cys Investments, Inc.:
Series A, 7.75%	117,824		2,998,621
Series B, 7.50%	311,567		7,594,446
DDR Corp.:
Series J, 6.50%	237,721		6,126,070
Series K, 6.25%	228,888		5,683,289
Digital Realty Trust, Inc.:
Series E, 7.00%	40,000		1,085,600
Series F, 6.625%	40,000		1,053,200
Series G, 5.875%	145,444		3,633,191
Duke Realty LP Series L, 6.60%	10,666		271,450
Dynex Capital, Inc.:
Series A, 8.50%	362,932		9,592,293
Series B, 7.625%	252,120		6,345,860
Equity Lifestyle Properties, Inc. Series C, 6.75%	800,000		20,696,000
Essex Property Trust, Inc. Series H, 7.125%	40,000		1,071,200
Excel Trust, Inc. Series B, 8.125%	400,000		10,708,000
First Potomac Realty Trust 7.75%	415,296		10,955,508
Gladstone Commercial Corp. Series C, 7.125%	232,238		6,140,373
Glimcher Realty Trust:
6.875%	256,115		6,505,321
Series G, 8.125%	109,192		2,762,558
Series H, 7.50%	198,527		5,185,525
Hatteras Financial Corp. Series A, 7.625%	197,288		4,985,468
Health Care REIT, Inc. Series J, 6.50%	20,000		548,000
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Hersha Hospitality Trust:
Series B, 8.00%	162,538		$ 4,274,749
Series C, 6.875%	50,000		1,288,000
Hospitality Properties Trust:
Series C, 7.00%	109,236		2,757,117
Series D, 7.125%	40,800		1,097,520
Hudson Pacific Properties, Inc. 8.375%	394,069		10,407,362
Inland Real Estate Corp. Series A, 8.125%	423,500		11,409,090
Invesco Mortgage Capital, Inc. Series A, 7.75%	113,342		2,919,690
Investors Real Estate Trust Series B, 7.95%	126,572		3,387,067
iStar Financial, Inc.:
Series E, 7.875%	156,008		3,775,394
Series F, 7.80%	179,421		4,309,692
Kilroy Realty Corp. Series G, 6.875%	40,000		1,081,200
Kite Realty Group Trust 8.25%	96,100		2,602,388
LaSalle Hotel Properties:
Series G, 7.25%	42,026		1,054,853
Series H, 7.50%	126,308		3,368,634
Series I, 6.375%	192,698		4,900,310
LBA Realty Fund II:
Series A, 8.75% (a)	69,000		2,760,000
Series B, 7.625% (a)	31,240		609,180
MFA Financial, Inc.:
8.00%	538,930		14,276,256
Series A, 8.50%	485,381		12,251,016
Series B, 7.50%	567,024		14,289,005
Monmouth Real Estate Investment Corp.:
7.625%	80,000		2,060,800
Series B, 7.875%	95,000		2,539,350
National Retail Properties, Inc. Series D, 6.625%	62,437		1,695,789
Newcastle Investment Corp. Series B, 9.75%	34,530		928,857
NorthStar Realty Finance Corp.:
Series B, 8.25%	225,708		5,669,785
Series C, 8.875%	275,338		7,114,734
Series D, 8.50%	161,601		4,069,113
Pebblebrook Hotel Trust:
Series A, 7.875%	372,000		9,858,000
Series B, 8.00%	185,085		4,960,278
Series C, 6.50%	178,160		4,484,287
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Pennsylvania (REIT) 7.375%	76,510		$ 2,018,334
Prologis, Inc. Series Q, 8.54%	94,446		6,106,529
PS Business Parks, Inc.:
5.70%	132,138		3,335,163
6.875%	50,000		1,334,500
Series S, 6.45%	70,536		1,885,427
Regency Centers Corp. Series 6, 6.625%	62,261		1,672,330
Retail Properties America, Inc. 7.00%	194,782		4,998,106
Sabra Health Care REIT, Inc. Series A, 7.125% (a)	200,000		5,140,000
Saul Centers, Inc.:
8.00%	38,072		987,207
Series C, 6.875%	315,478		8,328,619
Stag Industrial, Inc.:
Series A, 9.00%	280,000		7,733,600
Series B, 6.625% (a)	80,000		2,004,800
Strategic Hotel & Resorts, Inc.:
Series A, 8.50%	92,323		2,316,384
Series B, 8.25%	80,000		1,999,200
Summit Hotel Properties, Inc.:
Series A, 9.25%	138,340		3,827,868
Series B, 7.875%	190,173		4,992,041
Series C, 7.125% (a)	153,212		3,943,677
Sun Communities, Inc. Series A, 7.125%	360,000		9,316,800
Sunstone Hotel Investors, Inc. Series D, 8.00%	60,362		1,600,800
Taubman Centers, Inc. Series K, 6.25%	96,120		2,475,090
Terreno Realty Corp. Series A 7.75%	213,690		5,694,839
UMH Properties, Inc. Series A, 8.25%	600,000		16,434,000
Urstadt Biddle Properties, Inc. Series F, 7.125%	210,000		5,541,900
Vornado Realty LP 7.875%	54,682		1,493,912
Weingarten Realty Investors (SBI) Series F, 6.50%	116,230		2,935,970
Winthrop Realty Trust:
7.75%	540,000		14,050,800
Series D, 9.25%	65,000		1,814,150
			526,978,271
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Management & Development - 0.5%
Forest City Enterprises, Inc. 7.375%	657,000		$ 16,608,960
Kennedy-Wilson, Inc. 7.75%	141,574		3,688,003
			20,296,963
TOTAL FINANCIALS			551,402,798
TOTAL NONCONVERTIBLE PREFERRED STOCKS			556,162,015
TOTAL PREFERRED STOCKS (Cost $572,900,815)		599,965,421

Corporate Bonds - 20.2%
		Principal Amount (e)
Convertible Bonds - 2.9%
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
Morgans Hotel Group Co. 2.375% 10/15/14		$ 4,510,000		4,374,700
Household Durables - 0.0%
M/I Homes, Inc. 3% 3/1/18		1,790,000		1,918,522
TOTAL CONSUMER DISCRETIONARY				6,293,222
FINANCIALS - 2.8%
Diversified Financial Services - 0.2%
IAS Operating Partnership LP 5% 3/15/18 (h)		10,600,000		10,699,375
Real Estate Investment Trusts - 2.2%
Annaly Capital Management, Inc. 5% 5/15/15		34,396,000		35,707,348
Ares Commercial Real Estate Corp. 7% 12/15/15 (h)		9,700,000		9,841,620
CapLease, Inc. 7.5% 10/1/27 (h)		5,180,000		5,180,000
Colony Financial, Inc. 5% 4/15/23		9,000,000		9,962,100
Northstar Realty Finance LP 8.875% 6/15/32 (h)		6,790,000		11,343,544
Pennymac Corp. 5.375% 5/1/20 (h)		4,000,000		4,062,500
ProLogis LP 2.625% 5/15/38		1,500,000		1,500,075
Redwood Trust, Inc. 4.625% 4/15/18		8,500,000		9,573,550
Starwood Property Trust, Inc. 4.55% 3/1/18		7,000,000		7,749,000
				94,919,737
Corporate Bonds - continued
		Principal Amount (e)		Value
Convertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - 0.4%
Corporate Office Properties LP 4.25% 4/15/30 (h)		$ 9,460,000		$ 9,950,738
Forestar Group, Inc. 3.75% 3/1/20		5,000,000		5,883,000
Grubb & Ellis Co. 7.95% 5/1/15 (d)(h)		5,500,000		11,000
				15,844,738
TOTAL FINANCIALS				121,463,850
TOTAL CONVERTIBLE BONDS				127,757,072
Nonconvertible Bonds - 17.3%
CONSUMER DISCRETIONARY - 5.9%
Hotels, Restaurants & Leisure - 0.6%
CityCenter Holdings LLC/CityCenter Finance Corp. 7.625% 1/15/16		3,505,000		3,763,669
FelCor Lodging LP:
5.625% 3/1/23 (h)		2,000,000		2,072,500
6.75% 6/1/19		5,875,000		6,418,438
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17		1,700,000		1,921,000
RHP Hotel Properties LP/RHP Finance Co. 5% 4/15/21 (h)		2,000,000		2,050,000
Times Square Hotel Trust 8.528% 8/1/26 (h)		8,796,891		11,918,125
				28,143,732
Household Durables - 4.9%
Ashton Woods USA LLC/Ashton Woods Finance Co. 6.875% 2/15/21 (h)		10,000,000		10,350,000
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (h)		1,615,000		1,736,125
D.R. Horton, Inc. 4.75% 5/15/17		2,000,000		2,145,000
KB Home:
5.875% 1/15/15		7,000,000		7,385,000
7.25% 6/15/18		7,420,000		8,291,850
8% 3/15/20		8,465,000		9,904,050
9.1% 9/15/17		17,595,000		21,026,025
Lennar Corp.:
4.125% 12/1/18 (h)		5,520,000		5,630,400
5.6% 5/31/15		6,000,000		6,450,000
6.5% 4/15/16		4,000,000		4,455,000
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Lennar Corp.: - continued
6.95% 6/1/18		$ 14,280,000		$ 16,368,450
M/I Homes, Inc. 8.625% 11/15/18		26,055,000		28,921,050
Meritage Homes Corp.:
7% 4/1/22		7,525,000		8,446,813
7.15% 4/15/20		7,060,000		7,960,150
Ryland Group, Inc.:
6.625% 5/1/20		1,555,000		1,716,331
8.4% 5/15/17		5,420,000		6,490,450
Standard Pacific Corp.:
7% 8/15/15		4,000,000		4,200,000
8.375% 5/15/18		28,983,000		34,489,770
10.75% 9/15/16		8,415,000		10,497,713
Toll Brothers Finance Corp.:
4.375% 4/15/23		3,230,000		3,310,750
5.875% 2/15/22		1,550,000		1,751,500
William Lyon Homes, Inc. 8.5% 11/15/20 (h)		11,130,000		12,465,600
				213,992,027
Media - 0.2%
Clear Channel Worldwide Holdings, Inc. 7.625% 3/15/20		7,000,000		7,472,500
Multiline Retail - 0.2%
Sears Holdings Corp. 6.625% 10/15/18		9,820,000		9,746,350
TOTAL CONSUMER DISCRETIONARY				259,354,609
CONSUMER STAPLES - 0.1%
Food & Staples Retailing - 0.1%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20		907,635		1,033,569
C&S Group Enterprises LLC 8.375% 5/1/17 (h)		3,520,000		3,784,000
				4,817,569
FINANCIALS - 9.9%
Diversified Financial Services - 0.5%
Cantor Commercial Real Estate Co. LP/CCRE Finance Corp. 7.75% 2/15/18 (h)		4,755,000		4,921,425
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Diversified Financial Services - continued
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
7.75% 1/15/16		$ 10,820,000		$ 11,266,325
8% 1/15/18		5,240,000		5,633,000
				21,820,750
Real Estate Investment Trusts - 6.5%
American Campus Communities Operating Partnership LP 3.75% 4/15/23		2,505,000		2,631,270
Camden Property Trust 5% 6/15/15		1,100,000		1,188,270
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15		2,526,000		2,818,571
6.25% 6/15/14		8,355,000		8,810,807
CubeSmart LP 4.8% 7/15/22		2,000,000		2,235,264
Developers Diversified Realty Corp.:
5.5% 5/1/15		4,000,000		4,324,668
7.5% 4/1/17		6,000,000		7,203,792
7.5% 7/15/18		8,756,000		10,890,266
7.875% 9/1/20		4,637,000		6,017,022
9.625% 3/15/16		3,836,000		4,675,908
Duke Realty LP 6.25% 5/15/13		750,000		751,379
Equity One, Inc.:
5.375% 10/15/15		3,500,000		3,817,853
6.25% 1/15/17		3,000,000		3,424,071
Equity Residential 5.125% 3/15/16		7,201,000		8,025,702
Health Care Property Investors, Inc.:
5.625% 5/1/17		2,980,000		3,441,581
6% 6/15/14		2,340,000		2,467,923
6% 3/1/15		1,000,000		1,086,292
7.072% 6/8/15		1,500,000		1,660,004
Health Care REIT, Inc.:
3.625% 3/15/16		7,685,000		8,173,113
4.125% 4/1/19		2,000,000		2,191,398
6% 11/15/13		1,000,000		1,027,570
6.2% 6/1/16		2,750,000		3,154,498
Healthcare Realty Trust, Inc.:
3.75% 4/15/23		4,022,000		4,086,465
5.75% 1/15/21		3,095,000		3,612,905
6.5% 1/17/17		2,875,000		3,317,373
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Highwoods/Forsyth LP:
3.625% 1/15/23		$ 1,607,000		$ 1,612,324
5.85% 3/15/17		2,800,000		3,157,020
Hospitality Properties Trust:
5% 8/15/22		3,177,000		3,451,108
5.625% 3/15/17		915,000		1,013,461
7.875% 8/15/14		1,000,000		1,050,552
HRPT Properties Trust:
5.75% 11/1/15		4,826,000		5,157,435
6.25% 8/15/16		9,675,000		10,560,108
6.25% 6/15/17		1,055,000		1,166,838
6.65% 1/15/18		4,246,000		4,821,855
iStar Financial, Inc.:
5.85% 3/15/17		3,587,000		3,676,675
5.875% 3/15/16		34,260,000		35,973,000
5.95% 10/15/13		7,330,000		7,439,950
6.05% 4/15/15		14,630,000		15,361,500
7.125% 2/15/18		5,725,000		6,068,500
9% 6/1/17		9,175,000		10,459,500
MPT Operating Partnership LP/MPT Finance Corp.:
6.375% 2/15/22		3,610,000		3,907,825
6.875% 5/1/21		2,000,000		2,180,000
National Retail Properties, Inc. 3.3% 4/15/23		2,000,000		2,001,156
Nationwide Health Properties, Inc. 6% 5/20/15		5,670,000		6,253,897
Omega Healthcare Investors, Inc.:
6.75% 10/15/22		2,115,000		2,352,938
7.5% 2/15/20		1,000,000		1,115,000
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14		1,750,000		1,846,492
Potlatch Corp. 7.5% 11/1/19		1,000,000		1,180,000
ProLogis LP:
6.625% 5/15/18		6,480,000		7,871,800
7.625% 7/1/17		4,690,000		5,464,793
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20		2,000,000		2,507,600
Senior Housing Properties Trust:
4.3% 1/15/16		5,000,000		5,242,025
6.75% 4/15/20		13,624,000		15,840,175
6.75% 12/15/21		8,000,000		9,406,616
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
United Dominion Realty Trust, Inc.:
5.13% 1/15/14		$ 2,520,000		$ 2,592,856
5.25% 1/15/15		1,000,000		1,065,988
5.25% 1/15/16		4,000,000		4,394,468
				287,227,420
Real Estate Management & Development - 2.8%
AMB Property LP 5.9% 8/15/13		400,000		405,469
BioMed Realty LP 3.85% 4/15/16		2,000,000		2,125,694
Brandywine Operating Partnership LP:
5.4% 11/1/14		6,750,000		7,167,508
7.5% 5/15/15		1,000,000		1,119,472
CB Richard Ellis Services, Inc.:
5% 3/15/23		6,020,000		6,163,276
6.625% 10/15/20		1,205,000		1,316,463
11.625% 6/15/17		1,500,000		1,603,500
Colonial Properties Trust 6.25% 6/15/14		3,094,000		3,261,014
Colonial Realty LP 6.05% 9/1/16		2,500,000		2,815,025
ERP Operating LP 5.25% 9/15/14		4,815,000		5,115,085
Forest City Enterprises, Inc. 6.5% 2/1/17		17,420,000		16,984,500
Host Hotels & Resorts LP:
5.25% 3/15/22		2,000,000		2,230,000
5.875% 6/15/19		2,725,000		3,017,938
Kennedy-Wilson, Inc.:
8.75% 4/1/19		12,700,000		13,954,125
8.75% 4/1/19 (h)		7,710,000		8,471,363
Realogy Corp.:
7.875% 2/15/19 (h)		7,085,000		7,908,631
9% 1/15/20 (h)		1,920,000		2,275,200
Regency Centers LP:
5.25% 8/1/15		4,509,000		4,890,001
5.875% 6/15/17		400,000		460,505
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.25% 4/15/21 (h)		4,000,000		4,120,000
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17		2,490,000		2,661,312
Ventas Realty LP/Ventas Capital Corp.:
2.7% 4/1/20		3,000,000		3,048,972
3.125% 11/30/15		13,807,000		14,586,806
3.25% 8/15/22		2,000,000		2,038,818
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - continued
Ventas Realty LP/Ventas Capital Corp.: - continued
4% 4/30/19		$ 2,262,000		$ 2,490,032
Weekley Homes LLC/Weekley Finance Corp. 6% 2/1/23 (h)		2,460,000		2,558,400
Wells Operating Partnership II LP 5.875% 4/1/18		3,000,000		3,358,067
				126,147,176
Thrifts & Mortgage Finance - 0.1%
Wrightwood Capital LLC 1.9% 4/20/20 (d)		3,924,493		3,002,238
TOTAL FINANCIALS				438,197,584
HEALTH CARE - 1.1%
Health Care Equipment & Supplies - 0.3%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. 7.75% 2/15/19		10,410,000		11,398,950
Health Care Providers & Services - 0.8%
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18		33,008,000		35,978,720
TOTAL HEALTH CARE				47,377,670
INDUSTRIALS - 0.1%
Commercial Services & Supplies - 0.1%
Iron Mountain, Inc. 5.75% 8/15/24		4,235,000		4,362,050
Industrial Conglomerates - 0.0%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 7.375% 10/1/17 (h)		3,050,000		3,168,188
TOTAL INDUSTRIALS				7,530,238
INFORMATION TECHNOLOGY - 0.1%
Internet Software & Services - 0.1%
Cyrusone LP/Cyrusone Finance Corp. 6.375% 11/15/22 (h)		3,000,000		3,172,500
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
Crown Castle International Corp. 5.25% 1/15/23		$ 4,000,000		$ 4,180,000
TOTAL NONCONVERTIBLE BONDS				764,630,170
TOTAL CORPORATE BONDS (Cost $813,842,393)			892,387,242
Asset-Backed Securities - 3.0%

Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.5592% 3/23/19 (h)(j)		175,535		173,868
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.6992% 3/20/50 (h)(j)		2,250,000		109,350
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (h)		2,235,851		2,239,876
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.5294% 1/20/37 (h)(j)		657,359		628,600
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (h)		1,096,268		1,063,380
CBRE Realty Finance CDO LLC Series 2007-1A Class A1, 0.5304% 4/7/52 (h)(j)		9,486,694		8,443,158
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33		500,000		443,204
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (h)		226,800		227,084
Class B2, 1.6336% 12/28/35 (h)(j)		227,523		225,247
Class D, 9% 12/28/35 (h)		525,651		391,663
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (h)		1,050,328		787,746
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27		9,500,000		9,164,042
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.6516% 11/28/39 (h)(j)		582,529		17,476
Green Tree Financial Corp.:
Series 1996-4 Class M1, 7.75% 6/15/27		1,788,179		1,698,743
Series 1997-3 Class M1, 7.53% 3/15/28		7,293,450		6,349,710
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7002% 6/25/35 (j)(l)		787,807		32,099
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 1.7502% 8/26/30 (h)(j)		$ 735,000		$ 694,649
Class E, 2.2002% 8/26/30 (h)(j)		1,517,957		956,313
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40		1,100,082		527,336
Merit Securities Corp. Series 13 Class M1, 7.8859% 12/28/33 (j)		1,923,000		2,071,061
Mesa West Capital CDO Ltd.:
Series 2007-1A Class A2, 0.4902% 2/25/47 (h)(j)		15,000,000		14,062,500
Series 2007-1A Class A1, 0.4602% 2/25/47 (h)(j)		8,762,456		8,472,200
N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (h)		899,989		773,990
Newcastle Investment Trust Series 2011-MH1 Class A, 2.45% 12/10/33 (h)		2,431,144		2,483,051
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class D, 5.194% 7/24/39 (h)		1,532,040		1,535,104
Prima Capital Ltd. Series 2006-CR1A Class A2, 5.533% 12/28/48 (h)		9,302,588		9,488,640
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 2.9455% 2/5/36 (h)(j)		3,666,283		367
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 5.7841% 9/25/26 (h)(j)		2,000,000		1,210,000
Series 2006-1A:
Class A1A, 0.5441% 9/25/26 (h)(j)		12,479,952		12,296,497
Class A1B, 0.6141% 9/25/26 (h)(j)		22,506,000		20,489,462
Class A2A, 0.5041% 9/25/26 (h)(j)		2,257,861		2,252,893
Class A2B, 0.5941% 9/25/26 (h)(j)		1,550,000		1,462,115
Class B, 0.6441% 9/25/26 (h)(j)		890,000		797,885
Class C 0.8141% 9/25/26 (h)(j)		3,830,000		3,395,295
Class F, 1.4341% 9/25/26 (h)(j)		2,713,000		2,378,216
Class G, 1.6341% 9/25/26 (h)(j)		1,599,000		1,388,572
Class H, 1.9341% 9/25/26 (h)(j)		1,535,000		1,325,319
Class J, 3.0341% 9/25/26 (h)(j)		1,500,000		1,299,000
Class K, 3.5341% 9/25/26 (h)(j)		2,475,000		2,119,095
Class L, 4.2841% 9/25/26 (h)(j)		1,500,000		1,297,200
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A:
Class A1, 0.6091% 11/21/40 (h)(j)		8,832,497		8,125,897
Class F, 2.2391% 11/21/40 (h)(j)		250,000		50,000
TOTAL ASSET-BACKED SECURITIES (Cost $128,660,649)			132,947,903
Collateralized Mortgage Obligations - 0.4%
		Principal Amount (e)		Value
Private Sponsor - 0.4%
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.3787% 6/15/22 (h)(j)		$ 1,797,292		$ 1,774,495
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (h)		49,175		16,744
Series 2002-R2 Class 2B3, 3.6669% 7/25/33 (h)(j)		199,615		102,743
Series 2003-40 Class B3, 4.5% 10/25/18 (h)		83,810		17,331
Series 2003-R3:
Class B2, 5.5% 11/25/33 (h)		1,306,762		250,313
Class B3, 5.5% 11/25/33		118,598		7,003
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (h)(j)		104,122		5,504
FREMF Mortgage Trust:
Series 2010 K7 Class B, 5.4359% 4/25/20 (h)(j)		3,200,000		3,703,923
Series 2010-K6 Class B, 5.3654% 12/25/46 (h)(j)		4,500,000		5,174,492
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (h)		7,120,000		7,383,212
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 12.1503% 7/10/35 (h)(j)		244,202		204,300
Series 2005-A Class B6, 2.2003% 3/10/37 (h)(j)		1,087,061		5,870
Series 2005-B Class B6, 1.8003% 6/10/37 (h)(j)		232,828		93
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (h)		27,723		24,202
RESIX Finance Ltd. floater:
Series 2003-D Class B8, 6.7003% 12/10/35 (h)(j)		237,743		113,689
Series 2004-A Class B7, 4.4503% 2/10/36 (h)(j)		267,333		147,113
Series 2004-B Class B7, 4.2003% 2/10/36 (h)(j)		317,267		162,441
TOTAL PRIVATE SPONSOR				19,093,468
U.S. Government Agency - 0.0%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (l)		143,707		78,027
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.1885% 2/25/42 (h)(j)		95,595		55,979
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (l)		216,345		54,591
Collateralized Mortgage Obligations - continued
		Principal Amount (e)		Value
U.S. Government Agency - continued
Fannie Mae REMIC Trust: - continued
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.2088% 6/25/43 (h)(j)		$ 143,584		$ 58,307
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 3.174% 10/25/42 (h)(j)		62,131		33,212
TOTAL U.S. GOVERNMENT AGENCY				280,116
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $20,297,663)			19,373,584
Commercial Mortgage Securities - 13.6%

