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)

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	October 31
Date of reporting period:	January 31, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Capital Appreciation Fund

January 31, 2005

CAF-QTLY-0305

1.813030.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 15.7%
Auto Components - 0.2%
NOK Corp.	400,000		$ 11,464
Distributors - 0.0%
Handleman Co.	92,100		1,791
Hotels, Restaurants & Leisure - 3.8%
Ctrip.com International Ltd. ADR (a)	568,900		23,438
McDonald's Corp.	1,925,400		62,364
Royal Caribbean Cruises Ltd.	1,666,600		88,330
Starbucks Corp. (a)	1,290,600		69,692
			243,824
Household Durables - 1.9%
Beazer Homes USA, Inc.	100,000		14,850
D.R. Horton, Inc.	318,105		12,654
Daito Trust Construction Co.	475,900		21,998
George Wimpey PLC	1,000,000		7,891
Lennar Corp.:
Class A	396,376		22,383
Class B	103,162		5,345
LG Electronics, Inc.	475,640		32,713
Maytag Corp.	363,380		5,709
			123,543
Internet & Catalog Retail - 0.4%
Amazon.com, Inc. (a)	185,000		7,996
eBay, Inc. (a)	200,700		16,357
Senshukai Co. Ltd.	582,000		5,111
			29,464
Media - 6.7%
Cablevision Systems Corp. - NY Group Class A (a)	279,800		7,664
Clear Channel Communications, Inc.	200,000		6,486
Comcast Corp. Class A (special) (a)	58,600		1,852
EchoStar Communications Corp. Class A	836,672		25,527
Fox Entertainment Group, Inc. Class A (a)	200,000		6,730
Lamar Advertising Co. Class A (a)	200,000		8,596
Liberty Media Corp. Class A (a)	1,633,290		17,052
Liberty Media International, Inc. Class A (a)	651,254		29,489
McGraw-Hill Companies, Inc.	190,310		17,223
News Corp.:
Class A	172,030		2,925
Class B	935,000		16,437
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Playboy Enterprises, Inc.:
Class A (a)	25,000		$ 290
Class B (non-vtg.) (a)	2,625,600		32,820
The DIRECTV Group, Inc. (a)	1,040,148		15,654
Time Warner, Inc. (a)	3,543,826		63,789
Univision Communications, Inc. Class A (a)	5,344,300		145,953
Viacom, Inc. Class B (non-vtg.)	867,239		32,383
			430,870
Multiline Retail - 0.1%
Nordstrom, Inc.	189,600		9,148
Specialty Retail - 1.7%
Foot Locker, Inc.	1,900,700		51,167
Gadzooks, Inc. (a)	150,000		7
Home Depot, Inc.	1,213,200		50,057
Yamada Denki Co. Ltd.	150,000		6,311
			107,542
Textiles, Apparel & Luxury Goods - 0.9%
NIKE, Inc. Class B	677,100		58,657
TOTAL CONSUMER DISCRETIONARY			1,016,303
CONSUMER STAPLES - 1.7%
Beverages - 0.1%
The Coca-Cola Co.	200,000		8,298
Food & Staples Retailing - 0.6%
Whole Foods Market, Inc.	458,000		40,954
Food Products - 0.8%
Bunge Ltd.	285,100		16,120
McCormick & Co., Inc. (non-vtg.)	958,000		35,609
			51,729
Personal Products - 0.2%
Avon Products, Inc.	254,460		10,743
TOTAL CONSUMER STAPLES			111,724
ENERGY - 5.0%
Energy Equipment & Services - 4.0%
BJ Services Co.	1,622,400		77,956
ENSCO International, Inc.	1,881,050		64,388
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
GlobalSantaFe Corp.	200,000		$ 7,072
Grant Prideco, Inc. (a)	65,000		1,274
Nabors Industries Ltd. (a)	64,575		3,255
Noble Corp.	1,698,800		90,631
Pride International, Inc. (a)	374,300		8,755
Transocean, Inc. (a)	127,196		5,597
			258,928
Oil & Gas - 1.0%
Chesapeake Energy Corp.	187,100		3,287
Cross Timbers Royalty Trust	1,380		57
Teekay Shipping Corp.	484,200		21,484
Total SA sponsored ADR	395,900		42,579
			67,407
TOTAL ENERGY			326,335
FINANCIALS - 7.5%
Capital Markets - 3.4%
3i Group PLC	474,200		6,243
Ameritrade Holding Corp. (a)	1,008,650		13,042
Apollo Investment Corp.	1,742,373		29,603
Charles Schwab Corp.	1,673,100		18,806
Daiwa Securities Group, Inc.	663,500		4,495
Goldman Sachs Group, Inc.	459,400		49,546
JAFCO Co. Ltd.	130,000		8,782
Merrill Lynch & Co., Inc.	552,400		33,183
Morgan Stanley	948,600		53,084
Nomura Holdings, Inc.	342,500		4,531
			221,315
Commercial Banks - 1.7%
Mitsubishi Tokyo Financial Group, Inc. (MTFG)	2,942		28,008
UFJ Holdings, Inc. (a)	3,809		22,753
Wells Fargo & Co.	920,700		56,439
			107,200
Insurance - 0.6%
Axis Capital Holdings Ltd.	186,900		5,114
Millea Holdings, Inc.	1,886		26,026
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
Sun Life Financial, Inc.	100,000		$ 3,235
XL Capital Ltd. Class A	93,300		6,977
			41,352
Real Estate - 1.0%
Alexandria Real Estate Equities, Inc.	190,300		12,666
Apartment Investment & Management Co. Class A	284,700		10,221
Friedman, Billings, Ramsey Group, Inc. Class A	866,600		17,055
LNR Property Corp.	90,268		5,687
Mitsubishi Estate Co. Ltd.	200,000		2,526
New York Mortgage Trust, Inc. (d)	1,331,700		14,342
			62,497
Thrifts & Mortgage Finance - 0.8%
Countrywide Financial Corp.	191,490		7,085
Fannie Mae	181,300		11,708
Freddie Mac	5,600		366
Golden West Financial Corp., Delaware	402,200		25,990
Sovereign Bancorp, Inc.	374,200		8,509
			53,658
TOTAL FINANCIALS			486,022
HEALTH CARE - 13.4%
Biotechnology - 4.9%
Biogen Idec, Inc. (a)	1,842,200		119,669
Genentech, Inc. (a)	3,711,000		177,052
Millennium Pharmaceuticals, Inc. (a)	2,046,800		18,851
			315,572
Health Care Equipment & Supplies - 5.4%
Biomet, Inc.	811,410		34,469
Fisher Scientific International, Inc. (a)	1,173,640		74,115
Guidant Corp.	74,700		5,415
Medtronic, Inc.	616,600		32,365
St. Jude Medical, Inc. (a)	1,859,800		73,053
Stryker Corp.	186,600		9,170
Synthes, Inc.	95,117		10,896
Wilson Greatbatch Technologies, Inc. (a)	513,900		9,147
Zimmer Holdings, Inc. (a)	1,285,900		101,393
			350,023
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - 1.0%
Health Management Associates, Inc. Class A	150,000		$ 3,312
UnitedHealth Group, Inc.	669,100		59,483
			62,795
Pharmaceuticals - 2.1%
Barr Pharmaceuticals, Inc. (a)	971,300		46,185
Johnson & Johnson	134,600		8,709
Merck KGaA	511,488		33,920
Pfizer, Inc.	517,500		12,503
Roche Holding AG (participation certificate)	306,055		32,589
Sepracor, Inc. (a)	20,000		1,144
			135,050
TOTAL HEALTH CARE			863,440
INDUSTRIALS - 6.9%
Aerospace & Defense - 0.1%
Rockwell Collins, Inc.	95,100		4,080
Air Freight & Logistics - 2.4%
FedEx Corp.	1,315,950		125,871
United Parcel Service, Inc. Class B	201,200		15,026
Yamato Transport Co. Ltd.	952,000		14,249
			155,146
Airlines - 0.2%
JetBlue Airways Corp. (a)	522,854		10,347
Commercial Services & Supplies - 3.5%
Adecco SA sponsored ADR	473,700		6,191
Cintas Corp.	289,900		12,611
Hudson Highland Group, Inc. (a)	42,637		1,245
Monster Worldwide, Inc. (a)	3,673,600		114,947
Robert Half International, Inc.	1,957,130		59,379
Societe Generale de Surveillance Holding SA (SGS) (Reg.)	9,504		6,719
Waste Management, Inc.	803,600		23,304
			224,396
Electrical Equipment - 0.4%
Energy Conversion Devices, Inc.	1,259,566		21,702
Energy Conversion Devices, Inc. warrants 10/31/06 (a)(e)	1,259,566		7,681
			29,383
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - 0.3%
Caterpillar, Inc.	190,130		$ 16,941
THK Co. Ltd.	275,100		5,482
			22,423
TOTAL INDUSTRIALS			445,775
INFORMATION TECHNOLOGY - 35.8%
Communications Equipment - 3.7%
Alcatel SA sponsored ADR (a)	950,300		13,608
Belden CDT, Inc.	375,000		7,616
Cisco Systems, Inc. (a)	2,380,900		42,951
Comverse Technology, Inc. (a)	322,900		7,217
Juniper Networks, Inc. (a)	2,355,600		59,196
Lucent Technologies, Inc. (a)	34,789		113
Motorola, Inc.	1,836,100		28,900
Research In Motion Ltd. (a)	1,035,700		73,706
SafeNet, Inc. (a)	190,201		6,455
			239,762
Computers & Peripherals - 10.9%
Dell, Inc. (a)	4,208,000		175,726
Diebold, Inc.	47,500		2,557
EMC Corp. (a)	10,546,100		138,154
Emulex Corp. (a)	3,038,900		49,747
Hutchinson Technology, Inc. (a)	973,700		34,372
QLogic Corp. (a)	1,424,300		54,522
Seagate Technology	14,686,490		248,493
Sun Microsystems, Inc. (a)	946,700		4,128
			707,699
Electronic Equipment & Instruments - 2.3%
Amphenol Corp. Class A	1,124,900		44,242
Celestica, Inc. (sub. vtg.) (a)	93,400		1,215
Flextronics International Ltd. (a)	1,237,000		17,504
Molex, Inc.	2,350,344		67,502
Nichicon Corp.	966,800		12,157
Solectron Corp. (a)	934,100		4,642
Tech Data Corp. (a)	57,100		2,400
			149,662
Internet Software & Services - 2.8%
Homestore, Inc. (a)	2,548,560		6,015
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
Yahoo! Japan Corp. (a)	26,510		$ 134,309
Yahoo!, Inc. (a)	1,125,980		39,646
			179,970
IT Services - 1.1%
Accenture Ltd. Class A (a)	951,200		24,779
Affiliated Computer Services, Inc. Class A (a)	93,400		5,061
DST Systems, Inc. (a)	187,100		9,071
Infosys Technologies Ltd. sponsored ADR	475,300		31,389
Pegasus Solutions, Inc. (a)	235,304		2,819
			73,119
Semiconductors & Semiconductor Equipment - 11.1%
Agere Systems, Inc.:
Class A (a)	375		1
Class B (a)	942,003		1,356
Altera Corp. (a)	5,453,200		104,701
Analog Devices, Inc.	1,939,000		69,591
ASML Holding NV (NY Shares) (a)	300,000		4,929
Freescale Semiconductor, Inc. Class B (a)	307,516		5,372
Intel Corp.	4,445,080		99,792
KLA-Tencor Corp. (a)	3,029,790		140,128
Marvell Technology Group Ltd. (a)	475,100		15,892
Microchip Technology, Inc.	380,300		9,907
Micron Technology, Inc. (a)	513,500		5,346
Novellus Systems, Inc. (a)	113,800		2,976
Samsung Electronics Co. Ltd.	171,020		82,469
Silicon Laboratories, Inc. (a)	357,300		12,184
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	406,604		3,558
Teradyne, Inc. (a)	9,053,230		127,017
Texas Instruments, Inc.	1,016,500		23,593
Xilinx, Inc.	282,800		8,255
			717,067
Software - 3.9%
Autodesk, Inc.	190,300		5,589
BEA Systems, Inc. (a)	4,869,095		41,485
BMC Software, Inc. (a)	189,600		3,191
Microsoft Corp.	2,942,500		77,329
Nippon System Development Co. Ltd.	125,000		2,408
Oracle Corp. (a)	4,025,500		55,431
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Symantec Corp. (a)	1,904,667		$ 44,474
TIBCO Software, Inc. (a)	1,902,400		20,907
			250,814
TOTAL INFORMATION TECHNOLOGY			2,318,093
MATERIALS - 6.0%
Chemicals - 2.5%
BOC Group PLC	46,600		862
Dow Chemical Co.	1,322,050		65,706
Lyondell Chemical Co.	1,617,200		47,578
Monsanto Co.	830,555		44,958
Praxair, Inc.	100,000		4,315
			163,419
Containers & Packaging - 0.1%
Sealed Air Corp. (a)	94,800		4,863
Metals & Mining - 3.4%
Alcan, Inc.	54,410		2,170
Alcoa, Inc.	1,250,000		36,888
Inco Ltd. (a)	637,020		21,045
Newmont Mining Corp.	624,100		25,956
Nippon Steel Corp.	1,900,000		4,621
Novelis, Inc.	10,882		243
Nucor Corp.	611,400		34,336
Peabody Energy Corp.	306,400		25,967
Phelps Dodge Corp.	716,200		68,970
			220,196
TOTAL MATERIALS			388,478
TELECOMMUNICATION SERVICES - 4.2%
Diversified Telecommunication Services - 0.9%
Philippine Long Distance Telephone Co. sponsored ADR (a)	285,200		7,415
PT Indosat Tbk ADR	285,400		8,890
SBC Communications, Inc.	1,615,300		38,380
			54,685
Wireless Telecommunication Services - 3.3%
KDDI Corp.	14,214		72,562
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
Nextel Communications, Inc. Class A (a)	4,848,000		$ 139,089
NTT DoCoMo, Inc.	1,355		2,358
			214,009
TOTAL TELECOMMUNICATION SERVICES			268,694
UTILITIES - 0.1%
Multi-Utilities & Unregulated Power - 0.1%
Equitable Resources, Inc.	100,000		5,704
TOTAL COMMON STOCKS (Cost $5,371,496)		6,230,568
Preferred Stocks - 0.0%
Convertible Preferred Stocks - 0.0%
INFORMATION TECHNOLOGY - 0.0%
Communications Equipment - 0.0%
Chorum Technologies, Inc. Series E (a)(e)	15,100		0
Nonconvertible Preferred Stocks - 0.0%
MATERIALS - 0.0%
Metals & Mining - 0.0%
Freeport-McMoRan Copper & Gold, Inc. (depositary shares) (Cost $382)	9,100		69
Money Market Funds - 4.8%
Fidelity Cash Central Fund, 2.31% (b)	264,252,053		264,252
Fidelity Securities Lending Cash Central Fund, 2.29% (b)(c)	46,919,725		46,920
TOTAL MONEY MARKET FUNDS (Cost $311,172)		311,172
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $5,683,050)			6,541,809
NET OTHER ASSETS - (1.1)%			(73,107)
NET ASSETS - 100%		$ 6,468,702

