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)

Scott C. Goebel, 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:	April 30, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Blue Chip Growth Fund
Blue Chip Growth
Class K

April 30, 2009

1.809076.104

BCF-QTLY-1208

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 19.1%
Auto Components - 2.0%
Autoliv, Inc.	449,200		$ 11,082
BorgWarner, Inc.	1,336,700		38,697
Federal-Mogul Corp. Class A (a)	1,360,487		15,101
Gentex Corp.	2,374,300		31,744
Johnson Controls, Inc.	2,591,900		49,272
Magna International, Inc. Class A	908,200		31,183
Superior Industries International, Inc. (d)	714,000		10,767
			187,846
Automobiles - 0.9%
Harley-Davidson, Inc.	1,408,100		31,203
Toyota Motor Corp. sponsored ADR (d)	672,900		53,267
			84,470
Hotels, Restaurants & Leisure - 3.6%
Carnival Corp. unit	1,266,500		34,044
Chipotle Mexican Grill, Inc. Class B (a)	150,000		9,827
Marriott International, Inc. Class A (d)	2,668,100		62,860
McDonald's Corp.	1,631,500		86,943
Royal Caribbean Cruises Ltd.	2,535,200		37,343
Starbucks Corp. (a)	1,358,700		19,647
Starwood Hotels & Resorts Worldwide, Inc.	1,550,900		32,352
Wendy's/Arby's Group, Inc.	4,906,100		24,531
Yum! Brands, Inc.	915,800		30,542
			338,089
Household Durables - 2.3%
Centex Corp.	1,507,900		16,496
D.R. Horton, Inc.	2,784,900		36,343
Furniture Brands International, Inc. (e)	4,879,579		15,419
Harman International Industries, Inc.	1,109,500		20,182
KB Home	569,100		10,284
La-Z-Boy, Inc. (e)	2,706,700		7,200
Mohawk Industries, Inc. (a)	1,069,700		50,608
Pulte Homes, Inc.	1,313,100		15,114
Ryland Group, Inc.	698,900		14,474
Toll Brothers, Inc. (a)	1,347,800		27,306
			213,426
Internet & Catalog Retail - 1.6%
Amazon.com, Inc. (a)	1,781,000		143,406
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Leisure Equipment & Products - 0.4%
Brunswick Corp.	1,730,400		$ 10,348
Hasbro, Inc.	1,125,300		30,000
			40,348
Media - 3.1%
Comcast Corp. Class A (special) (non-vtg.)	3,459,000		50,778
Discovery Communications, Inc. (a)	1,395,900		26,508
Interpublic Group of Companies, Inc. (a)	8,903,200		55,734
Scripps Networks Interactive, Inc. Class A	1,411,201		38,723
The DIRECTV Group, Inc. (a)	2,352,800		58,185
The Walt Disney Co.	2,443,800		53,519
			283,447
Multiline Retail - 0.3%
Kohl's Corp. (a)	481,800		21,850
Nordstrom, Inc. (d)	420,100		9,507
			31,357
Specialty Retail - 2.7%
Best Buy Co., Inc.	729,400		27,994
CarMax, Inc. (a)(d)	1,329,100		16,959
Dick's Sporting Goods, Inc. (a)	728,300		13,838
Home Depot, Inc.	1,750,900		46,084
Lowe's Companies, Inc.	2,132,800		45,855
Sherwin-Williams Co.	527,420		29,873
Tiffany & Co., Inc. (d)	2,007,800		58,106
Urban Outfitters, Inc. (a)	586,600		11,433
			250,142
Textiles, Apparel & Luxury Goods - 2.2%
Deckers Outdoor Corp. (a)	476,400		26,926
NIKE, Inc. Class B	1,565,400		82,137
Phillips-Van Heusen Corp.	403,554		11,715
Polo Ralph Lauren Corp. Class A	636,400		34,264
VF Corp.	836,400		49,573
			204,615
TOTAL CONSUMER DISCRETIONARY			1,777,146
CONSUMER STAPLES - 10.4%
Beverages - 2.4%
The Coca-Cola Co.	5,256,000		226,271
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - 3.5%
Costco Wholesale Corp.	1,393,900		$ 67,744
Wal-Mart Stores, Inc.	4,568,255		230,240
Whole Foods Market, Inc. (d)	1,483,000		30,743
			328,727
Household Products - 1.6%
Energizer Holdings, Inc. (a)	592,100		33,927
Kimberly-Clark Corp.	1,146,400		56,334
Procter & Gamble Co.	1,068,130		52,808
			143,069
Personal Products - 0.6%
Estee Lauder Companies, Inc. Class A	1,819,800		54,412
Tobacco - 2.3%
Altria Group, Inc.	7,089,400		115,770
Philip Morris International, Inc.	2,670,700		96,679
			212,449
TOTAL CONSUMER STAPLES			964,928
ENERGY - 10.9%
Energy Equipment & Services - 6.2%
BJ Services Co.	2,330,000		32,364
Halliburton Co.	2,159,500		43,665
Nabors Industries Ltd. (a)	2,034,000		30,937
National Oilwell Varco, Inc. (a)	2,576,900		78,029
Noble Corp.	922,300		25,206
Oceaneering International, Inc. (a)	1,038,385		47,319
Patterson-UTI Energy, Inc.	1,900,800		24,159
Schlumberger Ltd. (NY Shares)	3,416,700		167,384
Smith International, Inc.	1,494,800		38,641
Transocean Ltd. (a)	453,300		30,589
Weatherford International Ltd. (a)	3,448,500		57,349
			575,642
Oil, Gas & Consumable Fuels - 4.7%
ConocoPhillips	631,300		25,883
Enterprise Products Partners LP	862,900		20,356
Exxon Mobil Corp.	1,857,900		123,866
Hess Corp.	1,323,500		72,515
Marathon Oil Corp.	1,527,700		45,373
Petrohawk Energy Corp. (a)	1,836,900		43,351
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Plains Exploration & Production Co. (a)	374,600		$ 7,069
Southwestern Energy Co. (a)	2,030,600		72,817
Whiting Petroleum Corp. (a)	816,100		26,735
			437,965
TOTAL ENERGY			1,013,607
FINANCIALS - 4.2%
Capital Markets - 1.8%
Charles Schwab Corp.	4,576,000		84,564
Deutsche Bank AG (NY Shares)	648,600		34,006
Northern Trust Corp.	825,300		44,863
			163,433
