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- 4118

Fidelity Securities Fund
(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:	July 31

Date of reporting period:	October 31, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Dividend Growth Fund

October 31, 2004

DGF-QTLY-1204

1.809095.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.8%
Hotels, Restaurants & Leisure - 0.4%
McDonald's Corp.	2,468,600		$ 71,960
Media - 4.7%
Clear Channel Communications, Inc.	21,215,840		708,609
McGraw-Hill Companies, Inc.	128,400		11,075
News Corp. Ltd. sponsored ADR	3,236,500		101,756
Time Warner, Inc. (a)	3,552,982		59,122
			880,562
Specialty Retail - 5.7%
Home Depot, Inc.	23,995,000		985,715
Office Depot, Inc. (a)	383,700		6,212
Ross Stores, Inc.	399,176		10,486
Staples, Inc.	956,300		28,440
TJX Companies, Inc.	1,450,300		34,778
			1,065,631
TOTAL CONSUMER DISCRETIONARY			2,018,153
CONSUMER STAPLES - 7.9%
Beverages - 0.9%
PepsiCo, Inc.	1,806,790		89,581
The Coca-Cola Co.	1,783,400		72,513
			162,094
Food & Staples Retailing - 4.2%
CVS Corp.	9,629,500		418,498
Safeway, Inc. (a)	7,476,300		136,368
Wal-Mart Stores, Inc.	4,335,400		233,765
			788,631
Household Products - 0.4%
Colgate-Palmolive Co.	286,900		12,801
Kimberly-Clark Corp.	268,400		16,015
Procter & Gamble Co.	1,049,900		53,734
			82,550
Personal Products - 1.1%
Alberto-Culver Co.	4,289,645		192,433
Estee Lauder Companies, Inc. Class A	292,100		12,546
			204,979
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - 1.3%
Altria Group, Inc.	4,886,500		$ 236,800
TOTAL CONSUMER STAPLES			1,475,054
ENERGY - 4.0%
Energy Equipment & Services - 2.9%
Diamond Offshore Drilling, Inc.	4,356,900		147,263
ENSCO International, Inc.	3,090,994		94,430
GlobalSantaFe Corp.	4,411,379		130,136
Nabors Industries Ltd. (a)	445,500		21,883
Transocean, Inc. (a)	4,134,500		145,741
			539,453
Oil & Gas - 1.1%
ChevronTexaco Corp.	3,335,200		176,966
Exxon Mobil Corp.	574,120		28,258
			205,224
TOTAL ENERGY			744,677
FINANCIALS - 26.6%
Capital Markets - 3.6%
Lehman Brothers Holdings, Inc.	634,700		52,141
Merrill Lynch & Co., Inc.	3,403,000		183,558
Morgan Stanley	8,176,500		417,737
Nuveen Investments, Inc. Class A	667,500		21,093
			674,529
Commercial Banks - 4.3%
Bank of America Corp.	11,398,598		510,543
North Fork Bancorp, Inc., New York	623,480		27,495
SouthTrust Corp.	2,217,700		96,625
Synovus Financial Corp.	1,677,200		45,603
Wachovia Corp.	2,006,300		98,730
Wells Fargo & Co.	344,300		20,562
			799,558
Consumer Finance - 0.5%
MBNA Corp.	3,674,900		94,188
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - 4.0%
Citigroup, Inc.	10,747,739		$ 476,877
J.P. Morgan Chase & Co.	6,969,824		269,035
			745,912
Insurance - 8.8%
ACE Ltd.	1,588,150		60,445
AFLAC, Inc.	392,400		14,079
AMBAC Financial Group, Inc.	1,304,200		101,806
American International Group, Inc.	16,805,700		1,020,277
Hartford Financial Services Group, Inc.	3,481,320		203,588
MBIA, Inc.	1,153,000		66,713
MetLife, Inc.	3,908,600		149,895
PartnerRe Ltd.	390,300		22,696
			1,639,499
Thrifts & Mortgage Finance - 5.4%
Fannie Mae	11,813,780		828,737
MGIC Investment Corp.	1,743,400		112,118
New York Community Bancorp, Inc.	3,540,600		65,005
Sovereign Bancorp, Inc.	245,200		5,309
			1,011,169
TOTAL FINANCIALS			4,964,855
HEALTH CARE - 16.7%
Health Care Equipment & Supplies - 0.5%
Baxter International, Inc.	1,909,500		58,736
Medtronic, Inc.	535,700		27,380
Thermo Electron Corp. (a)	571,800		16,582
			102,698
Health Care Providers & Services - 4.7%
Cardinal Health, Inc.	16,997,870		794,650
Henry Schein, Inc. (a)	344,038		21,754
Service Corp. International (SCI) (a)	1,216,983		8,044
UnitedHealth Group, Inc.	787,200		56,993
			881,441
Pharmaceuticals - 11.5%
Barr Pharmaceuticals, Inc. (a)	282,400		10,632
Johnson & Johnson	6,233,100		363,888
Merck & Co., Inc.	3,418,400		107,030
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Pfizer, Inc.	28,495,300		$ 824,939
Recordati Spa	382,800		8,793
Schering-Plough Corp.	5,418,300		98,125
Wyeth	18,360,400		727,990
			2,141,397
TOTAL HEALTH CARE			3,125,536
INDUSTRIALS - 7.3%
Aerospace & Defense - 0.9%
Lockheed Martin Corp.	1,153,400		63,541
Northrop Grumman Corp.	630,900		32,649
United Technologies Corp.	817,700		75,899
			172,089
Air Freight & Logistics - 0.1%
Ryder System, Inc.	220,800		11,062
Commercial Services & Supplies - 0.4%
Aramark Corp. Class B	655,100		14,773
ChoicePoint, Inc. (a)	1,222,700		50,901
			65,674
Industrial Conglomerates - 5.1%
General Electric Co.	19,606,900		668,987
Tyco International Ltd.	8,839,700		275,357
			944,344
Machinery - 0.6%
Ingersoll-Rand Co. Ltd. Class A	1,772,900		121,337
Road & Rail - 0.2%
CSX Corp.	614,200		22,418
Union Pacific Corp.	311,800		19,634
			42,052
TOTAL INDUSTRIALS			1,356,558
INFORMATION TECHNOLOGY - 14.5%
Communications Equipment - 2.8%
Cisco Systems, Inc. (a)	17,454,000		335,291
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Comverse Technology, Inc. (a)	2,641,000		$ 54,510
Motorola, Inc.	7,475,000		129,019
			518,820
Computers & Peripherals - 2.1%
Dell, Inc. (a)	7,188,700		252,036
Diebold, Inc.	422,600		20,221
Hewlett-Packard Co.	6,272,100		117,037
Sun Microsystems, Inc. (a)	3,400,700		15,405
			404,699
Electronic Equipment & Instruments - 0.7%
Flextronics International Ltd. (a)	2,426,800		29,243
Jabil Circuit, Inc. (a)	1,177,600		28,627
Sanmina-SCI Corp. (a)	2,574,900		20,599
Solectron Corp. (a)	9,028,400		47,128
			125,597
IT Services - 1.0%
Affiliated Computer Services, Inc. Class A (a)	1,336,500		72,906
First Data Corp.	2,638,500		108,917
			181,823
Semiconductors & Semiconductor Equipment - 2.1%
Analog Devices, Inc.	317,200		12,770
Applied Materials, Inc. (a)	2,159,200		34,763
Intel Corp.	9,432,400		209,965
KLA-Tencor Corp. (a)	737,200		33,565
Lam Research Corp. (a)	885,600		23,052
Linear Technology Corp.	215,400		8,159
Novellus Systems, Inc. (a)	604,600		15,665
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	3,237,659		24,509
United Microelectronics Corp. sponsored ADR (a)	6,080,176		21,281
Xilinx, Inc.	145,500		4,452
			388,181
Software - 5.8%
BEA Systems, Inc. (a)	5,128,200		41,641
Microsoft Corp.	35,658,737		998,088
VERITAS Software Corp. (a)	2,563,134		56,081
			1,095,810
TOTAL INFORMATION TECHNOLOGY			2,714,930
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 0.5%
Chemicals - 0.1%
Dow Chemical Co.	679,800		$ 30,550
Metals & Mining - 0.3%
Alcan, Inc.	1,138,000		52,655
Paper & Forest Products - 0.1%
Bowater, Inc.	267,500		9,855
International Paper Co.	216,200		8,326
			18,181
TOTAL MATERIALS			101,386
TELECOMMUNICATION SERVICES - 7.0%
Diversified Telecommunication Services - 6.6%
BellSouth Corp.	5,503,800		146,786
Qwest Communications International, Inc. (a)	29,569,300		101,127
SBC Communications, Inc.	31,169,591		787,344
Verizon Communications, Inc.	5,060,650		197,871
			1,233,128
Wireless Telecommunication Services - 0.4%
Nextel Communications, Inc. Class A (a)	3,103,900		82,222
TOTAL TELECOMMUNICATION SERVICES			1,315,350
UTILITIES - 1.2%
Electric Utilities - 1.1%
Entergy Corp.	679,700		44,425
FirstEnergy Corp.	2,107,300		87,095
PG&E Corp. (a)	2,133,800		68,367
			199,887
Gas Utilities - 0.0%
NiSource, Inc.	467,500		10,028
Multi-Utilities & Unregulated Power - 0.1%
Public Service Enterprise Group, Inc.	244,000		10,392
TOTAL UTILITIES			220,307
TOTAL COMMON STOCKS (Cost $17,318,313)		18,036,806
Convertible Preferred Stocks - 0.1%
	Shares		Value (000s)
MATERIALS - 0.1%
Paper & Forest Products - 0.1%
International Paper Capital Trust 2.625%	426,800		$ 21,421
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $21,703)		21,421

Corporate Bonds - 0.6%
	Principal Amount (000s)
Convertible Bonds - 0.6%
CONSUMER DISCRETIONARY - 0.1%
Specialty Retail - 0.1%
Gap, Inc. 5.75% 3/15/09 (d)	$ 11,560		14,734
INDUSTRIALS - 0.4%
Industrial Conglomerates - 0.4%
Tyco International Group SA yankee 3.125% 1/15/23	51,110		76,967
INFORMATION TECHNOLOGY - 0.1%
Communications Equipment - 0.1%
CIENA Corp. 3.75% 2/1/08	8,560		7,169
TOTAL CONVERTIBLE BONDS			98,870
Nonconvertible Bonds - 0.0%
UTILITIES - 0.0%
Multi-Utilities & Unregulated Power - 0.0%
AES Corp.:
9.375% 9/15/10	2,603		3,036
9.5% 6/1/09	866		995
			4,031
TOTAL CORPORATE BONDS (Cost $79,663)		102,901
U.S. Treasury Obligations - 0.1%

U.S. Treasury Bills, yield at date of purchase 1.69% to 1.7% 12/30/04 to 1/13/05 (e) (Cost $15,946)	16,000		15,943

Money Market Funds - 3.6%
	Shares		Value (000s)
Fidelity Cash Central Fund, 1.79% (b)	560,700,914		$ 560,701
Fidelity Securities Lending Cash Central Fund, 1.77% (b)(c)	117,539,004		117,539
TOTAL MONEY MARKET FUNDS (Cost $678,240)		678,240
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $18,113,865)			18,855,311
NET OTHER ASSETS - (0.9)%		(164,397)
NET ASSETS - 100%		$ 18,690,914

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
942 S&P 500 Index Contracts	Dec. 2004	$ 266,186	$ 877

The face value of futures purchased as a percentage of net assets - 1.4%

Legend

(a) Non-income producing

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

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $14,734,000 or 0.1% of net assets.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $15,943,000.

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $18,220,767,000. Net unrealized appreciation aggregated $634,544,000, of which $1,977,168,000 related to appreciated investment securities and $1,342,624,000 related to depreciated investment securities.

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Real Estate Income Fund

October 31, 2004

REI-QTLY-1204

1.809106.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 14.3%
	Shares		Value
CONSUMER DISCRETIONARY - 0.4%
Household Durables - 0.4%
D.R. Horton, Inc.	24,300		$ 729,000
KB Home	12,200		1,003,450
M.D.C. Holdings, Inc.	6,100		468,175
			2,200,625
FINANCIALS - 13.9%
Real Estate - 13.9%
Acadia Realty Trust (SBI)	180,300		2,776,620
AMB Property Corp. (SBI)	12,100		453,750
American Campus Communities, Inc.	87,000		1,644,300
American Financial Realty Trust (SBI)	40,600		596,820
Anworth Mortgage Asset Corp.	70,700		723,261
Apartment Investment & Management Co. Class A	29,300		1,075,017
Arbor Realty Trust, Inc.	41,900		875,710
Arden Realty, Inc.	29,100		991,728
AvalonBay Communities, Inc.	12,300		805,281
Bimini Mortgage Management, Inc.	87,900		1,401,126
BNP Residential Properties, Inc.	95,400		1,331,784
Boston Properties, Inc.	18,400		1,098,848
Capital Lease Funding, Inc.	95,600		1,046,820
Catellus Development Corp.	35,400		1,020,936
CBL & Associates Properties, Inc.	6,800		445,740
Commercial Net Lease Realty, Inc.	29,800		573,054
Cornerstone Realty Income Trust, Inc.	207,600		2,038,632
Duke Realty Corp.	59,600		2,032,360
Eagle Hospitality Properties Trust, Inc.	105,000		997,500
Equity Residential (SBI)	53,400		1,780,890
Federal Realty Investment Trust (SBI)	56,900		2,699,905
General Growth Properties, Inc.	104,700		3,454,053
General Growth Properties, Inc. warrants 11/9/04 (a)	10,470		7,957
Glenborough Realty Trust, Inc.	47,500		997,500
GMH Communities Trust	100,000		1,200,000
Health Care Property Investors, Inc.	26,500		737,495
Health Care REIT, Inc.	57,900		2,084,400
Healthcare Realty Trust, Inc.	44,900		1,811,715
Hersha Hospitality Trust	139,400		1,299,208
Home Properties of New York, Inc.	8,300		341,545
Impac Mortgage Holdings, Inc.	22,700		513,247
Inland Real Estate Corp.	218,100		3,280,224
Kimco Realty Corp.	37,700		2,056,535
Lexington Corporate Properties Trust	89,000		1,997,160
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate - continued
LTC Properties, Inc.	40,000		$ 756,400
Manufactured Home Communities, Inc.	56,000		1,931,440
MFA Mortgage Investments, Inc.	177,400		1,497,256
MortgageIT Holdings, Inc.	136,600		1,994,360
Nationwide Health Properties, Inc.	50,700		1,144,299
New Century Financial Corp.	28,300		1,560,745
Newcastle Investment Corp. (a)	35,500		1,086,655
Omega Healthcare Investors, Inc.	67,000		755,090
Origen Financial, Inc. (d)	100,000		752,500
Origen Financial, Inc.	54,700		411,618
Prentiss Properties Trust (SBI)	37,500		1,349,250
PS Business Parks, Inc. unit	40,000		1,021,200
Realty Income Corp.	10,000		479,900
Redwood Trust, Inc.	17,000		1,022,720
Regency Centers Corp.	28,500		1,392,510
Saxon Capital, Inc.	35,500		681,600
Simon Property Group, Inc.	34,204		1,994,777
Spirit Financial Corp. (d)	200,000		2,000,000
The St. Joe Co.	10,100		514,090
Trizec Properties, Inc.	101,700		1,622,115
U-Store-It Trust	100,000		1,671,000
U.S. Restaurant Properties, Inc.	10,100		178,972
Ventas, Inc.	50,100		1,347,690
Vornado Realty Trust	33,900		2,278,080
W.P. Carey & Co. LLC	40,900		1,263,810
			76,899,198
TOTAL COMMON STOCKS (Cost $69,627,446)		79,099,823
Preferred Stocks - 30.1%

