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)

245 Summer St., Boston, Massachusetts 02210
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(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, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ®
Equity Dividend Income Fund
(formerly Fidelity Equity-Income II Fund)

August 31, 2013 

1.805774.109

EII-QTLY-1013

Investments August 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 9.1%

Auto Components - 0.3%

Delphi Automotive PLC

254,300

$ 13,992

Diversified Consumer Services - 0.3%

H&R Block, Inc.

653,500

18,239

Hotels, Restaurants & Leisure - 2.5%

Brinker International, Inc.

488,100

19,519

Cedar Fair LP (depositary unit)

371,200

15,757

Las Vegas Sands Corp.

204,100

11,501

McDonald's Corp.

137,800

13,003

Starbucks Corp.

138,700

9,781

Texas Roadhouse, Inc. Class A

469,500

11,667

Wyndham Worldwide Corp.

387,800

23,020

Yum! Brands, Inc.

328,600

23,009

 

127,257

Media - 4.1%

Comcast Corp. Class A

1,847,000

77,740

Sinclair Broadcast Group, Inc. Class A

440,800

10,544

The Walt Disney Co.

703,500

42,794

Time Warner Cable, Inc.

135,504

14,546

Time Warner, Inc.

1,037,943

62,827

 

208,451

Specialty Retail - 1.3%

Foot Locker, Inc.

530,200

17,072

H&M Hennes & Mauritz AB (B Shares)

361,100

13,267

Home Depot, Inc.

205,300

15,293

L Brands, Inc.

358,100

20,541

Lowe's Companies, Inc.

37,100

1,700

 

67,873

Textiles, Apparel & Luxury Goods - 0.6%

VF Corp.

152,400

28,531

TOTAL CONSUMER DISCRETIONARY

464,343

CONSUMER STAPLES - 9.0%

Beverages - 1.6%

Anheuser-Busch InBev SA NV ADR

244,100

22,787

PepsiCo, Inc.

318,671

25,408

SABMiller PLC

324,500

15,458

The Coca-Cola Co.

524,184

20,013

 

83,666

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - 1.0%

CVS Caremark Corp.

435,800

$ 25,298

Walgreen Co.

495,300

23,809

 

49,107

Food Products - 1.8%

Kellogg Co.

392,400

23,823

Mondelez International, Inc.

1,411,541

43,292

Unilever NV (NY Reg.)

649,000

24,422

 

91,537

Household Products - 3.4%

Energizer Holdings, Inc.

64,200

6,345

Procter & Gamble Co.

1,995,805

155,453

Reckitt Benckiser Group PLC

200,400

13,618

 

175,416

Tobacco - 1.2%

British American Tobacco PLC sponsored ADR

223,400

22,691

Japan Tobacco, Inc.

650,100

21,957

Philip Morris International, Inc.

176,100

14,694

 

59,342

TOTAL CONSUMER STAPLES

459,068

ENERGY - 13.1%

Energy Equipment & Services - 1.0%

Ensco PLC Class A

895,600

49,760

Oil, Gas & Consumable Fuels - 12.1%

Access Midstream Partners LP

382,558

17,448

Canadian Natural Resources Ltd.

987,200

30,123

Chevron Corp.

1,497,870

180,389

ConocoPhillips

1,478,200

98,005

Enterprise Products Partners LP

111,700

6,637

Exxon Mobil Corp.

1,109,156

96,674

Markwest Energy Partners LP

158,400

10,580

Occidental Petroleum Corp.

805,100

71,018

QEP Midstream Partners LP

36,900

836

Scorpio Tankers, Inc.

612,200

5,773

Suncor Energy, Inc. (c)

1,006,100

33,909

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

The Williams Companies, Inc.

1,563,600

$ 56,665

Western Gas Partners LP

164,900

9,752

 

617,809

TOTAL ENERGY

667,569

FINANCIALS - 19.9%

Capital Markets - 2.9%

BlackRock, Inc. Class A

98,200

25,563

Carlyle Group LP

403,800

10,571

KKR & Co. LP

1,304,300

24,925

State Street Corp.

568,800

37,950

The Blackstone Group LP

1,161,700

25,372

UBS AG

1,240,649

23,971

 

148,352

Commercial Banks - 8.0%

Commerce Bancshares, Inc.

322,305

13,920

M&T Bank Corp.

346,909

39,319

National Penn Bancshares, Inc.

1,107,900

11,123

PNC Financial Services Group, Inc.

831,400

60,085

Svenska Handelsbanken AB (A Shares)

395,700

16,981

U.S. Bancorp

2,333,400

84,306

Wells Fargo & Co.

4,350,108

178,702

 

404,436

Consumer Finance - 1.0%

Capital One Financial Corp.

756,800

48,851

Diversified Financial Services - 3.3%

JPMorgan Chase & Co.

2,894,122

146,240

The NASDAQ Stock Market, Inc.

738,000

22,037

 

168,277

Insurance - 4.0%

ACE Ltd.

484,000

42,456

esure Group PLC

1,668,300

6,257

Marsh & McLennan Companies, Inc.

551,600

22,742

MetLife, Inc.

1,524,529

70,418

The Travelers Companies, Inc.

593,000

47,381

Zurich Insurance Group AG

59,824

14,891

 

204,145

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Investment Trusts - 0.7%

American Tower Corp.

69,000

$ 4,795

Home Properties, Inc.

130,300

7,518

Piedmont Office Realty Trust, Inc. Class A (c)

315,700

5,424

Ventas, Inc.

153,613

9,564

Weyerhaeuser Co.

355,239

9,726

 

37,027

TOTAL FINANCIALS

1,011,088

HEALTH CARE - 13.7%

Biotechnology - 1.3%

Amgen, Inc.

