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 811-1352

Fidelity Devonshire 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:

January 31

Date of reporting period:

October 31, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Equity-Income Fund

October 31, 2006

1.809096.102

EQU-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.3%

Auto Components - 0.2%

American Axle & Manufacturing Holdings, Inc.

817,200

$ 15,323

Gentex Corp.

1,498,924

23,848

Goodyear Tire & Rubber Co. (a)(d)

1,390,400

21,315

60,486

Automobiles - 1.1%

General Motors Corp. (d)

464,100

16,206

Hyundai Motor Co.

516,290

41,972

Monaco Coach Corp.

454,000

5,421

Peugeot Citroen SA

721,900

41,474

Renault SA

464,600

54,350

Toyota Motor Corp. sponsored ADR

1,048,700

123,747

Winnebago Industries, Inc.

909,237

30,268

313,438

Diversified Consumer Services - 0.1%

Service Corp. International (SCI)

4,229,000

38,568

Hotels, Restaurants & Leisure - 0.4%

Gaylord Entertainment Co. (a)

920,935

42,860

McDonald's Corp.

906,100

37,984

WMS Industries, Inc. (a)

606,000

21,410

Wyndham Worldwide Corp. (a)

688,660

20,315

122,569

Household Durables - 1.4%

Beazer Homes USA, Inc.

414,500

17,964

KB Home

362,200

16,277

Lennar Corp. Class A

414,300

19,671

Newell Rubbermaid, Inc.

6,048,800

174,084

Sony Corp. sponsored ADR

927,600

38,013

Whirlpool Corp.

1,674,148

145,534

411,543

Internet & Catalog Retail - 0.2%

Liberty Media Holding Corp. - Interactive Series A (a)

2,176,764

48,041

Leisure Equipment & Products - 0.3%

Eastman Kodak Co.

3,516,100

85,793

Media - 4.8%

CBS Corp. Class B

2,453,559

71,006

Clear Channel Communications, Inc.

6,918,300

241,103

Comcast Corp. Class A

5,418,137

220,356

Discovery Holding Co. Class A (a)

715,925

10,624

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - continued

Gannett Co., Inc.

827,900

$ 48,962

McGraw-Hill Companies, Inc.

101,700

6,526

News Corp. Class A

2,537,784

52,913

NTL, Inc.

1,979,250

53,499

The McClatchy Co. Class A

835,134

36,203

The New York Times Co. Class A (d)

2,255,655

54,519

The Reader's Digest Association, Inc. (non-vtg.)

3,608,507

51,890

The Walt Disney Co.

2,572,410

80,928

Time Warner, Inc.

13,915,890

278,457

Viacom, Inc. Class B (non-vtg.) (a)

3,983,859

155,052

Vivendi Universal SA

801,146

30,340

1,392,378

Multiline Retail - 1.2%

Big Lots, Inc. (a)

481,025

10,140

Dollar Tree Stores, Inc. (a)

3,270,900

101,692

Family Dollar Stores, Inc.

2,597,700

76,502

Federated Department Stores, Inc.

2,643,600

116,080

Sears Holdings Corp. (a)

155,000

27,043

331,457

Specialty Retail - 1.4%

AnnTaylor Stores Corp. (a)

827,400

36,422

Chico's FAS, Inc. (a)

2,063,300

49,375

Gap, Inc.

453,500

9,533

Home Depot, Inc.

4,605,300

171,916

OfficeMax, Inc.

352,300

16,762

RadioShack Corp.

5,254,600

93,742

Tiffany & Co., Inc.

872,335

31,160

408,910

Textiles, Apparel & Luxury Goods - 0.2%

Liz Claiborne, Inc.

1,323,678

55,820

VF Corp.

90,631

6,889

62,709

TOTAL CONSUMER DISCRETIONARY

3,275,892

CONSUMER STAPLES - 5.3%

Beverages - 0.5%

Anheuser-Busch Companies, Inc. (d)

2,947,600

139,775

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - 1.2%

Rite Aid Corp.

4,382,832

$ 20,512

Wal-Mart Stores, Inc.

6,512,600

320,941

341,453

Food Products - 0.5%

Hershey Co.

412,500

21,825

Kraft Foods, Inc. Class A (d)

2,782,000

95,701

Tyson Foods, Inc. Class A

2,011,000

29,059

146,585

Household Products - 1.3%

Colgate-Palmolive Co.

4,027,000

257,607

Kimberly-Clark Corp.

880,800

58,591

Procter & Gamble Co.

1,247,918

79,105

395,303

Personal Products - 0.7%

Avon Products, Inc.

6,521,700

198,325

Tobacco - 1.1%

Altria Group, Inc.

4,115,500

334,714

TOTAL CONSUMER STAPLES

1,556,155

ENERGY - 12.2%

Energy Equipment & Services - 2.5%

Baker Hughes, Inc.

2,653,500

183,224

Halliburton Co.

2,630,100

85,084

Noble Corp.

1,556,680

109,123

Schlumberger Ltd. (NY Shares)

5,557,200

350,548

727,979

Oil, Gas & Consumable Fuels - 9.7%

Apache Corp.

1,416,910

92,553

BP PLC sponsored ADR

1,557,004

104,475

Chevron Corp.

5,866,182

394,207

ConocoPhillips

2,772,500

167,015

Double Hull Tankers, Inc.

509,200

7,170

El Paso Corp.

1,810,000

24,797

EOG Resources, Inc.

1,213,200

80,714

Exxon Mobil Corp.

20,945,774

1,495,953

Hess Corp.

1,290,700

54,726

Lukoil Oil Co. sponsored ADR

671,400

54,853

Occidental Petroleum Corp.

1,675,000

78,625

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Total SA sponsored ADR

3,327,802

$ 226,756

Williams Companies, Inc.

1,365,500

33,359

2,815,203

TOTAL ENERGY

3,543,182

FINANCIALS - 27.8%

Capital Markets - 4.1%

Ameriprise Financial, Inc.

1,208,000

62,212

Bank of New York Co., Inc.

6,375,834

219,137

KKR Private Equity Investors, LP

1,641,400

36,357

KKR Private Equity Investors, LP Restricted Depository Units (f)

1,714,600

37,978

Mellon Financial Corp.

3,177,200

123,275

Merrill Lynch & Co., Inc.

2,965,000

259,200

Morgan Stanley

4,352,460

332,659

Nomura Holdings, Inc.

2,261,500

39,848

State Street Corp.

1,109,897

71,289

1,181,955

Commercial Banks - 4.3%

Barclays PLC Sponsored ADR

1,030,700

55,977

HSBC Holdings PLC sponsored ADR

206,500

19,715

KeyCorp

1,768,000

65,664

Kookmin Bank sponsored ADR

200,000

15,872

Lloyds TSB Group PLC

5,140,501

54,862

Marshall & Ilsley Corp.

1,006,700

48,261

PNC Financial Services Group, Inc.

773,400

54,161

Royal Bank of Scotland Group PLC

1,452,309

51,749

U.S. Bancorp, Delaware

3,603,502

121,943

Wachovia Corp.

7,708,018

427,795

Wells Fargo & Co.

9,417,436

341,759

1,257,758

Consumer Finance - 0.5%

American Express Co.

2,040,000

117,932

Capital One Financial Corp.

490,400

38,903

156,835

Diversified Financial Services - 8.2%

Bank of America Corp.

17,841,145

961,102

Citigroup, Inc.

13,957,185

700,092

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Diversified Financial Services - continued

FirstRand Ltd.

17,393,445

$ 45,501

JPMorgan Chase & Co.

14,164,249

671,952

2,378,647

Insurance - 7.5%

ACE Ltd.

5,167,446

295,836

Allianz AG sponsored ADR

2,574,300

47,856

Allstate Corp.

2,621,100

160,831

American International Group, Inc.

11,396,857

765,527

Genworth Financial, Inc. Class A (non-vtg.)

292,600

9,785

Hartford Financial Services Group, Inc.

2,215,300

193,108

MetLife, Inc. unit

2,020,300

59,841

Montpelier Re Holdings Ltd.

2,905,200

51,567

PartnerRe Ltd.

1,180,680

82,553

Swiss Reinsurance Co. (Reg.)

780,344

63,975

The St. Paul Travelers Companies, Inc.

5,656,090

289,196

Willis Group Holdings Ltd.

2,278,600

86,655

XL Capital Ltd. Class A

1,010,680

71,303

2,178,033

Real Estate Investment Trusts - 0.6%

Developers Diversified Realty Corp.

934,400

56,905

Equity Office Properties Trust

1,349,070

57,335

Equity Residential (SBI)

1,318,400

71,998

186,238

Thrifts & Mortgage Finance - 2.6%

Countrywide Financial Corp.

1,031,300

39,313

Fannie Mae

7,159,900

424,296

Freddie Mac

2,928,700

202,051

Sovereign Bancorp, Inc.

3,256,300

77,695

743,355

TOTAL FINANCIALS

8,082,821

HEALTH CARE - 7.4%

Health Care Equipment & Supplies - 1.1%

Baxter International, Inc.

5,678,197

261,027

Boston Scientific Corp. (a)

4,479,300

71,266

332,293

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - 0.2%

Omnicare, Inc.

671,800

$ 25,448

UnitedHealth Group, Inc.

638,953

31,168

56,616

Pharmaceuticals - 6.1%

Bristol-Myers Squibb Co.

5,361,500

132,697

Johnson & Johnson

4,872,100

328,380

Merck & Co., Inc.

5,244,700

238,214

Novartis AG sponsored ADR

1,112,600

67,568

Pfizer, Inc.

20,198,700

538,295

Schering-Plough Corp.

7,998,600

177,089

Wyeth

5,422,400

276,705

1,758,948

TOTAL HEALTH CARE

2,147,857

INDUSTRIALS - 9.4%

Aerospace & Defense - 1.9%

General Dynamics Corp.

258,400

18,372

Honeywell International, Inc.

6,227,350

262,296

Lockheed Martin Corp.

1,278,500

111,140

The Boeing Co.

495,300

39,555

United Technologies Corp.

2,056,660

135,164

566,527

Air Freight & Logistics - 0.1%

United Parcel Service, Inc. Class B

536,300

40,410

Airlines - 0.1%

UAL Corp. (a)

676,994

24,331

Building Products - 0.3%

Masco Corp.

2,781,747

76,915

Commercial Services & Supplies - 0.3%

Waste Management, Inc.

2,537,500

95,106

Electrical Equipment - 0.4%

Emerson Electric Co.

1,214,200

102,478

Industrial Conglomerates - 3.1%

3M Co.

1,410,400

111,196

General Electric Co.

11,522,650

404,560

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Industrial Conglomerates - continued

Textron, Inc.

660,300

$ 60,041

Tyco International Ltd.

10,847,561

319,244

895,041

Machinery - 2.3%

Briggs & Stratton Corp.

2,375,912

60,562

Caterpillar, Inc.

1,204,500

73,125

Deere & Co.

379,800

32,332

Dover Corp.

2,780,800

132,088

Eaton Corp.

400,800

29,030

Illinois Tool Works, Inc.

725,200

34,759

Ingersoll-Rand Co. Ltd. Class A

3,154,592

115,805

Navistar International Corp. (a)

1,615,600

44,801

SPX Corp.

2,729,385

156,994

679,496

Road & Rail - 0.9%

Burlington Northern Santa Fe Corp.

2,265,800

175,667

Laidlaw International, Inc.

649,300

18,836

Union Pacific Corp.

702,700

63,686

258,189

TOTAL INDUSTRIALS

2,738,493

INFORMATION TECHNOLOGY - 9.5%

Communications Equipment - 1.0%

Cisco Systems, Inc. (a)

6,084,600

146,821

Lucent Technologies, Inc. (a)

12,106,400

29,419

Lucent Technologies, Inc. warrants 12/10/07 (a)

17,513

3

Motorola, Inc.

4,406,070

101,604

Nortel Networks Corp. (a)

4,640,700

10,349

288,196

Computers & Peripherals - 2.6%

EMC Corp. (a)

7,544,100

92,415

Hewlett-Packard Co.

7,096,561

274,921

Imation Corp.

826,000

37,806

International Business Machines Corp.

3,152,800

291,098

Sun Microsystems, Inc. (a)

9,038,400

49,079

745,319

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - 0.9%

Agilent Technologies, Inc. (a)

2,247,100

$ 79,997

Arrow Electronics, Inc. (a)

1,876,900

56,025

Avnet, Inc. (a)

3,820,600

90,472

Solectron Corp. (a)

13,619,800

45,490

271,984

Internet Software & Services - 0.2%

Yahoo!, Inc. (a)

2,271,700

59,837

IT Services - 0.3%

MoneyGram International, Inc.

2,184,309

74,725

Western Union Co. (a)

721,700

15,913

90,638

Office Electronics - 0.6%

Xerox Corp. (a)

9,488,898

161,311

Semiconductors & Semiconductor Equipment - 2.6%

Analog Devices, Inc.

3,509,000

111,656

Applied Materials, Inc.

6,259,900

108,860

Freescale Semiconductor, Inc.:

Class A (a)

43,100

1,697

Class B (a)

3,169,183

124,644

Intel Corp.

10,668,360

227,663

Micron Technology, Inc. (a)

3,936,900

56,888

National Semiconductor Corp.

2,271,564

55,176

Novellus Systems, Inc. (a)

403,000

11,143

Samsung Electronics Co. Ltd.

70,830

45,930

Teradyne, Inc. (a)

1,882,800

26,397

770,054

Software - 1.3%

Autodesk, Inc. (a)

826,000

30,356

Microsoft Corp.

8,137,100

233,616

Oracle Corp. (a)

1,750,300

32,328

Symantec Corp. (a)

3,608,900

71,601

367,901

TOTAL INFORMATION TECHNOLOGY

2,755,240

MATERIALS - 4.0%

Chemicals - 2.2%

Air Products & Chemicals, Inc.

