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 811-3587

Fidelity Financial 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:	November 30

Date of reporting period:	August 31, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Convertible Securities Fund

August 31, 2007

1.805819.103

CVS-QTLY-1007

Investments August 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 54.6%
	Principal Amount (000s)		Value (000s)
Convertible Bonds - 54.3%
CONSUMER DISCRETIONARY - 6.2%
Automobiles - 0.2%
Ford Motor Co. 4.25% 12/15/36	$ 4,300		$ 4,637
Diversified Consumer Services - 0.8%
Stewart Enterprises, Inc.:
3.125% 7/15/14 (g)	12,000		10,639
3.375% 7/15/16 (g)	12,000		10,553
			21,192
Hotels, Restaurants & Leisure - 1.5%
Six Flags, Inc. 4.5% 5/15/15	27,700		24,203
WMS Industries, Inc.:
2.75% 7/15/10 (g)	4,000		9,200
2.75% 7/15/10	2,800		6,440
			39,843
Internet & Catalog Retail - 0.3%
GSI Commerce, Inc. 2.5% 6/1/27 (g)	10,000		9,878
Media - 2.5%
Charter Communications, Inc.:
5.875% 11/16/09 (g)	1,127		1,511
5.875% 11/16/09	40,524		54,314
Lamar Advertising Co. 2.875% 12/31/10	8,200		10,705
			66,530
Specialty Retail - 0.9%
Asbury Automotive Group, Inc. 3% 9/15/12 (g)	3,000		2,565
Eddie Bauer Holdings, Inc. 5.25% 4/1/14 (g)	11,000		10,656
United Auto Group, Inc. 3.5% 4/1/26 (g)	10,000		10,234
			23,455
TOTAL CONSUMER DISCRETIONARY			165,535
CONSUMER STAPLES - 1.3%
Beverages - 0.8%
Molson Coors Brewing Co. 2.5% 7/30/13	20,000		20,950
Food & Staples Retailing - 0.5%
Nash-Finch Co. 1.6314% 3/15/35 (e)	26,480		12,136
TOTAL CONSUMER STAPLES			33,086
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Convertible Bonds - continued
ENERGY - 9.7%
Energy Equipment & Services - 4.2%
Global Industries Ltd. 2.75% 8/1/27 (g)	$ 10,000		$ 9,325
Grey Wolf, Inc. 5.32% 4/1/24 (h)	3,880		4,848
Halliburton Co. 3.125% 7/15/23	42,400		78,652
Hornbeck Offshore Services, Inc. 1.625% 11/15/26 (e)(g)	5,000		5,028
Oil States International, Inc. 2.375% 7/1/25 (g)	4,500		6,480
SESI LLC 1.5% 12/15/26 (e)(g)	7,000		7,331
			111,664
Oil, Gas & Consumable Fuels - 5.5%
Chesapeake Energy Corp.:
2.5% 5/15/37	20,000		18,844
2.75% 11/15/35	7,860		8,071
McMoRan Exploration Co.:
6% 7/2/08 (g)	1,000		1,146
6% 7/2/08	12,900		14,780
Peabody Energy Corp. 4.75% 12/15/66	60,000		59,250
Quicksilver Resources, Inc. 1.875% 11/1/24 (g)	24,500		35,878
St. Mary Land & Exploration Co. 3.5% 4/1/27 (g)	8,000		7,562
			145,531
TOTAL ENERGY			257,195
FINANCIALS - 0.5%
Real Estate Investment Trusts - 0.5%
Ventas, Inc. 3.875% 11/15/11 (g)	12,000		12,319
HEALTH CARE - 7.5%
Biotechnology - 1.5%
Amgen, Inc.:
0.375% 2/1/13 (g)	25,000		21,428
0.375% 2/1/13	18,000		15,413
BioMarin Pharmaceutical, Inc. 2.5% 3/29/13	2,510		3,616
			40,457
Health Care Equipment & Supplies - 2.7%
Bausch & Lomb, Inc. 5.8125% 8/1/23 (h)	10,000		11,876
Beckman Coulter, Inc. 2.5% 12/15/36 (g)	18,000		20,565
Inverness Medical Innovations, Inc. 3% 5/15/16 (g)	21,000		24,675
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Convertible Bonds - continued
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Medtronic, Inc. 1.625% 4/15/13	$ 8,000		$ 8,557
SonoSite, Inc. 3.75% 7/15/14	7,000		6,967
			72,640
Health Care Providers & Services - 0.3%
Omnicare, Inc. 3.25% 12/15/35	9,000		7,054
Life Sciences Tools & Services - 2.5%
Charles River Laboratories International, Inc. 2.25% 6/15/13 (g)	4,000		4,801
Fisher Scientific International, Inc.:
2.5% 10/1/23 (g)	15,600		36,357
2.5% 10/1/23	7,400		17,246
Nektar Therapeutics 3.25% 9/28/12	9,000		7,516
			65,920
Pharmaceuticals - 0.5%
Alpharma, Inc. 2.125% 3/15/27	9,000		8,342
MGI Pharma, Inc. 1.6821% 3/2/24 (e)	8,000		5,613
			13,955
TOTAL HEALTH CARE			200,026
INDUSTRIALS - 6.5%
Aerospace & Defense - 0.8%
AAR Corp. 1.75% 2/1/26 (g)	2,500		3,051
Alliant Techsystems, Inc. 3% 8/15/24	12,400		18,420
			21,471
