N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-2841

Fidelity Capital Trust
(Exact name of registrant as specified in charter)

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	October 31

Date of reporting period:	January 31, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Capital Appreciation Fund

January 31, 2010

1.813030.105

CAF-QTLY-0310

Investments January 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 23.3%
Auto Components - 1.5%
ArvinMeritor, Inc. (a)	860,602		$ 8,339
Johnson Controls, Inc.	1,736,504		48,327
Modine Manufacturing Co. (a)	1,980,090		18,831
			75,497
Automobiles - 1.6%
Ford Motor Co. (a)	5,609,000		60,802
Harley-Davidson, Inc. (c)	921,007		20,944
			81,746
Diversified Consumer Services - 3.5%
Career Education Corp. (a)(c)	1,855,496		40,357
ITT Educational Services, Inc. (a)	609,528		59,045
Strayer Education, Inc. (c)	384,756		79,945
			179,347
Hotels, Restaurants & Leisure - 1.9%
Marriott International, Inc. Class A	849,089		22,272
Paddy Power PLC (Ireland)	1,366,490		45,199
Starwood Hotels & Resorts Worldwide, Inc.	985,194		32,827
			100,298
Household Durables - 0.1%
Tempur-Pedic International, Inc. (a)	204,200		5,083
Internet & Catalog Retail - 1.8%
Amazon.com, Inc. (a)	721,337		90,463
Leisure Equipment & Products - 0.8%
Polaris Industries, Inc. (c)	992,548		43,881
Media - 9.5%
CBS Corp. Class B	1,722,800		22,276
Interpublic Group of Companies, Inc. (a)	10,467,650		67,621
The Walt Disney Co.	7,982,499		235,885
Time Warner, Inc.	1,959,500		53,788
Viacom, Inc. Class B (non-vtg.) (a)	993,800		28,959
Virgin Media, Inc. (c)	5,714,761		81,092
			489,621
Specialty Retail - 2.6%
American Eagle Outfitters, Inc.	1,913,900		30,412
AutoNation, Inc. (a)(c)	1,068,700		19,237
Cabela's, Inc. Class A (a)(c)	582,019		9,382
Gap, Inc.	1,063,324		20,288
J. Crew Group, Inc. (a)(c)	592,200		23,220
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Pier 1 Imports, Inc. (a)	267,100		$ 1,362
Urban Outfitters, Inc. (a)	890,668		28,118
			132,019
Textiles, Apparel & Luxury Goods - 0.0%
Crocs, Inc. (a)	178,100		1,309
TOTAL CONSUMER DISCRETIONARY			1,199,264
CONSUMER STAPLES - 2.0%
Food & Staples Retailing - 1.0%
Wal-Mart Stores, Inc.	623,000		33,287
Walgreen Co.	445,000		16,042
			49,329
Food Products - 0.9%
Smithfield Foods, Inc. (a)	623,000		9,382
The J.M. Smucker Co.	444,100		26,677
Tyson Foods, Inc. Class A	712,000		9,840
			45,899
Tobacco - 0.1%
Lorillard, Inc.	89,000		6,737
TOTAL CONSUMER STAPLES			101,965
ENERGY - 4.4%
Energy Equipment & Services - 2.0%
Baker Hughes, Inc.	355,921		16,116
Pride International, Inc. (a)	2,425,580		71,797
Willbros Group, Inc. (a)	1,064,003		16,269
			104,182
Oil, Gas & Consumable Fuels - 2.4%
Arch Coal, Inc.	746,718		15,733
International Coal Group, Inc. (a)(c)	3,367,800		12,023
James River Coal Co. (a)(c)	549,474		8,599
Occidental Petroleum Corp.	1,035,178		81,096
Patriot Coal Corp. (a)(c)	179,138		2,775
			120,226
TOTAL ENERGY			224,408
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - 15.6%
Capital Markets - 1.9%
Bank of New York Mellon Corp.	311,500		$ 9,062
Franklin Resources, Inc.	584,462		57,879
Janus Capital Group, Inc.	2,437,115		29,757
			96,698
Commercial Banks - 3.5%
Comerica, Inc.	1,024,209		35,345
KeyCorp	767,200		5,508
Old National Bancorp, Indiana	522,800		6,295
PNC Financial Services Group, Inc.	1,022,900		56,699
SVB Financial Group (a)(c)	373,103		16,189
Wells Fargo & Co.	2,137,250		60,762
			180,798
Consumer Finance - 2.3%
American Express Co.	2,062,010		77,655
Capital One Financial Corp.	1,068,100		39,370
			117,025
Diversified Financial Services - 5.8%
Bank of America Corp.	5,241,800		79,571
CME Group, Inc.	476,291		136,610
JPMorgan Chase & Co.	1,659,539		64,622
Moody's Corp.	578,537		15,962
			296,765
Real Estate Investment Trusts - 0.6%
Host Hotels & Resorts, Inc.	2,947,157		31,240
Real Estate Management & Development - 1.5%
CB Richard Ellis Group, Inc. Class A (a)	6,517,712		80,168
TOTAL FINANCIALS			802,694
HEALTH CARE - 11.1%
Biotechnology - 3.9%
Biogen Idec, Inc. (a)	3,401,297		182,786
BioMarin Pharmaceutical, Inc. (a)	311,500		6,052
Genzyme Corp. (a)	222,500		12,073
			200,911
Health Care Technology - 0.4%
Cerner Corp. (a)	311,500		23,565
Pharmaceuticals - 6.8%
Bristol-Myers Squibb Co.	1,424,100		34,691
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Elan Corp. PLC sponsored ADR (a)	8,771,199		$ 65,345
Eli Lilly & Co.	712,500		25,080
Merck & Co., Inc.	1,847,700		70,545
Pfizer, Inc.	8,169,091		152,435
			348,096
TOTAL HEALTH CARE			572,572
INDUSTRIALS - 16.2%
Aerospace & Defense - 0.4%
AerCap Holdings NV (a)	230,349		2,016
Precision Castparts Corp.	133,500		14,051
Rolls-Royce Group PLC	444,900		3,390
			19,457
Air Freight & Logistics - 0.1%
Air Transport Services Group, Inc. (a)	1,976,893		4,567
Airlines - 13.4%
AirTran Holdings, Inc. (a)	2,190,667		10,559
AMR Corp. (a)(d)	20,870,375		144,423
Continental Airlines, Inc. Class B (a)(c)(d)	9,662,014		177,684
Delta Air Lines, Inc. (a)	18,790,885		229,813
UAL Corp. (a)(c)	6,780,491		82,925
US Airways Group, Inc. (a)(c)	7,704,195		40,909
			686,313
Commercial Services & Supplies - 0.3%
Pitney Bowes, Inc.	800,900		16,755
Construction & Engineering - 0.2%
Fluor Corp.	178,000		8,071
Electrical Equipment - 0.0%
Lime Energy Co. (a)(c)	496,106		2,629
Industrial Conglomerates - 0.7%
3M Co.	222,600		17,917
Textron, Inc.	1,023,597		19,991
			37,908
Machinery - 0.3%
Duoyuan Printing, Inc.	139,165		1,120
Manitowoc Co., Inc.	1,424,800		15,530
			16,650
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Professional Services - 0.7%
Equifax, Inc.	281,600		$ 9,011
Robert Half International, Inc.	1,068,800		28,772
			37,783
Trading Companies & Distributors - 0.1%
Aircastle Ltd.	281,192		2,674
TOTAL INDUSTRIALS			832,807
INFORMATION TECHNOLOGY - 13.4%
Communications Equipment - 3.2%
Adtran, Inc.	614,708		13,032
Cisco Systems, Inc. (a)	6,166,994		138,572
Riverbed Technology, Inc. (a)	491,648		11,023
			162,627
Computers & Peripherals - 4.2%
Apple, Inc. (a)	316,432		60,793
Hewlett-Packard Co.	2,604,620		122,599
International Business Machines Corp.	267,100		32,690
			216,082
Electronic Equipment & Components - 0.1%
Anixter International, Inc. (a)	95,480		3,980
Internet Software & Services - 0.4%
Akamai Technologies, Inc. (a)	445,123		10,995
Rackspace Hosting, Inc. (a)	446,509		8,135
			19,130
IT Services - 0.6%
Hewitt Associates, Inc. Class A (a)	847,234		33,449
Semiconductors & Semiconductor Equipment - 0.8%
Lam Research Corp. (a)	850,524		28,076
Teradyne, Inc. (a)	1,491,439		13,930
			42,006
Software - 4.1%
Fair Isaac Corp.	1,479,302		32,441
Microsoft Corp.	4,403,100		124,079
Oracle Corp.	1,335,065		30,787
Solera Holdings, Inc.	707,626		23,429
			210,736
TOTAL INFORMATION TECHNOLOGY			688,010
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 0.1%
Chemicals - 0.1%
A. Schulman, Inc.	131,923		$ 2,971
TELECOMMUNICATION SERVICES - 5.1%
Diversified Telecommunication Services - 3.3%
Cbeyond, Inc. (a)(c)(d)	1,852,653		23,084
Clearwire Corp.:
rights 6/21/10 (a)(c)	2,848,990		1,282
Class A (a)(c)	2,913,852		18,911
Qwest Communications International, Inc.	29,446,400		123,969
			167,246
Wireless Telecommunication Services - 1.8%
Sprint Nextel Corp. (a)	28,558,272		93,671
TOTAL TELECOMMUNICATION SERVICES			260,917
TOTAL COMMON STOCKS (Cost $5,195,662)		4,685,608
Money Market Funds - 11.7%

Fidelity Cash Central Fund, 0.17% (e)	381,940,978		381,941
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(e)	217,390,900		217,391
TOTAL MONEY MARKET FUNDS (Cost $599,332)		599,332
Cash Equivalents - 0.0%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 0.1%, dated 1/29/10 due 2/1/10 (Collateralized by U.S. Treasury Obligations) # (Cost $2,112)	$ 2,112		2,112
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $5,797,106)			5,287,052
NET OTHER ASSETS - (2.9)%			(146,723)
NET ASSETS - 100%		$ 5,140,329

Legend

(a) Non-income producing

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

(d) Affiliated company

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

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

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$2,112,000 due 2/01/10 at 0.10%
BNP Paribas Securities Corp.	$ 1,131
Banc of America Securities LLC	380
Barclays Capital, Inc.	601
	$ 2,112

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	$ 191
Fidelity Securities Lending Cash Central Fund	162
Total	$ 353

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
AMR Corp.	$ 106,576	$ 6,566	$ -	$ -	$ 144,423
Cbeyond, Inc.	25,670	-	908	-	23,084
Continental Airlines, Inc. Class B	105,889	5,691	-	-	177,684
James River Coal Co.	34,883	-	25,560	-	-
Total	$ 273,018	$ 12,257	$ 26,468	$ -	$ 345,191

Other Information

The following is a summary of the inputs used, as of January 31, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,199,264	$ 1,154,065	$ 45,199	$ -
Consumer Staples	101,965	101,965	-	-
Energy	224,408	224,408	-	-
Financials	802,694	802,694	-	-
Health Care	572,572	572,572	-	-
Industrials	832,807	829,417	3,390	-
Information Technology	688,010	688,010	-	-
Materials	2,971	2,971	-	-
Telecommunication Services	260,917	260,917	-	-
Money Market Funds	599,332	599,332	-	-
Cash Equivalents	2,112	-	2,112	-
Total Investments in Securities:	$ 5,287,052	$ 5,236,351	$ 50,701	$ -

Income Tax Information

At January 31, 2010, the cost of investment securities for income tax purposes was $5,842,734,000. Net unrealized depreciation aggregated $555,682,000 of which $425,991,000 related to appreciated investment securities and $981,673,000 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Disciplined Equity Fund -
Disciplined Equity Fund
Class K
Class F

January 31, 2010

1.813012.105

FDE-QTLY-0310

Investments January 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.3%
Auto Components - 1.0%
Autoliv, Inc.	254,963		$ 10,915
TRW Automotive Holdings Corp. (a)	4,321,000		99,513
			110,428
Hotels, Restaurants & Leisure - 1.2%
Las Vegas Sands Corp. (a)	1,700,000		26,350
Starbucks Corp. (a)	1,700,000		37,043
Wyndham Worldwide Corp.	2,958,600		62,101
			125,494
Household Durables - 0.3%
Whirlpool Corp.	500,000		37,590
Internet & Catalog Retail - 0.0%
Amazon.com, Inc. (a)	5,100		640
Media - 3.7%
The Walt Disney Co.	3,300,000		97,515
Time Warner, Inc.	4,200,000		115,290
Viacom, Inc. Class B (non-vtg.) (a)	6,371,200		185,657
			398,462
Multiline Retail - 1.1%
Macy's, Inc.	4,100,000		65,313
Target Corp.	1,000,000		51,270
			116,583
Specialty Retail - 1.2%
Best Buy Co., Inc.	2,100,000		76,965
TJX Companies, Inc.	1,400,000		53,214
			130,179
Textiles, Apparel & Luxury Goods - 0.8%
Phillips-Van Heusen Corp.	1,020,000		40,076
Polo Ralph Lauren Corp. Class A	500,000		41,000
			81,076
TOTAL CONSUMER DISCRETIONARY			1,000,452
CONSUMER STAPLES - 10.9%
Beverages - 5.9%
Anheuser-Busch InBev SA NV	5,447,300		271,821
Coca-Cola Enterprises, Inc.	6,100,000		123,159
Constellation Brands, Inc. Class A (sub. vtg.) (a)	5,875,577		94,479
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Beverages - continued
Dr Pepper Snapple Group, Inc.	3,800,000		$ 105,108
Molson Coors Brewing Co. Class B	1,000,000		42,000
			636,567
Food Products - 1.8%
Bunge Ltd.	499,830		29,385
General Mills, Inc.	1,300,000		92,703
Tyson Foods, Inc. Class A	4,700,000		64,954
			187,042
Household Products - 2.8%
Procter & Gamble Co.	4,900,000		301,595
Personal Products - 0.4%
Herbalife Ltd.	300,000		11,655
NBTY, Inc. (a)	672,450		29,944
			41,599
TOTAL CONSUMER STAPLES			1,166,803
ENERGY - 11.5%
Energy Equipment & Services - 1.0%
Noble Corp.	2,400,000		96,768
Oil States International, Inc. (a)	300,000		11,052
			107,820
Oil, Gas & Consumable Fuels - 10.5%
Chevron Corp.	6,467,400		466,429
Marathon Oil Corp.	9,100,000		271,271
Royal Dutch Shell PLC Class B ADR	800,000		42,704
XTO Energy, Inc.	7,700,000		343,189
			1,123,593
TOTAL ENERGY			1,231,413
FINANCIALS - 14.8%
Capital Markets - 4.5%
BlackRock, Inc. Class A	1,250,000		267,275
Goldman Sachs Group, Inc.	1,450,000		215,644
			482,919
Commercial Banks - 0.8%
Wells Fargo & Co.	3,000,000		85,290
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Consumer Finance - 2.1%
American Express Co.	4,200,000		$ 158,172
Capital One Financial Corp.	1,800,000		66,348
			224,520
Diversified Financial Services - 6.0%
Bank of America Corp.	18,312,700		277,987
JPMorgan Chase & Co.	9,300,000		362,142
			640,129
Insurance - 1.4%
Assured Guaranty Ltd.	1,000,000		22,660
Conseco, Inc. (a)	458,500		2,182
Hartford Financial Services Group, Inc.	2,700,000		64,773
Lincoln National Corp.	400,000		9,832
Loews Corp.	800,000		28,616
XL Capital Ltd. Class A	1,700,000		28,509
			156,572
TOTAL FINANCIALS			1,589,430
HEALTH CARE - 12.8%
Health Care Equipment & Supplies - 1.1%
CareFusion Corp. (a)	1,200,000		30,900
Hospira, Inc. (a)	1,650,000		83,556
			114,456
Health Care Providers & Services - 2.1%
AmerisourceBergen Corp.	400,000		10,904
CIGNA Corp.	2,100,000		70,917
Community Health Systems, Inc. (a)	1,800,000		58,716
Humana, Inc. (a)	1,100,000		53,482
WellPoint, Inc. (a)	400,000		25,488
			219,507
Pharmaceuticals - 9.6%
Johnson & Johnson	1,800,000		113,148
King Pharmaceuticals, Inc. (a)	4,900,000		58,849
Merck & Co., Inc.	3,000,000		114,540
Mylan, Inc. (a)(c)	3,800,000		69,274
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Pfizer, Inc.	26,300,000		$ 490,758
Sanofi-Aventis	2,500,000		184,854
			1,031,423
TOTAL HEALTH CARE			1,365,386
INDUSTRIALS - 10.5%
Aerospace & Defense - 1.5%
Raytheon Co.	1,200,000		62,916
United Technologies Corp.	1,400,000		94,472
			157,388
Building Products - 0.3%
Owens Corning (a)	1,282,200		32,991
Electrical Equipment - 0.2%
Canadian Solar, Inc. (a)(c)	1,000,000		21,130
Industrial Conglomerates - 4.8%
General Electric Co.	12,700,000		204,216
Tyco International Ltd.	8,842,483		313,289
			517,505
Machinery - 3.2%
Bucyrus International, Inc. Class A	400,000		20,952
Ingersoll-Rand Co. Ltd.	3,500,000		113,610
Joy Global, Inc.	500,000		22,870
Navistar International Corp. (a)	2,023,700		74,857
Oshkosh Co.	3,009,947		108,569
			340,858
Road & Rail - 0.5%
CSX Corp.	1,200,000		51,432
TOTAL INDUSTRIALS			1,121,304
INFORMATION TECHNOLOGY - 19.3%
Communications Equipment - 2.7%
Cisco Systems, Inc. (a)	8,100,000		182,007
CommScope, Inc. (a)	2,100,000		57,141
Harris Corp.	600,000		25,752
Plantronics, Inc.	1,100,000		29,062
			293,962
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 6.3%
Hewlett-Packard Co.	9,200,000		$ 433,044
SanDisk Corp. (a)	1,900,000		48,298
Seagate Technology	3,000,000		50,190
Western Digital Corp. (a)	3,681,608		139,864
			671,396
Electronic Equipment & Components - 1.4%
Arrow Electronics, Inc. (a)	400,000		10,508
Avnet, Inc. (a)	400,000		10,576
Flextronics International Ltd. (a)	4,700,000		29,798
Jabil Circuit, Inc.	1,800,000		26,064
Tyco Electronics Ltd.	2,600,000		64,688
Vishay Intertechnology, Inc. (a)	1,300,000		9,802
			151,436
IT Services - 0.1%
Wright Express Corp. (a)	165,022		4,845
Office Electronics - 0.7%
Xerox Corp.	8,600,000		74,992
Semiconductors & Semiconductor Equipment - 1.3%
ASML Holding NV (NY Shares)	800,000		25,000
Micron Technology, Inc. (a)	12,800,000		111,616
			136,616
Software - 6.8%
Microsoft Corp.	18,400,000		518,512
Sybase, Inc. (a)(d)	5,210,000		211,891
			730,403
TOTAL INFORMATION TECHNOLOGY			2,063,650
MATERIALS - 3.0%
Chemicals - 2.2%
Ashland, Inc.	900,000		36,369
Dow Chemical Co.	5,700,000		154,413
Terra Industries, Inc.	1,300,000		41,080
W.R. Grace & Co. (a)	300,000		7,164
			239,026
Containers & Packaging - 0.8%
Owens-Illinois, Inc. (a)	3,200,000		87,104
TOTAL MATERIALS			326,130
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - 3.3%
Diversified Telecommunication Services - 0.9%
AboveNet, Inc. (a)	500,000		$ 29,320
Qwest Communications International, Inc.	15,600,000		65,676
			94,996
Wireless Telecommunication Services - 2.4%
NII Holdings, Inc. (a)	1,600,000		52,384
Sprint Nextel Corp. (a)	15,300,000		50,184
Vodafone Group PLC sponsored ADR	7,300,000		156,658
			259,226
TOTAL TELECOMMUNICATION SERVICES			354,222
UTILITIES - 3.5%
Independent Power Producers & Energy Traders - 3.5%
AES Corp.	8,000,000		101,040
Constellation Energy Group, Inc.	2,900,000		93,612
NRG Energy, Inc. (a)	7,480,000		180,343
			374,995
TOTAL COMMON STOCKS (Cost $10,157,367)		10,593,785

