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, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Equity-Income Fund

October 31, 2004

EQU-QTLY-1204

1.809096.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.9%
Auto Components - 0.1%
TRW Automotive Holdings Corp.	1,373,650		$25,220
Automobiles - 0.4%
Toyota Motor Corp. ADR	1,075,800		83,471
Hotels, Restaurants & Leisure - 1.2%
Caesars Entertainment, Inc. (a)	5,914,700		105,873
McDonald's Corp.	5,885,200		171,554
Six Flags, Inc. (a)	1,479,486		7,457
Wendy's International, Inc.	248,400		8,289
			293,173
Household Durables - 1.1%
Koninklijke Philips Electronics NV (NY Shares)	1,391,200		33,138
LG Electronics, Inc.	538,450		30,398
Maytag Corp.	3,116,820		54,233
Newell Rubbermaid, Inc.	3,992,300		86,074
Sony Corp. sponsored ADR	1,319,100		45,971
The Stanley Works	396,400		17,648
			267,462
Media - 5.8%
Clear Channel Communications, Inc.	6,213,000		207,514
Comcast Corp. Class A (a)	6,506,837		191,952
Fox Entertainment Group, Inc. Class A (a)	1,039,300		30,826
Liberty Media Corp. Class A (a)	8,932,256		79,676
Liberty Media International, Inc. Class A (a)	1,410,119		50,835
The Reader's Digest Association, Inc. (non-vtg.)	2,759,029		38,847
Time Warner, Inc. (a)	16,348,090		272,032
Viacom, Inc. Class B (non-vtg.)	8,891,719		324,459
Vivendi Universal SA sponsored ADR (a)	2,074,600		56,906
Walt Disney Co.	6,342,210		159,951
			1,412,998
Multiline Retail - 0.4%
Big Lots, Inc. (a)	4,240,900		52,545
Dollar Tree Stores, Inc. (a)	149,100		4,309
Family Dollar Stores, Inc.	149,100		4,406
Sears, Roebuck & Co.	1,032,700		36,145
			97,405
Specialty Retail - 0.7%
Abercrombie & Fitch Co. Class A	1,486,100		58,225
Gap, Inc.	2,912,400		58,190
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Office Depot, Inc. (a)	419,200		$6,787
Toys 'R' Us, Inc. (a)	2,939,200		52,935
			176,137
Textiles Apparel & Luxury Goods - 0.2%
Liz Claiborne, Inc.	1,423,000		58,172
TOTAL CONSUMER DISCRETIONARY			2,414,038
CONSUMER STAPLES - 5.7%
Beverages - 0.4%
Anheuser-Busch Companies, Inc.	1,914,900		95,649
Food & Staples Retailing - 1.1%
Albertsons, Inc.	1,653,100		37,707
CVS Corp.	3,007,000		130,684
Wal-Mart Stores, Inc.	2,074,400		111,852
			280,243
Food Products - 1.0%
Campbell Soup Co.	493,900		13,256
General Mills, Inc.	495,300		21,917
H.J. Heinz Co.	637,980		23,191
Kellogg Co.	440,300		18,933
Kraft Foods, Inc. Class A	2,128,500		70,900
Unilever PLC sponsored ADR	2,608,200		88,914
			237,111
Household Products - 1.8%
Colgate-Palmolive Co.	4,268,900		190,478
Kimberly-Clark Corp.	2,684,200		160,166
Procter & Gamble Co.	1,607,600		82,277
			432,921
Personal Products - 0.7%
Gillette Co.	4,121,500		170,960
Tobacco - 0.7%
Altria Group, Inc.	3,525,800		170,860
TOTAL CONSUMER STAPLES			1,387,744
ENERGY - 11.4%
Energy Equipment & Services - 2.5%
Baker Hughes, Inc.	3,170,300		135,784
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
BJ Services Co.	1,238,255		$63,151
Halliburton Co.	1,628,500		60,320
Noble Corp. (a)	1,888,580		86,270
Schlumberger Ltd. (NY Shares)	4,087,300		257,255
			602,780
Oil & Gas - 8.9%
Apache Corp.	1,453,610		73,698
BP PLC sponsored ADR	5,687,204		331,280
ChevronTexaco Corp.	5,836,682		309,694
Exxon Mobil Corp.	16,095,474		792,219
Royal Dutch Petroleum Co. (NY Shares)	1,532,500		83,123
Total SA:
Series B	893,343		186,316
sponsored ADR	3,821,703		398,527
			2,174,857
TOTAL ENERGY			2,777,637
FINANCIALS - 29.8%
Capital Markets - 4.7%
Bank of New York Co., Inc.	7,310,334		237,293
Charles Schwab Corp.	13,627,900		124,695
Credit Suisse Group sponsored ADR	1,678,400		57,519
Janus Capital Group, Inc.	5,294,300		80,738
LaBranche & Co., Inc. (a)	1,167,500		8,278
Mellon Financial Corp.	3,945,000		114,011
Merrill Lynch & Co., Inc.	3,788,500		204,352
Morgan Stanley	4,683,960		239,304
Nomura Holdings, Inc.	4,203,000		51,151
State Street Corp.	890,800		40,131
			1,157,472
Commercial Banks - 7.6%
Bank of America Corp.	17,882,216		800,934
Comerica, Inc.	1,644,739		101,168
Lloyds Tsb Group PLC	5,140,501		40,714
Royal Bank of Scotland Group PLC	1,435,009		42,325
State Bank of India	1,013,632		10,603
Sumitomo Mitsui Financial Group, Inc.	8,885		57,843
U.S. Bancorp, Delaware	5,610,402		160,514
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - continued
Wachovia Corp.	6,902,952		$339,694
Wells Fargo & Co.	5,121,268		305,842
			1,859,637
Consumer Finance - 1.4%
American Express Co.	3,837,700		203,667
MBNA Corp.	3,309,100		84,812
MoneyGram International, Inc.	2,420,509		45,021
			333,500
Diversified Financial Services - 5.7%
CIT Group, Inc.	2,517,400		101,703
Citigroup, Inc.	15,278,385		677,902
J.P. Morgan Chase & Co.	15,972,049		616,521
			1,396,126
Insurance - 7.4%
ACE Ltd.	5,382,427		204,855
Allianz AG sponsored ADR	2,574,300		27,416
Allstate Corp.	4,860,300		233,732
American International Group, Inc.	9,824,957		596,473
Assurant, Inc.	624,300		16,844
Conseco, Inc. (a)	1,723,800		28,891
Fondiaria-Sai Spa	1,223,320		28,226
Genworth Financial, Inc. Class A	2,497,100		59,581
Hartford Financial Services Group, Inc.	2,534,400		148,212
Marsh & McLennan Companies, Inc.	1,440,600		39,847
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	279,685		27,445
Old Republic International Corp.	1,191,500		27,822
St. Paul Travelers Companies, Inc.	5,837,290		198,234
The Chubb Corp.	1,281,400		92,427
XL Capital Ltd. Class A	843,400		61,147
			1,791,152
Real Estate - 0.1%
CarrAmerica Realty Corp.	436,800		14,078
Reckson Associates Realty Corp.	443,900		13,472
			27,550
Thrifts & Mortgage Finance - 2.9%
Fannie Mae	6,630,200		465,109
Freddie Mac	1,602,900		106,753
Housing Development Finance Corp. Ltd.	2,557,300		36,124
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
MGIC Investment Corp.	447,600		$28,785
Sovereign Bancorp, Inc.	2,922,300		63,268
			700,039
TOTAL FINANCIALS			7,265,476
HEALTH CARE - 7.6%
Health Care Equipment & Supplies - 1.3%
Baxter International, Inc.	7,224,000		222,210
PerkinElmer, Inc.	1,242,100		25,513
Thermo Electron Corp. (a)	2,485,600		72,082
			319,805
Health Care Providers & Services - 1.1%
Cardinal Health, Inc.	1,424,600		66,600
HCA, Inc.	765,200		28,106
McKesson Corp.	2,826,200		75,346
Tenet Healthcare Corp. (a)	4,907,900		52,613
UnitedHealth Group, Inc.	764,400		55,343
			278,008
Pharmaceuticals - 5.2%
Abbott Laboratories	1,920,100		81,854
Bristol-Myers Squibb Co.	5,692,500		133,375
GlaxoSmithKline PLC sponsored ADR	982,900		41,675
Johnson & Johnson	4,765,700		278,222
Merck & Co., Inc.	5,894,500		184,557
Pfizer, Inc.	8,208,800		237,645
Schering-Plough Corp.	8,561,600		155,051
Wyeth	3,728,500		147,835
			1,260,214
TOTAL HEALTH CARE			1,858,027
INDUSTRIALS - 12.1%
Aerospace & Defense - 3.6%
Bombardier, Inc. Class B (sub. vtg.)	10,481,900		24,099
EADS NV	3,468,969		99,217
Honeywell International, Inc.	6,814,550		229,514
Lockheed Martin Corp.	3,264,600		179,847
Northrop Grumman Corp.	2,052,940		106,240
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Aerospace & Defense - continued
Raytheon Co.	1,657,006		$60,448
The Boeing Co.	2,096,800		104,630
United Technologies Corp.	859,280		79,758
			883,753
Air Freight & Logistics - 0.1%
Ryder System, Inc.	677,300		33,933
Airlines - 0.2%
Southwest Airlines Co.	3,659,200		57,706
Commercial Services & Supplies - 0.4%
Waste Management, Inc.	2,929,400		83,429
Construction & Engineering - 0.2%
Fluor Corp.	826,300		38,373
Electrical Equipment - 0.3%
Emerson Electric Co.	1,245,600		79,781
Industrial Conglomerates - 3.8%
3M Co.	744,600		57,759
General Electric Co.	9,914,700		338,290
Hutchison Whampoa Ltd.	5,878,000		45,121
Siemens AG sponsored ADR	564,400		42,183
Textron, Inc.	1,962,700		133,758
Tyco International Ltd.	9,721,140		302,814
			919,925
Machinery - 2.5%
Caterpillar, Inc.	1,172,200		94,409
Deere & Co.	443,900		26,536
Dover Corp.	1,952,600		76,679
Eaton Corp.	539,800		34,520
Illinois Tool Works, Inc.	406,400		37,503
Ingersoll-Rand Co. Ltd. Class A	2,450,746		167,729
Navistar International Corp. (a)	1,161,400		40,126
SPX Corp.	3,583,700		137,435
			614,937
Road & Rail - 1.0%
Burlington Northern Santa Fe Corp.	3,056,200		127,780
Union Pacific Corp.	1,856,700		116,916
			244,696
TOTAL INDUSTRIALS			2,956,533
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - 6.0%
Communications Equipment - 0.7%
Lucent Technologies, Inc. (a)	10,924,000		$38,780
Motorola, Inc.	5,529,900		95,446
Nokia Corp. sponsored ADR	2,712,100		41,821
			176,047
Computers & Peripherals - 1.8%
Hewlett-Packard Co.	8,898,561		166,047
International Business Machines Corp.	2,001,700		179,653
Storage Technology Corp. (a)	1,628,700		44,007
Sun Microsystems, Inc. (a)	9,038,400		40,944
			430,651
Electronic Equipment & Instruments - 0.8%
Agilent Technologies, Inc. (a)	991,000		24,834
Arrow Electronics, Inc. (a)	1,815,500		43,499
Avnet, Inc. (a)	3,641,100		61,753
Solectron Corp. (a)	12,686,900		66,226
			196,312
IT Services - 0.1%
Ceridian Corp. (a)	1,782,800		30,753
Office Electronics - 0.3%
Xerox Corp. (a)	4,253,600		62,826
Semiconductors & Semiconductor Equipment - 1.3%
Analog Devices, Inc.	1,833,400		73,813
Applied Materials, Inc. (a)	496,200		7,989
Intel Corp.	4,719,500		105,056
Micron Technology, Inc. (a)	4,199,700		51,152
Rohm Co. Ltd.	335,400		34,480
Samsung Electronics Co. Ltd.	137,750		54,079
Teradyne, Inc. (a)	247,800		4,104
			330,673
Software - 1.0%
Microsoft Corp.	8,635,800		241,716
TOTAL INFORMATION TECHNOLOGY			1,468,978
MATERIALS - 6.5%
Chemicals - 2.6%
Arch Chemicals, Inc.	1,074,350		30,458
Dow Chemical Co.	5,044,200		226,686
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Eastman Chemical Co.	1,076,200		$51,087
Ferro Corp.	840,700		17,714
Great Lakes Chemical Corp.	1,470,200		37,667
Hercules Trust II unit	31,600		26,369
Lubrizol Corp.	493,100		17,125
Lyondell Chemical Co.	3,110,962		71,490
Millennium Chemicals, Inc. (a)	2,092,757		44,952
Olin Corp.	1,851,700		34,627
PolyOne Corp. (a)	2,710,100		20,515
Praxair, Inc.	1,540,260		64,999
			643,689
Containers & Packaging - 0.4%
Smurfit-Stone Container Corp. (a)	5,749,421		99,810
Metals & Mining - 2.1%
Alcan, Inc.	2,195,200		101,572
Alcoa, Inc.	6,590,776		214,200
Freeport-McMoRan Copper & Gold, Inc. Class B	1,866,830		67,617
Phelps Dodge Corp.	1,310,100		114,686
			498,075
Paper & Forest Products - 1.4%
Bowater, Inc.	883,800		32,559
Georgia-Pacific Corp.	3,108,090		107,509
International Paper Co.	2,310,300		88,970
Weyerhaeuser Co.	1,708,000		106,989
			336,027
TOTAL MATERIALS			1,577,601
TELECOMMUNICATION SERVICES - 5.3%
Diversified Telecommunication Services - 5.1%
BellSouth Corp.	12,261,201		327,006
Level 3 Communications, Inc. (a)	1,480,300		4,974
Qwest Communications International, Inc. (a)	7,107,600		24,308
SBC Communications, Inc.	16,553,544		418,143
Sprint Corp.	2,664,600		55,823
Verizon Communications, Inc.	10,103,644		395,052
			1,225,306
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 0.2%
Crown Castle International Corp. (a)	1,267,000		$19,398
KDDI Corp.	6,845		32,985
			52,383
TOTAL TELECOMMUNICATION SERVICES			1,277,689
UTILITIES - 3.0%
Electric Utilities - 1.7%
Entergy Corp.	1,800,500		117,681
FirstEnergy Corp.	1,287,000		53,192
PG&E Corp. (a)	904,200		28,971
TXU Corp.	1,619,461		99,143
Wisconsin Energy Corp.	3,245,900		105,946
			404,933
Multi-Utilities & Unregulated Power - 1.3%
Dominion Resources, Inc.	2,993,900		192,568
Public Service Enterprise Group, Inc.	2,484,300		105,806
SCANA Corp.	335,900		12,462
			310,836
TOTAL UTILITIES			715,769
TOTAL COMMON STOCKS (Cost $18,827,944)		23,699,492
Convertible Preferred Stocks - 1.2%

CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.1%
General Motors Corp.:
Series B, 5.25%	863,700		20,038
Series C, 6.25%	577,800		15,364
			35,402
Hotels, Restaurants & Leisure - 0.1%
Six Flags, Inc. 7.25% PIERS	821,600		16,925
Media - 0.0%
J.N. Taylor Holdings Ltd. 9.5% (a)	956,400		0
TOTAL CONSUMER DISCRETIONARY			52,327
Convertible Preferred Stocks - continued
	Shares		Value (000s)
FINANCIALS - 0.5%
Capital Markets - 0.1%
State Street Corp. 6.75%	56,800		$11,827
Consumer Finance - 0.2%
Ford Motor Co. Capital Trust II 6.50%	976,600		48,814
Insurance - 0.2%
Conseco, Inc. Series B, 5.50%	323,900		7,527
The Chubb Corp.:
7.00%	363,600		10,194
Series B, 7.00%	274,000		7,741
Travelers Property Casualty Corp. 4.50%	500,000		11,012
XL Capital Ltd. 6.50%	914,100		21,884
			58,358
TOTAL FINANCIALS			118,999
HEALTH CARE - 0.1%
Health Care Equipment & Supplies - 0.0%
Baxter International, Inc. 7.00%	343,300		17,642
Pharmaceuticals - 0.1%
Schering-Plough Corp. 6.00%	429,200		21,985
TOTAL HEALTH CARE			39,627
INFORMATION TECHNOLOGY - 0.4%
Communications Equipment - 0.2%
Motorola, Inc. 7.00%	918,300		45,363
Office Electronics - 0.2%
Xerox Corp. Series C, 6.25%	328,778		43,363
TOTAL INFORMATION TECHNOLOGY			88,726
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $303,612)		299,679

Corporate Bonds - 0.6%
	Principal Amount (000s)		Value (000s)
Convertible Bonds - 0.6%
CONSUMER DISCRETIONARY - 0.4%
Hotels, Restaurants & Leisure - 0.1%
Royal Caribbean Cruises Ltd. liquid yield option note 0% 2/2/21	$25,420		$14,140
Media - 0.2%
Liberty Media Corp.3.5% 1/15/31 (e)	24,460		22,320
News America, Inc. liquid yield option note 0% 2/28/21 (e)	49,080		28,344
			50,664
Specialty Retail - 0.1%
Gap, Inc. 5.75% 3/15/09	19,340		24,682
J. Baker, Inc. 7% 6/1/49 (d)	13,300		0
			24,682
TOTAL CONSUMER DISCRETIONARY			89,486
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Navistar Financial Corp. 4.75% 4/1/09 (e)	5,734		5,564
Insurance - 0.0%
Loews Corp. 3.125% 9/15/07	11,000		10,794
TOTAL FINANCIALS			16,358
INDUSTRIALS - 0.2%
Commercial Services & Supplies - 0.1%
ADT Operations, Inc. liquid yield option note 0% 7/6/10	19,295		32,666
Industrial Conglomerates - 0.1%
Tyco International Group SA yankee 3.125% 1/15/23	11,750		17,694
TOTAL INDUSTRIALS			50,360
INFORMATION TECHNOLOGY - 0.0%
Electronic Equipment & Instruments - 0.0%
Celestica, Inc. liquid yield option note 0% 8/1/20	1,230		683
TOTAL CONVERTIBLE BONDS			156,887
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Media - 0.0%
XM Satellite Radio, Inc. 12% 6/15/10	$133		$156
TOTAL CORPORATE BONDS (Cost $148,940)		157,043

Money Market Funds - 0.7%
	Shares
Fidelity Cash Central Fund, 1.79% (b)	139,866,993		139,867
Fidelity Securities Lending Cash Central Fund, 1.77% (b)(c)	20,498,450		20,498
TOTAL MONEY MARKET FUNDS (Cost $160,365)		160,365
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $19,440,861)			24,316,579
NET OTHER ASSETS - 0.2%			52,385
NET ASSETS - 100%		$24,368,964

Security Type Abbreviations

PIERS-Preferred Income Equity
Redeemable Securities

Legend

(a)Non-income producing

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

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

(d)Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(e)Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $56,228,000 or 0.2% of net assets.

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $19,452,111,000. Net unrealized appreciation aggregated $4,864,468,000, of which $6,428,654,000 related to appreciated investment securities and $1,564,186,000 related to depreciated investment securities.

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Structured Large Cap Growth Fund

October 31, 2004

LCG-QTLY-1204

1.809091.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
CONSUMER DISCRETIONARY - 15.2%
Household Durables - 8.9%
D.R. Horton, Inc.	31,100		$933,000
Harman International Industries, Inc.	2,900		348,522
KB Home	11,400		937,650
M.D.C. Holdings, Inc.	10,700		821,225
Ryland Group, Inc.	4,000		381,560
			3,421,957
Multiline Retail - 0.6%
Target Corp.	5,000		250,100
Specialty Retail - 4.3%
Aeropostale, Inc. (a)	13,800		435,390
American Eagle Outfitters, Inc.	19,100		780,808
Urban Outfitters, Inc. (a)	10,200		418,200
			1,634,398
Textiles Apparel & Luxury Goods - 1.4%
Timberland Co. Class A (a)	8,500		521,900
TOTAL CONSUMER DISCRETIONARY			5,828,355
CONSUMER STAPLES - 11.7%
Beverages - 0.0%
PepsiCo, Inc.	100		4,958
Food & Staples Retailing - 5.4%
BJ's Wholesale Club, Inc. (a)	5,300		153,859
Costco Wholesale Corp.	19,300		925,242
Wal-Mart Stores, Inc.	18,300		986,736
			2,065,837
Food Products - 3.7%
Corn Products International, Inc.	7,900		388,680
Kellogg Co.	3,100		133,300
Pilgrims Pride Corp. Class B	11,700		316,368
Smithfield Foods, Inc. (a)	12,100		293,183
Tyson Foods, Inc. Class A	19,700		285,650
			1,417,181
Personal Products - 2.6%
Avon Products, Inc.	2,500		98,875
Gillette Co.	21,100		875,228
			974,103
TOTAL CONSUMER STAPLES			4,462,079
ENERGY - 1.6%
Oil & Gas - 1.6%
ChevronTexaco Corp.	2,700		143,262
Exxon Mobil Corp.	4,700		231,334
Sunoco, Inc.	2,200		163,592
Tesoro Petroleum Corp. (a)	2,000		60,560
			598,748

	Shares		Value
FINANCIALS - 8.3%
Commercial Banks - 0.7%
Wachovia Corp.	5,900		$290,339
Consumer Finance - 2.4%
MBNA Corp.	36,400		932,932
Insurance - 2.8%
ACE Ltd.	16,700		635,602
MetLife, Inc.	11,200		429,520
			1,065,122
Thrifts & Mortgage Finance - 2.4%
Countrywide Financial Corp.	28,500		910,005
TOTAL FINANCIALS			3,198,398
HEALTH CARE - 22.7%
Biotechnology - 2.6%
Cephalon, Inc. (a)	7,600		362,292
Invitrogen Corp. (a)	11,100		642,690
			1,004,982
Health Care Equipment & Supplies - 6.1%
Bausch & Lomb, Inc.	6,100		371,856
Guidant Corp.	10,400		692,848
Kinetic Concepts, Inc.	8,600		428,538
Medtronic, Inc.	5,900		301,549
Mine Safety Appliances Co.	4,200		158,424
ResMed, Inc. (a)	4,900		230,300
Waters Corp. (a)	3,300		136,257
			2,319,772
Health Care Providers & Services - 8.6%
Aetna, Inc.	9,400		893,000
CIGNA Corp.	8,400		533,064
Coventry Health Care, Inc. (a)	16,200		662,580
Laboratory Corp. of America Holdings (a)	15,500		709,900
UnitedHealth Group, Inc.	6,905		499,922
			3,298,466
Pharmaceuticals - 5.4%
Johnson & Johnson	14,200		828,996
Pfizer, Inc.	22,460		650,217
Sepracor, Inc. (a)	12,800		587,904
			2,067,117
TOTAL HEALTH CARE			8,690,337
INDUSTRIALS - 8.0%
Aerospace & Defense - 1.9%
The Boeing Co.	14,300		713,570
Building Products - 2.2%
Masco Corp.	24,200		829,092
Industrial Conglomerates - 1.7%
Tyco International Ltd.	21,500		669,725
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - 0.3%
Briggs & Stratton Corp.	1,600		$114,896
Road & Rail - 1.9%
J.B. Hunt Transport Services, Inc.	18,305		747,942
TOTAL INDUSTRIALS			3,075,225
INFORMATION TECHNOLOGY - 27.7%
Communications Equipment - 4.4%
Cisco Systems, Inc. (a)	31,300		601,273
Motorola, Inc.	24,500		422,870
QUALCOMM, Inc.	15,600		652,236
			1,676,379
Computers & Peripherals - 4.3%
Apple Computer, Inc. (a)	19,200		1,008,576
International Business Machines Corp.	7,000		628,250
			1,636,826
Internet Software & Services - 5.3%
Akamai Technologies, Inc. (a)	57,762		800,004
Yahoo!, Inc. (a)	34,420		1,245,660
			2,045,664
Office Electronics - 1.3%
Xerox Corp. (a)	32,300		477,071
Semiconductors & Semiconductor Equipment - 8.8%
Analog Devices, Inc.	10,700		430,782
Applied Materials, Inc. (a)	9,500		152,950
Intel Corp.	37,000		823,620
Lam Research Corp. (a)	37,500		976,125
Marvell Technology Group Ltd. (a)	10,600		302,842
Micron Technology, Inc. (a)	15,100		183,918
Silicon Storage Technology, Inc. (a)	67,100		499,895
			3,370,132
Software - 3.6%
Microsoft Corp.	27,400		766,926
Oracle Corp. (a)	9,000		113,940
Parametric Technology Corp. (a)	96,800		502,392
			1,383,258
TOTAL INFORMATION TECHNOLOGY			10,589,330
MATERIALS - 1.2%
Metals & Mining - 1.2%
Nucor Corp.	1,000		42,230
Phelps Dodge Corp.	4,700		411,438
			453,668