Airlines - 1.3%
AirTran Holdings, Inc. 7% 7/1/23	10,000		12,130
UAL Corp. 4.5% 6/30/21 (g)	10,500		15,794
US Airways Group, Inc. 7% 9/30/20 (g)	4,810		7,798
			35,722
Building Products - 0.0%
Trex Co., Inc. 6% 7/1/12	1,000		870
Commercial Services & Supplies - 1.0%
FTI Consulting, Inc. 3.75% 7/15/12 (g)	11,995		21,845
Waste Connections, Inc. 3.75% 4/1/26	5,000		5,488
			27,333
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Convertible Bonds - continued
INDUSTRIALS - continued
Construction & Engineering - 2.0%
Fluor Corp. 1.5% 2/15/24	$ 18,700		$ 42,547
Quanta Services, Inc. 3.75% 4/30/26 (g)	7,000		9,772
			52,319
Electrical Equipment - 0.5%
C&D Technologies, Inc. 5.25% 11/1/25 (g)	4,400		3,772
GrafTech International Ltd. 1.625% 1/15/24	7,280		8,190
			11,962
Machinery - 0.7%
Greenbrier Companies, Inc.:
2.375% 5/15/26 (g)	5,500		4,566
2.375% 5/15/26	8,000		6,642
Trinity Industries, Inc. 3.875% 6/1/36	7,000		7,147
			18,355
Marine - 0.2%
Horizon Lines, Inc. 4.25% 8/15/12 (g)	5,000		5,040
TOTAL INDUSTRIALS			173,072
INFORMATION TECHNOLOGY - 19.6%
Communications Equipment - 2.3%
AudioCodes Ltd. 2% 11/9/24 (g)	5,000		4,444
Ciena Corp. 0.25% 5/1/13	2,650		2,817
Finisar Corp. 2.5% 10/15/10	15,760		20,074
JDS Uniphase Corp. 1% 5/15/26 (g)	15,000		12,198
L-3 Communications Corp. 3% 8/1/35	3,000		3,413
Nortel Networks Corp. 2.125% 4/15/14 (g)	10,000		8,125
Symmetricom, Inc. 3.25% 6/15/25	11,000		8,699
			59,770
Computers & Peripherals - 2.3%
EMC Corp. 1.75% 12/1/13 (g)	17,000		23,099
Hutchinson Technology, Inc. 3.25% 1/15/26	12,000		10,614
Maxtor Corp. 2.375% 8/15/12	7,500		11,808
SanDisk Corp. 1% 5/15/13	18,000		16,816
			62,337
Electronic Equipment & Instruments - 4.2%
Anixter International, Inc. 1% 2/15/13 (g)	4,540		5,263
Flextronics International Ltd. 1% 8/1/10	30,580		29,140
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Convertible Bonds - continued
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Itron, Inc. 2.5% 8/1/26	$ 32,250		$ 45,898
Merix Corp.:
4% 5/15/13 (g)	11,250		9,028
4% 5/15/13	1,600		1,284
Newport Corp. 2.5% 2/15/12 (g)	3,750		3,270
Solectron Corp. 0.5% 2/15/34	9,000		8,618
Vishay Intertechnology, Inc. 3.625% 8/1/23	9,000		8,948
			111,449
IT Services - 1.8%
BearingPoint, Inc. 3.1% 12/15/24 (g)	8,000		6,579
DST Systems, Inc.:
Series A, 4.125% 8/15/23 (g)	8,300		13,594
4.125% 8/15/23	16,800		27,516
			47,689
Semiconductors & Semiconductor Equipment - 7.9%
Advanced Micro Devices, Inc.:
6% 5/1/15 (g)	55,000		47,506
6% 5/1/15	5,000		4,319
Amkor Technology, Inc. 2.5% 5/15/11	5,000		5,105
Conexant Systems, Inc. 4% 3/1/26	7,000		6,007
Credence Systems Corp.:
3.5% 5/15/10 (g)	8,000		7,120
3.5% 5/15/10	7,500		6,675
EMCORE Corp. 5.5% 5/15/11	7,920		11,534
Intel Corp.:
2.95% 12/15/35 (g)	10,000		10,331
2.95% 12/15/35	38,000		39,258
Micron Technology, Inc. 1.875% 6/1/14	10,000		9,863
ON Semiconductor Corp.:
0% 4/15/24	29,500		37,887
1.875% 12/15/25 (g)	3,750		6,723
Photronics, Inc. 2.25% 4/15/08	7,000		6,815
PMC-Sierra, Inc. 2.25% 10/15/25	10,000		11,144
			210,287
Software - 1.1%
Borland Software Corp. 2.75% 2/15/12 (g)	13,000		11,976
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Convertible Bonds - continued
INFORMATION TECHNOLOGY - continued
Software - continued
Cadence Design Systems, Inc. 1.5% 12/15/13 (g)	$ 5,500		$ 6,253
Symantec Corp. 1% 6/15/13 (g)	9,000		10,079
			28,308
TOTAL INFORMATION TECHNOLOGY			519,840
MATERIALS - 0.1%
Chemicals - 0.1%
Pioneer Companies, Inc. 2.75% 3/1/27 (g)	2,080		2,525
TELECOMMUNICATION SERVICES - 2.2%
Diversified Telecommunication Services - 0.6%
Level 3 Communications, Inc. 3.5% 6/15/12	8,000		9,198
Time Warner Telecom, Inc. 2.375% 4/1/26	6,000		7,934
			17,132
Wireless Telecommunication Services - 1.6%
American Tower Corp.:
3.25% 8/1/10 (g)	6,700		21,888
3.25% 8/1/10	3,935		12,855
ICO North America, Inc. 7.5% 8/15/09 (i)	7,745		7,668