U.S. Treasury Obligations - 0.1%
	Principal Amount (000s)
U.S. Treasury Bills, yield at date of purchase 0.02%, 2/11/10 (e) (Cost $13,500)	$ 13,500	13,500

Money Market Funds - 1.4%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.17% (f)	88,804,282		$ 88,804
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(f)	55,942,050		55,942
TOTAL MONEY MARKET FUNDS (Cost $144,746)		144,746
TOTAL INVESTMENT PORTFOLIO - 100.4% (Cost $10,315,613)			10,752,031
NET OTHER ASSETS - (0.4)%			(40,761)
NET ASSETS - 100%		$ 10,711,270

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
1,503 CME E-mini S&P 500 Index Contracts	March 2010	$ 80,441	$ (2,438)

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

Legend

(a) Non-income producing

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

(d) Affiliated company

(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 $7,200,000.

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

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	$ 31
Fidelity Securities Lending Cash Central Fund	18
Total	$ 49

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Sybase, Inc.	$ 206,108	$ -	$ -	$ -	$ 211,891
Total	$ 206,108	$ -	$ -	$ -	$ 211,891

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,000,452	$ 1,000,452	$ -	$ -
Consumer Staples	1,166,803	894,982	271,821	-
Energy	1,231,413	1,231,413	-	-
Financials	1,589,430	1,589,430	-	-
Health Care	1,365,386	1,180,532	184,854	-
Industrials	1,121,304	1,121,304	-	-
Information Technology	2,063,650	2,063,650	-	-
Materials	326,130	326,130	-	-
Telecommunication Services	354,222	354,222	-	-
Utilities	374,995	374,995	-	-
U.S. Government and Government Agency Obligations	13,500	-	13,500	-
Money Market Funds	144,746	144,746	-	-
Total Investments in Securities:	$ 10,752,031	$ 10,281,856	$ 470,175	$ -
Derivative Instruments:
Liabilities
Futures Contracts	$ (2,438)	$ (2,438)	$ -	$ -

Income Tax Information

At January 31, 2010, the cost of investment securities for income tax purposes was $10,398,920,000. Net unrealized appreciation aggregated $353,111,000, of which $800,316,000 related to appreciated investment securities and $447,205,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Focused Stock Fund

January 31, 2010

1.1.813068.105

TQG-QTLY-0310

Investments January 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.7%
	Shares		Value
CONSUMER DISCRETIONARY - 6.7%
Hotels, Restaurants & Leisure - 2.8%
Starbucks Corp. (a)	56,000		$ 1,220,240
WMS Industries, Inc. (a)	55,000		2,039,400
			3,259,640
Household Durables - 0.3%
iRobot Corp. (a)(c)	25,000		395,000
Internet & Catalog Retail - 1.8%
Amazon.com, Inc. (a)	17,300		2,169,593
Media - 1.8%
Viacom, Inc. Class B (non-vtg.) (a)	73,900		2,153,446
TOTAL CONSUMER DISCRETIONARY			7,977,679
CONSUMER STAPLES - 4.4%
Food & Staples Retailing - 1.8%
Walgreen Co.	60,000		2,163,000
Personal Products - 2.6%
Estee Lauder Companies, Inc. Class A	58,000		3,046,160
TOTAL CONSUMER STAPLES			5,209,160
ENERGY - 11.7%
Energy Equipment & Services - 1.6%
Baker Hughes, Inc.	22,000		996,160
Smith International, Inc.	29,000		879,280
			1,875,440
Oil, Gas & Consumable Fuels - 10.1%
Anadarko Petroleum Corp.	46,000		2,933,880
Occidental Petroleum Corp.	58,000		4,543,720
Peabody Energy Corp.	79,000		3,327,480
Plains Exploration & Production Co. (a)	37,000		1,233,950
			12,039,030
TOTAL ENERGY			13,914,470
FINANCIALS - 16.4%
Capital Markets - 1.9%
Charles Schwab Corp.	52,000		951,080
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Franklin Resources, Inc.	5,203		$ 515,253
Morgan Stanley	30,000		803,400
			2,269,733
Commercial Banks - 6.3%
Comerica, Inc.	122,000		4,210,220
Wells Fargo & Co.	115,000		3,269,450
			7,479,670
Consumer Finance - 4.9%
American Express Co.	153,500		5,780,810
Diversified Financial Services - 3.3%
Bank of America Corp.	135,000		2,049,300
JPMorgan Chase & Co.	49,300		1,919,742
			3,969,042
TOTAL FINANCIALS			19,499,255
HEALTH CARE - 10.8%
Health Care Equipment & Supplies - 0.3%
ev3, Inc. (a)	21,608		315,045
Health Care Providers & Services - 2.7%
CIGNA Corp.	77,000		2,600,290
Express Scripts, Inc. (a)	8,000		670,880
			3,271,170
Pharmaceuticals - 7.8%
Merck & Co., Inc.	136,000		5,192,480
Teva Pharmaceutical Industries Ltd. sponsored ADR	73,000		4,140,560
			9,333,040
TOTAL HEALTH CARE			12,919,255
INDUSTRIALS - 11.6%
Aerospace & Defense - 1.5%
Precision Castparts Corp.	17,100		1,799,775
Construction & Engineering - 1.3%
Fluor Corp.	32,000		1,450,880
Machinery - 3.1%
Cummins, Inc.	61,500		2,777,340
Ingersoll-Rand Co. Ltd.	28,700		931,602
			3,708,942
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - 5.7%
CSX Corp.	9,000		$ 385,740
Union Pacific Corp.	106,000		6,412,999
			6,798,739
TOTAL INDUSTRIALS			13,758,336
INFORMATION TECHNOLOGY - 23.5%
Communications Equipment - 1.6%
Cisco Systems, Inc. (a)	81,400		1,829,058
Computers & Peripherals - 5.9%
Apple, Inc. (a)	28,100		5,398,572
Hewlett-Packard Co.	33,800		1,590,966
			6,989,538
Electronic Equipment & Components - 0.7%
Agilent Technologies, Inc.	30,000		840,900
Internet Software & Services - 3.2%
Baidu.com, Inc. sponsored ADR (a)	3,300		1,358,643
Google, Inc. Class A (a)	4,650		2,461,803
			3,820,446
Semiconductors & Semiconductor Equipment - 4.0%
Applied Micro Circuits Corp. (a)	55,000		403,150
Avago Technologies Ltd.	29,600		514,448
Lam Research Corp. (a)	42,000		1,386,420
Teradyne, Inc. (a)(c)	262,661		2,453,254
			4,757,272
Software - 8.1%
Citrix Systems, Inc. (a)	81,000		3,365,550
Informatica Corp. (a)	35,000		829,150
Microsoft Corp.	194,000		5,466,920
			9,661,620
TOTAL INFORMATION TECHNOLOGY			27,898,834
MATERIALS - 4.8%
Chemicals - 3.4%
Celanese Corp. Class A	91,250		2,655,375
Monsanto Co.	18,000		1,365,840
			4,021,215
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - 1.4%
Allegheny Technologies, Inc.	25,000		$ 1,021,250
Newcrest Mining Ltd.	24,000		669,130
			1,690,380
TOTAL MATERIALS			5,711,595
UTILITIES - 1.8%
Multi-Utilities - 1.8%
TECO Energy, Inc.	135,000		2,101,950
TOTAL COMMON STOCKS (Cost $101,359,373)		108,990,534
Money Market Funds - 4.2%

Fidelity Cash Central Fund, 0.17% (d)	2,323,669		2,323,669
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(d)	2,670,000		2,670,000
TOTAL MONEY MARKET FUNDS (Cost $4,993,669)		4,993,669
TOTAL INVESTMENT PORTFOLIO - 95.9% (Cost $106,353,042)		113,984,203
NET OTHER ASSETS - 4.1%			4,892,008
NET ASSETS - 100%		$ 118,876,211

Legend

(a) Non-income producing

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

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

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	$ 899
Fidelity Securities Lending Cash Central Fund	1,319
Total	$ 2,218

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 January 31, 2010, the cost of investment securities for income tax purposes was $107,614,759. Net unrealized appreciation aggregated $6,369,444, of which $10,388,669 related to appreciated investment securities and $4,019,225 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Small Cap Independence Fund