Commercial Banks - 1.3%
Associated Banc-Corp.	1,397,800		21,624
PNC Financial Services Group, Inc.	1,107,100		43,952
Wells Fargo & Co.	2,537,000		50,765
			116,341
Diversified Financial Services - 1.0%
Citigroup, Inc. (d)	8,764,600		26,732
CME Group, Inc.	90,100		19,944
JPMorgan Chase & Co.	1,449,300		47,827
			94,503
Insurance - 0.0%
The First American Corp.	83,859		2,355
Thrifts & Mortgage Finance - 0.1%
NewAlliance Bancshares, Inc.	1,086,900		14,032
TOTAL FINANCIALS			390,664
HEALTH CARE - 9.0%
Health Care Equipment & Supplies - 1.6%
Baxter International, Inc.	468,900		22,742
C.R. Bard, Inc.	514,600		36,861
Covidien Ltd.	1,068,400		35,236
Medtronic, Inc.	1,353,400		43,309
NuVasive, Inc. (a)	146,600		5,556
			143,704
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - 1.0%
Fresenius Medical Care AG & Co. KGaA	7,700		$ 299
Medco Health Solutions, Inc. (a)	2,028,100		88,324
			88,623
Life Sciences Tools & Services - 0.3%
Life Technologies Corp. (a)	851,100		31,746
Pharmaceuticals - 6.1%
Allergan, Inc.	1,180,900		55,101
Johnson & Johnson	2,516,300		131,753
Merck & Co., Inc.	2,641,800		64,037
Novo Nordisk AS Series B	1,022,200		48,635
Pfizer, Inc.	3,009,600		40,208
Pronova BioPharma ASA (a)	10,270,853		25,761
Schering-Plough Corp.	5,403,100		124,379
Wyeth	1,842,900		78,139
			568,013
TOTAL HEALTH CARE			832,086
INDUSTRIALS - 7.3%
Aerospace & Defense - 1.6%
Honeywell International, Inc.	2,221,100		69,321
United Technologies Corp.	1,657,400		80,947
			150,268
Air Freight & Logistics - 0.5%
FedEx Corp.	790,800		44,253
Building Products - 0.9%
Masco Corp.	4,395,600		38,945
Owens Corning (a)	2,210,000		39,559
			78,504
Electrical Equipment - 0.5%
Regal-Beloit Corp.	267,900		10,885
Rockwell Automation, Inc.	1,251,000		39,519
			50,404
Machinery - 2.6%
Cummins, Inc.	2,004,600		68,156
Danaher Corp.	807,500		47,190
Ingersoll-Rand Co. Ltd. Class A	1,442,700		31,408
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
PACCAR, Inc.	1,841,100		$ 65,249
Toro Co. (d)	998,500		30,334
			242,337
Professional Services - 1.1%
Manpower, Inc.	873,700		37,648
Monster Worldwide, Inc. (a)	351,800		4,855
Robert Half International, Inc.	2,481,100		59,596
			102,099
Road & Rail - 0.1%
Ryder System, Inc.	311,400		8,623
TOTAL INDUSTRIALS			676,488
INFORMATION TECHNOLOGY - 30.0%
Communications Equipment - 7.1%
Adtran, Inc.	1,352,043		28,596
Cisco Systems, Inc. (a)	14,424,100		278,674
Corning, Inc.	4,974,100		72,721
Juniper Networks, Inc. (a)	2,213,200		47,916
QUALCOMM, Inc.	5,633,700		238,418
			666,325
Computers & Peripherals - 6.6%
Apple, Inc. (a)	2,150,400		270,585
International Business Machines Corp.	3,209,400		331,239
NetApp, Inc. (a)	546,000		9,992
			611,816
Electronic Equipment & Components - 0.5%
Tyco Electronics Ltd.	2,580,025		44,996
Internet Software & Services - 2.2%
eBay, Inc. (a)	4,116,000		67,791
Google, Inc. Class A (sub. vtg.) (a)	208,900		82,718
Yahoo!, Inc. (a)	3,603,900		51,500
			202,009
IT Services - 0.8%
Automatic Data Processing, Inc.	654,600		23,042
The Western Union Co.	3,378,300		56,587
			79,629
Semiconductors & Semiconductor Equipment - 8.4%
Advanced Micro Devices, Inc. (a)(d)	8,062,900		29,107
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Analog Devices, Inc.	2,478,600		$ 52,745
Applied Materials, Inc.	8,773,700		107,127
Atmel Corp. (a)	11,436,600		43,917
Broadcom Corp. Class A (a)	464,600		10,774
Intel Corp.	12,282,500		193,818
Lam Research Corp. (a)	1,680,300		46,847
Micron Technology, Inc. (a)	2,922,700		14,263
National Semiconductor Corp.	3,095,900		38,296
Samsung Electronics Co. Ltd.	24,935		11,550
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	13,192,759		139,447
Texas Instruments, Inc.	5,039,800		91,019
			778,910
Software - 4.4%
BMC Software, Inc. (a)	1,199,200		41,576
CA, Inc.	1,903,200		32,830
Microsoft Corp.	5,146,900		104,276
Oracle Corp.	10,491,000		202,896
SAP AG sponsored ADR	686,600		26,153
			407,731
TOTAL INFORMATION TECHNOLOGY			2,791,416
MATERIALS - 3.1%
Chemicals - 1.6%
Airgas, Inc.	760,700		32,801
Albemarle Corp.	1,402,800		37,623
Praxair, Inc.	1,031,100		76,930
			147,354
Construction Materials - 0.6%
Martin Marietta Materials, Inc. (d)	564,200		47,410
Vulcan Materials Co. (d)	154,500		7,346
			54,756
Containers & Packaging - 0.4%
Temple-Inland, Inc.	3,497,300		41,758
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Paper & Forest Products - 0.5%
Louisiana-Pacific Corp.	4,184,000		$ 17,029
Weyerhaeuser Co.	899,900		31,730
			48,759
TOTAL MATERIALS			292,627
TELECOMMUNICATION SERVICES - 0.9%
Wireless Telecommunication Services - 0.9%
Leap Wireless International, Inc. (a)	639,439		23,065
Sprint Nextel Corp. (a)	8,440,400		36,800
Vodafone Group PLC sponsored ADR	1,329,800		24,402
			84,267
UTILITIES - 0.1%
Electric Utilities - 0.1%
Entergy Corp.	56,900		3,685
Exelon Corp.	79,700		3,677
			7,362
TOTAL COMMON STOCKS (Cost $9,174,329)		8,830,591
Money Market Funds - 4.8%