			42,411
TOTAL TELECOMMUNICATION SERVICES			59,543
UTILITIES - 0.7%
Multi-Utilities - 0.7%
CMS Energy Corp. 3.375% 7/15/23	11,800		18,435
TOTAL CONVERTIBLE BONDS			1,441,576
Nonconvertible Bonds - 0.3%
CONSUMER DISCRETIONARY - 0.3%
Auto Components - 0.3%
IdleAire Technologies Corp. 0% 12/15/12 (d)	12,510		7,256
TOTAL CORPORATE BONDS (Cost $1,283,634)		1,448,832
Common Stocks - 15.0%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 1.2%
Auto Components - 0.2%
IdleAire Technologies Corp. warrants 12/15/15 (a)(g)	12,510		$ 13
WABCO Holdings, Inc.	117,866		5,335
			5,348
Diversified Consumer Services - 0.7%
Coinmach Service Corp. Class A	359,400		4,604
Service Corp. International	1,143,000		13,967
			18,571
Media - 0.3%
Charter Communications, Inc. Class A (a)(f)	3,343,900		9,296
TOTAL CONSUMER DISCRETIONARY			33,215
ENERGY - 6.3%
Energy Equipment & Services - 1.5%
National Oilwell Varco, Inc. (a)	320,900		41,075
Oil, Gas & Consumable Fuels - 4.8%
Sasol Ltd. sponsored ADR	412,600		16,599
Teekay Corp.	895,625		51,910
Valero Energy Corp.	839,072		57,485
			125,994
TOTAL ENERGY			167,069
HEALTH CARE - 1.1%
Pharmaceuticals - 1.1%
Roche Holding AG ADR (g)	320,340		28,030
INDUSTRIALS - 0.6%
Building Products - 0.5%
American Standard Companies, Inc.	353,600		13,023
Machinery - 0.1%
FreightCar America, Inc.	76,700		3,475
TOTAL INDUSTRIALS			16,498
INFORMATION TECHNOLOGY - 1.4%
IT Services - 0.0%
Global Cash Access Holdings, Inc. (a)	71,600		795
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 1.4%
Amkor Technology, Inc. (a)	859,200		$ 9,898
ON Semiconductor Corp. (a)	2,169,500		25,427
			35,325
TOTAL INFORMATION TECHNOLOGY			36,120
MATERIALS - 2.8%
Chemicals - 2.4%
Celanese Corp. Class A	1,413,500		50,773
Monsanto Co.	200,000		13,948
			64,721
Paper & Forest Products - 0.4%
Weyerhaeuser Co.	141,800		9,667
TOTAL MATERIALS			74,388
TELECOMMUNICATION SERVICES - 1.3%
Diversified Telecommunication Services - 0.2%
Level 3 Communications, Inc. (a)	1,149,096		6,010
Wireless Telecommunication Services - 1.1%
NII Holdings, Inc. (a)	291,409		23,074
NII Holdings, Inc. (a)(g)	75,132		5,949
			29,023
TOTAL TELECOMMUNICATION SERVICES			35,033
UTILITIES - 0.3%
Independent Power Producers & Energy Traders - 0.3%
Mirant Corp. (a)	194,441		7,578
TOTAL COMMON STOCKS (Cost $223,162)		397,931
Convertible Preferred Stocks - 26.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 3.2%
Automobiles - 2.8%
Ford Motor Co. Capital Trust II 6.50%	650,000		$ 23,374
General Motors Corp.:
Series B, 5.25%	1,750,000		32,935
Series C, 6.25%	901,500		19,157
			75,466
Media - 0.4%
Interpublic Group of Companies, Inc. Series B, 5.25% (g)	10,000		10,180
TOTAL CONSUMER DISCRETIONARY			85,646
CONSUMER STAPLES - 0.4%
Food & Staples Retailing - 0.4%
Rite Aid Corp. 5.50%	370,000		9,849
ENERGY - 12.2%
Energy Equipment & Services - 0.4%
Bristow Group, Inc. 5.50%	160,000		9,000
Oil, Gas & Consumable Fuels - 11.8%
Chesapeake Energy Corp.:
4.50%	170,000		16,150
5.00% (g)	55,000		7,501
5.00%	275,100		37,517
5.00% (g)	149,600		15,563
El Paso Corp. 4.99%	150,390		206,805
EXCO Resources, Inc. Series A1
7.00% (i)	2,500		24,909
Williams Companies, Inc. 5.50%	35,000		4,988
			313,433
TOTAL ENERGY			322,433
INDUSTRIALS - 0.5%
Commercial Services & Supplies - 0.5%
Allied Waste Industries, Inc. Series D, 6.25%	40,000		13,276
MATERIALS - 9.9%
Chemicals - 4.9%
Celanese Corp. 4.25%	2,767,500		129,159
Convertible Preferred Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - 5.0%
Freeport-McMoRan Copper & Gold, Inc.:
5.50%	18,400		$ 35,283
6.75%	731,500		96,719
			132,002
TOTAL MATERIALS			261,161
UTILITIES - 0.3%
Independent Power Producers & Energy Traders - 0.3%
NRG Energy, Inc. Series A, 5.75%	26,800		9,040
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $570,611)		701,405
Money Market Funds - 3.1%