Convertible Preferred Stocks - 1.0%
FINANCIALS - 1.0%
Real Estate - 1.0%
Crescent Real Estate Equities Co. Series A, 6.75%	17,700		377,010
Equity Office Properties Trust Series B, 5.25%	74,000		3,765,120
Glenborough Realty Trust, Inc. Series A, 7.75%	70,200		1,755,000
			5,897,130
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - 29.1%
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Hilton Hotels Corp. 8.00%	4,800		$ 126,672
FINANCIALS - 29.1%
Diversified Financial Services - 0.7%
Westcoast Hospitality Capital Trust 9.50%	135,000		3,489,750
Real Estate - 28.4%
Accredited Mortgage Loan Trust Series A, 9.75%	160,695		4,065,584
Affordable Residential Communties, Inc. Series A, 8.25%	184,000		4,646,000
Alexandria Real Estate Equities, Inc.:
Series B, 9.10%	101,200		2,752,640
Series C, 8.375%	25,000		668,750
American Home Mortgage Investment Corp. Series A, 9.375%	120,000		3,153,600
American Real Estate Partners LP 5.00% pay-in-kind (a)	992		8,392
Annaly Mortgage Management, Inc. Series A, 7.875%	226,000		5,539,260
Anthracite Capital, Inc. Series C, 9.375%	46,000		1,216,700
Apartment Investment & Management Co.:
Series D, 8.75%	16,335		411,805
Series G, 9.375%	66,600		1,788,210
Series Q, 10.10%	82,490		2,219,806
Series R, 10.00%	96,800		2,608,760
Series T, 8.00%	204,400		5,150,880
Series U, 7.75%	53,812		1,327,004
Series V, 8.00%	40,000		1,006,000
Ashford Hospitality Trust, Inc. Series A, 8.55%	80,000		2,054,400
Bedford Property Investors, Inc.:
Series A, 8.75% (d)	69,000		3,579,030
Series B, 7.625%	71,000		1,775,000
Brandywine Realty Trust Series C, 7.50%	60,500		1,551,825
Capital Automotive 6.75%	151,000		3,717,620
CBL & Associates Properties, Inc.:
(depositary shares) Series C, 7.75%	49,500		1,337,490
Series B, 8.75%	60,000		3,267,000
Cedar Shopping Centers, Inc. 8.875%	80,000		2,112,000
Colonial Properties Trust Series C, 9.25%	30,000		798,900
Commercial Net Lease Realty, Inc. Series A, 9.00%	19,200		524,160
Corporate Office Properties Trust:
Series F, 9.875% (a)	1,500		41,085
Series H, 7.50%	12,500		316,875
Cousins Properties, Inc. Series A, 7.75%	131,700		3,437,370
Crescent Real Estate Equities Co. Series B, 9.50%	18,700		507,705
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate - continued
CRT Properties, Inc. Series A, 8.50%	25,000		$ 675,000
Developers Diversified Realty Corp. (depositary shares):
Class F, 8.60%	7,200		193,680
Class G, 8.00%	42,800		1,125,640
Duke Realty Corp. (depositary shares) Series B, 7.99%	63,700		3,245,515
Eastgroup Properties, Inc. Series D, 7.95%	104,000		2,751,840
Equity Inns, Inc. Series B, 8.75%	60,000		1,590,000
Federal Realty Investment Trust Series B, 8.50%	11,600		310,532
Glimcher Realty Trust:
Series F, 8.75%	62,000		1,638,660
Series G, 8.125%	127,000		3,224,530
Health Care REIT, Inc.:
Series D, 7.875%	30,000		771,900
Series F, 7.625%	40,000		1,005,200
Highwoods Properties, Inc.:
(depositary shares) Series D, 8.00%	36,300		911,130
Series A, 8.625%	214		212,663
Series B, 8.00%	37,500		946,875
Host Marriott Corp.:
Class B, 10.00%	22,300		580,469
Class C, 10.00%	9,000		245,880
Series E, 8.875%	40,000		1,096,800
HRPT Properties Trust:
Series A, 9.875%	11,500		309,925
Series B, 8.75%	29,700		815,265
Innkeepers USA Trust Series C, 8.00%	70,000		1,789,900
iStar Financial, Inc.:
Series D, 8.00%	4,000		102,360
Series E, 7.875%	57,000		1,487,700
Series F, 7.80%	14,000		362,600
Kilroy Realty Corp. Series E, 7.80%	84,000		2,140,320
Kramont Realty Trust Series E, 8.25%	140,000		3,633,000
La Quinta Properties, Inc. (depositary shares) Series A, 9.00% (a)	10,000		255,800
LaSalle Hotel Properties:
Series A, 10.25%	192,400		5,369,884
Series B, 8.375%	19,400		502,460
Lexington Corporate Properties Trust Series B, 8.05%	124,500		3,222,060
LTC Properties, Inc. Series F, 8.00%	79,300		2,037,217
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate - continued
MFA Mortgage Investments, Inc. Series A, 8.50%	193,500		$ 4,779,450
Mid-America Apartment Communities, Inc. Series H, 8.30%	127,800		3,354,750
Nationwide Health Properties, Inc. 7.677%	30,439		3,135,217
New Plan Excel Realty Trust (depositary shares) Series D, 7.80%	22,231		1,189,359
Newcastle Investment Corp. Series B, 9.75%	145,800		3,981,798
Novastar Financial, Inc. Series C, 8.90%	35,800		912,900
Omega Healthcare Investors, Inc.:
Series B, 8.625% (a)	32,000		811,200
Series D, 8.375%	159,800		4,154,800
Parkway Properties, Inc. Series D, 8.00%	165,000		4,290,000
Prime Group Realty Trust Series B, 9.00%	37,500		928,125
ProLogis Series C, 8.54%	6,478		369,246
PS Business Parks, Inc.:
(depositary shares) Series F, 8.75%	21,500		574,050
Series D, 9.50%	28,100		754,204
Public Storage, Inc. Series Q, 8.60% (a)	1,000		26,710
RAIT Investment Trust:
Series A, 7.75%	199,500		4,937,625
Series B, 8.375%	100,000		2,500,000
Realty Income Corp. 8.25%	76,800		2,166,528
Saul Centers, Inc. 8.00%	156,800		4,155,200
Simon Property Group, Inc.:
Series G, 7.89%	28,900		1,554,820
Series J, 8.375%	17,100		1,026,000
SNH Capital Trust I Series Z, 10.125% (a)	43,300		1,175,595
Taubman Centers, Inc. Series A, 8.30%	66,500		1,695,750
The Mills Corp.:
Series B, 9.00%	25,000		688,250
Series C, 9.00%	63,100		1,723,892
Series E, 8.75% (a)	44,100		1,194,669
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate - continued
United Dominion Realty Trust, Inc. Series B, 8.60%	12,500		$ 343,250
Winston Hotels, Inc. Series B, 8.00%	35,600		890,000
			157,452,044
TOTAL FINANCIALS			160,941,794
TOTAL NONCONVERTIBLE PREFERRED STOCKS			161,068,466
TOTAL PREFERRED STOCKS (Cost $162,709,510)		166,965,596

Nonconvertible Bonds - 26.0%
	Principal Amount
CONSUMER DISCRETIONARY - 3.5%
Hotels, Restaurants & Leisure - 1.5%
Courtyard by Marriott II LP/Courtyard II Finance Co. 10.75% 2/1/08	$ 1,500,000		1,524,375
Felcor Lodging LP 9% 6/1/11 (g)	1,000,000		1,125,000
Hilton Hotels Corp. 7.625% 5/15/08	1,680,000		1,879,500
HMH Properties, Inc. 7.875% 8/1/08	202,000		208,060
Host Marriott LP:
7% 8/15/12 (d)	1,500,000		1,608,750
7.125% 11/1/13	1,503,000		1,619,483
			7,965,168
Household Durables - 2.0%
Beazer Homes USA, Inc. 8.375% 4/15/12	1,000,000		1,102,500
D.R. Horton, Inc.:
4.875% 1/15/10	1,000,000		987,500
9.375% 3/15/11	300,000		331,875
K. Hovnanian Enterprises, Inc. 7.75% 5/15/13	1,500,000		1,612,500
KB Home 7.75% 2/1/10	1,000,000		1,085,000
Ryland Group, Inc. 9.125% 6/15/11	1,000,000		1,120,000
Standard Pacific Corp. 9.25% 4/15/12	1,600,000		1,840,000
WCI Communities, Inc.:
7.875% 10/1/13	370,000		392,200
Nonconvertible Bonds - continued
	Principal Amount		Value
CONSUMER DISCRETIONARY - continued
Household Durables - continued
WCI Communities, Inc.: - continued
9.125% 5/1/12	$ 1,500,000		$ 1,668,750
William Lyon Homes, Inc. 7.5% 2/15/14	1,000,000		985,000
			11,125,325
TOTAL CONSUMER DISCRETIONARY			19,090,493
FINANCIALS - 20.0%
Diversified Financial Services - 0.7%
American Tower Escrow Corp. 0% 8/1/08 (c)	2,000,000		1,505,000
John Q. Hammons Hotels LP/John Q. Hammons Hotels Corp. III 8.875% 5/15/12	2,080,000		2,381,600
			3,886,600
Real Estate - 19.3%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20	1,513,167		1,626,654
AMB Property LP:
6.9% 6/30/15 (g)	1,200,000		1,235,009
7.2% 12/15/05	1,080,000		1,131,046
American Real Estate Partners/American Real Estate Finance Corp. 8.125% 6/1/12 (d)	2,190,000		2,310,450
Archstone-Smith Trust 5% 8/15/07	200,000		207,275
Arden Realty LP:
5.2% 9/1/11	500,000		508,852
7% 11/15/07	1,000,000		1,106,032
8.5% 11/15/10	1,000,000		1,199,530
8.875% 3/1/05	500,000		510,026
Bay Apartment Communities, Inc. 6.625% 1/15/08	840,000		913,459
Brandywine Operating Partnership LP 4.5% 11/1/09	1,000,000		997,688
CarrAmerica Realty Corp.:
3.625% 4/1/09	1,000,000		973,461
5.25% 11/30/07	1,465,000		1,528,782
CB Richard Ellis Services, Inc. 9.75% 5/15/10	1,932,000		2,202,480
Colonial Properties Trust 7% 7/14/07	1,000,000		1,074,812
Commercial Net Lease Realty, Inc. 6.25% 6/15/14	500,000		527,393
Crescent Real Estate Equities LP 7.5% 9/15/07 (g)	1,500,000		1,530,000
Crescent Real Estate Equities LP/Crescent Finance Co. 9.25% 4/15/09	2,000,000		2,180,000
Developers Diversified Realty Corp.:
4.625% 8/1/10	1,505,000		1,508,878
Nonconvertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Real Estate - continued
Developers Diversified Realty Corp.: - continued
6.625% 1/15/08	$ 550,000		$ 594,301
7.5% 7/15/18	200,000		226,478
Duke Realty LP:
5.25% 1/15/10	200,000		209,200
6.8% 2/12/09	1,500,000		1,674,740
EOP Operating LP:
2.64% 10/1/10 (g)	2,000,000		1,996,854
8.375% 3/15/06	1,000,000		1,070,863
ERP Operating LP 6.63% 4/13/15	450,000		457,925
Federal Realty Investment Trust 6.125% 11/15/07	1,200,000		1,281,277
First Industrial LP:
5.25% 6/15/09	1,000,000		1,033,670
7.375% 3/15/11	2,100,000		2,378,756
7.6% 5/15/07	1,000,000		1,099,349
Gables Realty LP:
5.75% 7/15/07	1,100,000		1,153,101
7.25% 2/15/06	500,000		523,692
Health Care REIT, Inc.:
6% 11/15/13	2,000,000		2,068,692
7.5% 8/15/07	1,500,000		1,640,697
8% 9/12/12	1,450,000		1,706,479
Healthcare Realty Trust, Inc.:
5.125% 4/1/14	1,000,000		976,193
8.125% 5/1/11	2,790,000		3,275,943
Heritage Property Investment Trust, Inc. 4.5% 10/15/09 (d)	1,000,000		1,001,080
Highwoods/Forsyth LP:
7% 12/1/06	500,000		528,765
7.125% 2/1/08	950,000		1,019,208
7.5% 4/15/18	1,250,000		1,339,100
Hospitality Properties Trust 6.75% 2/15/13	1,610,000		1,757,510
HRPT Properties Trust 6.5% 1/15/13	200,000		216,170
iStar Financial, Inc.:
5.125% 4/1/11	1,000,000		1,011,758
6.5% 12/15/13	1,000,000		1,070,000
7% 3/15/08	1,800,000		1,935,000
Liberty Property LP 7.25% 8/15/07	1,500,000		1,644,420
LNR Property Corp.:
7.25% 10/15/13	1,500,000		1,665,000
Nonconvertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Real Estate - continued
LNR Property Corp.: - continued
7.625% 7/15/13	$ 1,000,000		$ 1,110,000
Mack-Cali Realty LP 7.25% 3/15/09	100,000		112,083
MeriStar Hospitality Corp. 9% 1/15/08	3,000,000		3,150,000
Nationwide Health Properties, Inc. 8.25% 7/1/12	1,300,000		1,506,946
Omega Healthcare Investors, Inc.:
7% 4/1/14	1,970,000		2,016,788
7% 4/1/14 (d)(e)	500,000		512,500
Post Apartment Homes LP:
5.125% 10/12/11	1,500,000		1,516,130
6.85% 3/16/15 (g)	2,085,000		2,105,883
7.7% 12/20/10	1,500,000		1,737,230
Price Development Co. LP 7.29% 3/11/08	2,200,000		2,325,987
ProLogis 7.1% 4/15/08	775,000		860,509
Reckson Operating Partnership LP:
5.875% 8/15/14	1,000,000		1,021,463
7.75% 3/15/09	2,600,000		2,939,102
Security Capital Industrial Trust 7.95% 5/15/08	130,000		143,989
Senior Housing Properties Trust:
7.875% 4/15/15	585,000		646,425
8.625% 1/15/12	1,500,000		1,691,250
Shopping Center Associates 7.625% 5/15/05 (d)	1,500,000		1,534,713
Shurgard Storage Centers, Inc. 5.875% 3/15/13	2,000,000		2,067,546
Simon Property Group LP:
5.375% 8/28/08	550,000		579,220
7.125% 6/24/05	775,000		796,134
Tanger Properties LP 9.125% 2/15/08	300,000		337,500
The Rouse Co.:
3.625% 3/15/09	1,000,000		932,826
5.375% 11/26/13	2,000,000		1,885,474
7.2% 9/15/12	3,220,000		3,426,924
Thornburg Mortgage, Inc. 8% 5/15/13 (d)	3,000,000		3,127,500
United Dominion Realty Trust 5% 1/15/12	1,000,000		1,002,549
United Dominion Realty Trust, Inc. 6.5% 6/15/09	325,000		355,440
Ventas Realty LP/Ventas Capital Corp.:
6.625% 10/15/14 (d)	1,670,000		1,703,400
8.75% 5/1/09	800,000		912,000
9% 5/1/12	1,961,000		2,279,663
Nonconvertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Real Estate - continued
Vornado Realty LP 4.5% 8/15/09	$ 1,000,000		$ 1,007,647
Vornado Realty Trust 5.625% 6/15/07	1,700,000		1,785,590
			106,958,459
TOTAL FINANCIALS			110,845,059
HEALTH CARE - 1.5%
Health Care Providers & Services - 1.5%
Beverly Enterprises, Inc. 7.875% 6/15/14 (d)	1,030,000		1,102,100
Extendicare Health Services, Inc. 6.875% 5/1/14	1,500,000		1,541,250
Genesis HealthCare Corp. 8% 10/15/13	2,080,000		2,262,000
Mariner Health Care, Inc. 8.25% 12/15/13 (d)	2,950,000		3,348,250
			8,253,600
TELECOMMUNICATION SERVICES - 1.0%
Wireless Telecommunication Services - 1.0%
American Tower Corp. 7.125% 10/15/12 (d)	1,000,000		1,015,000
Crown Castle International Corp.:
Series B, 7.5% 12/1/13	2,160,000		2,300,400
7.5% 12/1/13	90,000		95,850
9.375% 8/1/11	2,000,000		2,270,000
			5,681,250
TOTAL NONCONVERTIBLE BONDS (Cost $138,704,625)		143,870,402
Asset-Backed Securities - 2.8%