Fidelity Cash Central Fund, 0.53% (b)	237,647,590		237,648
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	210,573,659		210,574
TOTAL MONEY MARKET FUNDS (Cost $448,222)		448,222
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $9,622,551)			9,278,813
NET OTHER ASSETS - 0.2%			14,939
NET ASSETS - 100%		$ 9,293,752

Legend

(a) Non-income producing

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

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 3,055
Fidelity Securities Lending Cash Central Fund	2,978
Total	$ 6,033

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
DineEquity, Inc.	$ 21,437	$ -	$ 10,947	$ 232	$ -
Furniture Brands International, Inc.	55,001	686	-	185	15,419
La-Z-Boy, Inc.	35,971	-	13,571	269	7,200
Total	$ 112,409	$ 686	$ 24,518	$ 686	$ 22,619

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 9,278,813	$ 9,204,118	$ 74,695	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $9,651,121,000. Net unrealized depreciation aggregated $372,308,000, of which $926,206,000 related to appreciated investment securities and $1,298,514,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Blue Chip Value Fund

April 30, 2009

1.800334.105

BCV-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
CONSUMER DISCRETIONARY - 10.5%
Auto Components - 0.7%
Johnson Controls, Inc.	82,600		$ 1,570,226
The Goodyear Tire & Rubber Co. (a)	49,000		538,510
			2,108,736
Automobiles - 0.2%
Renault SA	18,300		586,629
Diversified Consumer Services - 0.5%
H&R Block, Inc.	91,700		1,388,338
Hotels, Restaurants & Leisure - 0.1%
Wyndham Worldwide Corp.	29,400		343,392
Household Durables - 3.0%
Black & Decker Corp.	33,700		1,358,110
Centex Corp.	207,000		2,264,580
KB Home	207,100		3,742,297
Pulte Homes, Inc.	61,800		711,318
Whirlpool Corp.	15,200		686,432
			8,762,737
Media - 2.1%
Comcast Corp. Class A (special) (non-vtg.)	168,300		2,470,644
News Corp. Class A	105,800		873,908
Time Warner Cable, Inc.	23,067		743,449
Time Warner, Inc.	85,400		1,864,282
			5,952,283
Multiline Retail - 0.2%
JCPenney Co., Inc.	21,800		669,042
Specialty Retail - 3.6%
Advance Auto Parts, Inc.	31,800		1,391,250
Home Depot, Inc.	59,600		1,568,672
Lowe's Companies, Inc.	100,800		2,167,200
Ross Stores, Inc.	37,400		1,418,956
Staples, Inc.	146,600		3,022,892
Williams-Sonoma, Inc.	47,000		658,000
			10,226,970
Textiles, Apparel & Luxury Goods - 0.1%
Liz Claiborne, Inc.	56,100		265,914
TOTAL CONSUMER DISCRETIONARY			30,304,041
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 7.5%
Beverages - 1.4%
Anheuser-Busch InBev NV	47,660		$ 1,458,591
Molson Coors Brewing Co. Class B	22,700		868,275
The Coca-Cola Co.	40,900		1,760,745
			4,087,611
Food & Staples Retailing - 1.8%
CVS Caremark Corp.	74,900		2,380,322
Kroger Co.	60,300		1,303,686
Sysco Corp.	22,000		513,260
Winn-Dixie Stores, Inc. (a)	71,862		823,539
			5,020,807
Food Products - 1.7%
Cermaq ASA	65,800		396,568
Marine Harvest ASA (a)(d)	1,558,000		701,925
Nestle SA (Reg.)	101,134		3,295,772
Tyson Foods, Inc. Class A	55,000		579,700
			4,973,965
Household Products - 1.7%
Energizer Holdings, Inc. (a)	24,100		1,380,930
Procter & Gamble Co.	69,400		3,431,136
			4,812,066
Tobacco - 0.9%
Altria Group, Inc.	63,900		1,043,487
British American Tobacco PLC sponsored ADR	20,900		1,016,158
Lorillard, Inc.	8,700		549,231
			2,608,876
TOTAL CONSUMER STAPLES			21,503,325
ENERGY - 17.1%
Energy Equipment & Services - 3.1%
ENSCO International, Inc.	17,950		507,626
Helmerich & Payne, Inc.	12,300		379,086
Nabors Industries Ltd. (a)	186,832		2,841,715
National Oilwell Varco, Inc. (a)	63,614		1,926,232
Noble Corp.	29,300		800,769
Transocean Ltd. (a)	13,600		917,728
Weatherford International Ltd. (a)	86,200		1,433,506
			8,806,662
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - 14.0%
Chesapeake Energy Corp.	153,000		$ 3,015,630
Chevron Corp.	164,000		10,840,400
ConocoPhillips	94,682		3,881,962
EOG Resources, Inc.	21,600		1,371,168
Exxon Mobil Corp.	100,900		6,727,003
Hess Corp.	12,900		706,791
Marathon Oil Corp.	73,900		2,194,830
Occidental Petroleum Corp.	87,600		4,931,004
Petro-Canada	14,100		445,008
Petrohawk Energy Corp. (a)	74,200		1,751,120
Plains Exploration & Production Co. (a)	40,300		760,461
Range Resources Corp.	23,500		939,295
Ultra Petroleum Corp. (a)	62,600		2,679,280
Uranium One, Inc. (a)	85,700		237,008
			40,480,960
TOTAL ENERGY			49,287,622
FINANCIALS - 22.1%
Capital Markets - 5.6%
Bank of New York Mellon Corp.	123,800		3,154,424
Charles Schwab Corp.	56,832		1,050,255
Franklin Resources, Inc.	33,000		1,995,840
Goldman Sachs Group, Inc.	39,500		5,075,750
KKR Private Equity Investors, LP (a)	134,079		454,333
KKR Private Equity Investors, LP Restricted Depositary Units (a)(e)	7,700		26,180
Morgan Stanley	101,000		2,387,640
State Street Corp.	32,770		1,118,440
T. Rowe Price Group, Inc.	25,700		989,964
			16,252,826
Commercial Banks - 3.8%
PNC Financial Services Group, Inc.	65,272		2,591,298
Wells Fargo & Co.	411,137		8,226,851
			10,818,149
Consumer Finance - 0.5%
Capital One Financial Corp.	45,800		766,692
Discover Financial Services	70,700		574,791
			1,341,483
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 6.8%
Bank of America Corp.	533,282		$ 4,762,208
CIT Group, Inc.	90,200		200,244
JPMorgan Chase & Co.	436,352		14,399,616
KKR Financial Holdings LLC	174,800		235,980
			19,598,048
Insurance - 4.3%
ACE Ltd.	64,080		2,968,186
Allied World Assurance Co. Holdings Ltd.	16,400		609,096
Argo Group International Holdings, Ltd. (a)	14,488		405,519
Everest Re Group Ltd.	39,700		2,963,208
Loews Corp.	16,700		415,663