629,400

68,567

Health Care Providers & Services - 0.9%

UnitedHealth Group, Inc.

609,800

43,747

Pharmaceuticals - 11.5%

AbbVie, Inc.

1,196,200

50,970

GlaxoSmithKline PLC

2,455,923

62,635

Johnson & Johnson

1,756,066

151,742

Merck & Co., Inc.

2,574,228

121,735

Pfizer, Inc.

4,515,935

127,395

Sanofi SA

751,864

72,056

 

586,533

TOTAL HEALTH CARE

698,847

INDUSTRIALS - 10.6%

Aerospace & Defense - 2.5%

Honeywell International, Inc.

772,500

61,468

United Technologies Corp.

648,030

64,868

 

126,336

Commercial Services & Supplies - 1.3%

Covanta Holding Corp.

438,900

9,274

KAR Auction Services, Inc.

212,800

5,669

Republic Services, Inc.

624,011

20,287

Waste Management, Inc.

552,000

22,323

West Corp.

530,400

11,600

 

69,153

Electrical Equipment - 0.6%

Eaton Corp. PLC

493,300

31,236

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Industrial Conglomerates - 4.5%

3M Co.

386,500

$ 43,899

General Electric Co.

7,012,897

162,278

Siemens AG

199,519

21,132

 

227,309

Machinery - 1.7%

Caterpillar, Inc.

431,300

35,600

Parker Hannifin Corp.

162,200

16,212

Pentair Ltd.

264,000

15,869

Stanley Black & Decker, Inc.

202,400

17,257

 

84,938

TOTAL INDUSTRIALS

538,972

INFORMATION TECHNOLOGY - 12.5%

Communications Equipment - 2.7%

Cisco Systems, Inc.

5,942,400

138,517

Computers & Peripherals - 2.7%

Apple, Inc.

188,200

91,663

EMC Corp.

1,784,300

45,999

 

137,662

IT Services - 3.8%

Accenture PLC Class A

541,900

39,152

Automatic Data Processing, Inc.

448,300

31,901

Fidelity National Information Services, Inc.

1,271,700

56,540

IBM Corp.

131,900

24,041

Paychex, Inc.

1,007,500

38,970

 

190,604

Semiconductors & Semiconductor Equipment - 1.8%

Applied Materials, Inc.

1,240,200

18,615

Intel Corp.

3,356,100

73,767

 

92,382

Software - 1.5%

Microsoft Corp.

2,301,226

76,861

TOTAL INFORMATION TECHNOLOGY

636,026

MATERIALS - 2.1%

Chemicals - 1.4%

E.I. du Pont de Nemours & Co.

536,300

30,365

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

Eastman Chemical Co.

259,100

$ 19,692

LyondellBasell Industries NV Class A

193,500

13,574

Potash Corp. of Saskatchewan, Inc.

178,900

5,291

 

68,922

Metals & Mining - 0.2%

Freeport-McMoRan Copper & Gold, Inc.

368,800

11,145

Paper & Forest Products - 0.5%

International Paper Co.

585,500

27,641

TOTAL MATERIALS

107,708

TELECOMMUNICATION SERVICES - 2.6%

Diversified Telecommunication Services - 2.2%

AT&T, Inc.

1,551,700

52,494

CenturyLink, Inc.

366,300

12,132

Verizon Communications, Inc.

1,034,700

49,024

 

113,650

Wireless Telecommunication Services - 0.4%

Vodafone Group PLC sponsored ADR

542,800

17,560

TOTAL TELECOMMUNICATION SERVICES

131,210

UTILITIES - 5.4%

Electric Utilities - 3.6%

American Electric Power Co., Inc.

604,377

25,867

Edison International

958,757

43,997

NextEra Energy, Inc.

664,972

53,437

Northeast Utilities

872,300

35,738

PPL Corp.

826,909

25,386

 

184,425

Gas Utilities - 0.3%

Atmos Energy Corp.

415,600

16,769

Multi-Utilities - 1.5%

NiSource, Inc.

557,300

16,307

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Multi-Utilities - continued

PG&E Corp.

235,700

$ 9,749

Sempra Energy

560,500

47,317

 

73,373

TOTAL UTILITIES

274,567

TOTAL COMMON STOCKS

(Cost $4,410,330)


4,989,398

Money Market Funds - 1.6%

 

 

 

 

Fidelity Cash Central Fund, 0.10% (a)

79,093,951

79,094

Fidelity Securities Lending Cash Central Fund, 0.10% (a)(b)

3,219,050

3,219

TOTAL MONEY MARKET FUNDS

(Cost $82,313)


82,313

TOTAL INVESTMENT PORTFOLIO - 99.6%

(Cost $4,492,643)

5,071,711

NET OTHER ASSETS (LIABILITIES) - 0.4%

22,806

NET ASSETS - 100%

$ 5,094,517

Legend

(a) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 56

Fidelity Securities Lending Cash Central Fund

289

Total

$ 345

Other Information

The following is a summary of the inputs used, as of August 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 464,343

$ 464,343

$ -

$ -

Consumer Staples

459,068

437,111

21,957

-

Energy

667,569

667,569

-

-

Financials

1,011,088

987,117

23,971

-

Health Care

698,847

564,156

134,691

-

Industrials

538,972

517,840

21,132

-

Information Technology

636,026

636,026

-

-

Materials

107,708

107,708

-

-

Telecommunication Services

131,210

131,210

-

-

Utilities

274,567

274,567

-

-

Money Market Funds

82,313

82,313

-

-

Total Investments in Securities:

$ 5,071,711

$ 4,869,960

$ 201,751

$ -

Income Tax Information

At August 31, 2013, the cost of investment securities for income tax purposes was $4,504,231,000. Net unrealized appreciation aggregated $567,480,000, of which $630,756,000 related to appreciated investment securities and $63,276,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 Advisor® Convertible
Securities Fund
Class A
Class T
Class B
Class C
Institutional Class

August 31, 2013

Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity® Convertible
Securities Fund 

1.884073.104

ACVS-QTLY-1013

Investments August 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 54.0%

 

Principal
Amount (000s)

Value (000s)

Convertible Bonds - 53.9%

CONSUMER DISCRETIONARY - 11.7%

Automobiles - 6.0%

Ford Motor Co. 4.25% 11/15/16

$ 66,000

$ 124,417

Hotels, Restaurants & Leisure - 4.7%

MGM Mirage, Inc. 4.25% 4/15/15

82,300

97,731

Household Durables - 0.3%

K. Hovnanian Enterprises, Inc. 6% 12/1/17

5,000

6,416

Media - 0.7%

XM Satellite Radio, Inc. 7% 12/1/14 (e)

7,500

15,061

TOTAL CONSUMER DISCRETIONARY

243,625

ENERGY - 9.0%

Oil, Gas & Consumable Fuels - 9.0%

Alpha Natural Resources, Inc. 3.75% 12/15/17

73,900

68,454

Chesapeake Energy Corp. 2.5% 5/15/37

30,000

29,541

Cobalt International Energy, Inc. 2.625% 12/1/19

18,920

19,511

Peabody Energy Corp. 4.75% 12/15/41

62,250

48,166

Western Refining, Inc. 5.75% 6/15/14

7,295

22,277

 

187,949

FINANCIALS - 0.8%

Insurance - 0.7%

Fidelity National Financial, Inc. 4.25% 8/15/18

10,000

13,325

Thrifts & Mortgage Finance - 0.1%

MGIC Investment Corp. 2% 4/1/20

2,000

2,523

TOTAL FINANCIALS

15,848

HEALTH CARE - 4.1%

Health Care Equipment & Supplies - 1.6%

Alere, Inc. 3% 5/15/16

31,000

32,589

Health Care Providers & Services - 1.5%

Omnicare, Inc.:

3.25% 12/15/35

2,086

2,241

3.75% 12/15/25

3,610

7,550

3.75% 4/1/42

10,000

13,813

WellPoint, Inc. 2.75% 10/15/42 (e)

6,830

8,709

 

32,313

Corporate Bonds - continued

 

Principal
Amount (000s)

Value (000s)

Convertible Bonds - continued

HEALTH CARE - continued

Pharmaceuticals - 1.0%

Akorn, Inc. 3.5% 6/1/16

$ 5,000

$ 10,484

Isis Pharmaceuticals, Inc. 2.75% 10/1/19

6,000

10,159

 

20,643

TOTAL HEALTH CARE

85,545

INDUSTRIALS - 9.4%

Airlines - 3.7%

Continental Airlines, Inc. 4.5% 1/15/15

30,280

48,448

UAL Corp.:

4.5% 6/30/21 (e)

10,500

11,025

4.5% 6/30/21

5,000

5,250

6% 10/15/29

3,600

11,934

 

76,657

Commercial Services & Supplies - 0.4%

Metalico, Inc. 7% 4/30/28

10,000

8,500

Electrical Equipment - 0.8%

General Cable Corp. 4.5% 11/15/29 (d)

14,800

16,321

Machinery - 3.0%

Greenbrier Companies, Inc.:

2.375% 5/15/26 (e)

5,500

5,480

2.375% 5/15/26

8,000

7,970

3.5% 4/1/18

12,860

13,350

Terex Corp. 4% 6/1/15

9,590

17,835

Trinity Industries, Inc. 3.875% 6/1/36

15,000

18,094

 

62,729

Marine - 0.1%

Excel Maritime Carriers Ltd. 1.875% 10/15/27 (c)(e)

32,000

1,440

Road & Rail - 1.4%

Hertz Global Holdings, Inc. 5.25% 6/1/14

10,000

29,206

TOTAL INDUSTRIALS

194,853

INFORMATION TECHNOLOGY - 16.4%

Communications Equipment - 0.5%

JDS Uniphase Corp. 0.625% 8/15/33 (e)

10,000

9,981

Corporate Bonds - continued

 

Principal
Amount (000s)

Value (000s)

Convertible Bonds - continued

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 2.1%

EMC Corp.:

1.75% 12/1/13 (e)

$ 17,000

$ 27,305

1.75% 12/1/13

10,000

16,062

 

43,367

Electronic Equipment & Components - 0.6%

Vishay Intertechnology, Inc.:

2.25% 11/15/40 (e)

7,000

7,022

2.25% 5/15/41 (e)

7,000

5,749

 

12,771

Internet Software & Services - 0.7%

VeriSign, Inc. 3.25% 8/15/37

10,000

14,869

Semiconductors & Semiconductor Equipment - 9.4%

Micron Technology, Inc.:

1.5% 8/1/31

10,000

14,550

1.625% 2/15/33 (e)

5,000

6,928

1.875% 8/1/31

30,000

44,738

2.125% 2/15/33 (e)

5,000

6,938

3.125% 5/1/32

23,000

34,931

Novellus Systems, Inc. 2.625% 5/15/41

20,000

29,338

ON Semiconductor Corp.:

2.625% 12/15/26

5,818

5,905

2.625% 12/15/26

29,512

31,984

Rambus, Inc. 1.125% 8/15/18 (e)

5,500

5,355

Xilinx, Inc. 3.125% 3/15/37

10,000

14,988

 

195,655

Software - 3.1%

Nuance Communications, Inc.:

2.75% 8/15/27

28,085

32,017

2.75% 11/1/31

32,000

32,940

 