Fidelity Cash Central Fund, 5.48% (b)	76,189,639		76,190
Fidelity Securities Lending Cash Central Fund, 5.49% (b)(c)	5,115,000		5,115
TOTAL MONEY MARKET FUNDS (Cost $81,305)		81,305
Cash Equivalents - 0.6%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 5.02%, dated 8/31/07 due 9/4/07 (Collateralized by U.S. Treasury Obligations) # (Cost $16,280)	$ 16,289		16,280
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $2,174,992)			2,645,753
NET OTHER ASSETS - 0.2%			6,215
NET ASSETS - 100%		$ 2,651,968

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.

(d) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(e) 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.

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

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $607,006,000 or 22.8% of net assets.

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

(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $32,577,000 or 1.2% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
EXCO Resources, Inc. Series A1, 7.00%	3/28/07	$ 25,000
ICO North America, Inc. 7.5% 8/15/09	8/12/05 - 2/14/07	$ 7,809

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

Repurchase Agreement / Counterparty	Value
$16,280,000 due 9/04/07 at 5.02%
Banc of America Securities LLC	$ 1,423
Citigroup Global Markets, Inc.	5,173
Lehman Brothers, Inc.	4,378
UBS Securities LLC	5,306
	$ 16,280

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	$ 2,389
Fidelity Securities Lending Cash Central Fund	187
Total	$ 2,576

Income Tax Information

At August 31, 2007, the aggregate cost of investment securities for income tax purposes was $2,170,985,000. Net unrealized appreciation aggregated $474,768,000, of which $538,169,000 related to appreciated investment securities and $63,401,000 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 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. 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. 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, 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.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Equity Income II Fund