January 31, 2010

1.813071.105

SCS-QTLY-0310

Investments January 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 14.3%
Auto Components - 1.5%
BorgWarner, Inc.	329,800		$ 11,573
Tenneco, Inc. (a)	580,900		10,270
			21,843
Hotels, Restaurants & Leisure - 2.3%
Red Robin Gourmet Burgers, Inc. (a)	135,000		2,488
Vail Resorts, Inc. (a)(c)	285,800		9,631
WMS Industries, Inc. (a)	207,500		7,694
Wyndham Worldwide Corp.	611,015		12,825
			32,638
Household Durables - 2.5%
iRobot Corp. (a)(c)	308,470		4,874
Meritage Homes Corp. (a)	468,800		10,496
Mohawk Industries, Inc. (a)	231,800		9,599
Tempur-Pedic International, Inc. (a)	417,646		10,395
			35,364
Internet & Catalog Retail - 0.3%
NutriSystem, Inc. (c)	199,400		4,060
Media - 1.7%
John Wiley & Sons, Inc. Class A	309,000		12,901
Lamar Advertising Co. Class A (a)	413,100		11,815
			24,716
Specialty Retail - 4.5%
Cabela's, Inc. Class A (a)(c)	662,762		10,684
Fourlis Holdings SA	725,792		8,835
Genesco, Inc. (a)	111,283		2,624
Gymboree Corp. (a)	255,900		9,983
RadioShack Corp.	556,800		10,869
Shoe Carnival, Inc. (a)	601,347		10,987
Signet Jewelers Ltd. (a)	356,700		9,759
			63,741
Textiles, Apparel & Luxury Goods - 1.5%
Deckers Outdoor Corp. (a)	111,800		10,975
G-III Apparel Group Ltd. (a)	629,800		10,965
			21,940
TOTAL CONSUMER DISCRETIONARY			204,302
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - 3.3%
Beverages - 0.4%
Hansen Natural Corp. (a)	149,100		$ 5,733
Food & Staples Retailing - 0.7%
BJ's Wholesale Club, Inc. (a)	170,400		5,758
Casey's General Stores, Inc.	137,500		4,219
			9,977
Food Products - 1.0%
Green Mountain Coffee Roasters, Inc. (a)(c)	87,301		7,405
Tyson Foods, Inc. Class A	494,900		6,840
			14,245
Personal Products - 1.2%
Chattem, Inc. (a)	75,400		7,047
Elizabeth Arden, Inc. (a)	540,700		8,392
Schiff Nutrition International, Inc.	266,700		2,134
			17,573
TOTAL CONSUMER STAPLES			47,528
ENERGY - 4.6%
Energy Equipment & Services - 1.5%
Atwood Oceanics, Inc. (a)	239,152		8,016
Hornbeck Offshore Services, Inc. (a)	274,100		5,896
Superior Energy Services, Inc. (a)	348,300		8,000
			21,912
Oil, Gas & Consumable Fuels - 3.1%
Cloud Peak Energy, Inc.	549,800		7,428
Comstock Resources, Inc. (a)	253,600		9,888
EXCO Resources, Inc.	584,200		10,247
Mariner Energy, Inc. (a)	495,700		7,163
Whiting Petroleum Corp. (a)	142,300		9,471
			44,197
TOTAL ENERGY			66,109
FINANCIALS - 21.1%
Capital Markets - 2.8%
Affiliated Managers Group, Inc. (a)(c)	180,500		10,933
optionsXpress Holdings, Inc.	884,800		12,697
Waddell & Reed Financial, Inc. Class A	515,900		16,163
			39,793
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - 6.7%
Associated Banc-Corp. (c)	1,110,623		$ 14,127
CapitalSource, Inc.	2,727,600		13,065
City National Corp.	373,600		18,452
CVB Financial Corp. (c)	970,800		9,300
National Penn Bancshares, Inc.	2,552,300		15,314
PacWest Bancorp	459,000		9,524
TCF Financial Corp. (c)	1,142,900		16,732
			96,514
Diversified Financial Services - 0.4%
Gimv NV	105,300		5,392
Insurance - 3.8%
Amerisafe, Inc. (a)	667,300		11,544
Endurance Specialty Holdings Ltd.	384,100		13,835
Max Capital Group Ltd.	588,800		13,260
Platinum Underwriters Holdings Ltd.	417,100		15,124
			53,763
Real Estate Investment Trusts - 3.2%
Alexandria Real Estate Equities, Inc. (c)	262,100		15,655
Highwoods Properties, Inc. (SBI)	270,200		8,163
Home Properties, Inc.	192,614		8,539
National Retail Properties, Inc.	418,500		8,454
SL Green Realty Corp.	96,900		4,408
			45,219
Real Estate Management & Development - 2.3%
Forestar Group, Inc. (a)	916,200		17,014
Jones Lang LaSalle, Inc.	288,600		16,453
			33,467
Thrifts & Mortgage Finance - 1.9%
Astoria Financial Corp.	831,500		10,976
Washington Federal, Inc.	843,500		15,731
			26,707
TOTAL FINANCIALS			300,855
HEALTH CARE - 13.7%
Biotechnology - 1.7%
Alexion Pharmaceuticals, Inc. (a)	76,300		3,538
BioMarin Pharmaceutical, Inc. (a)	207,200		4,026
Human Genome Sciences, Inc. (a)	36,200		958
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Incyte Corp. (a)(c)	474,246		$ 5,065
OREXIGEN Therapeutics, Inc. (a)	396,500		2,522
Protalix BioTherapeutics, Inc. (a)	19,753		135
Regeneron Pharmaceuticals, Inc. (a)	144,900		3,863
Theravance, Inc. (a)(c)	379,300		4,161
			24,268
Health Care Equipment & Supplies - 2.2%
Angiodynamics, Inc. (a)	444,100		7,128
Conceptus, Inc. (a)	77,653		1,507
DexCom, Inc. (a)(c)	545,700		4,944
Masimo Corp. (a)	22,300		619
Quidel Corp. (a)	12,400		165
Syneron Medical Ltd. (a)	415,026		4,117
Volcano Corp. (a)	399,700		7,918
Zoll Medical Corp. (a)	177,500		4,942
			31,340
Health Care Providers & Services - 5.8%
Alliance Healthcare Services, Inc. (a)	1,080,378		5,434
BioScrip, Inc. (a)	824,400		5,993
Catalyst Health Solutions, Inc. (a)	85,300		3,355
CIGNA Corp.	199,900		6,751
Emergency Medical Services Corp. Class A (a)	200,700		10,539
Emeritus Corp. (a)(c)	292,641		5,326
Hanger Orthopedic Group, Inc. (a)	479,700		7,800
Health Net, Inc. (a)	458,728		11,129
LHC Group, Inc. (a)	162,600		5,006
Odyssey Healthcare, Inc. (a)	412,600		6,057
PSS World Medical, Inc. (a)	265,500		5,448
RehabCare Group, Inc. (a)	236,250		6,865
ResCare, Inc. (a)	20,000		180
Sun Healthcare Group, Inc. (a)	378,000		3,304
			83,187
Health Care Technology - 1.0%
Allscripts-Misys Healthcare Solutions, Inc. (a)	65,900		1,085
Computer Programs & Systems, Inc.	75,245		2,831
SXC Health Solutions Corp. (a)	156,200		7,335
Transcend Services, Inc. (a)	174,665		3,277
			14,528
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Life Sciences Tools & Services - 2.2%
Bruker BioSciences Corp. (a)	598,000		$ 7,337
eResearchTechnology, Inc. (a)	892,099		5,486
ICON PLC sponsored ADR (a)	262,818		6,528
Illumina, Inc. (a)	176,950		6,492
QIAGEN NV (a)	238,500		5,190
			31,033
Pharmaceuticals - 0.8%
Ardea Biosciences, Inc. (a)	129,999		1,903
King Pharmaceuticals, Inc. (a)	305,000		3,663
ViroPharma, Inc. (a)	571,800		5,649
			11,215
TOTAL HEALTH CARE			195,571
INDUSTRIALS - 12.9%
Aerospace & Defense - 0.9%
Alliant Techsystems, Inc. (a)	67,200		5,307
Teledyne Technologies, Inc. (a)	214,100		7,977
			13,284
Air Freight & Logistics - 0.5%
UTI Worldwide, Inc.	565,100		7,759
Airlines - 0.4%
Alaska Air Group, Inc. (a)	188,300		5,901
Building Products - 1.4%
AAON, Inc.	363,800		7,491
Armstrong World Industries, Inc. (a)	333,800		12,160
			19,651
Commercial Services & Supplies - 0.5%
United Stationers, Inc. (a)	141,342		7,712
Construction & Engineering - 1.3%
Chicago Bridge & Iron Co. NV (NY Shares) (a)	387,100		7,854
Granite Construction, Inc.	332,800		10,277
			18,131
Electrical Equipment - 1.5%
General Cable Corp. (a)(c)	402,315		11,707
Regal-Beloit Corp.	128,900		6,110
SunPower Corp. Class A (a)(c)	148,600		3,030
			20,847
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - 0.7%
Carlisle Companies, Inc.	277,500		$ 9,302
Machinery - 3.0%
Gardner Denver, Inc.	176,100		7,018
Graco, Inc.	244,260		6,519
John Bean Technologies Corp.	509,400		8,400
Manitowoc Co., Inc.	792,900		8,643
Timken Co.	523,700		11,736
			42,316
Professional Services - 1.0%
ICF International, Inc. (a)	235,300		5,508
Kforce, Inc. (a)	646,000		8,637
			14,145
Road & Rail - 0.5%
Kansas City Southern (a)	264,400		7,853
Trading Companies & Distributors - 1.2%
Interline Brands, Inc. (a)	251,800		4,230
Rush Enterprises, Inc. Class A (a)	499,950		5,679
WESCO International, Inc. (a)	237,200		6,575
			16,484
TOTAL INDUSTRIALS			183,385
INFORMATION TECHNOLOGY - 18.9%
Communications Equipment - 2.5%
Adtran, Inc.	513,600		10,888
DragonWave, Inc. (a)(c)	446,100		4,998
Emulex Corp. (a)	662,600		7,448
NETGEAR, Inc. (a)	393,200		8,116
SeaChange International, Inc. (a)	555,100		3,591
			35,041
Computers & Peripherals - 2.0%
QLogic Corp. (a)	263,200		4,524
SanDisk Corp. (a)	412,100		10,476
Super Micro Computer, Inc. (a)	410,600		5,079
Synaptics, Inc. (a)(c)	327,400		8,286
			28,365
Electronic Equipment & Components - 2.1%
Anixter International, Inc. (a)(c)	214,000		8,920
IPG Photonics Corp. (a)	486,400		7,004
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
SYNNEX Corp. (a)	268,700		$ 7,112
Trimble Navigation Ltd. (a)	299,200		6,849
			29,885
Internet Software & Services - 2.1%
Art Technology Group, Inc. (a)	1,856,100		8,315
j2 Global Communications, Inc. (a)	298,700		6,135
Open Text Corp. (a)	149,100		5,874
Rackspace Hosting, Inc. (a)	513,700		9,360
			29,684
IT Services - 1.9%
Sapient Corp. (a)	1,180,800		9,151
Wright Express Corp. (a)	631,333		18,538
			27,689
Semiconductors & Semiconductor Equipment - 3.7%
Atheros Communications, Inc. (a)	228,800		7,338
Brooks Automation, Inc. (a)	338,500		2,823
Micron Technology, Inc. (a)	335,100		2,922
MKS Instruments, Inc. (a)	282,700		4,693
Omnivision Technologies, Inc. (a)	555,200		7,162
PMC-Sierra, Inc. (a)	282,400		2,245
Standard Microsystems Corp. (a)	179,390		3,579
Teradyne, Inc. (a)	398,987		3,727
Ultratech, Inc. (a)	359,700		4,906
Varian Semiconductor Equipment Associates, Inc. (a)	204,700		6,004
Verigy Ltd. (a)	676,500		7,333
			52,732
Software - 4.6%
Ariba, Inc. (a)	522,100		6,573
JDA Software Group, Inc. (a)	288,600		7,564
Mentor Graphics Corp. (a)	1,325,800		10,633
Nuance Communications, Inc. (a)	904,100		13,580
Parametric Technology Corp. (a)	829,200		13,732
Radiant Systems, Inc. (a)	680,200		7,856
Synopsys, Inc. (a)	273,100		5,809
			65,747
TOTAL INFORMATION TECHNOLOGY			269,143
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 5.3%
Chemicals - 2.1%
Cabot Corp.	364,400		$ 9,394
Rockwood Holdings, Inc. (a)	441,200		9,667
Solutia, Inc. (a)	744,200		10,233
			29,294
Construction Materials - 0.4%
Texas Industries, Inc.	161,800		5,491
Metals & Mining - 2.8%
Carpenter Technology Corp.	343,000		9,192
Commercial Metals Co.	485,500		6,671
Compass Minerals International, Inc.	164,500		10,370
First Uranium Corp. (a)(c)	1,463,900		2,629
Red Back Mining, Inc. (a)	774,000		11,632
			40,494
TOTAL MATERIALS			75,279
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services - 0.5%
AboveNet, Inc. (a)(c)	118,600		6,955
Wireless Telecommunication Services - 0.7%
NII Holdings, Inc. (a)	149,600		4,898
Syniverse Holdings, Inc. (a)	290,000		4,875
			9,773
TOTAL TELECOMMUNICATION SERVICES			16,728
UTILITIES - 3.3%
Electric Utilities - 1.6%
Cleco Corp.	277,100		7,182
Great Plains Energy, Inc.	249,100		4,449
Portland General Electric Co.	244,000		4,758
Westar Energy, Inc.	297,100		6,337
			22,726
Gas Utilities - 1.0%
Northwest Natural Gas Co.	159,400		6,913
Southwest Gas Corp.	278,900		7,717
			14,630
Multi-Utilities - 0.5%
NorthWestern Energy Corp.	267,700		6,545
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Water Utilities - 0.2%
Southwest Water Co.	476,800		$ 2,889
TOTAL UTILITIES			46,790
TOTAL COMMON STOCKS (Cost $1,330,748)		1,405,690

U.S. Treasury Obligations - 0.1%
	Principal Amount (000s)
U.S. Treasury Bills, yield at date of purchase 0.02% 2/11/10 (d) (Cost $1,000)	$ 1,000	1,000

Money Market Funds - 6.6%
	Shares
Fidelity Cash Central Fund, 0.17% (e)	15,849,376		15,849
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(e)	78,544,278		78,544
TOTAL MONEY MARKET FUNDS (Cost $94,393)		94,393
TOTAL INVESTMENT PORTFOLIO - 105.3% (Cost $1,426,141)			1,501,083
NET OTHER ASSETS - (5.3)%			(75,121)
NET ASSETS - 100%		$ 1,425,962

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
155 NYFE Russell Mini Index Contracts	March 2010	$ 9,316	$ (502)

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

Legend

(a) Non-income producing

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

(d) 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 $1,000,000.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 12
Fidelity Securities Lending Cash Central Fund	182
Total	$ 194

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Carluccio's PLC	$ 5,605	$ -	$ 4,845	$ -	$ -
Conceptus, Inc.	28,241	-	26,806	-	-
Diedrich Coffee, Inc.	7,253	-	10,075	-	-
Ruth's Hospitality Group, Inc.	5,602	-	4,375	-	-
Zale Corp.	7,613	-	4,489	-	-
Total	$ 54,314	$ -	$ 50,590	$ -	$ -

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 204,302	$ 195,467	$ 8,835	$ -
Consumer Staples	47,528	47,528	-	-
Energy	66,109	66,109	-	-
Financials	300,855	295,463	5,392	-
Health Care	195,571	195,571	-	-
Industrials	183,385	183,385	-	-
Information Technology	269,143	269,143	-	-
Materials	75,279	75,279	-	-
Telecommunication Services	16,728	16,728	-	-
Utilities	46,790	46,790	-	-
U.S. Government and Government Agency Obligations	1,000	-	1,000	-
Money Market Funds	94,393	94,393	-	-
Total Investments in Securities:	$ 1,501,083	$ 1,485,856	$ 15,227	$ -
Derivative Instruments:
Liabilities
Futures Contracts	$ (502)	$ (502)	$ -	$ -

Income Tax Information

At January 31, 2010, the cost of investment securities for income tax purposes was $1,427,466,000. Net unrealized appreciation aggregated $73,617,000, of which $130,701,000 related to appreciated investment securities and $57,084,000 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