1,512,900

105,404

Arkema (a)

29,314

1,431

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

Arkema sponsored ADR (a)(d)

582,570

$ 28,196

Ashland, Inc.

858,800

50,755

Bayer AG sponsored ADR

650,800

32,664

Celanese Corp. Class A

1,635,400

33,706

Chemtura Corp.

5,006,665

42,957

Dow Chemical Co.

1,804,000

73,585

E.I. du Pont de Nemours & Co.

2,080,000

95,264

Georgia Gulf Corp. (e)

1,882,760

40,272

Lyondell Chemical Co.

3,254,511

83,543

PolyOne Corp. (a)

2,729,700

22,384

Rohm & Haas Co.

404,344

20,953

Tronox, Inc. Class B

448,347

5,864

636,978

Containers & Packaging - 0.2%

Smurfit-Stone Container Corp.

6,325,821

67,433

Metals & Mining - 1.0%

Alcan, Inc.

1,482,700

69,562

Alcoa, Inc.

5,744,676

166,079

Phelps Dodge Corp.

446,400

44,810

280,451

Paper & Forest Products - 0.6%

International Paper Co.

2,674,000

89,178

Weyerhaeuser Co.

1,273,500

80,982

170,160

TOTAL MATERIALS

1,155,022

TELECOMMUNICATION SERVICES - 6.4%

Diversified Telecommunication Services - 5.6%

AT&T, Inc.

18,031,944

617,594

BellSouth Corp.

10,947,401

493,728

Qwest Communications International, Inc. (a)

14,226,800

122,777

Telkom SA Ltd. sponsored ADR

669,800

49,337

Verizon Communications, Inc.

9,268,344

342,929

1,626,365

Wireless Telecommunication Services - 0.8%

MTN Group Ltd.

1,288,400

11,719

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

Sprint Nextel Corp.

8,409,700

$ 157,177

Vodafone Group PLC sponsored ADR

3,039,225

78,564

247,460

TOTAL TELECOMMUNICATION SERVICES

1,873,825

UTILITIES - 3.3%

Electric Utilities - 0.7%

Entergy Corp.

1,597,100

137,079

Exelon Corp.

1,033,800

64,075

201,154

Independent Power Producers & Energy Traders - 0.7%

AES Corp. (a)

3,985,300

87,637

TXU Corp.

1,920,822

121,261

208,898

Multi-Utilities - 1.9%

Dominion Resources, Inc.

2,359,400

191,088

Duke Energy Corp.

2,212,100

69,991

Public Service Enterprise Group, Inc.

2,288,000

139,682

Wisconsin Energy Corp.

3,131,900

143,879

544,640

TOTAL UTILITIES

954,692

TOTAL COMMON STOCKS

(Cost $19,874,159)

28,083,179

Convertible Preferred Stocks - 0.5%

CONSUMER DISCRETIONARY - 0.3%

Automobiles - 0.2%

Ford Motor Co. Capital Trust II 6.50%

976,600

33,722

General Motors Corp.:

Series B, 5.25%

863,700

17,784

Series C, 6.25%

577,800

13,757

65,263

Convertible Preferred Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Hotels, Restaurants & Leisure - 0.1%

Six Flags, Inc. 7.25% PIERS

821,600

$ 18,691

TOTAL CONSUMER DISCRETIONARY

83,954

FINANCIALS - 0.1%

Insurance - 0.1%

Conseco, Inc. Series B, 5.50%

323,900

8,052

Travelers Property Casualty Corp. 4.50%

500,000

13,012

XL Capital Ltd. 6.50%

1,137,200

25,962

47,026

HEALTH CARE - 0.1%

Pharmaceuticals - 0.1%

Schering-Plough Corp. 6.00%

429,200

23,593

MATERIALS - 0.0%

Chemicals - 0.0%

Celanese Corp. 4.25%

157,200

4,636

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $179,613)

159,209

Corporate Bonds - 0.7%

Principal Amount (000s)

Convertible Bonds - 0.6%

CONSUMER DISCRETIONARY - 0.2%

Hotels, Restaurants & Leisure - 0.0%

Six Flags, Inc. 4.5% 5/15/15

$ 8,460

9,232

Media - 0.2%

Liberty Media Corp. 3.5% 1/15/31 (f)

24,460

25,744

News America, Inc. liquid yield option note 0% 2/28/21 (f)

49,080

29,141

54,885

TOTAL CONSUMER DISCRETIONARY

64,117

INDUSTRIALS - 0.1%

Airlines - 0.1%

UAL Corp. 4.5% 6/30/21 (f)

21,090

26,784

Corporate Bonds - continued

Principal Amount (000s)

Value (000s)

Convertible Bonds - continued

INDUSTRIALS - continued

Industrial Conglomerates - 0.0%

Tyco International Group SA yankee 3.125% 1/15/23

$ 11,750

$ 16,159

TOTAL INDUSTRIALS

42,943

TELECOMMUNICATION SERVICES - 0.3%

Diversified Telecommunication Services - 0.3%

Level 3 Communications, Inc.:

3.5% 6/15/12

15,130

17,929

5.25% 12/15/11 (f)

28,080

42,115

5.25% 12/15/11

9,750

14,623

74,667

TOTAL CONVERTIBLE BONDS

181,727

Nonconvertible Bonds - 0.1%

MATERIALS - 0.1%

Chemicals - 0.1%

Hercules, Inc. 6.5% 6/30/29 unit

31,600

26,959

TOTAL CORPORATE BONDS

(Cost $186,191)

208,686

Money Market Funds - 2.4%

Shares

Fidelity Cash Central Fund, 5.34% (b)

572,435,195

572,435

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

120,966,275

120,966

TOTAL MONEY MARKET FUNDS

(Cost $693,401)

693,401

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $20,933,364)

29,144,475

NET OTHER ASSETS - (0.2)%

(58,180)

NET ASSETS - 100%

$ 29,086,295

Security Type Abbreviation

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $161,762,000 or 0.6% 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

$ 11,947

Fidelity Securities Lending Cash Central Fund

2,275

Total

$ 14,222

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

Big Lots, Inc.

$ 76,149

$ -

$ 94,539

$ -

$ -

Georgia Gulf Corp.

58,050

5,082

-

422

40,272

SPX Corp.

170,978

-

47,374

2,468

-

Total

$ 305,177

$ 5,082

$ 141,913

$ 2,890

$ 40,272

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $20,945,984,000. Net unrealized appreciation aggregated $8,198,491,000, of which $8,986,226,000 related to appreciated investment securities and $787,735,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. 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. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Large Cap Growth Fund

October 31, 2006

1.809091.102

LCG-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%

Shares

Value

CONSUMER DISCRETIONARY - 13.2%

Automobiles - 0.7%

Thor Industries, Inc.

25,500

$ 1,117,410

Distributors - 1.1%

Building Materials Holding Corp.

70,500

1,837,230

Hotels, Restaurants & Leisure - 1.9%

McDonald's Corp.

50,400

2,112,768

Penn National Gaming, Inc. (a)

15,831

578,940

Pinnacle Entertainment, Inc. (a)

18,700

565,862

3,257,570

Household Durables - 1.8%

D.R. Horton, Inc.

96,100

2,251,623

Ryland Group, Inc.

19,400

891,042

3,142,665

Multiline Retail - 1.0%

JCPenney Co., Inc.

16,500

1,241,295

Kohl's Corp. (a)

6,500

458,900

1,700,195

Specialty Retail - 6.2%

AnnTaylor Stores Corp. (a)

58,800

2,588,376

Best Buy Co., Inc.

86,900

4,801,225

Circuit City Stores, Inc.

69,100

1,864,318

The Men's Wearhouse, Inc.

35,600

1,418,660

10,672,579

Textiles, Apparel & Luxury Goods - 0.5%

Wolverine World Wide, Inc.

31,100

881,996

TOTAL CONSUMER DISCRETIONARY

22,609,645

CONSUMER STAPLES - 9.2%

Beverages - 1.9%

Hansen Natural Corp. (a)(d)

104,350

3,313,113

Food & Staples Retailing - 3.6%

CVS Corp.

131,700

4,132,746

Wal-Mart Stores, Inc.

40,100

1,976,128

6,108,874

Food Products - 0.6%

Archer-Daniels-Midland Co.

26,200

1,008,700

Tobacco - 3.1%

Altria Group, Inc.

59,900

4,871,667

Loews Corp. - Carolina Group

7,900

456,778

5,328,445

TOTAL CONSUMER STAPLES

15,759,132

ENERGY - 4.4%

Oil, Gas & Consumable Fuels - 4.4%

Exxon Mobil Corp.

7,500

535,650

Sunoco, Inc.

38,800

2,565,844

Shares

Value

Tesoro Corp.

52,000

$ 3,324,880

Valero Energy Corp.

19,600

1,025,668

7,452,042

FINANCIALS - 7.6%

Capital Markets - 4.1%

Goldman Sachs Group, Inc.

12,000

2,277,480

Knight Capital Group, Inc. Class A (a)

77,200

1,439,780

Merrill Lynch & Co., Inc.

36,900

3,225,798

6,943,058

Commercial Banks - 0.5%

Wells Fargo & Co.

24,800

899,992

Insurance - 2.3%

ACE Ltd.

45,000

2,576,250

The Chubb Corp.

26,900

1,429,735

4,005,985

Thrifts & Mortgage Finance - 0.7%

Radian Group, Inc.

23,100

1,231,230

TOTAL FINANCIALS

13,080,265

HEALTH CARE - 17.4%

Biotechnology - 10.5%

Amgen, Inc. (a)

32,800

2,489,848

Amylin Pharmaceuticals, Inc. (a)

9,000

395,640

Biogen Idec, Inc. (a)

83,100

3,955,560

Genentech, Inc. (a)

68,000

5,664,400

Gilead Sciences, Inc. (a)

80,200

5,525,780

18,031,228

Health Care Equipment & Supplies - 0.7%

Baxter International, Inc.

26,100

1,199,817

Health Care Providers & Services - 2.9%

Humana, Inc. (a)

16,400

984,000

UnitedHealth Group, Inc.

79,500

3,878,010

4,862,010

Pharmaceuticals - 3.3%

Endo Pharmaceuticals Holdings, Inc. (a)

38,400

1,095,936

Johnson & Johnson

43,200

2,911,680

Merck & Co., Inc.

17,000

772,140

Sepracor, Inc. (a)

16,700

864,392

5,644,148

TOTAL HEALTH CARE

29,737,203

INDUSTRIALS - 13.8%

Electrical Equipment - 0.9%

Energy Conversion Devices, Inc. (a)

40,400

1,486,316

Industrial Conglomerates - 0.4%

General Electric Co.

21,990

772,069

Machinery - 8.9%

Bucyrus International, Inc. Class A

19,700

825,430

Caterpillar, Inc.

26,400

1,602,744

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - continued

Joy Global, Inc. (d)

126,161

$ 4,934,157

Manitowoc Co., Inc.

92,100

5,054,448

Terex Corp. (a)

54,595

2,825,837

15,242,616

Road & Rail - 3.6%

Burlington Northern Santa Fe Corp.

13,900

1,077,667

CSX Corp.

65,700

2,343,519

Norfolk Southern Corp.

13,850

728,095

Swift Transportation Co., Inc. (a)

81,600

2,052,240

6,201,521

TOTAL INDUSTRIALS

23,702,522

INFORMATION TECHNOLOGY - 27.1%

Communications Equipment - 3.2%

Cisco Systems, Inc. (a)

150,000

3,619,500

Motorola, Inc.

80,800

1,863,248

5,482,748

Computers & Peripherals - 12.3%

Apple Computer, Inc. (a)

83,200

6,745,855

Brocade Communications Systems, Inc. (a)

315,100

2,555,461

Hewlett-Packard Co.

60,100

2,328,274

Network Appliance, Inc. (a)

20,500

748,250

SanDisk Corp. (a)

20,892

1,004,905

Seagate Technology

128,300

2,897,014

Western Digital Corp. (a)

259,800

4,749,144

21,028,903

Internet Software & Services - 0.6%

Google, Inc. Class A (sub. vtg.) (a)

2,300

1,095,697

Semiconductors & Semiconductor Equipment - 9.7%

Cymer, Inc. (a)

115,500

5,351,115

Intersil Corp. Class A

22,500

527,625

Lam Research Corp. (a)

84,200

4,163,690

Marvell Technology Group Ltd. (a)

140,200

2,562,856

MEMC Electronic Materials, Inc. (a)

59,900

2,126,450

NVIDIA Corp. (a)

53,400

1,862,058

16,593,794

Software - 1.3%

Microsoft Corp.

78,600

2,256,606

TOTAL INFORMATION TECHNOLOGY

46,457,748

MATERIALS - 4.5%

Metals & Mining - 4.5%

Allegheny Technologies, Inc. (d)

73,000

5,747,290

Titanium Metals Corp. (a)

66,475

1,959,683

7,706,973

Shares

Value

TELECOMMUNICATION SERVICES - 0.8%

Diversified Telecommunication Services - 0.8%

AT&T, Inc.

40,500

$ 1,387,125

UTILITIES - 0.8%

Gas Utilities - 0.5%

Questar Corp.

10,400

847,392

Independent Power Producers & Energy Traders - 0.3%

AES Corp. (a)

18,800

413,411

TXU Corp.