	Shares		Value
TELECOMMUNICATION SERVICES - 1.2%
Wireless Telecommunication Services - 1.2%
Nextel Communications, Inc. Class A (a)	11,200		$296,688
Western Wireless Corp. Class A (a)	5,500		160,270
			456,958
UTILITIES - 0.1%
Multi-Utilities & Unregulated Power - 0.1%
AES Corp. (a)	4,600		50,140
TOTAL COMMON STOCKS (Cost $34,572,661)		37,403,238
Money Market Funds - 4.1%

Fidelity Cash Central Fund, 1.79% (b) (Cost $1,548,896)	1,548,896	1,548,896

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $36,121,557)

38,952,134

NET OTHER ASSETS - (1.8)%		(672,593)
NET ASSETS - 100%		$38,279,541

Legend

(a)Non-income producing

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $36,286,797. Net unrealized appreciation aggregated $2,665,337, of which $3,465,716 related to appreciated investment securities and $800,379 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Structured Mid Cap Growth Fund

October 31, 2004

MCG-QTLY-1204

1.809081.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
CONSUMER DISCRETIONARY - 22.5%
Automobiles - 0.5%
Harley-Davidson, Inc.	5,200		$299,364
Hotels, Restaurants & Leisure - 4.6%
Buffalo Wild Wings, Inc.	4,300		123,840
Caesars Entertainment, Inc. (a)	12,800		229,120
Harrah's Entertainment, Inc.	2,700		158,004
International Game Technology	13,000		429,520
Mandalay Resort Group	4,300		295,840
Marriott International, Inc. Class A	5,700		310,593
MGM MIRAGE (a)	6,600		355,080
Penn National Gaming, Inc. (a)	7,900		328,087
Station Casinos, Inc.	7,100		361,745
Yum! Brands, Inc.	6,300		274,050
			2,865,879
Household Durables - 4.7%
Black & Decker Corp.	1,400		112,392
D.R. Horton, Inc.	23,900		717,000
Fortune Brands, Inc.	2,600		189,332
Harman International Industries, Inc.	5,400		648,972
KB Home	7,400		608,650
M.D.C. Holdings, Inc.	5,000		383,750
Ryland Group, Inc.	3,100		295,709
			2,955,805
Internet & Catalog Retail - 0.5%
Coldwater Creek, Inc. (a)	13,000		299,260
Media - 4.2%
E.W. Scripps Co. Class A	2,600		124,072
Getty Images, Inc. (a)	2,000		118,260
Interpublic Group of Companies, Inc. (a)	18,900		231,714
McGraw-Hill Companies, Inc.	4,500		388,125
Navarre Corp. (a)	12,700		190,500
NTL, Inc. (a)	2,700		179,577
Omnicom Group, Inc.	5,000		394,500
R.H. Donnelley Corp. (a)	8,200		444,850
Univision Communications, Inc. Class A (a)	6,000		185,760
XM Satellite Radio Holdings, Inc. Class A (a)	12,600		407,232
			2,664,590
Multiline Retail - 0.4%
Dollar General Corp.	7,800		150,150
Nordstrom, Inc.	3,200		138,176
			288,326
Specialty Retail - 6.7%
Abercrombie & Fitch Co. Class A	7,800		305,604
Aeropostale, Inc. (a)	13,200		416,460
American Eagle Outfitters, Inc.	15,700		641,816
AnnTaylor Stores Corp. (a)	15,650		351,499
Bed Bath & Beyond, Inc. (a)	11,100		452,769
Chico's FAS, Inc. (a)	5,200		208,156

	Shares		Value
Foot Locker, Inc.	12,900		$314,760
Limited Brands, Inc.	10,100		250,278
Pacific Sunwear of California, Inc. (a)	4,000		93,760
RadioShack Corp.	15,600		466,908
TJX Companies, Inc.	3,700		88,726
Urban Outfitters, Inc. (a)	14,300		586,300
			4,177,036
Textiles Apparel & Luxury Goods - 0.9%
Coach, Inc. (a)	4,300		200,509
Timberland Co. Class A (a)	5,900		362,260
			562,769
TOTAL CONSUMER DISCRETIONARY			14,113,029
CONSUMER STAPLES - 3.2%
Food & Staples Retailing - 0.5%
SUPERVALU, Inc.	8,900		262,461
Whole Foods Market, Inc.	900		73,287
			335,748
Food Products - 1.4%
Corn Products International, Inc.	7,600		373,920
Pilgrims Pride Corp. Class B	6,200		167,648
Smithfield Foods, Inc. (a)	13,200		319,836
			861,404
Household Products - 0.2%
Clorox Co.	2,000		109,200
Personal Products - 1.1%
Avon Products, Inc.	6,300		249,165
Estee Lauder Companies, Inc. Class A	10,500		450,975
			700,140
TOTAL CONSUMER STAPLES			2,006,492
ENERGY - 4.9%
Energy Equipment & Services - 1.0%
Baker Hughes, Inc.	10,600		453,998
BJ Services Co.	3,200		163,200
			617,198
Oil & Gas - 3.9%
Houston Exploration Co. (a)	8,000		468,800
Newfield Exploration Co. (a)	4,700		273,540
Quicksilver Resources, Inc. (a)	9,200		290,996
Sunoco, Inc.	7,900		587,444
Tesoro Petroleum Corp. (a)	19,800		599,544
Valero Energy Corp.	3,800		163,286
XTO Energy, Inc.	1,900		63,422
			2,447,032
TOTAL ENERGY			3,064,230
Common Stocks - continued
	Shares		Value
FINANCIALS - 8.4%
Capital Markets - 2.1%
American Capital Strategies Ltd.	9,300		$287,835
Legg Mason, Inc.	2,550		162,461
Northern Trust Corp.	16,700		710,418
T. Rowe Price Group, Inc.	2,700		150,579
			1,311,293
Commercial Banks - 1.4%
Comerica, Inc.	2,600		159,926
Synovus Financial Corp.	26,700		725,973
Westcorp	400		15,968
			901,867
Consumer Finance - 0.4%
Capital One Financial Corp.	3,500		258,160
Diversified Financial Services - 1.6%
Chicago Mercantile Exchange Holdings, Inc. Class A	1,500		263,595
CIT Group, Inc.	10,300		416,120
Moody's Corp.	4,100		319,021
			998,736
Insurance - 0.8%
ACE Ltd.	5,100		194,106
AMBAC Financial Group, Inc.	4,300		335,658
			529,764
Real Estate - 1.2%
Catellus Development Corp.	4,400		126,896
Host Marriott Corp.	20,600		299,730
Ventas, Inc.	11,100		298,590
			725,216
Thrifts & Mortgage Finance - 0.9%
Countrywide Financial Corp.	11,800		376,774
Fremont General Corp.	5,100		109,650
New York Community Bancorp, Inc.	3,200		58,752
			545,176
TOTAL FINANCIALS			5,270,212
HEALTH CARE - 17.8%
Biotechnology - 3.2%
Affymetrix, Inc. (a)	2,100		64,050
Celgene Corp. (a)	10,000		296,200
Cephalon, Inc. (a)	9,500		452,865
Genzyme Corp. - General Division (a)	7,500		393,525
Invitrogen Corp. (a)	11,400		660,060
MedImmune, Inc. (a)	4,400		125,048
			1,991,748
Health Care Equipment & Supplies - 5.6%
Bausch & Lomb, Inc.	7,900		481,584
Biomet, Inc.	8,000		373,440
C.R. Bard, Inc.	2,400		136,320
Dade Behring Holdings, Inc. (a)	9,000		506,610

	Shares		Value
Fisher Scientific International, Inc. (a)	2,352		$134,911
Kinetic Concepts, Inc.	8,400		418,572
Mine Safety Appliances Co.	11,800		445,096
ResMed, Inc. (a)	9,700		455,900
Respironics, Inc. (a)	2,500		127,725
Waters Corp. (a)	10,100		417,029
			3,497,187
Health Care Providers & Services - 5.7%
Aetna, Inc.	4,300		408,500
Anthem, Inc. (a)	1,000		80,400
Beverly Enterprises, Inc. (a)	17,700		153,813
CIGNA Corp.	5,000		317,300
Coventry Health Care, Inc. (a)	10,100		413,090
DaVita, Inc. (a)	5,050		149,581
eResearchTechnology, Inc. (a)	7,450		87,091
IMS Health, Inc.	9,600		203,328
Laboratory Corp. of America Holdings (a)	13,700		627,460
Lincare Holdings, Inc. (a)	10,500		385,980
Quest Diagnostics, Inc.	2,900		253,866
Sierra Health Services, Inc. (a)	7,500		357,900
UnitedHealth Group, Inc.	2,284		165,362
			3,603,671
Pharmaceuticals - 3.3%
Allergan, Inc.	4,500		322,020
Atrix Laboratories, Inc. (a)	6,500		201,370
Bone Care International, Inc. (a)	16,800		385,812
First Horizon Pharmaceutical Corp. (a)	7,400		181,892
Impax Laboratories, Inc. (a)	13,000		191,880
IVAX Corp. (a)	8,750		158,375
Sepracor, Inc. (a)	13,300		610,869
			2,052,218
TOTAL HEALTH CARE			11,144,824
INDUSTRIALS - 12.4%
Aerospace & Defense - 0.5%
L-3 Communications Holdings, Inc.	4,300		283,499
Air Freight & Logistics - 1.0%
Expeditors International of Washington, Inc.	10,500		599,550
Building Products - 1.6%
American Standard Companies, Inc. (a)	12,200		446,154
Masco Corp.	16,400		561,864
			1,008,018
Commercial Services & Supplies - 5.5%
Avery Dennison Corp.	1,900		115,596
Copart, Inc. (a)	19,600		364,168
CoStar Group, Inc. (a)	8,000		322,960
Dun & Bradstreet Corp. (a)	4,200		237,552
H&R Block, Inc.	7,300		347,115
Korn/Ferry International (a)	19,400		337,560
Pitney Bowes, Inc.	2,800		122,500
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - continued
Robert Half International, Inc.	10,200		$270,606
Sothebys Holdings, Inc. Class A (ltd. vtg.) (a)	27,700		517,713
Teletech Holdings, Inc. (a)	42,200		422,000
The Brink's Co.	12,200		391,620
			3,449,390
Machinery - 2.4%
Briggs & Stratton Corp.	5,400		387,774
Cummins, Inc.	6,300		441,504
Terex Corp. (a)	7,500		285,000
Toro Co.	5,700		389,025
			1,503,303
Road & Rail - 1.2%
J.B. Hunt Transport Services, Inc.	18,300		747,738
Trading Companies & Distributors - 0.2%
Fastenal Co.	2,700		149,121
TOTAL INDUSTRIALS			7,740,619
INFORMATION TECHNOLOGY - 24.9%
Communications Equipment - 3.9%
Carrier Access Corp. (a)	72,400		640,016
Comverse Technology, Inc. (a)	16,300		336,432
Foundry Networks, Inc. (a)	10,000		121,300
JDS Uniphase Corp. (a)	45,300		143,601
Juniper Networks, Inc. (a)	12,200		324,642
Plantronics, Inc.	9,200		400,200
Research in Motion Ltd. (a)	5,400		475,995
			2,442,186
Computers & Peripherals - 2.8%
Apple Computer, Inc. (a)	12,600		661,878
Brocade Communications Systems, Inc. (a)	11,100		75,369
Lexmark International, Inc. Class A (a)	5,000		415,550
NCR Corp. (a)	3,400		191,590
Network Appliance, Inc. (a)	11,100		271,617
QLogic Corp. (a)	4,100		133,250
			1,749,254
Electronic Equipment & Instruments - 2.1%
Amphenol Corp. Class A (a)	6,600		226,578
Avnet, Inc. (a)	20,600		349,376
FARO Technologies, Inc. (a)	11,200		278,320
Mettler-Toledo International, Inc. (a)	6,800		325,720
Sanmina-SCI Corp. (a)	14,500		116,000
Vishay Intertechnology, Inc. (a)	3,400		43,962
			1,339,956