Legend

(a) Non-income producing

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

(c) Includes investment made with cash collateral received from securities on loan.

(d) Affiliated company

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,681,000 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Chorum Technologies, Inc. Series E	9/19/00	$ 260
Energy Conversion Devices, Inc. warrants 10/31/06	11/6/03 - 11/13/03	$ 157

Other Information

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
New York Mortgage Trust, Inc.	$ 11,865	$ -	$ -	$ 320	$ 14,342

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $5,690,329,000. Net unrealized appreciation aggregated $851,480,000, of which $1,137,584,000 related to appreciated investment securities and $286,104,000 related to depreciated investment securities.

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Disciplined Equity Fund

January 31, 2005

FDE-QTLY-0305

1.813012.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 12.0%
Automobiles - 0.5%
Ford Motor Co.	900,000		$ 11,853
Harley-Davidson, Inc.	200,000		12,022
			23,875
Hotels, Restaurants & Leisure - 1.0%
Carnival Corp. unit	150,000		8,640
Darden Restaurants, Inc.	120,000		3,547
McDonald's Corp.	1,184,900		38,379
			50,566
Household Durables - 2.0%
Black & Decker Corp.	150,000		12,360
D.R. Horton, Inc.	397,100		15,797
Fortune Brands, Inc.	100,000		8,398
Garmin Ltd.	86,900		4,780
Harman International Industries, Inc.	144,700		17,603
Meritage Homes Corp. (a)	78,000		5,043
NVR, Inc. (a)	14,800		11,711
The Stanley Works	75,000		3,567
Toll Brothers, Inc. (a)	263,900		20,603
			99,862
Internet & Catalog Retail - 0.3%
eBay, Inc. (a)	200,000		16,300
Leisure Equipment & Products - 0.2%
Eastman Kodak Co.	400,000		13,236
Media - 2.5%
Getty Images, Inc. (a)	75,000		5,228
McGraw-Hill Companies, Inc.	169,800		15,367
Time Warner, Inc. (a)	3,428,900		61,720
Viacom, Inc. Class B (non-vtg.)	273,800		10,224
Walt Disney Co.	1,144,300		32,761
			125,300
Multiline Retail - 0.6%
JCPenney Co., Inc.	350,000		14,952
Neiman Marcus Group, Inc. Class A	41,400		2,770
Nordstrom, Inc.	250,000		12,063
			29,785
Specialty Retail - 3.9%
Abercrombie & Fitch Co. Class A	469,200		23,516
Aeropostale, Inc. (a)	240,000		6,670
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
American Eagle Outfitters, Inc.	266,800		$ 13,553
AutoZone, Inc. (a)	178,500		15,931
bebe Stores, Inc.	128,250		3,323
Best Buy Co., Inc.	400,000		21,516
Home Depot, Inc.	2,233,600		92,158
Staples, Inc.	350,000		11,459
Urban Outfitters, Inc. (a)	150,000		6,311
			194,437
Textiles, Apparel & Luxury Goods - 1.0%
Coach, Inc. (a)	347,300		19,484
Jones Apparel Group, Inc.	79,700		2,680
NIKE, Inc. Class B	250,000		21,658
Polo Ralph Lauren Corp. Class A	72,100		2,808
VF Corp.	75,000		3,986
			50,616
TOTAL CONSUMER DISCRETIONARY			603,977
CONSUMER STAPLES - 8.1%
Beverages - 1.0%
PepsiCo, Inc.	635,600		34,132
The Coca-Cola Co.	345,300		14,326
			48,458
Food & Staples Retailing - 2.9%
Albertsons, Inc.	225,000		5,148
BJ's Wholesale Club, Inc. (a)	207,800		5,945
Costco Wholesale Corp.	718,900		33,982
CVS Corp.	449,200		20,820
SUPERVALU, Inc.	158,000		4,994
Wal-Mart Stores, Inc.	1,132,500		59,343
Walgreen Co.	370,000		15,766
			145,998
Food Products - 1.4%
Archer-Daniels-Midland Co.	579,200		14,017
Bunge Ltd.	176,200		9,962
Campbell Soup Co.	221,400		6,491
Corn Products International, Inc.	123,000		3,611
Hershey Foods Corp.	127,100		7,434
Kellogg Co.	237,700		10,611
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - continued
Pilgrims Pride Corp. Class B	182,400		$ 6,377
Smithfield Foods, Inc. (a)	130,000		3,935
Tyson Foods, Inc. Class A	300,000		5,151
			67,589
Household Products - 1.3%
Procter & Gamble Co.	1,149,200		61,172
Rayovac Corp. (a)	60,000		2,254
			63,426
Personal Products - 1.1%
Alberto-Culver Co.	59,700		3,239
Avon Products, Inc.	500,000		21,110
Gillette Co.	645,900		32,760
			57,109
Tobacco - 0.4%
Reynolds American, Inc.	276,300		22,220
TOTAL CONSUMER STAPLES			404,800
ENERGY - 9.0%
Energy Equipment & Services - 0.1%
Lone Star Technologies, Inc. (a)	75,000		3,059
Oil & Gas - 8.9%
Amerada Hess Corp.	84,700		7,339
Apache Corp.	462,500		25,169
Ashland, Inc.	101,300		6,218
Burlington Resources, Inc.	670,200		29,294
ChevronTexaco Corp.	1,516,000		82,470
ConocoPhillips	625,000		57,994
Exxon Mobil Corp.	2,861,900		147,663
Occidental Petroleum Corp.	250,000		14,595
OMI Corp.	157,200		2,751
Overseas Shipholding Group, Inc.	158,000		8,818
Sunoco, Inc.	125,000		10,936
Unocal Corp.	383,400		18,238
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil & Gas - continued
Valero Energy Corp.	500,000		$ 26,015
XTO Energy, Inc.	333,300		11,969
			449,469
TOTAL ENERGY			452,528
FINANCIALS - 20.0%
Capital Markets - 3.7%
Bear Stearns Companies, Inc.	200,000		20,212
E*TRADE Financial Corp. (a)	250,000		3,438
Franklin Resources, Inc.	224,200		15,214
Goldman Sachs Group, Inc.	608,800		65,659
Janus Capital Group, Inc.	245,100		3,635
Legg Mason, Inc.	151,300		11,685
Lehman Brothers Holdings, Inc.	479,400		43,716
Merrill Lynch & Co., Inc.	372,100		22,352
			185,911
Commercial Banks - 4.8%
Bank of America Corp.	2,469,500		114,511
Comerica, Inc.	100,000		5,786
Compass Bancshares, Inc.	90,000		4,215
KeyCorp	200,000		6,684
National City Corp.	529,800		18,834
SunTrust Banks, Inc.	120,000		8,642
U.S. Bancorp, Delaware	750,000		22,538
UnionBanCal Corp.	65,600		4,040
Wachovia Corp.	1,003,500		55,042
			240,292
Consumer Finance - 1.7%
American Express Co.	592,700		31,621
Capital One Financial Corp.	350,800		27,461
MBNA Corp.	820,100		21,798
Providian Financial Corp. (a)	300,000		5,004
			85,884
Diversified Financial Services - 3.2%
Chicago Mercantile Exchange Holdings, Inc. Class A	48,000		10,296
CIT Group, Inc.	250,000		10,093
Citigroup, Inc.	2,403,800		117,906
J.P. Morgan Chase & Co.	74,100		2,766
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - continued
Moody's Corp.	118,800		$ 9,953
Principal Financial Group, Inc.	257,800		10,462
			161,476
Insurance - 5.0%
Allmerica Financial Corp. (a)	105,700		3,451
Allstate Corp.	629,700		31,762
AMBAC Financial Group, Inc.	115,400		8,872
American International Group, Inc.	1,113,600		73,821
Cincinnati Financial Corp.	75,200		3,318
Hartford Financial Services Group, Inc.	512,200		34,466
Lincoln National Corp.	125,000		5,768
MetLife, Inc.	250,000		9,938
Progressive Corp.	251,200		21,013
Prudential Financial, Inc.	558,700		30,120
StanCorp Financial Group, Inc.	47,400		4,029
The Chubb Corp.	275,000		20,482
W.R. Berkley Corp.	71,800		3,425
			250,465
Real Estate - 0.8%
AvalonBay Communities, Inc.	50,000		3,346