August 31, 2007

1.805774.103

EII-QTLY-1007

Investments August 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.5%
Automobiles - 0.2%
Harley-Davidson, Inc.	460,000		$ 24,743
Hotels, Restaurants & Leisure - 0.9%
Panera Bread Co. Class A (a)	600,000		26,244
Red Robin Gourmet Burgers, Inc. (a)(e)	860,000		33,084
Starbucks Corp. (a)	1,400,000		38,570
			97,898
Household Durables - 1.0%
Black & Decker Corp.	380,000		32,965
KB Home	660,000		20,024
Whirlpool Corp.	600,000		57,846
			110,835
Media - 3.9%
Citadel Broadcasting Corp.	261,106		1,063
EchoStar Communications Corp. Class A (a)	1,300,000		55,016
The Walt Disney Co.	3,300,000		110,880
Time Warner, Inc.	6,200,000		117,676
Viacom, Inc. Class B (non-vtg.) (a)	3,500,000		138,110
			422,745
Multiline Retail - 0.8%
Sears Holdings Corp. (a)	340,000		48,810
Target Corp.	460,000		30,328
			79,138
Specialty Retail - 1.9%
Big 5 Sporting Goods Corp. (e)	2,000,000		41,600
Chico's FAS, Inc. (a)	500,000		7,990
Christopher & Banks Corp. (d)	1,700,000		20,536
Home Depot, Inc.	1,500,000		57,465
Talbots, Inc. (d)	1,300,000		27,664
Williams-Sonoma, Inc. (d)	1,500,000		49,995
			205,250
Textiles, Apparel & Luxury Goods - 0.8%
Adidas-Salomon AG	940,000		55,258
Quiksilver, Inc. (a)	2,200,000		29,458
			84,716
TOTAL CONSUMER DISCRETIONARY			1,025,325
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - 7.4%
Beverages - 0.5%
Anheuser-Busch Companies, Inc.	1,100,000		$ 54,340
Food & Staples Retailing - 2.7%
CVS Caremark Corp.	900,000		34,038
Wal-Mart Stores, Inc.	6,000,000		261,780
			295,818
Food Products - 1.5%
General Mills, Inc.	1,000,000		55,880
Hershey Co.	2,300,000		106,950
			162,830
Household Products - 1.5%
Clorox Co.	700,000		41,860
Kimberly-Clark Corp. (d)	1,700,000		116,773
			158,633
Personal Products - 0.2%
Estee Lauder Companies, Inc. Class A	600,000		24,954
Tobacco - 1.0%
Altria Group, Inc.	1,600,000		111,056
TOTAL CONSUMER STAPLES			807,631
ENERGY - 14.4%
Energy Equipment & Services - 5.4%
Baker Hughes, Inc.	780,000		65,411
Halliburton Co.	7,900,000		273,261
National Oilwell Varco, Inc. (a)	520,000		66,560
Schlumberger Ltd. (NY Shares)	900,000		86,850
Smith International, Inc.	1,400,000		93,814
			585,896
Oil, Gas & Consumable Fuels - 9.0%
BP PLC sponsored ADR	1,100,000		74,096
Chevron Corp.	2,200,000		193,072
ConocoPhillips	1,500,000		122,835
Exxon Mobil Corp.	6,000,000		514,380
Valero Energy Corp.	1,100,000		75,361
			979,744
TOTAL ENERGY			1,565,640
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - 27.3%
Capital Markets - 3.4%
Legg Mason, Inc.	160,000		$ 13,891
Merrill Lynch & Co., Inc.	1,900,000		140,030
Morgan Stanley	1,300,000		81,081
Northern Trust Corp.	900,000		55,314
State Street Corp.	1,200,000		73,632
			363,948
Commercial Banks - 3.0%
U.S. Bancorp, Delaware	3,800,000		122,930
Wachovia Corp.	2,100,000		102,858
Wells Fargo & Co.	2,600,000		95,004
			320,792
Consumer Finance - 0.1%
Discover Financial Services (a)	650,000		15,041
Diversified Financial Services - 7.6%
Bank of America Corp.	6,100,000		309,148
Citigroup, Inc.	6,599,998		309,408
JPMorgan Chase & Co.	4,600,000		204,792
			823,348
Insurance - 10.4%
AFLAC, Inc.	2,400,000		127,944
American International Group, Inc.	7,800,000		514,800
Genworth Financial, Inc. Class A (non-vtg.)	3,100,000		89,838
Hartford Financial Services Group, Inc.	1,200,000		106,692
Marsh & McLennan Companies, Inc.	4,500,000		119,925
MetLife, Inc.	1,700,000		108,885
XL Capital Ltd. Class A	820,000		62,484
			1,130,568
Real Estate Investment Trusts - 1.2%
General Growth Properties, Inc.	2,600,000		129,246
Thrifts & Mortgage Finance - 1.6%
Fannie Mae	2,700,000		177,147
TOTAL FINANCIALS			2,960,090
HEALTH CARE - 8.6%
Biotechnology - 1.0%