	Shares		Value
Internet Software & Services - 1.8%
Akamai Technologies, Inc. (a)	41,800		$578,930
InfoSpace, Inc. (a)	10,200		535,500
			1,114,430
IT Services - 2.7%
Affiliated Computer Services, Inc. Class A (a)	11,000		600,050
Cognizant Technology Solutions Corp. Class A (a)	5,600		190,400
DST Systems, Inc. (a)	8,900		399,165
Paychex, Inc.	9,400		308,264
SunGard Data Systems, Inc. (a)	6,300		166,887
			1,664,766
Office Electronics - 0.5%
Xerox Corp. (a)	21,200		313,124
Semiconductors & Semiconductor Equipment - 6.6%
Altera Corp. (a)	15,800		359,134
Analog Devices, Inc.	4,400		177,144
Broadcom Corp. Class A (a)	4,900		132,545
Cree, Inc. (a)	8,800		303,688
Intersil Corp. Class A	7,200		117,504
KLA-Tencor Corp. (a)	8,500		387,005
Lam Research Corp. (a)	29,700		773,088
Marvell Technology Group Ltd. (a)	15,800		451,406
Microchip Technology, Inc.	7,200		217,800
Micron Technology, Inc. (a)	7,000		85,260
National Semiconductor Corp. (a)	15,400		257,180
Sigmatel, Inc. (a)	2,400		70,800
Silicon Laboratories, Inc. (a)	900		26,973
Silicon Storage Technology, Inc. (a)	89,200		664,540
Teradyne, Inc. (a)	5,200		86,112
			4,110,179
Software - 4.5%
Activision, Inc. (a)	17,000		246,160
Adobe Systems, Inc.	12,100		677,963
Autodesk, Inc.	4,300		226,825
Intuit, Inc. (a)	4,800		217,728
Macrovision Corp. (a)	13,300		359,632
Parametric Technology Corp. (a)	87,200		452,568
Sonic Solutions, Inc. (a)	10,800		214,380
THQ, Inc. (a)	24,100		455,490
			2,850,746
TOTAL INFORMATION TECHNOLOGY			15,584,641
MATERIALS - 2.8%
Chemicals - 0.8%
Ecolab, Inc.	4,000		135,400
Terra Industries, Inc. (a)	45,800		350,370
			485,770
Metals & Mining - 2.0%
Carpenter Technology Corp.	8,600		408,156
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Cleveland-Cliffs, Inc. (a)	2,200		$160,380
Freeport-McMoRan Copper & Gold, Inc. Class B	2,300		83,306
Metal Management, Inc. (a)	2,600		47,320
Nucor Corp.	3,200		135,136
Phelps Dodge Corp.	4,900		428,946
			1,263,244
TOTAL MATERIALS			1,749,014
TELECOMMUNICATION SERVICES - 1.3%
Wireless Telecommunication Services - 1.3%
Nextel Partners, Inc. Class A (a)	18,500		311,540
Western Wireless Corp. Class A (a)	16,800		489,552
			801,092
UTILITIES - 0.6%
Multi-Utilities & Unregulated Power - 0.6%
AES Corp. (a)	34,500		376,050
TOTAL COMMON STOCKS (Cost $56,332,995)		61,850,203
Money Market Funds - 2.4%

Fidelity Cash Central Fund, 1.79% (b) (Cost $1,490,447)	1,490,447		1,490,447
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $57,823,442)		63,340,650
NET OTHER ASSETS - (1.2)%		(779,868)
NET ASSETS - 100%		$62,560,782

Legend

(a)Non-income producing

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $58,068,384. Net unrealized appreciation aggregated $5,272,266, of which $6,993,566 related to appreciated investment securities and $1,721,300 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Spartan ® Tax-Free Bond Fund