ABSC NIMS Trust:
Series 2003-HE4 Class A, 7% 8/17/33 (d)	737,259		740,945
Series 2003-HE5 Class A, 7% 8/17/33 (d)	446,678		448,912
Series 2003-HE7 Class A, 7% 12/15/33 (d)	754,073		757,843
Series 2004-HE1 Class A, 7% 1/17/34	2,147,884		2,147,092
Cayman ABSC NIMS Trust Series 2004-HE2 Class A1, 6.75% 4/25/34 (d)	1,173,909		1,178,605
Conseco Finance Securitizations Corp. Series 2000-4 Class A4, 7.73% 4/1/31	1,324,646		1,279,476
Countrywide Home Loans Series 2004-11N Class N, 5.25% 4/25/36 (d)	770,000		769,588
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (d)	850,000		901,223
Asset-Backed Securities - continued
	Principal Amount		Value
Fremont NIMS Trust Series 2003-B Class NOTE, 5.65% 11/25/33 (d)	$ 244,673		$ 244,062
Green Tree Financial Corp. Series 1996-4 Class M1, 7.75% 6/15/27	1,788,179		1,391,937
GS Mortgage Securities Corp. 5.5% 11/25/32 (d)	221,579		221,358
Home Equity Asset Trust Series 2003-6 Class NIMS 22, 6.5% 3/27/34 (d)	1,037,331		1,036,683
Home Equity Asset Trust NIMS Trust:
Series 2003-2N Class A, 8% 9/27/33 (d)	15,445		15,522
Series 2003-3N Class A, 8% 9/27/33 (d)	23,018		23,190
Morgan Stanley Dean Witter Capital I Trust Series 2001-NC2 Class B1, 3.8825% 1/25/32 (g)	298,796		297,672
OMI Trust:
Series 2000-A Class A2, 7.765% 5/15/17	1,084,513		932,333
Series 2002-B Class A4, 7.09% 6/15/32	2,000,000		1,848,309
Park Place NIMS Trust Series 2004-WCW1, 5.65% 9/25/34 (d)	1,180,642		1,177,691
TOTAL ASSET-BACKED SECURITIES (Cost $15,592,568)		15,412,441
Collateralized Mortgage Obligations - 2.0%

Private Sponsor - 1.9%
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (d)	228,407		215,559
Series 2002-R2 Class 2B3, 4.4704% 7/25/33 (d)(g)	281,689		177,992
Series 2003-40 Class B3, 4.5% 10/25/18	284,618		255,178
Series 2003-R2 Class B3, 5.5% 5/25/43 (d)	602,649		448,220
Series 2003-R3:
Class B2, 5.5% 11/25/33	1,904,836		1,644,111
Class B3, 5.5% 11/25/33	570,369		450,057
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (g)	670,000		519,041
CS First Boston Mortgage Securities Corp. Series 2003-TFLA Class F, 2.4433% 4/15/13 (d)(g)	2,000,000		2,014,282
Residential Finance LP/Residential Finance Development Corp. floater:
Series 2002-A Class B10, 18.0581% 10/10/34 (g)	560,480		581,498
Series 2003-B Class B9, 13.8081% 7/10/35 (d)(g)	978,876		1,016,276
Series 2004-C Class B5, 3.19% 9/10/36 (g)	399,560		399,560
Residential Funding Mortgage Securities I, Inc. Series 2002-S20 Class M3, 5.25% 12/25/17	91,987		88,853
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (d)	192,319		171,555
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Resix Finance Ltd. floater:
Series 2003-D Class B8, 8.3581% 12/10/35 (d)(g)	$ 739,716		$ 773,261
Series 2004-A Class B7, 6.1081% 2/10/36 (d)(g)	694,384		694,381
Series 2004-B Class B7, 5.8581% 2/10/36 (d)(g)	835,064		835,064
TOTAL PRIVATE SPONSOR			10,284,888
U.S. Government Agency - 0.1%
Fannie Mae:
Series 2003-W1 Class B3, 5.75% 12/25/42	340,781		260,378
Series 2003-W4 Class 2B3, 4.538% 10/25/42 (d)(g)	86,123		53,934
Fannie Mae guaranteed REMIC pass thru certificates Series 2003-W10 Class 2B3, 4.3829% 6/25/43 (g)	200,983		123,040
Fannie Mae REMIC pass thru certificates:
Series 2001-W3 Class B3, 7% 9/25/41	301,318		254,614
Series 2002-W1 Class 3B3, 4.4655% 2/25/42 (d)(g)	175,843		117,430
TOTAL U.S. GOVERNMENT AGENCY			809,396
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $10,890,316)		11,094,284
Commercial Mortgage Securities - 12.8%

Asset Securitization Corp. Series 1997-D4:
Class B1, 7.525% 4/14/29	2,500,000		2,888,021
Class B2, 7.525% 4/14/29	515,000		425,947
Banc of America Commercial Mortgage, Inc.:
Series 2002-PB2 Class XC, 0.4373% 6/11/35 (d)(f)(g)	77,049,294		1,914,544
Series 2003-2:
Class BWD, 6.947% 10/11/37 (d)	434,000		433,602
Class BWE, 7.226% 10/11/37 (d)	588,000		587,106
Class BWF, 7.55% 10/11/37 (d)	519,000		517,819
Class BWG, 8.155% 10/11/37 (d)	503,000		496,974
Class BWH, 9.073% 10/11/37 (d)	264,000		264,755
Class BWJ, 9.99% 10/11/37 (d)	434,000		434,291
Class BWK, 10.676% 10/11/37 (d)	341,000		339,823
Class BWL, 10.1596% 10/11/37 (d)	575,000		528,452
Banc of America Large Loan, Inc. floater Series 2003-BBA2 Class A3, 2.19% 11/15/15 (d)(g)	4,000,000		4,000,483
Commercial Mortgage Securities - continued
	Principal Amount		Value
Columbia Center Trust floater Series 2000-CCT Class E, 3.37% 12/15/09 (d)(g)	$ 800,000		$ 797,821
Commercial Mortgage Asset Trust Series 1999-C1 Class X, 1.1203% 1/17/32 (d)(f)(g)	17,103,016		873,742
Commercial Mortgage pass thru certificates:
floater Series 2004-CNL:
Class G, 2.8381% 9/15/14 (d)(g)	125,000		125,078
Class H, 2.9381% 9/15/14 (d)(g)	135,000		135,084
Series 2000-C1 Class G, 6.85% 8/15/33 (d)	2,800,000		2,780,558
CS First Boston Mortgage Securities Corp.:
Series 1998-C1 Class F, 6% 5/17/40 (d)	4,250,000		3,082,253
Series 1998-C2 Class F, 6.75% 11/11/30 (d)	2,000,000		1,993,909
Series 2003-TFLA Class AX, 0.5495% 4/15/13 (d)(f)(g)	21,595,000		107,975
Series 2004-C3 Class AX, 0.0885% 7/15/36 (d)(f)(g)	61,026,519		1,041,662
Series 2004-TFLA Class AX, 1.7495% 2/15/14 (d)(f)(g)	68,935,059		1,723,376
DLJ Commercial Mortgage Corp. Series 1998-CF2 Class B3, 6.04% 11/12/31	2,000,000		2,034,782
EQI Financing Partnership I LP Series 1997-1 Class C, 7.58% 2/20/17 (d)	2,500,000		2,587,775
First Chicago/Lennar Trust I:
Series 1997-CHL1 Class E, 7.8558% 4/29/39 (d)(g)	1,999,096		2,058,132
weighted average coupon Series 1997-CHL1 Class D, 7.8558% 4/29/39 (d)(g)	1,749,193		1,867,537
Global Signal Trust Series 2004-1:
Class F, 8.08% 1/15/34 (d)(g)	2,860,000		2,817,341
Class G, 10% 1/15/34 (d)(g)	2,640,000		2,599,509
Greenwich Capital Commercial Funding Corp. floater Series 2003-FL1 Class MCH, 5.09% 7/5/18 (d)(g)	1,123,678		1,123,678
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2001-A:
Class G, 6% 10/15/32 (d)(g)	2,895,000		1,730,834
Class X, 1.9795% 10/15/32 (d)(f)(g)	22,534,099		1,109,101
J.P. Morgan Commercial Mortgage Finance Corp.:
Series 1997-C5 Class F, 7.5605% 9/15/29	5,885,000		6,592,587
Series 1999-C7 Class F, 6% 10/15/35 (d)	350,000		357,189
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2003-C4A Class F, 4.1063% 7/11/15 (d)(g)	147,960		148,117
LTC Commercial Mortgage pass thru certificates Series 1998-1:
Class D, 6.96% 5/28/30 (d)	2,250,000		2,361,611
Class E, 7.792% 5/28/30 (d)	2,020,000		2,100,642
Commercial Mortgage Securities - continued
	Principal Amount		Value
Meristar Commercial Mortgage Trust Series 1999-C1 Class X, 0.2154% 3/3/16 (d)(f)	$ 36,650,000		$ 321,153
Merrill Lynch Mortgage Investors, Inc. Series 2001-HRPA Class G, 6.778% 2/3/16 (d)	820,000		896,110
Mezz Capital Commercial Mortgage Trust Series 2004-C1:
Class D, 6.988% 9/15/13	750,000		749,355
Class E, 7.983% 10/15/13	1,453,000		1,451,241
Class X, 8.056% 1/15/18 (f)(g)	7,196,356		3,370,125
Morgan Stanley Capital I, Inc.:
Series 1997-C1 Class F, 6.85% 2/15/20 (d)	500,000		538,936
Series 1997-HF1 Class G, 6.86% 7/15/29 (d)	555,000		582,894
Series 1998-HF1 Class F, 7.18% 3/15/30 (d)	1,500,000		1,659,961
Nationslink Funding Corp. Series 1998-2 Class F, 7.105% 8/20/30 (d)	2,075,000		2,315,236
Nomura Asset Securities Corp. Series 1998-D6 Class B1, 6% 3/15/30 (d)	2,800,000		2,956,979
Trizechahn Office Properties Trust Series 2001-TZHA Class E4, 7.604% 5/15/16 (d)	790,000		900,541
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $66,056,713)		70,724,641
Floating Rate Loans - 2.0%

CONSUMER DISCRETIONARY - 0.7%
Hotels, Restaurants & Leisure - 0.7%
Lake Las Vegas LLC Tranche 1, term loan 4.5163% 11/1/09 (g)	430,000		435,913
Wyndham International, Inc. term loan 6.625% 6/30/06 (g)	3,366,901		3,371,110
			3,807,023
FINANCIALS - 1.2%
Diversified Financial Services - 0.4%
American Tower LP Tranche B term loan 4.4794% 8/31/11 (g)	997,500		1,012,463
Landsource Communication Development LLC Tranche B term loan 4.5% 3/31/10 (g)	1,200,000		1,215,000
			2,227,463
Real Estate - 0.8%
Apartment Investment & Management Co. term loan 4.18% 11/3/09 (g)	2,000,000		2,000,000
Floating Rate Loans - continued
	Principal Amount		Value
FINANCIALS - continued
Real Estate - continued
Crescent Real Estate Funding XII LP term loan 4.1139% 1/12/06 (g)	$ 2,181,761		$ 2,189,943
Newkirk Master LP term loan 6.4117% 11/24/06 (g)	211,009		213,646
			4,403,589
TOTAL FINANCIALS			6,631,052
HEALTH CARE - 0.0%
Health Care Providers & Services - 0.0%
Beverly Enterprises, Inc. term loan 4.5103% 10/22/08 (g)	198,000		200,970
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
SpectraSite Communications, Inc. term loan 3.87% 12/31/07 (g)	619,778		621,327
TOTAL FLOATING RATE LOANS (Cost $11,116,688)		11,260,372

Preferred Securities - 0.1%
	Shares
FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 15.4303% 6/28/38 (d)(g)	590,000		612,054
TOTAL PREFERRED SECURITIES (Cost $590,000)		612,054
Fixed-Income Funds - 3.6%

Fidelity Ultra-Short Central Fund (h) (Cost $20,000,002)	200,894		19,990,962
Money Market Funds - 6.4%
	Shares		Value
Fidelity Cash Central Fund, 1.79% (b) (Cost $35,437,240)	35,437,240	$ 35,437,240
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $530,725,108)		554,467,815
NET OTHER ASSETS - (0.1)%		(575,230)
NET ASSETS - 100%		$ 553,892,585

Legend

(a) Non-income producing

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

(f) Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the par amount of the mortgage pool.