Amgen, Inc. (a)	1,000,000		50,110
Biogen Idec, Inc. (a)	800,000		51,056
			101,166
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 2.0%
Baxter International, Inc.	700,000		$ 38,332
Becton, Dickinson & Co.	1,100,000		84,634
Covidien Ltd. (a)	1,500,000		59,745
Varian Medical Systems, Inc. (a)	900,000		36,351
			219,062
Health Care Providers & Services - 1.2%
Medco Health Solutions, Inc. (a)	560,000		47,852
UnitedHealth Group, Inc.	1,700,000		85,017
			132,869
Pharmaceuticals - 4.4%
Johnson & Johnson	1,800,000		111,222
Merck & Co., Inc.	4,900,000		245,833
Pfizer, Inc.	4,800,000		119,232
			476,287
TOTAL HEALTH CARE			929,384
INDUSTRIALS - 14.0%
Aerospace & Defense - 2.8%
General Dynamics Corp.	360,000		28,282
Honeywell International, Inc.	1,000,000		56,150
Lockheed Martin Corp.	560,000		55,518
The Boeing Co.	580,000		56,086
United Technologies Corp.	1,400,000		104,482
			300,518
Air Freight & Logistics - 1.6%
United Parcel Service, Inc. Class B	2,300,000		174,478
Airlines - 0.2%
Delta Air Lines, Inc. (a)	1,300,000		21,944
Construction & Engineering - 0.9%
KBR, Inc.	3,000,000		98,520
Electrical Equipment - 0.4%
Thomas & Betts Corp. (a)	900,000		49,851
Industrial Conglomerates - 4.0%
3M Co.	1,300,000		118,287
General Electric Co.	7,100,000		275,977
Tyco International Ltd.	850,000		37,536
			431,800
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - 2.6%
Caterpillar, Inc.	860,000		$ 65,162
Cummins, Inc.	240,000		28,421
Deere & Co.	220,000		29,933
Illinois Tool Works, Inc.	1,100,000		63,987
SPX Corp.	1,000,000		90,050
			277,553
Road & Rail - 1.5%
Burlington Northern Santa Fe Corp.	1,400,000		113,610
YRC Worldwide, Inc. (a)(d)	1,600,000		49,296
			162,906
TOTAL INDUSTRIALS			1,517,570
INFORMATION TECHNOLOGY - 8.4%
Communications Equipment - 0.6%
Cisco Systems, Inc. (a)	2,000,000		63,840
Computers & Peripherals - 3.1%
Hewlett-Packard Co.	4,200,000		207,270
International Business Machines Corp.	1,100,000		128,359
			335,629
Electronic Equipment & Instruments - 0.8%
Avnet, Inc. (a)	1,400,000		55,034
Tyco Electronics Ltd. (a)	850,000		29,640
			84,674
Internet Software & Services - 0.4%
Yahoo!, Inc. (a)	1,800,000		40,914
IT Services - 0.2%
The Western Union Co.	1,500,000		28,245
Semiconductors & Semiconductor Equipment - 2.8%
Applied Materials, Inc.	3,100,000		66,216
Intel Corp.	5,000,000		128,750
MKS Instruments, Inc. (a)	2,200,000		48,488
National Semiconductor Corp.	2,200,000		57,904
			301,358
Software - 0.5%
Microsoft Corp.	1,900,000		54,587
TOTAL INFORMATION TECHNOLOGY			909,247
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 1.9%
Chemicals - 1.4%
Airgas, Inc.	1,833,107		$ 84,726
Sigma Aldrich Corp.	1,360,000		60,928
			145,654
Metals & Mining - 0.5%
Alcoa, Inc.	1,600,000		58,448
TOTAL MATERIALS			204,102
TELECOMMUNICATION SERVICES - 5.6%
Diversified Telecommunication Services - 5.1%
AT&T, Inc.	10,500,000		418,635
Verizon Communications, Inc.	3,300,000		138,204
			556,839
Wireless Telecommunication Services - 0.5%
Sprint Nextel Corp.	2,600,000		49,192
TOTAL TELECOMMUNICATION SERVICES			606,031
UTILITIES - 2.6%
Electric Utilities - 2.6%
Entergy Corp.	540,000		55,955
Exelon Corp.	1,200,000		84,804
FirstEnergy Corp.	440,000		27,034
PPL Corp.	1,000,000		48,260
Reliant Energy, Inc. (a)	2,500,000		63,775
			279,828
TOTAL COMMON STOCKS (Cost $9,145,936)		10,804,848
Money Market Funds - 1.0%
	Shares		Value (000s)
Fidelity Cash Central Fund, 5.48% (b)	18,891,414		$ 18,891
Fidelity Securities Lending Cash Central Fund, 5.49% (b)(c)	84,506,650		84,507
TOTAL MONEY MARKET FUNDS (Cost $103,398)		103,398
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $9,249,334)			10,908,246
NET OTHER ASSETS - (0.7)%			(76,261)
NET ASSETS - 100%		$ 10,831,985