October 31, 2004

SFB-QTLY-1204

1.809079.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 97.0%
	Principal Amount	Value
Alabama - 0.0%
Jefferson County Swr. Rev. Series D, 5.65% 2/1/17 (Pre-Refunded to 2/1/07 @ 101) (d)	$105,000	$114,371
Arizona - 1.2%
Arizona State Univ. Revs. 5.75% 7/1/27 (FGIC Insured)	2,500,000	2,809,300
Arkansas - 0.4%
Arkansas Gen. Oblig. (College Savings Prog.) Series 2001 A, 0% 6/1/12	1,415,000	1,067,618
California - 8.9%
California Dept. of Wtr. Resources Pwr. Supply Rev.:
Series 2002 A, 5.125% 5/1/18 (FGIC Insured)	1,000,000	1,096,120
Series A:
5.5% 5/1/15 (AMBAC Insured)	600,000	679,836
5.875% 5/1/16	1,000,000	1,148,280
6% 5/1/14 (MBIA Insured)	1,500,000	1,764,795
California Econ. Recovery Series 2004 A, 5% 7/1/16	500,000	539,560
California Gen. Oblig.:
5% 2/1/11	1,000,000	1,099,260
5% 12/1/11 (MBIA Insured)	2,000,000	2,241,340
5.25% 2/1/14	1,000,000	1,116,760
5.25% 2/1/15	500,000	558,380
5.25% 2/1/16	500,000	555,215
5.5% 3/1/11 (XL Cap. Assurance, Inc. Insured)	500,000	568,745
5.5% 4/1/30	200,000	214,630
6.6% 2/1/09	150,000	172,077
6.6% 2/1/10	2,190,000	2,554,350
6.75% 6/1/06	1,020,000	1,093,205
6.75% 8/1/10	500,000	592,965
California Infrastructure & Econ. Dev. Bank Rev. (Clean Wtr. State Revolving Fund Proj.) 5% 10/1/15	2,135,000	2,353,453
California Statewide Cmntys. Dev. Auth. Rev. (Kaiser Permanente Health Sys. Proj.) Series 2004 G, 2.3%, tender 5/1/07 (b)	1,000,000	997,590
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.:
Series A, 5% 1/1/35 (MBIA Insured)	200,000	202,734
5% 1/15/16 (MBIA Insured)	200,000	214,768
5.75% 1/15/40	300,000	303,222
Municipal Bonds - continued
	Principal Amount	Value
California - continued
Golden State Tobacco Securitization Corp. Series 2003 B, 5.75% 6/1/23	$1,000,000	$1,039,840
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series A, 5.125% 7/1/41 (MBIA Insured)	500,000	512,240
		21,619,365
Colorado - 3.2%
Broomfield Coliseum City & County Ctfs. of Prtn. 6% 12/1/29 (AMBAC Insured)	1,750,000	1,986,268
Douglas and Elbert Counties School District #RE1 Series 2002 B, 5.75% 12/15/19 (Pre-Refunded to 12/15/12 @ 100) (d)	1,000,000	1,181,760
E-470 Pub. Hwy. Auth. Rev.:
Series 2000 A, 5.75% 9/1/29 (MBIA Insured)	1,000,000	1,121,430
Series B, 0% 9/1/13 (MBIA Insured)	1,415,000	996,599
El Paso County School District #49, Falcon 5.5% 12/1/21 (FGIC Insured)	1,500,000	1,678,725
Larimer County School District #R1, Poudre:
5.75% 12/15/17 (Pre-Refunded to 12/15/13 @ 100) (d)	275,000	325,520
6% 12/15/17 (Pre-Refunded to 12/15/10 @ 100) (d)	500,000	585,065
		7,875,367
Connecticut - 0.7%
Connecticut Gen. Oblig.:
Series 2002 B, 5.5% 6/15/18	235,000	264,878
Series D, 5.375% 11/15/18	1,000,000	1,117,170
Connecticut Health & Edl. Facilities Auth. Rev. (Greenwich Hosp. Proj.) Series A, 5.8% 7/1/26 (MBIA Insured)	205,000	220,006
		1,602,054
District Of Columbia - 0.8%
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	1,769,749
District of Columbia Rev. (George Washington Univ. Proj.) Series A, 5.75% 9/15/20 (MBIA Insured)	200,000	226,204
		1,995,953
Municipal Bonds - continued
	Principal Amount	Value
Florida - 1.5%
Florida Board of Ed. Lottery Rev. Series B, 6% 7/1/15 (FGIC Insured)	$200,000	$232,342
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. (Tampa Elec. Co. Proj.) 4%, tender 8/1/07 (b)	3,000,000	3,072,000
Seminole County School Board Ctfs. of Prtn. Series A, 5% 7/1/16 (MBIA Insured) (a)	200,000	217,634
		3,521,976
Illinois - 15.9%
Bolingbrook Gen. Oblig. Series A, 5.375% 1/1/38 (FGIC Insured)	3,000,000	3,164,640
Chicago Gen. Oblig.:
(City Colleges Proj.) 0% 1/1/30 (FGIC Insured)	1,000,000	262,350
(Neighborhoods Alive 21 Prog.) Series 2000 A, 6% 1/1/28 (FGIC Insured)	1,100,000	1,240,470
Series A, 5% 1/1/41 (MBIA Insured)	1,000,000	1,015,530
Chicago Motor Fuel Tax Rev. 6.125% 1/1/09 (AMBAC Insured)	1,000,000	1,137,730
Chicago Transit Auth. Cap. Grant Receipts Rev. (Douglas Branch Proj.) Series 2003 B, 4.25% 6/1/08 (AMBAC Insured)	600,000	609,588
Coles & Cumberland Counties Cmnty. Unit School District #2 5.35% 2/1/19 (FGIC Insured)	1,495,000	1,635,560
DuPage County Cmnty. High School District #108, Lake Park 5.6% 1/1/20 (FSA Insured)	3,175,000	3,602,038
Illinois Dev. Fin. Auth. Rev. (Adventist Health Sys. Proj.) Series 1997 A, 5.5% 11/15/13 (MBIA Insured)	1,000,000	1,148,310
Illinois Edl. Facilities Auth. Revs. (DePaul Univ. Proj.) 5.65% 10/1/13 (AMBAC Insured)	100,000	110,560
Illinois Gen. Oblig.:
5.5% 4/1/17 (MBIA Insured)	400,000	441,728
5.5% 4/1/25 (MBIA Insured)	1,000,000	1,079,130
5.6% 4/1/21 (MBIA Insured)	400,000	441,400
Illinois Health Facilities Auth. Rev. (Lake Forest Hosp. Proj.) Series A, 6% 7/1/17	2,700,000	2,989,629
Illinois Sales Tax Rev.:
First Series, 5.5% 6/15/15	1,200,000	1,348,164
6% 6/15/20	300,000	343,812
Jersey & Greene Counties Cmnty. Unit School District #100 0% 12/1/18 (FSA Insured)	1,100,000	586,542
Kane & DuPage Counties Cmnty. Unit School District #303, Saint Charles Series A, 5.5% 1/1/17 (FSA Insured)	1,000,000	1,123,070
Municipal Bonds - continued
	Principal Amount	Value
Illinois - continued
Kane County School District #129, Aurora West Side Series A, 5.75% 2/1/21 (FGIC Insured)	$1,445,000	$1,635,726
Kane, McHenry, Cook & DeKalb Counties Cmnty. Unit School District #300, Carpentersville 5.5% 12/1/14 (MBIA Insured)	5,500,000	6,236,328
Lake County Warren Township High School District #121, Gurnee Series C, 5.5% 3/1/23 (AMBAC Insured)	1,000,000	1,124,760
McHenry County Conservation District Series A, 5.625% 2/1/21 (FGIC Insured)	750,000	826,658
Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev. (McCormick Place Expansion Proj.):
Series 2002 A:
0% 12/15/32 (MBIA Insured)	1,000,000	228,500
5.75% 6/15/41 (MBIA Insured)	1,400,000	1,562,162
Series A:
0% 6/15/15 (FGIC Insured)	5,000,000	3,209,800
0% 6/15/16 (FGIC Insured)	1,000,000	610,180
0% 6/15/37 (MBIA Insured)	2,100,000	377,433
0% 6/15/38 (MBIA Insured)	1,150,000	194,776
0% 6/15/39 (MBIA Insured)	1,000,000	160,630
Univ. of Illinois Auxiliary Facilities Sys. Rev. Series A, 6% 4/1/15 (Pre-Refunded to 4/1/10 @ 101) (d)	155,000	181,414
		38,628,618
Indiana - 4.5%
Anderson Ind. School Bldg. Corp. 5.5% 1/15/28 (FSA Insured)	500,000	544,035
Beech Grove School Bldg. Corp. 5.625% 7/5/24 (MBIA Insured)	1,875,000	2,172,300
Clark Pleasant Cmnty. School Bldg. Corp. 5.5% 7/15/16 (AMBAC Insured)	685,000	771,098
Indiana Health Facilities Fing. Auth. Hosp. Rev. 5.5% 2/15/30 (MBIA Insured)	1,000,000	1,067,560
Indianapolis Local Pub. Impt. Bond Bank (Wtrwks. Proj.) Series A, 5% 1/1/09 (MBIA Insured)	2,000,000	2,183,100
Petersburg Poll. Cont. Rev. 5.75% 8/1/21	3,000,000	3,126,750
Rockport Poll. Cont. Rev. 4.9%, tender 6/1/07 (b)	1,000,000	1,044,240
		10,909,083
Iowa - 1.0%
Tobacco Settlement Auth. Tobacco Settlement Rev. 5.3% 6/1/25	2,800,000	2,367,540
Municipal Bonds - continued
	Principal Amount	Value
Kansas - 1.2%
Burlington Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.):
Series A, 4.75%, tender 10/1/07 (b)	$1,000,000	$1,046,990
Series C, 2.38%, tender 9/1/05 (b)	1,000,000	997,540
Kansas Dev. Fin. Auth. Pub. Wtr. Supply Revolving Ln. Fund Rev.:
(Sisters of Charity Leavenworth Health Svc. Co. Proj.) 5.25% 12/1/09 (MBIA Insured)	225,000	246,724
Series 2000 2, 5.75% 4/1/16 (Pre-Refunded to 10/1/10 @ 100) (d)	600,000	694,380
		2,985,634
Kentucky - 0.6%
Kentucky Property & Bldgs. Commission Revs. (#71 Proj.) 5.5% 8/1/09	750,000	840,533
Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev. Series A, 5.25% 5/15/37 (FGIC Insured)	500,000	533,455
		1,373,988
Maine - 2.7%
Maine Tpk. Auth. Tpk. Rev.:
Series 2000, 5.75% 7/1/28 (FGIC Insured)	5,025,000	5,583,780
5.25% 7/1/30 (FSA Insured)	1,000,000	1,061,760
		6,645,540
Massachusetts - 2.2%
Massachusetts Bay Trans. Auth. Series A, 7% 3/1/09	1,000,000	1,173,670
Massachusetts Fed. Hwy. Series 2000 A, 5.75% 6/15/13	1,000,000	1,135,780
Massachusetts Gen. Oblig. Series A, 4.5% 1/1/09 (Pre-Refunded to 1/1/08 @ 101) (d)	1,500,000	1,612,065
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev. Series A, 5.1% 7/1/07 (Escrowed to Maturity) (d)	200,000	215,552
Massachusetts Spl. Oblig. Dedicated Tax Rev. 5.75% 1/1/32 (FGIC Insured)	1,000,000	1,131,000
		5,268,067
Michigan - 1.4%
Ann Arbor Bldg. Auth. Series 2000, 5.75% 3/1/15 (FGIC Insured)	20,000	22,558
Detroit City School District 5.375% 5/1/15 (FGIC Insured)	375,000	411,176
Municipal Bonds - continued
	Principal Amount	Value
Michigan - continued
Detroit Gen. Oblig. Series A, 5% 4/1/09 (FSA Insured) (a)	$1,000,000	$1,090,250
Detroit Swr. Disp. Rev. Series A, 5.875% 7/1/22 (Pre-Refunded to 1/1/10 @ 101) (d)	135,000	156,267
Detroit Wtr. Supply Sys. Rev. Series 2001 A, 5.25% 7/1/33 (FGIC Insured)	50,000	52,160
Fowlerville Cmnty. School District 5.25% 5/1/16 (FGIC Insured)	1,100,000	1,235,960
Michigan Hosp. Fin. Auth. Hosp. Rev. (Ascension Health Cr. Group Proj.) Series A, 6.125% 11/15/26 (Pre-Refunded to 11/15/09 @ 101) (d)	100,000	116,994
Oakland Univ. Rev. 5.75% 5/15/26 (Pre-Refunded to 5/15/05 @ 102) (d)	50,000	52,028
Sterling Heights Bldg. Auth. 5.75% 10/1/15 (FGIC Insured)	160,000	178,083
		3,315,476
Missouri - 1.0%
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	1,083,620
Missouri Highways & Trans. Commission State Road Rev. Series 2001 A, 5.625% 2/1/13	500,000	567,485
Saint Louis Muni. Fin. Corp. Leasehold Rev. (Civil Courts Bldg. Proj.) Series A, 5% 8/1/11 (FSA Insured)	765,000	850,382
		2,501,487
Montana - 0.6%
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Projs.) Series A, 5.2%, tender 5/1/09 (b)	400,000	424,504
Montana Board of Regents Higher Ed. Rev. (Montana State Univ. Proj.) 5% 11/15/34 (AMBAC Insured)	1,000,000	1,028,970
		1,453,474
Nebraska - 0.2%
Omaha Gen. Oblig. 5.75% 12/1/14	380,000	438,976
Nevada - 1.2%
Clark County Gen. Oblig. Series 2000, 5.5% 7/1/30 (MBIA Insured)	500,000	534,130
Clark County School District Series 2000 A:
5.75% 6/15/17 (Pre-Refunded to 6/15/10 @ 100) (d)	200,000	230,012
5.75% 6/15/20 (Pre-Refunded to 6/15/10 @ 100) (d)	400,000	460,024
Municipal Bonds - continued
	Principal Amount	Value
Nevada - continued
Las Vegas Valley Wtr. District Series B, 5.25% 6/1/17 (MBIA Insured)	$500,000	$554,520
Washoe County School District Gen. Oblig. Series D, 5% 6/1/10 (MBIA Insured)	1,000,000	1,107,790
		2,886,476
New Hampshire - 0.4%
New Hampshire Health & Ed. Facilities Auth. Rev. (Dartmouth-Hitchcock Proj.) 5.5% 8/1/27 (FSA Insured)	1,000,000	1,079,060
New Jersey - 1.3%
New Jersey Tpk. Auth. Tpk. Rev. Series A, 5.625% 1/1/15 (MBIA Insured)	80,000	88,817
New Jersey Trans. Trust Fund Auth. Series C:
5.5% 6/15/19	400,000	451,876
5.5% 6/15/21	1,300,000	1,452,321
Tobacco Settlement Fing. Corp.:
4.375% 6/1/19	200,000	199,076
6.125% 6/1/24	400,000	390,344
6.125% 6/1/42	700,000	623,203
		3,205,637
New York - 3.9%
Erie County Indl. Dev. Agcy. School Facility Rev. (Buffalo City School District Proj.):
5.75% 5/1/16 (FSA Insured)	600,000	697,230
5.75% 5/1/21 (FSA Insured)	500,000	570,495
Metropolitan Trans. Auth. Commuter Facilities Rev.:
Series 1992 B, 6.1% 7/1/09 (Escrowed to Maturity) (d)	5,000	5,790
Series 1997 E, 5% 7/1/16 (Pre-Refunded to 7/1/13 @ 100) (d)	10,000	11,344
Metropolitan Trans. Auth. Rev. Series 2002 A, 5.75% 11/15/32	1,700,000	1,865,002
Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 4.75% 7/1/19 (Pre-Refunded to 1/1/18 @ 100) (d)	35,000	38,455
Nassau County Gen. Oblig. Series Z, 5% 9/1/11 (FGIC Insured)	200,000	218,306
New York City Gen. Oblig. Series C, 5.75% 3/15/27 (FSA Insured)	500,000	559,100
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Series A, 6% 6/15/28	1,000,000	1,144,440
Municipal Bonds - continued
	Principal Amount	Value
New York - continued
New York State Thruway Auth. State Personal Income Tax Rev. Series A, 5.5% 3/15/17	$500,000	$562,065
New York State Thruway Auth. Svc. Contract Rev. 5.5% 4/1/16	305,000	340,539
New York Transitional Fin. Auth. Rev. Series A, 5.75% 2/15/16	200,000	226,248
Sales Tax Asset Receivables Corp. Series A, 5.25% 10/15/27 (AMBAC Insured) (a)	1,000,000	1,075,810
Tobacco Settlement Fing. Corp. Series A1, 5.5% 6/1/16	1,800,000	1,967,220
Triborough Bridge & Tunnel Auth. Revs. Series Y, 6% 1/1/12 (Escrowed to Maturity) (d)	100,000	115,595
		9,397,639
North Carolina - 3.9%
Catawba County Ctfs. of Prtn. (Pub. School and Cmnty. College Proj.) 5.25% 6/1/19 (MBIA Insured)	1,800,000	1,999,494
Dare County Ctfs. of Prtn. 5.25% 6/1/21 (AMBAC Insured)	1,110,000	1,211,609
North Carolina Cap. Facilities Fin. Agcy. Rev. (Duke Univ. Proj.) Series A:
5.125% 10/1/41	670,000	687,762
5.125% 7/1/42	1,000,000	1,029,850
5.25% 7/1/42	500,000	520,705
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev.:
Series A, 5.5% 1/1/11	600,000	658,230
Series B:
6% 1/1/05	2,000,000	2,011,560
6.125% 1/1/09	100,000	110,770
Series D, 5.375% 1/1/10	500,000	542,530
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series B, 6.25% 1/1/07	750,000	807,300
		9,579,810
Ohio - 1.0%
Hilliard School District 5.75% 12/1/28 (FGIC Insured)	25,000	27,762
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. (Toledo Edison Co. Proj.) Series B, 4.5%, tender 9/1/05 (b)	1,000,000	1,009,430
Olentangy Local School District 5.5% 12/1/17 (FSA Insured)	1,295,000	1,464,425
		2,501,617
Municipal Bonds - continued
	Principal Amount	Value
Oregon - 1.0%
Jackson County School District #9, Eagle Point 5.625% 6/15/16	$350,000	$398,234
Morrow County School District #1 5.625% 6/15/14 (FSA Insured)	1,500,000	1,726,950
Portland Swr. Sys. Rev. Series 2000 A, 5.75% 8/1/18 (FGIC Insured)	250,000	284,713
		2,409,897
Pennsylvania - 3.2%
Canon McMillan School District:
Series 2001 B, 5.75% 12/1/33 (FGIC Insured)	1,000,000	1,113,990
Series 2002 B, 5.75% 12/1/35 (FGIC Insured)	1,000,000	1,119,230
Pennsylvania Higher Edl. Facilities Auth. Rev. (UPMC Health Sys. Proj.) Series 2001 A, 6% 1/15/22	1,000,000	1,077,620
Pennsylvania Tpk. Commission Registration Fee Rev. Series 2001, 5.5% 7/15/33 (AMBAC Insured)	1,000,000	1,088,830
Philadelphia Wtr. & Wastewtr. Rev. Series A, 5.25% 8/1/09 (AMBAC Insured)	450,000	492,408
Tredyffrin-Easttown School District 5.5% 2/15/17	1,520,000	1,695,317
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A, 0% 8/15/20 (FGIC Insured)	2,500,000	1,225,875
		7,813,270
Puerto Rico - 0.4%
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 2000 C, 6% 7/1/29	500,000	554,355
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A, 5.5% 10/1/32 (Escrowed to Maturity) (d)	400,000	439,056
		993,411
Rhode Island - 0.1%
Providence Redev. Agcy. Rev. Series A, 5.75% 4/1/29 (AMBAC Insured)	300,000	330,741
South Carolina - 1.5%
Anderson County Joint Muni. Wtr. Sys. Wtrwks. Sys. Rev. 5.5% 7/15/17 (FSA Insured)	1,790,000	2,026,191
Spartanburg County Health Svcs. District, Inc. Hosp. Rev. 5.5% 4/15/18 (FSA Insured)	1,115,000	1,240,159
Tobacco Settlement Rev. Mgmt. Auth. Series 2001 B, 6.375% 5/15/28	455,000	432,387
		3,698,737
Municipal Bonds - continued
	Principal Amount	Value
Tennessee - 2.8%
Elizabethton Health & Edl. Facilities Board Rev. Series 2000 B:
6% 7/1/12 (MBIA Insured)	$2,125,000	$2,493,688
6.25% 7/1/13 (MBIA Insured)	2,255,000	2,695,176
Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board Rev. (Ascension Health Cr. Group Proj.) Series A:
5.875% 11/15/28 (Pre-Refunded to 11/15/09 @ 101) (d)	200,000	230,626
6% 11/15/30 (Pre-Refunded to 11/15/09 @ 101) (d)	200,000	231,792
Shelby County Health Edl. & Hsg. Facility Board Hosp. Rev. (Methodist Hosp. Proj.):
6.5% 9/1/26 (Escrowed to Maturity) (d)	370,000	442,424
6.5% 9/1/26 (Pre-Refunded to 9/1/12 @ 100) (d)	630,000	770,963
		6,864,669
Texas - 16.5%
Austin Elec. Util. Sys. Rev. 7.25% 11/15/10 (FSA Insured)	1,000,000	1,224,270
Bexar Metropolitan Wtr. District Wtrwks. Sys. Rev. 5.375% 5/1/19 (FSA Insured)	1,640,000	1,810,658
Comal Independent School District 0% 2/1/16	2,235,000	1,379,375
East Central Independent School District 5.625% 8/15/17 (e)	1,035,000	1,178,586
Garland Independent School District 5.5% 2/15/19	515,000	567,535
Harris County Gen. Oblig. 0% 10/1/13 (MBIA Insured)	2,000,000	1,403,980
Harris County Health Facilities Dev. Corp. Rev. (Saint Luke's Episcopal Hosp. Proj.):
Series 2001 A, 5.5% 2/15/12	1,375,000	1,525,700
5.75% 2/15/20	1,235,000	1,332,108
Houston Arpt. Sys. Rev. Series B:
5.5% 7/1/19 (FSA Insured)	1,500,000	1,650,900
5.5% 7/1/30 (FSA Insured)	600,000	637,218
La Joya Independent School District:
5.75% 2/15/17	2,000,000	2,254,900
5.75% 2/15/19	600,000	674,910
Mansfield Independent School District 5.5% 2/15/17	1,650,000	1,847,126
Mercedes Independent School District Series 2000, 5.625% 8/15/15	275,000	310,681
New Braunfels Independent School District 6% 2/1/09	725,000	821,577
Odessa Wtr. & Swr. Rev. 5.5% 4/1/11 (FSA Insured)	750,000	853,905
Pearland Independent School District 6% 2/15/14	1,350,000	1,524,393
Municipal Bonds - continued
	Principal Amount	Value
Texas - continued
Red River Ed. Fin. Corp. Ed. Rev. (Hockaday School Proj.) 5.75% 5/15/19	$200,000	$223,272
Sabine River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.) Series A, 5.5%, tender 11/1/11 (b)	3,000,000	3,260,880
San Antonio Elec. & Gas Systems Rev. 5.375% 2/1/20	3,000,000	3,312,840
San Antonio Independent School District 5.5% 8/15/24	1,000,000	1,079,220
San Benito Consolidated Independent School District 6% 2/15/25	300,000	341,400
Socorro Independent School District 5.375% 8/15/18	1,000,000	1,102,150
Tarrant County Health Facilities Dev. Corp. Hosp. Rev. 5.375% 11/15/20	500,000	517,830
Texas Pub. Fin. Auth. Rev. (Texas Parks & Wildlife Dept. Projs.) 5.5% 2/1/12 (FSA Insured)	150,000	166,340
Texas Tpk. Auth. Central Tpk. Sys. Rev.:
5.5% 8/15/39 (AMBAC Insured)	1,875,000	2,017,463
5.75% 8/15/38 (AMBAC Insured)	1,225,000	1,366,426
Texas Tpk. Auth. Dallas North Tollway Rev. 5.25% 1/1/23 (FGIC Insured)	1,000,000	1,037,270
Texas Wtr. Dev. Board Rev. Series B, 5.375% 7/15/16	1,000,000	1,089,120
Tyler Health Facilities Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg'l. Health Care Ctr. Proj.) 6% 7/1/27	1,000,000	1,040,360
Univ. of Texas Univ. Revs. (Fing. Sys. Proj.) Series A, 5.5% 8/15/09	100,000	112,213
Waller Consolidated Independent School District 6% 2/15/12 (Pre-Refunded to 2/15/11 @ 100) (d)	175,000	205,291
Weatherford Independent School District 0% 2/15/23 (Pre-Refunded to 2/15/10 @ 42.135) (d)	1,500,000	536,955
White Settlement Independent School District 5.75% 8/15/34	1,000,000	1,114,030
Williamson County Gen. Oblig. 5.5% 2/15/18 (FSA Insured)	400,000	446,640
		39,967,522
Utah - 1.4%
Salt Lake County Hosp. Rev. (IHC Health Svcs., Inc. Proj.) 5.5% 5/15/12 (AMBAC Insured)	3,100,000	3,518,996
Vermont - 0.8%
Univ. of Vermont and State Agricultural College 5.5% 10/1/19 (AMBAC Insured)	1,200,000	1,355,088
Municipal Bonds - continued
	Principal Amount	Value
Vermont - continued
Vermont Edl. & Health Bldgs. Fing. Agcy. Rev. (Fletcher Allen Health Care, Inc. Proj.):
Series 2000 A, 6.125% 12/1/27 (AMBAC Insured)	$300,000	$341,289
Series A, 5.75% 12/1/18 (AMBAC Insured)	200,000	228,050
		1,924,427
Washington - 6.6%
Clark County Pub. Util. District #1 Elec. Rev. Series A, 5.5% 1/1/17 (FSA Insured)	1,570,000	1,760,551
Energy Northwest Elec. Rev. (#1 Proj.) Series B, 6% 7/1/17 (MBIA Insured)	2,000,000	2,329,380
King County School District #414, Lake Washington 5.25% 12/1/15 (Pre-Refunded to 12/1/10 @ 100) (d)	1,000,000	1,130,660
Tacoma Elec. Sys. Rev.:
Series 2001 A, 5.75% 1/1/20 (FSA Insured)	1,000,000	1,132,880
Series A, 5.625% 1/1/21 (FSA Insured)	500,000	559,450
Washington Gen. Oblig.:
Series 2001 C, 5.25% 1/1/16	1,000,000	1,099,010
Series C, 5.25% 1/1/26 (FSA Insured)	500,000	528,140
Washington Health Care Facilities Auth. Rev. (Providence Health Systems Proj.) Series 2001 A, 5.5% 10/1/13 (MBIA Insured)	1,750,000	1,973,563
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev.:
Series A, 5% 7/1/12 (FSA Insured)	3,000,000	3,288,840
5.4% 7/1/12 (FSA Insured)	1,000,000	1,140,570
Yakima County Gen. Oblig. 5.25% 12/1/15 (AMBAC Insured)	1,000,000	1,111,260
		16,054,304
Wisconsin - 2.0%
Douglas County Gen. Oblig. 5.5% 2/1/18 (FGIC Insured)	1,870,000	2,089,819
Wisconsin Health & Edl. Facilities Auth. Rev.:
(Marshfield Clinic Proj.) Series B, 6% 2/15/25	1,000,000	1,044,180
(Wheaton Franciscan Svcs., Inc. Proj.):
5.75% 8/15/30	1,000,000	1,053,180
6.25% 8/15/22	500,000	548,930
		4,736,109
Municipal Bonds - continued
	Principal Amount	Value
Wyoming - 1.0%
Gillette Spl. Purp. Wtr. & Swr. Utils. Sys. Rev. 7.7% 12/1/10 (Escrowed to Maturity) (d)	$1,890,000	$2,306,178