General Growth Properties, Inc.	187,300		5,951
New Century Financial Corp.	150,000		8,984
Simon Property Group, Inc.	274,500		16,278
Vornado Realty Trust	91,500		6,326
			40,885
Thrifts & Mortgage Finance - 0.8%
Doral Financial Corp.	109,600		4,740
Fannie Mae	167,700		10,830
Golden West Financial Corp., Delaware	260,600		16,840
MGIC Investment Corp.	100,000		6,390
			38,800
TOTAL FINANCIALS			1,003,713
HEALTH CARE - 9.9%
Biotechnology - 1.0%
Amgen, Inc. (a)	340,000		21,162
Cephalon, Inc. (a)	100,000		4,920
Charles River Laboratories International, Inc. (a)	61,400		2,909
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Genzyme Corp. - General Division (a)	340,000		$ 19,791
Serologicals Corp. (a)	70,000		1,655
			50,437
Health Care Equipment & Supplies - 0.6%
Bausch & Lomb, Inc.	150,000		10,934
Biomet, Inc.	225,000		9,558
C.R. Bard, Inc.	134,600		9,126
Respironics, Inc. (a)	40,000		2,316
			31,934
Health Care Providers & Services - 4.7%
Aetna, Inc.	522,400		66,371
Amedisys, Inc. (a)	128,700		3,874
Apria Healthcare Group, Inc. (a)	80,000		2,624
Centene Corp. (a)	50,000		1,678
CIGNA Corp.	344,000		27,606
Community Health Systems, Inc. (a)	103,100		2,988
Coventry Health Care, Inc. (a)	57,600		3,277
Humana, Inc. (a)	225,000		7,711
Sierra Health Services, Inc. (a)	75,000		4,120
UnitedHealth Group, Inc.	672,300		59,767
WellPoint, Inc. (a)	478,000		58,077
			238,093
Pharmaceuticals - 3.6%
Johnson & Johnson	1,422,900		92,062
Merck & Co., Inc.	686,600		19,259
Pfizer, Inc.	2,583,200		62,410
Wyeth	115,000		4,557
			178,288
TOTAL HEALTH CARE			498,752
INDUSTRIALS - 10.9%
Aerospace & Defense - 2.6%
Alliant Techsystems, Inc. (a)	64,700		4,308
DRS Technologies, Inc. (a)	50,000		2,030
Northrop Grumman Corp.	391,800		20,327
Raytheon Co.	386,700		14,463
Rockwell Collins, Inc.	139,600		5,989
The Boeing Co.	818,300		41,406
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Aerospace & Defense - continued
United Defense Industries, Inc.	61,800		$ 2,962
United Technologies Corp.	375,000		37,755
			129,240
Air Freight & Logistics - 0.9%
FedEx Corp.	140,000		13,391
United Parcel Service, Inc. Class B	435,700		32,538
			45,929
Building Products - 0.1%
Masco Corp.	90,000		3,312
Commercial Services & Supplies - 0.4%
Apollo Group, Inc. Class A (a)	246,300		19,258
Electrical Equipment - 0.1%
Cooper Industries Ltd. Class A	75,000		5,213
Industrial Conglomerates - 3.1%
General Electric Co.	2,983,200		107,783
Textron, Inc.	121,400		8,738
Tyco International Ltd.	1,150,000		41,561
			158,082
Machinery - 2.7%
Caterpillar, Inc.	280,000		24,948
Cummins, Inc.	80,000		6,214
Deere & Co.	541,100		37,569
Eaton Corp.	80,000		5,439
Illinois Tool Works, Inc.	150,000		13,047
Ingersoll-Rand Co. Ltd. Class A	250,000		18,595
Navistar International Corp. (a)	221,700		8,629
PACCAR, Inc.	225,000		15,899
Parker Hannifin Corp.	125,000		8,145
			138,485
Road & Rail - 1.0%
Burlington Northern Santa Fe Corp.	412,200		19,860
CNF, Inc.	63,000		2,955
J.B. Hunt Transport Services, Inc.	124,400		5,489
Norfolk Southern Corp.	413,000		14,422
Yellow Roadway Corp. (a)	125,000		7,078
			49,804
TOTAL INDUSTRIALS			549,323
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - 17.3%
Communications Equipment - 2.1%
Cisco Systems, Inc. (a)	2,673,500		$ 48,230
Juniper Networks, Inc. (a)	400,000		10,052
Lucent Technologies, Inc. (a)	3,000,000		9,780
Motorola, Inc.	2,478,200		39,007
			107,069
Computers & Peripherals - 5.9%
Apple Computer, Inc. (a)	1,634,700		125,708
Dell, Inc. (a)	1,162,200		48,533
Hewlett-Packard Co.	2,587,400		50,687
International Business Machines Corp.	690,000		64,460
NCR Corp. (a)	173,400		5,927
			295,315
Electronic Equipment & Instruments - 0.2%
Ingram Micro, Inc. Class A (a)	219,500		4,056
Tech Data Corp. (a)	107,300		4,510
			8,566
Internet Software & Services - 3.2%
Google, Inc. Class A (sub. vtg.)	463,100		90,596
InfoSpace, Inc. (a)	415,000		19,592
Yahoo!, Inc. (a)	1,400,000		49,294
			159,482
Office Electronics - 0.1%
Xerox Corp. (a)	350,000		5,558
Semiconductors & Semiconductor Equipment - 2.3%
Intel Corp.	5,210,200		116,969
Software - 3.5%
Adobe Systems, Inc.	373,000		21,224
Autodesk, Inc.	500,000		14,685
BMC Software, Inc. (a)	155,800		2,622
Computer Associates International, Inc.	1,220		33
Microsoft Corp.	3,881,200		101,998
Oracle Corp. (a)	1,450,100		19,968
Symantec Corp. (a)	480,000		11,208
TIBCO Software, Inc. (a)	200,000		2,198
			173,936
TOTAL INFORMATION TECHNOLOGY			866,895
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 3.9%
Chemicals - 1.3%
Dow Chemical Co.	918,100		$ 45,630
FMC Corp. (a)	60,300		2,846
Lyondell Chemical Co.	200,000		5,884
PPG Industries, Inc.	163,900		11,273
			65,633
Containers & Packaging - 0.1%
Ball Corp.	139,529		5,961
Metals & Mining - 2.1%
Carpenter Technology Corp.	53,700		3,290
International Steel Group, Inc. (a)	70,900		2,854
Nucor Corp.	400,000		22,464
Peabody Energy Corp.	100,000		8,475
Phelps Dodge Corp.	537,200		51,732
United States Steel Corp.	300,000		15,540
			104,355
Paper & Forest Products - 0.4%
Georgia-Pacific Corp.	283,400		9,097
Weyerhaeuser Co.	150,000		9,360
			18,457
TOTAL MATERIALS			194,406
TELECOMMUNICATION SERVICES - 1.4%
Diversified Telecommunication Services - 1.4%
AT&T Corp.	350,000		6,717
SBC Communications, Inc.	1,009,600		23,988
Verizon Communications, Inc.	1,088,200		38,729
			69,434
UTILITIES - 2.7%
Electric Utilities - 1.9%
Edison International	250,000		8,118
Exelon Corp.	390,000		17,258
FirstEnergy Corp.	125,000		4,970
PG&E Corp. (a)	130,000		4,550
PPL Corp.	150,000		8,100
Southern Co.	240,000		8,105
TXU Corp.	656,100		45,402
			96,503
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Multi-Utilities & Unregulated Power - 0.8%
Constellation Energy Group, Inc.	100,000		$ 5,000
Duke Energy Corp.	716,300		19,190
Sempra Energy	351,900		13,098
			37,288
TOTAL UTILITIES			133,791
TOTAL COMMON STOCKS (Cost $4,073,365)		4,777,619
Money Market Funds - 6.2%
Fidelity Cash Central Fund, 2.31% (b)(c) (Cost $310,016)	310,015,877		310,016
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $4,383,381)			5,087,635
NET OTHER ASSETS - (1.4)%		(68,046)
NET ASSETS - 100%		$ 5,019,589

Legend

(a) Non-income producing

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

(c) Includes investment made with cash collateral received from securities on loan.

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $4,389,313,000. Net unrealized appreciation aggregated $698,322,000, of which $873,761,000 related to appreciated investment securities and $175,439,000 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Stock Selector