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

(h) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $530,735,416. Net unrealized appreciation aggregated $23,732,399, of which $26,477,365 related to appreciated investment securities and $2,744,966 related to depreciated investment securities.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Blue Chip Growth Fund

October 31, 2004

BCF-QTLY-1204

1.809076.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.8%
Hotels, Restaurants & Leisure - 1.8%
Brinker International, Inc. (a)	2,185,700		$ 70,598
Carnival Corp. unit	2,446,800		123,710
McDonald's Corp.	4,544,500		132,472
Royal Caribbean Cruises Ltd.	1,399,800		65,231
			392,011
Household Durables - 0.2%
Leggett & Platt, Inc.	1,475,600		41,509
Internet & Catalog Retail - 0.8%
Amazon.com, Inc. (a)	1,187,900		40,543
eBay, Inc. (a)	1,471,100		143,594
			184,137
Media - 4.0%
Clear Channel Communications, Inc.	1,588,900		53,069
Comcast Corp. Class A (a)	394,652		11,642
EchoStar Communications Corp. Class A (a)	1,538,934		48,661
Fox Entertainment Group, Inc. Class A (a)	1,810,900		53,711
News Corp. Ltd. ADR	2,544,400		82,082
Omnicom Group, Inc.	1,510,600		119,186
Time Warner, Inc. (a)	8,843,032		147,148
Tribune Co.	929,000		40,133
Univision Communications, Inc. Class A (a)	3,401,100		105,298
Viacom, Inc. Class B (non-vtg.)	3,728,896		136,067
Walt Disney Co.	3,404,100		85,851
XM Satellite Radio Holdings, Inc. Class A (a)	715,300		23,118
			905,966
Multiline Retail - 0.4%
Kohl's Corp. (a)	865,300		43,923
Target Corp.	902,600		45,148
			89,071
Specialty Retail - 2.9%
Best Buy Co., Inc.	282,350		16,721
Home Depot, Inc.	9,738,400		400,053
Lowe's Companies, Inc.	1,627,600		91,601
Ross Stores, Inc.	1,959,000		51,463
Staples, Inc.	3,360,800		99,950
			659,788
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles Apparel & Luxury Goods - 0.7%
Liz Claiborne, Inc.	1,084,600		$ 44,338
NIKE, Inc. Class B	1,423,200		115,720
			160,058
TOTAL CONSUMER DISCRETIONARY			2,432,540
CONSUMER STAPLES - 11.3%
Beverages - 2.4%
Anheuser-Busch Companies, Inc.	1,441,800		72,018
PepsiCo, Inc.	6,544,862		324,494
The Coca-Cola Co.	3,544,500		144,119
			540,631
Food & Staples Retailing - 3.1%
Costco Wholesale Corp.	470,400		22,551
CVS Corp.	1,869,300		81,240
Sysco Corp.	1,991,700		64,272
Wal-Mart Stores, Inc.	8,462,755		456,312
Walgreen Co.	2,322,700		83,362
			707,737
Food Products - 0.2%
Bunge Ltd.	1,026,600		49,000
Household Products - 2.6%
Colgate-Palmolive Co.	3,497,900		156,076
Procter & Gamble Co.	8,167,180		417,996
			574,072
Personal Products - 2.5%
Avon Products, Inc.	4,349,000		172,003
Estee Lauder Companies, Inc. Class A	1,277,000		54,847
Gillette Co.	7,924,000		328,688
			555,538
Tobacco - 0.5%
Altria Group, Inc.	2,294,300		111,182
TOTAL CONSUMER STAPLES			2,538,160
ENERGY - 5.1%
Energy Equipment & Services - 3.0%
Baker Hughes, Inc.	3,702,100		158,561
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
BJ Services Co.	1,960,300		$ 99,975
Halliburton Co.	1,282,800		47,515
Nabors Industries Ltd. (a)	1,889,100		92,793
Schlumberger Ltd. (NY Shares)	2,423,700		152,548
Transocean, Inc. (a)	1,697,100		59,823
Weatherford International Ltd. (a)	1,250,500		65,351
			676,566
Oil & Gas - 2.1%
Burlington Resources, Inc.	1,690,400		70,152
ChevronTexaco Corp.	1,851,200		98,225
Exxon Mobil Corp.	3,436,400		169,140
Total SA Series B	593,000		123,676
			461,193
TOTAL ENERGY			1,137,759
FINANCIALS - 13.5%
Capital Markets - 2.0%
Goldman Sachs Group, Inc.	640,600		63,022
Lehman Brothers Holdings, Inc.	1,428,700		117,368
Merrill Lynch & Co., Inc.	1,886,200		101,742
Morgan Stanley	2,558,800		130,729
State Street Corp.	848,800		38,238
			451,099
Commercial Banks - 1.4%
Bank of America Corp.	5,493,100		246,036
Wachovia Corp.	812,600		39,988
Wells Fargo & Co.	342,100		20,430
			306,454
Consumer Finance - 2.9%
American Express Co.	5,217,529		276,894
Capital One Financial Corp.	1,351,000		99,650
MBNA Corp.	6,972,000		178,692
SLM Corp.	2,178,800		98,612
			653,848
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - 2.1%
Citigroup, Inc.	9,591,354		$ 425,568
J.P. Morgan Chase & Co.	1,382,804		53,376
			478,944
Insurance - 3.1%
AFLAC, Inc.	1,638,100		58,775
AMBAC Financial Group, Inc.	1,493,200		116,559
American International Group, Inc.	7,428,955		451,012
MBIA, Inc.	1,151,650		66,634
			692,980
Thrifts & Mortgage Finance - 2.0%
Fannie Mae	4,621,100		324,170
Freddie Mac	252,100		16,790
Golden West Financial Corp., Delaware	985,600		115,236
			456,196
TOTAL FINANCIALS			3,039,521
HEALTH CARE - 19.7%
Biotechnology - 2.4%
Alkermes, Inc. (a)	632,500		7,824
Amgen, Inc. (a)	3,598,500		204,395
Biogen Idec, Inc. (a)	1,753,050		101,957
Cephalon, Inc. (a)	843,000		40,186
Genentech, Inc. (a)	3,074,500		139,982
Millennium Pharmaceuticals, Inc. (a)	2,533,900		32,890
Protein Design Labs, Inc. (a)	832,100		15,935
			543,169
Health Care Equipment & Supplies - 4.7%
Baxter International, Inc.	2,800,400		86,140
Becton, Dickinson & Co.	1,634,600		85,817
Boston Scientific Corp. (a)	1,763,980		62,268
Cytyc Corp. (a)	3,088,100		80,569
Fisher Scientific International, Inc. (a)	772,000		44,282
Guidant Corp.	1,192,800		79,464
Medtronic, Inc.	5,649,600		288,751
Millipore Corp. (a)	1,070,100		49,214
St. Jude Medical, Inc. (a)	1,793,300		137,313
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Waters Corp. (a)	1,934,300		$ 79,867
Zimmer Holdings, Inc. (a)	724,880		56,243
			1,049,928
Health Care Providers & Services - 2.0%
Cardinal Health, Inc.	868,775		40,615
Health Management Associates, Inc. Class A	1,226,100		25,331
Laboratory Corp. of America Holdings (a)	1,348,700		61,770
Quest Diagnostics, Inc.	683,600		59,842
UnitedHealth Group, Inc.	3,666,800		265,476
			453,034
Pharmaceuticals - 10.6%
Abbott Laboratories	5,091,800		217,063
Allergan, Inc.	1,079,200		77,228
AstraZeneca PLC sponsored ADR	1,867,300		76,933
Barr Pharmaceuticals, Inc. (a)	1,828,200		68,832
Eli Lilly & Co.	2,090,200		114,773
Johnson & Johnson	9,263,104		540,780
Merck & Co., Inc.	3,657,600		114,519
Pfizer, Inc.	25,558,900		739,930
Schering-Plough Corp.	8,462,500		153,256
Watson Pharmaceuticals, Inc. (a)	208,900		5,855
Wyeth	6,643,000		263,395
			2,372,564
TOTAL HEALTH CARE			4,418,695
INDUSTRIALS - 11.4%
Aerospace & Defense - 2.1%
EADS NV	4,900,000		140,146
Honeywell International, Inc.	1,832,100		61,705
Northrop Grumman Corp.	2,323,000		120,215
The Boeing Co.	3,225,500		160,952
			483,018
Air Freight & Logistics - 0.9%
United Parcel Service, Inc. Class B	2,486,800		196,905
Airlines - 0.3%
Southwest Airlines Co.	4,376,100		69,011
Building Products - 0.3%
Masco Corp.	1,810,200		62,017
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - 1.1%
Avery Dennison Corp.	1,226,700		$ 74,632
Career Education Corp. (a)	946,900		29,704
Cintas Corp.	1,125,500		48,554
Robert Half International, Inc.	2,467,000		65,450
Waste Management, Inc.	677,300		19,290
			237,630
Construction & Engineering - 0.3%
Fluor Corp.	1,316,000		61,115
Industrial Conglomerates - 5.9%
3M Co.	3,463,000		268,625
General Electric Co.	25,533,900		871,217
Tyco International Ltd.	6,169,500		192,180
			1,332,022
Machinery - 0.5%
Danaher Corp.	1,388,400		76,542
Ingersoll-Rand Co. Ltd. Class A	589,750		40,362
			116,904
TOTAL INDUSTRIALS			2,558,622
INFORMATION TECHNOLOGY - 23.4%
Communications Equipment - 3.3%
Cisco Systems, Inc. (a)	24,336,500		467,504
QUALCOMM, Inc.	5,920,800		247,549
Telefonaktiebolaget LM Ericsson ADR (a)	705,500		20,396
			735,449
Computers & Peripherals - 3.9%
Dell, Inc. (a)	10,688,700		374,746
EMC Corp. (a)	11,206,300		144,225
International Business Machines Corp.	3,513,100		315,301
Lexmark International, Inc. Class A (a)	473,842		39,381
			873,653
Electronic Equipment & Instruments - 0.6%
CDW Corp.	1,109,000		68,791
Flextronics International Ltd. (a)	5,942,500		71,607
			140,398
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 1.3%
Google, Inc. Class A	424,800		$ 81,011
Yahoo!, Inc. (a)	6,114,064		221,268
			302,279
IT Services - 1.8%
Affiliated Computer Services, Inc. Class A (a)	1,531,900		83,565
Automatic Data Processing, Inc.	663,880		28,806
DST Systems, Inc. (a)	1,526,600		68,468
First Data Corp.	3,618,900		149,388
Paychex, Inc.	2,059,920		67,553
			397,780
Semiconductors & Semiconductor Equipment - 6.2%
Altera Corp. (a)	3,708,500		84,294
Analog Devices, Inc.	3,286,100		132,298
Applied Materials, Inc. (a)	4,408,400		70,975
Intel Corp.	22,209,640		494,387
Intersil Corp. Class A	2,528,000		41,257
KLA-Tencor Corp. (a)	2,175,800		99,064
Lam Research Corp. (a)	1,286,400		33,485
Linear Technology Corp.	1,506,160		57,053
Marvell Technology Group Ltd. (a)	2,386,000		68,168
Microchip Technology, Inc.	813,700		24,614
PMC-Sierra, Inc. (a)	3,169,500		32,519
Teradyne, Inc. (a)	1,680,900		27,836
Texas Instruments, Inc.	5,878,500		143,729
Xilinx, Inc.	2,439,100		74,636
			1,384,315
Software - 6.3%
Adobe Systems, Inc.	755,668		42,340
BEA Systems, Inc. (a)	3,577,500		29,049
Cadence Design Systems, Inc. (a)	1,926,600		23,967
McAfee, Inc. (a)	1,766,500		42,749
Microsoft Corp.	37,157,800		1,040,058
Oracle Corp. (a)	10,391,000		131,550
Siebel Systems, Inc. (a)	1,914,900		18,192
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Synopsys, Inc. (a)	1,762,654		$ 28,626
VERITAS Software Corp. (a)	2,678,628		58,608
			1,415,139
TOTAL INFORMATION TECHNOLOGY			5,249,013
MATERIALS - 1.3%
Chemicals - 1.1%
Dow Chemical Co.	3,130,200		140,671
Praxair, Inc.	2,671,800		112,750
			253,421
Containers & Packaging - 0.2%
Smurfit-Stone Container Corp. (a)	2,825,716		49,054
TOTAL MATERIALS			302,475
TELECOMMUNICATION SERVICES - 0.9%
Diversified Telecommunication Services - 0.4%
Verizon Communications, Inc.	2,045,400		79,975
Wireless Telecommunication Services - 0.5%
Nextel Communications, Inc. Class A (a)	4,561,200		120,826
TOTAL TELECOMMUNICATION SERVICES			200,801
TOTAL COMMON STOCKS (Cost $18,191,644)		21,877,586
Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%
Communications Equipment - 0.0%
Chorum Technologies, Inc. Series E (a)(d)	132,000		0
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,980)		0
Money Market Funds - 2.3%
	Shares		Value (000s)
Fidelity Cash Central Fund, 1.79% (b)	502,912,028		$ 502,912
Fidelity Securities Lending Cash Central Fund, 1.77% (b)(c)	22,938,652		22,939
TOTAL MONEY MARKET FUNDS (Cost $525,851)		525,851
Cash Equivalents - 0.0%
	Maturity Amount (000s)
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 1.79%, dated 10/29/04 due 11/1/04) (Cost $2,859)	$ 2,859		2,859
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $18,722,334)			22,406,296
NET OTHER ASSETS - 0.3%			66,834
NET ASSETS - 100%		$ 22,473,130

Legend

(a) Non-income producing

(d) 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 $0 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Chorum Technologies, Inc. Series E	9/19/00	$ 2,276

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $18,732,491,000. Net unrealized appreciation aggregated $3,673,805,000, of which $4,913,173,000 related to appreciated investment securities and $1,239,368,000 related to depreciated investment securities.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Real Estate Fund

October 31, 2004

IRE-QTLY-1204

1.809077.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%
	Shares		Value
Australia - 15.3%
Centro Properties Group unit	103,200		$ 373,992
CFS Gandel Retail Trust	300,900		353,719
Commonwealth Property Office Fund	127,500		124,105
DB RREEF Trust unit (a)	162,237		156,703
General Property Trust	106,700		297,197
Investa Property Group	102,900		160,256
Macquarie Goodman Industrial Trust	300,600		452,399
Mirvac Group	1,800		6,105
Ronin Property Group	312,000		322,382
Stockland	158,700		699,889
Westfield Group unit (a)	57,300		643,551
TOTAL AUSTRALIA			3,590,298
Austria - 0.8%
IMMOFINANZ Immobilien Anlagen AG (a)	20,600		178,206
Finland - 1.8%
Citycon Oyj	81,000		223,896
Sponda Oyj	21,800		197,793
TOTAL FINLAND			421,689
France - 7.6%
Gecina SA	5,100		442,495
Klepierre SA	5,200		397,936
Nexity	4,900		117,196
Unibail (Reg.)	6,200		817,216
TOTAL FRANCE			1,774,843
Greece - 0.8%
Babis Vovos International Technical SA	13,270		196,987
Hong Kong - 16.8%
Cheung Kong Holdings Ltd. ADR	25,800		216,720
Hang Lung Properties Ltd.	187,000		277,484
Henderson Land Development Co. Ltd.	116,700		541,243
Hong Kong Land Holdings Ltd.	181,000		372,860
Hysan Development Co. Ltd.	145,000		240,310
Kerry Properties Ltd.	148,000		285,211
New World Development Co. Ltd.	291,000		254,224
Sino Land Co.	410,000		350,283
Sun Hung Kai Properties Ltd.	151,000		1,396,763
TOTAL HONG KONG			3,935,098
Common Stocks - continued
	Shares		Value
Italy - 1.8%
Beni Stabili Spa	241,200		$ 211,033
Pirelli & C. Real Estate Spa	5,000		219,469
TOTAL ITALY			430,502
Japan - 12.0%
Japan Prime Realty Investment Corp.	78		224,784
Japan Real Estate Investment Corp.	30		240,374
Japan Retail Fund Investment Corp.	24		192,073
Mitsubishi Estate Co. Ltd.	42,000		444,069
Mitsui Fudosan Co. Ltd.	94,000		999,197
Nippon Building Fund, Inc.	58		488,836
NTT Urban Development Co. (a)	5		21,260
Sumitomo Realty & Development Co. Ltd.	18,000		198,139
TOTAL JAPAN			2,808,732
Netherlands - 7.9%
Corio NV	8,705		436,346
Eurocommercial Properties NV	8,658		289,843
Nieuwe Steen Investments NV	10,827		225,149
Rodamco Europe NV	7,400		504,739
Wereldhave NV	4,300		385,190
TOTAL NETHERLANDS			1,841,267
Singapore - 3.1%
Ascendas Real Estate Investment Trust (A-REIT)	150,000		140,714
CapitaLand Ltd.	201,000		223,609
Keppel Land Ltd.	124,000		134,965
Singapore Land Ltd.	87,000		233,332
TOTAL SINGAPORE			732,620
Spain - 1.7%
Inmobiliaria Colonial	7,000		243,565
Metrovacesa SA	3,300		144,174
TOTAL SPAIN			387,739
Sweden - 0.8%
Castellum AB	6,700		193,195
Switzerland - 1.1%
PSP Swiss Property AG	6,102		245,859
United Kingdom - 23.5%
British Land Co. PLC	78,200		1,070,596
Brixton PLC	40,300		222,727
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Capital & Regional PLC	44,500		$ 466,120
CLS Holdings PLC (a)	33,300		202,551
Derwent Valley Holdings PLC	10,200		177,975
Eurocastle Investment Ltd.	6,000		122,698
Hammerson PLC	37,400		503,777
Land Securities Group PLC	29,200		640,156
Liberty International PLC	34,700		549,029
Minerva PLC	24,200		125,409
Shaftesbury PLC	56,200		288,914
Slough Estates PLC	64,900		541,754
Unite Group PLC	59,800		268,135
Workspace Group PLC	8,700		318,952
TOTAL UNITED KINGDOM			5,498,793
TOTAL COMMON STOCKS (Cost $21,763,996)		22,235,828
Cash Equivalents - 7.6%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 1.8%, dated 10/29/04 due 11/1/04) (Cost $1,782,000)	$ 1,782,267		1,782,000
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $23,545,996)		24,017,828
NET OTHER ASSETS - (2.6)%		(617,794)
NET ASSETS - 100%		$ 23,400,034