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

January 31, 2010

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

1.863106.102

ASCS-QTLY-0310

Investments January 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 14.3%
Auto Components - 1.5%
BorgWarner, Inc.	329,800		$ 11,573
Tenneco, Inc. (a)	580,900		10,270
			21,843
Hotels, Restaurants & Leisure - 2.3%
Red Robin Gourmet Burgers, Inc. (a)	135,000		2,488
Vail Resorts, Inc. (a)(c)	285,800		9,631
WMS Industries, Inc. (a)	207,500		7,694
Wyndham Worldwide Corp.	611,015		12,825
			32,638
Household Durables - 2.5%
iRobot Corp. (a)(c)	308,470		4,874
Meritage Homes Corp. (a)	468,800		10,496
Mohawk Industries, Inc. (a)	231,800		9,599
Tempur-Pedic International, Inc. (a)	417,646		10,395
			35,364
Internet & Catalog Retail - 0.3%
NutriSystem, Inc. (c)	199,400		4,060
Media - 1.7%
John Wiley & Sons, Inc. Class A	309,000		12,901
Lamar Advertising Co. Class A (a)	413,100		11,815
			24,716
Specialty Retail - 4.5%
Cabela's, Inc. Class A (a)(c)	662,762		10,684
Fourlis Holdings SA	725,792		8,835
Genesco, Inc. (a)	111,283		2,624
Gymboree Corp. (a)	255,900		9,983
RadioShack Corp.	556,800		10,869
Shoe Carnival, Inc. (a)	601,347		10,987
Signet Jewelers Ltd. (a)	356,700		9,759
			63,741
Textiles, Apparel & Luxury Goods - 1.5%
Deckers Outdoor Corp. (a)	111,800		10,975
G-III Apparel Group Ltd. (a)	629,800		10,965
			21,940
TOTAL CONSUMER DISCRETIONARY			204,302
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - 3.3%
Beverages - 0.4%
Hansen Natural Corp. (a)	149,100		$ 5,733
Food & Staples Retailing - 0.7%
BJ's Wholesale Club, Inc. (a)	170,400		5,758
Casey's General Stores, Inc.	137,500		4,219
			9,977
Food Products - 1.0%
Green Mountain Coffee Roasters, Inc. (a)(c)	87,301		7,405
Tyson Foods, Inc. Class A	494,900		6,840
			14,245
Personal Products - 1.2%
Chattem, Inc. (a)	75,400		7,047
Elizabeth Arden, Inc. (a)	540,700		8,392
Schiff Nutrition International, Inc.	266,700		2,134
			17,573
TOTAL CONSUMER STAPLES			47,528
ENERGY - 4.6%
Energy Equipment & Services - 1.5%
Atwood Oceanics, Inc. (a)	239,152		8,016
Hornbeck Offshore Services, Inc. (a)	274,100		5,896
Superior Energy Services, Inc. (a)	348,300		8,000
			21,912
Oil, Gas & Consumable Fuels - 3.1%
Cloud Peak Energy, Inc.	549,800		7,428
Comstock Resources, Inc. (a)	253,600		9,888
EXCO Resources, Inc.	584,200		10,247
Mariner Energy, Inc. (a)	495,700		7,163
Whiting Petroleum Corp. (a)	142,300		9,471
			44,197
TOTAL ENERGY			66,109
FINANCIALS - 21.1%
Capital Markets - 2.8%
Affiliated Managers Group, Inc. (a)(c)	180,500		10,933
optionsXpress Holdings, Inc.	884,800		12,697
Waddell & Reed Financial, Inc. Class A	515,900		16,163
			39,793
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - 6.7%
Associated Banc-Corp. (c)	1,110,623		$ 14,127
CapitalSource, Inc.	2,727,600		13,065
City National Corp.	373,600		18,452
CVB Financial Corp. (c)	970,800		9,300
National Penn Bancshares, Inc.	2,552,300		15,314
PacWest Bancorp	459,000		9,524
TCF Financial Corp. (c)	1,142,900		16,732
			96,514
Diversified Financial Services - 0.4%
Gimv NV	105,300		5,392
Insurance - 3.8%
Amerisafe, Inc. (a)	667,300		11,544
Endurance Specialty Holdings Ltd.	384,100		13,835
Max Capital Group Ltd.	588,800		13,260
Platinum Underwriters Holdings Ltd.	417,100		15,124
			53,763
Real Estate Investment Trusts - 3.2%
Alexandria Real Estate Equities, Inc. (c)	262,100		15,655
Highwoods Properties, Inc. (SBI)	270,200		8,163
Home Properties, Inc.	192,614		8,539
National Retail Properties, Inc.	418,500		8,454
SL Green Realty Corp.	96,900		4,408
			45,219
Real Estate Management & Development - 2.3%
Forestar Group, Inc. (a)	916,200		17,014
Jones Lang LaSalle, Inc.	288,600		16,453
			33,467
Thrifts & Mortgage Finance - 1.9%
Astoria Financial Corp.	831,500		10,976
Washington Federal, Inc.	843,500		15,731
			26,707
TOTAL FINANCIALS			300,855
HEALTH CARE - 13.7%
Biotechnology - 1.7%
Alexion Pharmaceuticals, Inc. (a)	76,300		3,538
BioMarin Pharmaceutical, Inc. (a)	207,200		4,026
Human Genome Sciences, Inc. (a)	36,200		958
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Incyte Corp. (a)(c)	474,246		$ 5,065
OREXIGEN Therapeutics, Inc. (a)	396,500		2,522
Protalix BioTherapeutics, Inc. (a)	19,753		135
Regeneron Pharmaceuticals, Inc. (a)	144,900		3,863
Theravance, Inc. (a)(c)	379,300		4,161
			24,268
Health Care Equipment & Supplies - 2.2%
Angiodynamics, Inc. (a)	444,100		7,128
Conceptus, Inc. (a)	77,653		1,507
DexCom, Inc. (a)(c)	545,700		4,944
Masimo Corp. (a)	22,300		619
Quidel Corp. (a)	12,400		165
Syneron Medical Ltd. (a)	415,026		4,117
Volcano Corp. (a)	399,700		7,918
Zoll Medical Corp. (a)	177,500		4,942
			31,340
Health Care Providers & Services - 5.8%
Alliance Healthcare Services, Inc. (a)	1,080,378		5,434
BioScrip, Inc. (a)	824,400		5,993
Catalyst Health Solutions, Inc. (a)	85,300		3,355
CIGNA Corp.	199,900		6,751
Emergency Medical Services Corp. Class A (a)	200,700		10,539
Emeritus Corp. (a)(c)	292,641		5,326
Hanger Orthopedic Group, Inc. (a)	479,700		7,800
Health Net, Inc. (a)	458,728		11,129
LHC Group, Inc. (a)	162,600		5,006
Odyssey Healthcare, Inc. (a)	412,600		6,057
PSS World Medical, Inc. (a)	265,500		5,448
RehabCare Group, Inc. (a)	236,250		6,865
ResCare, Inc. (a)	20,000		180
Sun Healthcare Group, Inc. (a)	378,000		3,304
			83,187
Health Care Technology - 1.0%
Allscripts-Misys Healthcare Solutions, Inc. (a)	65,900		1,085
Computer Programs & Systems, Inc.	75,245		2,831
SXC Health Solutions Corp. (a)	156,200		7,335
Transcend Services, Inc. (a)	174,665		3,277
			14,528
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Life Sciences Tools & Services - 2.2%
Bruker BioSciences Corp. (a)	598,000		$ 7,337
eResearchTechnology, Inc. (a)	892,099		5,486
ICON PLC sponsored ADR (a)	262,818		6,528
Illumina, Inc. (a)	176,950		6,492
QIAGEN NV (a)	238,500		5,190
			31,033
Pharmaceuticals - 0.8%
Ardea Biosciences, Inc. (a)	129,999		1,903
King Pharmaceuticals, Inc. (a)	305,000		3,663
ViroPharma, Inc. (a)	571,800		5,649
			11,215
TOTAL HEALTH CARE			195,571
INDUSTRIALS - 12.9%
Aerospace & Defense - 0.9%
Alliant Techsystems, Inc. (a)	67,200		5,307
Teledyne Technologies, Inc. (a)	214,100		7,977
			13,284
Air Freight & Logistics - 0.5%
UTI Worldwide, Inc.	565,100		7,759
Airlines - 0.4%
Alaska Air Group, Inc. (a)	188,300		5,901
Building Products - 1.4%
AAON, Inc.	363,800		7,491
Armstrong World Industries, Inc. (a)	333,800		12,160
			19,651
Commercial Services & Supplies - 0.5%
United Stationers, Inc. (a)	141,342		7,712
Construction & Engineering - 1.3%
Chicago Bridge & Iron Co. NV (NY Shares) (a)	387,100		7,854
Granite Construction, Inc.	332,800		10,277
			18,131
Electrical Equipment - 1.5%
General Cable Corp. (a)(c)	402,315		11,707
Regal-Beloit Corp.	128,900		6,110
SunPower Corp. Class A (a)(c)	148,600		3,030
			20,847
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - 0.7%
Carlisle Companies, Inc.	277,500		$ 9,302
Machinery - 3.0%
Gardner Denver, Inc.	176,100		7,018
Graco, Inc.	244,260		6,519
John Bean Technologies Corp.	509,400		8,400
Manitowoc Co., Inc.	792,900		8,643
Timken Co.	523,700		11,736
			42,316
Professional Services - 1.0%
ICF International, Inc. (a)	235,300		5,508
Kforce, Inc. (a)	646,000		8,637
			14,145
Road & Rail - 0.5%
Kansas City Southern (a)	264,400		7,853
Trading Companies & Distributors - 1.2%
Interline Brands, Inc. (a)	251,800		4,230
Rush Enterprises, Inc. Class A (a)	499,950		5,679
WESCO International, Inc. (a)	237,200		6,575
			16,484
TOTAL INDUSTRIALS			183,385
INFORMATION TECHNOLOGY - 18.9%
Communications Equipment - 2.5%
Adtran, Inc.	513,600		10,888
DragonWave, Inc. (a)(c)	446,100		4,998
Emulex Corp. (a)	662,600		7,448
NETGEAR, Inc. (a)	393,200		8,116
SeaChange International, Inc. (a)	555,100		3,591
			35,041
Computers & Peripherals - 2.0%
QLogic Corp. (a)	263,200		4,524
SanDisk Corp. (a)	412,100		10,476
Super Micro Computer, Inc. (a)	410,600		5,079
Synaptics, Inc. (a)(c)	327,400		8,286
			28,365
Electronic Equipment & Components - 2.1%
Anixter International, Inc. (a)(c)	214,000		8,920
IPG Photonics Corp. (a)	486,400		7,004
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
SYNNEX Corp. (a)	268,700		$ 7,112
Trimble Navigation Ltd. (a)	299,200		6,849
			29,885
Internet Software & Services - 2.1%
Art Technology Group, Inc. (a)	1,856,100		8,315
j2 Global Communications, Inc. (a)	298,700		6,135
Open Text Corp. (a)	149,100		5,874
Rackspace Hosting, Inc. (a)	513,700		9,360
			29,684
IT Services - 1.9%
Sapient Corp. (a)	1,180,800		9,151
Wright Express Corp. (a)	631,333		18,538
			27,689
Semiconductors & Semiconductor Equipment - 3.7%
Atheros Communications, Inc. (a)	228,800		7,338
Brooks Automation, Inc. (a)	338,500		2,823
Micron Technology, Inc. (a)	335,100		2,922
MKS Instruments, Inc. (a)	282,700		4,693
Omnivision Technologies, Inc. (a)	555,200		7,162
PMC-Sierra, Inc. (a)	282,400		2,245
Standard Microsystems Corp. (a)	179,390		3,579
Teradyne, Inc. (a)	398,987		3,727
Ultratech, Inc. (a)	359,700		4,906
Varian Semiconductor Equipment Associates, Inc. (a)	204,700		6,004
Verigy Ltd. (a)	676,500		7,333
			52,732
Software - 4.6%
Ariba, Inc. (a)	522,100		6,573
JDA Software Group, Inc. (a)	288,600		7,564
Mentor Graphics Corp. (a)	1,325,800		10,633
Nuance Communications, Inc. (a)	904,100		13,580
Parametric Technology Corp. (a)	829,200		13,732
Radiant Systems, Inc. (a)	680,200		7,856
Synopsys, Inc. (a)	273,100		5,809
			65,747
TOTAL INFORMATION TECHNOLOGY			269,143
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 5.3%
Chemicals - 2.1%
Cabot Corp.	364,400		$ 9,394
Rockwood Holdings, Inc. (a)	441,200		9,667
Solutia, Inc. (a)	744,200		10,233
			29,294
Construction Materials - 0.4%
Texas Industries, Inc.	161,800		5,491
Metals & Mining - 2.8%
Carpenter Technology Corp.	343,000		9,192
Commercial Metals Co.	485,500		6,671
Compass Minerals International, Inc.	164,500		10,370
First Uranium Corp. (a)(c)	1,463,900		2,629
Red Back Mining, Inc. (a)	774,000		11,632
			40,494
TOTAL MATERIALS			75,279
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services - 0.5%
AboveNet, Inc. (a)(c)	118,600		6,955
Wireless Telecommunication Services - 0.7%
NII Holdings, Inc. (a)	149,600		4,898
Syniverse Holdings, Inc. (a)	290,000		4,875
			9,773
TOTAL TELECOMMUNICATION SERVICES			16,728
UTILITIES - 3.3%
Electric Utilities - 1.6%
Cleco Corp.	277,100		7,182
Great Plains Energy, Inc.	249,100		4,449
Portland General Electric Co.	244,000		4,758
Westar Energy, Inc.	297,100		6,337
			22,726
Gas Utilities - 1.0%
Northwest Natural Gas Co.	159,400		6,913
Southwest Gas Corp.	278,900		7,717
			14,630
Multi-Utilities - 0.5%
NorthWestern Energy Corp.	267,700		6,545
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Water Utilities - 0.2%
Southwest Water Co.	476,800		$ 2,889
TOTAL UTILITIES			46,790
TOTAL COMMON STOCKS (Cost $1,330,748)		1,405,690

U.S. Treasury Obligations - 0.1%
	Principal Amount (000s)
U.S. Treasury Bills, yield at date of purchase 0.02% 2/11/10 (d) (Cost $1,000)	$ 1,000	1,000

Money Market Funds - 6.6%
	Shares
Fidelity Cash Central Fund, 0.17% (e)	15,849,376		15,849
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(e)	78,544,278		78,544
TOTAL MONEY MARKET FUNDS (Cost $94,393)		94,393
TOTAL INVESTMENT PORTFOLIO - 105.3% (Cost $1,426,141)			1,501,083
NET OTHER ASSETS - (5.3)%			(75,121)
NET ASSETS - 100%		$ 1,425,962

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
155 NYFE Russell Mini Index Contracts	March 2010	$ 9,316	$ (502)

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

Legend

(a) Non-income producing

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

(d) 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 $1,000,000.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 12
Fidelity Securities Lending Cash Central Fund	182
Total	$ 194

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Carluccio's PLC	$ 5,605	$ -	$ 4,845	$ -	$ -
Conceptus, Inc.	28,241	-	26,806	-	-
Diedrich Coffee, Inc.	7,253	-	10,075	-	-
Ruth's Hospitality Group, Inc.	5,602	-	4,375	-	-
Zale Corp.	7,613	-	4,489	-	-
Total	$ 54,314	$ -	$ 50,590	$ -	$ -

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 204,302	$ 195,467	$ 8,835	$ -
Consumer Staples	47,528	47,528	-	-
Energy	66,109	66,109	-	-
Financials	300,855	295,463	5,392	-
Health Care	195,571	195,571	-	-
Industrials	183,385	183,385	-	-
Information Technology	269,143	269,143	-	-
Materials	75,279	75,279	-	-
Telecommunication Services	16,728	16,728	-	-
Utilities	46,790	46,790	-	-
U.S. Government and Government Agency Obligations	1,000	-	1,000	-
Money Market Funds	94,393	94,393	-	-
Total Investments in Securities:	$ 1,501,083	$ 1,485,856	$ 15,227	$ -
Derivative Instruments:
Liabilities
Futures Contracts	$ (502)	$ (502)	$ -	$ -