MetLife, Inc.	48,100		1,430,975
PartnerRe Ltd.	16,300		1,111,497
The Travelers Companies, Inc.	32,914		1,354,082
Transatlantic Holdings, Inc.	5,000		189,650
Unum Group	36,000		588,240
XL Capital Ltd. Class A	33,300		316,683
			12,352,799
Real Estate Investment Trusts - 0.7%
Alexandria Real Estate Equities, Inc.	21,500		784,320
Duke Realty LP	30,900		301,893
ProLogis Trust	41,900		381,709
Simon Property Group, Inc.	9,317		480,757
			1,948,679
Real Estate Management & Development - 0.4%
CB Richard Ellis Group, Inc. Class A (a)	174,400		1,308,000
TOTAL FINANCIALS			63,619,984
HEALTH CARE - 11.3%
Biotechnology - 2.0%
Amgen, Inc. (a)	85,500		4,144,185
Biogen Idec, Inc. (a)	25,400		1,227,836
Cephalon, Inc. (a)	8,000		524,880
			5,896,901
Health Care Equipment & Supplies - 2.0%
Baxter International, Inc.	28,400		1,377,400
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Boston Scientific Corp. (a)	146,400		$ 1,231,224
Covidien Ltd.	93,385		3,079,837
			5,688,461
Health Care Providers & Services - 0.4%
Brookdale Senior Living, Inc.	69,500		716,545
Medco Health Solutions, Inc. (a)	10,000		435,500
			1,152,045
Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc. (a)	9,900		347,292
Pharmaceuticals - 6.8%
Allergan, Inc.	16,500		769,890
Johnson & Johnson	31,500		1,649,340
King Pharmaceuticals, Inc. (a)	41,400		326,232
Merck & Co., Inc.	197,000		4,775,280
Pfizer, Inc.	457,000		6,105,520
Sepracor, Inc. (a)	39,880		566,695
Wyeth	127,000		5,384,800
			19,577,757
TOTAL HEALTH CARE			32,662,456
INDUSTRIALS - 8.9%
Aerospace & Defense - 2.1%
Honeywell International, Inc.	127,360		3,974,906
Northrop Grumman Corp.	27,000		1,305,450
United Technologies Corp.	16,900		825,396
			6,105,752
Air Freight & Logistics - 0.5%
United Parcel Service, Inc. Class B	27,100		1,418,414
Airlines - 0.1%
Delta Air Lines, Inc. (a)	51,500		317,755
Building Products - 0.9%
Masco Corp.	201,900		1,788,834
Owens Corning (a)	47,000		841,300
			2,630,134
Commercial Services & Supplies - 0.4%
Republic Services, Inc.	60,930		1,279,530
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - 0.4%
Acuity Brands, Inc.	15,300		$ 439,722
Regal-Beloit Corp.	15,900		646,017
			1,085,739
Industrial Conglomerates - 2.8%
General Electric Co.	386,850		4,893,653
Siemens AG sponsored ADR	33,100		2,215,383
Textron, Inc.	78,600		843,378
			7,952,414
Machinery - 1.2%
Cummins, Inc.	40,700		1,383,800
Deere & Co.	15,400		635,404
Illinois Tool Works, Inc.	24,400		800,320
Ingersoll-Rand Co. Ltd. Class A	27,200		592,144
			3,411,668
Road & Rail - 0.5%
Con-way, Inc.	32,400		802,872
Ryder System, Inc.	24,300		672,867
			1,475,739
TOTAL INDUSTRIALS			25,677,145
INFORMATION TECHNOLOGY - 7.3%
Communications Equipment - 1.0%
Cisco Systems, Inc. (a)	107,400		2,074,968
Juniper Networks, Inc. (a)	33,200		718,780
			2,793,748
Computers & Peripherals - 1.9%
Hewlett-Packard Co.	99,300		3,572,814
International Business Machines Corp.	10,900		1,124,989
NCR Corp. (a)	78,100		792,715
			5,490,518
Electronic Equipment & Components - 1.8%
Amphenol Corp. Class A	9,400		318,096
Arrow Electronics, Inc. (a)	51,800		1,177,932
Avnet, Inc. (a)	92,200		2,018,258
Flextronics International Ltd. (a)	144,100		559,108
Tyco Electronics Ltd.	60,085		1,047,882
			5,121,276
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
IT Services - 0.4%
Lender Processing Services, Inc.	23,400		$ 670,644
The Western Union Co.	35,400		592,950
			1,263,594
Semiconductors & Semiconductor Equipment - 2.0%
Applied Materials, Inc.	105,600		1,289,376
ASML Holding NV (NY Shares)	31,000		655,650
Atmel Corp. (a)	156,200		599,808
KLA-Tencor Corp.	10,900		302,366
Lam Research Corp. (a)	46,200		1,288,056
Maxim Integrated Products, Inc.	29,300		397,015
MEMC Electronic Materials, Inc. (a)	22,100		358,020
Novellus Systems, Inc. (a)	38,800		700,728
ON Semiconductor Corp. (a)	23,100		125,202
			5,716,221
Software - 0.2%
Microsoft Corp.	36,200		733,412
TOTAL INFORMATION TECHNOLOGY			21,118,769
MATERIALS - 3.1%
Chemicals - 0.9%
Albemarle Corp.	45,290		1,214,678
Celanese Corp. Class A	33,200		691,888
Dow Chemical Co.	47,400		758,400
			2,664,966
Containers & Packaging - 0.6%
Owens-Illinois, Inc. (a)	33,200		809,748
Temple-Inland, Inc.	75,500		901,470
			1,711,218
Metals & Mining - 1.6%
Agnico-Eagle Mines Ltd. (Canada)	6,400		282,925
ArcelorMittal SA (NY Shares) Class A	32,000		754,560
Commercial Metals Co.	38,100		566,928
Freeport-McMoRan Copper & Gold, Inc. Class B	30,600		1,305,090
Lihir Gold Ltd. (a)	182,267		397,579
Newcrest Mining Ltd.	51,725		1,126,021
			4,433,103
TOTAL MATERIALS			8,809,287
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - 6.5%
Diversified Telecommunication Services - 6.3%
AT&T, Inc.	374,310		$ 9,589,822
Cincinnati Bell, Inc. (a)	259,300		723,447
Qwest Communications International, Inc.	221,000		859,690
Verizon Communications, Inc.	226,573		6,874,225
			18,047,184
Wireless Telecommunication Services - 0.2%
Sprint Nextel Corp. (a)	157,000		684,520
TOTAL TELECOMMUNICATION SERVICES			18,731,704
UTILITIES - 3.9%
Electric Utilities - 1.9%
Entergy Corp.	23,400		1,515,618
Exelon Corp.	47,900		2,209,627
FirstEnergy Corp.	44,600		1,824,140
			5,549,385
Independent Power Producers & Energy Traders - 0.6%
AES Corp. (a)	86,900		614,383
NRG Energy, Inc. (a)	58,500		1,051,830
			1,666,213
Multi-Utilities - 1.4%
CMS Energy Corp.	106,300		1,277,726
Sempra Energy	34,000		1,564,680
Wisconsin Energy Corp.	28,500		1,138,860
			3,981,266
TOTAL UTILITIES			11,196,864
TOTAL COMMON STOCKS (Cost $379,484,748)		282,911,197
Convertible Preferred Stocks - 0.2%