Legend

(a) Non-income producing

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $23,546,151. Net unrealized appreciation aggregated $471,677, of which $681,948 related to appreciated investment securities and $210,271 related to depreciated investment securities.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Leveraged Company Stock Fund

October 31, 2004

LSF-QTLY-1204

1.809078.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 7.7%
Auto Components - 1.0%
Dana Corp.	204,100		$ 3,043
Tenneco Automotive, Inc. (a)	135,500		1,726
TRW Automotive Holdings Corp.	618,100		11,348
			16,117
Hotels, Restaurants & Leisure - 1.0%
Centerplate, Inc. unit	363,005		4,991
Friendly Ice Cream Corp. (a)(d)	423,400		3,789
Sunterra Corp. (a)	342,900		3,652
Wyndham International, Inc. Class A (a)	4,529,500		3,216
			15,648
Media - 5.0%
Cablevision Systems Corp. - NY Group Class A (a)	242,900		4,999
Liberty Media International, Inc. Class A (a)	11,987		432
News Corp. Ltd. sponsored ADR	90,444		2,844
NTL, Inc. (a)	745,907		49,610
Spanish Broadcasting System, Inc. Class A (a)	209,400		2,119
The DIRECTV Group, Inc. (a)	619,645		10,391
Time Warner, Inc. (a)	277,400		4,616
UnitedGlobalCom, Inc. Class A (a)	582,912		4,360
			79,371
Specialty Retail - 0.7%
AutoNation, Inc. (a)	247,600		4,266
Gap, Inc.	303,400		6,062
			10,328
TOTAL CONSUMER DISCRETIONARY			121,464
CONSUMER STAPLES - 2.8%
Food & Staples Retailing - 1.8%
Koninklijke Ahold NV sponsored ADR	1,340,400		9,316
Kroger Co. (a)	371,300		5,610
Pathmark Stores, Inc. (a)	1,297,047		5,590
Safeway, Inc. (a)	445,700		8,130
			28,646
Food Products - 0.5%
Kellogg Co.	184,900		7,951
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Personal Products - 0.5%
Revlon, Inc. Class A (a)	3,225,199		$ 7,837
TOTAL CONSUMER STAPLES			44,434
ENERGY - 34.6%
Energy Equipment & Services - 5.3%
Grant Prideco, Inc. (a)	606,300		12,466
Grey Wolf, Inc. (a)	4,440,200		23,000
Hanover Compressor Co. (a)	451,500		5,879
Nabors Industries Ltd. (a)	163,100		8,011
Petroleum Geo-Services ASA ADR (a)	371,153		17,131
Pride International, Inc. (a)	141,000		2,606
Rowan Companies, Inc. (a)	321,100		8,198
Universal Compression Holdings, Inc. (a)	184,700		6,387
			83,678
Oil & Gas - 29.3%
Burlington Resources, Inc.	709,500		29,444
Chesapeake Energy Corp.	1,755,600		28,230
Comstock Resources, Inc. (a)	311,800		6,860
Forest Oil Corp. (a)	2,195,400		66,960
Frontline Ltd.	185,300		9,150
Frontline Ltd. (NY Shares)	287,300		14,388
General Maritime Corp. (a)(d)	2,638,500		100,263
Houston Exploration Co. (a)	89,200		5,227
OMI Corp.	2,310,300		41,470
Overseas Shipholding Group, Inc.	123,200		7,016
Range Resources Corp.	2,911,800		45,715
Ship Finance International Ltd.	93,240		1,874
Teekay Shipping Corp.	2,304,000		106,445
			463,042
TOTAL ENERGY			546,720
FINANCIALS - 3.3%
Consumer Finance - 0.6%
Metris Companies, Inc.	937,300		8,998
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - 2.2%
American Financial Group, Inc., Ohio	1,002,800		$ 29,683
UnumProvident Corp.	423,700		5,788
			35,471
Thrifts & Mortgage Finance - 0.5%
Capital Crossing Bank (a)	258,800		7,117
TOTAL FINANCIALS			51,586
HEALTH CARE - 4.1%
Health Care Equipment & Supplies - 0.3%
Baxter International, Inc.	184,700		5,681
Health Care Providers & Services - 2.2%
DaVita, Inc. (a)	1,151,600		34,110
Pharmaceuticals - 1.6%
Elan Corp. PLC sponsored ADR (a)	987,700		25,483
TOTAL HEALTH CARE			65,274
INDUSTRIALS - 9.6%
Aerospace & Defense - 0.5%
BE Aerospace, Inc. (a)	365,424		3,135
Goodrich Corp.	133,700		4,122
			7,257
Airlines - 2.9%
America West Holding Corp. Class B (a)	800,600		3,667
AMR Corp. (a)	2,514,530		19,412
Delta Air Lines, Inc. (a)	3,611,150		19,681
Northwest Airlines Corp. (a)	277,600		2,457
			45,217
Building Products - 1.6%
American Standard Companies, Inc. (a)	713,200		26,082
Industrial Conglomerates - 3.8%
Tyco International Ltd.	1,946,200		60,624
Machinery - 0.5%
Navistar International Corp. (a)	32,400		1,119
Terex Corp. (a)	82,700		3,143
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Thermadyne Holdings Corp. (a)	64,900		$ 681
Timken Co.	92,800		2,227
			7,170
Road & Rail - 0.3%
Kansas City Southern (a)	326,700		5,538
TOTAL INDUSTRIALS			151,888
INFORMATION TECHNOLOGY - 4.2%
Communications Equipment - 0.2%
Motorola, Inc.	244,900		4,227
Electronic Equipment & Instruments - 1.4%
DDi Corp. (a)	2,071,300		8,161
Merix Corp. (a)	385,000		3,966
Solectron Corp. (a)	475,100		2,480
Viasystems Group, Inc. (a)	95,400		954
Viasystems Group, Inc. (a)(g)	625,780		6,258
			21,819
Semiconductors & Semiconductor Equipment - 2.6%
Conexant Systems, Inc. (a)	927,700		1,605
Fairchild Semiconductor International, Inc. (a)	200,000		2,874
Freescale Semiconductor, Inc. Class A	287,500		4,468
ON Semiconductor Corp. (a)	8,789,700		31,643
			40,590
TOTAL INFORMATION TECHNOLOGY			66,636
MATERIALS - 9.5%
Chemicals - 2.3%
Crompton Corp.	2,974,200		27,660
Rhodia SA ADR	5,081,400		8,994
			36,654
Construction Materials - 0.4%
Texas Industries, Inc.	103,800		5,287
Containers & Packaging - 4.3%
Owens-Illinois, Inc. (a)	1,432,890		26,551
Pactiv Corp. (a)	929,100		22,010
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Containers & Packaging - continued
Sealed Air Corp. (a)	156,900		$ 7,773
Smurfit-Stone Container Corp. (a)	637,000		11,058
			67,392
Metals & Mining - 0.7%
Freeport-McMoRan Copper & Gold, Inc. Class B	282,500		10,232
Haynes International, Inc. (a)(e)	26,042		286
IMCO Recycling, Inc. (a)	49,700		582
			11,100
Paper & Forest Products - 1.8%
Georgia-Pacific Corp.	140,100		4,846
International Paper Co.	294,700		11,349
Weyerhaeuser Co.	201,800		12,641
			28,836
TOTAL MATERIALS			149,269
TELECOMMUNICATION SERVICES - 10.0%
Diversified Telecommunication Services - 4.2%
Covad Communications Group, Inc. (a)	931,615		1,397
Level 3 Communications, Inc. (a)	2,129,900		7,156
Qwest Communications International, Inc. (a)	13,889,400		47,502
Telewest Global, Inc. (a)	590,291		7,261
XO Communications, Inc. (a)	926,500		2,780
			66,096
Wireless Telecommunication Services - 5.8%
American Tower Corp. Class A (a)	300,300		5,162
Crown Castle International Corp. (a)	536,100		8,208
Nextel Communications, Inc. Class A (a)	2,412,985		63,920
NII Holdings, Inc. (a)	160,800		7,119
Triton PCS Holdings, Inc. Class A (a)(d)	3,149,800		7,654
			92,063
TOTAL TELECOMMUNICATION SERVICES			158,159
UTILITIES - 10.0%
Multi-Utilities & Unregulated Power - 10.0%
AES Corp. (a)	9,559,458		104,198
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Multi-Utilities & Unregulated Power - continued
Aquila, Inc. (a)	911,800		$ 2,890
CMS Energy Corp. (a)	5,352,600		50,100
			157,188
TOTAL COMMON STOCKS (Cost $1,176,070)		1,512,618
Preferred Stocks - 0.5%

Convertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Media - 0.1%
Emmis Communications Corp. Series A, 6.25%	32,200		1,383
Nonconvertible Preferred Stocks - 0.4%
CONSUMER STAPLES - 0.4%
Food Products - 0.4%
Doane Pet Care Co. 14.25% pay-in-kind (a)	122,505		5,880
TELECOMMUNICATION SERVICES - 0.0%
Diversified Telecommunication Services - 0.0%
PTV, Inc. Series A, 10.00%	86		1
TOTAL NONCONVERTIBLE PREFERRED STOCKS			5,881
TOTAL PREFERRED STOCKS (Cost $6,956)		7,264

Convertible Bonds - 0.0%
	Principal Amount (000s)
TELECOMMUNICATION SERVICES - 0.0%
Diversified Telecommunication Services - 0.0%
Level 3 Communications, Inc. 6% 9/15/09	$ 1,245		735
TOTAL CONVERTIBLE BONDS (Cost $795)		735
Floating Rate Loans - 1.1%
	Principal Amount (000s)		Value (000s)
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 1.1%
McLeodUSA, Inc.:
revolver loan 5.5967% 5/31/07 (f)	$ 5,792		$ 2,665
Tranche A term loan 5.6002% 5/31/07 (f)	14,350		6,888
Tranche B term loan 5.67% 5/30/08 (f)	15,547		7,462
			17,015
TOTAL FLOATING RATE LOANS (Cost $25,246)		17,015

Money Market Funds - 5.8%
	Shares
Fidelity Cash Central Fund, 1.79% (b)	42,982,969		42,983
Fidelity Securities Lending Cash Central Fund, 1.77% (b)(c)	48,143,025		48,143
TOTAL MONEY MARKET FUNDS (Cost $91,126)		91,126
TOTAL INVESTMENT PORTFOLIO - 103.2% (Cost $1,300,193)			1,628,758
NET OTHER ASSETS - (3.2)%		(50,546)
NET ASSETS - 100%		$ 1,578,212

Legend

(a) Non-income producing

(d) Affiliated company

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $286,000 or 0.0% of net assets.

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

(g) 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 $6,258,000 or 0.4% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Viasystems Group, Inc.	2/13/04	$ 12,594

Other Information

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

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Friendly Ice Cream Corp.	$ 3,362	$ 792	$ -	$ -	$ 3,789
General Maritime Corp.	84,190	-	6,432	-	100,263
Pathmark Stores, Inc.	11,606	-	1,585	-	-
Triton PCS Holdings, Inc. Class A	11,894	-	2,015	-	7,654
Total	$ 111,052	$ 792	$ 10,032	$ -	$ 111,706

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $1,298,662,000. Net unrealized appreciation aggregated $330,096,000, of which $445,300,000 related to appreciated investment securities and $115,204,000 related to depreciated investment securities.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® OTC Portfolio