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 1,174
Fidelity Securities Lending Cash Central Fund	1,063
Total	$ 2,237

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:

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Big 5 Sporting Goods Corp.	$ 21,376	$ 28,481	$ -	$ 429	$ 41,600
Red Robin Gourmet Burgers, Inc.	29,558	-	-	-	33,084
Total	$ 50,934	$ 28,481	$ -	$ 429	$ 74,684

Income Tax Information

At August 31, 2007, the aggregate cost of investment securities for income tax purposes was $9,258,758,000. Net unrealized appreciation aggregated $1,649,488,000, of which $1,869,078,000 related to appreciated investment securities and $219,590,000 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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Independence Fund

August 31, 2007

1.805765.103

FRE-QTLY-1007

Investments August 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 6.4%
Diversified Consumer Services - 1.1%
Apollo Group, Inc. Class A (non-vtg.) (a)	604,200		$ 35,448
Sotheby's Class A (ltd. vtg.)	483,400		20,922
			56,370
Hotels, Restaurants & Leisure - 1.6%
Burger King Holdings, Inc.	940,721		22,304
McDonald's Corp.	678,800		33,431
Starwood Hotels & Resorts Worldwide, Inc.	92,900		5,678
Vail Resorts, Inc. (a)(d)	296,400		16,948
			78,361
Internet & Catalog Retail - 1.6%
Priceline.com, Inc. (a)(d)	929,400		77,122
Media - 0.3%
Comcast Corp. Class A (special) (non-vtg.) (a)	319,000		8,249
Time Warner, Inc.	234,000		4,441
			12,690
Specialty Retail - 0.4%
PETsMART, Inc.	585,700		20,324
Textiles, Apparel & Luxury Goods - 1.4%
Burberry Group PLC	800,000		9,849
Crocs, Inc. (a)(d)	313,100		18,485
Lululemon Athletica, Inc.	8,400		286
Polo Ralph Lauren Corp. Class A	145,200		10,968
VF Corp.	390,500		31,181
			70,769
TOTAL CONSUMER DISCRETIONARY			315,636
CONSUMER STAPLES - 2.5%
Beverages - 0.2%
The Coca-Cola Co.	200,000		10,756
Food Products - 1.0%
Ralcorp Holdings, Inc. (a)	100,000		6,179
Tyson Foods, Inc. Class A	1,854,900		39,973
			46,152
Personal Products - 0.2%
Avon Products, Inc.	163,400		5,613
Bare Escentuals, Inc.	200,800		4,940
			10,553
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - 1.1%
Altria Group, Inc.	805,500		$ 55,910
TOTAL CONSUMER STAPLES			123,371
ENERGY - 21.6%
Energy Equipment & Services - 7.1%
Atwood Oceanics, Inc. (a)	324,112		24,629
Cameron International Corp. (a)	600,000		49,062
FMC Technologies, Inc. (a)	5,600		530
National Oilwell Varco, Inc. (a)	182,530		23,364
Oceaneering International, Inc. (a)	527,800		35,447
Schlumberger Ltd. (NY Shares)	776,300		74,913
Smith International, Inc.	634,600		42,525
Transocean, Inc. (a)	599,400		62,991
W-H Energy Services, Inc. (a)	146,300		9,299
Weatherford International Ltd. (a)	488,100		28,495
			351,255
Oil, Gas & Consumable Fuels - 14.5%
Cabot Oil & Gas Corp.	1,025,200		34,180
Cameco Corp.	966,700		39,041
Chesapeake Energy Corp.	300,000		9,678
EOG Resources, Inc.	228,700		15,405
Exxon Mobil Corp.	1,424,700		122,140
Marathon Oil Corp.	331,000		17,838
Petroplus Holdings AG	668,020		58,024
Quicksilver Resources, Inc. (a)	1,383,900		55,287
Range Resources Corp.	979,500		35,566
Sunoco, Inc.	385,700		28,210
Tesoro Corp.	685,700		33,826
Ultra Petroleum Corp. (a)	1,789,879		95,580
Uranium One, Inc. (a)	500,000		5,435
Valero Energy Corp.	1,913,700		131,108
Williams Companies, Inc.	1,273,900		39,491
			720,809
TOTAL ENERGY			1,072,064
FINANCIALS - 6.9%
Capital Markets - 1.3%
Charles Schwab Corp.	481,000		9,524
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
Franklin Resources, Inc.	192,900		$ 25,418
Julius Baer Holding AG (Bearer)	292,875		19,382
T. Rowe Price Group, Inc.	200,000		10,264
			64,588
Commercial Banks - 3.1%
Banco Bradesco SA (PN) sponsored ADR	1,067,400		26,343
Banco Daycoval SA (PN)	555,800		4,711
Banco Itau Holding Financeira SA sponsored ADR (non-vtg.)	1,516,700		66,022
Raiffeisen International Bank Holding AG	101,700		14,686
Uniao de Bancos Brasileiros SA (Unibanco) GDR	379,100		42,300
			154,062
Diversified Financial Services - 0.8%
Apollo Global Management LLC (e)	1,703,400		41,307
Insurance - 1.2%
MetLife, Inc.	227,400		14,565
Principal Financial Group, Inc.	500,000		27,745
Prudential Financial, Inc.	214,500		19,258
			61,568
Real Estate Investment Trusts - 0.5%
Annaly Capital Management, Inc.	1,562,100		22,010
TOTAL FINANCIALS			343,535
HEALTH CARE - 7.5%
Biotechnology - 4.2%
Celgene Corp. (a)	2,283,300		146,611
CSL Ltd.	24,000		1,929
Gilead Sciences, Inc. (a)	1,661,700		60,436
			208,976
Health Care Equipment & Supplies - 1.2%
Beckman Coulter, Inc.	441,700		31,780
Becton, Dickinson & Co.	390,500		30,045
			61,825
Health Care Providers & Services - 1.6%
Humana, Inc. (a)	681,000		43,645
Medco Health Solutions, Inc. (a)	392,900		33,573
			77,218
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - 0.5%
Elan Corp. PLC sponsored ADR (a)	499,600		$ 9,682
Merck & Co., Inc.	310,240		15,565
			25,247
TOTAL HEALTH CARE			373,266
INDUSTRIALS - 13.2%
Aerospace & Defense - 2.5%