FINANCIALS - 0.2%
Commercial Banks - 0.1%
Huntington Bancshares, Inc. 8.50%	700		357,000
Convertible Preferred Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 0.1%
CIT Group, Inc. Series C, 8.75%	5,100		$ 77,627
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $778,558)		434,627

Convertible Bonds - 0.0%
	Principal Amount
INDUSTRIALS - 0.0%
Industrial Conglomerates - 0.0%
Textron, Inc. 4.5% 5/1/13 (Cost $110,000)	$ 110,000	119,273

Money Market Funds - 1.9%
	Shares
Fidelity Cash Central Fund, 0.53% (b)	5,016,441		5,016,441
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	384,000		384,000
TOTAL MONEY MARKET FUNDS (Cost $5,400,441)		5,400,441
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $385,773,747)			288,865,538
NET OTHER ASSETS - (0.3)%			(730,402)
NET ASSETS - 100%		$ 288,135,136

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $26,180 or 0.0% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 24,096
Fidelity Securities Lending Cash Central Fund	66,237
Total	$ 90,333

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 288,865,538	$ 281,774,820	$ 7,090,718	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $395,884,304. Net unrealized depreciation aggregated $107,018,766, of which $14,903,046 related to appreciated investment securities and $121,921,812 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Dividend Growth Fund