64,957

TOTAL INFORMATION TECHNOLOGY

341,600

Corporate Bonds - continued

 

Principal
Amount (000s)

Value (000s)

Convertible Bonds - continued

MATERIALS - 0.6%

Metals & Mining - 0.6%

Alcoa, Inc. 5.25% 3/15/14

$ 5,000

$ 6,178

Horsehead Holding Corp. 3.8% 7/1/17

5,000

5,294

 

11,472

TELECOMMUNICATION SERVICES - 1.9%

Diversified Telecommunication Services - 1.9%

Level 3 Communications, Inc.:

6.5% 10/1/16

19,820

27,599

7% 3/15/15

10,000

11,775

 

39,374

TOTAL CONVERTIBLE BONDS

1,120,266

Nonconvertible Bonds - 0.1%

CONSUMER DISCRETIONARY - 0.1%

Multiline Retail - 0.1%

The Bon-Ton Department Stores, Inc. 8% 6/15/21 (e)

1,215

1,176

TOTAL CORPORATE BONDS

(Cost $991,767)


1,121,442

Common Stocks - 9.9%

Shares

 

CONSUMER DISCRETIONARY - 0.7%

Media - 0.7%

HMH Holdings, Inc. warrants 6/22/19 (a)(f)

686

1

Liberty Global PLC:

Class A (a)

110,641

8,595

Class C (a)

82,616

6,075

 

14,671

CONSUMER STAPLES - 0.4%

Food Products - 0.4%

Smithfield Foods, Inc. (a)

216,661

7,265

FINANCIALS - 4.4%

Diversified Financial Services - 3.6%

Citigroup, Inc.

1,545,034

74,671

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - 0.8%

MetLife, Inc.

141,160

$ 6,520

MetLife, Inc. unit

200,000

10,936

 

17,456

TOTAL FINANCIALS

92,127

HEALTH CARE - 1.6%

Health Care Providers & Services - 1.6%

Tenet Healthcare Corp. (a)

871,302

34,024

INDUSTRIALS - 0.9%

Aerospace & Defense - 0.4%

Textron, Inc.

267,361

7,203

Machinery - 0.5%

Ingersoll-Rand PLC

173,739

10,275

TOTAL INDUSTRIALS

17,478

INFORMATION TECHNOLOGY - 1.9%

Computers & Peripherals - 0.1%

NetApp, Inc.

76,367

3,172

Electronic Equipment & Components - 0.4%

Viasystems Group, Inc. (a)

549,643

7,761

Semiconductors & Semiconductor Equipment - 1.4%

Micron Technology, Inc. (a)

1,205,802

16,363

ON Semiconductor Corp. (a)

1,716,800

12,430

 

28,793

TOTAL INFORMATION TECHNOLOGY

39,726

TOTAL COMMON STOCKS

(Cost $159,649)


205,291

Convertible Preferred Stocks - 19.8%

 

 

 

 

CONSUMER DISCRETIONARY - 7.8%

Automobiles - 7.2%

General Motors Co. 4.75%

3,085,300

150,127

Convertible Preferred Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - 0.6%

Interpublic Group of Companies, Inc. 5.25%

10,000

$ 12,840

TOTAL CONSUMER DISCRETIONARY

162,967

CONSUMER STAPLES - 1.7%

Food Products - 1.7%

Bunge Ltd. 4.875%

237,000

24,816

Post Holdings, Inc. 3.75% (e)

100,000

10,681

 

35,497

FINANCIALS - 9.2%

Commercial Banks - 6.1%

Huntington Bancshares, Inc. 8.50%

2,100

2,615

Wells Fargo & Co. 7.50%

108,432

123,070

 

125,685

Diversified Financial Services - 2.4%

Bank of America Corp. Series L, 7.25%

47,085

50,798

Real Estate Investment Trusts - 0.7%

Weyerhaeuser Co. Series A, 6.375%

271,200

14,292

TOTAL FINANCIALS

190,775

INDUSTRIALS - 0.5%

Aerospace & Defense - 0.1%

United Technologies Corp. 7.50%

45,700

2,838

Road & Rail - 0.4%

Genesee & Wyoming, Inc. 5.00%

62,000

7,533

TOTAL INDUSTRIALS

10,371

MATERIALS - 0.6%

Metals & Mining - 0.6%

ArcelorMittal SA 6.00%

568,500

11,819

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $395,368)


411,429

Money Market Funds - 15.5%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.10% (b)
(Cost $321,355)

321,355,495

$ 321,355

TOTAL INVESTMENT PORTFOLIO - 99.2%

(Cost $1,868,139)

2,059,517

NET OTHER ASSETS (LIABILITIES) - 0.8%

16,859

NET ASSETS - 100%

$ 2,076,376

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Non-income producing - Security is in default.

(d) 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.

(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 $122,850,000 or 5.9% of net assets.