2,500

157,825

571,236

TOTAL UTILITIES

1,418,628

TOTAL COMMON STOCKS

(Cost $157,431,620)

169,311,283

Money Market Funds - 7.3%

Fidelity Cash Central Fund, 5.34% (b)

2,882,044

2,882,044

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

9,572,819

9,572,819

TOTAL MONEY MARKET FUNDS

(Cost $12,454,863)

12,454,863

TOTAL INVESTMENT PORTFOLIO - 106.1%

(Cost $169,886,483)

181,766,146

NET OTHER ASSETS - (6.1)%

(10,441,480)

NET ASSETS - 100%

$ 171,324,666

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 115,290

Fidelity Securities Lending Cash Central Fund

18,660

Total

$ 133,950

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $171,057,336. Net unrealized appreciation aggregated $10,708,810, of which $18,101,632 related to appreciated investment securities and $7,392,822 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. 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. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Large Cap Value Fund

October 31, 2006

1.809080.102

LCV-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%

Shares

Value

CONSUMER DISCRETIONARY - 8.9%

Hotels, Restaurants & Leisure - 1.2%

McDonald's Corp.

350,600

$ 14,697,152

Media - 2.6%

Comcast Corp. Class A

167,600

6,816,292

News Corp. Class A

636,300

13,266,855

The Walt Disney Co.

352,800

11,099,088

31,182,235

Multiline Retail - 1.8%

Dillard's, Inc. Class A

198,500

5,988,745

Family Dollar Stores, Inc.

109,000

3,210,050

Federated Department Stores, Inc.

153,700

6,748,967

JCPenney Co., Inc.

77,700

5,845,371

21,793,133

Specialty Retail - 3.3%

AnnTaylor Stores Corp. (a)

394,600

17,370,292

OfficeMax, Inc.

325,500

15,487,290

Sherwin-Williams Co.

109,600

6,491,608

39,349,190

TOTAL CONSUMER DISCRETIONARY

107,021,710

CONSUMER STAPLES - 7.4%

Food & Staples Retailing - 2.4%

BJ's Wholesale Club, Inc. (a)

217,700

6,237,105

CVS Corp.

199,600

6,263,448

Kroger Co.

507,200

11,406,928

Safeway, Inc.

180,600

5,302,416

29,209,897

Food Products - 2.4%

Archer-Daniels-Midland Co.

339,100

13,055,350

Corn Products International, Inc.

180,500

6,532,295

General Mills, Inc.

158,800

9,023,016

28,610,661

Household Products - 1.5%

Colgate-Palmolive Co.

106,400

6,806,408

Energizer Holdings, Inc. (a)

77,600

6,064,440

Procter & Gamble Co.

75,700

4,798,623

17,669,471

Tobacco - 1.1%

Altria Group, Inc.

85,700

6,969,981

UST, Inc.

118,800

6,362,928

13,332,909

TOTAL CONSUMER STAPLES

88,822,938

ENERGY - 13.5%

Energy Equipment & Services - 0.3%

Superior Energy Services, Inc. (a)

130,300

4,078,390

Shares

Value

Oil, Gas & Consumable Fuels - 13.2%

Anadarko Petroleum Corp.

330,800

$ 15,355,736

Chevron Corp.

31,300

2,103,360

Exxon Mobil Corp.

1,070,900

76,483,677

Marathon Oil Corp.

274,000

23,673,600

Occidental Petroleum Corp.

206,800

9,707,192

Sunoco, Inc.

191,200

12,644,056

Tesoro Corp.

290,900

18,600,146

158,567,767

TOTAL ENERGY

162,646,157

FINANCIALS - 35.5%

Capital Markets - 5.2%

Ameriprise Financial, Inc.

152,900

7,874,350

Goldman Sachs Group, Inc.

15,800

2,998,682

Lehman Brothers Holdings, Inc.

81,200

6,320,608

Mellon Financial Corp.

132,400

5,137,120

Merrill Lynch & Co., Inc.

131,000

11,452,020

Morgan Stanley

240,100

18,350,843

Raymond James Financial, Inc.

317,150

10,104,399

62,238,022

Commercial Banks - 3.2%

U.S. Bancorp, Delaware

132,700

4,490,568

Wachovia Corp.

300,200

16,661,100

Wells Fargo & Co.

493,120

17,895,325

39,046,993

Diversified Financial Services - 9.9%

Bank of America Corp.

770,900

41,528,383

Citigroup, Inc.

624,760

31,337,962

JPMorgan Chase & Co.

983,100

46,638,264

119,504,609

Insurance - 13.3%

ACE Ltd.

129,100

7,390,975

AMBAC Financial Group, Inc.

119,500

9,977,055

American Financial Group, Inc., Ohio

91,300

4,369,618

American International Group, Inc.

164,900

11,076,333

Assurant, Inc.

145,700

7,672,562

Cincinnati Financial Corp.

243,000

11,092,950

Fidelity National Financial, Inc.

46,000

1,025,800

Fidelity National Title Group, Inc. Class A

48,195

1,060,772

Genworth Financial, Inc. Class A (non-vtg.)

396,200

13,248,928

HCC Insurance Holdings, Inc.

514,000

17,301,240

MetLife, Inc.

121,000

6,912,730

Philadelphia Consolidated Holdings Corp. (a)

292,567

11,445,221

Prudential Financial, Inc.

71,800

5,523,574

Reinsurance Group of America, Inc.

110,900

6,254,760

SAFECO Corp.

250,400

14,570,776

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

The Chubb Corp.

342,900

$ 18,225,135

W.R. Berkley Corp.

340,500

12,550,830

159,699,259

Real Estate Investment Trusts - 1.3%

AMB Property Corp. (SBI)

98,400

5,747,544

iStar Financial, Inc.

131,600

6,097,028

Taubman Centers, Inc.

85,300

4,000,570

15,845,142

Thrifts & Mortgage Finance - 2.6%

Fannie Mae

217,100

12,865,346

Radian Group, Inc.

338,200

18,026,060

The PMI Group, Inc.

16,800

716,520

31,607,926

TOTAL FINANCIALS

427,941,951

HEALTH CARE - 7.1%

Health Care Providers & Services - 2.5%

Aetna, Inc. (d)

282,300

11,636,406

AmerisourceBergen Corp.

154,900

7,311,280

Humana, Inc. (a)

49,600

2,976,000

McKesson Corp.

162,100

8,119,589

30,043,275

Health Care Technology - 0.4%

Emdeon Corp. (a)

470,900

5,485,985

Pharmaceuticals - 4.2%

Merck & Co., Inc.

647,000

29,386,740

Pfizer, Inc.

624,600

16,645,590

Wyeth

90,800

4,633,524

50,665,854

TOTAL HEALTH CARE

86,195,114

INDUSTRIALS - 7.0%

Aerospace & Defense - 2.9%

General Dynamics Corp.

110,300

7,842,330

Honeywell International, Inc.

149,200

6,284,304

Precision Castparts Corp.

61,700

4,199,302

Raytheon Co.

325,000

16,233,750

34,559,686

Industrial Conglomerates - 0.7%

General Electric Co.

257,900

9,054,869

Machinery - 2.3%

Cummins, Inc. (d)

45,900

5,828,382

Manitowoc Co., Inc.

233,000

12,787,040

Terex Corp. (a)

181,400

9,389,264

28,004,686

Shares

Value

Road & Rail - 1.1%

CSX Corp.

364,600

$ 13,005,282

TOTAL INDUSTRIALS

84,624,523

INFORMATION TECHNOLOGY - 3.4%

Communications Equipment - 1.3%

Motorola, Inc.

675,100

15,567,806

Computers & Peripherals - 1.9%

Hewlett-Packard Co.

591,400

22,910,836

Software - 0.2%

BMC Software, Inc. (a)

93,200

2,824,892

TOTAL INFORMATION TECHNOLOGY

41,303,534

MATERIALS - 3.9%

Chemicals - 0.7%

Albemarle Corp.

57,000

3,706,710

Rohm & Haas Co.

79,700

4,130,054

7,836,764

Metals & Mining - 3.2%

Alcoa, Inc.

200,800

5,805,128

Carpenter Technology Corp.

75,800

8,109,842

Commercial Metals Co.

175,600

4,672,716

Nucor Corp.

216,300

12,634,083

Phelps Dodge Corp.

78,500

7,879,830

39,101,599

TOTAL MATERIALS

46,938,363

TELECOMMUNICATION SERVICES - 5.8%

Diversified Telecommunication Services - 5.8%

AT&T, Inc.

672,800

23,043,400

BellSouth Corp.

579,700

26,144,470

CenturyTel, Inc.

66,500

2,675,960

Qwest Communications International, Inc. (a)

1,293,300

11,161,179

Verizon Communications, Inc.

172,800

6,393,600

69,418,609

UTILITIES - 5.8%

Electric Utilities - 2.6%

Allegheny Energy, Inc. (a)

138,900

5,976,867

DPL, Inc.

160,700

4,615,304

Edison International

280,500

12,465,420

FirstEnergy Corp.

64,800

3,813,480

PPL Corp.

135,200

4,667,104

31,538,175

Gas Utilities - 0.5%

Questar Corp.

71,300

5,809,524

Common Stocks - continued

Shares

Value

UTILITIES - continued

Independent Power Producers & Energy Traders - 2.5%

AES Corp. (a)

820,100

$ 18,033,999

TXU Corp.

189,800

11,982,074

30,016,073

Multi-Utilities - 0.2%

PG&E Corp.

58,930

2,542,240

TOTAL UTILITIES

69,906,012

TOTAL COMMON STOCKS

(Cost $1,064,426,945)

1,184,818,911

Investment Companies - 1.1%

iShares Russell 1000 Value Index Fund
(Cost $13,176,893)

165,700

13,163,208

Money Market Funds - 2.9%

Fidelity Cash Central Fund, 5.34% (b)

24,789,512

24,789,512

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

10,351,775

10,351,775

TOTAL MONEY MARKET FUNDS

(Cost $35,141,287)

35,141,287

TOTAL INVESTMENT PORTFOLIO - 102.3%

(Cost $1,112,745,125)

1,233,123,406

NET OTHER ASSETS - (2.3)%

(28,103,141)

NET ASSETS - 100%

$ 1,205,020,265

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 420,070

Fidelity Securities Lending Cash Central Fund

9,489

Total

$ 429,559

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,115,476,527. Net unrealized appreciation aggregated $117,646,879, of which $125,300,844 related to appreciated investment securities and $7,653,965 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. 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. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Mid Cap Growth Fund

October 31, 2006

1.809081.102

MCG-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%

Shares

Value

CONSUMER DISCRETIONARY - 21.2%

Automobiles - 1.1%

Thor Industries, Inc.

104,800

$ 4,592,336

Distributors - 1.4%

Building Materials Holding Corp. (d)

228,671

5,959,166

Diversified Consumer Services - 0.3%

Career Education Corp. (a)

50,100

1,116,228

Hotels, Restaurants & Leisure - 2.4%

Darden Restaurants, Inc.

24,200

1,013,980

International Game Technology

33,500

1,424,085

Penn National Gaming, Inc. (a)

140,254

5,129,089

The Cheesecake Factory, Inc. (a)

30,700

867,275

Yum! Brands, Inc.

37,100

2,205,966

10,640,395

Household Durables - 3.3%

D.R. Horton, Inc.

278,266

6,519,772

Harman International Industries, Inc.

24,600

2,517,810

Ryland Group, Inc. (d)

116,900

5,369,217

14,406,799

Media - 0.2%

EchoStar Communications Corp.
Class A (a)

26,357

936,201

Multiline Retail - 4.0%

JCPenney Co., Inc.

146,800

11,043,764

Nordstrom, Inc.

138,900

6,576,915

17,620,679

Specialty Retail - 7.5%

Abercrombie & Fitch Co. Class A

12,400

950,460

AnnTaylor Stores Corp. (a)(d)

187,200

8,240,544

Bed Bath & Beyond, Inc. (a)

45,800

1,845,282

Circuit City Stores, Inc.

319,300

8,614,714

Ross Stores, Inc.

16,200

476,766

The Men's Wearhouse, Inc.

141,200

5,626,820

TJX Companies, Inc.

116,400

3,369,780

Tween Brands, Inc. (a)

46,300

1,936,266

Urban Outfitters, Inc. (a)

99,800

1,746,500

32,807,132

Textiles, Apparel & Luxury Goods - 1.0%

Columbia Sportswear Co.

25,900

1,446,256

Wolverine World Wide, Inc.

98,600

2,796,296

4,242,552

TOTAL CONSUMER DISCRETIONARY

92,321,488

CONSUMER STAPLES - 3.5%

Beverages - 2.3%

Hansen Natural Corp. (a)(d)

322,081

10,226,072

Food & Staples Retailing - 0.2%

Kroger Co.

37,500

843,375

Food Products - 0.1%

Seaboard Corp.

190

268,280

Shares

Value

Tobacco - 0.9%

Loews Corp. - Carolina Group

21,400

$ 1,237,348

UST, Inc.

49,000

2,624,440

3,861,788

TOTAL CONSUMER STAPLES

15,199,515

ENERGY - 8.3%

Energy Equipment & Services - 1.4%

Diamond Offshore Drilling, Inc.

6,000

415,380

FMC Technologies, Inc. (a)

11,000

664,950

National Oilwell Varco, Inc. (a)

11,300

682,520

Patterson-UTI Energy, Inc.

49,500

1,148,400

Smith International, Inc.

39,900

1,575,252

TODCO Class A (a)

41,200

1,406,156

5,892,658

Oil, Gas & Consumable Fuels - 6.9%

CONSOL Energy, Inc.

25,800

913,062

Frontier Oil Corp.

178,700

5,253,780

Giant Industries, Inc. (a)

19,400

1,571,012

Holly Corp.

115,800

5,507,448

Newfield Exploration Co. (a)

10,600

432,374

Sunoco, Inc.

140,000

9,258,200

Tesoro Corp.

112,700

7,206,038

30,141,914

TOTAL ENERGY

36,034,572

FINANCIALS - 8.2%

Capital Markets - 2.9%

Jefferies Group, Inc.

94,000

2,700,620

Knight Capital Group, Inc. Class A (a)

186,500

3,478,225

Northern Trust Corp.

58,620

3,442,166

T. Rowe Price Group, Inc.

58,900

2,786,559

12,407,570

Commercial Banks - 0.1%

Synovus Financial Corp.