Income Tax Information

Investment Valuation

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

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® Stock Selector

January 31, 2010

1.813022.105

FSS-QTLY-0310

Investments January 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.9%
Auto Components - 0.6%
BorgWarner, Inc.	27,300		$ 958
Gentex Corp.	3,100		59
Johnson Controls, Inc.	64,391		1,792
Stoneridge, Inc. (a)	103,200		720
The Goodyear Tire & Rubber Co. (a)	35,300		471
			4,000
Automobiles - 0.3%
Ford Motor Co. (a)	122,300		1,326
Harley-Davidson, Inc.	19,400		441
			1,767
Distributors - 0.1%
Li & Fung Ltd.	106,000		486
Diversified Consumer Services - 0.4%
Apollo Group, Inc. Class A (non-vtg.) (a)	6,500		394
Brinks Home Security Holdings, Inc. (a)	7,900		324
Carriage Services, Inc. (a)	35,800		138
Coinstar, Inc. (a)	6,660		172
DeVry, Inc.	6,900		421
Navitas Ltd.	22,805		90
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	200		14
Sotheby's Class A (ltd. vtg.)	22,351		519
Steiner Leisure Ltd. (a)	5,800		231
Stewart Enterprises, Inc. Class A	34,900		177
Strayer Education, Inc.	2,000		416
			2,896
Hotels, Restaurants & Leisure - 2.0%
BJ's Restaurants, Inc. (a)	8,000		169
Carnival Corp. unit	26,800		893
Ctrip.com International Ltd. sponsored ADR (a)	17,400		544
Darden Restaurants, Inc.	22,400		828
Home Inns & Hotels Management, Inc. sponsored ADR (a)	4,600		141
International Game Technology	23,400		429
Jack in the Box, Inc. (a)	9,900		193
Las Vegas Sands Corp. (a)(c)	45,000		698
McDonald's Corp.	50,000		3,122
Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)	41,000		146
MGM Mirage, Inc. (a)	10,900		121
P.F. Chang's China Bistro, Inc. (a)	6,500		251
Royal Caribbean Cruises Ltd. (a)	7,000		183
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Hotels, Restaurants & Leisure - continued
Sands China Ltd.	62,800		$ 89
Sonic Corp. (a)	22,400		189
Starbucks Corp. (a)	47,098		1,026
Starwood Hotels & Resorts Worldwide, Inc.	24,000		800
Texas Roadhouse, Inc. Class A (a)	27,500		320
Vail Resorts, Inc. (a)	7,400		249
WMS Industries, Inc. (a)	20,100		745
Wyndham Worldwide Corp.	58,100		1,220
Wynn Macau Ltd.	178,587		227
			12,583
Household Durables - 0.7%
Black & Decker Corp.	16,900		1,093
D.R. Horton, Inc.	14,800		174
KB Home	23,700		362
Lennar Corp. Class A	23,600		362
M.D.C. Holdings, Inc.	2,300		77
Meritage Homes Corp. (a)	7,500		168
Mohawk Industries, Inc. (a)	8,000		331
NVR, Inc. (a)	150		103
Panasonic Corp.	21,100		330
PDG Realty S.A. Empreendimentos e Participacoes	30,300		239
Sony Corp. sponsored ADR	17,400		578
Tempur-Pedic International, Inc. (a)	12,300		306
Toll Brothers, Inc. (a)	10,500		194
Whirlpool Corp.	5,398		406
			4,723
Internet & Catalog Retail - 0.7%
Amazon.com, Inc. (a)	24,900		3,123
Blue Nile, Inc. (a)	3,122		161
Expedia, Inc. (a)	20,300		435
Priceline.com, Inc. (a)	2,400		469
			4,188
Leisure Equipment & Products - 0.0%
Polaris Industries, Inc.	5,800		256
Media - 3.2%
Cablevision Systems Corp. - NY Group Class A	34,500		885
Comcast Corp. Class A	93,465		1,480
DIRECTV (a)	49,503		1,502
Discovery Communications, Inc. Class C (a)	5,600		147
DISH Network Corp. Class A	14,200		259
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
DreamWorks Animation SKG, Inc. Class A (a)	4,200		$ 164
Focus Media Holding Ltd. ADR (a)	19,300		259
Interpublic Group of Companies, Inc. (a)	89,900		581
Lamar Advertising Co. Class A (a)	10,894		312
Liberty Global, Inc. Class A (a)	11,500		292
Liberty Media Corp. Starz Series A (a)	2,060		97
McGraw-Hill Companies, Inc.	160,420		5,687
National CineMedia, Inc.	20,600		309
Net Servicos de Comunicacao SA sponsored ADR	13,700		162
News Corp.:
Class A	32,000		404
Class B (c)	21,500		316
SearchMedia Holdings Ltd. (a)	60,900		369
SinoMedia Holding Ltd.	22,000		6
Ten Network Holdings Ltd.	93,471		127
The Walt Disney Co.	107,300		3,171
Time Warner Cable, Inc.	24,600		1,072
Time Warner, Inc.	25,886		711
Viacom, Inc. Class B (non-vtg.) (a)	37,000		1,078
Virgin Media, Inc.	52,252		741
VisionChina Media, Inc. ADR (a)	48,100		418
			20,549
Multiline Retail - 0.7%
Kohl's Corp. (a)	12,400		625
Nordstrom, Inc.	12,000		414
Target Corp.	68,650		3,520
			4,559
Specialty Retail - 1.9%
Advance Auto Parts, Inc.	35,600		1,404
Bed Bath & Beyond, Inc. (a)	11,500		445
Best Buy Co., Inc.	5,898		216
Cabela's, Inc. Class A (a)	14,400		232
Citi Trends, Inc. (a)	15,600		486
Conn's, Inc. (a)(c)	17,683		99
Gymboree Corp. (a)	11,900		464
hhgregg, Inc. (a)	14,200		302
Home Depot, Inc.	29,100		815
Lowe's Companies, Inc.	151,695		3,284
O'Reilly Automotive, Inc. (a)	10,700		404
OfficeMax, Inc. (a)	19,900		258
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
RadioShack Corp.	10,015		$ 195
Ross Stores, Inc.	11,700		537
Signet Jewelers Ltd. (a)	6,700		183
Staples, Inc.	65,289		1,532
Urban Outfitters, Inc. (a)	15,100		477
Vitamin Shoppe, Inc.	7,100		149
West Marine, Inc. (a)	7,900		66
Williams-Sonoma, Inc.	11,000		209
Zumiez, Inc. (a)	15,300		195
			11,952
Textiles, Apparel & Luxury Goods - 0.3%
Deckers Outdoor Corp. (a)	3,100		304
G-III Apparel Group Ltd. (a)	12,000		209
NIKE, Inc. Class B	11,600		740
Phillips-Van Heusen Corp.	5,700		224
VF Corp.	4,200		303
			1,780
TOTAL CONSUMER DISCRETIONARY			69,739
CONSUMER STAPLES - 11.0%
Beverages - 2.8%
Anadolu Efes Biracilik ve Malt Sanyii AS	16,000		167
Anheuser-Busch InBev SA NV	33,540		1,674
Brown-Forman Corp. Class B (non-vtg.)	4,239		218
Coca-Cola Enterprises, Inc.	47,200		953
Coca-Cola FEMSA SAB de CV sponsored ADR	5,900		365
Coca-Cola Icecek AS	20,000		167
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	3,700		342
Constellation Brands, Inc. Class A (sub. vtg.) (a)	110,800		1,782
Cott Corp. (a)	100		1
Diageo PLC sponsored ADR	11,700		786
Dr Pepper Snapple Group, Inc.	31,400		869
Embotelladora Andina SA sponsored ADR	17,600		350
Fomento Economico Mexicano SAB de CV sponsored ADR	4,200		177
Heckmann Corp. (a)	32,400		158
Molson Coors Brewing Co. Class B	52,830		2,219
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Beverages - continued
PepsiCo, Inc.	56,500		$ 3,369
The Coca-Cola Co.	78,800		4,275
			17,872
Food & Staples Retailing - 2.9%
BJ's Wholesale Club, Inc. (a)	37,415		1,264
Costco Wholesale Corp.	10,000		574
CVS Caremark Corp.	142,847		4,624
Kroger Co.	65,842		1,411
Safeway, Inc.	104,884		2,355
Susser Holdings Corp. (a)	43,300		382
The Pantry, Inc. (a)	7,500		101
Wal-Mart Stores, Inc.	61,762		3,300
Walgreen Co.	125,358		4,519
			18,530
Food Products - 1.4%
Archer Daniels Midland Co.	36,100		1,082
Ausnutria Dairy Hunan Co. Ltd. Class H	243,000		175
Brasil Foods SA	100		2
Bunge Ltd.	14,600		858
Cadbury PLC sponsored ADR	100		5
Cermaq ASA (a)	18,400		182
Corn Products International, Inc.	13,000		369
Cosan Ltd. Class A (a)	4,600		36
Danone	4,111		235
Dean Foods Co. (a)	50,900		897
General Mills, Inc.	9,300		663
Lindt & Spruengli AG	6		148
Nestle SA (Reg.)	45,211		2,143
SLC Agricola SA	18,400		175
Tyson Foods, Inc. Class A	27,869		385
Unilever NV (NY Shares)	46,000		1,407
Viterra, Inc. (a)	19,400		173
			8,935
Household Products - 2.1%
Colgate-Palmolive Co.	10,150		812
Energizer Holdings, Inc. (a)	21,720		1,205
Procter & Gamble Co.	178,739		11,001
			13,018
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Personal Products - 0.5%
Avon Products, Inc.	85,319		$ 2,572
Mead Johnson Nutrition Co. Class A	5,100		231
Natura Cosmeticos SA	9,200		167
			2,970
Tobacco - 1.3%
Altria Group, Inc.	143,923		2,858
British American Tobacco PLC sponsored ADR	54,210		3,607
KT&G Corp.	3,417		200
Philip Morris International, Inc.	34,880		1,587
Souza Cruz Industria Comerico	5,400		173
			8,425
TOTAL CONSUMER STAPLES			69,750
ENERGY - 11.1%
Energy Equipment & Services - 4.4%
Atwood Oceanics, Inc. (a)	3,520		118
Baker Hughes, Inc.	12,100		548
Basic Energy Services, Inc. (a)	3,200		30
BJ Services Co.	142,525		2,946
Cameron International Corp. (a)	2,300		87
Complete Production Services, Inc. (a)	5,600		70
Core Laboratories NV	2,600		304
Dresser-Rand Group, Inc. (a)	4,000		118
Dril-Quip, Inc. (a)	11,700		614
Ensco International Ltd. ADR	10,000		390
FMC Technologies, Inc. (a)	3,500		186
Global Industries Ltd. (a)	35,200		245
Halliburton Co.	44,007		1,285
Helix Energy Solutions Group, Inc. (a)	7,200		76
Helmerich & Payne, Inc.	25,500		1,067
Hercules Offshore, Inc. (a)	16,900		66
Key Energy Services, Inc. (a)	7,500		73
Nabors Industries Ltd. (a)	74,500		1,661
National Oilwell Varco, Inc.	55,000		2,250
Newpark Resources, Inc. (a)	500		2
Noble Corp.	56,900		2,294
Northern Offshore Ltd. (a)	122,100		211
Oceaneering International, Inc. (a)	9,800		536
Oil States International, Inc. (a)	2,600		96
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Patterson-UTI Energy, Inc.	12,900		$ 198
Pride International, Inc. (a)	14,700		435
Schlumberger Ltd.	80,185		5,089
Smith International, Inc.	51,796		1,570
Superior Energy Services, Inc. (a)	20,500		471
Superior Well Services, Inc. (a)	900		14
Transocean Ltd. (a)	29,400		2,491
TSC Offshore Group Ltd. (a)	174,000		57
Weatherford International Ltd. (a)	138,900		2,178
Willbros Group, Inc. (a)	22,100		338
			28,114
Oil, Gas & Consumable Fuels - 6.7%
Alpha Natural Resources, Inc. (a)	57,000		2,315
Anadarko Petroleum Corp.	40,100		2,558
Apache Corp.	13,200		1,304
Arch Coal, Inc.	72,700		1,532
Arena Resources, Inc. (a)	9,800		376
Berry Petroleum Co. Class A	4,200		114
BG Group PLC	12,381		228
BP PLC sponsored ADR	25,600		1,437
Brigham Exploration Co. (a)	12,000		156
Cabot Oil & Gas Corp.	49,141		1,881
Canadian Natural Resources Ltd.	10,300		657
Centennial Coal Co. Ltd.	46,619		150
Chevron Corp.	2,100		151
Cloud Peak Energy, Inc.	12,500		169
Comstock Resources, Inc. (a)	20,200		788
Concho Resources, Inc. (a)	1,500		67
ConocoPhillips	200		10
CONSOL Energy, Inc.	24,000		1,119
Denbury Resources, Inc. (a)	14,800		201
EOG Resources, Inc.	6,682		604
EXCO Resources, Inc.	83,146		1,458
Frontier Oil Corp.	46,500		579
Hess Corp.	100		6
Marathon Oil Corp.	75,200		2,242
Mariner Energy, Inc. (a)	100		1
Massey Energy Co.	59,300		2,284
Newfield Exploration Co. (a)	18,000		881
Niko Resources Ltd.	1,700		157
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Occidental Petroleum Corp.	48,600		$ 3,807
OPTI Canada, Inc. (a)	17,900		32
Painted Pony Petroleum Ltd. Class A (a)	13,800		90
Petrobank Energy & Resources Ltd. (a)	2,900		143
Petrohawk Energy Corp. (a)	121,500		2,713
PT Bumi Resources Tbk	307,500		81
Range Resources Corp.	9,100		419
Royal Dutch Shell PLC Class A sponsored ADR	13,600		753
SouthGobi Energy Resources Ltd. (a)(d)(e)	400		6
Southwestern Energy Co. (a)	89,100		3,821
Tesoro Corp.	4,400		55
Ultra Petroleum Corp. (a)	12,210		561
Valero Energy Corp.	35,000		645
Whiting Petroleum Corp. (a)	18,116		1,206
World Fuel Services Corp.	6,800		163
XTO Energy, Inc.	99,762		4,446
			42,366
TOTAL ENERGY			70,480
FINANCIALS - 15.0%
Capital Markets - 3.9%
AllianceBernstein Holding LP	49,700		1,279
Bank of New York Mellon Corp.	40,878		1,189
Bank Sarasin & Co. Ltd. Series B (Reg.) (a)	8,295		283
Broadpoint Gleacher Securities Group, Inc. (a)	473,800		1,919
Charles Schwab Corp.	156,267		2,858
EFG International	133,172		1,909
Franklin Resources, Inc.	11,900		1,178
GFI Group, Inc.	150,400		732
Goldman Sachs Group, Inc.	13,153		1,956
Janus Capital Group, Inc.	27,900		341
Jefferies Group, Inc.	58,500		1,494
Legg Mason, Inc.	31,900		822
MF Global Holdings Ltd. (a)	369,900		2,423
Morgan Stanley	176,998		4,740
State Street Corp.	12,327		529
TD Ameritrade Holding Corp. (a)	14,600		259
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
The Blackstone Group LP	74,200		$ 900
U.S. Global Investments, Inc. Class A	22,100		212
			25,023
Commercial Banks - 6.7%
1st Pacific Bancorp (a)	5,737		4
Alpha Bank AE (a)	148,800		1,428
Atlantic Southern Financial Group, Inc. (a)	1,660		3
Banco Macro SA sponsored ADR	9,200		262
Bancorp New Jersey, Inc.	300		3
BancTrust Financial Group, Inc.	8,900		35
Bar Harbor Bankshares	800		22
Barclays PLC Sponsored ADR	186,600		3,193
BBVA Banco Frances SA sponsored ADR	56,300		358
Boston Private Financial Holdings, Inc.	21,200		152
Bridge Capital Holdings (a)	1,200		10
Chicopee Bancorp, Inc. (a)	1,004		13
China Citic Bank Corp. Ltd. Class H	1,302,000		877
China Merchants Bank Co. Ltd. (H Shares)	82,000		191
Citizens Banking Corp., Michigan (a)	857,585		652
CoBiz, Inc.	29,501		158
Comerica, Inc.	106,838		3,687
Evans Bancorp, Inc.	400		5
Fifth Third Bancorp	85,300		1,061
First Bancorp, Puerto Rico	47,400		108
Frontier Financial Corp. (a)	30,361		129
Glacier Bancorp, Inc.	59,900		859
Huntington Bancshares, Inc.	49,000		235
KB Financial Group, Inc. ADR (a)	2,500		107
KeyCorp	482,600		3,465
Landmark Bancorp, Inc.	80		1
MidWestOne Financial Group, Inc.	600		6
Mizuho Financial Group, Inc.	475,400		922
Monroe Bancorp	200		1
Nara Bancorp, Inc.	25,300		231
National Bank of Greece SA (a)	96,200		2,103
National Bank of Greece SA sponsored ADR	196,200		875
Oriental Financial Group, Inc.	32,400		369
PNC Financial Services Group, Inc.	1,200		67
Preferred Bank, Los Angeles California	11,700		19
Regions Financial Corp.	321,670		2,043
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - continued
Salisbury Bancorp, Inc.	1,000		$ 23
Smithtown Bancorp, Inc.	21,624		117
Southwest Bancorp, Inc., Oklahoma	4,900		37
Sterling Bancshares, Inc.	46,000		235
Sumitomo Mitsui Financial Group, Inc.	113,400		3,687
Sun Bancorp, Inc., New Jersey	14,867		57
SunTrust Banks, Inc.	54,500		1,326
SVB Financial Group (a)	13,800		599
Tamalpais Bancorp	17,538		16
U.S. Bancorp, Delaware	43,500		1,091
Umpqua Holdings Corp.	71,200		880
United Security Bancshares, California	4,024		20
W Holding Co., Inc.	5,123		97
Wells Fargo & Co.	130,551		3,712
West Bancorp., Inc.	4,400		22
Wintrust Financial Corp.	50,300		1,747
Zions Bancorp	290,000		5,501
			42,821
Consumer Finance - 0.1%
Capital One Financial Corp.	4,000		147
Promise Co. Ltd. (a)	15,950		148
			295
Diversified Financial Services - 3.0%
Bank of America Corp.	354,065		5,375
BM&F BOVESPA SA	6,400		43
Citigroup, Inc.	1,655,900		5,498
JPMorgan Chase & Co.	135,000		5,257
JSE Ltd.	10,800		80
Moody's Corp.	99,922		2,757
			19,010
Insurance - 0.8%
Aon Corp.	7,500		292
Assurant, Inc.	19,800		622
CNA Financial Corp. (a)	53,300		1,252
Everest Re Group Ltd.	13,911		1,193
Hartford Financial Services Group, Inc.	35,558		853
Transatlantic Holdings, Inc.	1,100		55
XL Capital Ltd. Class A	64,000		1,073
			5,340
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Management & Development - 0.4%
Central China Real Estate Ltd.	1,442,000		$ 349
Mitsubishi Estate Co. Ltd.	26,000		423
Xinyuan Real Estate Co. Ltd. ADR (a)	405,100		1,608
			2,380
Thrifts & Mortgage Finance - 0.1%
BofI Holding, Inc. (a)	11,067		131
Cheviot Financial Corp.	1,000		8
First Financial Northwest, Inc.	3,200		20
Meridian Interstate Bancorp, Inc. (a)	6,075		58
Ocean Shore Holding Co.	2,200		21
Osage Bancshares, Inc.	1,900		17
United Western Bancorp, Inc.	33,300		111
Washington Federal, Inc.	17,100		319
Washington Mutual, Inc. (a)	57,500		11
			696
TOTAL FINANCIALS			95,565
HEALTH CARE - 12.7%
Biotechnology - 1.8%
Acorda Therapeutics, Inc. (a)	14,600		409
Affymax, Inc. (a)	9,100		191
Alexion Pharmaceuticals, Inc. (a)	15,900		737
Amgen, Inc. (a)	30,237		1,768
Biogen Idec, Inc. (a)	50,470		2,712
BioMarin Pharmaceutical, Inc. (a)	49,900		970
Cephalon, Inc. (a)	2,600		166
Dendreon Corp. (a)(c)	6,500		180
Genzyme Corp. (a)	5,100		277
Gilead Sciences, Inc. (a)	10,148		490
Human Genome Sciences, Inc. (a)	3,000		79
Incyte Corp. (a)(c)	64,000		684
Myriad Genetics, Inc. (a)	16,300		383
OSI Pharmaceuticals, Inc. (a)	13,600		465
PDL BioPharma, Inc.	61,200		392
Protalix BioTherapeutics, Inc. (a)(c)	32,100		220
Targacept, Inc. (a)	15,900		333
Theravance, Inc. (a)	11,100		122
United Therapeutics Corp. (a)	18,800		1,120
			11,698
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 2.6%
Abiomed, Inc. (a)	7,200		$ 57
AGA Medical Holdings, Inc.	8,600		123
ArthroCare Corp. (a)	16,900		450
Baxter International, Inc.	12,500		720
C. R. Bard, Inc.	32,700		2,711
CareFusion Corp. (a)	20,600		530
China Medical Technologies, Inc. sponsored ADR	500		7
Conceptus, Inc. (a)	18,900		367
Cooper Companies, Inc.	18,100		639
Covidien PLC	93,644		4,735
Edwards Lifesciences Corp. (a)	15,900		1,425
ev3, Inc. (a)	35,500		518
Golden Meditech Co. Ltd. (a)	220,000		43
HeartWare International, Inc. (a)	6,000		232
HeartWare International, Inc. CDI unit (a)	124,235		130
Inverness Medical Innovations, Inc. (a)	23,700		957
Micrus Endovascular Corp. (a)	33,400		560
Mingyuan Medicare Development Co. Ltd. (a)	330,000		53
Nobel Biocare Holding AG (Switzerland)	19,696		579
NuVasive, Inc. (a)	12,500		345
Orthofix International NV (a)	7,900		238
Orthovita, Inc. (a)	93,900		342
Osmetech PLC (a)	2,757,211		89
RTI Biologics, Inc. (a)	45,900		145
William Demant Holding AS (a)	3,200		250
Wright Medical Group, Inc. (a)	22,859		409
			16,654
Health Care Providers & Services - 3.1%
Aetna, Inc.	35,600		1,067
CIGNA Corp.	53,500		1,807
Clarient, Inc. (a)	52,900		120
Community Health Systems, Inc. (a)	14,900		486
Emergency Medical Services Corp. Class A (a)	5,000		263
Emeritus Corp. (a)	17,500		319
Express Scripts, Inc. (a)	43,300		3,631
Hanger Orthopedic Group, Inc. (a)	30,200		491
Health Grades, Inc. (a)	48,900		212
Health Net, Inc. (a)	22,600		548
Henry Schein, Inc. (a)	24,100		1,303
LHC Group, Inc. (a)	9,000		277
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
Medco Health Solutions, Inc. (a)	69,300		$ 4,261
Profarma Distribuidora de Produtos Farmaceuticos SA	32,000		303
RehabCare Group, Inc. (a)	5,700		166
Sinopharm Group Co. Ltd. Class H	43,600		165
Sunrise Senior Living, Inc. (a)	22,100		66
UnitedHealth Group, Inc.	45,300		1,495
Universal Health Services, Inc. Class B	18,200		531
WellPoint, Inc. (a)	37,700		2,402
			19,913
Health Care Technology - 0.3%
Allscripts-Misys Healthcare Solutions, Inc. (a)	30,800		507
athenahealth, Inc. (a)	100		4
Cerner Corp. (a)	17,400		1,316
Computer Programs & Systems, Inc.	5,500		207