(f) 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 $1,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition
Date

Acquisition
Cost (000s)

HMH Holdings, Inc. warrants 6/22/19

6/22/12

$ 1

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

$ 149

Other Information

The following is a summary of the inputs used, as of August 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 177,638

$ 164,797

$ 12,840

$ 1

Consumer Staples

42,762

7,265

35,497

-

Financials

282,902

257,674

25,228

-

Health Care

34,024

34,024

-

-

Industrials

27,849

27,849

-

-

Information Technology

39,726

39,726

-

-

Materials

11,819

-

11,819

-

Corporate Bonds

1,121,442

-

1,121,442

-

Money Market Funds

321,355

321,355

-

-

Total Investments in Securities:

$ 2,059,517

$ 852,690

$ 1,206,826

$ 1

Income Tax Information

At August 31, 2013, the cost of investment securities for income tax purposes was $1,870,098,000. Net unrealized appreciation aggregated $189,419,000, of which $279,846,000 related to appreciated investment securities and $90,427,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Convertible Securities Fund

August 31, 2013 

1.805819.109

CVS-QTLY-1013

Investments August 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 54.0%

 

Principal
Amount (000s)

Value (000s)

Convertible Bonds - 53.9%

CONSUMER DISCRETIONARY - 11.7%

Automobiles - 6.0%

Ford Motor Co. 4.25% 11/15/16

$ 66,000

$ 124,417

Hotels, Restaurants & Leisure - 4.7%

MGM Mirage, Inc. 4.25% 4/15/15

82,300

97,731

Household Durables - 0.3%

K. Hovnanian Enterprises, Inc. 6% 12/1/17

5,000

6,416

Media - 0.7%

XM Satellite Radio, Inc. 7% 12/1/14 (e)

7,500

15,061

TOTAL CONSUMER DISCRETIONARY

243,625

ENERGY - 9.0%

Oil, Gas & Consumable Fuels - 9.0%

Alpha Natural Resources, Inc. 3.75% 12/15/17

73,900

68,454

Chesapeake Energy Corp. 2.5% 5/15/37

30,000

29,541

Cobalt International Energy, Inc. 2.625% 12/1/19

18,920

19,511

Peabody Energy Corp. 4.75% 12/15/41

62,250

48,166

Western Refining, Inc. 5.75% 6/15/14

7,295

22,277

 

187,949

FINANCIALS - 0.8%

Insurance - 0.7%

Fidelity National Financial, Inc. 4.25% 8/15/18

10,000

13,325

Thrifts & Mortgage Finance - 0.1%

MGIC Investment Corp. 2% 4/1/20

2,000

2,523

TOTAL FINANCIALS

15,848

HEALTH CARE - 4.1%

Health Care Equipment & Supplies - 1.6%

Alere, Inc. 3% 5/15/16

31,000

32,589

Health Care Providers & Services - 1.5%

Omnicare, Inc.:

3.25% 12/15/35

2,086

2,241

3.75% 12/15/25

3,610

7,550

3.75% 4/1/42

10,000

13,813

WellPoint, Inc. 2.75% 10/15/42 (e)

6,830

8,709

 

32,313

Corporate Bonds - continued

 

Principal
Amount (000s)

Value (000s)

Convertible Bonds - continued

HEALTH CARE - continued

Pharmaceuticals - 1.0%

Akorn, Inc. 3.5% 6/1/16

$ 5,000

$ 10,484

Isis Pharmaceuticals, Inc. 2.75% 10/1/19

6,000

10,159

 

20,643

TOTAL HEALTH CARE

85,545

INDUSTRIALS - 9.4%

Airlines - 3.7%

Continental Airlines, Inc. 4.5% 1/15/15

30,280

48,448

UAL Corp.:

4.5% 6/30/21 (e)

10,500

11,025

4.5% 6/30/21

5,000

5,250

6% 10/15/29

3,600

11,934

 

76,657

Commercial Services & Supplies - 0.4%

Metalico, Inc. 7% 4/30/28

10,000

8,500

Electrical Equipment - 0.8%

General Cable Corp. 4.5% 11/15/29 (d)

14,800

16,321

Machinery - 3.0%

Greenbrier Companies, Inc.:

2.375% 5/15/26 (e)

5,500

5,480

2.375% 5/15/26

8,000

7,970

3.5% 4/1/18

12,860

13,350

Terex Corp. 4% 6/1/15

9,590

17,835

Trinity Industries, Inc. 3.875% 6/1/36

15,000

18,094

 

62,729

Marine - 0.1%

Excel Maritime Carriers Ltd. 1.875% 10/15/27 (c)(e)

32,000

1,440

Road & Rail - 1.4%

Hertz Global Holdings, Inc. 5.25% 6/1/14

10,000

29,206

TOTAL INDUSTRIALS

194,853

INFORMATION TECHNOLOGY - 16.4%

Communications Equipment - 0.5%

JDS Uniphase Corp. 0.625% 8/15/33 (e)

10,000

9,981

Corporate Bonds - continued

 

Principal
Amount (000s)

Value (000s)

Convertible Bonds - continued

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 2.1%

EMC Corp.:

1.75% 12/1/13 (e)

$ 17,000

$ 27,305

1.75% 12/1/13

10,000

16,062

 

43,367

Electronic Equipment & Components - 0.6%

Vishay Intertechnology, Inc.:

2.25% 11/15/40 (e)

7,000

7,022

2.25% 5/15/41 (e)

7,000

5,749

 

12,771

Internet Software & Services - 0.7%

VeriSign, Inc. 3.25% 8/15/37

10,000

14,869

Semiconductors & Semiconductor Equipment - 9.4%

Micron Technology, Inc.:

1.5% 8/1/31

10,000

14,550

1.625% 2/15/33 (e)

5,000

6,928

1.875% 8/1/31

30,000

44,738

2.125% 2/15/33 (e)

5,000

6,938

3.125% 5/1/32

23,000

34,931

Novellus Systems, Inc. 2.625% 5/15/41

20,000

29,338

ON Semiconductor Corp.:

2.625% 12/15/26

5,818

5,905

2.625% 12/15/26

29,512

31,984

Rambus, Inc. 1.125% 8/15/18 (e)

5,500

5,355

Xilinx, Inc. 3.125% 3/15/37

10,000

14,988

 

195,655

Software - 3.1%

Nuance Communications, Inc.:

2.75% 8/15/27

28,085

32,017

2.75% 11/1/31

32,000

32,940

 

64,957

TOTAL INFORMATION TECHNOLOGY

341,600

Corporate Bonds - continued

 