April 30, 2009

1.800335.105

DGF-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 12.4%
Auto Components - 0.7%
BorgWarner, Inc.	165,600		$ 4,794
Federal-Mogul Corp. Class A (a)	895,088		9,935
Johnson Controls, Inc.	576,400		10,957
The Goodyear Tire & Rubber Co. (a)	1,102,000		12,111
			37,797
Automobiles - 0.1%
Thor Industries, Inc.	103,400		2,377
Winnebago Industries, Inc.	311,154		2,741
			5,118
Distributors - 0.1%
LKQ Corp. (a)	250,100		4,247
Diversified Consumer Services - 1.1%
DeVry, Inc.	101,900		4,337
H&R Block, Inc.	858,910		13,004
Hillenbrand, Inc.	987,100		17,945
Navitas Ltd.	447,830		746
Princeton Review, Inc. (a)	604,132		2,622
Regis Corp.	297,070		5,686
Service Corp. International	1,072,000		4,856
Stewart Enterprises, Inc. Class A	3,587,532		12,520
Weight Watchers International, Inc.	40,100		998
			62,714
Hotels, Restaurants & Leisure - 2.3%
Brinker International, Inc.	792,000		14,034
Burger King Holdings, Inc.	339,900		5,554
Cracker Barrel Old Country Store, Inc.	40,000		1,304
DineEquity, Inc. (e)	640,500		20,522
Las Vegas Sands Corp. unit	205,441		27,209
Marriott International, Inc. Class A	67,600		1,593
McCormick & Schmick's Seafood Restaurants (a)	355,862		2,520
P.F. Chang's China Bistro, Inc. (a)	39,700		1,198
Sonic Corp. (a)	758,000		8,277
Starwood Hotels & Resorts Worldwide, Inc.	919,400		19,179
Vail Resorts, Inc. (a)(e)	192,463		5,620
WMS Industries, Inc. (a)	194,700		6,252
Wyndham Worldwide Corp.	1,212,315		14,160
			127,422
Household Durables - 1.5%
Black & Decker Corp.	225,400		9,084
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Centex Corp.	200,700		$ 2,196
Dorel Industries, Inc. Class B (sub. vtg.)	151,000		2,879
Hooker Furniture Corp.	124,900		1,464
Meritage Homes Corp. (a)	241,400		5,024
Mohawk Industries, Inc. (a)	396,900		18,777
Newell Rubbermaid, Inc.	760,200		7,944
Pulte Homes, Inc.	860,500		9,904
Snap-On, Inc.	41,200		1,398
Stanley Furniture Co., Inc.	221,660		2,274
The Stanley Works	165,600		6,298
Whirlpool Corp.	411,000		18,561
			85,803
Leisure Equipment & Products - 0.1%
Hasbro, Inc.	273,475		7,291
Media - 2.5%
Cablevision Systems Corp. - NY Group Class A	537,100		9,217
CC Media Holdings, Inc. Class A (a)	1,200,000		2,100
Comcast Corp. Class A (special) (non-vtg.)	2,944,200		43,221
DISH Network Corp. Class A (a)	1,174,973		15,568
Informa PLC	1,046,500		4,572
Lamar Advertising Co. Class A (a)(e)	348,000		5,881
Liberty Media Corp. - Entertainment Class A (a)	982,468		23,923
Live Nation, Inc. (a)	754,600		2,950
The DIRECTV Group, Inc. (a)	459,200		11,356
The Walt Disney Co.	735,167		16,100
Time Warner Cable, Inc.	248,326		8,004
			142,892
Multiline Retail - 0.4%
Target Corp.	541,364		22,337
Tuesday Morning Corp. (a)	628,950		2,145
			24,482
Specialty Retail - 3.4%
Advance Auto Parts, Inc.	545,600		23,870
Asbury Automotive Group, Inc.	249,400		2,412
AutoNation, Inc. (a)	195,779		3,467
Best Buy Co., Inc.	91,500		3,512
Collective Brands, Inc. (a)	655,929		9,524
Group 1 Automotive, Inc.	130,900		2,788
Gymboree Corp. (a)	135,100		4,647
Home Depot, Inc.	647,668		17,047
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Lowe's Companies, Inc.	1,783,000		$ 38,335
Lumber Liquidators, Inc. (a)(e)	569,297		8,517
OfficeMax, Inc.	844,706		6,293
Sally Beauty Holdings, Inc. (a)	1,404,400		10,393
Sherwin-Williams Co.	93,930		5,320
Sonic Automotive, Inc. Class A (sub. vtg.) (e)	631,500		3,259
Staples, Inc.	1,202,182		24,789
The Men's Wearhouse, Inc.	814,600		15,184
Tween Brands, Inc. (a)(f)	2,113,500		6,171
Urban Outfitters, Inc. (a)	156,400		3,048
			188,576
Textiles, Apparel & Luxury Goods - 0.2%
American Apparel, Inc. (a)	1,591,500		10,743
TOTAL CONSUMER DISCRETIONARY			697,085
CONSUMER STAPLES - 6.7%
Beverages - 1.3%
Anheuser-Busch InBev NV	866,660		26,523
Carlsberg AS Series B	235,558		11,325
Coca-Cola Enterprises, Inc.	760,552		12,975
Pernod Ricard SA	800		47
Pernod Ricard SA rights 4/29/09 (a)	220,600		942
The Coca-Cola Co.	545,000		23,462
			75,274
Food & Staples Retailing - 1.5%
Costco Wholesale Corp.	214,600		10,430
CVS Caremark Corp.	1,318,200		41,892
Kroger Co.	582,400		12,591
Safeway, Inc.	56,800		1,122
Wal-Mart Stores, Inc.	15,900		801
Winn-Dixie Stores, Inc. (a)	1,812,300		20,769
			87,605
Food Products - 2.2%
Bunge Ltd.	32,100		1,541
Cermaq ASA	1,122,100		6,763
Corn Products International, Inc.	470,800		11,252
Global Bio-Chem Technology Group Co. Ltd.	48,260,000		6,552
Leroy Seafood Group ASA	1,000,900		11,349
Marine Harvest ASA (a)(e)	67,034,000		30,201
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - continued
Nestle SA (Reg.)	336,108		$ 10,953
Ralcorp Holdings, Inc. (a)	14,200		812
Smithfield Foods, Inc. (a)(e)	925,500		7,996
The J.M. Smucker Co.	111,424		4,390
Tyson Foods, Inc. Class A	2,729,800		28,772
Unilever NV (Certificaten Van Aandelen)	71,900		1,422
			122,003
Household Products - 0.8%
Central Garden & Pet Co. (a)	162,602		1,564
Clorox Co.	209,800		11,759
Energizer Holdings, Inc. (a)	201,587		11,551
Kimberly-Clark Corp.	330,800		16,256
Procter & Gamble Co.	36,706		1,815
			42,945
Personal Products - 0.1%
Avon Products, Inc.	219,700		5,000
Tobacco - 0.8%
Lorillard, Inc.	191,500		12,089
Philip Morris International, Inc.	882,400		31,943
			44,032
TOTAL CONSUMER STAPLES			376,859
ENERGY - 12.2%
Energy Equipment & Services - 5.1%
Diamond Offshore Drilling, Inc.	108,300		7,842
Global Industries Ltd. (a)	3,266,302		21,133
Halliburton Co.	762,400		15,416
Helix Energy Solutions Group, Inc. (a)	674,800		6,134
Nabors Industries Ltd. (a)	585,582		8,907
National Oilwell Varco, Inc. (a)	2,925,600		88,587
Noble Corp.	804,834		21,996
Parker Drilling Co. (a)	1,050,800		2,900
Patterson-UTI Energy, Inc.	124,400		1,581
Pride International, Inc. (a)	429,927		9,759
Rowan Companies, Inc.	81,975		1,280
Smith International, Inc.	887,400		22,939
Superior Energy Services, Inc. (a)	364,400		7,000
Tidewater, Inc.	403,700		17,460
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Transocean Ltd. (a)	48,800		$ 3,293
Weatherford International Ltd. (a)	3,072,200		51,091
			287,318
Oil, Gas & Consumable Fuels - 7.1%
Arch Coal, Inc.	282,400		3,945
Berry Petroleum Co. Class A	536,600		8,843