TOTAL MUNICIPAL BONDS - 97.0%

(Cost $224,880,320)

235,762,387

Other - 2.3%
	Shares
Fidelity Tax-Free Cash Central Fund, 1.74% (c) (Cost $5,535,500)	5,535,500	5,535,500

TOTAL INVESTMENT PORTFOLIO - 99.3%

(Cost $230,415,820)

241,297,887

NET OTHER ASSETS - 0.7%

1,648,761

NET ASSETS - 100%

$242,946,648

Legend

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

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

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

(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 $1,178,586 or 0.5% 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, 2004, the aggregate cost of investment securities for income tax purposes was $230,385,213. Net unrealized appreciation aggregated $10,912,674, of which $11,504,732 related to appreciated investment securities and $592,058 related to depreciated investment securities.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Structured Mid Cap Value Fund

October 31, 2004

MCV-QTLY-1204

1.809074.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
CONSUMER DISCRETIONARY - 14.4%
Auto Components - 1.1%
American Axle & Manufacturing Holdings, Inc.	14,480		$415,576
Johnson Controls, Inc.	6,900		395,715
Lear Corp.	4,300		231,856
			1,043,147
Automobiles - 0.4%
Harley-Davidson, Inc.	7,300		420,261
Hotels, Restaurants & Leisure - 1.9%
Brinker International, Inc. (a)	16,500		532,950
Outback Steakhouse, Inc.	13,800		546,342
Wendy's International, Inc.	20,970		699,769
			1,779,061
Household Durables - 4.3%
D.R. Horton, Inc.	22,000		660,000
Fortune Brands, Inc.	5,100		371,382
KB Home	9,300		764,925
Lennar Corp. Class A	11,380		511,872
Mohawk Industries, Inc. (a)	3,300		280,764
Pulte Homes, Inc.	6,080		333,670
Ryland Group, Inc.	8,000		763,120
Yankee Candle Co., Inc. (a)	15,400		426,580
			4,112,313
Internet & Catalog Retail - 0.7%
IAC/InterActiveCorp (a)	31,300		676,706
Specialty Retail - 3.8%
Abercrombie & Fitch Co. Class A	13,000		509,340
Borders Group, Inc.	19,600		446,684
Limited Brands, Inc.	41,090		1,018,210
Office Depot, Inc. (a)	37,090		600,487
Pier 1 Imports, Inc.	21,000		376,950
TJX Companies, Inc.	30,600		733,788
			3,685,459
Textiles Apparel & Luxury Goods - 2.2%
Columbia Sportswear Co. (a)	6,700		404,412
Jones Apparel Group, Inc.	12,500		441,250
Liz Claiborne, Inc.	13,600		555,968
Timberland Co. Class A (a)	11,600		712,240
			2,113,870
TOTAL CONSUMER DISCRETIONARY			13,830,817
CONSUMER STAPLES - 5.4%
Beverages - 0.7%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	17,100		670,833
Food & Staples Retailing - 1.7%
BJ's Wholesale Club, Inc. (a)	24,300		705,429