Principal
Amount (000s)

Value (000s)

Convertible Bonds - continued

MATERIALS - 0.6%

Metals & Mining - 0.6%

Alcoa, Inc. 5.25% 3/15/14

$ 5,000

$ 6,178

Horsehead Holding Corp. 3.8% 7/1/17

5,000

5,294

 

11,472

TELECOMMUNICATION SERVICES - 1.9%

Diversified Telecommunication Services - 1.9%

Level 3 Communications, Inc.:

6.5% 10/1/16

19,820

27,599

7% 3/15/15

10,000

11,775

 

39,374

TOTAL CONVERTIBLE BONDS

1,120,266

Nonconvertible Bonds - 0.1%

CONSUMER DISCRETIONARY - 0.1%

Multiline Retail - 0.1%

The Bon-Ton Department Stores, Inc. 8% 6/15/21 (e)

1,215

1,176

TOTAL CORPORATE BONDS

(Cost $991,767)


1,121,442

Common Stocks - 9.9%

Shares

 

CONSUMER DISCRETIONARY - 0.7%

Media - 0.7%

HMH Holdings, Inc. warrants 6/22/19 (a)(f)

686

1

Liberty Global PLC:

Class A (a)

110,641

8,595

Class C (a)

82,616

6,075

 

14,671

CONSUMER STAPLES - 0.4%

Food Products - 0.4%

Smithfield Foods, Inc. (a)

216,661

7,265

FINANCIALS - 4.4%

Diversified Financial Services - 3.6%

Citigroup, Inc.

1,545,034

74,671

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - 0.8%

MetLife, Inc.

141,160

$ 6,520

MetLife, Inc. unit

200,000

10,936

 

17,456

TOTAL FINANCIALS

92,127

HEALTH CARE - 1.6%

Health Care Providers & Services - 1.6%

Tenet Healthcare Corp. (a)

871,302

34,024

INDUSTRIALS - 0.9%

Aerospace & Defense - 0.4%

Textron, Inc.

267,361

7,203

Machinery - 0.5%

Ingersoll-Rand PLC

173,739

10,275

TOTAL INDUSTRIALS

17,478

INFORMATION TECHNOLOGY - 1.9%

Computers & Peripherals - 0.1%

NetApp, Inc.

76,367

3,172

Electronic Equipment & Components - 0.4%

Viasystems Group, Inc. (a)

549,643

7,761

Semiconductors & Semiconductor Equipment - 1.4%

Micron Technology, Inc. (a)

1,205,802

16,363

ON Semiconductor Corp. (a)

1,716,800

12,430

 

28,793

TOTAL INFORMATION TECHNOLOGY

39,726

TOTAL COMMON STOCKS

(Cost $159,649)


205,291

Convertible Preferred Stocks - 19.8%

 

 

 

 

CONSUMER DISCRETIONARY - 7.8%

Automobiles - 7.2%

General Motors Co. 4.75%

3,085,300

150,127

Convertible Preferred Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - 0.6%

Interpublic Group of Companies, Inc. 5.25%

10,000

$ 12,840

TOTAL CONSUMER DISCRETIONARY

162,967

CONSUMER STAPLES - 1.7%

Food Products - 1.7%

Bunge Ltd. 4.875%

237,000

24,816

Post Holdings, Inc. 3.75% (e)

100,000

10,681

 

35,497

FINANCIALS - 9.2%

Commercial Banks - 6.1%

Huntington Bancshares, Inc. 8.50%

2,100

2,615

Wells Fargo & Co. 7.50%

108,432

123,070

 

125,685

Diversified Financial Services - 2.4%

Bank of America Corp. Series L, 7.25%

47,085

50,798

Real Estate Investment Trusts - 0.7%

Weyerhaeuser Co. Series A, 6.375%

271,200

14,292

TOTAL FINANCIALS

190,775

INDUSTRIALS - 0.5%

Aerospace & Defense - 0.1%

United Technologies Corp. 7.50%

45,700

2,838

Road & Rail - 0.4%

Genesee & Wyoming, Inc. 5.00%

62,000

7,533

TOTAL INDUSTRIALS

10,371

MATERIALS - 0.6%

Metals & Mining - 0.6%

ArcelorMittal SA 6.00%

568,500

11,819

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $395,368)


411,429

Money Market Funds - 15.5%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.10% (b)
(Cost $321,355)

321,355,495

$ 321,355

TOTAL INVESTMENT PORTFOLIO - 99.2%

(Cost $1,868,139)

2,059,517

NET OTHER ASSETS (LIABILITIES) - 0.8%

16,859

NET ASSETS - 100%

$ 2,076,376

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Non-income producing - Security is in default.

(d) 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.

(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 $122,850,000 or 5.9% of net assets.

(f) 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 $1,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition
Date

Acquisition
Cost (000s)

HMH Holdings, Inc. warrants 6/22/19

6/22/12

$ 1

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

$ 149

Other Information

The following is a summary of the inputs used, as of August 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 177,638

$ 164,797

$ 12,840

$ 1

Consumer Staples

42,762

7,265

35,497

-

Financials

282,902

257,674

25,228

-

Health Care

34,024

34,024

-

-

Industrials

27,849

27,849

-

-

Information Technology

39,726

39,726

-

-

Materials

11,819

-

11,819

-

Corporate Bonds

1,121,442

-

1,121,442

-

Money Market Funds

321,355

321,355

-

-

Total Investments in Securities:

$ 2,059,517

$ 852,690

$ 1,206,826

$ 1

Income Tax Information

At August 31, 2013, the cost of investment securities for income tax purposes was $1,870,098,000. Net unrealized appreciation aggregated $189,419,000, of which $279,846,000 related to appreciated investment securities and $90,427,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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 ® Independence Fund

August 31, 2013 

1.805765.109

FRE-QTLY-1013

Investments August 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 30.8%

Auto Components - 1.8%

BorgWarner, Inc.