October 31, 2004

OTC-QTLY-1204

1.809071.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.2%
Auto Components - 0.4%
Gentex Corp.	542,148		$ 17,896
Keystone Automotive Industries, Inc. (a)	574,300		10,352
			28,248
Hotels, Restaurants & Leisure - 1.0%
Applebee's International, Inc.	1,249,638		28,579
Panera Bread Co. Class A (a)	926,980		32,379
The Cheesecake Factory, Inc. (a)	252,400		10,957
			71,915
Household Durables - 0.3%
LG Electronics, Inc.	374,230		21,127
Internet & Catalog Retail - 0.5%
Amazon.com, Inc. (a)	854,400		29,161
Drugstore.com, Inc. (a)	1,821,900		5,794
eDiets.com, Inc. (a)(d)	1,087,600		3,741
eLong, Inc. ADR	9,000		122
			38,818
Leisure Equipment & Products - 0.2%
SCP Pool Corp.	486,900		14,213
Media - 4.3%
Clear Channel Communications, Inc.	1,218,628		40,702
Cumulus Media, Inc. Class A (a)	1,600,500		26,008
DreamWorks Animation SKG, Inc. Class A	15,800		617
EchoStar Communications Corp. Class A (a)	1,680,622		53,141
Emmis Communications Corp. Class A (a)	508,400		9,507
Gemstar-TV Guide International, Inc. (a)	1,870,500		10,755
Lamar Advertising Co. Class A (a)	1,607,600		66,587
Liberty Media International, Inc. Class A (a)	342,225		12,337
NTL, Inc. (a)	1,055,143		70,178
Pixar (a)	188,800		15,183
Radio One, Inc. Class D (non-vtg.) (a)	242,293		3,559
XM Satellite Radio Holdings, Inc. Class A (a)	502,700		16,247
			324,821
Specialty Retail - 3.3%
American Eagle Outfitters, Inc.	402,100		16,438
Big 5 Sporting Goods Corp.	359,000		9,115
Hot Topic, Inc. (a)	2,051,000		42,169
O'Reilly Automotive, Inc. (a)	208,600		8,982
Rent-A-Center, Inc. (a)	940,800		22,570
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Ross Stores, Inc.	2,012,800		$ 52,876
Select Comfort Corp. (a)	1,298,100		22,223
Staples, Inc.	1,295,800		38,537
Steiner Leisure Ltd. (a)	440,800		10,751
West Marine, Inc. (a)	842,600		20,669
			244,330
Textiles Apparel & Luxury Goods - 0.2%
Brown Shoe Co., Inc.	231,300		6,314
Warnaco Group, Inc. (a)	390,000		7,956
			14,270
TOTAL CONSUMER DISCRETIONARY			757,742
CONSUMER STAPLES - 0.5%
Food & Staples Retailing - 0.2%
Whole Foods Market, Inc.	159,180		12,962
Food Products - 0.1%
SunOpta, Inc. (a)	884,500		5,592
Household Products - 0.2%
Central Garden & Pet Co. Class A (a)	507,375		18,123
TOTAL CONSUMER STAPLES			36,677
ENERGY - 2.1%
Energy Equipment & Services - 1.4%
Patterson-UTI Energy, Inc.	5,283,400		101,600
Oil & Gas - 0.7%
Golar LNG Ltd. (Nasdaq) (a)	1,025,700		16,545
Top Tankers, Inc. (d)	1,177,300		20,132
Valero Energy Corp.	381,200		16,380
			53,057
TOTAL ENERGY			154,657
FINANCIALS - 4.5%
Capital Markets - 1.4%
Ameritrade Holding Corp. (a)	7,222,200		94,033
Calamos Asset Management, Inc. Class A	540,700		10,544
			104,577
Common Stocks - continued
	Shares		Value 000s)
FINANCIALS - continued
Commercial Banks - 3.0%
Fifth Third Bancorp	1,851,100		$ 91,056
Silicon Valley Bancshares (a)	642,000		25,686
SouthTrust Corp.	779,300		33,954
Sumitomo Mitsui Financial Group, Inc.	4,057		26,412
Texas Capital Bancshares, Inc. (a)	177,900		3,517
Texas Regional Bancshares, Inc. Class A	61,913		1,977
UCBH Holdings, Inc.	353,400		15,228
UFJ Holdings, Inc. (a)	3,000		13,946
Zions Bancorp	217,500		14,392
			226,168
Thrifts & Mortgage Finance - 0.1%
NetBank, Inc.	772,724		7,171
TOTAL FINANCIALS			337,916
HEALTH CARE - 10.8%
Biotechnology - 4.4%
Affymetrix, Inc. (a)	204,000		6,222
Alkermes, Inc. (a)	704,800		8,718
Biogen Idec, Inc. (a)	867,600		50,460
Celgene Corp. (a)	799,800		23,690
Cephalon, Inc. (a)	649,800		30,976
Charles River Laboratories International, Inc. (a)	96,000		4,492
Dendreon Corp. (a)	828,800		8,570
Genentech, Inc. (a)	897,200		40,850
ImmunoGen, Inc. (a)	375,800		1,995
Invitrogen Corp. (a)	882,300		51,085
Ligand Pharmaceuticals, Inc. Class B (a)	442,300		3,943
MedImmune, Inc. (a)	770,500		21,898
Millennium Pharmaceuticals, Inc. (a)	3,128,400		40,607
ONYX Pharmaceuticals, Inc. (a)	623,100		17,484
OSI Pharmaceuticals, Inc. (a)	181,000		11,761
Seattle Genetics, Inc. (a)	551,300		3,341
Serologicals Corp. (a)	164,600		3,893
			329,985
Health Care Equipment & Supplies - 1.6%
Advanced Neuromodulation Systems, Inc. (a)	222,050		7,068
American Medical Systems Holdings, Inc. (a)	605,200		22,453
Biomet, Inc.	331,838		15,490
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
DENTSPLY International, Inc.	499,850		$ 25,997
Epix Pharmaceuticals, Inc. (a)	695,841		10,876
Foxhollow Technologies, Inc.	5,700		117
Respironics, Inc. (a)	772,300		39,457
			121,458
Health Care Providers & Services - 3.5%
Accredo Health, Inc. (a)	930,100		21,420
Caremark Rx, Inc. (a)	456,660		13,686
Express Scripts, Inc. (a)	824,700		52,781
HealthSouth Corp. (a)	2,487,100		13,604
Henry Schein, Inc. (a)	434,700		27,486
Humana, Inc. (a)	2,669,600		51,123
IMPATH, Inc. (a)	438,900		1,865
LifePoint Hospitals, Inc. (a)	265,900		8,620
PacifiCare Health Systems, Inc. (a)	469,900		16,738
Patterson Companies, Inc. (a)	405,200		15,195
Sun Healthcare Group, Inc. (a)	356,700		2,640
Tenet Healthcare Corp. (a)	893,500		9,578
WebMD Corp. (a)	3,213,300		24,293
			259,029
Pharmaceuticals - 1.3%
Elan Corp. PLC sponsored ADR (a)	470,400		12,136
Endo Pharmaceuticals Holdings, Inc. (a)	2,011,800		43,857
Nektar Therapeutics (a)	461,900		6,656
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,395,700		36,288
			98,937
TOTAL HEALTH CARE			809,409
INDUSTRIALS - 5.9%
Aerospace & Defense - 0.1%
Honeywell International, Inc.	238,900		8,046
Air Freight & Logistics - 0.3%
C.H. Robinson Worldwide, Inc.	165,308		8,917
CNF, Inc.	179,400		7,854
UTI Worldwide, Inc.	114,500		7,443
			24,214
Airlines - 0.7%
JetBlue Airways Corp. (a)	1,674,056		36,913
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Airlines - continued
Northwest Airlines Corp. (a)	1,000,000		$ 8,850
Ryanair Holdings PLC sponsored ADR (a)	247,300		7,117
			52,880
Building Products - 0.1%
Trex Co., Inc. (a)	133,400		5,352
Commercial Services & Supplies - 1.9%
Cintas Corp.	1,127,200		48,627
Herman Miller, Inc.	1,371,000		31,670
Stericycle, Inc. (a)	407,000		18,449
Strayer Education, Inc.	392,400		38,078
Waste Management, Inc.	256,600		7,308
			144,132
Construction & Engineering - 0.3%
Chicago Bridge & Iron Co. NV	241,700		7,481
MasTec, Inc. (a)	1,778,600		12,290
			19,771
Electrical Equipment - 0.1%
A.O. Smith Corp.	188,000		4,990
Industrial Conglomerates - 0.5%
Siemens AG sponsored ADR	247,400		18,491
Tyco International Ltd.	580,800		18,092
			36,583
Machinery - 0.4%
PACCAR, Inc.	328,150		22,744
Timken Co.	297,900		7,150
			29,894
Road & Rail - 1.5%
Arkansas Best Corp.	845,208		33,039
J.B. Hunt Transport Services, Inc.	270,100		11,036
Laidlaw International, Inc. (a)	911,400		15,193
Landstar System, Inc. (a)	518,696		35,240
USF Corp.	485,100		17,386
			111,894
Trading Companies & Distributors - 0.0%
Beacon Roofing Supply, Inc.	122,400		2,295
TOTAL INDUSTRIALS			440,051
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - 59.8%
Communications Equipment - 8.7%
ADC Telecommunications, Inc. (a)	6,708,300		$ 14,825
Adtran, Inc.	693,800		14,986
Alcatel SA sponsored ADR (a)	7,162,400		104,643
Alvarion Ltd. (a)	1,538,700		20,619
Andrew Corp. (a)	1,089,800		15,235
Arris Group, Inc. (a)	3,023,996		14,062
Aspect Communications Corp. (a)	959,500		9,130
Avocent Corp. (a)	192,400		6,849
CIENA Corp. (a)	14,833,300		36,638
Comverse Technology, Inc. (a)	4,453,000		91,910
Enterasys Networks, Inc. (a)	8,987,700		12,583
Marconi Corp. PLC (a)	2,115,204		20,601
Motorola, Inc.	4,659,230		80,418
Powerwave Technologies, Inc. (a)	1,884,000		14,073
Redback Networks, Inc. (a)	1,443,100		6,508
SeaChange International, Inc. (a)	406,100		6,920
Sonus Networks, Inc. (a)	1,946,600		11,485
Telefonaktiebolaget LM Ericsson ADR (a)	5,727,000		165,568
			647,053
Computers & Peripherals - 9.3%
Avid Technology, Inc. (a)	152,100		8,058
Concurrent Computer Corp. (a)	1,665,700		3,231
Dell, Inc. (a)	11,391,000		399,368
Diebold, Inc.	920,800		44,060
Electronics for Imaging, Inc. (a)	2,122,899		38,297
Hutchinson Technology, Inc. (a)	646,787		21,739
Komag, Inc. (a)	398,600		6,766
Maxtor Corp. (a)	1,958,000		5,796
Seagate Technology	5,219,600		65,976
Sun Microsystems, Inc. (a)	11,574,345		52,432
Synaptics, Inc. (a)	453,900		14,361
Western Digital Corp. (a)	4,089,000		34,061
			694,145
Electronic Equipment & Instruments - 4.4%
CDW Corp.	472,200		29,291
Celestica, Inc. (sub. vtg.) (a)	2,089,700		30,354
DDi Corp. (a)	1,170,789		4,613
Electro Scientific Industries, Inc. (a)	356,400		6,045
Flextronics International Ltd. (a)	10,454,600		125,978
Common Stocks - continued
	Shares		Value 000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Hon Hai Precision Industries Co. Ltd.	4,613,794		$ 16,968
Nano-Proprietary, Inc. (a)	2,774,900		5,522
National Instruments Corp.	521,400		14,354
Sanmina-SCI Corp. (a)	1,592,500		12,740
Solectron Corp. (a)	8,517,300		44,460
Tech Data Corp. (a)	265,400		10,720
TTM Technologies, Inc. (a)	1,487,900		13,934
Universal Display Corp. (a)	400,000		3,932
Veeco Instruments, Inc. (a)	459,600		8,981
			327,892
Internet Software & Services - 3.4%
24/7 Real Media, Inc. (a)	1,761,840		6,166
Ariba, Inc. (a)	438,882		6,737
Homestore, Inc. (a)(d)	13,428,699		32,833
MatrixOne, Inc. (a)	606,943		3,460
Open Text Corp. (a)	403,300		6,795
Vignette Corp. (a)	5,103,200		5,665
Yahoo!, Inc. (a)	5,341,516		193,309
			254,965
IT Services - 1.8%
Cognizant Technology Solutions Corp. Class A (a)	2,899,600		98,586
Syntel, Inc.	920,000		17,020
Telvent GIT SA	922,000		8,510
The BISYS Group, Inc. (a)	710,000		10,366
			134,482
Semiconductors & Semiconductor Equipment - 12.8%
Agere Systems, Inc.:
Class A (a)	16,484,211		19,946
Class B (a)	16,413,400		18,875
Altera Corp. (a)	585,400		13,306
Applied Materials, Inc. (a)	4,313,100		69,441
ASML Holding NV (NY Shares) (a)	1,088,800		15,515
ATI Technologies, Inc. (a)	1,070,700		19,342
ATMI, Inc. (a)	1,341,111		31,315
Conexant Systems, Inc. (a)	6,790,376		11,747
Credence Systems Corp. (a)	1,315,800		9,934
Cymer, Inc. (a)	578,881		16,510
FEI Co. (a)	694,500		13,446
Freescale Semiconductor, Inc. Class A	2,437,200		37,874
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Integrated Circuit Systems, Inc. (a)	1,287,600		$ 29,035
Intel Corp.	12,866,900		286,417
Intersil Corp. Class A	679,900		11,096
KLA-Tencor Corp. (a)	371,300		16,905
Linear Technology Corp.	496,900		18,823
Marvell Technology Group Ltd. (a)	2,331,000		66,597
Microchip Technology, Inc.	417,000		12,614
Mindspeed Technologies, Inc. (a)	2,403,033		5,695
National Semiconductor Corp. (a)	772,200		12,896
NVIDIA Corp. (a)	779,800		11,284
ON Semiconductor Corp. (a)	3,938,100		14,177
PMC-Sierra, Inc. (a)	821,800		8,432
Samsung Electronics Co. Ltd.	349,650		137,268
Silicon Laboratories, Inc. (a)	447,100		13,400
Stats ChipPAC Ltd. ADR (a)	2,802,270		16,561
Xilinx, Inc.	610,200		18,672
			957,123
Software - 19.4%
Amdocs Ltd. (a)	1,679,600		42,242
Autodesk, Inc.	367,200		19,370
BEA Systems, Inc. (a)	6,058,243		49,193
Concord Communications, Inc. (a)	502,300		4,129
Electronic Arts, Inc. (a)	704,200		31,633
FileNET Corp. (a)	1,040,332		28,952
Intuit, Inc. (a)	355,900		16,144
Jack Henry & Associates, Inc.	540,009		10,066
JDA Software Group, Inc. (a)	698,900		7,849
Kronos, Inc. (a)	253,500		12,434
Lawson Software, Inc. (a)	1,853,700		10,603
Mentor Graphics Corp. (a)	600,400		6,989
Microsoft Corp.	35,428,400		991,643
Novell, Inc. (a)	3,103,700		22,316
Oracle Corp. (a)	3,761,600		47,622
Parametric Technology Corp. (a)	1,811,600		9,402
Quest Software, Inc. (a)	622,500		9,132
Red Hat, Inc. (a)	1,500,000		19,260
Siebel Systems, Inc. (a)	5,102,900		48,478
Synopsys, Inc. (a)	715,300		11,616
Take-Two Interactive Software, Inc. (a)	595,300		19,621
TIBCO Software, Inc. (a)	1,118,000		10,867
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
VERITAS Software Corp. (a)	524,900		$ 11,485
WatchGuard Technologies, Inc. (a)(d)	1,791,003		7,128
			1,448,174
TOTAL INFORMATION TECHNOLOGY			4,463,834
MATERIALS - 0.4%
Chemicals - 0.0%
Pioneer Companies, Inc. (a)	221,100		3,507
Construction Materials - 0.1%
Martin Marietta Materials, Inc.	168,800		7,685
Containers & Packaging - 0.2%
Smurfit-Stone Container Corp. (a)	906,000		15,728
Metals & Mining - 0.1%
Durban Roodepoort Deep Ltd. sponsored ADR (a)	2,773,100		5,297
TOTAL MATERIALS			32,217
TELECOMMUNICATION SERVICES - 5.3%
Diversified Telecommunication Services - 1.6%
AboveNet, Inc. (a)	235,200		5,762
Qwest Communications International, Inc. (a)	21,762,800		74,429
Time Warner Telecom, Inc. Class A (a)(d)	7,442,522		38,106
			118,297
Wireless Telecommunication Services - 3.7%
American Tower Corp. Class A (a)	1,916,100		32,938
Nextel Communications, Inc. Class A (a)	6,588,900		174,540
Nextel Partners, Inc. Class A (a)	487,200		8,204
NII Holdings, Inc. (a)	1,187,400		52,566
Wireless Facilities, Inc. (a)	1,071,900		7,911
			276,159
TOTAL TELECOMMUNICATION SERVICES			394,456
TOTAL COMMON STOCKS (Cost $6,786,956)		7,426,959
Money Market Funds - 0.7%
	Shares		Value (000s)
Fidelity Cash Central Fund, 1.79% (b)	6,766,713		$ 6,767
Fidelity Securities Lending Cash Central Fund, 1.77% (b)(c)	43,556,850		43,557
TOTAL MONEY MARKET FUNDS (Cost $50,324)		50,324
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $6,837,280)		7,477,283
NET OTHER ASSETS - (0.2)%		(13,911)
NET ASSETS - 100%		$ 7,463,372

Legend

(a) Non-income producing

(d) Affiliated company

Other Information

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
24/7 Real Media, Inc.	$ 6,713	$ -	$ -	$ -	$ -
eDiets.com, Inc.	3,208	-	-	-	3,741
Homestore, Inc.	27,581	13,693	-	-	32,833
Redback Networks, Inc.	15,289	-	5,026	-	-
Time Warner Telecom, Inc. Class A	32,301	-	-	-	38,106
Top Tankers, Inc.	1,987	13,086	-	-	20,132
WatchGuard Technologies, Inc.	6,848	2,322	-	-	7,128
Wet Seal, Inc. Class A	7,768	-	2,746	-	-
Totals	$ 101,695	$ 29,101	$ 7,772	$ -	$ 101,940

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $6,851,585,000. Net unrealized appreciation aggregated $625,698,000, of which $651,035,000 related to appreciated investment securities and $25,337,000 related to depreciated investment securities.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth & Income Portfolio