ACGS Series 2004-1 Class P, 7.4605% 8/1/19 (l)		3,608,325		3,538,977
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (h)		2,000,000		2,416,243
Banc of America Commercial Mortgage Trust:
Series 2005-1 Class CJ, 5.196% 11/10/42 (j)		3,580,000		3,829,336
Series 2005-6 Class AJ, 5.1877% 9/10/47 (j)		5,000,000		5,465,805
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 2.499% 11/15/15 (h)(j)		102,774,527		103,569,068
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.1987% 3/15/22 (h)(j)		760,684		517,265
Banc of America REMIC Trust Series 2012-CLMZ Class A, 7.6987% 8/15/17 (h)(j)		4,900,000		5,212,620
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4502% 3/11/39 (j)		5,700,000		5,940,780
Bear Stearns Commercial Mortgage Securities Trust Series 2006-T22 Class B, 5.5811% 4/12/38 (h)(j)		2,520,000		2,662,554
COMM Mortgage Trust Series 2012-CR5 Class D, 4.3353% 12/10/45 (h)(j)		2,000,000		2,035,032
COMM pass-thru certificates:
floater Series 2006-FL12:
Class AJ, 0.3287% 12/15/20 (h)(j)		8,000,000		7,666,040
Class B, 0.3687% 12/15/20 (h)(j)		2,825,274		2,697,162
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (h)		3,503,241		3,534,770
Commercial Mortgage Trust pass-thru certificates:
Series 2005-C6 Class AJ, 5.209% 6/10/44 (j)		5,000,000		5,409,405
Series 2012-CR1:
Class C, 5.547% 5/15/45		1,000,000		1,153,475
Class D, 5.547% 5/15/45 (h)		2,050,000		2,155,052
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Commercial Mortgage Trust pass-thru certificates: - continued
Series 2012-CR2: - continued
Class D, 4.8586% 8/15/45 (h)(j)		$ 4,500,000		$ 4,687,074
Class E, 4.8586% 8/15/45 (h)(j)		6,000,000		6,134,118
Series 2012-LC4:
Class C, 5.649% 12/10/44 (j)		2,000,000		2,338,796
Class D, 5.824% 12/10/44 (h)(j)		8,000,000		8,639,880
Communication Mortgage Trust Series 2011-THL:
Class E, 5.949% 6/9/28 (h)		3,690,000		3,796,132
Class F, 4.867% 6/9/28 (h)		11,090,000		10,359,746
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1998-C1 Class F, 6% 5/17/40 (h)		1,961,065		2,157,307
Series 1998-C2 Class F, 6.75% 11/15/30 (h)		3,000,000		3,158,049
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.5571% 11/10/46 (h)(j)		12,490,000		13,798,602
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		741,763		742,273
DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.1969% 6/10/31 (h)(j)		1,476,349		1,476,693
Extended Stay America Trust Series 2013-ESHM Class M, 7.625% 12/5/19 (h)		10,950,000		11,646,827
Freddie Mac:
pass-thru certificates:
Series K011 Class X3, 2.5754% 12/25/43 (j)(k)		12,206,096		1,968,453
Series K012 Class X3, 2.2882% 1/25/41 (j)(k)		21,072,886		3,039,722
Series K013 Class X3, 2.7902% 1/25/43 (j)(k)		14,360,000		2,544,233
Series KAIV Class X2, 3.6147% 6/25/46 (j)(k)		7,430,000		1,700,546
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (h)		8,218,897		8,280,538
GCCFC Commercial Mortgage Trust sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (h)		2,000,000		2,002,814
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2 Class G, 6.75% 4/15/29 (j)		906,496		1,019,459
Series 1999-C3 Class J, 6.974% 8/15/36		1,500,000		1,580,972
Series 2000-C1 Class K, 7% 3/15/33		193,433		147,501
GS Mortgage Securities Corp. II:
floater Series 2007-EOP Class L, 5.4585% 3/6/20 (h)(j)		1,400,000		1,412,547
Series 2010-C1:
Class D, 5.9876% 8/10/43 (h)(j)		4,000,000		4,639,808
Class E, 4% 8/10/43 (h)		3,770,000		3,011,193
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
GS Mortgage Securities Corp. II: - continued
Series 2012-GCJ7:
Class C, 5.7228% 5/10/45 (j)		$ 6,500,000		$ 7,428,793
Class D, 5.7228% 5/10/45 (h)(j)		2,000,000		2,145,668
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (h)		9,185,000		9,249,295
GS Mortgage Securities Trust:
Series 2010-C2 Class D, 5.2273% 12/10/43 (h)(j)		3,000,000		3,268,122
Series 2011-GC5:
Class C, 5.3083% 8/10/44 (h)(j)		9,000,000		10,379,601
Class D, 5.3083% 8/10/44 (h)(j)		4,000,000		4,258,424
Series 2012-GC6 Class C, 5.6391% 1/10/45 (h)(j)		3,600,000		4,223,431
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2001-A:
Class G, 6% 10/15/32 (h)(j)		2,036,910		36,732
Class X, 0.6341% 10/15/32 (h)(j)(k)		4,757,212		43,579
Series 2002-C1 Class E, 6.135% 7/12/37 (h)		1,755,362		1,759,740
Series 2009-IWST:
Class C, 7.4458% 12/5/27 (h)(j)		3,000,000		3,729,684
Class D, 7.4458% 12/5/27 (h)(j)		9,550,000		11,328,812
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (h)		9,000,000		9,640,955
Series 2010-CNTR:
Class D, 6.1844% 8/5/32 (h)(j)		4,500,000		5,194,805
Class XB, 0.9311% 8/5/32 (h)(j)(k)		32,655,000		1,583,196
Series 2012-CBX Class C, 5.1895% 6/16/45 (j)		4,530,000		5,102,019
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2005-LDP5 Class AJ, 5.3216% 12/15/44 (j)		3,470,000		3,729,756
Series 2011-C5 Class C, 5.3147% 8/15/46 (h)(j)		6,525,375		7,408,832
JPMorgan Commercial Mortgage Finance Corp. Series 1999-C8:
Class G, 6% 7/15/31 (h)		653,661		657,791
Class H, 6% 7/15/31 (h)		1,424,589		820,945
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (h)		2,328,545		2,366,345
LB-UBS Commercial Mortgage Trust:
sequential payer:
Series 2004-C2 Class E, 4.487% 3/15/36		2,060,000		2,085,999
Series 2005-C3 Class AJ, 4.843% 7/15/40		6,620,000		7,036,550
Series 2005-C7 Class AJ, 5.323% 11/15/40 (j)		8,000,000		8,646,232
Series 2006-C7 Class AM, 5.378% 11/15/38		2,040,000		2,271,564
Series 2004-C7 Class E, 4.918% 10/15/36		5,120,000		5,320,156
Series 2005-C1 Class E, 4.924% 2/15/40		4,000,000		4,114,288
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
LB-UBS Commercial Mortgage Trust: - continued
Series 2006-C4:
Class AJ, 5.8856% 6/15/38 (j)		$ 7,005,000		$ 7,256,325
Class AM, 5.8856% 6/15/38 (j)		6,700,000		7,606,550
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2007-LLFA Class E, 1.0987% 6/15/22 (h)(j)		6,230,000		6,069,447
LStar Commercial Mortgage Trust:
Series 2011-1 Class D, 5.491% 6/25/43 (h)(j)		4,699,000		4,929,538
Series 2011-1 Class B, 5.491% 6/25/43 (h)(j)		6,165,000		6,491,678
Merrill Lynch Financial Asset, Inc. Series 2005-CA16:
Class F, 4.384% 7/12/37	CAD	710,000		580,206
Class G, 4.384% 7/12/37	CAD	355,000		284,525
Class H, 4.384% 7/12/37	CAD	236,000		185,531
Class J, 4.384% 7/12/37	CAD	355,000		273,772
Class K, 4.384% 7/12/37	CAD	355,000		268,590
Class L, 4.384% 7/12/37	CAD	236,000		175,193
Class M, 4.384% 7/12/37	CAD	995,000		655,403
Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (h)		708,096		325,724
Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.6859% 5/12/39 (j)		1,200,000		1,356,852
Mezz Capital Commercial Mortgage Trust:
sequential payer:
Series 2004-C1 Class A, 4.836% 1/15/37 (h)		2,073,398		1,902,343
Series 2004-C2 Class A, 5.318% 10/15/40 (h)		9,067,514		7,934,074
Series 2004-C1:
Class D, 6.988% 1/15/37 (h)		237,495		24
Class IO, 8.4552% 1/15/37 (h)(j)(k)		2,352,967		108,942
Morgan Stanley BAML Trust Series 2013-C9 Class D, 4.2997% 5/15/46 (i)		5,000,000		4,657,500
Morgan Stanley Capital I Trust:
sequential payer:
Series 2012-C4 Class E, 5.71% 3/15/45 (h)		4,630,000		4,880,895
Series 2006-HQ10 Class AM, 5.36% 11/12/41		8,200,000		9,184,853
Series 1997-RR Class F, 7.4014% 4/30/39 (h)(j)		1,060,296		1,049,693
Series 1998-CF1 Class G, 7.35% 7/15/32 (h)		2,638,902		2,003,233
Series 2005-HQ5 Class B, 5.272% 1/14/42		2,000,000		2,114,376
Series 2005-HQ6 Class AJ, 5.073% 8/13/42 (j)		2,500,000		2,621,068
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43		7,500,000		8,535,360
Series 2011-C1 Class C, 5.2537% 9/15/47 (h)(j)		4,000,000		4,560,281
Series 2011-C2:
Class D, 5.3172% 6/15/44 (h)(j)		4,610,000		4,979,063
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Morgan Stanley Capital I Trust: - continued
Series 2011-C2: - continued
Class E, 5.3172% 6/15/44 (h)(j)		$ 9,600,000		$ 10,301,136
Class F, 5.3172% 6/15/44 (h)(j)		4,440,000		3,815,363
Class XB, 0.4644% 6/15/44 (h)(j)(k)		63,708,222		2,280,945
Series 2011-C3:
Class C, 5.1849% 7/15/49 (h)(j)		2,000,000		2,258,742
Class D, 5.357% 7/15/49 (h)		7,400,000		8,011,070
Series 2012-C4 Class D, 5.5266% 3/15/45 (h)(j)		6,310,000		7,082,912
NationsLink Funding Corp. Series 1999-SL Class X, 11/10/30 (k)		224,615		224,346
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (h)		3,783,011		4,818,420
RBSCF Trust Series 2010-MB1 Class D, 4.6812% 4/15/24 (h)(j)		9,049,000		9,221,501
Salomon Brothers Mortgage Securities VII, Inc. Series 2001-MMA Class E3, 6.5% 2/18/34 (h)(j)		170,742		173,393
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.5388% 8/15/39 (j)		2,080,000		2,293,225
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (h)		10,630,000		11,004,208
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.7737% 7/15/24 (h)(j)		1,200,000		1,059,790
UBS-Barclays Commercial Mortgage Trust sequential payer Series 2012-C3 Class A1, 0.726% 8/10/49		3,594,923		3,600,855
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 5.8752% 1/10/45 (h)(j)		3,000,000		3,701,484
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/28 (h)		2,540,000		2,929,313
Wachovia Bank Commercial Mortgage Trust:
Series 2004-C10 Class E, 4.931% 2/15/41		2,000,000		2,034,472
Series 2004-C11:
Class D, 5.3874% 1/15/41 (j)		5,177,000		5,062,269
Class E, 5.4374% 1/15/41 (j)		3,785,000		3,604,762
Series 2004-C12 Class D, 5.3085% 7/15/41 (j)		2,750,000		2,846,825
Series 2004-C14 Class B, 5.17% 8/15/41		3,180,000		3,316,966
Wells Fargo Commercial Mortgage Trust Series 2012-LC5 Class D, 4.7802% 10/15/45 (h)		9,999,000		9,961,364
WF-RBS Commercial Mortgage Trust:
Series 2011-C3:
Class C, 5.335% 3/15/44 (h)		4,900,000		5,614,013
Class D, 5.5491% 3/15/44 (h)(j)		1,000,000		1,079,750
Class E, 5% 3/15/44 (h)		2,000,000		1,768,978
Series 2012-C7 Class D, 4.85% 6/15/45 (h)(j)		2,380,000		2,543,508
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
WF-RBS Commercial Mortgage Trust: - continued
Series 2013-C11:
Class D, 4.1856% 3/15/45 (h)(j)		$ 5,830,000		$ 5,649,567
Class E, 4.1856% 3/15/45 (h)(j)		4,780,000		3,765,168
Series 2013-C13 Class D, 4.2791% 5/15/45 (h)(i)(j)		4,000,000		3,789,375
WFDB Commercial Mortgage Trust Series 2011-BXR Class D, 5.914% 7/5/24 (h)		4,000,000		4,114,148
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $543,595,453)			600,837,088
Floating Rate Loans - 9.5%

CONSUMER DISCRETIONARY - 4.6%
Hotels, Restaurants & Leisure - 4.4%
Cedar Fair LP Tranche B, term loan 3.25% 3/1/20 (j)		2,810,000		2,841,613
Cooper Hotel Group REL 12% 11/6/17		13,368,215		14,136,887
Extended Stay America, Inc. REL 9.625% 12/1/19		7,000,000		7,507,500
Hilton Worldwide, Inc.:
term loan 4.449% 11/12/15 (j)		59,894,829		59,071,275
Tranche B, term loan 3.5715% 11/12/15 (j)		11,662,158		11,501,803
Tranche C, term loan 3.699% 11/12/15 (j)		19,436,930		19,169,673
Tranche D, term loan 3.949% 11/12/15 (j)		22,447,616		22,138,961
Tranche E, term loan 4.199% 11/12/15 (j)		29,155,395		28,754,509
Intrawest U.S. Holding, Inc. Tranche 1LN, term loan 7% 12/4/17 (j)		4,987,500		5,093,484
La Quinta:
Tranche A, term loan 11.375% 7/6/14 (j)		7,990,026		8,097,892
Tranche B, term loan 11.375% 7/6/14 (j)		5,992,520		6,073,419
Tranche D, term loan 14.9% 7/6/14 (j)		12,000,000		11,492,400
				195,879,416
Media - 0.1%
PRIMEDIA, Inc. Tranche B, term loan 7.5% 1/13/18 (j)		2,800,125		2,793,125
Specialty Retail - 0.1%
The Pep Boys - Manny, Moe & Jack Tranche B, term loan 5% 10/11/18 (j)		5,341,613		5,415,060
TOTAL CONSUMER DISCRETIONARY				204,087,601
Floating Rate Loans - continued
		Principal Amount (e)		Value
ENERGY - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
Panda Sherman Power, LLC term loan 9% 9/14/18 (j)		$ 7,200,000		$ 7,326,000
Panda Temple Power, LLC term loan 7.25% 4/3/19 (j)		8,580,000		8,730,150
				16,056,150
FINANCIALS - 3.4%
Diversified Financial Services - 0.8%
Blackstone REL 10% 10/1/17		17,500,000		18,725,000
Pilot Travel Centers LLC:
Tranche B 2LN, term loan 4.25% 8/7/19 (j)		7,226,375		7,117,979
Tranche B, term loan 3.75% 3/30/18 (j)		6,666,917		6,533,579
SBA Senior Finance, Inc. Tranche B, term loan 3.75% 6/30/18 (j)		1,083,174		1,089,943
				33,466,501
Real Estate Investment Trusts - 1.0%
iStar Financial, Inc. Tranche B, term loan 4.5% 10/15/17 (j)		39,045,241		39,435,693
Starwood Property Trust, Inc. Tranche B, term loan 3.5% 4/10/20 (j)		5,000,000		5,006,250
				44,441,943
Real Estate Management & Development - 1.6%
CB Richard Ellis Services, Inc. Tranche B, term loan 2.9537% 3/28/21 (j)		4,525,000		4,547,625
CityCenter term loan 8.75% 7/1/13 (j)		4,169,750		4,169,750
EOP Operating LP term loan:
5% 2/1/14 (j)		5,000,000		5,078,500
5.25% 2/1/14 (j)		3,800,000		3,859,660
Equity Inns Reality LLC:
Tranche A, term loan 10.5% 11/4/13 (j)		7,888,426		7,305,997
Tranche B 2LN, term loan 7.55% 11/4/13 (j)		15,000,000		14,925,000
Realogy Corp.:
Credit-Linked Deposit 3.2037% 10/10/13 (j)		432,236		431,156
Credit-Linked Deposit 4.4537% 10/10/16 (j)		917,239		914,945
Realogy Group LLC Tranche B, term loan 4.5% 3/1/20 (j)		27,410,000		27,684,100
				68,916,733
Floating Rate Loans - continued
		Principal Amount (e)		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.0%
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 1/23/18 (j)		$ 1,965,000		$ 1,994,475
TOTAL FINANCIALS				148,819,652
HEALTH CARE - 0.3%
Health Care Providers & Services - 0.3%
Community Health Systems, Inc. term loan 3.7865% 1/25/17 (j)		2,903,247		2,928,651
Health Management Associates, Inc. Tranche B, term loan 3.5% 11/18/18 (j)		2,088,506		2,109,392
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (j)		10,183,822		10,247,471
				15,285,514
INDUSTRIALS - 0.3%
Construction & Engineering - 0.3%
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (j)		13,362,162		13,094,918
TELECOMMUNICATION SERVICES - 0.4%
Wireless Telecommunication Services - 0.4%
Crown Castle Operating Co.:
Tranche A, term loan 2.7% 1/31/17 (j)		8,843,636		8,854,691
Tranche B, term loan 3.25% 1/31/19 (j)		9,236,086		9,271,183
SBA Senior Finance II, LLC term loan 3.75% 9/28/19 (j)		1,226,177		1,233,841
				19,359,715
UTILITIES - 0.1%
Electric Utilities - 0.1%
Essential Power LLC Tranche B, term loan 4.4969% 8/8/19 (j)		2,434,313		2,470,827
TOTAL FLOATING RATE LOANS (Cost $411,310,552)			419,174,377

Preferred Securities - 0.0%
	Principal Amount (e)		Value
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (h)	500,000		$ 25,000
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (h)	1,220,000		183,000
			208,000
TOTAL PREFERRED SECURITIES (Cost $1,293,016)		208,000
Money Market Funds - 10.7%
	Shares
Fidelity Cash Central Fund, 0.13% (b)	452,408,359		452,408,359
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	19,767,650		19,767,650
TOTAL MONEY MARKET FUNDS (Cost $472,176,009)		472,176,009
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $3,998,557,022)			4,454,632,548
NET OTHER ASSETS (LIABILITIES) - (0.9)%			(41,598,395)
NET ASSETS - 100%		$ 4,413,034,153

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

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

(g) Affiliated company

(h) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $734,266,322 or 16.6% of net assets.