	Shares		Value
CVS Corp.	8,750		$380,275
Safeway, Inc. (a)	28,100		512,544
			1,598,248
Food Products - 2.0%
Dean Foods Co. (a)	11,145		332,678
Del Monte Foods Co. (a)	50,500		539,340
Smithfield Foods, Inc. (a)	20,000		484,600
The J.M. Smucker Co.	13,700		609,650
			1,966,268
Household Products - 0.6%
Colgate-Palmolive Co.	12,400		553,288
Tobacco - 0.4%
UST, Inc.	9,400		386,904
TOTAL CONSUMER STAPLES			5,175,541
ENERGY - 6.3%
Energy Equipment & Services - 0.5%
Varco International, Inc. (a)	16,100		445,648
Oil & Gas - 5.8%
Apache Corp.	11,420		578,994
Encore Acquisition Co. (a)	12,800		417,920
Frontier Oil Corp.	11,600		285,128
Houston Exploration Co. (a)	6,900		404,340
Newfield Exploration Co. (a)	10,700		622,740
Occidental Petroleum Corp.	14,000		781,620
Pogo Producing Co.	10,000		458,500
St. Mary Land & Exploration Co.	10,200		402,186
Stone Energy Corp. (a)	13,300		547,561
Teekay Shipping Corp.	3,800		175,560
Valero Energy Corp.	20,700		889,479
			5,564,028
TOTAL ENERGY			6,009,676
FINANCIALS - 29.1%
Capital Markets - 2.2%
Bear Stearns Companies, Inc.	8,500		805,375
Janus Capital Group, Inc.	20,200		308,050
State Street Corp.	13,500		608,175
Waddell & Reed Financial, Inc. Class A	19,780		415,578
			2,137,178
Commercial Banks - 1.1%
Comerica, Inc.	7,600		467,476
North Fork Bancorp, Inc., New York	12,600		555,660
			1,023,136
Consumer Finance - 1.9%
Capital One Financial Corp.	7,500		553,200
MBNA Corp.	26,900		689,447
Student Loan Corp.	3,800		556,700
			1,799,347
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - 11.1%
ACE Ltd.	9,400		$357,764
AMBAC Financial Group, Inc.	12,370		965,602
Arthur J. Gallagher & Co.	11,700		328,770
Cincinnati Financial Corp.	7,900		329,825
Everest Re Group Ltd.	8,200		650,834
Fidelity National Financial, Inc.	22,777		859,604
First American Corp., California	17,000		530,230
Hilb Rogal & Hobbs Co.	8,100		256,770
Markel Corp. (a)	700		222,600
MBIA, Inc.	17,660		1,021,808
Old Republic International Corp.	24,000		560,400
PartnerRe Ltd.	11,000		639,650
Protective Life Corp.	16,900		664,170
Reinsurance Group of America, Inc.	12,800		551,424
St. Paul Travelers Companies, Inc.	16,900		573,924
StanCorp Financial Group, Inc.	9,200		693,496
Torchmark Corp.	14,400		777,888
W.R. Berkley Corp.	15,800		675,292
			10,660,051
Real Estate - 7.3%
Apartment Investment & Management Co. Class A	17,100		627,399
Boston Properties, Inc.	10,000		597,200
CarrAmerica Realty Corp.	11,800		380,314
CenterPoint Properties Trust (SBI)	11,400		527,820
Duke Realty Corp.	12,360		421,476
Equity Residential (SBI)	26,340		878,439
Health Care REIT, Inc.	14,000		504,000
Kimco Realty Corp.	12,300		670,965
Manufactured Home Communities, Inc.	10,700		369,043
Reckson Associates Realty Corp.	13,700		415,795
Trizec Properties, Inc.	32,900		524,755
Ventas, Inc.	14,600		392,740
Vornado Realty Trust	10,300		692,160
			7,002,106
Thrifts & Mortgage Finance - 5.5%
Countrywide Financial Corp.	24,700		788,671
Doral Financial Corp.	11,650		489,067
Flagstar Bancorp, Inc.	12,100		252,769
Independence Community Bank Corp.	13,400		504,242
MGIC Investment Corp.	12,100		778,151
New York Community Bancorp, Inc.	33,300		611,388
Radian Group, Inc.	13,600		651,848
Sovereign Bancorp, Inc.	35,430		767,060
The PMI Group, Inc.	11,500		446,430
			5,289,626
TOTAL FINANCIALS			27,911,444

	Shares		Value
HEALTH CARE - 4.9%
Health Care Providers & Services - 3.7%
AMERIGROUP Corp. (a)	10,000		$600,000
Laboratory Corp. of America Holdings (a)	13,300		609,140
Lincare Holdings, Inc. (a)	13,500		496,260
Renal Care Group, Inc. (a)	9,300		293,508
UnitedHealth Group, Inc.	7,313		529,461
Universal Health Services, Inc. Class B	10,100		419,756
WellPoint Health Networks, Inc. (a)	6,100		595,726
			3,543,851
Pharmaceuticals - 1.2%
King Pharmaceuticals, Inc. (a)	33,100		361,121
Par Pharmaceutical Companies, Inc. (a)	7,200		284,040
Watson Pharmaceuticals, Inc. (a)	19,700		552,191
			1,197,352
TOTAL HEALTH CARE			4,741,203
INDUSTRIALS - 8.9%
Aerospace & Defense - 0.9%
Alliant Techsystems, Inc. (a)	6,700		385,183
United Defense Industries, Inc. (a)	11,100		445,554
			830,737
Airlines - 0.2%
ExpressJet Holdings, Inc. Class A (a)	14,000		155,680
Building Products - 1.9%
American Standard Companies, Inc. (a)	13,050		477,239
Masco Corp.	19,570		670,468
Universal Forest Products, Inc.	8,200		300,735
USG Corp. (a)	17,500		391,825
			1,840,267
Commercial Services & Supplies - 2.3%
Career Education Corp. (a)	19,300		605,441
Equifax, Inc.	19,600		512,540
H&R Block, Inc.	15,100		718,005
West Corp. (a)	13,700		385,244
			2,221,230
Construction & Engineering - 1.6%
Dycom Industries, Inc. (a)	10,200		333,030
Granite Construction, Inc.	24,700		599,716
Jacobs Engineering Group, Inc. (a)	14,300		582,439
			1,515,185
Machinery - 1.6%
AGCO Corp. (a)	18,000		349,560
PACCAR, Inc.	8,200		568,342
SPX Corp.	17,200		659,620
			1,577,522
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - 0.4%
Swift Transportation Co., Inc. (a)	21,800		$412,020
TOTAL INDUSTRIALS			8,552,641
INFORMATION TECHNOLOGY - 6.9%
Communications Equipment - 0.7%
Black Box Corp.	7,000		274,960
Scientific-Atlanta, Inc.	14,100		386,199
			661,159
Computers & Peripherals - 1.4%
Diebold, Inc.	15,000		717,750
QLogic Corp. (a)	7,900		256,750
Storage Technology Corp. (a)	13,700		370,174
			1,344,674
Electronic Equipment & Instruments - 1.3%
AVX Corp.	24,300		291,600
Mettler-Toledo International, Inc. (a)	10,600		507,740
Tech Data Corp. (a)	10,920		441,059
			1,240,399
IT Services - 2.5%
Affiliated Computer Services, Inc. Class A (a)	11,600		632,780
Computer Sciences Corp. (a)	20,800		1,033,136
SunGard Data Systems, Inc. (a)	19,700		521,853
Syntel, Inc.	12,100		223,850
			2,411,619
Office Electronics - 0.6%
Xerox Corp. (a)	39,500		583,415
Software - 0.4%
Siebel Systems, Inc. (a)	21,700		206,150
Take-Two Interactive Software, Inc. (a)	6,700		220,832
			426,982
TOTAL INFORMATION TECHNOLOGY			6,668,248
MATERIALS - 7.0%
Chemicals - 3.1%
Cytec Industries, Inc.	5,500		255,805
Headwaters, Inc. (a)	16,750		527,625
International Flavors & Fragrances, Inc.	13,800		538,890
PPG Industries, Inc.	5,440		346,800
Praxair, Inc.	15,380		649,036
Valspar Corp.	14,000		653,240
			2,971,396
Construction Materials - 1.5%
Cemex SA de CV sponsored ADR	16,600		481,068

	Shares		Value
Lafarge North America, Inc.	10,150		$497,350
Vulcan Materials Co.	8,150		405,707
			1,384,125
Containers & Packaging - 1.7%
Bemis Co., Inc.	14,800		391,756
Owens-Illinois, Inc. (a)	15,100		279,803
Pactiv Corp. (a)	16,470		390,174
Sealed Air Corp. (a)	12,100		599,434
			1,661,167
Metals & Mining - 0.3%
Phelps Dodge Corp.	3,610		316,019
Paper & Forest Products - 0.4%
Georgia-Pacific Corp.	11,800		408,162
TOTAL MATERIALS			6,740,869
TELECOMMUNICATION SERVICES - 1.3%
Diversified Telecommunication Services - 0.8%
CenturyTel, Inc.	7,500		240,675
Qwest Communications International, Inc. (a)	138,600		474,012
			714,687
Wireless Telecommunication Services - 0.5%
Nextel Communications, Inc. Class A (a)	7,500		198,675
NII Holdings, Inc. (a)	6,500		287,755
			486,430
TOTAL TELECOMMUNICATION SERVICES			1,201,117
UTILITIES - 12.6%
Electric Utilities - 6.4%
Black Hills Corp.	9,800		288,708
Entergy Corp.	7,040		460,134
FirstEnergy Corp.	13,830		571,594
Korea Electric Power Corp. sponsored ADR	58,600		672,728
PG&E Corp. (a)	36,900		1,182,276
PPL Corp.	15,800		821,600
TXU Corp.	19,600		1,199,912
Westar Energy, Inc.	23,400		490,230
Wisconsin Energy Corp.	14,800		483,072
			6,170,254
Gas Utilities - 1.6%
KeySpan Corp.	20,310		811,385
UGI Corp.	18,600		718,518
			1,529,903
Multi-Utilities & Unregulated Power - 4.6%
AES Corp. (a)	53,900		587,510
Constellation Energy Group, Inc.	19,100		775,842
Equitable Resources, Inc.	5,110		282,583
MDU Resources Group, Inc.	24,000		615,600
National Fuel Gas Co.	25,400		711,708
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities & Unregulated Power - continued
Public Service Enterprise Group, Inc.	18,800		$800,692
Sierra Pacific Resources (a)	64,900		623,040
			4,396,975
TOTAL UTILITIES			12,097,132
TOTAL COMMON STOCKS (Cost $84,157,750)		92,928,688
Investment Companies - 2.5%

iShares Russell Midcap Value Index Fund (Cost $2,317,297)	23,348		2,388,034
Money Market Funds - 2.9%

Fidelity Cash Central Fund, 1.79% (b)	1,745,084		1,745,084
Fidelity Securities Lending Cash Central Fund, 1.77% (b)(c)	1,102,075		1,102,075
TOTAL MONEY MARKET FUNDS (Cost $2,847,159)		2,847,159
TOTAL INVESTMENT PORTFOLIO - 102.2% (Cost $89,322,206)		98,163,881
NET OTHER ASSETS - (2.2)%		(2,138,679)
NET ASSETS - 100%		$96,025,202

Legend

(a)Non-income producing

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

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $89,494,066. Net unrealized appreciation aggregated $8,669,815, of which $10,280,212 related to appreciated investment securities and $1,610,397 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Structured Large Cap Value Fund

October 31, 2004

LCV-QTLY-1204

1.809080.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
CONSUMER DISCRETIONARY - 10.7%
Automobiles - 0.7%
Harley-Davidson, Inc.	10,290		$592,395
Hotels, Restaurants & Leisure - 1.5%
Outback Steakhouse, Inc.	15,300		605,727
Wendy's International, Inc.	20,410		681,082
			1,286,809
Household Durables - 2.3%
D.R. Horton, Inc.	19,900		597,000
KB Home	11,400		937,650
Yankee Candle Co., Inc. (a)	13,720		380,044
			1,914,694
Internet & Catalog Retail - 0.7%
IAC/InterActiveCorp (a)	28,700		620,494
Media - 1.1%
Omnicom Group, Inc.	11,950		942,855
Specialty Retail - 2.5%
Abercrombie & Fitch Co. Class A	7,990		313,048
Home Depot, Inc.	24,100		990,028
TJX Companies, Inc.	34,600		829,708
			2,132,784
Textiles Apparel & Luxury Goods - 1.9%
NIKE, Inc. Class B	4,600		374,026
Polo Ralph Lauren Corp. Class A	13,100		483,783
Timberland Co. Class A (a)	12,900		792,060
			1,649,869
TOTAL CONSUMER DISCRETIONARY			9,139,900
CONSUMER STAPLES - 5.5%
Beverages - 0.7%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	15,050		590,412
Food & Staples Retailing - 2.5%
BJ's Wholesale Club, Inc. (a)	17,700		513,831
CVS Corp.	10,400		451,984
Safeway, Inc. (a)	27,189		495,927
Wal-Mart Stores, Inc.	12,800		690,176
			2,151,918
Food Products - 0.2%
Del Monte Foods Co. (a)	19,280		205,910
Household Products - 1.1%
Colgate-Palmolive Co.	20,000		892,400
Tobacco - 1.0%
Altria Group, Inc.	16,680		808,313
TOTAL CONSUMER STAPLES			4,648,953
ENERGY - 11.4%
Oil & Gas - 11.4%
Anadarko Pete Corp.	10,830		730,484