			2,034
Life Sciences Tools & Services - 1.4%
Covance, Inc. (a)	26,300		1,528
ICON PLC sponsored ADR (a)	20,336		505
Illumina, Inc. (a)	83,900		3,078
Life Technologies Corp. (a)	20,000		994
PAREXEL International Corp. (a)	25,100		485
PerkinElmer, Inc.	25,400		512
QIAGEN NV (a)	72,600		1,580
			8,682
Pharmaceuticals - 3.5%
Abbott Laboratories	25,200		1,334
Allergan, Inc.	52,100		2,996
Ardea Biosciences, Inc. (a)	22,600		331
Auxilium Pharmaceuticals, Inc. (a)	3,900		110
Cadence Pharmaceuticals, Inc. (a)	31,800		317
Hikma Pharmaceuticals PLC	20,500		179
Johnson & Johnson	34,250		2,153
King Pharmaceuticals, Inc. (a)	85,500		1,027
Merck & Co., Inc.	85,794		3,276
Optimer Pharmaceuticals, Inc. (a)	15,400		190
Perrigo Co.	100		4
Pfizer, Inc.	360,496		6,727
Pronova BioPharma ASA (a)	79,200		233
Shire PLC sponsored ADR	23,800		1,418
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Teva Pharmaceutical Industries Ltd. sponsored ADR	19,500		$ 1,106
ViroPharma, Inc. (a)	63,500		627
			22,028
TOTAL HEALTH CARE			81,009
INDUSTRIALS - 10.0%
Aerospace & Defense - 2.0%
BE Aerospace, Inc. (a)	16,900		379
Honeywell International, Inc.	57,060		2,205
Lockheed Martin Corp.	19,768		1,473
Precision Castparts Corp.	13,600		1,431
Raytheon Co.	29,400		1,541
Spirit AeroSystems Holdings, Inc. Class A (a)	22,800		489
The Boeing Co.	22,800		1,382
United Technologies Corp.	61,920		4,178
			13,078
Building Products - 0.5%
AAON, Inc.	12,100		249
Armstrong World Industries, Inc. (a)	10,000		364
Lennox International, Inc.	6,838		261
Masco Corp.	132,000		1,790
Owens Corning (a)	24,200		623
USG Corp. (a)	4,600		55
			3,342
Commercial Services & Supplies - 0.4%
Casella Waste Systems, Inc. Class A (a)	59,706		260
Cintas Corp.	18,300		460
EnerNOC, Inc. (a)	500		16
Nissha Printing Co. Ltd.	1,300		55
R.R. Donnelley & Sons Co.	15,500		307
Republic Services, Inc.	30,300		812
RINO International Corp. (a)	5,900		119
The Brink's Co.	14,600		341
United Stationers, Inc. (a)	2,900		158
			2,528
Construction & Engineering - 0.4%
AECOM Technology Corp. (a)	8,400		227
Fluor Corp.	18,800		852
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Construction & Engineering - continued
Jacobs Engineering Group, Inc. (a)	32,916		$ 1,244
MasTec, Inc. (a)	19,100		235
			2,558
Electrical Equipment - 1.1%
A123 Systems, Inc.	600		10
Acuity Brands, Inc.	16,600		594
AMETEK, Inc.	20,300		740
Canadian Solar, Inc. (a)	9,600		203
centrotherm photovoltaics AG (a)	5,400		301
China High Speed Transmission Equipment Group Co. Ltd.	51,000		102
Cooper Industries PLC Class A	19,800		849
Energy Conversion Devices, Inc. (a)	1,915		17
First Solar, Inc. (a)	5,600		634
Fushi Copperweld, Inc. (a)	22,100		204
General Cable Corp. (a)	12,700		370
GT Solar International, Inc. (a)	45,800		263
JA Solar Holdings Co. Ltd. ADR (a)	99,900		430
Regal-Beloit Corp.	14,300		678
Roth & Rau AG (a)	2,900		117
SunPower Corp.:
Class A (a)	3,100		63
Class B (a)	25,842		480
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	800		11
Trina Solar Ltd. ADR (a)	20,300		445
Vestas Wind Systems AS (a)	1,472		77
Zumtobel AG (a)	7,600		163
			6,751
Industrial Conglomerates - 1.4%
3M Co.	35,700		2,873
Carlisle Companies, Inc.	11,500		385
General Electric Co.	245,062		3,941
Koninklijke Philips Electronics NV	5,800		175
Textron, Inc.	37,500		732
Tyco International Ltd.	17,100		606
			8,712
Machinery - 2.4%
Actuant Corp. Class A	9,800		164
Altra Holdings, Inc. (a)	23,053		254
Barnes Group, Inc.	15,481		248
Blount International, Inc. (a)	12,100		135
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Bucyrus International, Inc. Class A	12,200		$ 639
Caterpillar, Inc.	11,800		616
Cummins, Inc.	45,800		2,068
Danaher Corp.	28,100		2,005
Deere & Co.	29,200		1,459
Ingersoll-Rand Co. Ltd.	58,100		1,886
Joy Global, Inc.	8,800		403
Kennametal, Inc.	16,224		397
Meyer Burger Technology AG (a)	4,900		124
Navistar International Corp. (a)	26,500		980
NSK Ltd.	30,000		218
Oshkosh Co.	7,300		263
PACCAR, Inc.	30,900		1,113
Sany Heavy Equipment International Holdings Co. Ltd.	142,000		147
Shin Zu Shing Co. Ltd.	49,000		199
SPX Corp.	5,900		321
The Stanley Works	5,100		261
The Weir Group PLC	5,200		64
Timken Co.	22,000		493
TriMas Corp. (a)	43,452		257
Weg SA	29,000		278
			14,992
Professional Services - 0.2%
Equifax, Inc.	17,900		573
ICF International, Inc. (a)	8,677		203
Manpower, Inc.	9,500		492
Monster Worldwide, Inc. (a)	12,000		187
			1,455
Road & Rail - 1.3%
America Latina Logistica SA unit	33,300		264
Arkansas Best Corp.	11,000		248
Avis Budget Group, Inc. (a)	82,700		895
CSX Corp.	27,300		1,170
Genesee & Wyoming, Inc. Class A (a)	5,900		174
Hertz Global Holdings, Inc. (a)	37,400		387
Kansas City Southern (a)	11,900		353
Norfolk Southern Corp.	23,300		1,096
Saia, Inc. (a)(h)	92,900		1,115
Union Pacific Corp.	46,300		2,801
			8,503
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Trading Companies & Distributors - 0.3%
Interline Brands, Inc. (a)	36,200		$ 608
Rush Enterprises, Inc. Class A (a)	100,900		1,146
			1,754
TOTAL INDUSTRIALS			63,673
INFORMATION TECHNOLOGY - 17.4%
Communications Equipment - 1.9%
Acme Packet, Inc. (a)	16,600		172
Adtran, Inc.	8,700		184
Aruba Networks, Inc. (a)	1,900		20
Brocade Communications Systems, Inc. (a)	44,400		305
Ciena Corp. (a)	8,300		106
Cisco Systems, Inc. (a)	151,840		3,412
CommScope, Inc. (a)	9,100		248
Emulex Corp. (a)	9,500		107
F5 Networks, Inc. (a)	15,000		741
Juniper Networks, Inc. (a)	42,080		1,045
Motorola, Inc.	19,500		120
Netronix, Inc. (a)	29,000		84
Palm, Inc. (a)	20,000		208
Polycom, Inc. (a)	26,700		599
QUALCOMM, Inc.	74,580		2,923
Research In Motion Ltd. (a)	5,600		353
Riverbed Technology, Inc. (a)	21,500		482
Sandvine Corp. (a)	405,055		492
Sonus Networks, Inc. (a)	6,500		14
TANDBERG ASA	4,000		112
Tekelec (a)	19,100		286
			12,013
Computers & Peripherals - 3.0%
3PAR, Inc. (a)	10,400		101
Apple, Inc. (a)	47,700		9,164
China Digital TV Holding Co. Ltd. ADR	300		2
Compellent Technologies, Inc. (a)	9,100		181
Dell, Inc. (a)	100		1
EMC Corp. (a)	29,900		498
Hewlett-Packard Co.	92,695		4,363
Intevac, Inc. (a)	10,897		155
Isilon Systems, Inc. (a)	34,091		211
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
Lenovo Group Ltd.	80,000		$ 55
NetApp, Inc. (a)	3,700		108
Qisda Corp. (a)	72,000		38
Quanta Storage, Inc.	47,000		83
SanDisk Corp. (a)	65,200		1,657
Seagate Technology	61,900		1,036
SIMPLO Technology Co. Ltd.	18,000		103
Stratasys, Inc. (a)	20,400		469
Synaptics, Inc. (a)	20,000		506
Teradata Corp. (a)	5,300		148
Western Digital Corp. (a)	6,900		262
			19,141
Electronic Equipment & Components - 1.5%
Agilent Technologies, Inc.	76,194		2,136
Amphenol Corp. Class A	400		16
Anixter International, Inc. (a)	7,026		293
Benchmark Electronics, Inc. (a)	9,700		177
BYD Co. Ltd. (H Shares) (a)	8,000		59
Cando Corp. (a)	130,480		107
Chroma ATE, Inc.	211,000		416
Corning, Inc.	37,560		679
Digital China Holdings Ltd. (H Shares)	489,000		780
DTS, Inc. (a)	4,700		133
Flextronics International Ltd. (a)	85,600		543
Inspur International Ltd.	590,000		84
Itron, Inc. (a)	2,400		148
Jabil Circuit, Inc.	4,000		58
Ju Teng International Holdings Ltd.	134,000		115
Multi-Fineline Electronix, Inc. (a)	200		5
National Instruments Corp.	9,900		291
Prime View International Co. Ltd. (a)	543,000		995
Prime View International Co. Ltd. sponsored GDR (a)(d)	4,600		84
Synnex Technology International Corp.	63,000		130
Test Research, Inc.	20,000		22
Trimble Navigation Ltd. (a)	67,700		1,550
Tyco Electronics Ltd.	13,100		326
Vishay Intertechnology, Inc. (a)	7,800		59
WPG Holding Co. Ltd.	180,000		280
			9,486
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 2.3%
Akamai Technologies, Inc. (a)	4,800		$ 119
AOL, Inc. (a)	9,500		228
Art Technology Group, Inc. (a)	26,797		120
Baidu.com, Inc. sponsored ADR (a)	700		288
China Finance Online Co. Ltd. ADR (a)	137,100		1,017
Constant Contact, Inc. (a)	7,500		132
eBay, Inc. (a)	63,253		1,456
Equinix, Inc. (a)	200		19
Google, Inc. Class A (a)	12,505		6,620
GREE, Inc.	7,000		408
Internap Network Services Corp. (a)	14,000		62
LogMeIn, Inc.	5,209		88
Mercadolibre, Inc. (a)	10,800		411
NetEase.com, Inc. sponsored ADR (a)	15,500		508
Open Text Corp. (a)	15,200		599
OpenTable, Inc.	100		2
Rackspace Hosting, Inc. (a)	8,000		146
SAVVIS, Inc.	2,100		33
Tencent Holdings Ltd.	37,700		705
VeriSign, Inc. (a)	20,300		465
VistaPrint Ltd. (a)	13,800		773
Vocus, Inc. (a)	7,800		126
WebMD Health Corp. (a)	8,400		327
Yahoo!, Inc. (a)	810		12
			14,664
IT Services - 0.8%
Cognizant Technology Solutions Corp. Class A (a)	13,689		598
Euronet Worldwide, Inc. (a)	61,879		1,264
MasterCard, Inc. Class A	1,600		400
MoneyGram International, Inc. (a)	335,600		1,007
RightNow Technologies, Inc. (a)	32,200		515
Satyam Computer Services Ltd. sponsored ADR (a)	29,600		145
Teletech Holdings, Inc. (a)	12,206		232
Visa, Inc. Class A	8,032		659
WNS Holdings Ltd. sponsored ADR (a)	4,600		71
Yucheng Technologies Ltd. (a)	16,900		60
			4,951
Semiconductors & Semiconductor Equipment - 3.1%
Advanced Micro Devices, Inc. (a)	26,900		201
Aixtron AG	15,500		466
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Altera Corp.	7,800		$ 166
Amkor Technology, Inc. (a)	10,900		62
Applied Micro Circuits Corp. (a)	16,500		121
ASM International NV (NASDAQ) (a)	4,700		108
ASM Pacific Technology Ltd.	6,400		53
ASML Holding NV (NY Shares)	55,800		1,744
Atmel Corp. (a)	72,400		336
ATMI, Inc. (a)	3,500		59
Avago Technologies Ltd.	71,300		1,239
Broadcom Corp. Class A (a)	26,600		711
Cavium Networks, Inc. (a)	46,700		1,009
Cree, Inc. (a)	19,000		1,062
CSR PLC (a)	47,000		336
Cymer, Inc. (a)	11,800		370
Cypress Semiconductor Corp. (a)	42,700		429
Epistar Corp.	98,000		311
Fairchild Semiconductor International, Inc. (a)	14,000		126
Global Unichip Corp.	39,000		179
Hittite Microwave Corp. (a)	12,500		465
Hynix Semiconductor, Inc. (a)	12,070		237
Infineon Technologies AG (a)	20,100		110
Inotera Memories, Inc. (a)	191,000		138
Inotera Memories, Inc. rights 2/3/10 (a)	24,586		0
Integrated Device Technology, Inc. (a)	66,200		375
Intel Corp.	102,700		1,992
International Rectifier Corp. (a)	18,600		336
Intersil Corp. Class A	9,000		121
Kinsus Interconnect Technology Corp.	21,000		53
Lam Research Corp. (a)	16,500		545
Marvell Technology Group Ltd. (a)	52,900		922
MediaTek, Inc.	5,000		81
MEMC Electronic Materials, Inc. (a)	16,000		201
Micron Technology, Inc. (a)	89,200		778
Monolithic Power Systems, Inc. (a)	11,200		231
Netlogic Microsystems, Inc. (a)	5,200		213
NVIDIA Corp. (a)	62,200		957
Omnivision Technologies, Inc. (a)	9,200		119
Photronics, Inc. (a)	23,200		89
Rambus, Inc. (a)	8,800		193
Realtek Semiconductor Corp.	2,000		5
Silicon Laboratories, Inc. (a)	7,600		321
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Spreadtrum Communications, Inc. ADR (a)	41,700		$ 264
Sumco Corp.	6,400		110
Supertex, Inc. (a)	500		12
Tessera Technologies, Inc. (a)	21,000		361
Varian Semiconductor Equipment Associates, Inc. (a)	21,900		642
Veeco Instruments, Inc. (a)	5,100		162
Verigy Ltd. (a)	30,100		326
Volterra Semiconductor Corp. (a)	5,100		99
Xilinx, Inc.	7,100		167
			19,713
Software - 4.8%
Activision Blizzard, Inc. (a)	22,200		226
ANSYS, Inc. (a)	3,000		126
Ariba, Inc. (a)	45,700		575
AsiaInfo Holdings, Inc. (a)	100		2
BMC Software, Inc. (a)	58,200		2,249
Changyou.com Ltd. (A Shares) ADR	200		7
Check Point Software Technologies Ltd. (a)	2,800		90
Citrix Systems, Inc. (a)	26,700		1,109
CommVault Systems, Inc. (a)	4,300		91
Concur Technologies, Inc. (a)	13,200		523
Epicor Software Corp. (a)	44,300		340
Gameloft (a)	98,500		519
Glu Mobile, Inc. (a)	6,100		9
Informatica Corp. (a)	36,500		865
Insyde Software Corp.	37,100		150
Intuit, Inc. (a)	400		12
JDA Software Group, Inc. (a)	8,900		233
Kingdee International Software Group Co. Ltd.	2,400,000		594
Magma Design Automation, Inc. (a)	46,000		111
Manhattan Associates, Inc. (a)	3,700		78
Mentor Graphics Corp. (a)	46,100		370
Microsoft Corp.	421,560		11,873
MicroStrategy, Inc. Class A (a)	6,100		572
NCsoft Corp.	2,238		252
Neowiz Games Corp.	674		19
Nuance Communications, Inc. (a)	45,000		676
Oracle Corp.	182,750		4,214
Parametric Technology Corp. (a)	49,800		825
Pegasystems, Inc.	11,400		379
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Red Hat, Inc. (a)	46,100		$ 1,255
Rovi Corp. (a)	5,800		167
Smith Micro Software, Inc. (a)	21,700		168
SolarWinds, Inc.	800		16
SuccessFactors, Inc. (a)	300		5
Synchronoss Technologies, Inc. (a)	13,900		233
Taleo Corp. Class A (a)	25,900		526
TIBCO Software, Inc. (a)	60,000		538
VanceInfo Technologies, Inc. ADR (a)	4,800		77
Verint Systems, Inc. (a)	10,800		198
VMware, Inc. Class A (a)	14,200		645
			30,917
TOTAL INFORMATION TECHNOLOGY			110,885
MATERIALS - 3.4%
Chemicals - 2.1%
Air Products & Chemicals, Inc.	11,600		881
Airgas, Inc.	7,100		300
Albemarle Corp.	12,530		448
Ashland, Inc.	11,100		449
Cabot Corp.	4,300		111
Celanese Corp. Class A	21,700		631
CF Industries Holdings, Inc.	1,200		111
Dow Chemical Co.	73,600		1,994
E.I. du Pont de Nemours & Co.	51,400		1,676
Ferro Corp.	32,650		253
Fertilizantes Fosfatados SA (PN) (a)	8,600		85
Huntsman Corp.	18,500		226
Innophos Holdings, Inc.	5,600		110
Johnson Matthey PLC	4,800		112
Kraton Performance Polymers, Inc.	4,200		58
Monsanto Co.	39,800		3,020
Potash Corp. of Saskatchewan, Inc.	600		59
Praxair, Inc.	17,500		1,318
Shin-Etsu Chemical Co., Ltd.	4,200		220
Solutia, Inc. (a)	7,800		107
STR Holdings, Inc.	2,300		38
Terra Industries, Inc.	8,900		281
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
The Mosaic Co.	10,600		$ 567
W.R. Grace & Co. (a)	22,300		533
			13,588
Construction Materials - 0.1%
Cemex SA de CV sponsored ADR	16,100		148
HeidelbergCement AG	2,928		176
Vulcan Materials Co.	6,300		278
			602
Containers & Packaging - 0.1%
Owens-Illinois, Inc. (a)	23,400		637
Metals & Mining - 0.9%
Agnico-Eagle Mines Ltd. (Canada)	3,700		187
Allegheny Technologies, Inc.	7,300		298
Anglo American PLC (United Kingdom) (a)	4,000		147
AngloGold Ashanti Ltd. sponsored ADR	8,300		296
Aquarius Platinum Ltd. (United Kingdom) (a)	9,100		54
Carpenter Technology Corp.	4,000		107
Commercial Metals Co.	13,490		185
Freeport-McMoRan Copper & Gold, Inc.	17,600		1,174
Globe Specialty Metals, Inc.	5,700		53
Harmony Gold Mining Co. Ltd.	11,700		108
Impala Platinum Holdings Ltd.	2,100		54
Newcrest Mining Ltd.	3,456		96
Newmont Mining Corp.	14,000		600
Nucor Corp.	17,800		726
Pan American Silver Corp. (a)	2,400		51
Randgold Resources Ltd. sponsored ADR	1,900		131
Reliance Steel & Aluminum Co.	6,100		249
RTI International Metals, Inc. (a)	7,900		196
Steel Dynamics, Inc.	12,900		196
Teck Resources Ltd. Class B (sub. vtg.) (a)	10,200		334
Ternium SA sponsored ADR (a)	2,300		68
Timminco Ltd. (a)	1,500		2
Vale SA sponsored ADR	9,500		245
			5,557
Paper & Forest Products - 0.2%
International Paper Co.	18,600		426
Louisiana-Pacific Corp. (a)	17,700		126
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Paper & Forest Products - continued
Schweitzer-Mauduit International, Inc.	1,700		$ 128
Weyerhaeuser Co.	20,100		802
			1,482
TOTAL MATERIALS			21,866
TELECOMMUNICATION SERVICES - 3.0%
Diversified Telecommunication Services - 1.8%
AT&T, Inc.	183,700		4,659
BT Group PLC	400		1
Cable & Wireless PLC	1,600		4
Cbeyond, Inc. (a)	11,500		143
CenturyTel, Inc.	1,800		61
China Telecom Corp. Ltd. sponsored ADR	8,500		349
China Unicom (Hong Kong) Ltd. sponsored ADR	36,400		408
Cincinnati Bell, Inc. (a)	17,700		52
Clearwire Corp.:
rights 6/21/10 (a)	55,300		25
Class A (a)	55,300		359
Cogent Communications Group, Inc. (a)	5,100		56
Deutsche Telekom AG (Reg.)	14,212		183
FairPoint Communications, Inc.	2,800		0
Hellenic Telecommunications Organization SA	13		0
Iliad Group SA	1,483		164
Level 3 Communications, Inc. (a)	700		1
PAETEC Holding Corp. (a)	6,000		19
PT Telkomunikasi Indonesia Tbk Series B	207,500		208
Qwest Communications International, Inc.	199,100		838
Telefonica SA sponsored ADR	5,900		422
Telenor ASA (a)	400		5
Telenor ASA sponsored ADR (a)	5,200		201
Telkom SA Ltd.	400		2
Verizon Communications, Inc.	113,200		3,330
Vimpel Communications sponsored ADR	11,000		200
Windstream Corp.	5,800		60
			11,750
Wireless Telecommunication Services - 1.2%
America Movil SAB de CV Series L sponsored ADR	1,900		83
American Tower Corp. Class A (a)	41,414		1,758
China Mobile (Hong Kong) Ltd. sponsored ADR	4,500		211
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
Crown Castle International Corp. (a)	31,300		$ 1,156
Leap Wireless International, Inc. (a)	13,300		175
MetroPCS Communications, Inc. (a)	100		1
MTN Group Ltd.	40,100		576
NII Holdings, Inc. (a)	23,519		770
NTELOS Holdings Corp.	100		2
Rogers Communications, Inc. Class B (non-vtg.)	200		6
SBA Communications Corp. Class A (a)	19,800		655
Sprint Nextel Corp. (a)	391,800		1,285
Syniverse Holdings, Inc. (a)	23,800		400
Telephone & Data Systems, Inc.	1,202		38
Vivo Participacoes SA sponsored ADR	5,900		165
Vodafone Group PLC sponsored ADR	5,200		112
			7,393
TOTAL TELECOMMUNICATION SERVICES			19,143
UTILITIES - 3.6%
Electric Utilities - 1.6%
American Electric Power Co., Inc.	64,800		2,245
Entergy Corp.	23,900		1,824
FirstEnergy Corp.	46,200		2,015
FPL Group, Inc.	31,000		1,512
Hawaiian Electric Industries, Inc.	21,500		425
ITC Holdings Corp.	15,770		847
NV Energy, Inc.	68,600		790
Pinnacle West Capital Corp.	17,500		627
			10,285
Gas Utilities - 0.3%
Questar Corp.	19,400		805
UGI Corp.	32,402		794
Zhongyu Gas Holdings Ltd. (a)	678,000		69
			1,668
Independent Power Producers & Energy Traders - 0.4%
AES Corp.	51,100		645
Calpine Corp. (a)	98,600		1,080
Constellation Energy Group, Inc.	32,700		1,056
			2,781
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Multi-Utilities - 1.3%
Alliant Energy Corp.	34,900		$ 1,089
CenterPoint Energy, Inc.	109,300		1,525
CMS Energy Corp.	78,300		1,188
PG&E Corp.	46,300		1,956
TECO Energy, Inc.	70,100		1,091
Wisconsin Energy Corp.	22,508		1,102
			7,951
TOTAL UTILITIES			22,685
TOTAL COMMON STOCKS (Cost $604,517)		624,795
Convertible Preferred Stocks - 0.1%

FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
Bank of America Corp. (Cost $651)	43,400		655

Convertible Bonds - 0.0%
	Principal Amount (000s)
INDUSTRIALS - 0.0%
Electrical Equipment - 0.0%
SunPower Corp. 4.75% 4/15/14 (Cost $42)	$ 40	42
U.S. Treasury Obligations - 0.1%

U.S. Treasury Bills, yield at date of purchase 0.02% 2/11/10 (f) (Cost $700)	700	700

Money Market Funds - 1.9%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.17% (g)	10,898,514		$ 10,899
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(g)	1,076,375		1,076
TOTAL MONEY MARKET FUNDS (Cost $11,975)		11,975
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $617,885)			638,167
NET OTHER ASSETS - (0.2)%			(1,356)
NET ASSETS - 100%		$ 636,811

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
50 CME E-mini S&P 500 Index Contracts	March 2010	$ 2,676	$ (153)

The face value of futures purchased as a percentage of net assets - 0.4%

Legend

(a) Non-income producing

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

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $90,000 or 0.0% of net assets.

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

(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 $700,000.

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

(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 $1,115,000 or 0.2% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Saia, Inc.	12/22/09	$ 1,068

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 8
Fidelity Securities Lending Cash Central Fund	3
Total	$ 11

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 69,739	$ 69,409	$ 330	$ -
Consumer Staples	69,750	65,368	4,382	-
Energy	70,480	70,041	439	-
Financials	96,220	90,497	5,723	-
Health Care	81,009	79,679	1,330	-
Industrials	63,673	62,652	1,021	-
Information Technology	110,885	109,342	1,543	-
Materials	21,866	21,269	597	-
Telecommunication Services	19,143	18,786	357	-
Utilities	22,685	22,685	-	-
Corporate Bonds	42	-	42	-
U.S. Government and Government Agency Obligations	700	-	700	-
Money Market Funds	11,975	11,975	-	-
Total Investments in Securities:	$ 638,167	$ 621,703	$ 16,464	$ -
Derivative Instruments:
Liabilities
Futures Contracts	$ (153)	$ (153)	$ -	$ -

Income Tax Information

At January 31, 2010, the cost of investment securities for income tax purposes was $633,655,000. Net unrealized appreciation aggregated $4,512,000, of which $38,244,000 related to appreciated investment securities and $33,732,000 related to depreciated investment securities.