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

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

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

(l) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,703,694 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
ACGS Series 2004-1 Class P, 7.4605% 8/1/19	2/17/11	$ 3,494,173
Fannie Mae REMIC Trust Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41	5/21/03	$ 124,531
Fannie Mae REMIC Trust Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42	3/25/03	$ 163,037
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7002% 6/25/35	6/3/05	$ 695,008

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	$ 352,989
Fidelity Securities Lending Cash Central Fund	44,499
Total	$ 397,488

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
AmREIT, Inc. Class B	$ 2,818,000	$ -	$ -	$ 120,000	$ -
Arbor Realty Trust, Inc.	-	13,358,984	-	124,509	20,639,999
Arbor Realty Trust, Inc. Series A, 8.25%	-	4,727,225	-	-	4,914,423
Total	$ 2,818,000	$ 18,086,209	$ -	$ 244,509	$ 25,554,422

Other Information

The following is a summary of the inputs used, as of April 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 34,492,824	$ 30,136,903	$ -	$ 4,355,921
Financials	1,824,321,296	1,766,163,223	55,977,299	2,180,774
Health Care	46,628,755	46,628,755	-	-
Telecommunication Services	12,085,470	12,085,470	-	-
Corporate Bonds	892,387,242	-	889,374,004	3,013,238
Asset-Backed Securities	132,947,903	-	100,057,839	32,890,064
Collateralized Mortgage Obligations	19,373,584	-	18,083,618	1,289,966
Commercial Mortgage Securities	600,837,088	-	564,612,473	36,224,615
Floating Rate Loans	419,174,377	-	325,108,369	94,066,008
Preferred Securities	208,000	-	-	208,000
Money Market Funds	472,176,009	472,176,009	-	-
Total Investments in Securities:	$ 4,454,632,548	$ 2,327,190,360	$ 1,953,213,602	$ 174,228,586

Valuation Inputs at Reporting Date:

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

Commercial Mortgage Securities
Beginning Balance	$ 53,984,005
Total Realized Gain (Loss)	1,178,516
Total Unrealized Gain (Loss)	2,109,910
Cost of Purchases	141,241
Proceeds of Sales	(18,760,604)
Amortization/Accretion	(48,594)
Transfers in to Level 3	5,364,290
Transfers out of Level 3	(7,744,149)
Ending Balance	$ 36,224,615
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013	$ 1,323,359
Floating Rate Loans
Beginning Balance	$ 18,003,477
Total Realized Gain (Loss)	264,550
Total Unrealized Gain (Loss)	2,511,374
Cost of Purchases	82,961,853
Proceeds of Sales	(14,260,414)
Amortization/Accretion	110,168
Transfers in to Level 3	4,475,000
Transfers out of Level 3	-
Ending Balance	$ 94,066,008
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013	$ 2,651,694
Other Investments and Securities
Beginning Balance	$ 55,750,106
Total Realized Gain (Loss)	(5,447,194)
Total Unrealized Gain (Loss)	10,226,209
Cost of Purchases	165,316
Proceeds of Sales	(12,947,757)
Amortization/Accretion	1,913,831
Transfers in to Level 3	9,210,100
Transfers out of Level 3	(14,932,648)
Ending Balance	$ 43,937,963
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013	$ 4,080,802

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

Income Tax Information

At April 30, 2013, the cost of investment securities for income tax purposes was $3,999,771,959. Net unrealized appreciation aggregated $454,860,589, of which $491,442,681 related to appreciated investment securities and $36,582,092 related to depreciated investment securities.

Investment Valuation

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

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

Asset Type	Fair Value at 04/30/13	Valuation Technique(s)	Unobservable Input	Amount or Range / Weighted Average	Impact to Valuation from an Increase in Input*
Asset-Backed Securities	$ 618,746	Discounted cash flow	Yield	5.5% - 10% / 8.4%	Decrease
Collateralized Mortgage Obligations	$ 645,680	Discounted cash flow	Yield	12% - 26% / 15.2%	Decrease
Commercial Mortgage Securities	$ 2,083,544	Discounted cash flow	Yield	10% - 30% / 19.2%	Decrease
		Market comparable	Spread	13.8%	Decrease
Common Stock	$ 4,355,921	Adjusted book value	Book value multiple	1.0	Increase
Corporate Bonds	$ 21,308,875	Discounted cash flow	Yield	8.8% - 20% / 11.9%	Decrease
Floating Rate Loans	$ 18,725,000	Discounted cash flow	Yield	8.4%	Decrease

* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series Real
Estate Income Fund

April 30, 2013

1.924316.101

SRE-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 18.1%
	Shares		Value
CONSUMER DISCRETIONARY - 0.2%
Hotels, Restaurants & Leisure - 0.1%
Hyatt Hotels Corp. Class A (a)	20,700		$ 883,476
Household Durables - 0.1%
Standard Pacific Corp. (a)(e)	53,600		485,080
TOTAL CONSUMER DISCRETIONARY			1,368,556
FINANCIALS - 16.7%
Real Estate Investment Trusts - 16.2%
Acadia Realty Trust (SBI)	420,200		11,996,710
American Campus Communities, Inc.	42,900		1,915,056
American Residential Properties, Inc. (f)	138,500		2,617,650
American Tower Corp.	30,300		2,544,897
AmREIT, Inc. Class B	39,300		747,093
Anworth Mortgage Asset Corp.	271,800		1,715,058
Apartment Investment & Management Co. Class A	100,300		3,120,333
Arbor Realty Trust, Inc.	32,000		247,040
Associated Estates Realty Corp.	67,100		1,199,077
AvalonBay Communities, Inc.	15,800		2,102,032
Aviv REIT, Inc.	13,800		354,522
Boardwalk (REIT)	8,900		581,908
CapLease, Inc.	397,100		2,787,642
CBL & Associates Properties, Inc.	167,600		4,045,864
Chartwell Retirement Residence (f)	14,700		166,487
Chesapeake Lodging Trust	106,000		2,507,960
CommonWealth REIT	20,300		453,299
CyrusOne, Inc.	27,900		669,321
Cys Investments, Inc.	128,400		1,596,012
DCT Industrial Trust, Inc.	213,500		1,671,705
DiamondRock Hospitality Co.	63,700		635,726
Digital Realty Trust, Inc.	14,400		1,015,488
Douglas Emmett, Inc.	70,800		1,852,836
Dynex Capital, Inc.	218,300		2,346,725
EastGroup Properties, Inc.	9,500		599,165
Education Realty Trust, Inc.	102,100		1,122,079
Equity Lifestyle Properties, Inc.	139,300		11,318,125
Equity Residential (SBI)	21,900		1,271,514
Excel Trust, Inc.	206,300		3,141,949
First Potomac Realty Trust	120,300		1,924,800
Glimcher Realty Trust	130,600		1,637,724
Hatteras Financial Corp.	20,800		568,464
HCP, Inc.	20,500		1,092,650
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Highwoods Properties, Inc. (SBI)	16,300		$ 668,789
Lexington Corporate Properties Trust	392,600		5,029,206
LTC Properties, Inc.	53,100		2,469,150
MFA Financial, Inc.	1,271,500		11,786,805
Mid-America Apartment Communities, Inc.	23,000		1,580,790
Monmouth Real Estate Investment Corp. Class A	34,000		361,760
National Retail Properties, Inc.	31,900		1,265,792
Newcastle Investment Corp.	162,000		1,835,460
NorthStar Realty Finance Corp.	202,900		2,022,913
Piedmont Office Realty Trust, Inc. Class A	60,700		1,245,564
Prologis, Inc.	126,900		5,323,455
Retail Properties America, Inc.	96,900		1,483,539
Select Income (REIT)	37,200		1,061,316
Senior Housing Properties Trust (SBI)	93,300		2,652,519
Simon Property Group, Inc.	4,700		836,929
Stag Industrial, Inc.	134,100		2,955,564
Summit Hotel Properties, Inc.	74,500		744,255
Terreno Realty Corp.	35,500		668,110
Two Harbors Investment Corp.	71,500		856,570
Ventas, Inc.	167,000		13,298,210
Washington (REIT) (SBI)	43,000		1,228,080
WP Carey, Inc. (e)	19,900		1,403,348
			132,345,035
Real Estate Management & Development - 0.2%
Kennedy-Wilson Holdings, Inc.	74,800		1,243,924
Thrifts & Mortgage Finance - 0.3%
Home Loan Servicing Solutions Ltd.	90,000		2,038,500
TOTAL FINANCIALS			135,627,459
HEALTH CARE - 1.2%
Health Care Providers & Services - 1.2%
Brookdale Senior Living, Inc. (a)	204,300		5,268,897
Emeritus Corp. (a)	186,600		4,795,620
			10,064,517
TOTAL COMMON STOCKS (Cost $106,545,996)		147,060,532
Preferred Stocks - 19.5%
	Shares		Value
Convertible Preferred Stocks - 0.9%
FINANCIALS - 0.9%
Real Estate Investment Trusts - 0.9%
CommonWealth REIT 6.50%	127,200		$ 3,018,456
Health Care REIT, Inc. Series I, 6.50%	16,200		1,083,880
Lexington Corporate Properties Trust Series C, 6.50%	58,800		2,922,948
			7,025,284
Nonconvertible Preferred Stocks - 18.6%
CONSUMER DISCRETIONARY - 0.4%
Hotels, Restaurants & Leisure - 0.4%
Red Lion Hotels Capital Trust 9.50%	112,200		2,954,226
FINANCIALS - 18.2%
Capital Markets - 0.1%
Arlington Asset Investment Corp. 6.625%	31,528		772,436
Real Estate Investment Trusts - 17.4%
AG Mortgage Investment Trust, Inc. 8.00%	52,804		1,338,581
American Capital Agency Corp. 8.00%	120,000		3,204,000
Annaly Capital Management, Inc.:
Series A, 7.875%	150,300		3,922,830
Series C, 7.625%	9,839		254,830
Series D, 7.50%	55,213		1,418,422
Anworth Mortgage Asset Corp. Series A, 8.625%	178,800		4,621,980
Apollo Commercial Real Estate Finance, Inc. Series A, 8.625%	61,725		1,641,885
Apollo Residential Mortgage, Inc. Series A, 8.00%	49,077		1,251,464
Arbor Realty Trust, Inc. Series A, 8.25%	41,922		1,089,553
Armour Residential REIT, Inc. Series B, 7.875%	25,701		648,693
Ashford Hospitality Trust, Inc. Series E, 9.00%	35,948		1,001,871
Campus Crest Communities, Inc. Series A, 8.00%	71,569		1,960,275
CapLease, Inc.:
Series A, 8.125%	11,772		298,420
Series B, 8.375%	190,234		5,246,654
CBL & Associates Properties, Inc.:
7.375%	67,200		1,707,552
Series E, 6.625%	25,000		650,000
Cedar Shopping Centers, Inc. Series B, 7.25%	57,640		1,510,744
Chesapeake Lodging Trust Series A, 7.75%	64,034		1,734,681
Colony Financial, Inc. Series A, 8.50%	77,829		2,114,614
CommonWealth REIT 7.50%	24,923		539,832
Coresite Realty Corp. Series A, 7.25%	30,000		784,800
Corporate Office Properties Trust Series L, 7.375%	80,000		2,160,000
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Cousins Properties, Inc.:
Series A, 7.75%	84,500		$ 2,110,810
Series B, 7.50%	34,900		879,480
CubeSmart Series A, 7.75%	40,000		1,100,000
Cys Investments, Inc.:
Series A, 7.75%	10,014		254,856
Series B, 7.50%	58,433		1,424,304
DDR Corp.:
Series J, 6.50%	30,181		777,764
Series K, 6.25%	25,489		632,892
Digital Realty Trust, Inc.:
Series F, 6.625%	20,000		526,600
Series G, 5.875%	28,270		706,185
Duke Realty LP Series L, 6.60%	4,300		109,435
Dynex Capital, Inc.:
Series A, 8.50%	96,313		2,545,553
Series B, 7.625%	47,335		1,191,422
Equity Lifestyle Properties, Inc. Series C, 6.75%	160,000		4,139,200
Essex Property Trust, Inc. Series H, 7.125%	8,100		216,918
Excel Trust, Inc. Series B, 8.125%	360,000		9,637,200
First Potomac Realty Trust 7.75%	107,746		2,842,339
Gladstone Commercial Corp. Series C, 7.125%	67,762		1,791,627
Glimcher Realty Trust:
6.875%	3,183		80,848
Series G, 8.125%	40,977		1,036,718
Series H, 7.50%	13,575		354,579
Hatteras Financial Corp. Series A, 7.625%	36,972		934,282
Health Care REIT, Inc. Series J, 6.50%	20,000		548,000
Hersha Hospitality Trust Series B, 8.00%	18,928		497,806
Hospitality Properties Trust:
Series C, 7.00%	49,797		1,256,876
Series D, 7.125%	40,200		1,081,380
Hudson Pacific Properties, Inc. 8.375%	84,787		2,239,225
Inland Real Estate Corp. Series A, 8.125%	200,000		5,388,000
Invesco Mortgage Capital, Inc. Series A, 7.75%	30,151		776,690
Investors Real Estate Trust Series B, 7.95%	33,428		894,533
iStar Financial, Inc.:
Series E, 7.875%	17,271		417,958
Series F, 7.80%	32,256		774,789
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Kilroy Realty Corp. Series G, 6.875%	20,000		$ 540,600
Kite Realty Group Trust 8.25%	4,100		111,028
LaSalle Hotel Properties:
Series G, 7.25%	26,100		655,110
Series H, 7.50%	7,192		191,811
Series I, 6.375%	16,639		423,130
LBA Realty Fund II Series B, 7.625% (a)	118,900		2,318,550
MFA Financial, Inc.:
8.00%	108,747		2,880,708
Series A, 8.50%	306,700		7,741,108
Series B, 7.50%	188,749		4,756,475
Monmouth Real Estate Investment Corp. Series B, 7.875%	30,000		801,900
National Retail Properties, Inc. Series D, 6.625%	17,563		477,011
NorthStar Realty Finance Corp.:
Series B, 8.25%	16,301		409,481
Series C, 8.875%	50,295		1,299,623
Series D, 8.50%	31,413		790,979
Pebblebrook Hotel Trust:
Series A, 7.875%	49,000		1,298,500
Series B, 8.00%	37,400		1,002,320
Series C, 6.50%	26,082		656,484
Pennsylvania (REIT) 7.375%	19,408		511,983
Prologis, Inc. Series Q, 8.54%	15,800		1,021,570
PS Business Parks, Inc.:
5.70%	26,430		667,093
Series S, 6.45%	16,039		428,722
Regency Centers Corp. Series 6, 6.625%	17,739		476,470
Retail Properties America, Inc. 7.00%	35,218		903,694
Saul Centers, Inc.:
8.00%	14,472		375,259
Series C, 6.875%	69,596		1,837,334
Stag Industrial, Inc. Series A, 9.00%	280,000		7,733,600
Strategic Hotel & Resorts, Inc. Series A, 8.50%	21,591		541,718
Summit Hotel Properties, Inc. Series A, 9.25%	173,700		4,806,279
Sun Communities, Inc. Series A, 7.125%	24,000		621,120
Sunstone Hotel Investors, Inc. Series D, 8.00%	20,200		535,704
Taubman Centers, Inc. Series K, 6.25%	19,561		503,696
Terreno Realty Corp. Series A 7.75%	44,310		1,180,862
UMH Properties, Inc. Series A, 8.25%	96,000		2,629,440
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Urstadt Biddle Properties, Inc. Series F, 7.125%	30,000		$ 791,700
Weingarten Realty Investors (SBI) Series F, 6.50%	62,800		1,586,328
Winthrop Realty Trust:
7.75%	60,000		1,561,200
Series D, 9.25%	35,000		976,850
			142,315,390
Real Estate Management & Development - 0.7%
Forest City Enterprises, Inc. 7.375%	180,500		4,563,040
Kennedy-Wilson, Inc. 7.75%	35,054		913,157
			5,476,197
TOTAL FINANCIALS			148,564,023
TOTAL NONCONVERTIBLE PREFERRED STOCKS			151,518,249
TOTAL PREFERRED STOCKS (Cost $149,711,328)		158,543,533

Corporate Bonds - 23.9%
	Principal Amount
Convertible Bonds - 2.9%
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
Morgans Hotel Group Co. 2.375% 10/15/14	$ 1,365,000		1,324,050
FINANCIALS - 2.8%
Diversified Financial Services - 0.0%
IAS Operating Partnership LP 5% 3/15/18 (f)	400,000		403,750
Real Estate Investment Trusts - 2.5%
Annaly Capital Management, Inc. 5% 5/15/15	6,690,000		6,945,056
Ares Commercial Real Estate Corp. 7% 12/15/15 (f)	2,300,000		2,333,580
CapLease, Inc. 7.5% 10/1/27 (f)	4,458,000		4,458,000
Northstar Realty Finance LP 8.875% 6/15/32 (f)	2,950,000		4,928,344
ProLogis LP 2.625% 5/15/38	405,000		405,020
Redwood Trust, Inc. 4.625% 4/15/18	1,000,000		1,126,300
			20,196,300
Corporate Bonds - continued
	Principal Amount		Value
Convertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - 0.3%
Corporate Office Properties LP 4.25% 4/15/30 (f)	$ 1,940,000		$ 2,040,638
Grubb & Ellis Co. 7.95% 5/1/15 (d)(f)	1,540,000		3,080
			2,043,718
TOTAL FINANCIALS			22,643,768
TOTAL CONVERTIBLE BONDS			23,967,818
Nonconvertible Bonds - 21.0%
CONSUMER DISCRETIONARY - 6.4%
Hotels, Restaurants & Leisure - 0.7%
CityCenter Holdings LLC/CityCenter Finance Corp. 7.625% 1/15/16	440,000		472,472
FelCor Lodging LP 6.75% 6/1/19	1,375,000		1,502,188
Times Square Hotel Trust 8.528% 8/1/26 (f)	2,741,049		3,713,604
			5,688,264
Household Durables - 5.4%
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (f)	395,000		424,625
D.R. Horton, Inc. 6.5% 4/15/16	811,000		908,320
KB Home:
5.875% 1/15/15	1,216,000		1,282,880
7.25% 6/15/18	2,110,000		2,357,925
8% 3/15/20	2,395,000		2,802,150
9.1% 9/15/17	3,230,000		3,859,850
Lennar Corp.:
4.125% 12/1/18 (f)	1,220,000		1,244,400
5.6% 5/31/15	1,216,000		1,307,200
6.95% 6/1/18	1,720,000		1,971,550
M/I Homes, Inc. 8.625% 11/15/18	6,764,000		7,508,040
Meritage Homes Corp.:
7% 4/1/22	2,005,000		2,250,613
7.15% 4/15/20	440,000		496,100
Ryland Group, Inc.:
6.625% 5/1/20	445,000		491,169
8.4% 5/15/17	1,446,000		1,731,585
Standard Pacific Corp.:
8.375% 5/15/18	8,047,000		9,575,930
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Standard Pacific Corp.: - continued
10.75% 9/15/16	$ 3,284,000		$ 4,096,790
Toll Brothers Finance Corp.:
4.375% 4/15/23	630,000		645,750
5.875% 2/15/22	450,000		508,500
William Lyon Homes, Inc. 8.5% 11/15/20 (f)	460,000		515,200
			43,978,577
Multiline Retail - 0.3%
Sears Holdings Corp. 6.625% 10/15/18	2,053,000		2,037,603
TOTAL CONSUMER DISCRETIONARY			51,704,444
FINANCIALS - 12.9%
Diversified Financial Services - 0.7%
Cantor Commercial Real Estate Co. LP/CCRE Finance Corp. 7.75% 2/15/18 (f)	1,025,000		1,060,875
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
7.75% 1/15/16	2,172,000		2,261,595
8% 1/15/18	1,795,000		1,929,625
			5,252,095
Real Estate Investment Trusts - 8.7%
American Campus Communities Operating Partnership LP 3.75% 4/15/23	495,000		519,951
Camden Property Trust 5% 6/15/15	1,135,000		1,226,078
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15	917,000		1,023,211
6.25% 6/15/14	949,000		1,000,773
CubeSmart LP 4.8% 7/15/22	1,000,000		1,117,632
Developers Diversified Realty Corp.:
7.5% 7/15/18	2,407,000		2,993,704
9.625% 3/15/16	2,254,000		2,747,522
Duke Realty LP 6.25% 5/15/13	608,000		609,118
Equity One, Inc.:
5.375% 10/15/15	405,000		441,780
6% 9/15/16	811,000		918,133
6.25% 1/15/17	811,000		925,641
Health Care Property Investors, Inc.:
6% 6/15/14	660,000		696,081
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Health Care Property Investors, Inc.: - continued
6% 3/1/15	$ 1,216,000		$ 1,320,931
6.3% 9/15/16	3,850,000		4,464,329
7.072% 6/8/15	405,000		448,201
Health Care REIT, Inc. 4.125% 4/1/19	1,000,000		1,095,699
Healthcare Realty Trust, Inc.:
3.75% 4/15/23	801,000		813,838
6.5% 1/17/17	506,000		583,858
Highwoods/Forsyth LP:
3.625% 1/15/23	393,000		394,302
5.85% 3/15/17	2,593,000		2,923,626
Hospitality Properties Trust:
5% 8/15/22	823,000		894,008
5.625% 3/15/17	1,248,000		1,382,295
6.7% 1/15/18	811,000		932,824
7.875% 8/15/14	405,000		425,474
HRPT Properties Trust 6.25% 8/15/16	4,000,000		4,365,936
iStar Financial, Inc.:
5.85% 3/15/17	825,000		845,625
5.875% 3/15/16	8,610,000		9,040,500
5.95% 10/15/13	3,833,000		3,890,495
6.05% 4/15/15	2,887,000		3,031,350
7.125% 2/15/18	1,010,000		1,070,600
9% 6/1/17	2,430,000		2,770,200
MPT Operating Partnership LP/MPT Finance Corp. 6.375% 2/15/22	890,000		963,425
National Retail Properties, Inc. 6.875% 10/15/17	1,621,000		1,946,190
Nationwide Health Properties, Inc. 6% 5/20/15	1,540,000		1,698,589
Omega Healthcare Investors, Inc. 7.5% 2/15/20	811,000		904,265
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14	1,378,000		1,453,980
Potlatch Corp. 7.5% 11/1/19	811,000		956,980
ProLogis LP 7.625% 7/1/17	1,268,000		1,477,475
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20	811,000		1,016,832
Senior Housing Properties Trust:
6.75% 4/15/20	576,000		669,696
6.75% 12/15/21	2,000,000		2,351,654
UDR, Inc. 5.5% 4/1/14	1,000,000		1,039,424
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
United Dominion Realty Trust, Inc.:
5.25% 1/15/15	$ 405,000		$ 431,725
5.25% 1/15/16	811,000		890,978
			70,714,928
Real Estate Management & Development - 3.5%
AMB Property LP 5.9% 8/15/13	486,000		492,645
Brandywine Operating Partnership LP:
5.4% 11/1/14	1,216,000		1,291,213
6% 4/1/16	811,000		909,428
7.5% 5/15/15	405,000		453,386
CB Richard Ellis Services, Inc.:
5% 3/15/23	1,225,000		1,254,155
11.625% 6/15/17	811,000		866,959
Colonial Properties Trust 6.25% 6/15/14	1,293,000		1,362,796
Colonial Realty LP 6.05% 9/1/16	1,216,000		1,369,228
First Industrial LP 5.75% 1/15/16	811,000		867,125
Forest City Enterprises, Inc. 6.5% 2/1/17	6,171,000		6,016,725
Host Hotels & Resorts LP 6% 10/1/21	485,000		565,934
Kennedy-Wilson, Inc.:
8.75% 4/1/19	1,110,000		1,219,613
8.75% 4/1/19 (f)	1,890,000		2,076,638
Realogy Corp.:
7.875% 2/15/19 (f)	1,450,000		1,618,563
9% 1/15/20 (f)	560,000		663,600
Regency Centers LP:
5.25% 8/1/15	3,250,000		3,524,619
5.875% 6/15/17	486,000		559,514
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17	2,035,000		2,175,008
Ventas Realty LP/Ventas Capital Corp.:
3.125% 11/30/15	552,000		583,176
4% 4/30/19	597,000		657,184
Weekley Homes LLC/Weekley Finance Corp. 6% 2/1/23 (f)	325,000		338,000
			28,865,509
TOTAL FINANCIALS			104,832,532
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
HEALTH CARE - 1.4%
Health Care Equipment & Supplies - 0.2%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. 7.75% 2/15/19	$ 1,835,000		$ 2,009,325
Health Care Providers & Services - 1.2%
Health Management Associates, Inc. 7.375% 1/15/20	385,000		428,313
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18	8,507,000		9,272,630
			9,700,943
TOTAL HEALTH CARE			11,710,268
INDUSTRIALS - 0.1%
Industrial Conglomerates - 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 7.375% 10/1/17 (f)	785,000		815,419
MATERIALS - 0.2%
Paper & Forest Products - 0.2%
Plum Creek Timberlands LP 5.875% 11/15/15	1,621,000		1,796,592
TOTAL NONCONVERTIBLE BONDS			170,859,255
TOTAL CORPORATE BONDS (Cost $175,443,314)		194,827,073
Asset-Backed Securities - 4.8%

Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.5592% 3/23/19 (f)(g)	957,369		948,274
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (f)	1,339,234		1,341,645
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.5294% 1/20/37 (f)(g)	611,359		584,612
CBRE Realty Finance CDO LLC Series 2007-1A Class A1, 0.5304% 4/7/52 (f)(g)	2,825,795		2,514,958
Conseco Finance Securitizations Corp.:
Series 2002-1 Class M2, 9.546% 12/1/33	1,216,000		1,162,513
Series 2002-2 Class M2, 9.163% 3/1/33	2,026,000		1,795,862
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (f)	250,492		250,805
Asset-Backed Securities - continued
	Principal Amount		Value
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A: - continued
Class B2, 1.6336% 12/28/35 (f)(g)	$ 247,169		$ 244,697
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27	1,627,000		1,569,463
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40	3,700,675		1,773,957
N-Star Real Estate CDO Ltd. Series 1A Class B1, 1.9616% 8/28/38 (f)(g)	3,574,000		3,431,040
Prima Capital Ltd. Series 2006-CR1A Class A2, 5.533% 12/28/48 (f)	2,551,510		2,602,541
Residential Asset Securities Corp. Series 2003-KS10 Class MI3, 6.41% 12/25/33	275,425		110,816
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 5.7841% 9/25/26 (f)(g)	2,432,000		1,471,360
Series 2006-1A:
Class A1A, 0.5441% 9/25/26 (f)(g)	1,409,379		1,388,661
Class A1B, 0.6141% 9/25/26 (f)(g)	11,266,000		10,256,566
Class A2A, 0.5041% 9/25/26 (f)(g)	704,471		702,921
Class C 0.8141% 9/25/26 (f)(g)	1,010,000		895,365
Class F, 1.4341% 9/25/26 (f)(g)	1,868,000		1,637,489
Class G, 1.6341% 9/25/26 (f)(g)	1,343,000		1,166,261
Class H, 1.9341% 9/25/26 (f)(g)	3,486,000		3,009,812
TOTAL ASSET-BACKED SECURITIES (Cost $33,379,916)		38,859,618
Collateralized Mortgage Obligations - 0.7%

Private Sponsor - 0.7%
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.3787% 6/15/22 (f)(g)	1,232,666		1,217,031
FREMF Mortgage Trust:
Series 2010 K7 Class B, 5.4359% 4/25/20 (f)(g)	2,605,000		3,015,225
Series 2010-K6 Class B, 5.3654% 12/25/46 (f)(g)	811,000		932,558
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (f)	811,000		840,981
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $5,155,941)		6,005,795
Commercial Mortgage Securities - 20.2%
	Principal Amount		Value
Banc of America Commercial Mortgage Trust Series 2005-1 Class CJ, 5.196% 11/10/42 (g)	$ 1,175,000		$ 1,256,835
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 2.499% 11/15/15 (f)(g)	25,592,767		25,790,619
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.1987% 3/15/22 (f)(g)	387,059		263,200
Banc of America REMIC Trust Series 2012-CLMZ Class A, 7.6987% 8/15/17 (f)(g)	1,010,000		1,074,438
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4502% 3/11/39 (g)	2,432,000		2,534,733
Chase Commercial Mortgage Securities Corp. Series 1998-1 Class H, 6.34% 5/18/30 (f)	1,621,000		1,457,371
COMM pass-thru certificates:
floater Series 2006-FL12 Class AJ, 0.3287% 12/15/20 (f)(g)	1,621,000		1,553,331
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (f)	882,851		890,797
Commercial Mortgage Trust pass-thru certificates:
Series 2005-C6 Class AJ, 5.209% 6/10/44 (g)	2,000,000		2,163,762
Series 2012-CR1:
Class C, 5.547% 5/15/45	3,000,000		3,460,425
Class D, 5.547% 5/15/45 (f)	1,350,000		1,419,181
Series 2012-CR2 Class D, 4.8586% 8/15/45 (f)(g)	500,000		520,786
Series 2012-LC4:
Class C, 5.649% 12/10/44 (g)	780,000		912,130
Class D, 5.824% 12/10/44 (f)(g)	2,830,000		3,056,358
Communication Mortgage Trust Series 2011-THL:
Class E, 5.949% 6/9/28 (f)	2,260,000		2,325,002
Class F, 4.867% 6/9/28 (f)	3,640,000		3,400,313
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1998-C2 Class F, 6.75% 11/15/30 (f)	811,000		853,726
Series 2003-C3 Class D, 4.131% 5/15/38	1,290,821		1,290,583
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.5571% 11/10/46 (f)(g)	2,450,000		2,706,691
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31	1,202,892		1,203,719
DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.1969% 6/10/31 (f)(g)	1,196,433		1,196,712
Extended Stay America Trust Series 2013-ESHM Class M, 7.625% 12/5/19 (f)	2,460,000		2,616,548
Freddie Mac pass-thru certificates:
Series K011 Class X3, 2.5754% 12/25/43 (g)(h)	4,947,000		797,793
Series K012 Class X3, 2.2882% 1/25/41 (g)(h)	2,846,999		410,674
Series K013 Class X3, 2.7902% 1/25/43 (g)(h)	4,806,000		851,503
Commercial Mortgage Securities - continued
	Principal Amount		Value
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (f)	$ 4,090,941		$ 4,121,624
GCCFC Commercial Mortgage Trust:
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (f)	811,000		812,141
Series 2005-GG3 Class B, 4.894% 8/10/42 (g)	885,000		899,882
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2 Class G, 6.75% 4/15/29 (g)	794,815		893,862
Series 1999-C1 Class F, 6.02% 5/15/33 (f)	700,413		707,372
Series 1999-C3 Class J, 6.974% 8/15/36	2,204,000		2,322,975
Series 2000-C1 Class K, 7% 3/15/33	142,613		108,749
Series 2003-C3 Class H, 5.7664% 4/10/40 (f)(g)	830,000		816,196
GS Mortgage Securities Corp. II:
floater Series 2007-EOP Class L, 5.4585% 3/6/20 (f)(g)	2,270,000		2,290,344
Series 2012-GCJ7:
Class C, 5.7228% 5/10/45 (g)	3,500,000		4,000,120
Class D, 5.7228% 5/10/45 (f)(g)	2,500,000		2,682,086
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (f)	6,300,000		6,344,100
GS Mortgage Securities Trust:
Series 2010-C2 Class D, 5.2273% 12/10/43 (f)(g)	2,000,000		2,178,748
Series 2012-GC6 Class C, 5.6391% 1/10/45 (f)(g)	2,400,000		2,815,621
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2009-IWST Class D, 7.4458% 12/5/27 (f)(g)	2,779,000		3,296,625
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (f)	2,620,000		2,806,589
Series 2010-CNTR Class D, 6.1844% 8/5/32 (f)(g)	1,216,000		1,403,752
Series 2012-CBX Class C, 5.1895% 6/16/45 (g)	1,240,000		1,396,579
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (f)	692,184		703,420
LB-UBS Commercial Mortgage Trust:
sequential payer:
Series 2005-C3 Class AJ, 4.843% 7/15/40	3,760,000		3,996,590
Series 2005-C7 Class AJ, 5.323% 11/15/40 (g)	1,240,000		1,340,166
Series 2005-C1 Class E, 4.924% 2/15/40	1,000,000		1,028,572
Series 2006-C4 Class AJ, 5.8856% 6/15/38 (g)	2,511,000		2,601,090
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2007-LLFA Class E, 1.0987% 6/15/22 (f)(g)	1,770,000		1,724,385
LStar Commercial Mortgage Trust:
Series 2011-1 Class D, 5.491% 6/25/43 (f)(g)	1,564,000		1,640,731
Series 2011-1 Class B, 5.491% 6/25/43 (f)(g)	1,897,000		1,997,520
Commercial Mortgage Securities - continued
	Principal Amount		Value
Mezz Capital Commercial Mortgage Trust sequential payer Series 2004-C2 Class A, 5.318% 10/15/40 (f)	$ 2,394,053		$ 2,094,796
Morgan Stanley Capital I Trust:
sequential payer:
Series 2012-C4 Class E, 5.71% 3/15/45 (f)	1,250,000		1,317,736
Series 2006-HQ10 Class AM, 5.36% 11/12/41	3,769,000		4,221,672
Series 1997-RR Class F, 7.4014% 4/30/39 (f)(g)	225,758		223,501
Series 1998-CF1 Class G, 7.35% 7/15/32 (f)	1,798,684		1,365,410
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43	3,242,000		3,689,552
Series 2011-C1 Class C, 5.2537% 9/15/47 (f)(g)	2,000,000		2,280,140
Series 2011-C2:
Class D, 5.3172% 6/15/44 (f)(g)	1,532,000		1,654,647
Class E, 5.3172% 6/15/44 (f)(g)	1,946,000		2,088,126
Class F, 5.3172% 6/15/44 (f)(g)	1,467,000		1,260,617
Class XB, 0.4644% 6/15/44 (f)(g)(h)	51,641,000		1,848,903
Series 2011-C3 Class C, 5.1849% 7/15/49 (f)(g)	2,000,000		2,258,742
Series 2012-C4 Class D, 5.5266% 3/15/45 (f)(g)	1,640,000		1,840,884
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (f)	1,039,067		1,323,459
RBSCF Trust Series 2010-MB1 Class D, 4.6812% 4/15/24 (f)(g)	2,687,000		2,738,222
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (f)	2,026,000		2,097,321
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.7737% 7/15/24 (f)(g)	1,459,000		1,288,528
Wachovia Bank Commercial Mortgage Trust:
Series 2004-C10 Class E, 4.931% 2/15/41	1,621,000		1,648,940
Series 2004-C12 Class D, 5.3085% 7/15/41 (g)	1,824,000		1,888,221
Series 2004-C14 Class B, 5.17% 8/15/41	2,708,000		2,824,636
WF-RBS Commercial Mortgage Trust:
Series 2011-C3:
Class C, 5.335% 3/15/44 (f)	2,100,000		2,406,006
Class D, 5.5491% 3/15/44 (f)(g)	1,000,000		1,079,750
Series 2011-C5 Class C, 5.6369% 11/15/44 (f)(g)	1,250,000		1,465,583
Series 2012-C7 Class D, 4.85% 6/15/45 (f)(g)	620,000		662,595
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $145,268,131)		164,505,056
Floating Rate Loans - 7.9%
	Principal Amount		Value
CONSUMER DISCRETIONARY - 4.1%
Hotels, Restaurants & Leisure - 3.9%
Cooper Hotel Group REL 12% 11/6/17	$ 2,339,438		$ 2,473,955
Extended Stay America, Inc. REL 9.625% 12/1/19	2,000,000		2,145,000
Hilton Worldwide, Inc.:
Tranche C, term loan 3.699% 11/12/15 (g)	14,577,698		14,377,254
Tranche D, term loan 3.949% 11/12/15 (g)	12,148,081		11,981,045
La Quinta:
Tranche A, term loan 11.375% 7/6/14 (g)	476,799		483,235
Tranche B, term loan 11.375% 7/6/14 (g)	357,599		362,427
			31,822,916
Specialty Retail - 0.2%
The Pep Boys - Manny, Moe & Jack Tranche B, term loan 5% 10/11/18 (g)	1,356,600		1,375,253
TOTAL CONSUMER DISCRETIONARY			33,198,169
FINANCIALS - 2.6%
Diversified Financial Services - 1.1%
Blackstone REL 10% 10/1/17	7,500,000		8,025,000
Pilot Travel Centers LLC Tranche B 2LN, term loan 4.25% 8/7/19 (g)	664,050		654,089
			8,679,089
Real Estate Investment Trusts - 0.5%
iStar Financial, Inc. Tranche B, term loan 4.5% 10/15/17 (g)	4,299,436		4,342,431
Real Estate Management & Development - 1.0%
CB Richard Ellis Services, Inc. Tranche B, term loan 2.9537% 3/28/21 (g)	890,000		894,450
EOP Operating LP term loan 5.25% 2/1/14 (g)	1,700,000		1,726,690
Equity Inns Reality LLC Tranche A, term loan 10.5% 11/4/13 (g)	2,195,829		2,033,704
Realogy Corp.:
Credit-Linked Deposit 3.2037% 10/10/13 (g)	196,298		195,807
Credit-Linked Deposit 4.4537% 10/10/16 (g)	165,906		165,492
Realogy Group LLC Tranche B, term loan 4.5% 3/1/20 (g)	2,580,000		2,605,800
			7,621,943
Floating Rate Loans - continued
	Principal Amount		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.0%
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 1/23/18 (g)	$ 215,000		$ 218,225
TOTAL FINANCIALS			20,861,688
HEALTH CARE - 0.5%
Health Care Providers & Services - 0.5%
Community Health Systems, Inc. term loan 3.7865% 1/25/17 (g)	393,006		396,445
Health Management Associates, Inc. Tranche B, term loan 3.5% 11/18/18 (g)	486,161		491,023
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (g)	3,173,625		3,193,460
			4,080,928
INDUSTRIALS - 0.4%
Construction & Engineering - 0.4%
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (g)	3,597,784		3,525,829
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
Crown Castle Operating Co.:
Tranche A, term loan 2.7% 1/31/17 (g)	843,896		844,951
Tranche B, term loan 3.25% 1/31/19 (g)	1,981,002		1,988,530
			2,833,481
TOTAL FLOATING RATE LOANS (Cost $62,392,827)		64,500,095

Money Market Funds - 4.6%
	Shares		Value
Fidelity Cash Central Fund, 0.13% (b)	36,714,944		$ 36,714,944
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	793,150		793,150
TOTAL MONEY MARKET FUNDS (Cost $37,508,094)		37,508,094
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $715,405,547)			811,809,796
NET OTHER ASSETS (LIABILITIES) - 0.3%			2,719,057
NET ASSETS - 100%		$ 814,528,853

Legend

(a) Non-income producing

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

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 35,206
Fidelity Securities Lending Cash Central Fund	5,821
Total	$ 41,027

Other Information

The following is a summary of the inputs used, as of April 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 4,322,782	$ 4,322,782	$ -	$ -
Financials	291,216,766	280,283,258	10,933,508	-
Health Care	10,064,517	10,064,517	-	-
Corporate Bonds	194,827,073	-	194,823,993	3,080
Asset-Backed Securities	38,859,618	-	29,815,577	9,044,041
Collateralized Mortgage Obligations	6,005,795	-	6,005,795	-
Commercial Mortgage Securities	164,505,056	-	154,485,469	10,019,587
Floating Rate Loans	64,500,095	-	49,283,788	15,216,307
Money Market Funds	37,508,094	37,508,094	-	-
Total Investments in Securities:	$ 811,809,796	$ 332,178,651	$ 445,348,130	$ 34,283,015

Valuation Inputs at Reporting Date:

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

Investments in Securities:
Asset-Backed Securities
Beginning Balance	$ 15,625,880
Total Realized Gain (Loss)	989,832
Total Unrealized Gain (Loss)	(364,272)
Cost of Purchases	-
Proceeds of Sales	(5,316,341)
Amortization/Accretion	687,384
Transfers in to Level 3	2,518,600
Transfers out of Level 3	(5,097,042)
Ending Balance	$ 9,044,041
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013	$ (336,852)
Commercial Mortgage Securities
Beginning Balance	$ 19,153,838
Total Realized Gain (Loss)	1,001,656
Total Unrealized Gain (Loss)	(94,340)
Cost of Purchases	38,762
Proceeds of Sales	(7,368,685)
Amortization/Accretion	370,657
Transfers in to Level 3	1,180,860
Transfers out of Level 3	(4,263,161)
Ending Balance	$ 10,019,587
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013	$ 397,957
Floating Rate Loans
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	721,242
Cost of Purchases	14,531,685
Proceeds of Sales	(58,492)
Amortization/Accretion	21,872
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 15,216,307
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013	$ 721,242
Other Investments in Securities
Beginning Balance	$ 3,470,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(4,620)
Cost of Purchases	-
Proceeds of Sales	(1,090,000)
Amortization/Accretion	-
Transfers in to Level 3	7,700
Transfers out of Level 3	(2,380,000)
Ending Balance	$ 3,080
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013	$ (4,620)

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

Income Tax Information

At April 30, 2013, the cost of investment securities for income tax purposes was $715,409,014. Net unrealized appreciation aggregated $96,400,782, of which $97,906,184 related to appreciated investment securities and $1,505,402 related to depreciated investment securities.

Investment Valuation

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

Independent prices obtained from a single source or broker are evaluated by management and may be categorized as Level 3 in the hierarchy.