Hexcel Corp. (a)	1,078,000		23,490
L-3 Communications Holdings, Inc. (d)	585,700		57,697
Precision Castparts Corp.	100,000		13,031
The Boeing Co.	300,000		29,010
			123,228
Airlines - 2.4%
Delta Air Lines, Inc. (a)	1,500,000		25,320
UAL Corp. (a)(d)	1,500,000		71,205
US Airways Group, Inc. (a)	700,000		21,665
			118,190
Electrical Equipment - 2.1%
ABB Ltd. sponsored ADR	2,775,300		68,439
Alstom SA	200,000		36,149
			104,588
Industrial Conglomerates - 1.7%
McDermott International, Inc. (a)	868,188		83,337
Machinery - 4.3%
Caterpillar, Inc.	878,600		66,572
Cummins, Inc.	500,000		59,210
Eaton Corp.	200,000		18,844
MAN AG	195,200		28,000
Parker Hannifin Corp.	300,000		32,241
Sulzer AG (Reg.)	7,059		9,361
			214,228
Road & Rail - 0.2%
Kansas City Southern (a)	413,000		12,551
TOTAL INDUSTRIALS			656,122
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - 17.7%
Communications Equipment - 5.7%
Cisco Systems, Inc. (a)	2,468,800		$ 78,804
F5 Networks, Inc. (a)	400,000		13,988
Harris Corp.	490,500		29,837
Infinera Corp.	252,500		4,863
Research In Motion Ltd. (a)	1,799,700		153,714
			281,206
Computers & Peripherals - 3.8%
Apple, Inc. (a)	514,200		71,206
Dell, Inc. (a)	1,366,700		38,609
EMC Corp. (a)	2,600,000		51,116
SanDisk Corp. (a)	500,000		28,030
			188,961
Electronic Equipment & Instruments - 0.1%
IPG Photonics Corp.	207,500		3,833
Internet Software & Services - 0.7%
Google, Inc. Class A (sub. vtg.) (a)	62,151		32,023
SAVVIS, Inc. (a)	101,600		4,037
			36,060
IT Services - 1.8%
Fidelity National Information Services, Inc.	685,700		32,502
Mastercard, Inc. Class A (d)	419,800		57,508
Redecard SA	68,300		1,044
			91,054
Semiconductors & Semiconductor Equipment - 3.3%
Applied Materials, Inc.	2,050,100		43,790
ASML Holding NV (NY Shares) (a)	1,102,100		32,699
Broadcom Corp. Class A (a)	600,000		20,700
Intel Corp.	2,500,000		64,375
			161,564
Software - 2.3%
Adobe Systems, Inc. (a)	192,900		8,246
Glu Mobile, Inc.	106,700		890
Nintendo Co. Ltd.	226,700		105,461
VMware, Inc.	13,800		951
			115,548
TOTAL INFORMATION TECHNOLOGY			878,226
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 12.3%
Chemicals - 7.0%
Monsanto Co.	2,115,401		$ 147,528
Potash Corp. of Saskatchewan, Inc.	1,123,900		99,533
The Mosaic Co. (a)	2,447,700		102,852
			349,913
Metals & Mining - 4.9%
Anglo American PLC ADR	728,000		20,835
Anglo Platinum Ltd.	50,000		6,685
Arcelor Mittal (NY Shares) Class A	869,100		57,534
Companhia Vale do Rio Doce sponsored ADR	985,700		48,625
Freeport-McMoRan Copper & Gold, Inc. Class B	988,100		86,380
Impala Platinum Holdings Ltd.	785,700		23,356
			243,415
Paper & Forest Products - 0.4%
Nine Dragons Paper (Holdings) Ltd.	5,857,000		17,502
TOTAL MATERIALS			610,830
TELECOMMUNICATION SERVICES - 7.2%
Diversified Telecommunication Services - 2.9%
AT&T, Inc.	2,911,200		116,070
Telefonica SA sponsored ADR	400,000		29,872
			145,942
Wireless Telecommunication Services - 4.3%
America Movil SAB de CV Series L sponsored ADR	899,000		54,354
American Tower Corp. Class A (a)	472,500		18,720
China Mobile (Hong Kong) Ltd. sponsored ADR	800,000		54,232
NII Holdings, Inc. (a)	1,052,500		83,337
			210,643
TOTAL TELECOMMUNICATION SERVICES			356,585
UTILITIES - 4.2%
Electric Utilities - 1.6%
Enernoc, Inc. (d)	35,100		1,252
Entergy Corp.	519,400		53,820
Reliant Energy, Inc. (a)	976,200		24,903
			79,975
Independent Power Producers & Energy Traders - 2.6%
Constellation Energy Group, Inc.	528,300		43,817
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Independent Power Producers & Energy Traders - continued
Dynegy, Inc. Class A (a)	1,000,000		$ 8,090
NRG Energy, Inc. (a)(d)	2,057,200		78,359
			130,266
TOTAL UTILITIES			210,241
TOTAL COMMON STOCKS (Cost $4,317,757)		4,939,876
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 5.48% (b)	17,380,719		17,381
Fidelity Securities Lending Cash Central Fund, 5.49% (b)(c)	119,760,125		119,760
TOTAL MONEY MARKET FUNDS (Cost $137,141)		137,141
TOTAL INVESTMENT PORTFOLIO - 102.2% (Cost $4,454,898)			5,077,017
NET OTHER ASSETS - (2.2)%			(111,703)
NET ASSETS - 100%		$ 4,965,314

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $41,307,000 or 0.8% 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	$ 1,984
Fidelity Securities Lending Cash Central Fund	354
Total	$ 2,338

Income Tax Information

At August 31, 2007, the aggregate cost of investment securities for income tax purposes was $4,460,298,000. Net unrealized appreciation aggregated $616,719,000, of which $699,228,000 related to appreciated investment securities and $82,509,000 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Item 2. Controls and Procedures

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

By:	/s/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	October 30, 2007

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/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	October 30, 2007

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer

Date:	October 30, 2007