15,500

455,390

Insurance - 1.1%

AMBAC Financial Group, Inc.

12,800

1,068,672

Philadelphia Consolidated Holdings Corp. (a)

93,400

3,653,808

Reinsurance Group of America, Inc.

2,500

141,000

4,863,480

Real Estate Investment Trusts - 0.6%

Host Hotels & Resorts, Inc.

32,100

740,226

Public Storage, Inc.

6,200

556,202

SL Green Realty Corp.

10,900

1,319,445

2,615,873

Real Estate Management & Development - 1.5%

CB Richard Ellis Group, Inc. Class A (a)

57,600

1,729,728

Jones Lang LaSalle, Inc.

51,700

4,756,400

6,486,128

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Thrifts & Mortgage Finance - 2.0%

Hudson City Bancorp, Inc.

80,500

$ 1,105,265

IndyMac Bancorp, Inc.

10,700

486,315

People's Bank, Connecticut

37,300

1,518,110

Radian Group, Inc.

104,700

5,580,510

8,690,200

TOTAL FINANCIALS

35,518,641

HEALTH CARE - 13.7%

Biotechnology - 4.4%

Amylin Pharmaceuticals, Inc. (a)

71,700

3,151,932

Biogen Idec, Inc. (a)

39,900

1,899,240

Celgene Corp. (a)

115,600

6,177,664

Gilead Sciences, Inc. (a)

68,600

4,726,540

MedImmune, Inc. (a)

19,700

631,188

United Therapeutics Corp. (a)

43,700

2,615,445

19,202,009

Health Care Equipment & Supplies - 2.6%

DENTSPLY International, Inc.

35,000

1,094,800

Hologic, Inc. (a)

21,800

1,049,670

Immucor, Inc. (a)

77,200

2,125,316

ResMed, Inc. (a)

11,200

492,688

Respironics, Inc. (a)

35,077

1,238,920

Varian Medical Systems, Inc. (a)

96,500

5,293,990

11,295,384

Health Care Providers & Services - 2.8%

CIGNA Corp.

19,900

2,327,902

Express Scripts, Inc. (a)

8,600

547,992

Health Net, Inc. (a)

102,500

4,254,775

Humana, Inc. (a)

28,000

1,680,000

Lincare Holdings, Inc. (a)

48,400

1,624,304

Manor Care, Inc.

38,000

1,823,620

12,258,593

Life Sciences Tools & Services - 1.6%

Pharmaceutical Product Development, Inc.

221,400

7,007,310

Pharmaceuticals - 2.3%

Adams Respiratory Therapeutics, Inc. (a)

24,800

1,068,880

Barr Pharmaceuticals, Inc. (a)

43,000

2,251,910

Endo Pharmaceuticals Holdings, Inc. (a)

50,100

1,429,854

Forest Laboratories, Inc. (a)

86,600

4,238,204

Impax Laboratories, Inc. (a)

2,500

17,500

Sepracor, Inc. (a)

21,700

1,123,192

10,129,540

TOTAL HEALTH CARE

59,892,836

Shares

Value

INDUSTRIALS - 14.1%

Air Freight & Logistics - 0.8%

C.H. Robinson Worldwide, Inc.

59,669

$ 2,490,584

Expeditors International of Washington, Inc.

22,500

1,066,725

3,557,309

Airlines - 0.8%

AMR Corp. (a)

89,500

2,536,430

Southwest Airlines Co.

63,200

949,896

3,486,326

Commercial Services & Supplies - 0.2%

Robert Half International, Inc.

21,600

789,480

Construction & Engineering - 0.3%

Jacobs Engineering Group, Inc. (a)

15,100

1,140,654

Electrical Equipment - 1.7%

Energy Conversion Devices, Inc. (a)

99,000

3,642,210

Rockwell Automation, Inc.

61,700

3,825,400

7,467,610

Machinery - 8.8%

Bucyrus International, Inc. Class A

51,100

2,141,090

Cummins, Inc.

3,600

457,128

Joy Global, Inc.

339,100

13,262,201

Manitowoc Co., Inc.

223,270

12,253,058

Terex Corp. (a)

109,700

5,678,072

Trinity Industries, Inc.

132,900

4,792,374

38,583,923

Road & Rail - 1.1%

Swift Transportation Co., Inc. (a)

186,500

4,690,475

Trading Companies & Distributors - 0.4%

MSC Industrial Direct Co., Inc. Class A

41,400

1,694,088

TOTAL INDUSTRIALS

61,409,865

INFORMATION TECHNOLOGY - 19.9%

Computers & Peripherals - 9.7%

Apple Computer, Inc. (a)

112,500

9,121,500

Brocade Communications Systems, Inc. (a)

797,900

6,470,969

Komag, Inc. (a)(d)

10,100

386,325

Network Appliance, Inc. (a)

133,506

4,872,969

Palm, Inc. (a)

79,700

1,223,395

Seagate Technology (d)

337,291

7,616,031

Western Digital Corp. (a)

688,300

12,582,124

42,273,313

IT Services - 0.5%

Cognizant Technology Solutions Corp. Class A (a)

7,400

557,072

Paychex, Inc.

35,800

1,413,384

1,970,456

Semiconductors & Semiconductor Equipment - 8.4%

Cymer, Inc. (a)

287,400

13,315,242

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Intersil Corp. Class A

44,700

$ 1,048,215

Intevac, Inc. (a)

17,250

356,730

Lam Research Corp. (a)

240,261

11,880,906

Marvell Technology Group Ltd. (a)

281,800

5,151,304

MEMC Electronic Materials, Inc. (a)

140,900

5,001,950

36,754,347

Software - 1.3%

FactSet Research Systems, Inc.

4,900

249,410

Fair, Isaac & Co., Inc.

14,400

527,472

Informatica Corp. (a)

403,400

4,998,126

5,775,008

TOTAL INFORMATION TECHNOLOGY

86,773,124

MATERIALS - 4.9%

Metals & Mining - 4.9%

Allegheny Technologies, Inc. (d)

177,400

13,966,702

Titanium Metals Corp. (a)

250,100

7,372,948

21,339,650

TELECOMMUNICATION SERVICES - 2.0%

Diversified Telecommunication Services - 0.1%

Citizens Communications Co.

36,300

532,158

Wireless Telecommunication Services - 1.9%

American Tower Corp. Class A (a)

49,805

1,793,976

Crown Castle International Corp.

33,300

1,120,545

NII Holdings, Inc. (a)

20,791

1,352,039

SBA Communications Corp. Class A (a)

142,300

3,800,833

8,067,393

TOTAL TELECOMMUNICATION SERVICES

8,599,551

UTILITIES - 1.8%

Electric Utilities - 0.3%

Allegheny Energy, Inc. (a)

31,900

1,372,657

Shares

Value

Gas Utilities - 0.7%

Equitable Resources, Inc.

29,900

$ 1,211,548

Questar Corp.

20,600

1,678,488

2,890,036

Independent Power Producers & Energy Traders - 0.8%

AES Corp. (a)

168,900

3,714,111

TOTAL UTILITIES

7,976,804

TOTAL COMMON STOCKS

(Cost $397,729,851)

425,066,046

Money Market Funds - 11.0%

Fidelity Cash Central Fund, 5.34% (b)

10,922,803

10,922,803

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

37,053,150

37,053,150

TOTAL MONEY MARKET FUNDS

(Cost $47,975,953)

47,975,953

TOTAL INVESTMENT PORTFOLIO - 108.6%

(Cost $445,705,804)

473,041,999

NET OTHER ASSETS - (8.6)%

(37,525,226)

NET ASSETS - 100%

$ 435,516,773

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 350,828

Fidelity Securities Lending Cash Central Fund

50,252

Total

$ 401,080

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $447,962,361. Net unrealized appreciation aggregated $25,079,638, of which $47,353,929 related to appreciated investment securities and $22,274,291 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. 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. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Mid Cap Value Fund

October 31, 2006

1.809074.102

MCV-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%

Shares

Value

CONSUMER DISCRETIONARY - 13.1%

Auto Components - 1.2%

Autoliv, Inc.

117,800

$ 6,699,286

Household Durables - 0.7%

Newell Rubbermaid, Inc.

135,700

3,905,446

Media - 0.9%

Liberty Media Holding Corp. - Capital Series A (a)

55,500

4,942,830

Multiline Retail - 4.2%

Dillard's, Inc. Class A

295,800

8,924,286

Family Dollar Stores, Inc.

212,100

6,246,345

JCPenney Co., Inc.

73,400

5,521,882

Nordstrom, Inc.

80,800

3,825,880

24,518,393

Specialty Retail - 5.4%

AnnTaylor Stores Corp. (a)

206,400

9,085,728

Circuit City Stores, Inc.

101,200

2,730,376

OfficeMax, Inc.

208,300

9,910,914

Sherwin-Williams Co.

160,000

9,476,800

31,203,818

Textiles, Apparel & Luxury Goods - 0.7%

Columbia Sportswear Co.

3,932

219,563

Liz Claiborne, Inc.

92,500

3,900,725

4,120,288

TOTAL CONSUMER DISCRETIONARY

75,390,061

CONSUMER STAPLES - 7.1%

Food & Staples Retailing - 3.5%

BJ's Wholesale Club, Inc. (a)

119,300

3,417,945

Kroger Co.

451,300

10,149,737

Safeway, Inc.

233,600

6,858,496

20,426,178

Food Products - 1.6%

Archer-Daniels-Midland Co.

65,300

2,514,050

Corn Products International, Inc.

188,400

6,818,196

9,332,246

Household Products - 1.0%

Energizer Holdings, Inc. (a)

75,600

5,908,140

Tobacco - 1.0%

Loews Corp. - Carolina Group

28,000

1,618,960

UST, Inc.

71,600

3,834,896

5,453,856

TOTAL CONSUMER STAPLES

41,120,420

ENERGY - 4.4%

Energy Equipment & Services - 0.5%

Superior Energy Services, Inc. (a)

93,400

2,923,420

Shares

Value

Oil, Gas & Consumable Fuels - 3.9%

Anadarko Petroleum Corp.

41,500

$ 1,926,430

Overseas Shipholding Group, Inc.

31,200

1,951,560

Sunoco, Inc.

143,400

9,483,042

Tesoro Corp.

146,600

9,373,604

22,734,636

TOTAL ENERGY

25,658,056

FINANCIALS - 31.9%

Capital Markets - 5.0%

Ameriprise Financial, Inc.

221,600

11,412,400

Jefferies Group, Inc.

254,800

7,320,404

Mellon Financial Corp.

94,100

3,651,080

Raymond James Financial, Inc.

194,200

6,187,212

28,571,096

Commercial Banks - 4.7%

City National Corp.

34,900

2,322,944

Colonial Bancgroup, Inc.

409,700

9,767,248

Compass Bancshares, Inc.

86,500

4,866,490

Cullen/Frost Bankers, Inc.

81,400

4,408,624

KeyCorp

161,200

5,986,968

27,352,274

Insurance - 15.8%

ACE Ltd.

104,100

5,959,725

AMBAC Financial Group, Inc.

104,270

8,705,502

American Financial Group, Inc., Ohio

158,600

7,590,596

Assurant, Inc.

107,000

5,634,620

Cincinnati Financial Corp.

192,600

8,792,190

Genworth Financial, Inc. Class A (non-vtg.)

157,600

5,270,144

HCC Insurance Holdings, Inc.

263,300

8,862,678

Philadelphia Consolidated Holdings Corp. (a)

200,400

7,839,648

Reinsurance Group of America, Inc.

135,100

7,619,640

SAFECO Corp.

178,200

10,369,458

The Chubb Corp.

109,360

5,812,484

W.R. Berkley Corp.

243,850

8,988,311

91,444,996

Real Estate Investment Trusts - 3.6%

AMB Property Corp. (SBI)

74,300

4,339,863

Equity Office Properties Trust

106,600

4,530,500

iStar Financial, Inc.

125,100

5,795,883

Taubman Centers, Inc.

128,900

6,045,410

20,711,656

Real Estate Management & Development - 1.0%

Jones Lang LaSalle, Inc.

65,500

6,026,000

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Thrifts & Mortgage Finance - 1.8%

Radian Group, Inc.

183,600

$ 9,785,880

The PMI Group, Inc.

12,100

516,065

10,301,945

TOTAL FINANCIALS

184,407,967

HEALTH CARE - 3.8%

Health Care Providers & Services - 2.5%

AmerisourceBergen Corp.

135,100

6,376,720

CIGNA Corp.

33,900

3,965,622

McKesson Corp.

77,700

3,891,993

14,234,335

Health Care Technology - 1.1%

Emdeon Corp. (a)

241,200

2,809,980

IMS Health, Inc.

121,500

3,383,775

6,193,755

Pharmaceuticals - 0.2%

King Pharmaceuticals, Inc. (a)(d)

73,300

1,226,309

TOTAL HEALTH CARE

21,654,399

INDUSTRIALS - 7.7%

Aerospace & Defense - 0.6%

Precision Castparts Corp.

50,800

3,457,448

Airlines - 0.6%

Southwest Airlines Co.

242,000

3,637,260

Commercial Services & Supplies - 0.4%

Manpower, Inc.

28,900

1,958,553

Machinery - 4.5%

AGCO Corp. (a)

92,500

2,474,375

Cummins, Inc. (d)

28,800

3,657,024

Manitowoc Co., Inc.

134,500

7,381,360

Parker Hannifin Corp.

31,100

2,600,893

Terex Corp. (a)

161,600

8,364,416

Timken Co.

56,800

1,706,840

26,184,908

Road & Rail - 1.6%

CSX Corp.