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

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

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

Asset Type	Fair Value at 04/30/13	Valuation Technique(s)	Unobservable Input	Amount or Range / Weighted Average	Impact to Valuation from an Increase in Input*
Asset-Backed Securities	$ 250,805	Discounted cash flow	Yield	5.5%	Decrease
Commercial Mortgage Securities	$ 1,365,410	Market comparable	Spread	13.8	Decrease
Floating Rate Loans	$ 10,498,955	Discounted cash flow	Yield	8.4% - 11.1% / 9%	Decrease

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2013

1.800339.109

GAI-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.5%
Auto Components - 0.3%
Gentex Corp.	758,739		$ 17,072
Automobiles - 0.4%
Ford Motor Co.	2,120,403		29,071
Distributors - 0.3%
Li & Fung Ltd.	10,024,000		12,969
LKQ Corp. (a)	314,498		7,573
			20,542
Diversified Consumer Services - 0.1%
H&R Block, Inc.	179,232		4,972
Hotels, Restaurants & Leisure - 1.5%
Darden Restaurants, Inc.	38,537		1,990
McDonald's Corp.	600,946		61,381
Wyndham Worldwide Corp.	134,267		8,067
Yum! Brands, Inc.	429,148		29,234
			100,672
Leisure Equipment & Products - 0.1%
Mattel, Inc.	140,406		6,411
Media - 3.7%
Comcast Corp. Class A	2,862,400		118,217
Scripps Networks Interactive, Inc. Class A	212,925		14,177
Time Warner, Inc.	1,441,564		86,177
Viacom, Inc. Class B (non-vtg.)	315,038		20,159
			238,730
Multiline Retail - 2.2%
Kohl's Corp.	259,385		12,207
Target Corp.	1,903,122		134,284
			146,491
Specialty Retail - 1.8%
Lowe's Companies, Inc.	2,664,095		102,355
Staples, Inc.	962,032		12,737
			115,092
Textiles, Apparel & Luxury Goods - 0.1%
Coach, Inc.	163,932		9,649
TOTAL CONSUMER DISCRETIONARY			688,702
CONSUMER STAPLES - 11.1%
Beverages - 2.8%
Molson Coors Brewing Co. Class B	244,682		12,626
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Beverages - continued
PepsiCo, Inc.	778,727		$ 64,222
The Coca-Cola Co.	2,507,405		106,138
			182,986
Food & Staples Retailing - 2.0%
CVS Caremark Corp.	606,104		35,263
Walgreen Co.	1,966,204		97,347
			132,610
Food Products - 1.0%
Danone SA	299,084		22,849
Kellogg Co.	644,811		41,939
			64,788
Household Products - 3.1%
Kimberly-Clark Corp.	554,332		57,202
Procter & Gamble Co.	1,810,215		138,970
Svenska Cellulosa AB (SCA) (B Shares)	162,600		4,222
			200,394
Tobacco - 2.2%
British American Tobacco PLC sponsored ADR	796,599		88,438
Lorillard, Inc.	1,275,446		54,704
Philip Morris International, Inc.	47,168		4,509
			147,651
TOTAL CONSUMER STAPLES			728,429
ENERGY - 12.3%
Energy Equipment & Services - 1.4%
Ensco PLC Class A	207,006		11,940
Exterran Partners LP	221,021		6,255
Halliburton Co.	1,043,527		44,632
Schlumberger Ltd.	363,319		27,042
			89,869
Oil, Gas & Consumable Fuels - 10.9%
Access Midstream Partners LP	222,033		9,163
Apache Corp.	259,106		19,143
Atlas Pipeline Partners LP	519,329		18,872
BG Group PLC	648,400		10,923
BP PLC sponsored ADR	602,324		26,261
Canadian Natural Resources Ltd.	1,400,700		41,085
Chevron Corp.	1,511,805		184,455
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
ENI SpA	319,500		$ 7,625
Exxon Mobil Corp.	640,411		56,990
Legacy Reserves LP	115,745		3,087
Magellan Midstream Partners LP	24,621		1,306
Markwest Energy Partners LP	480,128		30,344
Occidental Petroleum Corp.	1,536,169		137,118
Royal Dutch Shell PLC Class A (United Kingdom)	1,872,590		63,753
Suncor Energy, Inc.	1,826,250		56,938
The Williams Companies, Inc.	1,180,566		45,015
Western Gas Partners LP	16,100		973
			713,051
TOTAL ENERGY			802,920
FINANCIALS - 20.1%
Capital Markets - 4.2%
Apollo Investment Corp.	545,530		4,806
Artisan Partners Asset Management, Inc.	29,800		1,112
Ashmore Group PLC	1,026,600		6,366
BlackRock, Inc. Class A	87,636		23,355
Charles Schwab Corp.	3,947,565		66,951
KKR & Co. LP	1,400,847		29,418
Morgan Stanley	2,840,994		62,928
Northern Trust Corp.	524,651		28,289
State Street Corp.	598,883		35,017
The Blackstone Group LP	896,273		18,418
			276,660
Commercial Banks - 5.7%
BNP Paribas SA	67,700		3,772
Comerica, Inc.	1,001,928		36,320
PNC Financial Services Group, Inc.	765,912		51,990
Standard Chartered PLC (United Kingdom)	732,991		18,411
SunTrust Banks, Inc.	445,282		13,024
U.S. Bancorp	1,730,783		57,600
Wells Fargo & Co.	5,004,857		190,084
			371,201
Consumer Finance - 0.2%
SLM Corp.	731,065		15,096
Diversified Financial Services - 7.5%
Bank of America Corp.	5,160,140		63,521
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - continued
Citigroup, Inc.	2,829,534		$ 132,026
JPMorgan Chase & Co.	5,099,715		249,936
KKR Financial Holdings LLC	2,796,474		29,894
NYSE Euronext	241,950		9,390
The NASDAQ Stock Market, Inc.	224,989		6,633
			491,400
Insurance - 1.5%
AFLAC, Inc.	75,146		4,091
Arthur J. Gallagher & Co.	45,900		1,948
MetLife, Inc.	1,511,841		58,947
MetLife, Inc. unit	364,100		18,230
Prudential Financial, Inc.	207,268		12,523
			95,739
Real Estate Investment Trusts - 0.5%
Aviv REIT, Inc.	33,600		863
BioMed Realty Trust, Inc.	103,245		2,324
Sun Communities, Inc.	552,314		28,251
			31,438
Real Estate Management & Development - 0.1%
Beazer Pre-Owned Rental Homes, Inc. (e)	254,400		5,342
Thrifts & Mortgage Finance - 0.4%
Radian Group, Inc.	2,089,631		24,971
TOTAL FINANCIALS			1,311,847
HEALTH CARE - 13.5%
Biotechnology - 0.9%
Amgen, Inc.	533,303		55,576
Health Care Equipment & Supplies - 1.0%
Abbott Laboratories	353,504		13,051
Baxter International, Inc.	85,190		5,952
ResMed, Inc. (d)	62,282		2,991
St. Jude Medical, Inc.	524,250		21,610
Stryker Corp.	360,488		23,641
			67,245
Health Care Providers & Services - 3.7%
Aetna, Inc.	633,558		36,392
AmerisourceBergen Corp.	83,300		4,508
Fresenius Medical Care AG & Co. KGaA	84,300		5,808
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
Humana, Inc.	73,900		$ 5,477
McKesson Corp.	467,341		49,454
Quest Diagnostics, Inc.	903,846		50,914
UnitedHealth Group, Inc.	685,304		41,070
WellPoint, Inc.	637,970		46,521
			240,144
Health Care Technology - 0.1%
Quality Systems, Inc.	519,413		9,282
Life Sciences Tools & Services - 0.2%
Lonza Group AG	216,954		15,108
Pharmaceuticals - 7.6%
AbbVie, Inc.	1,141,676		52,574
AstraZeneca PLC sponsored ADR	342,296		17,772
Eli Lilly & Co.	183,880		10,183
GlaxoSmithKline PLC sponsored ADR	1,141,918		58,969
Johnson & Johnson	1,299,597		110,765
Merck & Co., Inc.	2,844,519		133,692
Novartis AG sponsored ADR	387,875		28,610
Pfizer, Inc.	1,392,580		40,482
Sanofi SA	235,402		25,451
Teva Pharmaceutical Industries Ltd. sponsored ADR	295,462		11,313
Warner Chilcott PLC	504,200		7,250
			497,061
TOTAL HEALTH CARE			884,416
INDUSTRIALS - 10.6%
Aerospace & Defense - 2.2%
Honeywell International, Inc.	173,709		12,775
Rockwell Collins, Inc.	392,298		24,683
The Boeing Co.	716,689		65,513
United Technologies Corp.	463,182		42,284
			145,255
Air Freight & Logistics - 1.6%
C.H. Robinson Worldwide, Inc.	394,309		23,418
United Parcel Service, Inc. Class B	920,104		78,982
			102,400
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - 0.1%
Pitney Bowes, Inc. (d)	517,738		$ 7,077
Ritchie Brothers Auctioneers, Inc.	114,600		2,321
			9,398
Electrical Equipment - 0.4%
Hubbell, Inc. Class B	266,753		25,598
Industrial Conglomerates - 2.8%
General Electric Co.	8,297,494		184,951
Machinery - 1.2%
Douglas Dynamics, Inc.	941,855		13,177
Illinois Tool Works, Inc.	157,009		10,137
Ingersoll-Rand PLC	464,367		24,983
ITT Corp.	241,666		6,670
Stanley Black & Decker, Inc.	325,244		24,332
			79,299
Marine - 0.1%
Irish Continental Group PLC unit	107,193		2,922
Professional Services - 0.3%
Acacia Research Corp.	106,788		2,544
Amadeus Fire AG	49,993		2,976
Dun & Bradstreet Corp.	82,800		7,324
Michael Page International PLC	1,140,463		6,601
			19,445
Road & Rail - 1.3%
CSX Corp.	1,671,171		41,094
J.B. Hunt Transport Services, Inc.	262,630		18,665
Norfolk Southern Corp.	348,799		27,004
			86,763
Trading Companies & Distributors - 0.6%
MSC Industrial Direct Co., Inc. Class A	134,854		10,626
W.W. Grainger, Inc.	89,072		21,954
Watsco, Inc.	37,359		3,152
			35,732
TOTAL INDUSTRIALS			691,763
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - 16.0%
Communications Equipment - 1.9%
Cisco Systems, Inc.	4,134,351		$ 86,491
QUALCOMM, Inc.	652,196		40,188
			126,679
Computers & Peripherals - 3.4%
Apple, Inc.	497,341		220,198
Electronic Equipment & Components - 0.0%
Arrow Electronics, Inc. (a)	75,431		2,959
Internet Software & Services - 1.8%
Google, Inc. Class A (a)	143,189		118,069
IT Services - 5.6%
Accenture PLC Class A	114,545		9,329
Cognizant Technology Solutions Corp. Class A (a)	383,936		24,879
Fidelity National Information Services, Inc.	869,725		36,572
IBM Corp.	128,050		25,935
MasterCard, Inc. Class A	109,450		60,518
Paychex, Inc.	3,149,094		114,659
The Western Union Co.	2,476,630		36,679
Visa, Inc. Class A	337,674		56,885
			365,456
Semiconductors & Semiconductor Equipment - 0.9%
Altera Corp.	451,840		14,463
Analog Devices, Inc.	371,765		16,354
Applied Materials, Inc.	1,857,000		26,945
			57,762
Software - 2.4%
Microsoft Corp.	4,695,787		155,431
TOTAL INFORMATION TECHNOLOGY			1,046,554
MATERIALS - 1.3%
Chemicals - 1.3%
Air Products & Chemicals, Inc.	69,858		6,075
Airgas, Inc.	175,583		16,970
E.I. du Pont de Nemours & Co.	347,040		18,917
FMC Corp.	93,478		5,674
Sigma Aldrich Corp.	32,604		2,566
Syngenta AG (Switzerland)	70,862		30,295
			80,497
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - 0.0%
Freeport-McMoRan Copper & Gold, Inc.	67,700		$ 2,060
TOTAL MATERIALS			82,557
TELECOMMUNICATION SERVICES - 2.4%
Diversified Telecommunication Services - 1.5%
CenturyLink, Inc.	194,894		7,322
Verizon Communications, Inc.	1,687,915		90,995
			98,317
Wireless Telecommunication Services - 0.9%
Vodafone Group PLC sponsored ADR	1,812,842		55,455
TOTAL TELECOMMUNICATION SERVICES			153,772
UTILITIES - 1.1%
Electric Utilities - 0.8%
Duke Energy Corp.	100,879		7,586
EDF SA	201,200		4,497
FirstEnergy Corp.	323,314		15,066
Hawaiian Electric Industries, Inc.	231,600		6,554
ITC Holdings Corp.	81,200		7,488
Northeast Utilities	101,772		4,613
PPL Corp.	196,953		6,574
			52,378
Multi-Utilities - 0.3%
National Grid PLC	109,854		1,400
PG&E Corp.	142,385		6,897
Sempra Energy	162,309		13,447
			21,744
TOTAL UTILITIES			74,122
TOTAL COMMON STOCKS (Cost $5,346,559)		6,465,082
Convertible Preferred Stocks - 0.8%

ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Apache Corp. 6.00%	85,000		3,597
Convertible Preferred Stocks - continued
	Shares		Value (000s)
HEALTH CARE - 0.6%
Health Care Equipment & Supplies - 0.6%
Alere, Inc. 3.00%	174,893		$ 42,109
INDUSTRIALS - 0.1%
Aerospace & Defense - 0.1%
United Technologies Corp. 7.50%	110,600		6,541
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $52,219)		52,247

Convertible Bonds - 0.1%
	Principal Amount (000s)
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Amyris, Inc. 3% 2/27/17 (Cost $5,615)	$ 5,615	3,930

Money Market Funds - 0.2%
	Shares
Fidelity Cash Central Fund, 0.13% (b)	9,904,514		9,905
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	3,736,184		3,736
TOTAL MONEY MARKET FUNDS (Cost $13,641)		13,641
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $5,418,034)			6,534,900
NET OTHER ASSETS (LIABILITIES) - 0.0%			569
NET ASSETS - 100%		$ 6,535,469

Legend

(a) Non-income producing

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,342,000 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 18
Fidelity Securities Lending Cash Central Fund	239
Total	$ 257

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 688,702	$ 688,702	$ -	$ -
Consumer Staples	728,429	728,429	-	-
Energy	806,517	735,139	71,378	-
Financials	1,311,847	1,288,275	18,230	5,342
Health Care	926,525	895,266	31,259	-
Industrials	698,304	698,304	-	-
Information Technology	1,046,554	1,046,554	-	-
Materials	82,557	52,262	30,295	-
Telecommunication Services	153,772	153,772	-	-
Utilities	74,122	72,722	1,400	-
Corporate Bonds	3,930	-	3,930	-
Money Market Funds	13,641	13,641	-	-
Total Investments in Securities:	$ 6,534,900	$ 6,373,066	$ 156,492	$ 5,342

Income Tax Information

At April 30, 2013, the cost of investment securities for income tax purposes was $5,444,365,000. Net unrealized appreciation aggregated $1,090,535,000, of which $1,167,071,000 related to appreciated investment securities and $76,536,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series Small Cap
Opportunities Fund

April 30, 2013

1.847958.106

SMO-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
CONSUMER DISCRETIONARY - 14.1%
Auto Components - 1.2%
Dorman Products, Inc.	458,549		$ 17,305,639
Tenneco, Inc. (a)	457,986		17,710,319
			35,015,958
Diversified Consumer Services - 0.5%
DeVry, Inc.	506,100		14,175,861
Hotels, Restaurants & Leisure - 1.3%
BJ's Restaurants, Inc. (a)	441,200		15,133,160
Life Time Fitness, Inc. (a)	482,999		22,304,894
			37,438,054
Household Durables - 0.8%
KB Home	969,811		21,859,540
Internet & Catalog Retail - 0.8%
HSN, Inc.	411,807		21,652,812
Leisure Equipment & Products - 0.8%
Brunswick Corp.	696,890		22,063,537
Media - 0.4%
MDC Partners, Inc. Class A (sub. vtg.)	647,400		11,064,066
Multiline Retail - 0.6%
Dollarama, Inc. (d)	213,266		15,622,642
Specialty Retail - 5.2%
Ascena Retail Group, Inc. (a)	937,514		17,344,009
Conn's, Inc. (a)	553,273		23,962,254
DSW, Inc. Class A	182,754		12,083,694
Francescas Holdings Corp. (a)(d)	896,702		25,609,809
GameStop Corp. Class A	435,700		15,205,930
Genesco, Inc. (a)	359,125		22,104,144
Rent-A-Center, Inc.	536,319		18,733,623
Signet Jewelers Ltd.	189,040		12,992,719
			148,036,182
Textiles, Apparel & Luxury Goods - 2.5%
Fifth & Pacific Companies, Inc. (a)	1,203,808		24,822,521
Hanesbrands, Inc.	389,265		19,525,532
Steven Madden Ltd. (a)	566,153		27,532,020
			71,880,073
TOTAL CONSUMER DISCRETIONARY			398,808,725
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 3.4%
Beverages - 0.2%
Cott Corp.	610,800		$ 6,711,555
Food & Staples Retailing - 1.7%
Fresh Market, Inc. (a)	269,222		11,019,256
Susser Holdings Corp. (a)	333,313		17,722,252
United Natural Foods, Inc. (a)	360,755		18,016,105
			46,757,613
Food Products - 1.5%
Calavo Growers, Inc. (d)	449,826		12,757,065
Fresh Del Monte Produce, Inc.	544,513		13,836,075
Post Holdings, Inc. (a)	137,103		6,003,740
WhiteWave Foods Co. (d)	644,685		10,901,623
			43,498,503
TOTAL CONSUMER STAPLES			96,967,671
ENERGY - 6.1%
Energy Equipment & Services - 1.0%
Atwood Oceanics, Inc. (a)	328,000		16,088,400
Total Energy Services, Inc.	761,850		10,571,902
			26,660,302
Oil, Gas & Consumable Fuels - 5.1%
Atlas Pipeline Partners LP	537,515		19,533,295
Cloud Peak Energy, Inc. (a)	906,200		17,707,148
Energen Corp.	86,938		4,122,600
Genesis Energy LP	248,300		11,935,781
PDC Energy, Inc. (a)	615,278		26,641,537
Rosetta Resources, Inc. (a)	573,042		24,589,232
Stone Energy Corp. (a)	984,426		19,422,725
Targa Resources Corp.	313,600		20,622,336
			144,574,654
TOTAL ENERGY			171,234,956
FINANCIALS - 22.5%
Capital Markets - 1.6%
Affiliated Managers Group, Inc. (a)	116,100		18,074,448
Waddell & Reed Financial, Inc. Class A	607,141		26,028,135
			44,102,583
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 7.5%
Associated Banc-Corp.	1,825,428		$ 26,048,858
Bank of the Ozarks, Inc.	565,405		23,142,027
Banner Bank	373,800		12,212,046
BBCN Bancorp, Inc.	1,610,410		20,742,081
Bridge Capital Holdings (a)	634,929		9,257,265
Cathay General Bancorp	803,924		15,845,342
City National Corp.	487,578		27,904,089
MB Financial, Inc.	1,016,249		25,162,325
National Penn Bancshares, Inc.	1,934,044		18,934,291
PacWest Bancorp	1,070,325		29,680,112
UMB Financial Corp.	73,004		3,675,021
			212,603,457
Insurance - 3.4%
Allied World Assurance Co. Holdings Ltd.	315,700		28,668,717
Amerisafe, Inc.	701,300		22,904,458
Primerica, Inc.	624,544		21,209,514
ProAssurance Corp.	480,808		23,554,784
			96,337,473
Real Estate Investment Trusts - 8.8%
American Assets Trust, Inc.	652,871		22,040,925
Colonial Properties Trust (SBI)	1,068,865		24,808,357
DCT Industrial Trust, Inc.	3,403,100		26,646,273
DuPont Fabros Technology, Inc.	805,830		20,258,566
Glimcher Realty Trust	2,042,605		25,614,267
Highwoods Properties, Inc. (SBI)	597,100		24,499,013
Home Properties, Inc.	319,391		20,587,944
National Retail Properties, Inc. (d)	719,237		28,539,324
Parkway Properties, Inc.	1,146,446		20,899,711
Pennsylvania Real Estate Investment Trust (SBI)	166,000		3,441,180
Ramco-Gershenson Properties Trust (SBI)	1,824,350		31,871,388
			249,206,948
Thrifts & Mortgage Finance - 1.2%
ViewPoint Financial Group	460,834		8,580,729
Washington Federal, Inc.	689,690		11,841,977
WSFS Financial Corp.	243,812		11,932,159
			32,354,865
TOTAL FINANCIALS			634,605,326
Common Stocks - continued
	Shares		Value
HEALTH CARE - 12.1%
Biotechnology - 6.0%
Achillion Pharmaceuticals, Inc. (a)	1,302,553		$ 9,821,250
ARIAD Pharmaceuticals, Inc. (a)	411,596		7,355,221
Astex Pharmaceuticals, Inc. (a)	1,203,358		8,279,103
BioMarin Pharmaceutical, Inc. (a)	124,944		8,196,326
Coronado Biosciences, Inc. (a)(d)	462,382		5,201,798
Discovery Laboratories, Inc. (a)	1,760,783		2,975,723
Dynavax Technologies Corp. (a)(d)	2,648,790		6,224,657
Hyperion Therapeutics, Inc.	148,666		3,188,886
Infinity Pharmaceuticals, Inc. (a)	245,557		10,581,051
Insmed, Inc. (a)	866,129		7,933,742
Isis Pharmaceuticals, Inc. (a)(d)	628,972		14,082,683
Medivation, Inc. (a)	151,914		8,007,387
MEI Pharma, Inc. (a)(d)(e)	941,490		8,398,091
Merrimack Pharmaceuticals, Inc. (a)(d)	1,128,665		5,553,032
Neurocrine Biosciences, Inc. (a)	789,600		9,111,984
Novavax, Inc. (a)	3,800,013		8,930,031
OncoGenex Pharmaceuticals, Inc. (a)	191,795		1,942,883
Pharmacyclics, Inc. (a)	112,148		9,140,062
Synageva BioPharma Corp. (a)	161,013		8,322,762
Theravance, Inc. (a)	391,646		13,218,053
Threshold Pharmaceuticals, Inc. (a)	976,528		4,706,865
XOMA Corp. (a)	2,391,541		8,370,394
			169,541,984
Health Care Equipment & Supplies - 2.3%
Align Technology, Inc. (a)	464,739		15,392,156
Cerus Corp. (a)(d)	2,677,540		14,244,513
Haemonetics Corp. (a)	186,679		7,187,142
ICU Medical, Inc. (a)	116,188		7,000,327
Sirona Dental Systems, Inc. (a)	99,657		7,328,776
Steris Corp.	200,558		8,341,207
Teleflex, Inc.	66,482		5,194,239
			64,688,360
Health Care Providers & Services - 1.7%
BioScrip, Inc. (a)	888,945		12,320,778
MEDNAX, Inc. (a)	92,145		8,176,026
Molina Healthcare, Inc. (a)	433,867		14,404,384
Team Health Holdings, Inc. (a)	352,002		13,122,635
			48,023,823
Health Care Technology - 0.6%
Medidata Solutions, Inc. (a)	249,993		16,589,535
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Life Sciences Tools & Services - 0.8%
Bruker BioSciences Corp. (a)	798,244		$ 14,184,796
PerkinElmer, Inc.	277,285		8,498,785
			22,683,581
Pharmaceuticals - 0.7%
Biodelivery Sciences International, Inc. (a)(d)	1,431,016		8,128,171
ViroPharma, Inc. (a)	440,378		12,000,301
			20,128,472
TOTAL HEALTH CARE			341,655,755
INDUSTRIALS - 14.4%
Aerospace & Defense - 1.0%
Teledyne Technologies, Inc. (a)	375,749		28,203,720
Air Freight & Logistics - 1.1%
Hub Group, Inc. Class A (a)	597,635		21,903,323
UTI Worldwide, Inc.	644,700		9,470,643
			31,373,966
Building Products - 0.6%
Armstrong World Industries, Inc.	308,674		15,754,721
Commercial Services & Supplies - 2.0%
Tetra Tech, Inc. (a)	648,168		17,040,337
United Stationers, Inc.	456,800		14,832,296
West Corp.	1,239,980		26,039,580
			57,912,213
Construction & Engineering - 1.2%
MasTec, Inc. (a)	640,910		17,817,298
URS Corp.	334,300		14,682,456
			32,499,754
Electrical Equipment - 1.0%
General Cable Corp. (a)	784,610		27,053,353
Industrial Conglomerates - 0.6%
Carlisle Companies, Inc.	268,600		17,424,082
Machinery - 2.7%
Actuant Corp. Class A	620,931		19,435,140
Harsco Corp.	537,981		11,744,125
Navistar International Corp. (a)	454,253		15,044,859
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
TriMas Corp. (a)	510,297		$ 15,564,059
Wabtec Corp.	127,454		13,375,023
			75,163,206
Marine - 0.2%
DryShips, Inc. (a)(d)	2,760,603		5,134,722
Professional Services - 2.7%
Dun & Bradstreet Corp. (d)	208,806		18,468,891
Manpower, Inc.	406,904		21,631,017
Stantec, Inc. (d)	511,700		21,881,022
Towers Watson & Co.	208,600		15,211,112
			77,192,042
Trading Companies & Distributors - 1.3%
Kaman Corp.	437,799		14,793,228
Watsco, Inc.	275,477		23,244,749
			38,037,977
TOTAL INDUSTRIALS			405,749,756
INFORMATION TECHNOLOGY - 15.5%
Communications Equipment - 2.0%
Brocade Communications Systems, Inc. (a)	2,993,075		17,419,697
Finisar Corp. (a)	1,125,731		14,454,386
Infinera Corp. (a)	341,000		2,871,220
Polycom, Inc. (a)	1,206,426		12,667,473
Riverbed Technology, Inc. (a)	407,517		6,055,703
Sonus Networks, Inc. (a)	955,321		2,006,174
			55,474,653
Computers & Peripherals - 1.6%
NCR Corp. (a)	611,000		16,661,970
Quantum Corp. (a)	9,868,411		14,111,828
Super Micro Computer, Inc. (a)	1,405,512		13,521,025
			44,294,823
Electronic Equipment & Components - 0.9%
Fabrinet (a)	1,095,041		15,034,913
InvenSense, Inc. (a)	1,074,181		10,011,367
			25,046,280
Internet Software & Services - 1.4%
Bankrate, Inc. (a)	1,380,450		18,608,466
EarthLink, Inc.	698,166		3,972,565
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
Unwired Planet, Inc. (a)	1,285,679		$ 2,545,644
Web.com Group, Inc. (a)	817,897		14,231,408
			39,358,083
IT Services - 3.9%
Euronet Worldwide, Inc. (a)	910,017		27,782,819
ExlService Holdings, Inc. (a)	693,962		22,637,040
Genpact Ltd.	468,784		8,719,382
Heartland Payment Systems, Inc.	339,320		11,160,235
Pactera Technology International Ltd. ADR	931,336		4,740,500
Sapient Corp. (a)	2,335,109		27,274,073
ServiceSource International, Inc. (a)	1,448,912		9,273,037
			111,587,086
Semiconductors & Semiconductor Equipment - 2.2%
Atmel Corp. (a)	960,400		6,213,788
Entegris, Inc. (a)	1,308,223		12,401,954
Integrated Device Technology, Inc. (a)	1,087,838		7,734,528
Monolithic Power Systems, Inc.	259,777		6,265,821
RF Micro Devices, Inc. (a)	1,357,750		7,616,978
Skyworks Solutions, Inc. (a)	654,758		14,450,509
Spreadtrum Communications, Inc. ADR	345,482		7,552,237
			62,235,815
Software - 3.5%
BroadSoft, Inc. (a)	403,790		10,320,872
MICROS Systems, Inc. (a)	431,307		18,291,730
Nuance Communications, Inc. (a)	1,152,117		21,936,308
Parametric Technology Corp. (a)	732,080		17,577,241
Solera Holdings, Inc.	150,910		8,689,398
Synchronoss Technologies, Inc. (a)	311,710		8,833,861
Verint Systems, Inc. (a)	405,163		13,386,586
			99,035,996
TOTAL INFORMATION TECHNOLOGY			437,032,736
MATERIALS - 4.9%
Chemicals - 2.1%
Axiall Corp.	414,294		21,729,720
Cabot Corp.	392,394		14,738,319
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Kraton Performance Polymers, Inc. (a)	511,739		$ 11,621,593
Zoltek Companies, Inc. (a)(d)	848,000		11,202,080
			59,291,712
Construction Materials - 0.6%
Eagle Materials, Inc.	237,829		16,112,915
Containers & Packaging - 0.5%
Silgan Holdings, Inc.	309,733		14,826,919
Metals & Mining - 1.4%
Carpenter Technology Corp.	243,841		10,963,091
Worthington Industries, Inc.	857,406		27,591,325
			38,554,416
Paper & Forest Products - 0.3%
Canfor Corp. (a)	473,700		9,892,946
TOTAL MATERIALS			138,678,908
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
Towerstream Corp. (a)(d)(e)	4,168,342		10,004,021
UTILITIES - 2.8%
Electric Utilities - 2.2%
Cleco Corp.	418,700		20,734,024
IDACORP, Inc.	145,716		7,170,684
PNM Resources, Inc.	703,851		16,899,463
Portland General Electric Co.	524,682		16,920,995
			61,725,166
Gas Utilities - 0.6%
Atmos Energy Corp.	407,494		18,080,509
TOTAL UTILITIES			79,805,675
TOTAL COMMON STOCKS (Cost $2,205,436,098)		2,714,543,529
Convertible Preferred Stocks - 0.1%
	Shares		Value
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Agios Pharmaceuticals, Inc. Series C (a)(g) (Cost $1,738,254)	353,944		$ 1,738,254