Boardwalk Pipeline Partners, LP	476,375		9,766
Cabot Oil & Gas Corp.	195,606		5,905
Canadian Natural Resources Ltd.	56,200		2,591
Chesapeake Energy Corp.	2,126,600		41,915
Cimarex Energy Co.	170,900		4,597
Comstock Resources, Inc. (a)	88,800		3,060
Concho Resources, Inc. (a)	190,165		5,214
Denbury Resources, Inc. (a)	846,890		13,787
El Paso Corp.	999,000		6,893
Energy Transfer Equity LP	303,200		7,774
EXCO Resources, Inc. (a)	1,711,200		20,158
Foundation Coal Holdings, Inc.	603,899		9,807
Frontier Oil Corp.	580,400		7,377
Goodrich Petroleum Corp. (a)(e)	183,722		4,213
Hess Corp.	663,200		36,337
Holly Corp.	36,100		757
James River Coal Co. (a)	56,200		800
Nexen, Inc.	812,700		15,474
OPTI Canada, Inc. (a)	6,077,800		9,830
Peabody Energy Corp.	184,000		4,856
Penn Virginia Corp.	348,500		4,903
Petro-Canada	336,900		10,633
Petrohawk Energy Corp. (a)	2,919,438		68,899
Plains Exploration & Production Co. (a)	1,291,068		24,362
Quicksilver Resources, Inc. (a)	294,100		2,391
Range Resources Corp.	523,000		20,904
Rosetta Resources, Inc. (a)	814,752		5,744
Southwestern Energy Co. (a)	620,437		22,249
Sunoco, Inc.	352,398		9,342
Tesoro Corp.	67,600		1,031
Uranium One, Inc. (a)	639,900		1,770
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Valero Energy Corp.	121,805		$ 2,417
Venoco, Inc. (a)	457,600		2,000
			400,544
TOTAL ENERGY			687,862
FINANCIALS - 13.3%
Capital Markets - 2.3%
Ameriprise Financial, Inc.	220,700		5,815
Bank of New York Mellon Corp.	1,072,707		27,333
Bank Sarasin & Co. Ltd. Series B (Reg.)	214,500		5,112
Cohen & Steers, Inc.	356,200		5,243
Deutsche Bank AG (NY Shares)	100,000		5,243
Fortress Investment Group LLC (e)	1,557,700		5,390
Franklin Resources, Inc.	121,300		7,336
Goldman Sachs Group, Inc.	428,498		55,062
Morgan Stanley	200,244		4,734
Nomura Holdings, Inc. sponsored ADR	520,800		3,130
The Blackstone Group LP	466,100		4,563
			128,961
Commercial Banks - 4.0%
CapitalSource, Inc.	4,771,745		14,745
Mitsubishi UFJ Financial Group, Inc.	1,251,200		6,827
PNC Financial Services Group, Inc.	1,919,194		76,192
SunTrust Banks, Inc.	266,300		3,845
U.S. Bancorp, Delaware	1,309,400		23,857
Wells Fargo & Co.	4,884,041		97,730
			223,196
Consumer Finance - 0.3%
Capital One Financial Corp.	377,900		6,326
Discover Financial Services	798,613		6,493
Promise Co. Ltd. (e)	264,350		3,494
SLM Corp. (a)	248,700		1,201
			17,514
Diversified Financial Services - 3.3%
Bank of America Corp.	3,199,380		28,570
CIT Group, Inc. (e)	1,262,100		2,802
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - continued
JPMorgan Chase & Co.	3,312,300		$ 109,306
PICO Holdings, Inc. (a)	1,495,700		44,871
			185,549
Insurance - 2.0%
ACE Ltd.	238,700		11,057
Assurant, Inc.	235,071		5,745
Berkshire Hathaway, Inc. Class B (a)	3,320		10,176
Endurance Specialty Holdings Ltd.	140,400		3,673
Everest Re Group Ltd.	153,800		11,480
Loews Corp.	183,900		4,577
Maiden Holdings Ltd. (g)	866,542		3,908
MBIA, Inc. (a)(e)	1,443,200		6,826
MetLife, Inc.	344,976		10,263
Montpelier Re Holdings Ltd.	453,900		5,656
Platinum Underwriters Holdings Ltd.	184,700		5,314
Prudential Financial, Inc.	100,000		2,888
Reinsurance Group of America, Inc.	164,261		5,222
The Travelers Companies, Inc.	407,340		16,758
Transatlantic Holdings, Inc.	96,500		3,660
XL Capital Ltd. Class A	337,800		3,212
			110,415
Real Estate Investment Trusts - 0.6%
Developers Diversified Realty Corp.	263,410		1,088
DiamondRock Hospitality Co.	79,700		517
Duke Realty LP	313,600		3,064
Highwoods Properties, Inc. (SBI)	46,298		1,111
ProLogis Trust	1,562,800		14,237
SL Green Realty Corp.	163,000		2,879
UDR, Inc.	157,796		1,589
Unibail-Rodamco	8,800		1,312
Ventas, Inc.	70,000		2,005
Vornado Realty Trust	135,828		6,641
Weingarten Realty Investors (SBI)	118,900		1,848
			36,291
Real Estate Management & Development - 0.8%
CB Richard Ellis Group, Inc. Class A (a)	4,464,600		33,485
Forestar Group, Inc. (a)	189,900		2,442
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Management & Development - continued
Jones Lang LaSalle, Inc.	252,500		$ 8,148
Unite Group PLC	460,682		661
			44,736
TOTAL FINANCIALS			746,662
HEALTH CARE - 11.3%
Biotechnology - 2.7%
Amgen, Inc. (a)	707,000		34,268
Biogen Idec, Inc. (a)	263,100		12,718
Cephalon, Inc. (a)	295,300		19,375
DUSA Pharmaceuticals, Inc. (a)(f)	1,402,453		1,851
Genzyme Corp. (a)	143,100		7,632
Gilead Sciences, Inc. (a)	435,413		19,942
PDL BioPharma, Inc.	79,900		571
Theravance, Inc. (a)	1,791,884		25,678
United Therapeutics Corp. (a)	75,900		4,767
Vertex Pharmaceuticals, Inc. (a)(e)	729,429		22,481
			149,283
Health Care Equipment & Supplies - 1.5%
C.R. Bard, Inc.	139,150		9,967
Cooper Companies, Inc.	119,900		3,447
Covidien Ltd.	537,300		17,720
DENTSPLY International, Inc.	284,900		8,154
Integra LifeSciences Holdings Corp. (a)	438,300		11,317
Inverness Medical Innovations, Inc. (a)	243,600		7,866
Kinetic Concepts, Inc. (a)	244,500		6,054
Nobel Biocare Holding AG (Switzerland)	67,830		1,382
Orthofix International NV (a)	213,413		3,639
Sonova Holding AG	236,627		15,307
			84,853
Health Care Providers & Services - 2.3%
Amedisys, Inc. (a)(e)	36,078		1,210
Brookdale Senior Living, Inc.	1,279,900		13,196
Coventry Health Care, Inc. (a)	283,100		4,504
Express Scripts, Inc. (a)	257,500		16,472
Fresenius Medical Care AG & Co. KGaA	140,271		5,454
Genoptix, Inc. (a)	186,500		5,423
Health Net, Inc. (a)	120,400		1,739
HealthSouth Corp. (a)(e)	79,600		746
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
IPC The Hospitalist Co., Inc. (a)	80,254		$ 1,471
McKesson Corp.	171,300		6,338
Medco Health Solutions, Inc. (a)	448,200		19,519
Triple-S Management Corp. (a)(e)	621,710		7,970
UnitedHealth Group, Inc.	743,700		17,492
Universal Health Services, Inc. Class B	257,700		12,988
WellPoint, Inc. (a)	388,800		16,625
			131,147
Health Care Technology - 0.1%
IMS Health, Inc.	385,900		4,847
Life Sciences Tools & Services - 0.2%
Bruker BioSciences Corp. (a)	626,819		4,124
Life Technologies Corp. (a)	170,900		6,375
Thermo Fisher Scientific, Inc. (a)	67,600		2,371
			12,870
Pharmaceuticals - 4.5%
Allergan, Inc.	320,300		14,945
Ardea Biosciences, Inc. (a)	23,819		294
Cadence Pharmaceuticals, Inc. (a)	302,021		3,056