232,900

8,307,543

Swift Transportation Co., Inc. (a)

41,200

1,036,180

9,343,723

TOTAL INDUSTRIALS

44,581,892

INFORMATION TECHNOLOGY - 7.4%

Computers & Peripherals - 0.6%

Lexmark International, Inc. Class A (a)

54,800

3,484,732

Shares

Value

Electronic Equipment & Instruments - 2.1%

AVX Corp.

381,400

$ 6,010,864

Vishay Intertechnology, Inc. (a)

448,700

6,052,963

12,063,827

IT Services - 0.3%

Computer Sciences Corp. (a)

34,800

1,839,180

Office Electronics - 0.7%

Xerox Corp. (a)

242,400

4,120,800

Semiconductors & Semiconductor Equipment - 3.0%

Atmel Corp. (a)

1,438,500

8,271,375

LSI Logic Corp. (a)

277,800

2,791,890

Micron Technology, Inc. (a)

219,100

3,165,995

NVIDIA Corp. (a)

87,000

3,033,690

17,262,950

Software - 0.7%

BMC Software, Inc. (a)

62,000

1,879,220

Sybase, Inc. (a)

72,600

1,767,810

3,647,030

TOTAL INFORMATION TECHNOLOGY

42,418,519

MATERIALS - 6.7%

Chemicals - 3.4%

Airgas, Inc.

60,800

2,298,848

Albemarle Corp.

85,500

5,560,065

OM Group, Inc. (a)

102,200

5,825,400

Rohm & Haas Co.

86,300

4,472,066

Westlake Chemical Corp.

47,900

1,511,245

19,667,624

Metals & Mining - 3.3%

Allegheny Technologies, Inc.

18,900

1,487,997

Carpenter Technology Corp.

50,000

5,349,500

Commercial Metals Co.

199,800

5,316,678

Phelps Dodge Corp.

21,000

2,107,980

Steel Dynamics, Inc.

80,700

4,850,877

19,113,032

TOTAL MATERIALS

38,780,656

TELECOMMUNICATION SERVICES - 1.8%

Diversified Telecommunication Services - 1.8%

CenturyTel, Inc.

56,000

2,253,440

Qwest Communications International, Inc. (a)

932,300

8,045,749

10,299,189

UTILITIES - 14.7%

Electric Utilities - 6.3%

Allegheny Energy, Inc. (a)

191,200

8,227,336

DPL, Inc. (d)

206,000

5,916,320

Edison International

227,600

10,114,544

Common Stocks - continued

Shares

Value

UTILITIES - continued

Electric Utilities - continued

Pepco Holdings, Inc.

109,200

$ 2,775,864

PPL Corp.

279,700

9,655,244

36,689,308

Gas Utilities - 1.9%

Questar Corp.

86,400

7,039,872

UGI Corp.

143,700

3,808,050

10,847,922

Independent Power Producers & Energy Traders - 2.9%

AES Corp. (a)

405,000

8,905,950

TXU Corp.

125,200

7,903,876

16,809,826

Multi-Utilities - 3.6%

CMS Energy Corp. (a)

155,800

2,319,862

MDU Resources Group, Inc.

140,950

3,619,596

OGE Energy Corp.

145,900

5,628,822

PG&E Corp.

104,900

4,525,386

Wisconsin Energy Corp.

98,300

4,515,902

20,609,568

TOTAL UTILITIES

84,956,624

TOTAL COMMON STOCKS

(Cost $513,576,445)

569,267,783

Investment Companies - 0.9%

iShares Russell Midcap Value Index Fund
(Cost $4,838,237)

34,200

4,841,010

Money Market Funds - 3.2%

Shares

Value

Fidelity Cash Central Fund, 5.34% (b)

9,077,292

$ 9,077,292

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

9,576,625

9,576,625

TOTAL MONEY MARKET FUNDS

(Cost $18,653,917)

18,653,917

TOTAL INVESTMENT PORTFOLIO - 102.7%

(Cost $537,068,599)

592,762,710

NET OTHER ASSETS - (2.7)%

(15,450,877)

NET ASSETS - 100%

$ 577,311,833

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 182,684

Fidelity Securities Lending Cash Central Fund

12,565

Total

$ 195,249

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $537,521,575. Net unrealized appreciation aggregated $55,241,135, of which $61,035,890 related to appreciated investment securities and $5,794,755 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. 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. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Tax-Free Bond Fund

October 31, 2006

1.809079.102

SFB-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 99.1%

Principal Amount

Value

Alabama - 0.4%

Birmingham Wtrwks. & Swr. Board Wtr. & Swr. Rev. Series B, 5% 1/1/43 (MBIA Insured)

$ 1,880,000

$ 1,948,394

Arizona - 1.5%

Arizona Ctfs. of Prtn. Series B, 5.5% 9/1/10 (FSA Insured)

2,200,000

2,344,056

Glendale Indl. Dev. Auth. Hosp. Rev. (John C. Lincoln Health Network Proj.) 5% 12/1/35

750,000

770,348

Phoenix Civic Impt. Corp. Wtr. Sys. Rev. 5% 7/1/29 (MBIA Insured)

1,000,000

1,063,500

Pinal County Indl. Dev. Auth. Correctional Facilities Contract Rev. (Florence West Prison Expansion, LLC Proj.) Series A, 5.25% 10/1/15 (American Cap. Access Corp. Insured)

1,335,000

1,440,318

Univ. of Arizona Univ. Revs. Series 2005 A, 5% 6/1/28 (AMBAC Insured)

1,285,000

1,366,932

6,985,154

Arkansas - 0.3%

Arkansas Gen. Oblig. (College Savings Prog.) Series 2001 A, 0% 6/1/12

1,415,000

1,141,381

California - 13.4%

California Dept. of Wtr. Resources Pwr. Supply Rev. Series A:

5.25% 5/1/11 (FSA Insured)

2,055,000

2,206,906

5.5% 5/1/15 (AMBAC Insured)

600,000

660,360

6% 5/1/14 (MBIA Insured)

1,500,000

1,691,940

California Econ. Recovery:

Series 2004 A, 5.25% 7/1/13

1,000,000

1,097,520

Series A:

5% 7/1/15 (MBIA Insured)

1,000,000

1,094,360

5.25% 7/1/13 (MBIA Insured)

1,600,000

1,761,008

5.25% 7/1/14 (FGIC Insured)

400,000

444,392

California Gen. Oblig.:

5% 2/1/11

1,000,000

1,056,210

5% 12/1/11 (MBIA Insured)

2,000,000

2,140,320

5% 3/1/15

1,000,000

1,089,400

5% 12/1/31 (MBIA Insured)

1,000,000

1,052,760

5.125% 11/1/24

400,000

425,464

5.25% 2/1/14

1,000,000

1,095,460

5.25% 2/1/15

1,240,000

1,358,370

5.25% 2/1/16

500,000

547,415

5.25% 4/1/27

275,000

295,573

5.25% 2/1/28

500,000

533,550

Municipal Bonds - continued

Principal Amount

Value

California - continued

California Gen. Oblig.: - continued

5.25% 2/1/33

$ 1,200,000

$ 1,269,180

5.25% 12/1/33

3,300,000

3,536,049

5.25% 4/1/34

1,300,000

1,390,376

5.5% 3/1/11 (XL Cap. Assurance, Inc. Insured)

500,000

539,600

5.5% 4/1/30

1,870,000

2,058,365

5.5% 11/1/33

2,300,000

2,517,488

5.625% 5/1/20

40,000

42,950

6.6% 2/1/09

150,000

159,977

6.6% 2/1/10

2,215,000

2,415,901

6.75% 8/1/10

500,000

554,490

California Infrastructure & Econ. Dev. Bank Rev. (Clean Wtr. State Revolving Fund Proj.) 5% 10/1/15

2,160,000

2,328,005

California Pub. Works Board Lease Rev.:

(Univ. of California Research Proj.) Series E, 5.25% 10/1/19

2,000,000

2,223,600

Series 2005 A, 5.25% 6/1/30

1,200,000

1,283,688

Series 2005 H, 5% 6/1/18

1,000,000

1,074,230

Series 2005 K, 5% 11/1/16

1,300,000

1,412,749

Series B, 5.25% 11/1/24 (XL Cap. Assurance, Inc. Insured)

1,000,000

1,092,070

California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. (Southern California Edison Co.) 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (c)

1,000,000

1,023,770

California Statewide Cmntys. Dev. Auth. Rev.:

(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.85%, tender 6/1/12 (c)

300,000

300,441

(Kaiser Permanente Health Sys. Proj.) Series 2004 G, 2.3%, tender 5/1/07 (c)

1,000,000

993,440

Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.:

Series A, 5% 1/1/35 (MBIA Insured)

200,000

205,514

5% 1/15/16 (MBIA Insured)

200,000

210,850

5.75% 1/15/40

300,000

312,273

Golden State Tobacco Securitization Corp.:

Series 2003 A1, 6.75% 6/1/39

1,000,000

1,146,420

Series A, 5% 6/1/45

5,200,000

5,361,707

Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series A, 5.125% 7/1/41 (MBIA Insured)

500,000

520,225

Marina Coast Wtr. District Ctfs. Prtn. 5% 6/1/31 (MBIA Insured)

1,500,000

1,590,135

Marina Gen. Oblig. 5.25% 8/1/35 (AMBAC Insured)

1,170,000

1,306,410

North City West School Facilities Fing. Auth. Spl. Tax Series C, 5% 9/1/09 (AMBAC Insured)

1,000,000

1,041,370

Municipal Bonds - continued

Principal Amount

Value

California - continued

Oxnard Fing. Auth. Wastewtr. Rev. (Redwood Trunk Swr. and Headworks Proj.) Series A, 5% 6/1/29 (FGIC Insured)

$ 1,000,000

$ 1,053,550

Sacramento County Sanitation District Fing. Auth. Rev. 5% 12/1/35 (AMBAC Insured)

1,100,000

1,163,580

San Diego Unified School District:

(Election of 1998 Proj.) Series E2, 5.5% 7/1/26 (FSA Insured)

1,000,000

1,186,160

Series F, 5% 7/1/29 (FSA Insured)

300,000

317,379

Southern California Pub. Pwr. Auth. Rev. (Magnolia Pwr. Proj.) Series A, 5% 7/1/36 (AMBAC Insured)

1,000,000

1,047,250

61,230,200

Colorado - 1.7%

Broomfield Coliseum City & County Ctfs. of Prtn. 6% 12/1/29 (AMBAC Insured)

1,750,000

1,869,158

Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.) 0% 7/15/22 (Escrowed to Maturity) (d)

1,000,000

510,720

Colorado Wtr. Resources and Pwr. Dev. Auth. Wtr. Resources Rev. (Parker Wtr. and Sanitation District Proj.) Series D, 5.25% 9/1/43 (MBIA Insured)

1,800,000

1,932,318

Dawson Ridge Metropolitan District #1:

Series 1992 A, 0% 10/1/22 (Escrowed to Maturity) (d)

1,005,000

508,671

Series 1992 B, 0% 10/1/17 (Escrowed to Maturity) (d)

1,000,000

637,540

E-470 Pub. Hwy. Auth. Rev.:

Series 2000 A, 5.75% 9/1/29 (MBIA Insured)

1,000,000

1,090,240

Series B, 0% 9/1/13 (MBIA Insured)

1,415,000

1,082,631

7,631,278

District Of Columbia - 0.6%

District of Columbia Ctfs. of Prtn. (District's Pub. Safety and Emergency Preparedness Communications Ctr. and Related Technology Proj.) 5.5% 1/1/19 (AMBAC Insured)

1,565,000

1,712,893

District of Columbia Gen. Oblig. Series B, 0% 6/1/12 (MBIA Insured)

1,000,000

802,230

District of Columbia Rev. (George Washington Univ. Proj.) Series A, 5.75% 9/15/20 (MBIA Insured)

200,000

212,788

2,727,911

Municipal Bonds - continued

Principal Amount

Value

Florida - 3.0%

Florida Gen. Oblig. (Dept. of Trans. Right of Way Proj.) Series A, 5% 7/1/33

$ 100,000

$ 105,591

Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt Obligated Group Proj.):

Series A, 5% 11/15/16

800,000

848,304

3.95%, tender 9/1/12 (c)

1,500,000

1,499,940

5%, tender 11/16/09 (c)

1,000,000

1,032,640

Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. (Tampa Elec. Co. Proj.) 4%, tender 8/1/07 (c)

3,000,000

2,996,370

JEA Elec. Sys. Rev. Series 3A, 5% 10/1/41 (FSA Insured)

1,700,000

1,786,853

Miami-Dade County Aviation Rev. (Miami Int'l. Arpt. Proj.) Series B, 5% 10/1/37 (FGIC Insured)

1,650,000

1,732,352

Miami-Dade County School District 5% 2/15/14 (MBIA Insured) (b)

1,100,000

1,183,809

Palm Beach County School Board Ctfs. of Prtn. Series C, 5% 8/1/27 (FSA Insured)

1,000,000

1,040,390

Seminole County School Board Ctfs. of Prtn. Series A, 5% 7/1/16 (MBIA Insured)

200,000

217,254

Volusia County School Board Ctfs. of Prtn. (School Board of Volusia County Master Lease Prog.) 5% 8/1/08 (FSA Insured)

1,000,000

1,022,390

13,465,893

Georgia - 1.7%

Atlanta Wtr. & Wastewtr. Rev.:

5% 11/1/37 (FSA Insured)

1,700,000

1,789,182

5% 11/1/43 (FSA Insured)

1,280,000

1,342,720

Augusta Wtr. & Swr. Rev. 5.25% 10/1/39 (FSA Insured)

1,500,000

1,628,145

Colquitt County Dev. Auth. Rev. Series A, 0% 12/1/21 (Escrowed to Maturity) (d)

4,120,000

2,189,862

Savannah Econ. Dev. Auth. Rev. (Southern Care Corp. Proj.) Series C, 0% 12/1/21 (Escrowed to Maturity) (d)