U.S. Treasury Obligations - 0.0%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.04% to 0.05% 7/5/13 to 7/18/13 (f) (Cost $1,239,896)	$ 1,240,000	1,239,927

Money Market Funds - 6.8%
	Shares
Fidelity Cash Central Fund, 0.13% (b)	90,736,024		90,736,024
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	100,995,268		100,995,268
TOTAL MONEY MARKET FUNDS (Cost $191,731,292)		191,731,292
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $2,400,145,540)			2,909,253,002
NET OTHER ASSETS (LIABILITIES) - (3.0)%			(83,420,439)
NET ASSETS - 100%		$ 2,825,832,563

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
245 Russell 2000 Mini Index Contracts	June 2013	$ 23,154,950	$ 457,941

The face value of futures purchased as a percentage of net assets is 0.8%

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 $1,239,927.

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 118,093
Fidelity Securities Lending Cash Central Fund	2,011,040
Total	$ 2,129,133

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Biodelivery Sciences International, Inc.	$ 8,128,124	$ 891,548	$ 2,846,353	$ -	$ -
MEI Pharma, Inc.	-	7,231,527	672,904	-	8,398,091
Towerstream Corp.	-	14,684,969	1,129,437	-	10,004,021
Total	$ 8,128,124	$ 22,808,044	$ 4,648,694	$ -	$ 18,402,112

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 398,808,725	$ 398,808,725	$ -	$ -
Consumer Staples	96,967,671	96,967,671	-	-
Energy	171,234,956	171,234,956	-	-
Financials	634,605,326	634,605,326	-	-
Health Care	343,394,009	341,655,755	-	1,738,254
Industrials	405,749,756	405,749,756	-	-
Information Technology	437,032,736	437,032,736	-	-
Materials	138,678,908	138,678,908	-	-
Telecommunication Services	10,004,021	10,004,021	-	-
Utilities	79,805,675	79,805,675	-	-
U.S. Government and Government Agency Obligations	1,239,927	-	1,239,927	-
Money Market Funds	191,731,292	191,731,292	-	-
Total Investments in Securities:	$ 2,909,253,002	$ 2,906,274,821	$ 1,239,927	$ 1,738,254
Derivative Instruments:
Assets
Futures Contracts	$ 457,941	$ 457,941	$ -	$ -

Income Tax Information

At April 30, 2013, the cost of investment securities for income tax purposes was $2,401,059,903. Net unrealized appreciation aggregated $508,193,099, of which $586,356,035 related to appreciated investment securities and $78,162,936 related to depreciated investment securities.

Investment Valuation

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Real Estate Income Fund

April 30, 2013

1.800347.109

REI-QTLY-0613

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 29.9%
	Shares		Value
CONSUMER DISCRETIONARY - 0.7%
Hotels, Restaurants & Leisure - 0.3%
Hyatt Hotels Corp. Class A (a)	248,000		$ 10,584,640
Household Durables - 0.4%
NVR, Inc. (a)	6,700		6,901,000
Standard Pacific Corp. (a)(f)	560,795		5,075,195
Stanley Martin Communities LLC Class B (a)	4,620		4,355,921
Toll Brothers, Inc. (a)	82,100		2,816,851
			19,148,967
TOTAL CONSUMER DISCRETIONARY			29,733,607
FINANCIALS - 27.8%
Capital Markets - 0.1%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	549,700		6,255,586
Real Estate Investment Trusts - 26.8%
Acadia Realty Trust (SBI)	2,078,249		59,334,009
AG Mortgage Investment Trust, Inc.	469,500		12,145,965
American Campus Communities, Inc.	463,400		20,686,176
American Residential Properties, Inc. (h)	574,941		10,866,385
American Tower Corp.	313,200		26,305,668
AmREIT, Inc. Class B	200,000		3,802,000
Anworth Mortgage Asset Corp.	1,120,710		7,071,680
Apartment Investment & Management Co. Class A	1,230,700		38,287,077
Arbor Realty Trust, Inc. (g)	2,673,575		20,639,999
Associated Estates Realty Corp.	727,208		12,995,207
AvalonBay Communities, Inc.	194,000		25,809,760
Aviv REIT, Inc.	69,300		1,780,317
BioMed Realty Trust, Inc.	649,400		14,617,994
Boardwalk (REIT)	126,200		8,251,322
Canadian (REIT)	131,600		6,226,981
CapLease, Inc.	2,956,300		20,753,226
CBL & Associates Properties, Inc.	1,762,973		42,558,168
Cedar Shopping Centers, Inc.	921,410		5,906,238
Chartwell Retirement Residence	459,700		5,206,389
Chartwell Retirement Residence (h)	78,500		889,061
Chesapeake Lodging Trust	513,600		12,151,776
CommonWealth REIT	194,400		4,340,952
CyrusOne, Inc.	122,600		2,941,174
Cys Investments, Inc.	1,585,439		19,707,007
DCT Industrial Trust, Inc.	1,235,100		9,670,833
DiamondRock Hospitality Co.	623,300		6,220,534
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Digital Realty Trust, Inc.	157,400		$ 11,099,848
Douglas Emmett, Inc.	836,300		21,885,971
DuPont Fabros Technology, Inc.	316,600		7,959,324
Dynex Capital, Inc.	1,893,043		20,350,212
EastGroup Properties, Inc.	134,800		8,501,836
Education Realty Trust, Inc.	402,600		4,424,574
Equity Lifestyle Properties, Inc.	1,030,630		83,738,688
Equity Residential (SBI)	317,700		18,445,662
Excel Trust, Inc.	1,333,928		20,315,723
First Potomac Realty Trust	1,349,015		21,584,240
Glimcher Realty Trust	1,192,200		14,950,188
H&R REIT/H&R Finance Trust	284,100		6,979,478
Hatteras Financial Corp.	185,000		5,056,050
HCP, Inc.	215,400		11,480,820
Highwoods Properties, Inc. (SBI)	209,500		8,595,785
Lexington Corporate Properties Trust	3,246,382		41,586,153
LTC Properties, Inc.	471,813		21,939,305
MFA Financial, Inc.	10,998,493		101,956,030
Mid-America Apartment Communities, Inc.	305,000		20,962,650
Monmouth Real Estate Investment Corp. Class A	249,773		2,657,585
National Retail Properties, Inc.	195,700		7,765,376
Newcastle Investment Corp.	1,617,600		18,327,408
NorthStar Realty Finance Corp. (f)	1,450,900		14,465,473
Parkway Properties, Inc.	135,008		2,461,196
Piedmont Office Realty Trust, Inc. Class A	859,100		17,628,732
Prologis, Inc.	732,787		30,740,415
RAIT Financial Trust (f)	348,852		2,979,196
Rayonier, Inc.	268,200		15,936,444
Redwood Trust, Inc.	280,000		6,389,600
Retail Properties America, Inc.	897,650		13,743,022
Select Income (REIT)	333,500		9,514,755
Senior Housing Properties Trust (SBI)	845,400		24,034,722
Silver Bay Realty Trust Corp.	1		19
Simon Property Group, Inc.	73,500		13,088,145
Stag Industrial, Inc.	864,169		19,046,285
Summit Hotel Properties, Inc.	692,000		6,913,080
Terreno Realty Corp.	689,959		12,985,028
Two Harbors Investment Corp.	685,180		8,208,456
Ventas, Inc.	966,746		76,981,984
Washington (REIT) (SBI)	471,900		13,477,464
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Whitestone REIT Class B (f)	183,267		$ 3,023,906
WP Carey, Inc. (f)	173,600		12,242,272
			1,183,588,998
Real Estate Management & Development - 0.5%
Altisource Residential Corp. Class B (a)	200,000		3,800,000
Brookfield Asset Management, Inc. Class A	232,000		8,955,760
Kennedy-Wilson Holdings, Inc.	664,021		11,042,669
			23,798,429
Thrifts & Mortgage Finance - 0.4%
Home Loan Servicing Solutions Ltd.	683,094		15,472,079
TOTAL FINANCIALS			1,229,115,092
HEALTH CARE - 1.1%
Health Care Providers & Services - 1.1%
Brookdale Senior Living, Inc. (a)	1,277,700		32,951,883
Emeritus Corp. (a)	532,174		13,676,872
			46,628,755
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
SBA Communications Corp. Class A (a)	153,000		12,085,470
TOTAL COMMON STOCKS (Cost $1,034,480,472)		1,317,562,924
Preferred Stocks - 13.6%

Convertible Preferred Stocks - 1.0%
FINANCIALS - 1.0%
Real Estate Investment Trusts - 1.0%
Alexandria Real Estate Equities, Inc. Series D 7.00%	95,000		2,618,438
CommonWealth REIT 6.50%	396,216		9,402,206
Excel Trust, Inc. 7.00% (h)	248,200		6,773,797
Health Care REIT, Inc. Series I, 6.50%	46,800		3,131,210
Preferred Stocks - continued
	Shares		Value
Convertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Lexington Corporate Properties Trust Series C, 6.50%	388,432		$ 19,308,955
Ramco-Gershenson Properties Trust (SBI) Series D, 7.25%	40,000		2,568,800
			43,803,406
Nonconvertible Preferred Stocks - 12.6%
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
Red Lion Hotels Capital Trust 9.50%	163,225		4,297,714
Household Durables - 0.0%
M/I Homes, Inc. Series A, 9.75% (a)	18,350		461,503
TOTAL CONSUMER DISCRETIONARY			4,759,217
FINANCIALS - 12.5%
Capital Markets - 0.1%
Arlington Asset Investment Corp. 6.625%	168,472		4,127,564
Real Estate Investment Trusts - 11.9%
AG Mortgage Investment Trust, Inc. 8.00%	324,817		8,234,111
American Capital Agency Corp. 8.00%	200,000		5,340,000
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%	134,900		3,520,890
Series C, 7.625%	77,837		2,015,978
Series D, 7.50%	213,116		5,474,950
Anworth Mortgage Asset Corp. Series A, 8.625%	309,630		8,003,936
Apollo Commercial Real Estate Finance, Inc. Series A, 8.625%	375,101		9,977,687
Apollo Residential Mortgage, Inc. Series A, 8.00%	279,276		7,121,538
Arbor Realty Trust, Inc. Series A, 8.25% (g)	189,089		4,914,423
Armour Residential REIT, Inc. Series B, 7.875%	153,654		3,878,227
Ashford Hospitality Trust, Inc.:
Series D, 8.45%	27,000		685,800
Series E, 9.00%	85,751		2,389,880
Boston Properties, Inc. 5.25%	50,000		1,273,000
Campus Crest Communities, Inc. Series A, 8.00%	248,431		6,804,525
CapLease, Inc.:
Series A, 8.125%	70,306		1,782,257
Series B, 8.375%	439,766		12,128,746
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
CapLease, Inc.: - continued
Series C, 7.25%	210,000		$ 5,680,500
CBL & Associates Properties, Inc.:
7.375%	289,876		7,365,749
Series E, 6.625%	95,000		2,470,000
Cedar Shopping Centers, Inc. Series B, 7.25%	326,128		8,547,815
CenterPoint Properties Trust Series D, 5.377%	3,575		2,180,750
Chesapeake Lodging Trust Series A, 7.75%	266,916		7,230,754
Colony Financial, Inc. Series A, 8.50%	282,171		7,666,586
CommonWealth REIT 7.50%	93,300		2,020,878
Coresite Realty Corp. Series A, 7.25%	258,224		6,755,140
Corporate Office Properties Trust Series L, 7.375%	80,000		2,160,000
Cousins Properties, Inc. Series A, 7.75%	245,420		6,130,592
CubeSmart Series A, 7.75%	40,000		1,100,000
Cys Investments, Inc.:
Series A, 7.75%	117,824		2,998,621
Series B, 7.50%	311,567		7,594,446
DDR Corp.:
Series J, 6.50%	237,721		6,126,070
Series K, 6.25%	228,888		5,683,289
Digital Realty Trust, Inc.:
Series E, 7.00%	40,000		1,085,600
Series F, 6.625%	40,000		1,053,200
Series G, 5.875%	145,444		3,633,191
Duke Realty LP Series L, 6.60%	10,666		271,450
Dynex Capital, Inc.:
Series A, 8.50%	362,932		9,592,293
Series B, 7.625%	252,120		6,345,860
Equity Lifestyle Properties, Inc. Series C, 6.75%	800,000		20,696,000
Essex Property Trust, Inc. Series H, 7.125%	40,000		1,071,200
Excel Trust, Inc. Series B, 8.125%	400,000		10,708,000
First Potomac Realty Trust 7.75%	415,296		10,955,508
Gladstone Commercial Corp. Series C, 7.125%	232,238		6,140,373
Glimcher Realty Trust:
6.875%	256,115		6,505,321
Series G, 8.125%	109,192		2,762,558
Series H, 7.50%	198,527		5,185,525
Hatteras Financial Corp. Series A, 7.625%	197,288		4,985,468
Health Care REIT, Inc. Series J, 6.50%	20,000		548,000
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Hersha Hospitality Trust:
Series B, 8.00%	162,538		$ 4,274,749
Series C, 6.875%	50,000		1,288,000
Hospitality Properties Trust:
Series C, 7.00%	109,236		2,757,117
Series D, 7.125%	40,800		1,097,520
Hudson Pacific Properties, Inc. 8.375%	394,069		10,407,362
Inland Real Estate Corp. Series A, 8.125%	423,500		11,409,090
Invesco Mortgage Capital, Inc. Series A, 7.75%	113,342		2,919,690
Investors Real Estate Trust Series B, 7.95%	126,572		3,387,067
iStar Financial, Inc.:
Series E, 7.875%	156,008		3,775,394
Series F, 7.80%	179,421		4,309,692
Kilroy Realty Corp. Series G, 6.875%	40,000		1,081,200
Kite Realty Group Trust 8.25%	96,100		2,602,388
LaSalle Hotel Properties:
Series G, 7.25%	42,026		1,054,853
Series H, 7.50%	126,308		3,368,634
Series I, 6.375%	192,698		4,900,310
LBA Realty Fund II:
Series A, 8.75% (a)	69,000		2,760,000
Series B, 7.625% (a)	31,240		609,180
MFA Financial, Inc.:
8.00%	538,930		14,276,256
Series A, 8.50%	485,381		12,251,016
Series B, 7.50%	567,024		14,289,005
Monmouth Real Estate Investment Corp.:
7.625%	80,000		2,060,800
Series B, 7.875%	95,000		2,539,350
National Retail Properties, Inc. Series D, 6.625%	62,437		1,695,789
Newcastle Investment Corp. Series B, 9.75%	34,530		928,857
NorthStar Realty Finance Corp.:
Series B, 8.25%	225,708		5,669,785
Series C, 8.875%	275,338		7,114,734
Series D, 8.50%	161,601		4,069,113
Pebblebrook Hotel Trust:
Series A, 7.875%	372,000		9,858,000
Series B, 8.00%	185,085		4,960,278
Series C, 6.50%	178,160		4,484,287
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Pennsylvania (REIT) 7.375%	76,510		$ 2,018,334
Prologis, Inc. Series Q, 8.54%	94,446		6,106,529
PS Business Parks, Inc.:
5.70%	132,138		3,335,163
6.875%	50,000		1,334,500
Series S, 6.45%	70,536		1,885,427
Regency Centers Corp. Series 6, 6.625%	62,261		1,672,330
Retail Properties America, Inc. 7.00%	194,782		4,998,106
Sabra Health Care REIT, Inc. Series A, 7.125% (a)	200,000		5,140,000
Saul Centers, Inc.:
8.00%	38,072		987,207
Series C, 6.875%	315,478		8,328,619
Stag Industrial, Inc.:
Series A, 9.00%	280,000		7,733,600
Series B, 6.625% (a)	80,000		2,004,800
Strategic Hotel & Resorts, Inc.:
Series A, 8.50%	92,323		2,316,384
Series B, 8.25%	80,000		1,999,200
Summit Hotel Properties, Inc.:
Series A, 9.25%	138,340		3,827,868
Series B, 7.875%	190,173		4,992,041
Series C, 7.125% (a)	153,212		3,943,677
Sun Communities, Inc. Series A, 7.125%	360,000		9,316,800
Sunstone Hotel Investors, Inc. Series D, 8.00%	60,362		1,600,800
Taubman Centers, Inc. Series K, 6.25%	96,120		2,475,090
Terreno Realty Corp. Series A 7.75%	213,690		5,694,839
UMH Properties, Inc. Series A, 8.25%	600,000		16,434,000
Urstadt Biddle Properties, Inc. Series F, 7.125%	210,000		5,541,900
Vornado Realty LP 7.875%	54,682		1,493,912
Weingarten Realty Investors (SBI) Series F, 6.50%	116,230		2,935,970
Winthrop Realty Trust:
7.75%	540,000		14,050,800
Series D, 9.25%	65,000		1,814,150
			526,978,271
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Management & Development - 0.5%
Forest City Enterprises, Inc. 7.375%	657,000		$ 16,608,960
Kennedy-Wilson, Inc. 7.75%	141,574		3,688,003
			20,296,963
TOTAL FINANCIALS			551,402,798
TOTAL NONCONVERTIBLE PREFERRED STOCKS			556,162,015
TOTAL PREFERRED STOCKS (Cost $572,900,815)		599,965,421