January 31, 2005

FSS-QTLY-0305

1.813022.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.5%
Hotels, Restaurants & Leisure - 1.4%
Hilton Hotels Corp.	126,900		$ 2,824
Mandalay Resort Group	10,500		741
Marriott International, Inc. Class A	45,600		2,881
McDonald's Corp.	47,600		1,542
Outback Steakhouse, Inc.	800		37
Sonic Corp. (a)	47,000		1,496
Wendy's International, Inc.	38,240		1,500
Yum! Brands, Inc.	10,000		464
			11,485
Household Durables - 0.0%
Beazer Homes USA, Inc.	200		30
Internet & Catalog Retail - 0.2%
Amazon.com, Inc. (a)	12,560		543
eBay, Inc. (a)	8,840		720
IAC/InterActiveCorp (a)	11,720		284
Shopping.Com Ltd.	8,200		183
			1,730
Media - 4.4%
Clear Channel Communications, Inc.	41,260		1,338
Comcast Corp. Class A (special) (a)	26,250		830
DreamWorks Animation SKG, Inc. Class A	12,200		431
E.W. Scripps Co. Class A	64,240		2,978
EchoStar Communications Corp. Class A	10,190		311
Fox Entertainment Group, Inc. Class A (a)	85,390		2,873
Gannett Co., Inc.	10,160		813
Lamar Advertising Co. Class A (a)	47,800		2,054
Liberty Media Corp. Class A (a)	187,300		1,955
Liberty Media International, Inc. Class A (a)	11,700		530
News Corp.:
Class A	162,260		2,758
Class B	121,400		2,134
Scholastic Corp. (a)	38,700		1,325
Time Warner, Inc. (a)	105,860		1,905
Univision Communications, Inc. Class A (a)	60,000		1,639
Viacom, Inc. Class B (non-vtg.)	73,620		2,749
Walt Disney Co.	272,200		7,793
XM Satellite Radio Holdings, Inc. Class A (a)	10,500		335
			34,751
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Multiline Retail - 0.9%
Dollar General Corp.	77,500		$ 1,566
Kohl's Corp. (a)	19,800		931
Target Corp.	89,320		4,535
			7,032
Specialty Retail - 2.3%
Advance Auto Parts, Inc. (a)	20,200		871
Best Buy Co., Inc.	2,500		134
Chico's FAS, Inc. (a)	44,500		2,344
Home Depot, Inc.	181,600		7,493
Lowe's Companies, Inc.	76,700		4,371
Staples, Inc.	45,950		1,504
Tiffany & Co., Inc.	53,100		1,669
			18,386
Textiles, Apparel & Luxury Goods - 0.3%
Liz Claiborne, Inc.	46,900		1,967
NIKE, Inc. Class B	8,250		715
			2,682
TOTAL CONSUMER DISCRETIONARY			76,096
CONSUMER STAPLES - 7.6%
Beverages - 1.0%
PepsiCo, Inc.	147,700		7,931
Food & Staples Retailing - 3.5%
CVS Corp.	52,700		2,443
Safeway, Inc. (a)	39,200		739
Sysco Corp.	76,400		2,672
Wal-Mart Stores, Inc.	417,080		21,855
			27,709
Food Products - 0.3%
Archer-Daniels-Midland Co.	60,200		1,457
Bunge Ltd.	22,200		1,255
			2,712
Household Products - 1.7%
Colgate-Palmolive Co.	176,550		9,276
Procter & Gamble Co.	82,400		4,386
			13,662
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Personal Products - 0.4%
Gillette Co.	60,300		$ 3,058
Tobacco - 0.7%
Altria Group, Inc.	90,280		5,763
TOTAL CONSUMER STAPLES			60,835
ENERGY - 6.0%
Energy Equipment & Services - 2.5%
BJ Services Co.	16,300		783
Diamond Offshore Drilling, Inc.	37,400		1,637
ENSCO International, Inc.	28,300		969
Halliburton Co.	7,000		288
Schlumberger Ltd. (NY Shares)	115,100		7,831
Smith International, Inc. (a)	93,100		5,512
Weatherford International Ltd. (a)	56,100		3,045
			20,065
Oil & Gas - 3.5%
Exxon Mobil Corp.	434,110		22,400
Valero Energy Corp.	102,340		5,325
			27,725
TOTAL ENERGY			47,790
FINANCIALS - 18.2%
Capital Markets - 4.1%
Charles Schwab Corp.	163,300		1,835
E*TRADE Financial Corp. (a)	98,200		1,350
Goldman Sachs Group, Inc.	40,300		4,346
Lehman Brothers Holdings, Inc.	22,200		2,024
Merrill Lynch & Co., Inc.	257,420		15,463
Morgan Stanley	134,000		7,499
State Street Corp.	13,100		587
			33,104
Commercial Banks - 3.8%
Bank of America Corp.	231,920		10,754
Fifth Third Bancorp	48,900		2,272
Wachovia Corp.	116,400		6,385
Wells Fargo & Co.	178,000		10,911
			30,322
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Consumer Finance - 0.9%
American Express Co.	99,000		$ 5,282
MBNA Corp.	71,181		1,892
			7,174
Diversified Financial Services - 2.2%
Citigroup, Inc.	326,066		15,994
J.P. Morgan Chase & Co.	40,410		1,509
			17,503
Insurance - 6.8%
ACE Ltd.	86,800		3,767
AFLAC, Inc.	46,600		1,841
American International Group, Inc.	506,630		33,585
Everest Re Group Ltd.	28,980		2,518
Fidelity National Financial, Inc.	32,500		1,424
Hartford Financial Services Group, Inc.	61,530		4,140
MetLife, Inc.	51,600		2,051
The Chubb Corp.	18,640		1,388
W.R. Berkley Corp.	30,570		1,458
XL Capital Ltd. Class A	34,920		2,611
			54,783
Real Estate - 0.1%
Equity Residential (SBI)	34,600		1,091
Thrifts & Mortgage Finance - 0.3%
Countrywide Financial Corp.	1,396		52
Sovereign Bancorp, Inc.	92,000		2,092
			2,144
TOTAL FINANCIALS			146,121
HEALTH CARE - 12.3%
Biotechnology - 1.4%
Amgen, Inc. (a)	43,790		2,725
Biogen Idec, Inc. (a)	34,580		2,246
Cephalon, Inc. (a)	17,300		851
Charles River Laboratories International, Inc. (a)	1,970		93
Genentech, Inc. (a)	27,760		1,324
Invitrogen Corp. (a)	35,870		2,465
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Millennium Pharmaceuticals, Inc. (a)	24,500		$ 226
Protein Design Labs, Inc. (a)	55,000		1,109
			11,039
Health Care Equipment & Supplies - 3.5%
Alcon, Inc.	24,100		1,909
Baxter International, Inc.	81,300		2,745
Becton, Dickinson & Co.	26,900		1,524
C.R. Bard, Inc.	16,300		1,105
Dade Behring Holdings, Inc. (a)	21,700		1,240
DJ Orthopedics, Inc. (a)	80,800		1,951
Fisher Scientific International, Inc. (a)	25,100		1,585
Guidant Corp.	48,530		3,518
Kensey Nash Corp. (a)	16,000		517
Medtronic, Inc.	170,860		8,968
St. Jude Medical, Inc. (a)	63,540		2,496
			27,558
Health Care Providers & Services - 2.7%
Aetna, Inc.	24,100		3,062
American Healthways, Inc. (a)	36,440		1,136
Andrx Corp. (a)	40,700		889
Covance, Inc. (a)	12,200		519
Henry Schein, Inc. (a)	28,000		1,906
PacifiCare Health Systems, Inc. (a)	14,600		898
UnitedHealth Group, Inc.	119,000		10,579
WellPoint, Inc. (a)	24,100		2,928
			21,917
Pharmaceuticals - 4.7%
Abbott Laboratories	88,240		3,973
Barr Pharmaceuticals, Inc. (a)	35,000		1,664
Elan Corp. PLC sponsored ADR (a)	48,200		1,298
Eli Lilly & Co.	16,600		900
Johnson & Johnson	216,310		13,995
Merck & Co., Inc.	19,700		553
Pfizer, Inc.	397,040		9,592
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Sepracor, Inc. (a)	12,300		$ 703
Wyeth	132,600		5,255
			37,933
TOTAL HEALTH CARE			98,447
INDUSTRIALS - 10.9%
Aerospace & Defense - 4.2%
Aviall, Inc. (a)	41,050		1,183
DRS Technologies, Inc. (a)	28,000		1,137
EDO Corp.	58,900		1,882
Goodrich Corp.	126,000		4,322
Honeywell International, Inc.	300,460		10,811
Lockheed Martin Corp.	41,050		2,373
The Boeing Co.	111,130		5,623
United Technologies Corp.	67,060		6,752
			34,083
Air Freight & Logistics - 0.5%
FedEx Corp.	40,400		3,864
Airlines - 0.2%
Southwest Airlines Co.	97,400		1,410
Building Products - 0.1%
Jacuzzi Brands, Inc. (a)	43,400		438
Commercial Services & Supplies - 1.5%
Apollo Group, Inc. Class A (a)	28,500		2,228
Aramark Corp. Class B	45,000		1,170
Cendant Corp.	138,510		3,262
Herman Miller, Inc.	81,800		2,186
Monster Worldwide, Inc. (a)	2,090		65
Robert Half International, Inc.	104,300		3,164
			12,075
Electrical Equipment - 0.4%
American Power Conversion Corp.	31,860		678
Emerson Electric Co.	35,700		2,400
			3,078
Industrial Conglomerates - 3.4%
3M Co.	56,930		4,803
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - continued
General Electric Co.	416,400		$ 15,045
Tyco International Ltd.	196,480		7,101
			26,949
Machinery - 0.1%
ITT Industries, Inc.	12,200		1,041
Marine - 0.1%
Alexander & Baldwin, Inc.	10,121		466
Road & Rail - 0.3%
Norfolk Southern Corp.	68,700		2,399
Trading Companies & Distributors - 0.1%
W.W. Grainger, Inc.	20,000		1,224
TOTAL INDUSTRIALS			87,027
INFORMATION TECHNOLOGY - 23.2%
Communications Equipment - 3.7%
Andrew Corp. (a)	56,600		739
Avaya, Inc. (a)	65,330		937
CIENA Corp. (a)	41,000		105
Cisco Systems, Inc. (a)	657,340		11,858
Comverse Technology, Inc. (a)	58,900		1,316
Corning, Inc. (a)	149,760		1,638
Juniper Networks, Inc. (a)	139,680		3,510
Lucent Technologies, Inc. (a)	373,900		1,219
Motorola, Inc.	261,240		4,112
NMS Communications Corp. (a)	19,000		120
QUALCOMM, Inc.	109,800		4,089
Research In Motion Ltd. (a)	4,350		310
			29,953
Computers & Peripherals - 3.9%
Apple Computer, Inc. (a)	21,200		1,630
Applied Films Corp. (a)	23,470		502
Concurrent Computer Corp. (a)	135,000		288
Dell, Inc. (a)	457,200		19,093
Diebold, Inc.	16,100		867
EMC Corp. (a)	378,100		4,953
Hewlett-Packard Co.	66,200		1,297
Lexmark International, Inc. Class A (a)	5,420		452
Network Appliance, Inc. (a)	8,100		258
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
QLogic Corp. (a)	8,200		$ 314
Sun Microsystems, Inc. (a)	21,000		92
Western Digital Corp. (a)	150,600		1,622
			31,368
Electronic Equipment & Instruments - 0.7%
AU Optronics Corp. sponsored ADR	78,000		1,207
Solectron Corp. (a)	501,400		2,492
Symbol Technologies, Inc.	92,000		1,684
			5,383
Internet Software & Services - 0.4%
Digital River, Inc. (a)	4,100		160
Google, Inc. Class A (sub. vtg.)	9,100		1,780
Homestore, Inc. (a)	306,100		722
Yahoo!, Inc. (a)	6,210		219
			2,881
IT Services - 1.1%
Affiliated Computer Services, Inc. Class A (a)	24,200		1,311
Computer Sciences Corp. (a)	21,200		1,092
First Data Corp.	34,300		1,397
Paychex, Inc.	149,580		4,561
			8,361
Semiconductors & Semiconductor Equipment - 6.0%
Agere Systems, Inc. Class B (a)	938,246		1,351
Altera Corp. (a)	86,710		1,665
Analog Devices, Inc.	93,700		3,363
Applied Materials, Inc. (a)	133,800		2,127
Applied Micro Circuits Corp. (a)	64,700		214
Conexant Systems, Inc. (a)	121,400		199
FormFactor, Inc. (a)	13,600		310
Freescale Semiconductor, Inc.:
Class A	150,000		2,565
Class B (a)	30,578		534
Integrated Circuit Systems, Inc. (a)	17,200		327
Intel Corp.	860,540		19,319
Intersil Corp. Class A	69,400		1,029
KLA-Tencor Corp. (a)	42,200		1,952
Kopin Corp. (a)	135,000		501
Lam Research Corp. (a)	84,200		2,253
Linear Technology Corp.	100		4
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
LTX Corp. (a)	118,400		$ 688
Maxim Integrated Products, Inc.	24,400		952
Microchip Technology, Inc.	62,500		1,628
National Semiconductor Corp.	217,400		3,681
NVIDIA Corp. (a)	40,500		928
PMC-Sierra, Inc. (a)	72,850		749
Sigmatel, Inc. (a)	16,000		631
Teradyne, Inc. (a)	80,000		1,122
Vitesse Semiconductor Corp. (a)	64,700		188
			48,280
Software - 7.4%
BEA Systems, Inc. (a)	161,300		1,374
Intuit, Inc. (a)	17,420		679
Macrovision Corp. (a)	16,200		378
Microsoft Corp.	1,705,760		44,826
Oracle Corp. (a)	372,350		5,127
Siebel Systems, Inc. (a)	111,700		973
VERITAS Software Corp. (a)	235,450		6,056
			59,413
TOTAL INFORMATION TECHNOLOGY			185,639
MATERIALS - 4.7%
Chemicals - 3.0%
Dow Chemical Co.	198,090		9,845
E.I. du Pont de Nemours & Co.	94,300		4,485
Ecolab, Inc.	9,800		330
Lyondell Chemical Co.	75,210		2,213
Monsanto Co.	56,600		3,064
Praxair, Inc.	92,000		3,970
			23,907
Containers & Packaging - 0.2%
Owens-Illinois, Inc. (a)	71,753		1,630
Metals & Mining - 1.2%
Alcoa, Inc.	95,600		2,821
Newmont Mining Corp.	68,900		2,866
Peabody Energy Corp.	49,850		4,225
			9,912
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Paper & Forest Products - 0.3%
International Paper Co.	54,100		$ 2,118
TOTAL MATERIALS			37,567
TELECOMMUNICATION SERVICES - 2.2%
Diversified Telecommunication Services - 1.2%
Covad Communications Group, Inc. (a)	605,700		1,024
Iowa Telecommunication Services, Inc.	60,000		1,215
Qwest Communications International, Inc. (a)	390,600		1,641
SBC Communications, Inc.	133,400		3,170
Verizon Communications, Inc.	84,360		3,002
			10,052
Wireless Telecommunication Services - 1.0%
Nextel Communications, Inc. Class A (a)	280,030		8,034
TOTAL TELECOMMUNICATION SERVICES			18,086
UTILITIES - 0.7%
Electric Utilities - 0.3%
TXU Corp.	32,500		2,249
Multi-Utilities & Unregulated Power - 0.4%
AES Corp. (a)	79,700		1,120
Aquila, Inc. (a)	79,500		294
Public Service Enterprise Group, Inc.	40,700		2,147
			3,561
TOTAL UTILITIES			5,810
TOTAL COMMON STOCKS (Cost $723,358)		763,418