1,595,000

847,774

7,797,683

Illinois - 11.3%

Bolingbrook Gen. Oblig. Series A, 5.375% 1/1/38 (Pre-Refunded to 1/1/12 @ 100) (d)

3,000,000

3,254,490

Chicago Board of Ed. (Westinghouse High School Proj.) Series C, 5.25% 12/1/19 (MBIA Insured)

1,000,000

1,094,340

Chicago Gen. Oblig.:

(City Colleges Proj.) 0% 1/1/30 (FGIC Insured)

1,000,000

364,930

Municipal Bonds - continued

Principal Amount

Value

Illinois - continued

Chicago Gen. Oblig.: - continued

(Neighborhoods Alive 21 Prog.) 5% 1/1/43 (AMBAC Insured)

$ 1,040,000

$ 1,081,798

Series 2004 A, 5.25% 1/1/29 (FSA Insured)

1,200,000

1,285,596

Series A:

5% 1/1/41 (Pre-Refunded to 1/1/15 @ 100) (d)

1,000,000

1,057,550

5.25% 1/1/33 (MBIA Insured)

490,000

515,465

5.25% 1/1/33 (Pre-Refunded to 1/1/11 @ 101) (d)

10,000

10,746

Chicago Motor Fuel Tax Rev.:

Series A, 5% 1/1/33 (AMBAC Insured)

2,000,000

2,080,220

6.125% 1/1/09 (AMBAC Insured)

1,000,000

1,053,060

Chicago Pub. Bldg. Commission Bldg. Rev. (Chicago Transit Auth. Proj.) 5.25% 3/1/16 (Pre-Refunded to 3/1/13 @ 100) (d)

3,000,000

3,277,740

Chicago Transit Auth. Cap. Grant Receipts Rev. 5% 6/1/21 (AMBAC Insured) (b)

1,000,000

1,080,310

Coles, Cumberland, Moultrie & Shelby Counties Cmnty. Unit School District #2, Mattoon 5.35% 2/1/19
(Pre-Refunded to 2/1/11 @ 100) (d)

1,495,000

1,601,295

Cook County Gen. Oblig. Series C, 5% 11/15/25 (AMBAC Insured)

500,000

526,285

DuPage County Cmnty. High School District #108, Lake Park 5.6% 1/1/20 (FSA Insured)

3,175,000

3,497,104

Grundy, Kendall & Will County Cmnty. High School District #111 Gen. Oblig. Series A, 5.5% 5/1/15 (FGIC Insured)

1,000,000

1,125,520

Illinois Dev. Fin. Auth. Retirement 0% 7/15/23 (Escrowed to Maturity) (d)

1,700,000

813,025

Illinois Dev. Fin. Auth. Rev. (Adventist Health Sys. Proj.) Series 1997 A, 5.5% 11/15/13 (MBIA Insured)

1,000,000

1,104,050

Illinois Edl. Facilities Auth. Revs.:

(DePaul Univ. Proj.) 5.65% 10/1/13 (Pre-Refunded to 10/1/07 @ 102) (d)

100,000

103,892

(Northwestern Univ. Proj.) 5% 12/1/38

500,000

522,075

Illinois Gen. Oblig.:

First Series, 5.375% 7/1/11 (MBIA Insured)

1,500,000

1,615,905

Series 2006, 5.5% 1/1/31

1,000,000

1,218,560

5.5% 4/1/17 (MBIA Insured)

400,000

422,728

5.5% 4/1/25 (MBIA Insured)

1,000,000

1,052,560

5.6% 4/1/21 (MBIA Insured)

400,000

423,080

Illinois Health Facilities Auth. Rev. (Lake Forest Hosp. Proj.) Series A, 6% 7/1/17

2,700,000

2,962,386

Municipal Bonds - continued

Principal Amount

Value

Illinois - continued

Illinois Sales Tax Rev.:

First Series, 5.5% 6/15/15

$ 1,200,000

$ 1,290,840

5% 6/15/30 (FSA Insured)

3,000,000

3,171,870

6% 6/15/20

300,000

323,037

Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2006 A2, 5% 1/1/31 (FSA Insured)

1,500,000

1,591,965

Jersey & Greene Counties Cmnty. Unit School
District #100 0% 12/1/18 (FSA Insured)

1,100,000

666,633

Joliet School District #86 Gen. Oblig. Cap. Appreciation 0% 11/1/19 (FSA Insured)

2,260,000

1,311,840

Kane & DuPage Counties Cmnty. Unit School District #303, Saint Charles Series A, 5.5% 1/1/17
(Pre-Refunded to 1/1/12 @ 100) (d)

1,000,000

1,090,680

Kane, McHenry, Cook & DeKalb Counties Cmnty. Unit School District #300, Carpentersville 0% 12/1/17 (AMBAC Insured)

1,000,000

632,500

Lake County Warren Township High School District #121, Gurnee Series C, 5.5% 3/1/23 (AMBAC Insured)

1,000,000

1,113,340

Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev. (McCormick Place Expansion Proj.):

Series 2002 A, 5.75% 6/15/41 (MBIA Insured)

1,400,000

1,534,778

Series A:

0% 6/15/15 (FGIC Insured)

5,250,000

3,741,518

0% 6/15/16 (FGIC Insured)

1,000,000

680,690

0% 12/15/16 (MBIA Insured)

1,935,000

1,289,794

51,584,195

Indiana - 4.6%

Beech Grove School Bldg. Corp. 5.625% 7/5/24 (MBIA Insured)

2,875,000

3,323,241

Clark Pleasant Cmnty. School Bldg. Corp. 5.5% 7/15/16 (Pre-Refunded to 1/15/12 @ 100) (d)

685,000

747,541

Crown Point Multi-School Bldg. Corp. 5% 7/15/19 (FGIC Insured)

1,225,000

1,319,791

Hamilton Southeastern Consolidated School Bldg. Corp. 5.5% 1/15/19 (Pre-Refunded to 7/15/11 @ 100) (d)

1,075,000

1,165,913

Hammond School Bldg. Corp. 5% 7/15/18 (MBIA Insured)

1,000,000

1,076,510

Hobart Bldg. Corp. 6.5% 1/15/29 (FGIC Insured)

1,500,000

1,872,795

Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev. (Clarian Health Partners, Inc. Proj.) Series B, 5% 2/15/09

1,175,000

1,206,784

Municipal Bonds - continued

Principal Amount

Value

Indiana - continued

Indiana Trans. Fin. Auth. Hwy. Series A, 0% 6/1/17 (AMBAC Insured)

$ 1,000,000

$ 646,260

Indianapolis Local Pub. Impt. Bond Bank (Wtrwks. Proj.) Series A, 5.5% 1/1/16 (MBIA Insured)

1,005,000

1,136,082

Muncie School Bldg. Corp. 5.25% 1/10/13 (MBIA Insured)

1,630,000

1,772,218

Petersburg Poll. Cont. Rev. 5.75% 8/1/21

3,000,000

3,212,790

Portage Township Multi-School Bldg. Corp. 5.25% 7/15/26 (MBIA Insured)

1,000,000

1,084,140

Rockport Poll. Cont. Rev.:

(AEP Generating Co. Proj.) Series 1995 A, 4.15%, tender 7/15/11 (AMBAC Insured) (c)

500,000

510,470

4.9%, tender 6/1/07 (c)

1,000,000

1,003,690

South Harrison School Bldg. Corp. Series A, 5.25% 1/15/25 (FSA Insured)

1,000,000

1,085,870

21,164,095

Iowa - 0.7%

Tobacco Settlement Auth. Tobacco Settlement Rev. 5.3% 6/1/25 (Pre-Refunded to 6/1/11 @ 101) (d)

2,800,000

2,984,408

Kansas - 0.6%

Burlington Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.) Series A, 4.75%, tender 10/1/07 (c)

1,000,000

1,008,840

Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L, 5.25% 11/15/14

650,000

703,027

Kansas Dev. Fin. Auth. Rev. (Sisters of Charity of Leavenworth Health Svcs. Corp. Proj.) 5.25% 12/1/09 (MBIA Insured)

225,000

232,450

Lawrence Hosp. Rev.:

5.125% 7/1/14

520,000

560,737

5.25% 7/1/15

200,000

218,138

2,723,192

Kentucky - 0.3%

Kentucky Property & Bldgs. Commission Revs. (#71 Proj.) 5.5% 8/1/09

750,000

786,278

Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev. Series A, 5.25% 5/15/37 (FGIC Insured)

500,000

542,990

1,329,268

Municipal Bonds - continued

Principal Amount

Value

Louisiana - 0.3%

Louisiana Military Dept. 5% 8/1/12

$ 575,000

$ 601,513

Tobacco Settlement Fing. Corp. Series 2001 B, 5.5% 5/15/30

825,000

865,202

1,466,715

Maine - 0.9%

Maine Tpk. Auth. Tpk. Rev.:

Series 2000, 5.75% 7/1/28 (Pre-Refunded to 7/1/10 @ 101) (d)

2,725,000

2,954,881

5.25% 7/1/30 (FSA Insured)

1,000,000

1,081,040

4,035,921

Maryland - 0.5%

Baltimore Convention Ctr. Hotel Rev. Series A, 5.25% 9/1/39 (XL Cap. Assurance, Inc. Insured)

2,000,000

2,162,520

Massachusetts - 4.3%

Massachusetts Bay Trans. Auth. Series A:

5% 7/1/31 (Pre-Refunded to 7/1/15 @ 100) (d)

1,000,000

1,097,870

7% 3/1/09

1,000,000

1,076,590

Massachusetts Fed. Hwy.:

Series 1998 A, 5.25% 6/15/12 (Pre-Refunded to 12/15/08 @ 101) (d)

2,610,000

2,722,204

Series 2000 A, 5.75% 6/15/13

1,000,000

1,080,340

Massachusetts Gen. Oblig.:

Series 2004 D, 5% 12/1/23 (Pre-Refunded to 12/1/14 @ 100) (d)

1,100,000

1,199,836

Series 2005 A, 5% 3/1/23 (Pre-Refunded to 3/1/15 @ 100) (d)

1,500,000

1,641,960

Series 2005 C, 5.25% 9/1/23 (Pre-Refunded to 9/1/15 @ 100) (d)

1,400,000

1,565,438

Series D, 5.25% 10/1/20 (Pre-Refunded to 10/1/13 @ 100) (d)

1,100,000

1,203,103

Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev. Series A, 5.1% 7/1/07 (Escrowed to Maturity) (d)

200,000

202,130

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Series A:

5% 8/15/23 (FSA Insured)

3,000,000

3,210,990

5% 8/15/30 (FSA Insured)

2,500,000

2,651,150

Springfield Gen. Oblig. 5% 8/1/21 (MBIA Insured)

2,040,000

2,186,044

19,837,655

Municipal Bonds - continued

Principal Amount

Value

Michigan - 1.9%

Ann Arbor Bldg. Auth. Series 2000, 5.75% 3/1/15 (Pre-Refunded to 3/1/10 @ 100) (d)

$ 20,000

$ 21,381

Detroit City School District 5.375% 5/1/15
(Pre-Refunded to 5/1/09 @ 101) (d)

375,000

394,451

Detroit Swr. Disp. Rev. Series A, 5.875% 7/1/22
(Pre-Refunded to 1/1/10 @ 101) (d)

150,000

161,535

Detroit Wtr. Supply Sys. Rev. 5.25% 7/1/15 (MBIA Insured)

1,000,000

1,110,000

Ferris State Univ. Rev. 5% 10/1/18 (MBIA Insured)

1,395,000

1,491,687

Fowlerville Cmnty. School District 5.25% 5/1/16 (FGIC Insured)

1,100,000

1,205,424

Livonia Pub. School District Series II, 0% 5/1/21 (FGIC Insured) (Pre-Refunded to 5/1/07 @ 39.31) (d)

1,200,000

463,764

Michigan Muni. Bond Auth. Rev. (Detroit School District Proj.) Series B, 5% 6/1/12 (FSA Insured)

1,000,000

1,065,990

South Redford School District 5% 5/1/22 (MBIA Insured)

1,575,000

1,676,981

Sterling Heights Bldg. Auth. 5.75% 10/1/15
(Pre-Refunded to 10/1/08 @ 100.5) (d)

160,000

167,342

Willow Run Cmnty. Schools County of Washtenaw 5% 5/1/19 (FSA Insured)

1,000,000

1,070,670

8,829,225

Minnesota - 0.7%

Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2001 C, 5.25% 1/1/32 (FGIC Insured)

1,000,000

1,052,520

North St. Paul-Maplewood-Oakdale Independent School District 622 5% 8/1/18 (FSA Insured) (b)

1,300,000

1,423,188

Saint Paul Port Auth. Lease Rev. (HealthEast Midway Campus Proj.) Series 2003 A, 5.75% 5/1/25

700,000

733,824

3,209,532

Missouri - 0.5%

Missouri Envir. Impt. & Energy Resources Auth. Wtr. Poll. Cont. & Drinking Wtr. Rev. (State Revolving Fund Prog.) Series 2003 A, 5.125% 1/1/21

1,000,000

1,070,990

Missouri Highways & Trans. Commission State Road Rev. Series 2001 A, 5.625% 2/1/13

500,000

540,720

Saint Louis Muni. Fin. Corp. Leasehold Rev. (Civil Courts Bldg. Proj.) Series A, 5% 8/1/11 (FSA Insured)

765,000

810,602

2,422,312

Municipal Bonds - continued

Principal Amount

Value

Montana - 0.4%

Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Proj.) Series A, 5.2%, tender 5/1/09 (c)

$ 700,000

$ 717,430

Montana Board of Regents Higher Ed. Rev. (Montana State Univ. Proj.) 5% 11/15/34 (AMBAC Insured)

1,000,000

1,058,950

1,776,380

Nebraska - 0.1%

Omaha Gen. Oblig. 5.75% 12/1/14

380,000

413,679

Nevada - 0.9%

Clark County Hwy. Impt. Rev. (Motor Vehicle Fuel Tax) 5% 7/1/11 (AMBAC Insured)