Corporate Bonds - 20.2%
		Principal Amount (e)
Convertible Bonds - 2.9%
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
Morgans Hotel Group Co. 2.375% 10/15/14		$ 4,510,000		4,374,700
Household Durables - 0.0%
M/I Homes, Inc. 3% 3/1/18		1,790,000		1,918,522
TOTAL CONSUMER DISCRETIONARY				6,293,222
FINANCIALS - 2.8%
Diversified Financial Services - 0.2%
IAS Operating Partnership LP 5% 3/15/18 (h)		10,600,000		10,699,375
Real Estate Investment Trusts - 2.2%
Annaly Capital Management, Inc. 5% 5/15/15		34,396,000		35,707,348
Ares Commercial Real Estate Corp. 7% 12/15/15 (h)		9,700,000		9,841,620
CapLease, Inc. 7.5% 10/1/27 (h)		5,180,000		5,180,000
Colony Financial, Inc. 5% 4/15/23		9,000,000		9,962,100
Northstar Realty Finance LP 8.875% 6/15/32 (h)		6,790,000		11,343,544
Pennymac Corp. 5.375% 5/1/20 (h)		4,000,000		4,062,500
ProLogis LP 2.625% 5/15/38		1,500,000		1,500,075
Redwood Trust, Inc. 4.625% 4/15/18		8,500,000		9,573,550
Starwood Property Trust, Inc. 4.55% 3/1/18		7,000,000		7,749,000
				94,919,737
Corporate Bonds - continued
		Principal Amount (e)		Value
Convertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - 0.4%
Corporate Office Properties LP 4.25% 4/15/30 (h)		$ 9,460,000		$ 9,950,738
Forestar Group, Inc. 3.75% 3/1/20		5,000,000		5,883,000
Grubb & Ellis Co. 7.95% 5/1/15 (d)(h)		5,500,000		11,000
				15,844,738
TOTAL FINANCIALS				121,463,850
TOTAL CONVERTIBLE BONDS				127,757,072
Nonconvertible Bonds - 17.3%
CONSUMER DISCRETIONARY - 5.9%
Hotels, Restaurants & Leisure - 0.6%
CityCenter Holdings LLC/CityCenter Finance Corp. 7.625% 1/15/16		3,505,000		3,763,669
FelCor Lodging LP:
5.625% 3/1/23 (h)		2,000,000		2,072,500
6.75% 6/1/19		5,875,000		6,418,438
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17		1,700,000		1,921,000
RHP Hotel Properties LP/RHP Finance Co. 5% 4/15/21 (h)		2,000,000		2,050,000
Times Square Hotel Trust 8.528% 8/1/26 (h)		8,796,891		11,918,125
				28,143,732
Household Durables - 4.9%
Ashton Woods USA LLC/Ashton Woods Finance Co. 6.875% 2/15/21 (h)		10,000,000		10,350,000
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (h)		1,615,000		1,736,125
D.R. Horton, Inc. 4.75% 5/15/17		2,000,000		2,145,000
KB Home:
5.875% 1/15/15		7,000,000		7,385,000
7.25% 6/15/18		7,420,000		8,291,850
8% 3/15/20		8,465,000		9,904,050
9.1% 9/15/17		17,595,000		21,026,025
Lennar Corp.:
4.125% 12/1/18 (h)		5,520,000		5,630,400
5.6% 5/31/15		6,000,000		6,450,000
6.5% 4/15/16		4,000,000		4,455,000
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Lennar Corp.: - continued
6.95% 6/1/18		$ 14,280,000		$ 16,368,450
M/I Homes, Inc. 8.625% 11/15/18		26,055,000		28,921,050
Meritage Homes Corp.:
7% 4/1/22		7,525,000		8,446,813
7.15% 4/15/20		7,060,000		7,960,150
Ryland Group, Inc.:
6.625% 5/1/20		1,555,000		1,716,331
8.4% 5/15/17		5,420,000		6,490,450
Standard Pacific Corp.:
7% 8/15/15		4,000,000		4,200,000
8.375% 5/15/18		28,983,000		34,489,770
10.75% 9/15/16		8,415,000		10,497,713
Toll Brothers Finance Corp.:
4.375% 4/15/23		3,230,000		3,310,750
5.875% 2/15/22		1,550,000		1,751,500
William Lyon Homes, Inc. 8.5% 11/15/20 (h)		11,130,000		12,465,600
				213,992,027
Media - 0.2%
Clear Channel Worldwide Holdings, Inc. 7.625% 3/15/20		7,000,000		7,472,500
Multiline Retail - 0.2%
Sears Holdings Corp. 6.625% 10/15/18		9,820,000		9,746,350
TOTAL CONSUMER DISCRETIONARY				259,354,609
CONSUMER STAPLES - 0.1%
Food & Staples Retailing - 0.1%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20		907,635		1,033,569
C&S Group Enterprises LLC 8.375% 5/1/17 (h)		3,520,000		3,784,000
				4,817,569
FINANCIALS - 9.9%
Diversified Financial Services - 0.5%
Cantor Commercial Real Estate Co. LP/CCRE Finance Corp. 7.75% 2/15/18 (h)		4,755,000		4,921,425
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Diversified Financial Services - continued
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
7.75% 1/15/16		$ 10,820,000		$ 11,266,325
8% 1/15/18		5,240,000		5,633,000
				21,820,750
Real Estate Investment Trusts - 6.5%
American Campus Communities Operating Partnership LP 3.75% 4/15/23		2,505,000		2,631,270
Camden Property Trust 5% 6/15/15		1,100,000		1,188,270
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15		2,526,000		2,818,571
6.25% 6/15/14		8,355,000		8,810,807
CubeSmart LP 4.8% 7/15/22		2,000,000		2,235,264
Developers Diversified Realty Corp.:
5.5% 5/1/15		4,000,000		4,324,668
7.5% 4/1/17		6,000,000		7,203,792
7.5% 7/15/18		8,756,000		10,890,266
7.875% 9/1/20		4,637,000		6,017,022
9.625% 3/15/16		3,836,000		4,675,908
Duke Realty LP 6.25% 5/15/13		750,000		751,379
Equity One, Inc.:
5.375% 10/15/15		3,500,000		3,817,853
6.25% 1/15/17		3,000,000		3,424,071
Equity Residential 5.125% 3/15/16		7,201,000		8,025,702
Health Care Property Investors, Inc.:
5.625% 5/1/17		2,980,000		3,441,581
6% 6/15/14		2,340,000		2,467,923
6% 3/1/15		1,000,000		1,086,292
7.072% 6/8/15		1,500,000		1,660,004
Health Care REIT, Inc.:
3.625% 3/15/16		7,685,000		8,173,113
4.125% 4/1/19		2,000,000		2,191,398
6% 11/15/13		1,000,000		1,027,570
6.2% 6/1/16		2,750,000		3,154,498
Healthcare Realty Trust, Inc.:
3.75% 4/15/23		4,022,000		4,086,465
5.75% 1/15/21		3,095,000		3,612,905
6.5% 1/17/17		2,875,000		3,317,373
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Highwoods/Forsyth LP:
3.625% 1/15/23		$ 1,607,000		$ 1,612,324
5.85% 3/15/17		2,800,000		3,157,020
Hospitality Properties Trust:
5% 8/15/22		3,177,000		3,451,108
5.625% 3/15/17		915,000		1,013,461
7.875% 8/15/14		1,000,000		1,050,552
HRPT Properties Trust:
5.75% 11/1/15		4,826,000		5,157,435
6.25% 8/15/16		9,675,000		10,560,108
6.25% 6/15/17		1,055,000		1,166,838
6.65% 1/15/18		4,246,000		4,821,855
iStar Financial, Inc.:
5.85% 3/15/17		3,587,000		3,676,675
5.875% 3/15/16		34,260,000		35,973,000
5.95% 10/15/13		7,330,000		7,439,950
6.05% 4/15/15		14,630,000		15,361,500
7.125% 2/15/18		5,725,000		6,068,500
9% 6/1/17		9,175,000		10,459,500
MPT Operating Partnership LP/MPT Finance Corp.:
6.375% 2/15/22		3,610,000		3,907,825
6.875% 5/1/21		2,000,000		2,180,000
National Retail Properties, Inc. 3.3% 4/15/23		2,000,000		2,001,156
Nationwide Health Properties, Inc. 6% 5/20/15		5,670,000		6,253,897
Omega Healthcare Investors, Inc.:
6.75% 10/15/22		2,115,000		2,352,938
7.5% 2/15/20		1,000,000		1,115,000
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14		1,750,000		1,846,492
Potlatch Corp. 7.5% 11/1/19		1,000,000		1,180,000
ProLogis LP:
6.625% 5/15/18		6,480,000		7,871,800
7.625% 7/1/17		4,690,000		5,464,793
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20		2,000,000		2,507,600
Senior Housing Properties Trust:
4.3% 1/15/16		5,000,000		5,242,025
6.75% 4/15/20		13,624,000		15,840,175
6.75% 12/15/21		8,000,000		9,406,616
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
United Dominion Realty Trust, Inc.:
5.13% 1/15/14		$ 2,520,000		$ 2,592,856
5.25% 1/15/15		1,000,000		1,065,988
5.25% 1/15/16		4,000,000		4,394,468
				287,227,420
Real Estate Management & Development - 2.8%
AMB Property LP 5.9% 8/15/13		400,000		405,469
BioMed Realty LP 3.85% 4/15/16		2,000,000		2,125,694
Brandywine Operating Partnership LP:
5.4% 11/1/14		6,750,000		7,167,508
7.5% 5/15/15		1,000,000		1,119,472
CB Richard Ellis Services, Inc.:
5% 3/15/23		6,020,000		6,163,276
6.625% 10/15/20		1,205,000		1,316,463
11.625% 6/15/17		1,500,000		1,603,500
Colonial Properties Trust 6.25% 6/15/14		3,094,000		3,261,014
Colonial Realty LP 6.05% 9/1/16		2,500,000		2,815,025
ERP Operating LP 5.25% 9/15/14		4,815,000		5,115,085
Forest City Enterprises, Inc. 6.5% 2/1/17		17,420,000		16,984,500
Host Hotels & Resorts LP:
5.25% 3/15/22		2,000,000		2,230,000
5.875% 6/15/19		2,725,000		3,017,938
Kennedy-Wilson, Inc.:
8.75% 4/1/19		12,700,000		13,954,125
8.75% 4/1/19 (h)		7,710,000		8,471,363
Realogy Corp.:
7.875% 2/15/19 (h)		7,085,000		7,908,631
9% 1/15/20 (h)		1,920,000		2,275,200
Regency Centers LP:
5.25% 8/1/15		4,509,000		4,890,001
5.875% 6/15/17		400,000		460,505
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.25% 4/15/21 (h)		4,000,000		4,120,000
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17		2,490,000		2,661,312
Ventas Realty LP/Ventas Capital Corp.:
2.7% 4/1/20		3,000,000		3,048,972
3.125% 11/30/15		13,807,000		14,586,806
3.25% 8/15/22		2,000,000		2,038,818
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - continued
Ventas Realty LP/Ventas Capital Corp.: - continued
4% 4/30/19		$ 2,262,000		$ 2,490,032
Weekley Homes LLC/Weekley Finance Corp. 6% 2/1/23 (h)		2,460,000		2,558,400
Wells Operating Partnership II LP 5.875% 4/1/18		3,000,000		3,358,067
				126,147,176
Thrifts & Mortgage Finance - 0.1%
Wrightwood Capital LLC 1.9% 4/20/20 (d)		3,924,493		3,002,238
TOTAL FINANCIALS				438,197,584
HEALTH CARE - 1.1%
Health Care Equipment & Supplies - 0.3%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. 7.75% 2/15/19		10,410,000		11,398,950
Health Care Providers & Services - 0.8%
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18		33,008,000		35,978,720
TOTAL HEALTH CARE				47,377,670
INDUSTRIALS - 0.1%
Commercial Services & Supplies - 0.1%
Iron Mountain, Inc. 5.75% 8/15/24		4,235,000		4,362,050
Industrial Conglomerates - 0.0%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 7.375% 10/1/17 (h)		3,050,000		3,168,188
TOTAL INDUSTRIALS				7,530,238
INFORMATION TECHNOLOGY - 0.1%
Internet Software & Services - 0.1%
Cyrusone LP/Cyrusone Finance Corp. 6.375% 11/15/22 (h)		3,000,000		3,172,500
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
Crown Castle International Corp. 5.25% 1/15/23		$ 4,000,000		$ 4,180,000
TOTAL NONCONVERTIBLE BONDS				764,630,170
TOTAL CORPORATE BONDS (Cost $813,842,393)			892,387,242
Asset-Backed Securities - 3.0%

Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.5592% 3/23/19 (h)(j)		175,535		173,868
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.6992% 3/20/50 (h)(j)		2,250,000		109,350
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (h)		2,235,851		2,239,876
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.5294% 1/20/37 (h)(j)		657,359		628,600
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (h)		1,096,268		1,063,380
CBRE Realty Finance CDO LLC Series 2007-1A Class A1, 0.5304% 4/7/52 (h)(j)		9,486,694		8,443,158
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33		500,000		443,204
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (h)		226,800		227,084
Class B2, 1.6336% 12/28/35 (h)(j)		227,523		225,247
Class D, 9% 12/28/35 (h)		525,651		391,663
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (h)		1,050,328		787,746
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27		9,500,000		9,164,042
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.6516% 11/28/39 (h)(j)		582,529		17,476
Green Tree Financial Corp.:
Series 1996-4 Class M1, 7.75% 6/15/27		1,788,179		1,698,743
Series 1997-3 Class M1, 7.53% 3/15/28		7,293,450		6,349,710
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7002% 6/25/35 (j)(l)		787,807		32,099
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 1.7502% 8/26/30 (h)(j)		$ 735,000		$ 694,649
Class E, 2.2002% 8/26/30 (h)(j)		1,517,957		956,313
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40		1,100,082		527,336
Merit Securities Corp. Series 13 Class M1, 7.8859% 12/28/33 (j)		1,923,000		2,071,061
Mesa West Capital CDO Ltd.:
Series 2007-1A Class A2, 0.4902% 2/25/47 (h)(j)		15,000,000		14,062,500
Series 2007-1A Class A1, 0.4602% 2/25/47 (h)(j)		8,762,456		8,472,200
N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (h)		899,989		773,990
Newcastle Investment Trust Series 2011-MH1 Class A, 2.45% 12/10/33 (h)		2,431,144		2,483,051
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class D, 5.194% 7/24/39 (h)		1,532,040		1,535,104
Prima Capital Ltd. Series 2006-CR1A Class A2, 5.533% 12/28/48 (h)		9,302,588		9,488,640
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 2.9455% 2/5/36 (h)(j)		3,666,283		367
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 5.7841% 9/25/26 (h)(j)		2,000,000		1,210,000
Series 2006-1A:
Class A1A, 0.5441% 9/25/26 (h)(j)		12,479,952		12,296,497
Class A1B, 0.6141% 9/25/26 (h)(j)		22,506,000		20,489,462
Class A2A, 0.5041% 9/25/26 (h)(j)		2,257,861		2,252,893
Class A2B, 0.5941% 9/25/26 (h)(j)		1,550,000		1,462,115
Class B, 0.6441% 9/25/26 (h)(j)		890,000		797,885
Class C 0.8141% 9/25/26 (h)(j)		3,830,000		3,395,295
Class F, 1.4341% 9/25/26 (h)(j)		2,713,000		2,378,216
Class G, 1.6341% 9/25/26 (h)(j)		1,599,000		1,388,572
Class H, 1.9341% 9/25/26 (h)(j)		1,535,000		1,325,319
Class J, 3.0341% 9/25/26 (h)(j)		1,500,000		1,299,000
Class K, 3.5341% 9/25/26 (h)(j)		2,475,000		2,119,095
Class L, 4.2841% 9/25/26 (h)(j)		1,500,000		1,297,200
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A:
Class A1, 0.6091% 11/21/40 (h)(j)		8,832,497		8,125,897
Class F, 2.2391% 11/21/40 (h)(j)		250,000		50,000
TOTAL ASSET-BACKED SECURITIES (Cost $128,660,649)			132,947,903
Collateralized Mortgage Obligations - 0.4%
		Principal Amount (e)		Value
Private Sponsor - 0.4%
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.3787% 6/15/22 (h)(j)		$ 1,797,292		$ 1,774,495
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (h)		49,175		16,744
Series 2002-R2 Class 2B3, 3.6669% 7/25/33 (h)(j)		199,615		102,743
Series 2003-40 Class B3, 4.5% 10/25/18 (h)		83,810		17,331
Series 2003-R3:
Class B2, 5.5% 11/25/33 (h)		1,306,762		250,313
Class B3, 5.5% 11/25/33		118,598		7,003
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (h)(j)		104,122		5,504
FREMF Mortgage Trust:
Series 2010 K7 Class B, 5.4359% 4/25/20 (h)(j)		3,200,000		3,703,923
Series 2010-K6 Class B, 5.3654% 12/25/46 (h)(j)		4,500,000		5,174,492
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (h)		7,120,000		7,383,212
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 12.1503% 7/10/35 (h)(j)		244,202		204,300
Series 2005-A Class B6, 2.2003% 3/10/37 (h)(j)		1,087,061		5,870
Series 2005-B Class B6, 1.8003% 6/10/37 (h)(j)		232,828		93
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (h)		27,723		24,202
RESIX Finance Ltd. floater:
Series 2003-D Class B8, 6.7003% 12/10/35 (h)(j)		237,743		113,689
Series 2004-A Class B7, 4.4503% 2/10/36 (h)(j)		267,333		147,113
Series 2004-B Class B7, 4.2003% 2/10/36 (h)(j)		317,267		162,441
TOTAL PRIVATE SPONSOR				19,093,468
U.S. Government Agency - 0.0%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (l)		143,707		78,027
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.1885% 2/25/42 (h)(j)		95,595		55,979
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (l)		216,345		54,591
Collateralized Mortgage Obligations - continued
		Principal Amount (e)		Value
U.S. Government Agency - continued
Fannie Mae REMIC Trust: - continued
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.2088% 6/25/43 (h)(j)		$ 143,584		$ 58,307
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 3.174% 10/25/42 (h)(j)		62,131		33,212
TOTAL U.S. GOVERNMENT AGENCY				280,116
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $20,297,663)			19,373,584
Commercial Mortgage Securities - 13.6%