200,000

$ 19,316

Delphi Automotive PLC

800,000

44,016

Visteon Corp. (a)

100,000

7,161

 

70,493

Automobiles - 1.3%

Ford Motor Co.

600,000

9,714

General Motors Co. (a)

800,000

27,264

Toyota Motor Corp. sponsored ADR

100,000

12,079

 

49,057

Diversified Consumer Services - 0.5%

Anhanguera Educacional Participacoes SA

1,200,000

6,966

Estacio Participacoes SA

1,500,000

11,040

 

18,006

Hotels, Restaurants & Leisure - 2.0%

Alsea S.A.B. de CV

3,500,000

8,852

Chipotle Mexican Grill, Inc. (a)

95,000

38,776

Fiesta Restaurant Group, Inc. (a)

58,800

1,921

Las Vegas Sands Corp.

300,000

16,905

Penn National Gaming, Inc. (a)

200,000

10,518

 

76,972

Household Durables - 4.7%

Barratt Developments PLC (a)

1,100,000

5,174

Bellway PLC

400,000

8,313

D.R. Horton, Inc.

1,875,000

33,469

KB Home (d)

2,532,709

40,599

PulteGroup, Inc.

3,888,400

59,842

Taylor Morrison Home Corp.

286,135

5,897

Toll Brothers, Inc. (a)

951,057

29,112

 

182,406

Internet & Catalog Retail - 1.5%

priceline.com, Inc. (a)

60,000

56,312

Media - 8.9%

CBS Corp. Class B

882,200

45,080

Comcast Corp. Class A

1,700,000

71,553

Interpublic Group of Companies, Inc.

1,000,000

15,720

ITV PLC

6,000,000

15,305

Naspers Ltd. Class N

150,000

12,377

Sirius XM Radio, Inc.

6,500,000

23,270

The Walt Disney Co.

975,500

59,340

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - continued

Time Warner, Inc.

750,000

$ 45,398

Twenty-First Century Fox, Inc. Class A

1,800,000

56,394

 

344,437

Multiline Retail - 1.1%

Macy's, Inc.

963,200

42,795

Specialty Retail - 5.0%

Cabela's, Inc. Class A (a)

350,000

22,936

Conn's, Inc. (a)

349,800

23,300

Gap, Inc.

400,000

16,176

GNC Holdings, Inc.

500,000

25,435

Home Depot, Inc.

727,700

54,206

TJX Companies, Inc.

966,500

50,954

 

193,007

Textiles, Apparel & Luxury Goods - 4.0%

Arezzo Industria e Comercio SA

471,000

6,554

Deckers Outdoor Corp. (a)(d)

450,000

26,429

Michael Kors Holdings Ltd. (a)

606,747

44,954

Prada SpA

1,750,000

17,242

PVH Corp.

245,200

31,570

VF Corp.

140,000

26,209

 

152,958

TOTAL CONSUMER DISCRETIONARY

1,186,443

CONSUMER STAPLES - 3.3%

Beverages - 1.5%

Fomento Economico Mexicano S.A.B. de CV unit

750,000

7,100

Monster Beverage Corp. (a)

861,600

49,447

 

56,547

Food Products - 1.8%

Green Mountain Coffee Roasters, Inc. (a)(d)

799,300

68,988

TOTAL CONSUMER STAPLES

125,535

ENERGY - 10.2%

Energy Equipment & Services - 0.0%

Frank's International NV

16,500

457

Oil, Gas & Consumable Fuels - 10.2%

Anadarko Petroleum Corp.

716,100

65,466

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Cabot Oil & Gas Corp.

600,000

$ 23,478

Cobalt International Energy, Inc. (a)

600,000

14,640

Concho Resources, Inc. (a)

633,000

61,091

Continental Resources, Inc. (a)(d)

473,200

43,657

EOG Resources, Inc.

275,000

43,189

Genel Energy PLC (a)

788,500

11,333

Hess Corp.

500,000

37,425

HollyFrontier Corp.

100,000

4,448

Kosmos Energy Ltd. (a)

667,500

6,788

Marathon Petroleum Corp.

75,000

5,438

PBF Energy, Inc. Class A (d)

300,000

6,591

Phillips 66

200,000

11,420

Pioneer Natural Resources Co.

321,500

56,253

 

391,217

TOTAL ENERGY

391,674

FINANCIALS - 13.5%

Capital Markets - 5.0%

Apollo Global Management LLC Class A

2,043,700

51,890

BlackRock, Inc. Class A

125,000

32,540

Goldman Sachs Group, Inc.

175,000

26,623

KKR & Co. LP

800,000

15,288

Morgan Stanley

1,583,100

40,781

The Blackstone Group LP

1,150,000

25,116

 

192,238

Commercial Banks - 0.5%

Societe Generale Series A

350,000

15,318

UniCredit SpA

750,000

4,241

 

19,559

Diversified Financial Services - 5.4%

Bank of America Corp.

5,800,000

81,896

CBOE Holdings, Inc.

300,000

13,767

Citigroup, Inc.

1,500,000

72,495

JPMorgan Chase & Co.

800,000

40,424

 

208,582

Real Estate Investment Trusts - 0.6%

American Tower Corp.