1,000,000

1,058,650

Clark County School District:

Series 2000 A, 5.75% 6/15/17 (Pre-Refunded to 6/15/10 @ 100) (d)

250,000

268,678

Series F, 5.375% 6/15/11 (FSA Insured)

1,000,000

1,073,960

Las Vegas Valley Wtr. District Series B, 5.25% 6/1/17 (MBIA Insured)

500,000

540,410

Washoe County School District Gen. Oblig. Series D, 5% 6/1/10 (MBIA Insured)

1,000,000

1,047,950

3,989,648

New Hampshire - 0.2%

New Hampshire Health & Ed. Facilities Auth. Rev.
(Dartmouth-Hitchcock Proj.) 5.5% 8/1/27 (FSA Insured)

1,000,000

1,086,760

New Jersey - 2.4%

New Jersey Econ. Dev. Auth. Rev. Series 2005 O:

5.125% 3/1/28

600,000

640,800

5.25% 3/1/21 (MBIA Insured)

1,000,000

1,092,180

5.25% 3/1/23

1,000,000

1,084,050

5.25% 3/1/25

800,000

864,896

5.25% 3/1/26

600,000

648,228

New Jersey Tpk. Auth. Tpk. Rev. Series A, 5% 1/1/25 (FSA Insured)

500,000

533,420

New Jersey Trans. Trust Fund Auth. Series B, 5.25% 12/15/22 (AMBAC Insured)

400,000

457,928

Tobacco Settlement Fing. Corp.:

4.375% 6/1/19

1,080,000

1,080,702

6.125% 6/1/24

1,700,000

1,844,517

6.125% 6/1/42

700,000

761,495

Municipal Bonds - continued

Principal Amount

Value

New Jersey - continued

Tobacco Settlement Fing. Corp.: - continued

6.375% 6/1/32

$ 1,430,000

$ 1,595,723

6.75% 6/1/39

500,000

571,660

11,175,599

New York - 11.9%

Erie County Indl. Dev. Agcy. School Facility Rev. (Buffalo City School District Proj.):

Series 2003:

5.75% 5/1/16 (FSA Insured)

600,000

670,068

5.75% 5/1/21 (FSA Insured)

500,000

549,500

Series 2004, 5.75% 5/1/24 (FSA Insured)

2,225,000

2,508,754

Metropolitan Trans. Auth. Commuter Facilities Rev.:

Series 1992 B, 6.1% 7/1/09 (Escrowed to Maturity) (d)

25,000

26,624

Series 1997 E, 5% 7/1/16 (Pre-Refunded to 7/1/13 @ 100) (d)

10,000

10,822

Metropolitan Trans. Auth. Rev.:

Series A, 5.75% 11/15/32

1,700,000

1,873,366

Series F, 5.25% 11/15/27 (MBIA Insured)

200,000

215,726

Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 4.75% 7/1/19 (Pre-Refunded to 1/1/18 @ 100) (d)

35,000

38,000

New York City Gen. Oblig.:

Series 2005 C, 5% 8/1/11

1,000,000

1,057,380

Series 2005 G:

5% 8/1/15

2,800,000

3,041,332

5.625% 8/1/13 (MBIA Insured)

2,000,000

2,200,740

Series C, 5.75% 3/15/27 (Pre-Refunded to 3/15/12 @ 100) (d)

125,000

138,583

Series J, 5.5% 6/1/19

1,000,000

1,096,870

Subseries 2005 F1, 5.25% 9/1/14

700,000

768,628

New York City Indl. Dev. Agcy. Rev. (Queens Ballpark Co. LLC Proj.) 5% 1/1/22 (AMBAC Insured)

1,000,000

1,079,300

New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.:

Series 2002 A, 5.125% 6/15/34 (FSA Insured)

200,000

210,900

Series E, 5% 6/15/34

1,200,000

1,253,496

New York State Dorm. Auth. Revs.:

(City Univ. Sys. Consolidation Proj.) Series A, 5.75% 7/1/13

1,000,000

1,093,970

(New York Univ. Hosp. Ctr. Proj.) Series A, 5% 7/1/16

2,000,000

2,063,020

Municipal Bonds - continued

Principal Amount

Value

New York - continued

New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev. (New York City Muni. Wtr. Fin. Proj.) 5% 6/15/34

$ 1,000,000

$ 1,056,320

New York State Pwr. Auth. Elec. Sys. Rev.:

Series C, 5% 9/1/35

1,000,000

1,057,210

5% 12/1/26 (XL Cap. Assurance, Inc. Insured)

1,000,000

1,068,210

New York State Thruway Auth. Gen. Rev. Series 2005 G, 5.25% 1/1/27 (FSA Insured)

1,000,000

1,096,060

New York State Thruway Auth. Svc. Contract Rev. 5.5% 4/1/16

305,000

332,157

New York Transitional Fin. Auth. Rev.:

Series 2004 C, 5% 2/1/33 (FGIC Insured)

1,000,000

1,057,140

Series A:

5.5% 11/1/26 (a)

1,000,000

1,081,870

5.75% 2/15/16

5,000

5,392

6% 11/1/28 (a)

3,000,000

3,310,590

Series B:

5% 8/1/32

4,200,000

4,407,900

5.25% 2/1/29 (a)

1,600,000

1,697,792

Sales Tax Asset Receivables Corp. Series A:

5% 10/15/32 (AMBAC Insured)

2,000,000

2,121,020

5.25% 10/15/27 (AMBAC Insured)

1,000,000

1,089,360

Tobacco Settlement Asset Securitization Corp. Series 1, 5.5% 7/15/24 (Pre-Refunded to 7/15/12 @ 100) (d)

970,000

1,041,887

Tobacco Settlement Fing. Corp.:

Series 2003 C1, 5.5% 6/1/19

1,000,000

1,098,090

Series A1:

5.5% 6/1/14

700,000

732,795

5.5% 6/1/15

500,000

530,400

5.5% 6/1/16

1,800,000

1,909,440

5.5% 6/1/17

500,000

537,130

Series C1:

5.5% 6/1/14

300,000

314,055

5.5% 6/1/15

1,085,000

1,150,968

5.5% 6/1/17

700,000

751,982

5.5% 6/1/18

1,100,000

1,195,469

5.5% 6/1/21

4,060,000

4,440,950

5.5% 6/1/22

1,100,000

1,201,211

54,182,477

Municipal Bonds - continued

Principal Amount

Value

North Carolina - 1.9%

Catawba County Ctfs. of Prtn. (Pub. School and Cmnty. College Proj.) 5.25% 6/1/19 (MBIA Insured)

$ 1,800,000

$ 1,962,972

Dare County Ctfs. of Prtn. 5.25% 6/1/21 (AMBAC Insured)

1,110,000

1,205,183

North Carolina Cap. Facilities Fin. Agcy. Rev. (Duke Univ. Proj.) Series A:

5.125% 10/1/41

1,000,000

1,043,330

5.125% 7/1/42

1,600,000

1,680,976

5.25% 7/1/42

500,000

529,895

North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev.:

Series A, 5.5% 1/1/11

600,000

636,036

Series B, 6.125% 1/1/09

130,000

136,152

Series D, 5.375% 1/1/10

550,000

574,211

North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series B, 6.25% 1/1/07

750,000

752,933

8,521,688

North Dakota - 0.3%

Ward County Health Care Facility Rev. (Trinity Med. Ctr. Proj.) 5.125% 7/1/21 (b)

1,065,000

1,123,458

Ohio - 0.3%

Olentangy Local School District:

5.5% 12/1/17 (FSA Insured)

35,000

38,332

5.5% 12/1/17 (Pre-Refunded to 6/1/12 @ 100) (d)

1,260,000

1,382,636

1,420,968

Oklahoma - 0.2%

Oklahoma City Pub. Property Auth. Hotel Tax Rev. 5.5% 10/1/21 (FGIC Insured)

1,000,000

1,117,040

Oregon - 0.6%

Morrow County School District #1 5.625% 6/15/14 (Pre-Refunded to 6/15/11 @ 100) (d)

1,500,000

1,632,735

Yamhill County School District #029J Newberg 5.5% 6/15/18 (FGIC Insured)

1,000,000

1,152,320

2,785,055

Pennsylvania - 2.0%

Annville-Cleona School District 5.5% 3/1/21 (FSA Insured)

1,200,000

1,347,132

Canon McMillan School District:

Series 2001 B, 5.75% 12/1/33 (FGIC Insured)

1,000,000

1,074,160

Series 2002 B, 5.75% 12/1/35 (FGIC Insured)

1,000,000

1,098,080

Municipal Bonds - continued

Principal Amount

Value

Pennsylvania - continued

Easton Area School District Series 2006, 7.75% 4/1/25 (FSA Insured)

$ 500,000

$ 651,320

Pennsylvania Higher Edl. Facilities Auth. Rev. (UPMC Health Sys. Proj.) Series 2001 A, 6% 1/15/22

1,000,000

1,097,220

Philadelphia Gas Works Rev. (1975 Gen. Ordinance Proj.) 17th Series, 5% 7/1/08 (FSA Insured)

1,000,000

1,022,330

Philadelphia School District Series B, 5% 4/1/11 (AMBAC Insured)

1,000,000

1,055,760

Philadelphia Wtr. & Wastewtr. Rev. Series A, 5.25% 8/1/09 (AMBAC Insured)

450,000

464,414

Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A, 0% 8/15/20 (FGIC Insured)

2,500,000

1,394,575

9,204,991

Puerto Rico - 0.7%

Puerto Rico Convention Ctr. District Auth. Hotel Occupancy Tax Rev. Series 2006 A, 5% 7/1/11

1,400,000

1,466,206

Puerto Rico Govt. Dev. Bank Series B, 5% 12/1/12

1,500,000

1,588,470

3,054,676

Rhode Island - 0.6%

Rhode Island Health & Edl. Bldg. Corp. Rev.:

(Lifespan Corp. Proj.) Series A, 5% 5/15/15
(FSA Insured)

1,000,000

1,082,960

Series A, 5.25% 9/15/19 (AMBAC Insured)

1,410,000

1,526,889

2,609,849

South Carolina - 1.6%

Anderson County Joint Muni. Wtr. Sys. Wtrwks. Sys. Rev. 5.5% 7/15/17 (FSA Insured)

1,790,000

1,967,622

Greenville County School District Installment Purp. Rev. 5% 12/1/13

3,450,000

3,720,239

Spartanburg County Health Svcs. District, Inc. Hosp. Rev. 5.5% 4/15/18 (FSA Insured)

1,115,000

1,210,923

Tobacco Settlement Rev. Mgmt. Auth. Series 2001 B, 6.375% 5/15/28

455,000

490,640

7,389,424

Tennessee - 2.0%

Clarksville Natural Gas Acquisition Corp. Gas Rev.:

5% 12/15/13

1,000,000

1,069,670

5% 12/15/15

2,525,000

2,728,212

Municipal Bonds - continued

Principal Amount

Value

Tennessee - continued

Elizabethton Health & Edl. Facilities Board Rev. Series 2000 B:

6% 7/1/12 (MBIA Insured)

$ 2,125,000

$ 2,367,866

6.25% 7/1/13 (MBIA Insured)

2,255,000

2,573,023

Shelby County Health Edl. & Hsg. Facility Board
Hosp. Rev. (Methodist Hosp. Proj.) 6.5% 9/1/26
(Pre-Refunded to 9/1/12 @ 100) (d)

370,000

425,722

9,164,493

Texas - 16.8%

Abilene Independent School District 5% 2/15/13

2,145,000

2,304,931

Austin Elec. Util. Sys. Rev. 7.25% 11/15/10 (FSA Insured)

1,000,000

1,133,060

Austin Independent School District 5.25% 8/1/14

1,000,000

1,101,360

Bexar Metropolitan Wtr. District Wtrwks. Sys. Rev.:

5.375% 5/1/19 (FSA Insured)

215,000

231,712

5.375% 5/1/19 (Pre-Refunded to 5/1/12 @ 100) (d)

1,425,000

1,550,813

Boerne Independent School District 5.25% 2/1/35

1,200,000

1,280,724

Comal Independent School District 0% 2/1/16

2,235,000

1,545,570

Corpus Christi Util. Sys. Rev. 5.25% 7/15/20
(FSA Insured)

1,100,000

1,219,680

Crowley Independent School District 5.25% 8/1/33

500,000

543,680

Cypress-Fairbanks Independent School District 5.25% 2/15/27

1,000,000

1,079,550

Denton County Lewisville Independent School District 5.25% 8/15/27

1,000,000

1,047,720

Denton Independent School District 5% 8/15/33 (b)

1,100,000

1,141,844

East Central Independent School District 5.625% 8/15/17 (e)

1,035,000

1,139,514

Garland Independent School District 5.5% 2/15/19

515,000

544,201

Grand Prairie Independent School District 3.05%, tender 7/31/07 (Liquidity Facility Dexia Cr. Local de France) (c)

4,000,000

3,981,240

Harris County Gen. Oblig.:

Series A, 5.25% 8/15/35 (FSA Insured)

1,200,000

1,265,472

0% 10/1/13 (MBIA Insured)

2,000,000

1,535,600

Harris County Health Facilities Dev. Corp. Rev.
(Saint Luke's Episcopal Hosp. Proj.):

Series 2001 A, 5.5% 2/15/12 (Pre-Refunded to 8/15/11 @ 100) (d)

1,375,000

1,488,149

5.75% 2/15/20 (Pre-Refunded to 8/15/12
@ 100) (d)

1,235,000

1,369,726

Municipal Bonds - continued

Principal Amount

Value

Texas - continued

Hidalgo County Gen. Oblig. 5.75% 8/15/17
(Pre-Refunded to 8/15/11 @ 100) (d)