Investment Valuation

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Value Fund

January 31, 2010

1.813084.105

VAL-QTLY-0310

Investments January 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 11.8%
Auto Components - 1.4%
Johnson Controls, Inc.	1,811,877		$ 50,425
The Goodyear Tire & Rubber Co. (a)	4,204,407		56,087
			106,512
Automobiles - 1.1%
Bayerische Motoren Werke AG (BMW)	276,714		11,795
Harley-Davidson, Inc.	1,029,824		23,418
Thor Industries, Inc.	730,467		23,192
Winnebago Industries, Inc. (a)(c)(d)	2,571,751		30,732
			89,137
Hotels, Restaurants & Leisure - 2.9%
Brinker International, Inc.	1,813,900		29,603
Burger King Holdings, Inc.	529,678		9,238
Carnival Corp. unit	225,100		7,503
Darden Restaurants, Inc.	857,700		31,701
DineEquity, Inc. (a)(c)	504,600		11,475
NH Hoteles SA (a)	472,771		2,333
Penn National Gaming, Inc. (a)	542,737		14,643
Royal Caribbean Cruises Ltd. (a)	171,500		4,474
Starwood Hotels & Resorts Worldwide, Inc.	914,036		30,456
Vail Resorts, Inc. (a)(c)	469,761		15,831
WMS Industries, Inc. (a)	689,339		25,561
Wyndham Worldwide Corp.	2,265,104		47,545
			230,363
Household Durables - 2.4%
Ethan Allen Interiors, Inc. (c)(d)	2,820,354		40,867
Jarden Corp.	42,900		1,308
KB Home (c)	773,900		11,825
La-Z-Boy, Inc. (a)(c)	1,080,700		10,969
Leggett & Platt, Inc.	2,197,550		40,127
Pulte Homes, Inc.	3,523,065		37,063
Standard Pacific Corp. (a)	964,800		3,502
Whirlpool Corp.	621,847		46,750
			192,411
Leisure Equipment & Products - 0.9%
Brunswick Corp.	2,922,808		31,362
Eastman Kodak Co. (a)(c)	4,555,000		27,558
Polaris Industries, Inc.	214,338		9,476
			68,396
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - 1.2%
Discovery Communications, Inc. Class C (a)	572,815		$ 15,042
DISH Network Corp. Class A	621,657		11,351
Interpublic Group of Companies, Inc. (a)	1,394,998		9,012
Live Nation Entertainment, Inc. (a)	559,362		6,416
McGraw-Hill Companies, Inc.	504,056		17,869
United Business Media Ltd.	964,900		6,551
Virgin Media, Inc.	1,317,900		18,701
WPP PLC	1,008,633		9,307
			94,249
Multiline Retail - 0.2%
Macy's, Inc.	1,038,682		16,546
Specialty Retail - 1.5%
Advance Auto Parts, Inc.	53,600		2,115
AnnTaylor Stores Corp. (a)	704,940		8,854
AutoZone, Inc. (a)	53,600		8,310
Best Buy Co., Inc.	242,100		8,873
Limited Brands, Inc.	698,419		13,284
OfficeMax, Inc. (a)(d)	4,442,560		57,620
RadioShack Corp.	396,600		7,742
Sherwin-Williams Co.	30,390		1,925
Talbots, Inc. (a)(c)	682,185		7,681
			116,404
Textiles, Apparel & Luxury Goods - 0.2%
Bosideng International Holdings Ltd.	1,072,000		213
Iconix Brand Group, Inc. (a)	643,371		8,119
Liz Claiborne, Inc. (a)(c)	1,166,800		5,682
			14,014
TOTAL CONSUMER DISCRETIONARY			928,032
CONSUMER STAPLES - 5.0%
Beverages - 0.8%
Anheuser-Busch InBev SA NV	452,048		22,557
Carlsberg AS:
Series A	178,400		13,577
Series B	197,400		14,722
Dr Pepper Snapple Group, Inc.	246,500		6,818
Molson Coors Brewing Co. Class B	150,080		6,303
			63,977
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - 1.3%
Safeway, Inc.	1,974,400		$ 44,325
SUPERVALU, Inc.	1,589,600		23,383
Sysco Corp.	840,900		23,537
Winn-Dixie Stores, Inc. (a)	878,456		8,899
			100,144
Food Products - 1.7%
Bunge Ltd.	968,688		56,949
Ralcorp Holdings, Inc. (a)	471,686		29,150
Sara Lee Corp.	214,400		2,603
Smithfield Foods, Inc. (a)	1,231,900		18,552
Tyson Foods, Inc. Class A	1,938,274		26,787
			134,041
Household Products - 0.2%
Energizer Holdings, Inc. (a)	297,128		16,491
Personal Products - 1.0%
Avon Products, Inc.	2,509,270		75,629
Herbalife Ltd.	182,200		7,078
			82,707
TOTAL CONSUMER STAPLES			397,360
ENERGY - 9.9%
Energy Equipment & Services - 4.0%
BJ Services Co.	2,107,747		43,567
Ensco International Ltd. ADR	752,000		29,351
Exterran Holdings, Inc. (a)	246,700		5,003
Helmerich & Payne, Inc.	950,805		39,772
Nabors Industries Ltd. (a)	1,605,840		35,810
National Oilwell Varco, Inc.	925,139		37,838
Patterson-UTI Energy, Inc.	2,794,700		42,927
Pride International, Inc. (a)	375,500		11,115
Seahawk Drilling, Inc. (a)	43,181		903
Smith International, Inc.	1,067,300		32,361
Weatherford International Ltd. (a)	2,394,196		37,541
			316,188
Oil, Gas & Consumable Fuels - 5.9%
Arch Coal, Inc.	864,500		18,215
Brigham Exploration Co. (a)	107,200		1,398
Cabot Oil & Gas Corp.	1,060,700		40,593
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Canadian Natural Resources Ltd.	398,700		$ 25,448
Chesapeake Energy Corp.	967,200		23,967
Compton Petroleum Corp. (a)	1,950,600		1,733
EOG Resources, Inc.	613,000		55,427
EXCO Resources, Inc.	1,545,000		27,099
Frontier Oil Corp.	321,700		4,008
Holly Corp.	118,000		3,080
Iteration Energy Ltd. (a)	1,950,600		2,207
Marathon Oil Corp.	1,485,272		44,276
PetroBakken Energy Ltd. Class A	118,000		3,272
Petrohawk Energy Corp. (a)	1,588,900		35,480
Plains Exploration & Production Co. (a)	322,100		10,742
Range Resources Corp.	749,488		34,476
Reliance Industries Ltd.	85,767		1,945
SandRidge Energy, Inc. (a)	750,700		6,351
Southwestern Energy Co. (a)	1,050,900		45,063
Suncor Energy, Inc.	1,162,100		36,690
Ultra Petroleum Corp. (a)	874,155		40,159
			461,629
TOTAL ENERGY			777,817
FINANCIALS - 25.6%
Capital Markets - 1.7%
Bank of New York Mellon Corp.	1,540,927		44,826
Invesco Ltd.	708,100		13,666
Morgan Stanley	839,800		22,490
Northern Trust Corp.	171,600		8,669
Och-Ziff Capital Management Group LLC Class A	750,971		10,161
TD Ameritrade Holding Corp. (a)	1,738,750		30,880
			130,692
Commercial Banks - 9.8%
Associated Banc-Corp. (c)	1,363,158		17,339
Banco Santander (Brasil) SA ADR	308,900		3,719
BB&T Corp.	495,000		13,796
Boston Private Financial Holdings, Inc.	560,826		4,021
CapitalSource, Inc.	3,733,247		17,882
Comerica, Inc.	1,689,700		58,312
Fifth Third Bancorp	5,423,831		67,472
Huntington Bancshares, Inc.	9,519,245		45,597
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - continued
KeyCorp	7,519,258		$ 53,988
Marshall & Ilsley Corp.	3,114,173		21,519
Mitsubishi UFJ Financial Group, Inc.	1,393,800		7,172
PNC Financial Services Group, Inc.	2,130,810		118,109
Regions Financial Corp.	5,440,900		34,550
SunTrust Banks, Inc.	1,846,100		44,916
SVB Financial Group (a)	160,966		6,984
TCF Financial Corp. (c)	1,443,000		21,126
U.S. Bancorp, Delaware	2,404,000		60,292
Umpqua Holdings Corp.	1,134,700		14,025
Wells Fargo & Co.	3,689,131		104,882
Wilmington Trust Corp., Delaware (c)	2,198,062		28,839
Zions Bancorp (c)	1,355,460		25,713
			770,253
Consumer Finance - 1.5%
American Express Co.	1,149,400		43,286
Capital One Financial Corp.	1,097,896		40,468
Discover Financial Services	2,755,603		37,697
			121,451
Diversified Financial Services - 2.4%
Bank of America Corp.	4,682,860		71,086
JPMorgan Chase & Co.	2,375,200		92,490
Moody's Corp. (c)	997,333		27,516
			191,092
Insurance - 4.3%
Aon Corp.	278,800		10,845
Arthur J. Gallagher & Co.	622,319		14,033
Delphi Financial Group, Inc. Class A	146,500		2,967
Everest Re Group Ltd.	435,345		37,326
Lincoln National Corp.	1,372,332		33,732
Loews Corp.	1,429,954		51,149
Marsh & McLennan Companies, Inc.	2,554,551		55,076
MBIA, Inc. (a)(c)	2,144,400		10,572
MetLife, Inc.	220,200		7,777
PartnerRe Ltd.	449,400		33,521
StanCorp Financial Group, Inc.	471,800		20,278
The First American Corp.	474,850		14,041
Unum Group	1,878,113		36,755
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
Willis Group Holdings PLC	158,600		$ 4,160
XL Capital Ltd. Class A	429,606		7,204
			339,436
Real Estate Investment Trusts - 4.3%
Alexandria Real Estate Equities, Inc. (c)	302,500		18,068
CBL & Associates Properties, Inc.	691,600		6,916
Corporate Office Properties Trust (SBI)	441,900		15,771
Digital Realty Trust, Inc. (c)	268,292		12,878
Duke Realty LP	1,962,900		22,220
Education Realty Trust, Inc.	214,400		1,132
First Industrial Realty Trust, Inc.	321,600		1,647
Franklin Street Properties Corp.	1,608,099		20,198
HCP, Inc.	160,751		4,557
Host Hotels & Resorts, Inc.	246,500		2,613
ProLogis Trust	3,610,883		45,497
Public Storage	479,600		37,975
Regency Centers Corp. (c)	145,955		4,888
Segro PLC	1,715,300		8,520
Simon Property Group, Inc.	496,876		35,775
SL Green Realty Corp.	300,695		13,679
The Macerich Co. (c)	728,116		22,462
U-Store-It Trust	201,600		1,395
Ventas, Inc.	903,600		38,132
Vornado Realty Trust	403,639		26,107
			340,430
Real Estate Management & Development - 1.3%
Allgreen Properties Ltd.	3,119,000		2,595
Avatar Holdings, Inc. (a)	97,500		1,652
Brookfield Properties Corp.	1,326,700		15,918
CB Richard Ellis Group, Inc. Class A (a)	4,182,523		51,445
Forest City Enterprises, Inc. Class A (a)	1,930,030		21,829
The St. Joe Co. (a)(c)	107,200		2,787
Unite Group PLC (a)	1,079,441		4,945
			101,171
Thrifts & Mortgage Finance - 0.3%
New York Community Bancorp, Inc. (c)	1,665,888		25,038
TOTAL FINANCIALS			2,019,563
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - 4.8%
Biotechnology - 0.5%
AMAG Pharmaceuticals, Inc. (a)	75,100		$ 3,303
Biogen Idec, Inc. (a)	268,100		14,408
Cephalon, Inc. (a)	107,219		6,845
Clinical Data, Inc. (a)	340,379		5,232
Dendreon Corp. (a)(c)	182,900		5,066
Genzyme Corp. (a)	42,900		2,328
OREXIGEN Therapeutics, Inc. (a)	480,200		3,054
			40,236
Health Care Equipment & Supplies - 1.0%
C. R. Bard, Inc.	313,700		26,003
Cooper Companies, Inc.	132,863		4,693
Covidien PLC	345,800		17,484
ev3, Inc. (a)	965,421		14,076
Hologic, Inc. (a)	522,200		7,870
Orthofix International NV (a)	282,546		8,513
Stryker Corp.	75,000		3,894
			82,533
Health Care Providers & Services - 2.6%
Brookdale Senior Living, Inc. (a)	1,399,267		25,537
CIGNA Corp.	697,000		23,538
Henry Schein, Inc. (a)	809,256		43,740
Humana, Inc. (a)	568,537		27,642
McKesson Corp.	500,100		29,416
Quest Diagnostics, Inc.	160,800		8,952
Universal Health Services, Inc. Class B	1,095,936		31,957
VCA Antech, Inc. (a)	525,728		13,348
			204,130
Life Sciences Tools & Services - 0.1%
Charles River Laboratories International, Inc. (a)	117,900		4,284
Pharmaceuticals - 0.6%
Cadence Pharmaceuticals, Inc. (a)	538,012		5,359
King Pharmaceuticals, Inc. (a)	2,259,600		27,138
Teva Pharmaceutical Industries Ltd. sponsored ADR	104,302		5,916
ViroPharma, Inc. (a)	644,400		6,367
			44,780
TOTAL HEALTH CARE			375,963
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 14.7%
Aerospace & Defense - 1.2%
BE Aerospace, Inc. (a)	53,600		$ 1,202
DigitalGlobe, Inc.	192,500		4,530
Heico Corp. Class A	719,872		24,288
Precision Castparts Corp.	424,700		44,700
Raytheon Co.	358,620		18,802
			93,522
Air Freight & Logistics - 0.5%
United Parcel Service, Inc. Class B	622,200		35,944
Airlines - 0.6%
Alaska Air Group, Inc. (a)	42,900		1,344
Delta Air Lines, Inc. (a)	2,155,300		26,359
Hawaiian Holdings, Inc. (a)	321,721		1,911
Southwest Airlines Co.	1,488,506		16,865
			46,479
Building Products - 1.4%
Armstrong World Industries, Inc. (a)	107,217		3,906
Masco Corp.	5,369,800		72,814
Owens Corning (a)	1,325,285		34,100
			110,820
Commercial Services & Supplies - 2.3%
ACCO Brands Corp. (a)(d)	2,754,056		21,206
Cintas Corp.	150,100		3,769
Clean Harbors, Inc. (a)	505,258		28,931
Consolidated Graphics, Inc. (a)(d)	776,314		26,201
R.R. Donnelley & Sons Co.	907,734		17,991
Republic Services, Inc.	2,543,607		68,143
The Brink's Co.	794,100		18,566
			184,807
Construction & Engineering - 0.6%
Aveng Ltd.	428,800		1,997
Dycom Industries, Inc. (a)	1,355,412		11,074
Fluor Corp.	193,000		8,751
Granite Construction, Inc.	353,916		10,929
Jacobs Engineering Group, Inc. (a)	268,100		10,131
MasTec, Inc. (a)	300,000		3,687
			46,569
Electrical Equipment - 0.9%
Acuity Brands, Inc. (c)	515,900		18,459
Baldor Electric Co.	236,000		5,824
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Electrical Equipment - continued
Regal-Beloit Corp.	268,589		$ 12,731
Renewable Energy Corp. AS (a)(c)	920,400		5,337
SunPower Corp. Class B (a)	783,458		14,549
Zumtobel AG (a)	482,623		10,325
			67,225
Industrial Conglomerates - 0.4%
Carlisle Companies, Inc.	796,130		26,686
Rheinmetall AG	42,898		2,729
			29,415
Machinery - 3.7%
AGCO Corp. (a)	160,800		4,970
Albany International Corp. Class A	837,885		16,666
Crane Co.	245,500		7,493
Cummins, Inc.	1,058,185		47,788
Deere & Co.	143,400		7,163
Eaton Corp.	437,150		26,771
Ingersoll-Rand Co. Ltd.	712,400		23,125
Kennametal, Inc.	818,000		20,025
Navistar International Corp. (a)	796,600		29,466
Oshkosh Co.	117,410		4,235
Robbins & Myers, Inc.	64,300		1,429
The Stanley Works	2,039,400		104,519
			293,650
Professional Services - 1.2%
Equifax, Inc.	278,700		8,918
Experian PLC	1,510,228		14,359
IHS, Inc. Class A (a)	184,200		9,475
Manpower, Inc.	603,172		31,238
Monster Worldwide, Inc. (a)	1,577,719		24,597
Robert Half International, Inc.	128,700		3,465
			92,052
Road & Rail - 1.7%
Avis Budget Group, Inc. (a)	477,800		5,170
Canadian National Railway Co.	310,600		15,488
Con-way, Inc.	1,007,016		28,821
CSX Corp.	877,800		37,623
Dollar Thrifty Automotive Group, Inc. (a)	107,200		2,611
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Road & Rail - continued
Ryder System, Inc.	283,887		$ 10,333
Union Pacific Corp.	589,800		35,683
			135,729
Trading Companies & Distributors - 0.0%
Beacon Roofing Supply, Inc. (a)	85,800		1,441
Transportation Infrastructure - 0.2%
Macquarie Infrastructure Co. LLC (a)	1,623,694		19,809
TOTAL INDUSTRIALS			1,157,462
INFORMATION TECHNOLOGY - 12.6%
Communications Equipment - 0.5%
CommScope, Inc. (a)	107,200		2,917
Motorola, Inc.	5,562,500		34,209
			37,126
Computers & Peripherals - 1.1%
NCR Corp. (a)	4,326,422		51,787
Seagate Technology	1,342,900		22,467
Western Digital Corp. (a)	322,200		12,240
			86,494
Electronic Equipment & Components - 5.3%
Agilent Technologies, Inc.	3,148,151		88,243
Arrow Electronics, Inc. (a)	3,247,160		85,303
Avnet, Inc. (a)	3,626,744		95,891
Corning, Inc.	110,228		1,993
Flextronics International Ltd. (a)	8,707,400		55,205
Itron, Inc. (a)	127,332		7,836
Keyence Corp.	42,900		9,899
Tyco Electronics Ltd.	3,033,667		75,478
			419,848
Internet Software & Services - 0.5%
VeriSign, Inc. (a)	1,280,384		29,334
Yahoo!, Inc. (a)	730,000		10,957
			40,291
IT Services - 1.0%
Accenture PLC Class A	264,000		10,821
Fidelity National Information Services, Inc.	685,796		16,157
Fiserv, Inc. (a)	160,800		7,242
Hewitt Associates, Inc. Class A (a)	407,371		16,083
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - continued
The Western Union Co.	365,429		$ 6,775
Visa, Inc. Class A	304,700		24,995
			82,073
Office Electronics - 1.1%
Xerox Corp.	9,700,910		84,592
Semiconductors & Semiconductor Equipment - 2.8%
Applied Materials, Inc.	2,824,500		34,402
ASM International NV (NASDAQ) (a)	246,614		5,657
ASML Holding NV (NY Shares)	557,966		17,436
Avago Technologies Ltd.	229,500		3,989
Fairchild Semiconductor International, Inc. (a)(d)	6,687,346		60,052
KLA-Tencor Corp.	333,300		9,399
Lam Research Corp. (a)	241,700		7,979
Maxim Integrated Products, Inc.	513,000		8,967
Micron Technology, Inc. (a)	4,219,183		36,791
MKS Instruments, Inc. (a)	645,035		10,708
National Semiconductor Corp.	616,938		8,181
Standard Microsystems Corp. (a)	887,232		17,700
			221,261
Software - 0.3%
BMC Software, Inc. (a)	269,000		10,394
Nuance Communications, Inc. (a)	235,800		3,542
Ultimate Software Group, Inc. (a)	182,217		5,448
			19,384
TOTAL INFORMATION TECHNOLOGY			991,069
MATERIALS - 7.1%
Chemicals - 2.9%
Albemarle Corp.	1,666,051		59,511
Ashland, Inc.	227,300		9,185
Calgon Carbon Corp. (a)	573,834		7,684
Celanese Corp. Class A	746,500		21,723
Clariant AG (Reg.) (a)	986,300		10,825
Cytec Industries, Inc.	260,500		9,719
Ferro Corp.	1,348,600		10,465
FMC Corp.	492,952		25,111
Kraton Performance Polymers, Inc.	146,200		2,010
Solutia, Inc. (a)	2,677,569		36,817
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Tokyo Ohka Kogyo Co. Ltd.	171,600		$ 2,988
W.R. Grace & Co. (a)	1,305,345		31,172
			227,210
Construction Materials - 0.6%
HeidelbergCement AG	437,466		26,362
Texas Industries, Inc. (c)	290,700		9,866
Vulcan Materials Co.	356,406		15,750
			51,978
Containers & Packaging - 1.4%
Ball Corp.	588,890		29,910
Owens-Illinois, Inc. (a)	2,068,354		56,301
Packaging Corp. of America	439,469		9,686
Rexam PLC	3,537,777		16,844
			112,741
Metals & Mining - 1.6%
Agnico-Eagle Mines Ltd. (Canada)	150,500		7,607
AngloGold Ashanti Ltd. sponsored ADR	277,700		9,911
Barrick Gold Corp.	490,300		17,020
Commercial Metals Co.	595,942		8,188
Goldcorp, Inc.	128,400		4,352
Lihir Gold Ltd.	4,379,536		10,727
Newcrest Mining Ltd.	779,102		21,722
Newmont Mining Corp.	478,186		20,495
Randgold Resources Ltd. sponsored ADR	357,866		24,668
			124,690
Paper & Forest Products - 0.6%
Weyerhaeuser Co.	1,140,200		45,494
TOTAL MATERIALS			562,113
TELECOMMUNICATION SERVICES - 0.6%
Diversified Telecommunication Services - 0.3%
Iliad Group SA	32,182		3,567
Qwest Communications International, Inc.	4,167,184		17,544
			21,111
Wireless Telecommunication Services - 0.3%
Sprint Nextel Corp. (a)	8,509,300		27,911
TOTAL TELECOMMUNICATION SERVICES			49,022
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 7.1%
Electric Utilities - 3.4%
Allegheny Energy, Inc.	1,661,487		$ 34,808
American Electric Power Co., Inc.	1,585,349		54,932
Entergy Corp.	859,960		65,624
FirstEnergy Corp.	1,467,300		64,004
Pinnacle West Capital Corp.	1,372,720		49,171
			268,539
Gas Utilities - 0.2%
Energen Corp.	292,600		12,860
Independent Power Producers & Energy Traders - 1.6%
AES Corp.	4,044,900		51,087
Calpine Corp. (a)	640,900		7,018
Constellation Energy Group, Inc.	1,202,600		38,820
Dynegy, Inc. Class A (a)	1,287,000		2,085
NRG Energy, Inc. (a)	1,173,666		28,297
			127,307
Multi-Utilities - 1.9%
Alliant Energy Corp.	160,800		5,017
CMS Energy Corp.	1,008,617		15,301
DTE Energy Co.	525,400		22,088
PG&E Corp.	1,150,930		48,615
Sempra Energy	1,159,231		58,831
			149,852
TOTAL UTILITIES			558,558
TOTAL COMMON STOCKS (Cost $9,239,871)		7,816,959
Convertible Preferred Stocks - 0.2%

FINANCIALS - 0.2%
Capital Markets - 0.1%
Legg Mason, Inc. 7.00%	227,844		6,833
Diversified Financial Services - 0.1%
Bank of America Corp.	519,800		7,849
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $19,189)		14,682

Convertible Bonds - 0.5%
	Principal Amount (000s)		Value (000s)
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Gaylord Entertainment Co. 3.75% 10/1/14 (e)	$ 1,950		$ 1,889
FINANCIALS - 0.2%
Thrifts & Mortgage Finance - 0.2%
MGIC Investment Corp. 9% 4/1/63 (a)(e)	19,609		13,481
INDUSTRIALS - 0.1%
Electrical Equipment - 0.1%
SunPower Corp. 4.75% 4/15/14	4,210		4,393
Industrial Conglomerates - 0.0%
Textron, Inc. 4.5% 5/1/13	2,650		4,364
TOTAL INDUSTRIALS			8,757
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Micron Technology, Inc. 4.25% 10/15/13	2,420		4,507
MATERIALS - 0.1%
Metals & Mining - 0.1%
Newmont Mining Corp. 3% 2/15/12	3,650		4,240
United States Steel Corp. 4% 5/15/14	4,890		7,690
			11,930
TOTAL CONVERTIBLE BONDS (Cost $25,092)		40,564

Money Market Funds - 2.4%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.17% (f)	18,701,582		$ 18,702
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(f)	168,664,757		168,665
TOTAL MONEY MARKET FUNDS (Cost $187,367)		187,367
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $9,471,519)			8,059,572
NET OTHER ASSETS - (2.3)%			(177,393)
NET ASSETS - 100%		$ 7,882,179

Legend

(a) Non-income producing

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

(d) Affiliated company

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $15,370,000 or 0.2% of net assets.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 3
Fidelity Securities Lending Cash Central Fund	158
Total	$ 161

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
ACCO Brands Corp.	$ 16,690	$ -	$ -	$ -	$ 21,206
Consolidated Graphics, Inc.	16,227	-	943	-	26,201
Ethan Allen Interiors, Inc.	35,142	-	-	141	40,867
Fairchild Semiconductor International, Inc.	50,021	-	-	-	60,052
OfficeMax, Inc.	50,778	-	-	-	57,620
Winnebago Industries, Inc.	29,575	-	-	-	30,732
Total	$ 198,433	$ -	$ 943	$ 141	$ 236,678

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 928,032	$ 898,046	$ 29,986	$ -
Consumer Staples	397,360	346,504	50,856	-
Energy	777,817	777,817	-	-
Financials	2,034,245	2,006,775	27,470	-
Health Care	375,963	375,963	-	-
Industrials	1,157,462	1,124,712	32,750	-
Information Technology	991,069	991,069	-	-
Materials	562,113	508,082	54,031	-
Telecommunication Services	49,022	45,455	3,567	-
Utilities	558,558	558,558	-	-
Corporate Bonds	40,564	-	40,564	-
Money Market Funds	187,367	187,367	-	-
Total Investments in Securities:	$ 8,059,572	$ 7,820,348	$ 239,224	$ -

Income Tax Information

At January 31, 2010, the cost of investment securities for income tax purposes was $9,497,184,000. Net unrealized depreciation aggregated $1,437,612,000, of which $871,829,000 related to appreciated investment securities and $2,309,441,000 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Capital Trust'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 Capital Trust

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

Date:	April 1, 2010

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

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

Date:	April 1, 2010

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

Date:	April 1, 2010