U.S. Treasury Obligations - 0.1%
	Principal Amount (000s)
U.S. Treasury Bills, yield at date of purchase 2.32% 4/21/05 (d) (Cost $995)	$ 1,000	995

Money Market Funds - 4.1%
	Shares		Value (000s)
Fidelity Cash Central Fund, 2.31% (b)	31,937,264		$ 31,937
Fidelity Securities Lending Cash Central Fund, 2.29% (b)(c)	1,127,875		1,128
TOTAL MONEY MARKET FUNDS (Cost $33,065)		33,065
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $757,418)			797,478
NET OTHER ASSETS - 0.5%			3,890
NET ASSETS - 100%		$ 801,368

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
53 S&P 500 Index Contracts	March 2005	$ 15,658	$ 63

The face value of futures purchased as a percentage of net assets - 2.0%

Legend

(a) Non-income producing

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

(c) Includes 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 $995,000.

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $775,851,000. Net unrealized appreciation aggregated $21,627,000, of which $67,731,000 related to appreciated investment securities and $46,104,000 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Small Cap Independence Fund

January 31, 2005

SCS-QTLY-0305

1.813071.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 16.4%
Auto Components - 1.6%
Keystone Automotive Industries, Inc. (a)	427,336		$ 9,401
LKQ Corp. (a)	262,900		4,398
Noble International Ltd.	163,300		3,878
			17,677
Distributors - 0.3%
Advanced Marketing Services, Inc.	311,500		2,881
Hotels, Restaurants & Leisure - 2.9%
AFC Enterprises, Inc. (a)	216,100		5,346
Ambassadors Group, Inc.	194,134		6,601
Domino's Pizza, Inc.	309,900		5,169
Nevada Gold & Casinos, Inc. (a)	171,014		2,497
Penn National Gaming, Inc. (a)	184,567		12,106
			31,719
Household Durables - 3.3%
Blount International, Inc. (a)	340,000		6,103
Jarden Corp. (a)	399,450		18,375
Lifetime Hoan Corp.	28,200		425
William Lyon Homes, Inc. (a)	74,600		6,048
Yankee Candle Co., Inc. (a)	167,600		5,491
			36,442
Internet & Catalog Retail - 0.5%
Insight Enterprises, Inc. (a)	256,400		4,961
Leisure Equipment & Products - 0.2%
RC2 Corp. (a)	80,220		2,322
Media - 0.5%
New Frontier Media, Inc. (a)	543,132		5,431
Specialty Retail - 6.0%
Asbury Automotive Group, Inc. (a)	363,200		6,131
Big 5 Sporting Goods Corp.	489,323		13,398
Group 1 Automotive, Inc. (a)	39,961		1,170
Lithia Motors, Inc. Class A (sub. vtg.)	192,629		5,236
Pacific Sunwear of California, Inc. (a)	218,600		5,354
Pomeroy IT Solutions, Inc. (a)	160,230		2,306
Regis Corp.	256,137		10,220
The Men's Wearhouse, Inc. (a)	167,900		5,586
The Pep Boys - Manny, Moe & Jack	326,300		5,619
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
United Auto Group, Inc.	192,300		$ 5,436
Whitehall Jewellers, Inc. (a)(d)	778,200		5,619
			66,075
Textiles, Apparel & Luxury Goods - 1.1%
Perry Ellis International, Inc. (a)	134,700		2,842
Warnaco Group, Inc. (a)	420,300		9,083
			11,925
TOTAL CONSUMER DISCRETIONARY			179,433
CONSUMER STAPLES - 1.9%
Food & Staples Retailing - 1.9%
BJ's Wholesale Club, Inc. (a)	724,883		20,739
ENERGY - 10.2%
Energy Equipment & Services - 3.1%
Hydril Co. (a)	55,800		2,790
Oceaneering International, Inc. (a)	161,900		6,170
Offshore Logistics, Inc. (a)	138,700		4,426
Oil States International, Inc. (a)	504,800		9,616
Superior Energy Services, Inc. (a)	250,300		3,985
Unit Corp. (a)	180,100		6,581
			33,568
Oil & Gas - 7.1%
Atlas America, Inc.	118,100		4,057
Denbury Resources, Inc. (a)	188,500		5,504
Encore Acquisition Co. (a)	262,400		9,788
Energy Partners Ltd. (a)	133,700		2,935
Forest Oil Corp. (a)	153,100		5,158
KCS Energy, Inc. (a)	25,600		372
Patina Oil & Gas Corp.	319,300		11,712
Petroleum Development Corp. (a)	216,100		8,320
Plains Exploration & Production Co. (a)	188,100		5,414
Range Resources Corp.	126,500		2,807
Swift Energy Co. (a)	174,900		5,294
Vintage Petroleum, Inc.	215,900		5,227
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil & Gas - continued
Whiting Petroleum Corp. New (a)	78,800		$ 2,752
World Fuel Services Corp.	165,500		8,388
			77,728
TOTAL ENERGY			111,296
FINANCIALS - 21.8%
Capital Markets - 1.1%
Nuveen Investments, Inc. Class A	183,500		6,808
Waddell & Reed Financial, Inc. Class A	217,000		4,746
			11,554
Commercial Banks - 4.2%
Center Financial Corp., California	210,000		4,370
Hanmi Financial Corp.	307,791		10,936
IBERIABANK Corp.	49,400		2,995
Independent Bank Corp., Massachusetts	104,873		3,099
Nara Bancorp, Inc.	245,737		4,902
Old Second Bancorp, Inc.	39,700		1,258
Prosperity Bancshares, Inc.	130,996		3,639
Republic Bancorp, Inc., Kentucky Class A	39,666		1,081
Santander Bancorp	188,100		6,382
Southwest Bancorp, Inc., Oklahoma	98,400		2,166
Umpqua Holdings Corp.	225,900		5,485
			46,313
Consumer Finance - 0.6%
Student Loan Corp.	39,600		7,154
Diversified Financial Services - 0.7%
EuroBancshares, Inc.	408,500		7,610
Insurance - 9.7%
Berkshire Hathaway, Inc. Class A (a)	119		10,698
Fidelity National Financial, Inc.	564,300		24,728
IPC Holdings Ltd.	110,155		4,650
LandAmerica Financial Group, Inc.	120,800		6,214
Montpelier Re Holdings Ltd.	277,879		10,407
Philadelphia Consolidated Holding Corp. (a)	327,016		21,933
Protective Life Corp.	129,600		5,334
Reinsurance Group of America, Inc.	117,700		5,534
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
StanCorp Financial Group, Inc.	132,800		$ 11,288
Universal American Financial Corp. (a)	364,700		5,558
			106,344
Real Estate - 0.5%
Education Realty Trust, Inc.	315,300		5,294
Thrifts & Mortgage Finance - 5.0%
Bank Mutual Corp.	432,361		5,223
Farmer Mac Class C (non-vtg.)	315,100		6,809
Flushing Financial Corp.	30,685		555
Harbor Florida Bancshares, Inc.	154,010		5,236
KNBT Bancorp, Inc.	161,094		2,671
NetBank, Inc.	473,100		4,518
R&G Financial Corp. Class B	117,800		4,343
Rainier Pacific Financial Group, Inc. (d)	420,812		7,368
Sterling Financial Corp., Washington	173,600		6,510
W Holding Co., Inc.	850,964		11,097
			54,330
TOTAL FINANCIALS			238,599
HEALTH CARE - 15.1%
Biotechnology - 0.8%
Invitrogen Corp. (a)	130,600		8,974
Health Care Equipment & Supplies - 3.2%
Fisher Scientific International, Inc. (a)	465,581		29,403
Nutraceutical International Corp. (a)	365,700		5,478
			34,881
Health Care Providers & Services - 10.6%
American Dental Partners, Inc. (a)	49,565		999
AMERIGROUP Corp. (a)	149,240		6,135
AmSurg Corp. (a)	214,000		5,652
Centene Corp. (a)	194,600		6,529
Corvel Corp. (a)	195,959		4,409
DaVita, Inc. (a)	308,500		12,945
Hanger Orthopedic Group, Inc. (a)	125,916		907
Humana, Inc. (a)	281,200		9,637
Molina Healthcare, Inc. (a)	340,000		16,908
Omnicare, Inc.	179,528		5,520
Per-Se Technologies, Inc. (a)	120,500		1,759
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
Pharmaceutical Product Development, Inc. (a)	127,700		$ 5,293
Renal Care Group, Inc. (a)	526,917		20,107
Sierra Health Services, Inc. (a)	94,200		5,174
WellChoice, Inc. (a)	272,800		14,521
			116,495
Pharmaceuticals - 0.5%
InKine Pharmaceutical, Inc. (a)	1,081,200		5,147
TOTAL HEALTH CARE			165,497
INDUSTRIALS - 18.8%
Aerospace & Defense - 4.6%
Alliant Techsystems, Inc. (a)	358,600		23,876
DRS Technologies, Inc. (a)	293,900		11,932
Engineered Support Systems, Inc.	98,500		5,714
SI International, Inc. (a)	330,171		8,452
			49,974
Air Freight & Logistics - 1.1%
Hub Group, Inc. Class A (a)	71,900		3,916
Pacer International, Inc. (a)	425,177		8,316
			12,232
Airlines - 0.4%
ExpressJet Holdings, Inc. Class A (a)	173,600		1,915
Pinnacle Airlines Corp. (a)	180,091		2,170
			4,085
Building Products - 0.7%
Quixote Corp.	113,473		2,268
Universal Forest Products, Inc.	137,500		5,380
			7,648
Commercial Services & Supplies - 5.2%
Corrections Corp. of America (a)	557,619		22,913
Jackson Hewitt Tax Service, Inc.	239,200		5,329
Standard Parking Corp.	25,693		390
The Geo Group, Inc. (a)(d)	571,800		17,125
Waste Connections, Inc. (a)	163,500		5,144
West Corp. (a)	175,000		5,843
			56,744
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Construction & Engineering - 2.8%
Chicago Bridge & Iron Co. NV (NY Shares)	335,331		$ 12,676
Integrated Electrical Services, Inc. (a)	1,078,700		4,293
Jacobs Engineering Group, Inc. (a)	119,600		6,074
URS Corp. (a)	262,300		7,399
			30,442
Electrical Equipment - 0.6%
Genlyte Group, Inc. (a)	79,200		6,337
Machinery - 1.7%
AGCO Corp. (a)	233,200		4,788
Gardner Denver, Inc. (a)	178,000		6,739
Oshkosh Truck Co.	94,800		6,957
			18,484
Trading Companies & Distributors - 1.7%
Beacon Roofing Supply, Inc.	313,800		6,276
BlueLinx Corp.	31,700		434
Interline Brands, Inc.	315,500		5,774
UAP Holding Corp.	450,400		6,756
			19,240
TOTAL INDUSTRIALS			205,186
INFORMATION TECHNOLOGY - 12.6%
Communications Equipment - 0.3%
Andrew Corp. (a)	253,100		3,305
Electronic Equipment & Instruments - 1.4%
LoJack Corp. (a)	117,900		1,625
Measurement Specialties, Inc. (a)	501,300		12,878
Staktek Holdings, Inc.	211,000		852
			15,355
Internet Software & Services - 1.8%
Bankrate, Inc. (a)	455,200		8,271
j2 Global Communications, Inc. (a)	359,500		11,677
			19,948
IT Services - 5.6%
Affiliated Computer Services, Inc. Class A (a)	455,126		24,663
Anteon International Corp. (a)	133,600		4,585
CACI International, Inc. Class A (a)	96,700		5,043
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - continued
Computer Sciences Corp. (a)	302,100		$ 15,564
The BISYS Group, Inc. (a)	774,400		11,903
			61,758
Semiconductors & Semiconductor Equipment - 1.5%
California Micro Devices Corp. (a)	279,100		1,769
ESS Technology, Inc. (a)	419,100		2,536
NVIDIA Corp. (a)	417,947		9,579
Zoran Corp. (a)	222,500		2,267
			16,151
Software - 2.0%
Blackbaud, Inc.	540,900		7,232
Pervasive Software, Inc. (a)	651,368		2,638
SERENA Software, Inc. (a)	250,386		5,383
TALX Corp.	174,724		6,131
			21,384
TOTAL INFORMATION TECHNOLOGY			137,901
TELECOMMUNICATION SERVICES - 2.6%
Diversified Telecommunication Services - 0.3%
Iowa Telecommunication Services, Inc.	185,700		3,760
Wireless Telecommunication Services - 2.3%
NII Holdings, Inc. (a)	373,353		20,086
Wireless Facilities, Inc. (a)	536,600		4,572
			24,658
TOTAL TELECOMMUNICATION SERVICES			28,418
UTILITIES - 0.8%
Multi-Utilities & Unregulated Power - 0.8%
CMS Energy Corp. (a)	800,400		8,428
TOTAL COMMON STOCKS (Cost $865,834)		1,095,497
Money Market Funds - 2.7%
	Shares		Value (000s)
Fidelity Cash Central Fund, 2.31% (b)	6,706,231		$ 6,706
Fidelity Securities Lending Cash Central Fund, 2.29% (b)(c)	22,171,975		22,172
TOTAL MONEY MARKET FUNDS (Cost $28,878)		28,878
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $894,712)			1,124,375
NET OTHER ASSETS - (2.9)%			(31,328)
NET ASSETS - 100%		$ 1,093,047