October 31, 2004

GAI-QTLY-1204

1.809089.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.1%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.4%
Automobiles - 0.2%
Harley-Davidson, Inc.	836,200		$ 48,140
Hotels, Restaurants & Leisure - 2.6%
Carnival Corp. unit	2,803,700		141,755
Harrah's Entertainment, Inc.	1,295,200		75,795
Marriott International, Inc. Class A	3,127,400		170,412
McDonald's Corp.	6,369,700		185,677
MGM MIRAGE (a)	2,022,828		108,828
Starbucks Corp. (a)	1,936,206		102,387
			784,854
Household Durables - 0.0%
D.R. Horton, Inc.	196,800		5,904
Lennar Corp. Class A	196,800		8,852
			14,756
Media - 5.0%
Arbitron, Inc. (a)	492,700		17,821
Clear Channel Communications, Inc.	1,684,800		56,272
Comcast Corp. Class A (special) (a)	2,274,298		66,046
E.W. Scripps Co. Class A	744,600		35,532
EchoStar Communications Corp. Class A (a)	5,677,945		179,537
Gannett Co., Inc.	1,354,100		112,323
News Corp. Ltd. ADR	3,395,450		109,537
Omnicom Group, Inc.	5,077,800		400,638
Time Warner, Inc. (a)	5,069,146		84,351
Tribune Co.	851,400		36,780
Univision Communications, Inc. Class A (a)	2,658,600		82,310
Viacom, Inc. Class B (non-vtg.)	4,495,147		164,028
Walt Disney Co.	7,101,900		179,110
			1,524,285
Multiline Retail - 0.4%
Kohl's Corp. (a)	1,147,600		58,252
Target Corp.	1,033,400		51,691
			109,943
Specialty Retail - 2.0%
Best Buy Co., Inc.	413,900		24,511
Home Depot, Inc.	10,971,450		450,707
Staples, Inc.	3,886,100		115,573
			590,791
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles Apparel & Luxury Goods - 0.2%
NIKE, Inc. Class B	885,900		$ 72,033
TOTAL CONSUMER DISCRETIONARY			3,144,802
CONSUMER STAPLES - 11.3%
Beverages - 1.8%
Anheuser-Busch Companies, Inc.	1,102,700		55,080
PepsiCo, Inc.	5,330,507		264,287
The Coca-Cola Co.	5,397,600		219,466
			538,833
Food & Staples Retailing - 4.5%
Albertsons, Inc.	381,000		8,691
Costco Wholesale Corp.	877,400		42,063
CVS Corp.	1,129,900		49,105
Safeway, Inc. (a)	3,345,030		61,013
Sysco Corp.	5,913,600		190,832
Wal-Mart Stores, Inc.	13,351,800		719,929
Walgreen Co.	7,535,000		270,431
Whole Foods Market, Inc.	221,120		18,006
			1,360,070
Food Products - 0.5%
Kellogg Co.	1,451,500		62,415
McCormick & Co., Inc. (non-vtg.)	2,362,800		83,714
			146,129
Household Products - 2.2%
Colgate-Palmolive Co.	2,268,500		101,220
Kimberly-Clark Corp.	2,711,400		161,789
Procter & Gamble Co.	8,195,800		419,461
			682,470
Personal Products - 1.1%
Avon Products, Inc.	1,086,500		42,971
Gillette Co.	6,831,200		283,358
			326,329
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - 1.2%
Altria Group, Inc.	7,005,900		$ 339,506
UST, Inc.	975,000		40,131
			379,637
TOTAL CONSUMER STAPLES			3,433,468
ENERGY - 6.1%
Energy Equipment & Services - 0.2%
Halliburton Co.	175,400		6,497
Schlumberger Ltd. (NY Shares)	688,900		43,359
			49,856
Oil & Gas - 5.9%
Apache Corp.	1,585,420		80,381
BP PLC sponsored ADR	5,706,000		332,375
ChevronTexaco Corp.	5,588,820		296,543
Exxon Mobil Corp.	22,142,594		1,089,858
			1,799,157
TOTAL ENERGY			1,849,013
FINANCIALS - 20.3%
Capital Markets - 2.3%
Bank of New York Co., Inc.	1,427,100		46,324
Goldman Sachs Group, Inc.	1,455,780		143,220
Merrill Lynch & Co., Inc.	4,409,200		237,832
Morgan Stanley	4,972,900		254,065
State Street Corp.	88,400		3,982
			685,423
Commercial Banks - 3.8%
Bank of America Corp.	11,987,738		536,931
Wachovia Corp.	3,124,213		153,743
Wells Fargo & Co.	7,887,400		471,036
			1,161,710
Consumer Finance - 4.9%
American Express Co.	4,511,490		239,425
Capital One Financial Corp.	1,008,340		74,375
SLM Corp. (d)	25,893,230		1,171,928
			1,485,728
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - 2.3%
Citigroup, Inc.	12,815,938		$ 568,643
J.P. Morgan Chase & Co.	3,641,592		140,565
			709,208
Insurance - 2.6%
AFLAC, Inc.	1,459,400		52,363
American International Group, Inc.	9,611,610		583,521
MBIA, Inc.	2,738,100		158,426
			794,310
Real Estate - 1.5%
Apartment Investment & Management Co. Class A	1,731,300		63,521
Equity Office Properties Trust	2,995,790		84,242
Equity Residential (SBI)	5,129,870		171,081
Manufactured Home Communities, Inc. (d)	1,466,000		50,562
Simon Property Group, Inc.	625,400		36,473
Vornado Realty Trust	725,400		48,747
			454,626
Thrifts & Mortgage Finance - 2.9%
Countrywide Financial Corp.	401,425		12,818
Fannie Mae	8,992,020		630,790
Freddie Mac	1,714,200		114,166
Golden West Financial Corp., Delaware	894,100		104,538
			862,312
TOTAL FINANCIALS			6,153,317
HEALTH CARE - 13.4%
Biotechnology - 0.6%
Amgen, Inc. (a)	1,152,200		65,445
Biogen Idec, Inc. (a)	1,894,902		110,208
Protein Design Labs, Inc. (a)	1,000,000		19,150
			194,803
Health Care Equipment & Supplies - 2.9%
Alcon, Inc.	2,497,150		177,797
Baxter International, Inc.	1,193,600		36,715
Becton, Dickinson & Co.	2,304,920		121,008
Boston Scientific Corp. (a)	2,281,340		80,531
C.R. Bard, Inc.	1,605,320		91,182
Hospira, Inc. (a)	338,460		10,800
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Medtronic, Inc.	4,334,590		$ 221,541
St. Jude Medical, Inc. (a)	847,520		64,895
Stryker Corp.	875,200		37,712
Zimmer Holdings, Inc. (a)	459,733		35,671
			877,852
Health Care Providers & Services - 2.7%
Aetna, Inc.	418,160		39,725
IMS Health, Inc.	7,444,919		157,683
UnitedHealth Group, Inc.	8,337,700		603,649
			801,057
Pharmaceuticals - 7.2%
Abbott Laboratories	2,989,900		127,459
Allergan, Inc.	955,100		68,347
Altana AG sponsored ADR	590,300		29,828
AstraZeneca PLC sponsored ADR	3,559,500		146,651
Elan Corp. PLC sponsored ADR (a)	1,180,600		30,459
Eli Lilly & Co.	1,263,402		69,373
GlaxoSmithKline PLC sponsored ADR	1,476,230		62,592
Johnson & Johnson	6,122,900		357,455
Merck & Co., Inc.	1,828,900		57,263
Novartis AG sponsored ADR	3,025,350		145,247
Novo Nordisk AS ADR	639,500		31,943
Pfizer, Inc.	28,768,269		832,841
Roche Holding AG (participation certificate)	1,025,000		105,093
Wyeth	2,844,100		112,769
			2,177,320
TOTAL HEALTH CARE			4,051,032
INDUSTRIALS - 11.5%
Aerospace & Defense - 2.6%
Honeywell International, Inc.	3,332,400		112,235
Lockheed Martin Corp.	3,737,400		205,893
Northrop Grumman Corp.	1,250,200		64,698
Raytheon Co.	3,165,900		115,492
The Boeing Co.	3,123,000		155,838
United Technologies Corp.	1,545,900		143,490
			797,646
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Air Freight & Logistics - 0.8%
United Parcel Service, Inc. Class B	2,904,500		$ 229,978
Airlines - 0.7%
Southwest Airlines Co.	12,849,493		202,637
Commercial Services & Supplies - 0.6%
Apollo Group, Inc. Class A (a)	1,032,900		68,171
Cendant Corp.	1,229,700		25,320
Waste Management, Inc.	3,044,100		86,696
			180,187
Electrical Equipment - 0.3%
Emerson Electric Co.	1,183,400		75,797
Industrial Conglomerates - 5.8%
3M Co.	2,559,880		198,570
General Electric Co.	34,802,200		1,187,450
Siemens AG sponsored ADR	1,008,360		75,365
Tyco International Ltd.	9,918,750		308,969
			1,770,354
Machinery - 0.6%
Caterpillar, Inc.	346,620		27,917
Dover Corp.	859,300		33,745
Eaton Corp.	393,500		25,164
Illinois Tool Works, Inc.	746,800		68,915
Ingersoll-Rand Co. Ltd. Class A	354,800		24,283
			180,024
Road & Rail - 0.1%
Burlington Northern Santa Fe Corp.	1,017,000		42,521
TOTAL INDUSTRIALS			3,479,144
INFORMATION TECHNOLOGY - 9.1%
Communications Equipment - 0.9%
Cisco Systems, Inc. (a)	14,295,900		274,624
Computers & Peripherals - 2.5%
Dell, Inc. (a)	8,568,200		300,401
EMC Corp. (a)	6,152,700		79,185
International Business Machines Corp.	3,739,100		335,584
Lexmark International, Inc. Class A (a)	565,570		47,005
			762,175
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - 0.2%
Flextronics International Ltd. (a)	4,430,500		$ 53,388
Internet Software & Services - 0.3%
Yahoo!, Inc. (a)	2,581,670		93,431
IT Services - 0.7%
Accenture Ltd. Class A (a)	520,400		12,599
Automatic Data Processing, Inc.	968,600		42,028
DST Systems, Inc. (a)	973,600		43,666
First Data Corp.	1,169,765		48,288
Paychex, Inc.	1,457,000		47,781
			194,362
Office Electronics - 0.1%
Xerox Corp. (a)	1,672,500		24,703
Semiconductors & Semiconductor Equipment - 0.7%
Analog Devices, Inc.	1,109,900		44,685
Intel Corp.	5,850,000		130,221
Teradyne, Inc. (a)	2,625,000		43,470
			218,376
Software - 3.7%
Microsoft Corp.	36,785,700		1,029,632
Oracle Corp. (a)	7,984,972		101,090
			1,130,722
TOTAL INFORMATION TECHNOLOGY			2,751,781
MATERIALS - 2.0%
Chemicals - 1.6%
BASF AG sponsored ADR	959,700		60,298
Dow Chemical Co.	2,565,770		115,306
E.I. du Pont de Nemours & Co.	741,400		31,784
Monsanto Co.	1,426,400		60,979
Praxair, Inc.	5,115,100		215,857
			484,224
Containers & Packaging - 0.0%
Packaging Corp. of America	360,280		7,901
Metals & Mining - 0.1%
Alcoa, Inc.	981,200		31,889
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Paper & Forest Products - 0.3%
International Paper Co.	2,044,700		$ 78,741
TOTAL MATERIALS			602,755
TELECOMMUNICATION SERVICES - 7.9%
Diversified Telecommunication Services - 7.6%
ALLTEL Corp.	1,899,350		104,331
BellSouth Corp.	17,122,600		456,660
SBC Communications, Inc.	33,609,100		848,966
Verizon Communications, Inc.	22,788,240		891,020
			2,300,977
Wireless Telecommunication Services - 0.3%
Crown Castle International Corp. (a)	1,475,700		22,593
Vodafone Group PLC sponsored ADR	3,020,700		77,904
			100,497
TOTAL TELECOMMUNICATION SERVICES			2,401,474
UTILITIES - 1.1%
Electric Utilities - 1.1%
Entergy Corp.	2,905,800		189,923
Exelon Corp.	1,680,550		66,583
Southern Co.	2,457,300		77,626
			334,132
TOTAL COMMON STOCKS (Cost $18,320,088)		28,200,918
Convertible Preferred Stocks - 0.8%

INDUSTRIALS - 0.2%
Aerospace & Defense - 0.2%
Northrop Grumman Corp. 7.25%	738,900		75,671
UTILITIES - 0.6%
Electric Utilities - 0.5%
FPL Group, Inc.:
8.00%	221,600		12,548
8.50%	2,242,600		127,738
			140,286
Convertible Preferred Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Gas Utilities - 0.1%
KeySpan Corp. 8.75% MEDS	615,600		$ 33,082
TOTAL UTILITIES			173,368
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $238,418)		249,039
Money Market Funds - 6.1%

Fidelity Cash Central Fund, 1.79% (b)	1,821,564,783		1,821,565
Fidelity Securities Lending Cash Central Fund, 1.77% (b)(c)	20,052,375		20,052
TOTAL MONEY MARKET FUNDS (Cost $1,841,617)		1,841,617
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $20,400,123)		30,291,574
NET OTHER ASSETS - 0.0%		(13,730)
NET ASSETS - 100%		$ 30,277,844

Security Type Abbreviations

MEDS - Mandatorily Exchangeable Debt Securities

Legend

(a) Non-income producing

(d) Affiliated company

Other Information

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Manufactured Home Communities, Inc.	$ 46,458	$ -	$ -	$ 6	$ 50,562
SLM Corp.	1,024,258	8,382	58,125	5,132	1,171,928
Total	$ 1,070,716	$ 8,382	$ 58,125	$ 5,138	$ 1,222,490

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $20,432,338,000. Net unrealized appreciation aggregated $9,859,236,000, of which $10,326,251,000 related to appreciated investment securities and $467,015,000 related to depreciated investment securities.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Blue Chip Value Fund