$ 1,535,000

$ 1,678,031

Houston Arpt. Sys. Rev. Series B:

5.5% 7/1/19 (FSA Insured)

1,500,000

1,596,870

5.5% 7/1/30 (FSA Insured)

600,000

635,574

La Joya Independent School District 5.75% 2/15/19 (Pre-Refunded to 2/15/10 @ 100) (d)

600,000

640,344

Lewisville Independent School District 0% 8/15/18

1,025,000

631,718

Lubbock Gen. Oblig. (Wtrwks. Sys. Surplus Proj.) 5% 2/15/16 (FSA Insured)

1,260,000

1,362,791

Lubbock Health Facilities Dev. Corp. Rev. (Carillon, Inc. Proj.) Series A, 6.5% 7/1/29 (Pre-Refunded to 7/1/09 @ 102) (d)

1,000,000

1,092,430

Magnolia Independent School District 5.25% 8/15/29 (FGIC Insured)

1,300,000

1,413,256

Mansfield Independent School District 5.5% 2/15/17

1,650,000

1,794,969

McAllen Independent School District:

5% 2/15/15

2,000,000

2,175,000

5% 2/15/16

2,610,000

2,826,787

McLennan County Jr. College District 5% 8/15/15
(FSA Insured)

1,120,000

1,212,120

Mercedes Independent School District Series 2000, 5.625% 8/15/15 (Pre-Refunded to 8/15/10
@ 100) (d)

275,000

294,918

Mesquite Independent School District 3.65%, tender 12/1/08 (Liquidity Facility JPMorgan Chase Bank) (c)

500,000

500,000

New Braunfels Independent School District 6% 2/1/09

725,000

762,628

North Forest Independent School District Series A, 5% 8/15/18

2,125,000

2,309,875

Northwest Texas Independent School District 5% 2/15/15

1,145,000

1,245,188

Odessa Wtr. & Swr. Rev. 5.5% 4/1/11 (FSA Insured)

750,000

806,985

Pflugerville Gen. Oblig. 5% 8/1/33 (FGIC Insured)

2,010,000

2,097,475

Red River Ed. Fin. Corp. Ed. Rev. (Hockaday School Proj.) 5.75% 5/15/19 (Pre-Refunded to 5/15/10
@ 100) (d)

200,000

214,418

Sabine River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.) Series A, 5.5%, tender 11/1/11 (c)

3,120,000

3,282,302

San Antonio Elec. & Gas Sys. Rev.:

3.55%, tender 12/1/07 (c)

1,000,000

999,350

5.375% 2/1/20 (Pre-Refunded to 2/1/12 @ 100) (d)

3,000,000

3,246,300

San Marcos Consolidated Independent School District:

5% 8/1/13

1,090,000

1,175,184

Municipal Bonds - continued

Principal Amount

Value

Texas - continued

San Marcos Consolidated Independent School District: - continued

5.125% 8/1/29 (Pre-Refunded to 8/1/14 @ 100) (d)

$ 1,100,000

$ 1,206,986

Socorro Independent School District:

5.375% 8/15/18

60,000

64,447

5.375% 8/15/18 (Pre-Refunded to 8/15/11
@ 100) (d)

940,000

1,014,382

Tarrant County Health Facilities Dev. Corp. Hosp. Rev. 5.375% 11/15/20 (Pre-Refunded to 11/15/08
@ 101) (d)

500,000

522,095

Texas Muni. Pwr. Agcy. Rev.:

0% 9/1/15 (MBIA Insured)

2,340,000

1,655,316

0% 9/1/16 (Escrowed to Maturity) (d)

15,000

10,154

0% 9/1/16 (MBIA Insured)

2,615,000

1,765,047

Texas Pub. Fin. Auth. Rev. (Texas Parks & Wildlife Dept. Projs.) 5.5% 2/1/12 (Pre-Refunded to 2/1/10
@ 100) (d)

150,000

158,834

Texas State Univ. Sys. Fing. Rev. 5% 3/15/12
(FSA Insured)

2,000,000

2,132,440

Texas Tpk. Auth. Central Tpk. Sys. Rev.:

5.5% 8/15/39 (AMBAC Insured)

1,875,000

2,023,838

5.75% 8/15/38 (AMBAC Insured)

1,225,000

1,341,902

Texas Wtr. Dev. Board Rev. Series B, 5.375% 7/15/16

1,000,000

1,055,930

Tyler Health Facilities Dev. Corp. Hosp. Rev.
(Mother Frances Hosp. Reg'l. Health Care Ctr. Proj.) 6% 7/1/27

1,000,000

1,080,900

Univ. of Texas Univ. Revs. (Fing. Sys. Proj.) Series A, 5.5% 8/15/09

100,000

104,983

Waller Consolidated Independent School District 6% 2/15/12 (Pre-Refunded to 2/15/11 @ 100) (d)

175,000

191,814

Weatherford Independent School District 0% 2/15/23 (Pre-Refunded to 2/15/10 @ 42.135) (d)

1,500,000

559,275

White Settlement Independent School District 5.75% 8/15/34

1,150,000

1,262,873

Williamson County Gen. Oblig. 5.5% 2/15/18
(FSA Insured)

5,000

5,359

Willis Independent School District 5% 2/15/13

1,040,000

1,117,542

76,773,176

Municipal Bonds - continued

Principal Amount

Value

Utah - 1.0%

Salt Lake City School District Series B, 5% 3/1/13

$ 1,135,000

$ 1,224,813

Salt Lake County Hosp. Rev. (IHC Health Svcs., Inc. Proj.) 5.5% 5/15/12 (AMBAC Insured)

3,100,000

3,353,084

4,577,897

Vermont - 0.6%

Univ. of Vermont and State Agricultural College 5.5% 10/1/19 (AMBAC Insured)

1,200,000

1,320,384

Vermont Edl. & Health Bldg. Fing. Agcy. Rev.:

(Fletcher Allen Health Care, Inc. Proj.):

Series 2000 A, 6.125% 12/1/27 (AMBAC Insured)

300,000

327,612

Series A, 5.75% 12/1/18 (AMBAC Insured)

200,000

216,076

(Middlebury College Proj. Series A, 5% 10/31/46

1,000,000

1,053,060

2,917,132

Washington - 3.7%

Chelan County Pub. Util. District #1 Columbia River-Rock Island Hydro-Elec. Sys. Rev. Series A:

0% 6/1/28 (MBIA Insured)

1,200,000

457,428

0% 6/1/29 (MBIA Insured)

1,000,000

363,720

Clark County Pub. Util. District #1 Elec. Rev. Series A, 5.5% 1/1/17 (FSA Insured)

1,570,000

1,713,906

Energy Northwest Elec. Rev. (#1 Proj.):

Series 2006 A, 5% 7/1/15

1,000,000

1,087,810

Series B, 6% 7/1/17 (MBIA Insured)

2,000,000

2,230,740

Grant County Pub. Util. District #2 Wanapum Hydro Elec. Rev. Series A, 5% 1/1/18 (FGIC Insured)

1,095,000

1,168,978

King County School District #414, Lake Washington 5.25% 12/1/15 (Pre-Refunded to 12/1/10
@ 100) (d)

1,000,000

1,064,760

Washington Gen. Oblig.:

Series 2001 C, 5.25% 1/1/16

1,000,000

1,065,180

Series C, 5.25% 1/1/26 (FSA Insured)

500,000

530,800

Washington Health Care Facilities Auth. Rev. (Providence Health Systems Proj.) Series 2001 A, 5.5% 10/1/13 (MBIA Insured)

1,750,000

1,889,405

Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev.:

Series A, 5% 7/1/12 (FSA Insured)

3,000,000

3,121,050

5.4% 7/1/12 (FSA Insured)

1,000,000

1,086,590

Yakima County Gen. Oblig. 5.25% 12/1/15 (AMBAC Insured)

1,000,000

1,080,250

16,860,617

Municipal Bonds - continued

Principal Amount

Value

Wisconsin - 1.3%

Douglas County Gen. Oblig. 5.5% 2/1/18 (FGIC Insured)

$ 605,000

$ 654,187

Evansville Cmnty. School District 5% 4/1/16 (FSA Insured)

1,000,000

1,094,170

Wisconsin Gen. Oblig. Series 1, 5% 5/1/10 (MBIA Insured)

500,000

523,630

Wisconsin Health & Edl. Facilities Auth. Rev.:

(Marshfield Clinic Proj.) Series B, 6% 2/15/25

1,000,000

1,077,550

(Wheaton Franciscan Svcs., Inc. Proj.):

5.75% 8/15/30

1,000,000

1,079,730

6.25% 8/15/22

500,000

557,600

Series A, 5.375% 2/15/34

1,000,000

1,060,280

6,047,147

Wyoming - 0.4%

Gillette Spl. Purp. Wtr. & Swr. Utils. Sys. Rev. 7.7% 12/1/10 (Escrowed to Maturity) (d)

1,800,000

2,037,096

TOTAL INVESTMENT PORTFOLIO - 99.1%

(Cost $442,310,039)

452,906,182

NET OTHER ASSETS - 0.9%

4,239,042

NET ASSETS - 100%

$ 457,145,224

Legend

(a) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

(c) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(d) Security collateralized by an amount sufficient to pay interest and principal.

(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 $1,139,514 or 0.2% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

East Central Independent School District 5.625% 8/15/17

8/16/02

$ 1,140,280

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $442,311,134. Net unrealized appreciation aggregated $10,595,048, of which $11,082,407 related to appreciated investment securities and $487,359 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotes are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Investments in open-end mutual funds are valued at their closing net asset value each business day. 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.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Utilities Fund

October 31, 2006

1.809082.102

UIF-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 7.6%

Media - 7.6%

Comcast Corp. Class A (d)

3,109,400

$ 126,459

INDUSTRIALS - 0.1%

Machinery - 0.1%

Basin Water, Inc. (d)

283,213

2,362

MATERIALS - 0.4%

Chemicals - 0.4%

Zoltek Companies, Inc. (a)(d)

248,200

6,222

TELECOMMUNICATION SERVICES - 43.1%

Diversified Telecommunication Services - 33.2%

AT&T, Inc. (d)

5,951,483

203,840

BellSouth Corp.

2,748,800

123,971

Level 3 Communications, Inc. (a)

3,864,400

20,443

NeuStar, Inc. Class A (a)

74,600

2,180

Qwest Communications International, Inc. (a)

3,790,600

32,713

Time Warner Telecom, Inc. Class A (sub. vtg.) (a)

393,000

7,836

Verizon Communications, Inc.

4,338,705

160,532

Windstream Corp.

40,020

549

552,064

Wireless Telecommunication Services - 9.9%

ALLTEL Corp.

645,300

34,401

Dobson Communications Corp. Class A

662,500

5,141

Leap Wireless International, Inc. (a)

159,900

8,868

NII Holdings, Inc. (a)(d)

312,100

20,296

Sprint Nextel Corp. (d)

4,776,901

89,280

Telephone & Data Systems, Inc.

116,100

5,671

163,657

TOTAL TELECOMMUNICATION SERVICES

715,721

UTILITIES - 44.6%

Electric Utilities - 21.6%

Allegheny Energy, Inc. (a)

332,600

14,312

American Electric Power Co., Inc.

797,800

33,053

DPL, Inc.

748,700

21,503

Edison International

501,000

22,264

Entergy Corp.

478,500

41,070

Exelon Corp.

1,198,100

74,258

FirstEnergy Corp.

555,600

32,697

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Electric Utilities - continued

FPL Group, Inc.

1,273,800

$ 64,964

Northeast Utilities

304,500

7,616

PPL Corp.

807,600

27,878

Progress Energy, Inc.

273,100

12,563

Sierra Pacific Resources

431,700

6,545

358,723

Gas Utilities - 1.6%

AGL Resources, Inc.

157,900

5,921

Energen Corp.

81,600

3,494

ONEOK, Inc.

139,200

5,795

Questar Corp.

101,100

8,238

Southern Union Co.

99,800

2,762

26,210

Independent Power Producers & Energy Traders - 9.8%

AES Corp. (a)

3,414,784

75,091

Constellation Energy Group, Inc.

316,600

19,756

Mirant Corp. (a)

45,173

1,336

NRG Energy, Inc.

238,700

11,493

TXU Corp.

858,500

54,197

161,873

Multi-Utilities - 10.8%

Alliant Energy Corp.

153,900

5,902

CenterPoint Energy, Inc.

790,400

12,235

CMS Energy Corp. (a)

1,378,700

20,529

DTE Energy Co.

243,900

11,080

Duke Energy Corp.

2,066,292

65,377

Public Service Enterprise Group, Inc.

362,900

22,155

Sempra Energy

370,600

19,657

Suez SA (France)

244,200

10,928

Wisconsin Energy Corp.

264,600

12,156

180,019

Water Utilities - 0.8%

Aqua America, Inc.

535,300

12,981

TOTAL UTILITIES

739,806

TOTAL COMMON STOCKS

(Cost $1,445,201)

1,590,570

Money Market Funds - 13.3%

Shares

Value (000s)

Fidelity Cash Central Fund, 5.34% (b)

85,861,446

$ 85,861

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

134,227,975

134,228

TOTAL MONEY MARKET FUNDS

(Cost $220,089)

220,089

TOTAL INVESTMENT PORTFOLIO - 109.1%

(Cost $1,665,290)

1,810,659

NET OTHER ASSETS - (9.1)%

(150,300)

NET ASSETS - 100%

$ 1,660,359

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 2,264

Fidelity Securities Lending Cash Central Fund

200

Total

$ 2,464

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,691,738,000. Net unrealized appreciation aggregated $118,921,000, of which $187,404,000 related to appreciated investment securities and $68,483,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. 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. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 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 Devonshire 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 Devonshire Trust

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

December 20, 2006

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:

December 20, 2006

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

December 20, 2006