Legend

(a) Non-income producing

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

(c) Includes investment made with cash collateral received from securities on loan.

(d) Affiliated company

Other Information

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period 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
Rainier Pacific Financial Group, Inc.	$ 7,818	$ -	$ 409	$ 24	$ 7,368
The Geo Group, Inc.	11,300	188	-	-	17,125
Whitehall Jewellers, Inc.	6,249	-	-	-	5,619
Total	$ 25,367	$ 188	$ 409	$ 24	$ 30,112

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $896,327,000. Net unrealized appreciation aggregated $228,048,000, of which $245,210,000 related to appreciated investment securities and $17,162,000 related to depreciated investment securities.

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Value Fund

January 31, 2005

VAL-QTLY-0305

1.813084.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 12.6%
Auto Components - 0.1%
BorgWarner, Inc.	108,000		$ 5,799
Hotels, Restaurants & Leisure - 4.1%
Brinker International, Inc. (a)	1,966,600		73,964
Caesars Entertainment, Inc. (a)	957,520		18,509
CBRL Group, Inc.	224,000		9,209
Harrah's Entertainment, Inc.	250,200		15,823
Hilton Hotels Corp.	931,600		20,728
Mandalay Resort Group	483,500		34,135
Outback Steakhouse, Inc.	1,662,620		76,564
Royal Caribbean Cruises Ltd.	1,805,620		95,698
Wendy's International, Inc.	1,647,900		64,631
Yum! Brands, Inc.	270,020		12,515
			421,776
Household Durables - 0.6%
Jarden Corp. (a)	375,000		17,250
Newell Rubbermaid, Inc.	2,220,200		47,779
			65,029
Leisure Equipment & Products - 1.5%
Brunswick Corp.	1,151,500		53,107
Eastman Kodak Co.	2,115,200		69,992
K2, Inc. (a)	1,315,130		18,491
RC2 Corp. (a)	223,300		6,465
			148,055
Media - 1.9%
Clear Channel Communications, Inc.	747,360		24,237
E.W. Scripps Co. Class A	334,800		15,521
Emmis Communications Corp. Class A (a)	1,249,402		21,952
Lamar Advertising Co. Class A (a)	277,000		11,905
NTL, Inc. (a)	80,686		5,489
The Reader's Digest Association, Inc. (non-vtg.)	2,618,371		42,208
Tribune Co.	801,800		32,056
Viacom, Inc. Class B (non-vtg.)	1,115,975		41,671
			195,039
Multiline Retail - 1.4%
Big Lots, Inc. (a)	4,062,660		45,746
Family Dollar Stores, Inc.	1,087,100		36,363
Nordstrom, Inc.	1,323,600		63,864
			145,973
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - 2.1%
AutoNation, Inc. (a)	1,138,400		$ 21,675
Blockbuster, Inc.:
Class A	133,191		1,220
Class B	133,191		1,164
Circuit City Stores, Inc.	870,400		12,464
Office Depot, Inc. (a)	957,800		16,560
OfficeMax, Inc. Delaware	573,700		16,930
Pier 1 Imports, Inc.	2,477,800		43,882
Select Comfort Corp. (a)	174,300		3,411
Sports Authority, Inc. (a)	1,016,000		25,776
Stage Stores, Inc. (a)	400,050		15,814
TBC Corp. New (a)	460,768		11,768
Tiffany & Co., Inc.	789,800		24,823
Toys 'R' Us, Inc. (a)	961,300		20,620
			216,107
Textiles, Apparel & Luxury Goods - 0.9%
Liz Claiborne, Inc.	1,606,800		67,389
Polo Ralph Lauren Corp. Class A	189,660		7,387
Warnaco Group, Inc. (a)	735,080		15,885
			90,661
TOTAL CONSUMER DISCRETIONARY			1,288,439
CONSUMER STAPLES - 2.2%
Beverages - 0.2%
Cott Corp. (a)	755,800		18,288
Food & Staples Retailing - 0.7%
Safeway, Inc. (a)	3,440,570		64,855
Food Products - 0.7%
Bunge Ltd.	328,300		18,562
Dean Foods Co. (a)	1,560,898		54,990
			73,552
Household Products - 0.6%
Colgate-Palmolive Co.	1,210,100		63,579
TOTAL CONSUMER STAPLES			220,274
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 9.7%
Energy Equipment & Services - 8.2%
Baker Hughes, Inc.	1,417,060		$ 61,359
BJ Services Co.	944,700		45,393
Cooper Cameron Corp. (a)	1,338,550		75,508
ENSCO International, Inc.	1,122,000		38,406
FMC Technologies, Inc. (a)	1,064,700		32,612
GlobalSantaFe Corp.	1,014,320		35,866
Grant Prideco, Inc. (a)	2,299,125		45,063
Halliburton Co.	1,492,200		61,374
Helmerich & Payne, Inc.	1,412,800		53,545
Nabors Industries Ltd. (a)	737,500		37,170
National-Oilwell, Inc. (a)	2,118,000		78,112
Noble Corp.	1,255,800		66,997
Pride International, Inc. (a)	975,200		22,810
Smith International, Inc. (a)	1,148,800		68,009
Tenaris SA sponsored ADR	293,000		14,445
Transocean, Inc. (a)	1,258,700		55,383
Weatherford International Ltd. (a)	848,774		46,063
			838,115
Oil & Gas - 1.5%
Ashland, Inc.	1,058,320		64,960
McMoRan Exploration Co. (a)	576,400		9,741
Premcor, Inc.	799,100		38,357
Valero Energy Corp.	759,400		39,512
			152,570
TOTAL ENERGY			990,685
FINANCIALS - 11.7%
Capital Markets - 1.8%
Charles Schwab Corp.	1,247,800		14,025
Janus Capital Group, Inc.	1,821,200		27,008
Lehman Brothers Holdings, Inc.	652,100		59,465
Merrill Lynch & Co., Inc.	945,800		56,814
State Street Corp.	617,900		27,688
			185,000
Commercial Banks - 1.6%
Bank of America Corp.	905,460		41,986
North Fork Bancorp, Inc., New York	262,950		7,547
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - continued
UnionBanCal Corp.	722,628		$ 44,499
Wachovia Corp.	1,316,867		72,230
			166,262
Consumer Finance - 0.4%
MBNA Corp.	1,521,200		40,433
Diversified Financial Services - 0.1%
Citigroup, Inc.	291,924		14,319
Insurance - 3.4%
AFLAC, Inc.	1,398,420		55,252
AMBAC Financial Group, Inc.	682,500		52,471
Marsh & McLennan Companies, Inc.	710,000		23,075
MBIA, Inc.	1,079,600		64,495
MetLife, Inc.	1,039,890		41,336
Reinsurance Group of America, Inc.	560,200		26,341
Scottish Re Group Ltd.	593,860		13,700
St. Paul Travelers Companies, Inc.	1,523,320		57,185
Willis Group Holdings Ltd.	406,600		15,727
			349,582
Real Estate - 3.4%
Alexandria Real Estate Equities, Inc.	425,800		28,341
Boston Properties, Inc.	410,000		23,690
CenterPoint Properties Trust (SBI)	793,220		33,672
Duke Realty Corp.	951,300		29,585
Equity Residential (SBI)	709,000		22,362
General Growth Properties, Inc.	1,151,350		36,578
HomeBanc Mortgage Corp., Georgia	159,300		1,494
Kimco Realty Corp.	401,800		21,287
Public Storage, Inc.	456,700		23,981
Reckson Associates Realty Corp.	1,017,300		31,211
Simon Property Group, Inc.	516,900		30,652
Trizec Properties, Inc.	1,143,100		20,244
Vornado Realty Trust	587,100		40,592
			343,689
Thrifts & Mortgage Finance - 1.0%
Countrywide Financial Corp.	1,738,848		64,337
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
Fannie Mae	327,100		$ 21,124
Freddie Mac	257,100		16,786
			102,247
TOTAL FINANCIALS			1,201,532
HEALTH CARE - 10.6%
Biotechnology - 0.6%
CSL Ltd.	868,577		20,827
Global Bio-Chem Technology Group Co. Ltd.	11,066,000		7,874
Millennium Pharmaceuticals, Inc. (a)	2,892,430		26,639
			55,340
Health Care Equipment & Supplies - 3.0%
Aspect Medical Systems, Inc. (a)	100,800		2,272
Baxter International, Inc.	3,530,840		119,201
Becton, Dickinson & Co.	449,960		25,490
Dade Behring Holdings, Inc. (a)	1,636,220		93,510
Fisher Scientific International, Inc. (a)	1,090,332		68,854
			309,327
Health Care Providers & Services - 6.1%
Accredo Health, Inc. (a)	253,700		7,555
AmerisourceBergen Corp.	1,345,700		78,427
Community Health Systems, Inc. (a)	2,538,400		73,563
HCA, Inc.	1,643,240		73,157
Laboratory Corp. of America Holdings (a)	530,300		25,375
McKesson Corp.	2,674,000		92,226
Omnicare, Inc.	589,200		18,118
PacifiCare Health Systems, Inc. (a)	264,600		16,281
Pediatrix Medical Group, Inc. (a)	712,180		47,567
Quest Diagnostics, Inc.	622,360		59,311
Triad Hospitals, Inc. (a)	1,086,750		44,220
Universal Health Services, Inc. Class B	1,636,680		70,443
WebMD Corp. (a)	2,973,350		22,449
			628,692
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - 0.9%
Schering-Plough Corp.	4,516,950		$ 83,835
Wyeth	170,000		6,737
			90,572
TOTAL HEALTH CARE			1,083,931
INDUSTRIALS - 11.7%
Aerospace & Defense - 3.0%
EADS NV	1,348,900		41,229
GenCorp, Inc. (non-vtg.) (a)	678,000		12,597