	Shares		Value
Apache Corp.	14,840		$752,388
ChevronTexaco Corp.	17,800		944,468
Exxon Mobil Corp.	84,530		4,160,564
Newfield Exploration Co. (a)	8,570		498,774
Occidental Petroleum Corp.	19,640		1,096,501
Pogo Producing Co.	12,820		587,797
Stone Energy Corp. (a)	11,040		454,517
Valero Energy Corp.	10,560		453,763
			9,679,256
FINANCIALS - 32.4%
Capital Markets - 2.7%
Bear Stearns Companies, Inc.	8,600		814,850
Goldman Sachs Group, Inc.	4,400		432,872
Morgan Stanley	5,610		286,615
State Street Corp.	17,210		775,311
			2,309,648
Commercial Banks - 4.3%
Bank of America Corp.	45,660		2,045,111
Wells Fargo & Co.	26,610		1,589,149
			3,634,260
Consumer Finance - 2.5%
Capital One Financial Corp.	11,300		833,488
MBNA Corp.	50,200		1,286,626
			2,120,114
Diversified Financial Services - 4.9%
Citigroup, Inc.	79,960		3,547,825
J.P. Morgan Chase & Co.	16,100		621,460
			4,169,285
Insurance - 10.9%
ACE Ltd.	14,900		567,094
AMBAC Financial Group, Inc.	13,300		1,038,198
American International Group, Inc.	4,100		248,911
Berkshire Hathaway, Inc. Class B (a)	110		308,440
Everest Re Group Ltd.	9,400		746,078
Fidelity National Financial, Inc.	30,340		1,145,032
HCC Insurance Holdings, Inc.	18,080		536,976
Hilb Rogal & Hobbs Co.	7,500		237,750
MBIA, Inc.	18,240		1,055,366
Nationwide Financial Services, Inc. Class A (sub. vtg.)	13,160		455,336
Old Republic International Corp.	31,300		730,855
St. Paul Travelers Companies, Inc.	23,000		781,080
StanCorp Financial Group, Inc.	7,820		589,472
Torchmark Corp.	15,600		842,712
			9,283,300
Real Estate - 0.7%
Apartment Investment & Management Co. Class A	16,200		594,378
Thrifts & Mortgage Finance - 6.4%
Countrywide Financial Corp.	34,698		1,107,907
Doral Financial Corp.	13,140		551,617
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
Fannie Mae	7,800		$547,170
Freddie Mac	10,400		692,640
Golden West Financial Corp., Delaware	5,900		689,828
New York Community Bancorp, Inc.	29,450		540,702
Radian Group, Inc.	19,600		939,428
The PMI Group, Inc.	9,500		368,790
			5,438,082
TOTAL FINANCIALS			27,549,067
HEALTH CARE - 4.1%
Health Care Providers & Services - 3.2%
Coventry Health Care, Inc. (a)	8,100		331,290
Laboratory Corp. of America Holdings (a)	12,100		554,180
Lincare Holdings, Inc. (a)	18,100		665,356
Universal Health Services, Inc. Class B	11,100		461,316
WellPoint Health Networks, Inc. (a)	6,730		657,252
			2,669,394
Pharmaceuticals - 0.9%
Merck & Co., Inc.	25,250		790,578
TOTAL HEALTH CARE			3,459,972
INDUSTRIALS - 11.2%
Aerospace & Defense - 0.6%
United Defense Industries, Inc. (a)	13,500		541,890
Airlines - 0.5%
ExpressJet Holdings, Inc. Class A (a)	34,000		378,080
Building Products - 1.1%
Masco Corp.	26,600		911,316
Commercial Services & Supplies - 2.7%
Cendant Corp.	33,450		688,736
Equifax, Inc.	20,000		523,000
H&R Block, Inc.	22,760		1,082,238
			2,293,974
Construction & Engineering - 0.8%
Jacobs Engineering Group, Inc. (a)	17,200		700,556
Industrial Conglomerates - 5.5%
General Electric Co.	115,550		3,942,566
Tyco International Ltd.	24,600		766,290
			4,708,856
TOTAL INDUSTRIALS			9,534,672

	Shares		Value
INFORMATION TECHNOLOGY - 6.0%
Computers & Peripherals - 0.9%
Hewlett-Packard Co.	41,100		$766,926
IT Services - 3.7%
Affiliated Computer Services, Inc. Class A (a)	14,970		816,614
Computer Sciences Corp. (a)	16,700		829,489
First Data Corp.	16,800		693,504
SunGard Data Systems, Inc. (a)	30,900		818,541
			3,158,148
Software - 1.4%
Microsoft Corp.	41,660		1,166,063
TOTAL INFORMATION TECHNOLOGY			5,091,137
MATERIALS - 4.4%
Chemicals - 2.9%
Cytec Industries, Inc.	6,700		311,617
Dow Chemical Co.	22,750		1,022,385
International Flavors & Fragrances, Inc.	15,600		609,180
Valspar Corp.	12,280		572,985
			2,516,167
Containers & Packaging - 1.5%
Bemis Co., Inc.	21,300		563,811
Sealed Air Corp. (a)	14,180		702,477
			1,266,288
TOTAL MATERIALS			3,782,455
TELECOMMUNICATION SERVICES - 5.8%
Diversified Telecommunication Services - 4.3%
ALLTEL Corp.	18,700		1,027,191
BellSouth Corp.	18,600		496,062
CenturyTel, Inc.	15,000		481,350
SBC Communications, Inc.	65,530		1,655,288
			3,659,891
Wireless Telecommunication Services - 1.5%
Nextel Communications, Inc. Class A (a)	37,400		990,726
NII Holdings, Inc. (a)	7,050		312,104
			1,302,830
TOTAL TELECOMMUNICATION SERVICES			4,962,721
UTILITIES - 5.8%
Electric Utilities - 3.2%
Exelon Corp.	18,700		740,894
FirstEnergy Corp.	20,050		828,667
PG&E Corp. (a)	16,330		523,213
PPL Corp.	10,940		568,880
			2,661,654
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Gas Utilities - 1.2%
KeySpan Corp.	16,500		$659,175
UGI Corp.	9,600		370,848
			1,030,023
Multi-Utilities & Unregulated Power - 1.4%
National Fuel Gas Co.	22,570		632,411
Public Service Enterprise Group, Inc.	13,500		574,965
			1,207,376
TOTAL UTILITIES			4,899,053
TOTAL COMMON STOCKS (Cost $79,689,826)		82,747,186
Investment Companies - 2.0%

iShares Russell 1000 Value Index Fund (Cost $1,676,403)	28,101		1,729,617
Money Market Funds - 0.9%

Fidelity Cash Central Fund, 1.79% (b) (Cost $761,564)	761,564		761,564
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 1.8%, dated 10/29/04 due 11/1/04) (Cost $33,000)	$33,005		33,000
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $82,160,793)		85,271,367
NET OTHER ASSETS - (0.2)%		(204,394)
NET ASSETS - 100%		$85,066,973

Legend

(a)Non-income producing

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $82,276,517. Net unrealized appreciation aggregated $2,994,850, of which $4,947,370 related to appreciated investment securities and $1,952,520 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Utilities Fund

October 31, 2004

UIF-QTLY-1204

1.809082.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.4%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.3%
Media - 9.3%
Cablevision Systems Corp. - NY Group Class A (a)	519,800		$10,697
Comcast Corp.:
Class A (a)	552,003		16,284
Class A (special) (a)	236,200		6,859
EchoStar Communications Corp. Class A (a)	1,167,300		36,910
News Corp. Ltd. sponsored ADR	20,965		659
The DIRECTV Group, Inc. (a)	698,746		11,718
			83,127
ENERGY - 0.8%
Energy Equipment & Services - 0.5%
Pride International, Inc. (a)	247,000		4,565
Oil & Gas - 0.3%
Frontline Ltd. (NY Shares)	47,600		2,384
TOTAL ENERGY			6,949
INFORMATION TECHNOLOGY - 0.7%
IT Services - 0.4%
CSG Systems International, Inc. (a)	200,000		3,362
Semiconductors & Semiconductor Equipment - 0.3%
Agere Systems, Inc. Class A (a)	2,568,500		3,108
TOTAL INFORMATION TECHNOLOGY			6,470
MATERIALS - 0.3%
Metals & Mining - 0.3%
Peabody Energy Corp.	32,300		2,060
TELECOMMUNICATION SERVICES - 50.3%
Diversified Telecommunication Services - 38.7%
ALLTEL Corp.	207,200		11,381
BellSouth Corp.	2,602,700		69,414
CenturyTel, Inc.	50,000		1,605
Cincinnati Bell, Inc. (a)	594,400		2,027
Citizens Communications Co.	3,501,931		46,926
Covad Communications Group, Inc. (a)	1,973		3
MCI, Inc.	447,500		7,719
Qwest Communications International, Inc. (a)	7,517,727		25,711
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
SBC Communications, Inc.	3,576,034		$90,333
Verizon Communications, Inc.	2,296,700		89,801
			344,920
Wireless Telecommunication Services - 11.6%
American Tower Corp. Class A (a)	1,804,000		31,011
Nextel Communications, Inc. Class A (a)	1,812,700		48,018
Nextel Partners, Inc. Class A (a)	413,900		6,970
SBA Communications Corp. Class A (a)	347,400		2,908
SpectraSite, Inc. (a)	204,600		10,496
Western Wireless Corp. Class A (a)	131,400		3,829
			103,232
TOTAL TELECOMMUNICATION SERVICES			448,152
UTILITIES - 32.0%
Electric Utilities - 20.8%
Entergy Corp.	571,800		37,373
FirstEnergy Corp.	776,300		32,084
PG&E Corp. (a)	1,034,100		33,133
TXU Corp.	1,126,500		68,964
Westar Energy, Inc.	395,900		8,294
Wisconsin Energy Corp.	178,300		5,820
			185,668
Multi-Utilities & Unregulated Power - 10.9%
AES Corp. (a)	2,004,500		21,849
Calpine Corp. (a)	4,572,800		11,386
CMS Energy Corp. (a)	836,100		7,826
Constellation Energy Group, Inc.	149,100		6,056
Dominion Resources, Inc.	440,300		28,320
NRG Energy, Inc. (a)	278,599		7,728
ONEOK, Inc.	247,400		6,635
Sempra Energy	120,700		4,048
Sierra Pacific Resources (a)	351,300		3,372
			97,220
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Water Utilities - 0.3%
Aqua America, Inc.	100,945		$2,207
TOTAL UTILITIES			285,095
TOTAL COMMON STOCKS (Cost $879,150)		831,853
Money Market Funds - 5.9%

Fidelity Cash Central Fund, 1.79% (b)	46,630,929		46,631
Fidelity Securities Lending Cash Central Fund, 1.77% (b)(c)	6,029,175		6,029
TOTAL MONEY MARKET FUNDS (Cost $52,660)		52,660
TOTAL INVESTMENT PORTFOLIO - 99.3% (Cost $931,810)			884,513
NET OTHER ASSETS - 0.7%			6,375
NET ASSETS - 100%		$890,888

Legend

(a)Non-income producing

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

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $952,465,000. Net unrealized depreciation aggregated $67,952,000, of which $120,530,000 related to appreciated investment securities and $188,482,000 related to depreciated investment securities.

Quarterly Report

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity 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/John Hebble
	John Hebble
	President and Treasurer

Date:	December 20, 2004

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/John Hebble
	John Hebble
	President and Treasurer

Date:	December 20, 2004

By:	/s/Timothy F. Hayes
	Timothy F. Hayes
	Chief Financial Officer

Date:	December 20, 2004