318,300

22,119

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Management & Development - 0.9%

Altisource Asset Management Corp. (a)

18,780

$ 5,916

Altisource Portfolio Solutions SA

197,800

25,793

Altisource Residential Corp. Class B (a)

170,533

3,232

 

34,941

Thrifts & Mortgage Finance - 1.1%

Ocwen Financial Corp. (a)

850,000

42,874

TOTAL FINANCIALS

520,313

HEALTH CARE - 18.0%

Biotechnology - 11.0%

Achillion Pharmaceuticals, Inc. (a)

900,000

5,805

Alexion Pharmaceuticals, Inc. (a)

389,400

41,962

Amgen, Inc.

525,000

57,194

ARIAD Pharmaceuticals, Inc. (a)

782,600

14,556

Biogen Idec, Inc. (a)

230,000

48,995

BioMarin Pharmaceutical, Inc. (a)

300,000

19,641

Clovis Oncology, Inc. (a)

164,600

10,617

Gilead Sciences, Inc. (a)

1,425,000

85,885

Infinity Pharmaceuticals, Inc. (a)

126,800

2,347

Intercept Pharmaceuticals, Inc.

159,700

7,305

InterMune, Inc. (a)

550,000

7,860

KYTHERA Biopharmaceuticals, Inc.

171,300

4,522

MannKind Corp. (a)(d)

500,000

2,895

Medivation, Inc. (a)

850,000

48,051

Pharmacyclics, Inc. (a)

100,000

11,150

Regeneron Pharmaceuticals, Inc. (a)

150,000

36,347

Synageva BioPharma Corp. (a)

375,000

17,591

 

422,723

Health Care Equipment & Supplies - 1.7%

Edwards Lifesciences Corp. (a)

475,000

33,431

Haemonetics Corp. (a)

150,000

5,978

The Cooper Companies, Inc.

200,000

26,122

 

65,531

Health Care Providers & Services - 2.0%

Community Health Systems, Inc.

300,000

11,778

Express Scripts Holding Co. (a)

800,000

51,104

Tenet Healthcare Corp. (a)

400,000

15,620

 

78,502

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - 3.3%

Jazz Pharmaceuticals PLC (a)

250,000

$ 21,923

Pacira Pharmaceuticals, Inc. (a)

200,000

7,244

Salix Pharmaceuticals Ltd. (a)

100,000

6,694

Santarus, Inc. (a)

400,000

9,008

Valeant Pharmaceuticals International, Inc. (Canada) (a)

700,560

68,905

ViroPharma, Inc. (a)

400,000

12,060

 

125,834

TOTAL HEALTH CARE

692,590

INDUSTRIALS - 5.7%

Airlines - 4.4%

AMR Corp. (a)

3,500,000

12,390

Copa Holdings SA Class A

113,000

14,778

Delta Air Lines, Inc.

2,261,775

44,625

U.S. Airways Group, Inc. (a)

3,350,000

54,136

United Continental Holdings, Inc. (a)

1,594,100

45,368

 

171,297

Electrical Equipment - 0.8%

Eaton Corp. PLC

500,000

31,660

Professional Services - 0.5%

Bureau Veritas SA

600,000

18,128

TOTAL INDUSTRIALS

221,085

INFORMATION TECHNOLOGY - 13.5%

Communications Equipment - 0.8%

Alcatel-Lucent SA sponsored ADR (a)(d)

5,000,000

12,900

F5 Networks, Inc. (a)

200,000

16,676

 

29,576

Computers & Peripherals - 6.0%

3D Systems Corp. (a)(d)

300,000

15,420

Apple, Inc.

419,300

204,210

SanDisk Corp.

250,000

13,795

 

233,425

Internet Software & Services - 3.8%

Bankrate, Inc. (a)

1,171,600

20,152

Cornerstone OnDemand, Inc. (a)

283,600

14,608

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Facebook, Inc. Class A (a)

696,740

$ 28,761

Google, Inc. Class A (a)

100,000

84,690

 

148,211

IT Services - 1.7%

FleetCor Technologies, Inc. (a)

250,000

25,778

Visa, Inc. Class A

225,000

39,245

 

65,023

Semiconductors & Semiconductor Equipment - 0.5%

Freescale Semiconductor Holdings I Ltd. (a)(d)

1,260,800

18,055

Software - 0.7%

Citrix Systems, Inc. (a)

250,000

17,693

CommVault Systems, Inc. (a)

100,000

8,383

 

26,076

TOTAL INFORMATION TECHNOLOGY

520,366

MATERIALS - 3.5%

Chemicals - 3.5%

Axiall Corp.

300,000

12,009

Eastman Chemical Co.

550,000

41,800

LyondellBasell Industries NV Class A

671,500

47,106

Rockwood Holdings, Inc.

153,300

9,790

Sherwin-Williams Co.

25,000

4,310

Westlake Chemical Corp.

187,700

18,991

 

134,006

TELECOMMUNICATION SERVICES - 0.6%

Wireless Telecommunication Services - 0.6%

SBA Communications Corp. Class A (a)

300,000

22,500

TOTAL COMMON STOCKS

(Cost $2,904,352)


3,814,512

Money Market Funds - 3.8%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.10% (b)

4,622,270

$ 4,622

Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)

143,701,750

143,702

TOTAL MONEY MARKET FUNDS

(Cost $148,324)


148,324

TOTAL INVESTMENT PORTFOLIO - 102.9%

(Cost $3,052,676)

3,962,836

NET OTHER ASSETS (LIABILITIES) - (2.9)%

(112,552)

NET ASSETS - 100%

$ 3,850,284

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 9

Fidelity Securities Lending Cash Central Fund

1,357

Total

$ 1,366

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At August 31, 2013, the cost of investment securities for income tax purposes was $3,057,276,000. Net unrealized appreciation aggregated $905,560,000, of which $972,367,000 related to appreciated investment securities and $66,807,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

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/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

October 30, 2013

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

October 30, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

October 30, 2013