October 31, 2004

BCV-QTLY-1204

1.809087.100

Investments October 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
CONSUMER DISCRETIONARY - 10.7%
Auto Components - 0.0%
Amerigon, Inc. (a)	3,100		$ 9,827
Hotels, Restaurants & Leisure - 1.0%
McDonald's Corp.	26,100		760,815
Wendy's International, Inc.	1,900		63,403
			824,218
Household Durables - 1.3%
Centex Corp.	7,200		373,968
KB Home	4,200		345,450
LG Electronics, Inc.	1,510		85,245
Sony Corp. sponsored ADR	2,700		94,095
Techtronic Industries Co. Ltd.	72,000		143,377
			1,042,135
Leisure Equipment & Products - 0.4%
Brunswick Corp.	1,600		75,072
Eastman Kodak Co.	6,800		205,904
			280,976
Media - 5.4%
Cablevision Systems Corp. - NY Group Class A (a)	5,000		102,900
Clear Channel Communications, Inc.	14,700		490,980
DreamWorks Animation SKG, Inc. Class A	200		7,810
Emmis Communications Corp. Class A (a)	8,250		154,275
Fox Entertainment Group, Inc. Class A (a)	5,800		172,028
Grupo Televisa SA de CV sponsored ADR	4,400		242,000
Lamar Advertising Co. Class A (a)	9,000		372,780
Liberty Media Corp. Class A (a)	21,900		195,348
News Corp. Ltd. sponsored ADR	5,166		162,419
NTL, Inc. (a)	1,953		129,894
Omnicom Group, Inc.	1,300		102,570
Salem Communications Corp. Class A (a)	3,098		77,450
The DIRECTV Group, Inc. (a)	13,743		230,470
Time Warner, Inc. (a)	19,600		326,144
Univision Communications, Inc. Class A (a)	4,300		133,128
Valassis Communications, Inc. (a)	2,400		82,512
Viacom, Inc. Class B (non-vtg.)	21,941		800,627
Walt Disney Co.	21,800		549,796
			4,333,131
Multiline Retail - 0.6%
99 Cents Only Stores (a)	9,600		147,936
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Multiline Retail - continued
JCPenney Co., Inc.	6,800		$ 235,212
Nordstrom, Inc.	2,500		107,950
			491,098
Specialty Retail - 1.8%
American Eagle Outfitters, Inc.	5,400		220,752
CarMax, Inc. (a)	7,900		208,086
Home Depot, Inc.	12,300		505,284
Sonic Automotive, Inc. Class A (sub. vtg.)	7,000		141,610
The Pep Boys - Manny, Moe & Jack	2,700		38,394
Toys 'R' Us, Inc. (a)	16,200		291,762
			1,405,888
Textiles Apparel & Luxury Goods - 0.2%
Deckers Outdoor Corp. (a)	5,000		189,300
TOTAL CONSUMER DISCRETIONARY			8,576,573
CONSUMER STAPLES - 3.4%
Beverages - 0.4%
Efes Breweries International NV unit (a)(d)	800		22,200
PepsiCo, Inc.	5,800		287,564
			309,764
Food & Staples Retailing - 0.5%
Albertsons, Inc.	6,500		148,265
Safeway, Inc. (a)	14,800		269,952
			418,217
Food Products - 0.3%
Bunge Ltd.	2,600		124,098
McCormick & Co., Inc. (non-vtg.)	1,800		63,774
Smithfield Foods, Inc. (a)	2,900		70,267
			258,139
Household Products - 0.3%
Clorox Co.	2,160		117,936
Procter & Gamble Co.	2,900		148,422
			266,358
Personal Products - 0.3%
Gillette Co.	5,420		224,822
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Tobacco - 1.6%
Altria Group, Inc.	26,100		$ 1,264,806
TOTAL CONSUMER STAPLES			2,742,106
ENERGY - 12.9%
Energy Equipment & Services - 4.3%
Baker Hughes, Inc.	5,400		231,282
ENSCO International, Inc.	6,880		210,184
GlobalSantaFe Corp.	9,900		292,050
Halliburton Co.	12,600		466,704
National-Oilwell, Inc. (a)	2,700		91,017
Pride International, Inc. (a)	24,000		443,520
Rowan Companies, Inc. (a)	4,500		114,885
Smith International, Inc. (a)	4,400		255,552
Transocean, Inc. (a)	13,200		465,300
Varco International, Inc. (a)	13,540		374,787
Weatherford International Ltd. (a)	9,550		499,083
			3,444,364
Oil & Gas - 8.6%
Apache Corp.	5,720		290,004
BP PLC sponsored ADR	5,400		314,550
Burlington Resources, Inc.	10,400		431,600
ChevronTexaco Corp.	18,600		986,916
ConocoPhillips	5,600		472,136
Encore Acquisition Co. (a)	3,600		117,540
Exxon Mobil Corp.	65,500		3,223,910
Occidental Petroleum Corp.	7,200		401,976
Premcor, Inc. (a)	4,700		183,488
Quicksilver Resources, Inc. (a)	8,200		259,366
Valero Energy Corp.	3,800		163,286
			6,844,772
TOTAL ENERGY			10,289,136
FINANCIALS - 21.7%
Capital Markets - 3.5%
Bear Stearns Companies, Inc.	4,200		397,950
Calamos Asset Management, Inc. Class A	500		9,750
Lehman Brothers Holdings, Inc.	4,900		402,535
Merrill Lynch & Co., Inc.	19,200		1,035,648
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Morgan Stanley	16,800		$ 858,312
TradeStation Group, Inc. (a)	10,700		66,233
			2,770,428
Commercial Banks - 6.4%
Banco Bradesco SA sponsored ADR	2,600		158,262
Bank of America Corp.	60,016		2,688,117
SouthTrust Corp.	10,400		453,128
Texas Capital Bancshares, Inc. (a)	4,300		85,011
UCBH Holdings, Inc.	4,300		185,287
Wachovia Corp.	23,200		1,141,672
Wells Fargo & Co.	6,600		394,152
			5,105,629
Consumer Finance - 0.5%
Capital One Financial Corp.	3,100		228,656
MBNA Corp.	6,700		171,721
			400,377
Diversified Financial Services - 2.5%
Citigroup, Inc.	29,100		1,291,167
J.P. Morgan Chase & Co.	18,652		719,967
			2,011,134
Insurance - 5.9%
ACE Ltd.	14,980		570,139
AFLAC, Inc.	7,800		279,864
AMBAC Financial Group, Inc.	3,700		288,822
American International Group, Inc.	38,000		2,306,980
Hartford Financial Services Group, Inc.	3,800		222,224
Hilb Rogal & Hobbs Co.	7,700		244,090
MetLife, Inc.	5,700		218,595
Scottish Re Group Ltd.	2,200		49,500
W.R. Berkley Corp.	8,400		359,016
XL Capital Ltd. Class A	2,440		176,900
			4,716,130
Real Estate - 1.3%
Apartment Investment & Management Co. Class A	19,210		704,815
General Growth Properties, Inc.	6,300		207,837
General Growth Properties, Inc. warrants 11/9/04 (a)	630		479
iStar Financial, Inc.	2,500		103,550
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate - continued
Manufactured Home Communities, Inc.	1,400		$ 48,286
Spirit Financial Corp. (d)	2,000		20,000
			1,084,967
Thrifts & Mortgage Finance - 1.6%
Fannie Mae	2,840		199,226
Freddie Mac	3,900		259,740
Golden West Financial Corp., Delaware	1,560		182,395
New York Community Bancorp, Inc.	16,100		295,596
Sovereign Bancorp, Inc.	12,400		268,460
Washington Mutual, Inc.	2,500		96,775
			1,302,192
TOTAL FINANCIALS			17,390,857
HEALTH CARE - 7.9%
Biotechnology - 0.6%
Alkermes, Inc. (a)	5,400		66,798
Biogen Idec, Inc. (a)	1,700		98,872
BioMarin Pharmaceutical, Inc. (a)	13,400		55,342
Genentech, Inc. (a)	2,300		104,719
MedImmune, Inc. (a)	3,300		93,786
Millennium Pharmaceuticals, Inc. (a)	5,400		70,092
			489,609
Health Care Equipment & Supplies - 4.1%
Baxter International, Inc.	43,140		1,326,986
Dade Behring Holdings, Inc. (a)	3,800		213,902
Foxhollow Technologies, Inc.	100		2,058
Guidant Corp.	4,100		273,142
Medtronic, Inc.	9,100		465,101
PerkinElmer, Inc.	13,000		267,020
St. Jude Medical, Inc. (a)	1,600		122,512
Thermo Electron Corp. (a)	7,300		211,700
Waters Corp. (a)	10,200		421,158
			3,303,579
Health Care Providers & Services - 1.3%
McKesson Corp.	4,500		119,970
PacifiCare Health Systems, Inc. (a)	3,400		121,108
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Sierra Health Services, Inc. (a)	2,500		$ 119,300
UnitedHealth Group, Inc.	9,500		687,800
			1,048,178
Pharmaceuticals - 1.9%
Johnson & Johnson	5,160		301,241
Schering-Plough Corp.	28,810		521,749
Wyeth	16,900		670,085
			1,493,075
TOTAL HEALTH CARE			6,334,441
INDUSTRIALS - 19.2%
Aerospace & Defense - 4.1%
Honeywell International, Inc.	56,160		1,891,469
Lockheed Martin Corp.	7,920		436,313
Northrop Grumman Corp.	2,200		113,850
Precision Castparts Corp.	4,000		240,000
Raytheon Co.	10,200		372,096
The Boeing Co.	5,100		254,490
			3,308,218
Air Freight & Logistics - 0.1%
Expeditors International of Washington, Inc.	1,600		91,360
Airlines - 0.6%
AirTran Holdings, Inc. (a)	6,200		72,044
Delta Air Lines, Inc. (a)	22,000		119,900
Ryanair Holdings PLC sponsored ADR (a)	1,100		31,658
Southwest Airlines Co.	14,500		228,665
			452,267
Building Products - 1.2%
Masco Corp.	27,600		945,576
Commercial Services & Supplies - 2.7%
Asset Acceptance Capital Corp.	600		10,935
Avery Dennison Corp.	1,300		79,092
Career Education Corp. (a)	13,400		420,358
Cendant Corp.	8,900		183,251
Cintas Corp.	12,900		556,506
On Assignment, Inc. (a)	6,093		30,587
Robert Half International, Inc.	32,330		857,715
			2,138,444
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 0.9%
Chicago Bridge & Iron Co. NV (NY Shares)	7,200		$ 222,840
Fluor Corp.	6,900		320,436
MasTec, Inc. (a)	27,600		190,716
			733,992
Electrical Equipment - 0.3%
FuelCell Energy, Inc. (a)	12,500		154,188
Rockwell Automation, Inc.	2,000		83,380
			237,568
Industrial Conglomerates - 8.1%
General Electric Co.	142,850		4,874,041
Siemens AG sponsored ADR	2,000		149,480
Tyco International Ltd.	46,440		1,446,606
			6,470,127
Road & Rail - 1.0%
Norfolk Southern Corp.	13,700		465,115
Swift Transportation Co., Inc. (a)	10,700		202,230
Union Pacific Corp.	2,700		170,019
			837,364
Trading Companies & Distributors - 0.2%
Hughes Supply, Inc.	2,600		73,866
W.W. Grainger, Inc.	1,300		76,167
			150,033
TOTAL INDUSTRIALS			15,364,949
INFORMATION TECHNOLOGY - 7.0%
Communications Equipment - 1.2%
Comverse Technology, Inc. (a)	11,500		237,360
Foundry Networks, Inc. (a)	16,500		200,145
Juniper Networks, Inc. (a)	15,200		404,472
Motorola, Inc.	6,800		117,368
			959,345
Computers & Peripherals - 0.5%
International Business Machines Corp.	3,120		280,020
Western Digital Corp. (a)	18,700		155,771
			435,791
Electronic Equipment & Instruments - 0.6%
Amphenol Corp. Class A (a)	3,800		130,454
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Flextronics International Ltd. (a)	11,100		$ 133,755
National Instruments Corp.	4,000		110,120
Symbol Technologies, Inc.	10,000		146,900
			521,229
Internet Software & Services - 0.4%
Yahoo!, Inc. (a)	8,400		303,996
IT Services - 0.5%
Affiliated Computer Services, Inc. Class A (a)	7,300		398,215
Sapient Corp. (a)	5,800		46,690
			444,905
Office Electronics - 0.2%
Xerox Corp. (a)	8,900		131,453
Semiconductors & Semiconductor Equipment - 1.7%
Analog Devices, Inc.	9,000		362,340
Cabot Microelectronics Corp. (a)	6,800		245,004
Freescale Semiconductor, Inc. Class A	11,800		183,372
KLA-Tencor Corp. (a)	4,800		218,544
Lam Research Corp. (a)	4,300		111,929
PMC-Sierra, Inc. (a)	4,600		47,196
Samsung Electronics Co. Ltd.	440		172,738
			1,341,123
Software - 1.9%
BEA Systems, Inc. (a)	17,277		140,289
Microsoft Corp.	48,260		1,350,797
			1,491,086
TOTAL INFORMATION TECHNOLOGY			5,628,928
MATERIALS - 7.6%
Chemicals - 4.3%
Dow Chemical Co.	20,100		903,294
E.I. du Pont de Nemours & Co.	15,400		660,198
Lubrizol Corp.	3,500		121,555
Lyondell Chemical Co.	34,718		797,820
Millennium Chemicals, Inc. (a)	16,000		343,680
Monsanto Co.	8,000		342,000
Olin Corp.	10,556		197,397
Westlake Chemical Corp.	3,200		73,824
			3,439,768
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Construction Materials - 0.1%
Vulcan Materials Co.	2,000		$ 99,560
Containers & Packaging - 1.3%
Crown Holdings, Inc. (a)	7,000		79,450
Owens-Illinois, Inc. (a)	16,300		302,039
Packaging Corp. of America	12,100		265,353
Sealed Air Corp. (a)	300		14,862
Smurfit-Stone Container Corp. (a)	20,900		362,824
			1,024,528
Metals & Mining - 1.9%
Alcoa, Inc.	14,300		464,750
Companhia Vale do Rio Doce sponsored ADR	5,700		120,612
Freeport-McMoRan Copper & Gold, Inc. Class B	3,900		141,258
International Steel Group, Inc.	4,300		158,799
Massey Energy Co.	4,200		113,106
Metals USA, Inc. (a)	600		10,236
Newmont Mining Corp.	2,900		137,808
Nucor Corp.	4,420		186,657
Phelps Dodge Corp.	2,100		183,834
			1,517,060
TOTAL MATERIALS			6,080,916
TELECOMMUNICATION SERVICES - 4.9%
Diversified Telecommunication Services - 4.1%
Citizens Communications Co.	4,900		65,660
Covad Communications Group, Inc. (a)	127,300		190,950
SBC Communications, Inc.	70,000		1,768,200
Telewest Global, Inc. (a)	12,600		154,980
Verizon Communications, Inc.	27,700		1,083,070
			3,262,860
Wireless Telecommunication Services - 0.8%
American Tower Corp. Class A (a)	15,800		271,602
Leap Wireless International, Inc. (a)	1,700		34,255
Nextel Communications, Inc. Class A (a)	4,900		129,801
Nextel Partners, Inc. Class A (a)	12,800		215,552
			651,210
TOTAL TELECOMMUNICATION SERVICES			3,914,070
Common Stocks - continued
	Shares		Value
UTILITIES - 2.7%
Electric Utilities - 2.2%
Entergy Corp.	9,600		$ 627,456
FirstEnergy Corp.	6,400		264,512
PG&E Corp. (a)	8,800		281,952
PPL Corp.	3,400		176,800
Southern Co.	2,660		84,029
TXU Corp.	3,300		202,026
Westar Energy, Inc.	5,000		104,750
			1,741,525
Multi-Utilities & Unregulated Power - 0.5%
AES Corp. (a)	17,600		191,840
CMS Energy Corp. (a)	18,500		173,160
Public Service Enterprise Group, Inc.	1,500		63,885
			428,885
TOTAL UTILITIES			2,170,410
TOTAL COMMON STOCKS (Cost $70,951,603)		78,492,386
Money Market Funds - 2.8%

Fidelity Cash Central Fund, 1.79% (b)	1,681,530		1,681,530
Fidelity Securities Lending Cash Central Fund, 1.77% (b)(c)	566,625		566,625
TOTAL MONEY MARKET FUNDS (Cost $2,248,155)		2,248,155
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $73,199,758)		80,740,541
NET OTHER ASSETS - (0.8)%		(602,376)
NET ASSETS - 100%		$ 80,138,165

Legend

(a) Non-income producing

Income Tax Information

At October 31, 2004, the aggregate cost of investment securities for income tax purposes was $73,449,416. Net unrealized appreciation aggregated $7,291,125, of which $8,513,472 related to appreciated investment securities and $1,222,347 related to depreciated investment securities.

Quarterly Report

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

By:	/s/John Hebble
	John Hebble
	President and Treasurer

Date:	December 20, 2004

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

By:	/s/John Hebble
	John Hebble
	President and Treasurer

Date:	December 20, 2004
By:	/s/Timothy F. Hayes
	Timothy F. Hayes
	Chief Financial Officer

Date:	December 20, 2004