Goodrich Corp.	1,085,100		37,219
Honeywell International, Inc.	898,700		32,335
Lockheed Martin Corp.	341,190		19,724
Precision Castparts Corp.	1,750,910		123,089
Raytheon Co.	344,280		12,876
United Defense Industries, Inc.	493,120		23,635
			302,704
Airlines - 0.5%
Ryanair Holdings PLC sponsored ADR (a)	902,400		42,259
Southwest Airlines Co.	609,900		8,831
			51,090
Building Products - 0.8%
Masco Corp.	2,190,800		80,621
Commercial Services & Supplies - 1.0%
Aramark Corp. Class B	1,292,200		33,584
John H. Harland Co.	240,820		8,766
Knoll, Inc.	99,800		1,669
Manpower, Inc.	624,700		30,392
Steelcase, Inc. Class A	1,666,000		22,691
Waste Connections, Inc. (a)	196,260		6,174
			103,276
Construction & Engineering - 1.9%
Dycom Industries, Inc. (a)	1,121,400		30,468
EMCOR Group, Inc. (a)	231,400		9,941
Fluor Corp.	2,955,780		158,250
			198,659
Electrical Equipment - 0.0%
A.O. Smith Corp.	75,480		2,046
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - 0.4%
Textron, Inc.	37,440		$ 2,695
Tyco International Ltd.	1,167,470		42,192
			44,887
Machinery - 2.9%
AGCO Corp. (a)	116,310		2,388
Albany International Corp. Class A (d)	1,579,090		53,926
Crane Co.	679,000		19,352
Eaton Corp.	44,380		3,017
Harsco Corp.	965,700		52,718
JLG Industries, Inc.	1,120,200		19,727
Kennametal, Inc.	1,497,134		73,270
SPX Corp.	698,030		29,247
Wabash National Corp. (a)	1,125,630		28,568
Watts Water Technologies, Inc. Class A	291,100		9,330
			291,543
Road & Rail - 1.2%
Canadian National Railway Co.	940,900		55,876
CSX Corp.	1,080,400		43,184
Laidlaw International, Inc. (a)	1,266,800		27,578
			126,638
Transportation Infrastructure - 0.0%
Macquarie Infrastructure Co. Trust	99,800		2,928
TOTAL INDUSTRIALS			1,204,392
INFORMATION TECHNOLOGY - 17.7%
Communications Equipment - 1.4%
Alcatel SA sponsored ADR (a)	3,159,400		45,243
Andrew Corp. (a)	1,476,600		19,284
Motorola, Inc.	3,299,700		51,937
Powerwave Technologies, Inc. (a)	3,006,700		23,663
			140,127
Computers & Peripherals - 3.7%
Dell, Inc. (a)	101,300		4,230
Maxtor Corp. (a)	8,016,300		37,917
NCR Corp. (a)	464,440		15,875
Seagate Technology	5,071,700		85,813
Storage Technology Corp. (a)	2,822,290		88,874
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
UNOVA, Inc. (a)	2,101,200		$ 48,454
Western Digital Corp. (a)	9,647,280		103,901
			385,064
Electronic Equipment & Instruments - 5.0%
Arrow Electronics, Inc. (a)	2,378,500		56,156
Avnet, Inc. (a)	3,962,475		71,008
Celestica, Inc. (sub. vtg.) (a)	6,360,700		82,773
Flextronics International Ltd. (a)	9,132,400		129,223
Mettler-Toledo International, Inc. (a)	1,258,375		63,120
Solectron Corp. (a)	6,164,000		30,635
Symbol Technologies, Inc.	4,623,800		84,616
			517,531
IT Services - 1.7%
Affiliated Computer Services, Inc. Class A (a)	848,840		45,999
BearingPoint, Inc. (a)	5,015,400		39,572
Ceridian Corp. (a)	4,781,060		84,625
			170,196
Office Electronics - 1.4%
Xerox Corp. (a)	9,001,900		142,950
Semiconductors & Semiconductor Equipment - 2.9%
Agere Systems, Inc.:
Class A (a)	4,117,200		5,929
Class B (a)	7,749,320		11,159
AMIS Holdings, Inc. (a)	1,260,100		13,559
Applied Materials, Inc. (a)	2,532,200		40,262
ASML Holding NV (NY Shares) (a)	2,740,800		45,031
ATMI, Inc. (a)	100,800		2,291
Exar Corp. (a)	303,400		4,360
Fairchild Semiconductor International, Inc. (a)	2,735,310		39,033
Freescale Semiconductor, Inc.:
Class A	1,083,900		18,535
Class B (a)	2,261,036		39,500
Microsemi Corp. (a)	680,400		10,499
National Semiconductor Corp.	2,253,900		38,159
Novellus Systems, Inc. (a)	1,128,300		29,505
			297,822
Software - 1.6%
Borland Software Corp. (a)	2,465,000		21,150
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Cadence Design Systems, Inc. (a)	2,852,700		$ 38,026
Hummingbird Ltd. (a)	106,100		2,557
McAfee, Inc. (a)	543,600		14,052
Quest Software, Inc. (a)	1,514,821		21,510
Secure Computing Corp. (a)	1,241,400		11,768
Siebel Systems, Inc. (a)	3,618,700		31,519
Sybase, Inc. (a)	861,300		16,770
VERITAS Software Corp. (a)	320,900		8,254
			165,606
TOTAL INFORMATION TECHNOLOGY			1,819,296
MATERIALS - 8.5%
Chemicals - 2.8%
Albemarle Corp.	410,710		14,420
Celanese Corp. Class A	497,300		8,021
Cytec Industries, Inc.	626,900		31,972
Dow Chemical Co.	336,020		16,700
Ferro Corp.	1,321,000		26,195
Great Lakes Chemical Corp.	1,175,280		31,086
Lyondell Chemical Co.	2,586,949		76,108
NOVA Chemicals Corp.	725,300		32,716
Olin Corp.	71,200		1,586
OMNOVA Solutions, Inc. (a)(d)	2,425,800		12,056
PolyOne Corp. (a)	3,499,600		30,272
			281,132
Construction Materials - 0.3%
Vulcan Materials Co.	501,700		28,336
Containers & Packaging - 1.3%
Anchor Glass Container Corp. (a)	956,376		5,690
Owens-Illinois, Inc. (a)	4,059,400		92,230
Packaging Corp. of America	1,391,460		31,043
Smurfit-Stone Container Corp. (a)	420,362		6,322
			135,285
Metals & Mining - 3.6%
Agnico-Eagle Mines Ltd.	1,424,800		18,174
Alcan, Inc.	1,955,960		77,999
Alcoa, Inc.	2,410,240		71,126
Gerdau AmeriSteel Corp. (a)	1,766,400		10,419
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - continued
Gerdau SA sponsored ADR	612,300		$ 10,317
Grupo Mexico SA de CV Series B (a)	912,395		4,597
IPSCO, Inc.	426,600		20,099
Newmont Mining Corp.	681,300		28,335
Novelis, Inc.	391,192		8,722
Nucor Corp.	1,225,900		68,847
Phelps Dodge Corp.	150,600		14,503
Steel Dynamics, Inc.	326,407		12,338
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A)	1,122,000		23,009
			368,485
Paper & Forest Products - 0.5%
Aracruz Celulose SA sponsored ADR	296,100		10,349
MeadWestvaco Corp.	939,900		27,154
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	1,228,750		17,977
			55,480
TOTAL MATERIALS			868,718
TELECOMMUNICATION SERVICES - 2.4%
Diversified Telecommunication Services - 1.5%
BellSouth Corp.	1,144,400		30,029
CenturyTel, Inc.	645,800		21,053
Citizens Communications Co.	3,071,800		41,439
Iowa Telecommunication Services, Inc.	99,800		2,021
SBC Communications, Inc.	1,051,100		24,974
Verizon Communications, Inc.	920,400		32,757
			152,273
Wireless Telecommunication Services - 0.9%
American Tower Corp. Class A (a)	2,733,700		49,535
SpectraSite, Inc. (a)	832,860		48,806
			98,341
TOTAL TELECOMMUNICATION SERVICES			250,614
UTILITIES - 4.8%
Electric Utilities - 4.1%
Edison International	2,055,280		66,735
Entergy Corp.	848,060		58,957
Exelon Corp.	826,000		36,551
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Electric Utilities - continued
PG&E Corp. (a)	1,657,400		$ 58,009
PPL Corp.	1,008,000		54,432
TXU Corp.	1,572,700		108,831
Westar Energy, Inc.	1,487,500		34,659
			418,174
Multi-Utilities & Unregulated Power - 0.7%
AES Corp. (a)	2,445,500		34,359
NRG Energy, Inc. (a)	1,144,300		40,051
			74,410
TOTAL UTILITIES			492,584
TOTAL COMMON STOCKS (Cost $7,744,622)		9,420,465
Preferred Stocks - 1.1%
Convertible Preferred Stocks - 1.0%
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Six Flags, Inc. 7.25% PIERS	210,000		4,536
FINANCIALS - 0.1%
Insurance - 0.1%
Hartford Financial Services Group, Inc. 6.00%	88,800		5,520
HEALTH CARE - 0.2%
Health Care Equipment & Supplies - 0.2%
Baxter International, Inc. 7.00%	402,000		21,897
MATERIALS - 0.3%
Containers & Packaging - 0.3%
Owens-Illinois, Inc. 4.75%	681,200		27,582
UTILITIES - 0.4%
Gas Utilities - 0.2%
KeySpan Corp. 8.75% MEDS	300,000		15,744
Preferred Stocks - continued
	Shares		Value (000s)
Convertible Preferred Stocks - continued
UTILITIES - continued
Multi-Utilities & Unregulated Power - 0.2%
Dominion Resources, Inc. 8.75%	410,000		$ 22,667
TOTAL UTILITIES			38,411
TOTAL CONVERTIBLE PREFERRED STOCKS			97,946
Nonconvertible Preferred Stocks - 0.1%
FINANCIALS - 0.1%
Thrifts & Mortgage Finance - 0.1%
Fannie Mae 7.00%	209,400		11,883
TOTAL PREFERRED STOCKS (Cost $103,655)		109,829