ACGS Series 2004-1 Class P, 7.4605% 8/1/19 (l)		3,608,325		3,538,977
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (h)		2,000,000		2,416,243
Banc of America Commercial Mortgage Trust:
Series 2005-1 Class CJ, 5.196% 11/10/42 (j)		3,580,000		3,829,336
Series 2005-6 Class AJ, 5.1877% 9/10/47 (j)		5,000,000		5,465,805
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 2.499% 11/15/15 (h)(j)		102,774,527		103,569,068
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.1987% 3/15/22 (h)(j)		760,684		517,265
Banc of America REMIC Trust Series 2012-CLMZ Class A, 7.6987% 8/15/17 (h)(j)		4,900,000		5,212,620
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4502% 3/11/39 (j)		5,700,000		5,940,780
Bear Stearns Commercial Mortgage Securities Trust Series 2006-T22 Class B, 5.5811% 4/12/38 (h)(j)		2,520,000		2,662,554
COMM Mortgage Trust Series 2012-CR5 Class D, 4.3353% 12/10/45 (h)(j)		2,000,000		2,035,032
COMM pass-thru certificates:
floater Series 2006-FL12:
Class AJ, 0.3287% 12/15/20 (h)(j)		8,000,000		7,666,040
Class B, 0.3687% 12/15/20 (h)(j)		2,825,274		2,697,162
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (h)		3,503,241		3,534,770
Commercial Mortgage Trust pass-thru certificates:
Series 2005-C6 Class AJ, 5.209% 6/10/44 (j)		5,000,000		5,409,405
Series 2012-CR1:
Class C, 5.547% 5/15/45		1,000,000		1,153,475
Class D, 5.547% 5/15/45 (h)		2,050,000		2,155,052
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Commercial Mortgage Trust pass-thru certificates: - continued
Series 2012-CR2: - continued
Class D, 4.8586% 8/15/45 (h)(j)		$ 4,500,000		$ 4,687,074
Class E, 4.8586% 8/15/45 (h)(j)		6,000,000		6,134,118
Series 2012-LC4:
Class C, 5.649% 12/10/44 (j)		2,000,000		2,338,796
Class D, 5.824% 12/10/44 (h)(j)		8,000,000		8,639,880
Communication Mortgage Trust Series 2011-THL:
Class E, 5.949% 6/9/28 (h)		3,690,000		3,796,132
Class F, 4.867% 6/9/28 (h)		11,090,000		10,359,746
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1998-C1 Class F, 6% 5/17/40 (h)		1,961,065		2,157,307
Series 1998-C2 Class F, 6.75% 11/15/30 (h)		3,000,000		3,158,049
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.5571% 11/10/46 (h)(j)		12,490,000		13,798,602
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		741,763		742,273
DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.1969% 6/10/31 (h)(j)		1,476,349		1,476,693
Extended Stay America Trust Series 2013-ESHM Class M, 7.625% 12/5/19 (h)		10,950,000		11,646,827
Freddie Mac:
pass-thru certificates:
Series K011 Class X3, 2.5754% 12/25/43 (j)(k)		12,206,096		1,968,453
Series K012 Class X3, 2.2882% 1/25/41 (j)(k)		21,072,886		3,039,722
Series K013 Class X3, 2.7902% 1/25/43 (j)(k)		14,360,000		2,544,233
Series KAIV Class X2, 3.6147% 6/25/46 (j)(k)		7,430,000		1,700,546
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (h)		8,218,897		8,280,538
GCCFC Commercial Mortgage Trust sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (h)		2,000,000		2,002,814
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2 Class G, 6.75% 4/15/29 (j)		906,496		1,019,459
Series 1999-C3 Class J, 6.974% 8/15/36		1,500,000		1,580,972
Series 2000-C1 Class K, 7% 3/15/33		193,433		147,501
GS Mortgage Securities Corp. II:
floater Series 2007-EOP Class L, 5.4585% 3/6/20 (h)(j)		1,400,000		1,412,547
Series 2010-C1:
Class D, 5.9876% 8/10/43 (h)(j)		4,000,000		4,639,808
Class E, 4% 8/10/43 (h)		3,770,000		3,011,193
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
GS Mortgage Securities Corp. II: - continued
Series 2012-GCJ7:
Class C, 5.7228% 5/10/45 (j)		$ 6,500,000		$ 7,428,793
Class D, 5.7228% 5/10/45 (h)(j)		2,000,000		2,145,668
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (h)		9,185,000		9,249,295
GS Mortgage Securities Trust:
Series 2010-C2 Class D, 5.2273% 12/10/43 (h)(j)		3,000,000		3,268,122
Series 2011-GC5:
Class C, 5.3083% 8/10/44 (h)(j)		9,000,000		10,379,601
Class D, 5.3083% 8/10/44 (h)(j)		4,000,000		4,258,424
Series 2012-GC6 Class C, 5.6391% 1/10/45 (h)(j)		3,600,000		4,223,431
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2001-A:
Class G, 6% 10/15/32 (h)(j)		2,036,910		36,732
Class X, 0.6341% 10/15/32 (h)(j)(k)		4,757,212		43,579
Series 2002-C1 Class E, 6.135% 7/12/37 (h)		1,755,362		1,759,740
Series 2009-IWST:
Class C, 7.4458% 12/5/27 (h)(j)		3,000,000		3,729,684
Class D, 7.4458% 12/5/27 (h)(j)		9,550,000		11,328,812
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (h)		9,000,000		9,640,955
Series 2010-CNTR:
Class D, 6.1844% 8/5/32 (h)(j)		4,500,000		5,194,805
Class XB, 0.9311% 8/5/32 (h)(j)(k)		32,655,000		1,583,196
Series 2012-CBX Class C, 5.1895% 6/16/45 (j)		4,530,000		5,102,019
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2005-LDP5 Class AJ, 5.3216% 12/15/44 (j)		3,470,000		3,729,756
Series 2011-C5 Class C, 5.3147% 8/15/46 (h)(j)		6,525,375		7,408,832
JPMorgan Commercial Mortgage Finance Corp. Series 1999-C8:
Class G, 6% 7/15/31 (h)		653,661		657,791
Class H, 6% 7/15/31 (h)		1,424,589		820,945
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (h)		2,328,545		2,366,345
LB-UBS Commercial Mortgage Trust:
sequential payer:
Series 2004-C2 Class E, 4.487% 3/15/36		2,060,000		2,085,999
Series 2005-C3 Class AJ, 4.843% 7/15/40		6,620,000		7,036,550
Series 2005-C7 Class AJ, 5.323% 11/15/40 (j)		8,000,000		8,646,232
Series 2006-C7 Class AM, 5.378% 11/15/38		2,040,000		2,271,564
Series 2004-C7 Class E, 4.918% 10/15/36		5,120,000		5,320,156
Series 2005-C1 Class E, 4.924% 2/15/40		4,000,000		4,114,288
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
LB-UBS Commercial Mortgage Trust: - continued
Series 2006-C4:
Class AJ, 5.8856% 6/15/38 (j)		$ 7,005,000		$ 7,256,325
Class AM, 5.8856% 6/15/38 (j)		6,700,000		7,606,550
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2007-LLFA Class E, 1.0987% 6/15/22 (h)(j)		6,230,000		6,069,447
LStar Commercial Mortgage Trust:
Series 2011-1 Class D, 5.491% 6/25/43 (h)(j)		4,699,000		4,929,538
Series 2011-1 Class B, 5.491% 6/25/43 (h)(j)		6,165,000		6,491,678
Merrill Lynch Financial Asset, Inc. Series 2005-CA16:
Class F, 4.384% 7/12/37	CAD	710,000		580,206
Class G, 4.384% 7/12/37	CAD	355,000		284,525
Class H, 4.384% 7/12/37	CAD	236,000		185,531
Class J, 4.384% 7/12/37	CAD	355,000		273,772
Class K, 4.384% 7/12/37	CAD	355,000		268,590
Class L, 4.384% 7/12/37	CAD	236,000		175,193
Class M, 4.384% 7/12/37	CAD	995,000		655,403
Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (h)		708,096		325,724
Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.6859% 5/12/39 (j)		1,200,000		1,356,852
Mezz Capital Commercial Mortgage Trust:
sequential payer:
Series 2004-C1 Class A, 4.836% 1/15/37 (h)		2,073,398		1,902,343
Series 2004-C2 Class A, 5.318% 10/15/40 (h)		9,067,514		7,934,074
Series 2004-C1:
Class D, 6.988% 1/15/37 (h)		237,495		24
Class IO, 8.4552% 1/15/37 (h)(j)(k)		2,352,967		108,942
Morgan Stanley BAML Trust Series 2013-C9 Class D, 4.2997% 5/15/46 (i)		5,000,000		4,657,500
Morgan Stanley Capital I Trust:
sequential payer:
Series 2012-C4 Class E, 5.71% 3/15/45 (h)		4,630,000		4,880,895
Series 2006-HQ10 Class AM, 5.36% 11/12/41		8,200,000		9,184,853
Series 1997-RR Class F, 7.4014% 4/30/39 (h)(j)		1,060,296		1,049,693
Series 1998-CF1 Class G, 7.35% 7/15/32 (h)		2,638,902		2,003,233
Series 2005-HQ5 Class B, 5.272% 1/14/42		2,000,000		2,114,376
Series 2005-HQ6 Class AJ, 5.073% 8/13/42 (j)		2,500,000		2,621,068
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43		7,500,000		8,535,360
Series 2011-C1 Class C, 5.2537% 9/15/47 (h)(j)		4,000,000		4,560,281
Series 2011-C2:
Class D, 5.3172% 6/15/44 (h)(j)		4,610,000		4,979,063
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Morgan Stanley Capital I Trust: - continued
Series 2011-C2: - continued
Class E, 5.3172% 6/15/44 (h)(j)		$ 9,600,000		$ 10,301,136
Class F, 5.3172% 6/15/44 (h)(j)		4,440,000		3,815,363
Class XB, 0.4644% 6/15/44 (h)(j)(k)		63,708,222		2,280,945
Series 2011-C3:
Class C, 5.1849% 7/15/49 (h)(j)		2,000,000		2,258,742
Class D, 5.357% 7/15/49 (h)		7,400,000		8,011,070
Series 2012-C4 Class D, 5.5266% 3/15/45 (h)(j)		6,310,000		7,082,912
NationsLink Funding Corp. Series 1999-SL Class X, 11/10/30 (k)		224,615		224,346
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (h)		3,783,011		4,818,420
RBSCF Trust Series 2010-MB1 Class D, 4.6812% 4/15/24 (h)(j)		9,049,000		9,221,501
Salomon Brothers Mortgage Securities VII, Inc. Series 2001-MMA Class E3, 6.5% 2/18/34 (h)(j)		170,742		173,393
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.5388% 8/15/39 (j)		2,080,000		2,293,225
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (h)		10,630,000		11,004,208
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.7737% 7/15/24 (h)(j)		1,200,000		1,059,790
UBS-Barclays Commercial Mortgage Trust sequential payer Series 2012-C3 Class A1, 0.726% 8/10/49		3,594,923		3,600,855
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 5.8752% 1/10/45 (h)(j)		3,000,000		3,701,484
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/28 (h)		2,540,000		2,929,313
Wachovia Bank Commercial Mortgage Trust:
Series 2004-C10 Class E, 4.931% 2/15/41		2,000,000		2,034,472
Series 2004-C11:
Class D, 5.3874% 1/15/41 (j)		5,177,000		5,062,269
Class E, 5.4374% 1/15/41 (j)		3,785,000		3,604,762
Series 2004-C12 Class D, 5.3085% 7/15/41 (j)		2,750,000		2,846,825
Series 2004-C14 Class B, 5.17% 8/15/41		3,180,000		3,316,966
Wells Fargo Commercial Mortgage Trust Series 2012-LC5 Class D, 4.7802% 10/15/45 (h)		9,999,000		9,961,364
WF-RBS Commercial Mortgage Trust:
Series 2011-C3:
Class C, 5.335% 3/15/44 (h)		4,900,000		5,614,013
Class D, 5.5491% 3/15/44 (h)(j)		1,000,000		1,079,750
Class E, 5% 3/15/44 (h)		2,000,000		1,768,978
Series 2012-C7 Class D, 4.85% 6/15/45 (h)(j)		2,380,000		2,543,508
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
WF-RBS Commercial Mortgage Trust: - continued
Series 2013-C11:
Class D, 4.1856% 3/15/45 (h)(j)		$ 5,830,000		$ 5,649,567
Class E, 4.1856% 3/15/45 (h)(j)		4,780,000		3,765,168
Series 2013-C13 Class D, 4.2791% 5/15/45 (h)(i)(j)		4,000,000		3,789,375
WFDB Commercial Mortgage Trust Series 2011-BXR Class D, 5.914% 7/5/24 (h)		4,000,000		4,114,148
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $543,595,453)			600,837,088
Floating Rate Loans - 9.5%

CONSUMER DISCRETIONARY - 4.6%
Hotels, Restaurants & Leisure - 4.4%
Cedar Fair LP Tranche B, term loan 3.25% 3/1/20 (j)		2,810,000		2,841,613
Cooper Hotel Group REL 12% 11/6/17		13,368,215		14,136,887
Extended Stay America, Inc. REL 9.625% 12/1/19		7,000,000		7,507,500
Hilton Worldwide, Inc.:
term loan 4.449% 11/12/15 (j)		59,894,829		59,071,275
Tranche B, term loan 3.5715% 11/12/15 (j)		11,662,158		11,501,803
Tranche C, term loan 3.699% 11/12/15 (j)		19,436,930		19,169,673
Tranche D, term loan 3.949% 11/12/15 (j)		22,447,616		22,138,961
Tranche E, term loan 4.199% 11/12/15 (j)		29,155,395		28,754,509
Intrawest U.S. Holding, Inc. Tranche 1LN, term loan 7% 12/4/17 (j)		4,987,500		5,093,484
La Quinta:
Tranche A, term loan 11.375% 7/6/14 (j)		7,990,026		8,097,892
Tranche B, term loan 11.375% 7/6/14 (j)		5,992,520		6,073,419
Tranche D, term loan 14.9% 7/6/14 (j)		12,000,000		11,492,400
				195,879,416
Media - 0.1%
PRIMEDIA, Inc. Tranche B, term loan 7.5% 1/13/18 (j)		2,800,125		2,793,125
Specialty Retail - 0.1%
The Pep Boys - Manny, Moe & Jack Tranche B, term loan 5% 10/11/18 (j)		5,341,613		5,415,060
TOTAL CONSUMER DISCRETIONARY				204,087,601
Floating Rate Loans - continued
		Principal Amount (e)		Value
ENERGY - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
Panda Sherman Power, LLC term loan 9% 9/14/18 (j)		$ 7,200,000		$ 7,326,000
Panda Temple Power, LLC term loan 7.25% 4/3/19 (j)		8,580,000		8,730,150
				16,056,150
FINANCIALS - 3.4%
Diversified Financial Services - 0.8%
Blackstone REL 10% 10/1/17		17,500,000		18,725,000
Pilot Travel Centers LLC:
Tranche B 2LN, term loan 4.25% 8/7/19 (j)		7,226,375		7,117,979
Tranche B, term loan 3.75% 3/30/18 (j)		6,666,917		6,533,579
SBA Senior Finance, Inc. Tranche B, term loan 3.75% 6/30/18 (j)		1,083,174		1,089,943
				33,466,501
Real Estate Investment Trusts - 1.0%
iStar Financial, Inc. Tranche B, term loan 4.5% 10/15/17 (j)		39,045,241		39,435,693
Starwood Property Trust, Inc. Tranche B, term loan 3.5% 4/10/20 (j)		5,000,000		5,006,250
				44,441,943
Real Estate Management & Development - 1.6%
CB Richard Ellis Services, Inc. Tranche B, term loan 2.9537% 3/28/21 (j)		4,525,000		4,547,625
CityCenter term loan 8.75% 7/1/13 (j)		4,169,750		4,169,750
EOP Operating LP term loan:
5% 2/1/14 (j)		5,000,000		5,078,500
5.25% 2/1/14 (j)		3,800,000		3,859,660
Equity Inns Reality LLC:
Tranche A, term loan 10.5% 11/4/13 (j)		7,888,426		7,305,997
Tranche B 2LN, term loan 7.55% 11/4/13 (j)		15,000,000		14,925,000
Realogy Corp.:
Credit-Linked Deposit 3.2037% 10/10/13 (j)		432,236		431,156
Credit-Linked Deposit 4.4537% 10/10/16 (j)		917,239		914,945
Realogy Group LLC Tranche B, term loan 4.5% 3/1/20 (j)		27,410,000		27,684,100
				68,916,733
Floating Rate Loans - continued
		Principal Amount (e)		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.0%
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 1/23/18 (j)		$ 1,965,000		$ 1,994,475
TOTAL FINANCIALS				148,819,652
HEALTH CARE - 0.3%
Health Care Providers & Services - 0.3%
Community Health Systems, Inc. term loan 3.7865% 1/25/17 (j)		2,903,247		2,928,651
Health Management Associates, Inc. Tranche B, term loan 3.5% 11/18/18 (j)		2,088,506		2,109,392
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (j)		10,183,822		10,247,471
				15,285,514
INDUSTRIALS - 0.3%
Construction & Engineering - 0.3%
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (j)		13,362,162		13,094,918
TELECOMMUNICATION SERVICES - 0.4%
Wireless Telecommunication Services - 0.4%
Crown Castle Operating Co.:
Tranche A, term loan 2.7% 1/31/17 (j)		8,843,636		8,854,691
Tranche B, term loan 3.25% 1/31/19 (j)		9,236,086		9,271,183
SBA Senior Finance II, LLC term loan 3.75% 9/28/19 (j)		1,226,177		1,233,841
				19,359,715
UTILITIES - 0.1%
Electric Utilities - 0.1%
Essential Power LLC Tranche B, term loan 4.4969% 8/8/19 (j)		2,434,313		2,470,827
TOTAL FLOATING RATE LOANS (Cost $411,310,552)			419,174,377

Preferred Securities - 0.0%
	Principal Amount (e)		Value
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (h)	500,000		$ 25,000
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (h)	1,220,000		183,000
			208,000
TOTAL PREFERRED SECURITIES (Cost $1,293,016)		208,000
Money Market Funds - 10.7%
	Shares
Fidelity Cash Central Fund, 0.13% (b)	452,408,359		452,408,359
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	19,767,650		19,767,650
TOTAL MONEY MARKET FUNDS (Cost $472,176,009)		472,176,009
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $3,998,557,022)			4,454,632,548
NET OTHER ASSETS (LIABILITIES) - (0.9)%			(41,598,395)
NET ASSETS - 100%		$ 4,413,034,153

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

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

(g) Affiliated company

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

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
ACGS Series 2004-1 Class P, 7.4605% 8/1/19	2/17/11	$ 3,494,173
Fannie Mae REMIC Trust Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41	5/21/03	$ 124,531
Fannie Mae REMIC Trust Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42	3/25/03	$ 163,037
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7002% 6/25/35	6/3/05	$ 695,008

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	$ 352,989
Fidelity Securities Lending Cash Central Fund	44,499
Total	$ 397,488

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
AmREIT, Inc. Class B	$ 2,818,000	$ -	$ -	$ 120,000	$ -
Arbor Realty Trust, Inc.	-	13,358,984	-	124,509	20,639,999
Arbor Realty Trust, Inc. Series A, 8.25%	-	4,727,225	-	-	4,914,423
Total	$ 2,818,000	$ 18,086,209	$ -	$ 244,509	$ 25,554,422

Other Information

The following is a summary of the inputs used, as of April 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 34,492,824	$ 30,136,903	$ -	$ 4,355,921
Financials	1,824,321,296	1,766,163,223	55,977,299	2,180,774
Health Care	46,628,755	46,628,755	-	-
Telecommunication Services	12,085,470	12,085,470	-	-
Corporate Bonds	892,387,242	-	889,374,004	3,013,238
Asset-Backed Securities	132,947,903	-	100,057,839	32,890,064
Collateralized Mortgage Obligations	19,373,584	-	18,083,618	1,289,966
Commercial Mortgage Securities	600,837,088	-	564,612,473	36,224,615
Floating Rate Loans	419,174,377	-	325,108,369	94,066,008
Preferred Securities	208,000	-	-	208,000
Money Market Funds	472,176,009	472,176,009	-	-
Total Investments in Securities:	$ 4,454,632,548	$ 2,327,190,360	$ 1,953,213,602	$ 174,228,586

Valuation Inputs at Reporting Date:

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

Commercial Mortgage Securities
Beginning Balance	$ 53,984,005
Total Realized Gain (Loss)	1,178,516
Total Unrealized Gain (Loss)	2,109,910
Cost of Purchases	141,241
Proceeds of Sales	(18,760,604)
Amortization/Accretion	(48,594)
Transfers in to Level 3	5,364,290
Transfers out of Level 3	(7,744,149)
Ending Balance	$ 36,224,615
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013	$ 1,323,359
Floating Rate Loans
Beginning Balance	$ 18,003,477
Total Realized Gain (Loss)	264,550
Total Unrealized Gain (Loss)	2,511,374
Cost of Purchases	82,961,853
Proceeds of Sales	(14,260,414)
Amortization/Accretion	110,168
Transfers in to Level 3	4,475,000
Transfers out of Level 3	-
Ending Balance	$ 94,066,008
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013	$ 2,651,694
Other Investments and Securities
Beginning Balance	$ 55,750,106
Total Realized Gain (Loss)	(5,447,194)
Total Unrealized Gain (Loss)	10,226,209
Cost of Purchases	165,316
Proceeds of Sales	(12,947,757)
Amortization/Accretion	1,913,831
Transfers in to Level 3	9,210,100
Transfers out of Level 3	(14,932,648)
Ending Balance	$ 43,937,963
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013	$ 4,080,802

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

Income Tax Information

Investment Valuation

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

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

Asset Type	Fair Value at 04/30/13	Valuation Technique(s)	Unobservable Input	Amount or Range / Weighted Average	Impact to Valuation from an Increase in Input*
Asset-Backed Securities	$ 618,746	Discounted cash flow	Yield	5.5% - 10% / 8.4%	Decrease
Collateralized Mortgage Obligations	$ 645,680	Discounted cash flow	Yield	12% - 26% / 15.2%	Decrease
Commercial Mortgage Securities	$ 2,083,544	Discounted cash flow	Yield	10% - 30% / 19.2%	Decrease
		Market comparable	Spread	13.8%	Decrease
Common Stock	$ 4,355,921	Adjusted book value	Book value multiple	1.0	Increase
Corporate Bonds	$ 21,308,875	Discounted cash flow	Yield	8.8% - 20% / 11.9%	Decrease
Floating Rate Loans	$ 18,725,000	Discounted cash flow	Yield	8.4%	Decrease

Quarterly Report

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Securities Fund

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

Date:	June 28, 2013

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 28, 2013
By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	June 28, 2013