Nonconvertible Bonds - 0.3%
	Principal Amount (000s)
CONSUMER DISCRETIONARY - 0.0%
Leisure Equipment & Products - 0.0%
K2, Inc. 7.375% 7/1/14	$ 80		86
HEALTH CARE - 0.2%
Health Care Providers & Services - 0.2%
Tenet Healthcare Corp.:
5.375% 11/15/06	10,930		11,149
6.375% 12/1/11	15,515		14,002
			25,151
INFORMATION TECHNOLOGY - 0.1%
Electronic Equipment & Instruments - 0.1%
Celestica, Inc. 7.875% 7/1/11	10,040		10,442
TOTAL NONCONVERTIBLE BONDS (Cost $34,261)		35,679

Money Market Funds - 6.9%
	Shares		Value (000s)
Fidelity Cash Central Fund, 2.31% (b)	652,728,877		$ 652,729
Fidelity Securities Lending Cash Central Fund, 2.29% (b)(c)	54,786,475		54,786
TOTAL MONEY MARKET FUNDS (Cost $707,515)		707,515
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $8,590,053)			10,273,488
NET OTHER ASSETS - (0.2)%		(20,360)
NET ASSETS - 100%		$ 10,253,128

Security Type Abbreviations

MEDS - Mandatorily Exchangeable
Debt Securities

PIERS - Preferred Income Equity
Redeemable Securities

Legend

(a) Non-income producing

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

(c) Includes investment made with cash collateral received from securities on loan.

(d) Affiliated company

Other Information

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period 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
Albany International Corp. Class A	$ 47,404	$ -	$ -	$ 126	$ 53,926
OMNOVA Solutions, Inc.	12,711	-	-	-	12,056
TOTALS	$ 60,115	$ -	$ -	$ 126	$ 65,982

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $8,590,682,000. Net unrealized appreciation aggregated $1,682,806,000, of which $2,050,949,000 related to appreciated investment securities and $368,143,000 related to depreciated investment securities.

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Focused Stock Fund

January 31, 2005

TQG-QTLY-0305

1.813068.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.4%
	Shares		Value
CONSUMER DISCRETIONARY - 11.5%
Household Durables - 3.2%
D.R. Horton, Inc.	36,000		$ 1,432,080
Multiline Retail - 3.9%
Nordstrom, Inc.	36,300		1,751,475
Specialty Retail - 3.5%
American Eagle Outfitters, Inc.	31,100		1,579,880
Textiles, Apparel & Luxury Goods - 0.9%
Timberland Co. Class A (a)	5,900		387,866
TOTAL CONSUMER DISCRETIONARY			5,151,301
CONSUMER STAPLES - 9.3%
Food & Staples Retailing - 3.3%
BJ's Wholesale Club, Inc. (a)	13,400		383,374
Costco Wholesale Corp.	10,500		496,335
CVS Corp.	7,900		366,165
Wal-Mart Stores, Inc.	4,200		220,080
			1,465,954
Food Products - 6.0%
Corn Products International, Inc.	27,800		816,208
Hormel Foods Corp.	14,300		450,450
Smithfield Foods, Inc. (a)	46,200		1,398,474
			2,665,132
TOTAL CONSUMER STAPLES			4,131,086
ENERGY - 8.6%
Oil & Gas - 8.6%
Exxon Mobil Corp.	12,500		645,000
Frontline Ltd. (NY Shares)	9,300		471,975
Overseas Shipholding Group, Inc.	15,300		853,893
Sunoco, Inc.	3,800		332,462
Tesoro Petroleum Corp. (a)	27,900		888,336
Valero Energy Corp.	12,800		665,984
			3,857,650
FINANCIALS - 16.1%
Commercial Banks - 2.7%
Bank of America Corp.	8,800		408,056
Wachovia Corp.	14,700		806,295
			1,214,351
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Consumer Finance - 2.4%
Capital One Financial Corp.	6,800		$ 532,304
MBNA Corp.	20,600		547,548
			1,079,852
Diversified Financial Services - 0.7%
Citigroup, Inc.	6,400		313,920
Insurance - 5.4%
AMBAC Financial Group, Inc.	7,900		607,352
American International Group, Inc.	1,900		125,951
Commerce Group, Inc., Massachusetts	8,500		555,135
UICI	19,300		596,756
W.R. Berkley Corp.	10,400		496,080
			2,381,274
Thrifts & Mortgage Finance - 4.9%
Countrywide Financial Corp.	39,376		1,456,912
Fremont General Corp.	30,000		734,700
			2,191,612
TOTAL FINANCIALS			7,181,009
HEALTH CARE - 10.6%
Health Care Equipment & Supplies - 5.3%
Bausch & Lomb, Inc.	23,300		1,698,337
Dade Behring Holdings, Inc. (a)	11,800		674,370
			2,372,707
Health Care Providers & Services - 4.8%
Aetna, Inc.	5,900		749,595
Sierra Health Services, Inc. (a)	11,200		615,216
Ventiv Health, Inc. (a)	8,500		198,815
WellPoint, Inc. (a)	4,700		571,050
			2,134,676
Pharmaceuticals - 0.5%
Johnson & Johnson	1,700		109,990
Pfizer, Inc.	4,900		118,384
			228,374
TOTAL HEALTH CARE			4,735,757
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 13.2%
Aerospace & Defense - 3.9%
The Boeing Co.	34,000		$ 1,720,400
Industrial Conglomerates - 1.8%
General Electric Co.	22,500		812,925
Machinery - 7.5%
Cummins, Inc.	20,100		1,561,167
Deere & Co.	16,800		1,166,424
Reliance Steel & Aluminum Co.	11,700		448,929
Terex Corp. (a)	4,000		172,200
			3,348,720
TOTAL INDUSTRIALS			5,882,045
INFORMATION TECHNOLOGY - 12.5%
Computers & Peripherals - 6.5%
Apple Computer, Inc. (a)	25,300		1,945,570
Komag, Inc. (a)	21,100		409,973
Storage Technology Corp. (a)	18,000		566,820
			2,922,363
Electronic Equipment & Instruments - 2.8%
Ingram Micro, Inc. Class A (a)	26,800		495,264
Tech Data Corp. (a)	17,400		731,322
			1,226,586
Internet Software & Services - 0.6%
EarthLink, Inc. (a)	28,100		281,843
IT Services - 0.8%
DST Systems, Inc. (a)	7,500		363,600
Office Electronics - 0.7%
Xerox Corp. (a)	19,400		308,072
Software - 1.1%
Microsoft Corp.	18,400		483,552
TOTAL INFORMATION TECHNOLOGY			5,586,016
MATERIALS - 2.5%
Metals & Mining - 2.5%
Carpenter Technology Corp.	8,700		532,962
Phelps Dodge Corp.	6,200		597,060
			1,130,022
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - 2.5%
Wireless Telecommunication Services - 2.5%
Nextel Communications, Inc. Class A (a)	23,100		$ 662,739
Western Wireless Corp. Class A (a)	11,300		426,914
			1,089,653
UTILITIES - 3.6%
Multi-Utilities & Unregulated Power - 3.6%
AES Corp. (a)	115,100		1,617,155
TOTAL COMMON STOCKS (Cost $34,989,101)		40,361,694
Money Market Funds - 9.4%
Fidelity Cash Central Fund, 2.31% (b) (Cost $4,215,500)	4,215,500		4,215,500
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $39,204,601)			44,577,194
NET OTHER ASSETS - 0.2%			76,713
NET ASSETS - 100%		$ 44,653,907

Legend

(a) Non-income producing

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

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $39,258,980. Net unrealized appreciation aggregated $5,318,214, of which $5,649,099 related to appreciated investment securities and $330,885 related to depreciated investment securities.

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity 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/Christine Reynolds
	Christine Reynolds
	President and Treasurer
Date:	March 21, 2005

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/Christine Reynolds
	Christine Reynolds
	President and Treasurer
Date:	March 21, 2005

By:	/s/Timothy F. Hayes
	Timothy F. Hayes
	Chief Financial Officer
Date:	March 21, 2005