King Pharmaceuticals, Inc. (a)	140,100		1,104
Merck & Co., Inc.	1,117,105		27,079
Novo Nordisk AS Series B	104,000		4,948
Optimer Pharmaceuticals, Inc. (a)	56,200		785
Perrigo Co.	280,800		7,278
Pfizer, Inc.	3,804,425		50,827
Schering-Plough Corp.	1,695,430		39,029
Teva Pharmaceutical Industries Ltd. sponsored ADR	296,200		13,000
Vivus, Inc. (a)	1,141,849		4,579
Wyeth	1,941,660		82,326
XenoPort, Inc. (a)	224,700		3,072
			252,322
TOTAL HEALTH CARE			635,322
INDUSTRIALS - 10.3%
Aerospace & Defense - 1.8%
Alliant Techsystems, Inc. (a)	72,100		5,743
Finmeccanica SpA	346,308		4,877
Honeywell International, Inc.	761,900		23,779
Northrop Grumman Corp.	385,100		18,620
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Aerospace & Defense - continued
Orbital Sciences Corp. (a)	585,200		$ 9,047
United Technologies Corp.	757,300		36,987
			99,053
Air Freight & Logistics - 0.3%
FedEx Corp.	321,800		18,008
Airlines - 0.5%
AirTran Holdings, Inc. (a)	359,900		2,501
Delta Air Lines, Inc. (a)	4,586,675		28,300
			30,801
Building Products - 0.4%
Masco Corp.	1,305,200		11,564
Owens Corning (a)	541,425		9,692
			21,256
Commercial Services & Supplies - 1.2%
ACCO Brands Corp. (a)	1,147,832		2,399
Cintas Corp.	294,600		7,559
Clean Harbors, Inc. (a)	139,090		6,968
Consolidated Graphics, Inc. (a)	104,500		2,029
Corrections Corp. of America (a)	246,400		3,482
EnergySolutions, Inc.	424,188		4,115
GeoEye, Inc. (a)	801,362		19,946
R.R. Donnelley & Sons Co.	1,039,800		12,114
Republic Services, Inc.	343,695		7,218
			65,830
Construction & Engineering - 0.8%
Chicago Bridge & Iron Co. NV (NY Shares)	761,900		8,152
Great Lakes Dredge & Dock Corp. (f)	3,854,535		15,264
MYR Group, Inc. (a)	357,600		5,332
Perini Corp. (a)	79,500		1,375
Quanta Services, Inc. (a)	24,100		548
Shaw Group, Inc. (a)	59,400		1,992
URS Corp. (a)	255,200		11,244
			43,907
Electrical Equipment - 1.7%
AMETEK, Inc.	147,800		4,761
Cooper Industries Ltd. Class A	1,376,273		45,128
First Solar, Inc. (a)	46,600		8,728
JA Solar Holdings Co. Ltd. ADR (a)	665,700		2,337
Regal-Beloit Corp.	20,100		817
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Electrical Equipment - continued
Renewable Energy Corp. AS (a)(e)	761,600		$ 6,879
Saft Groupe SA	331,100		10,131
Sunpower Corp.:
Class A (a)	357,700		9,794
Class B (a)	262,100		6,647
			95,222
Industrial Conglomerates - 1.2%
McDermott International, Inc. (a)	1,320,160		21,307
Rheinmetall AG	34,800		1,457
Siemens AG sponsored ADR	331,000		22,154
Textron, Inc.	1,924,632		20,651
			65,569
Machinery - 1.0%
Cummins, Inc.	409,500		13,923
Danaher Corp.	207,500		12,126
Ingersoll-Rand Co. Ltd. Class A	254,300		5,536
JTEKT Corp.	104,500		1,008
Navistar International Corp. (a)	501,400		18,953
Vallourec SA	62,100		6,786
			58,332
Marine - 0.1%
Alexander & Baldwin, Inc.	192,600		5,131
Professional Services - 0.1%
Monster Worldwide, Inc. (a)	578,300		7,981
Road & Rail - 1.2%
Burlington Northern Santa Fe Corp.	52,600		3,549
Con-way, Inc.	413,600		10,249
Old Dominion Freight Lines, Inc. (a)	160,500		4,518
Ryder System, Inc.	421,300		11,666
Union Pacific Corp.	503,200		24,727
Universal Truckload Services, Inc. (f)	1,172,499		14,445
			69,154
TOTAL INDUSTRIALS			580,244
INFORMATION TECHNOLOGY - 18.3%
Communications Equipment - 4.2%
ADC Telecommunications, Inc. (a)	198,700		1,462
Adtran, Inc.	741,300		15,678
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Cisco Systems, Inc. (a)	4,926,600		$ 95,182
Comverse Technology, Inc. (a)	1,739,200		12,435
Corning, Inc.	1,741,300		25,458
Juniper Networks, Inc. (a)	1,693,400		36,662
Motorola, Inc.	5,174,604		28,616
Palm, Inc. (a)(e)	340,900		3,576
QUALCOMM, Inc.	358,000		15,151
			234,220
Computers & Peripherals - 1.8%
Apple, Inc. (a)	175,300		22,058
Hewlett-Packard Co.	1,505,200		54,157
NCR Corp. (a)	134,500		1,365
SanDisk Corp. (a)	280,201		4,405
Seagate Technology	2,239,000		18,270
			100,255
Electronic Equipment & Components - 1.7%
Amphenol Corp. Class A	491,700		16,639
Arrow Electronics, Inc. (a)	640,400		14,563
Avnet, Inc. (a)	1,576,189		34,503
Bell Microproducts, Inc. (a)(f)	2,045,259		1,616
BYD Co. Ltd. (H Shares)	281,000		738
Ingram Micro, Inc. Class A (a)	943,700		13,703
Itron, Inc. (a)	156,824		7,214
Tyco Electronics Ltd.	466,572		8,137
			97,113
Internet Software & Services - 1.0%
Art Technology Group, Inc. (a)	1,457,100		4,575
Google, Inc. Class A (sub. vtg.) (a)	81,300		32,192
Sina Corp. (a)	108,100		3,028
VeriSign, Inc. (a)	858,400		17,666
			57,461
IT Services - 2.2%
Accenture Ltd. Class A	167,804		4,938
Affiliated Computer Services, Inc. Class A (a)	103,200		4,993
Alliance Data Systems Corp. (a)(e)	359,952		15,071
Atos Origin SA	119,240		3,675
Fidelity National Information Services, Inc.	1,031,100		18,405
Lender Processing Services, Inc.	894,365		25,633
Metavante Holding Co. (a)	400,018		9,436
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - continued
Perot Systems Corp. Class A (a)	619,300		$ 8,707
Sapient Corp. (a)	1,331,241		6,829
The Western Union Co.	452,494		7,579
Unisys Corp. (a)	4,265,800		5,204
Visa, Inc.	93,300		6,061
WNS Holdings Ltd. sponsored ADR (a)	573,500		4,754
Wright Express Corp. (a)	43,651		999
			122,284
Semiconductors & Semiconductor Equipment - 5.0%
Analog Devices, Inc.	548,300		11,668
Applied Materials, Inc.	2,179,000		26,606
Atmel Corp. (a)	14,216,594		54,592
Axcelis Technologies, Inc. (a)	3,533,100		1,661
Cymer, Inc. (a)	486,900		13,833
Fairchild Semiconductor International, Inc. (a)	2,637,600		16,248
International Rectifier Corp. (a)	709,200		11,971
Lam Research Corp. (a)	2,048,393		57,109
LTX-Credence Corp. (a)(f)	7,536,843		3,693
Maxim Integrated Products, Inc.	1,319,700		17,882
MEMC Electronic Materials, Inc. (a)	441,600		7,154
Microchip Technology, Inc.	113,700		2,615
Micron Technology, Inc. (a)	2,171,600		10,597
National Semiconductor Corp.	762,677		9,434
ON Semiconductor Corp. (a)	3,138,654		17,012
Semitool, Inc. (a)	1,144,900		5,438
Varian Semiconductor Equipment Associates, Inc. (a)	615,650		15,754
			283,267
Software - 2.4%
BMC Software, Inc. (a)	200,600		6,955
CA, Inc.	564,600		9,739
Citrix Systems, Inc. (a)	151,962		4,335
Informatica Corp. (a)	386,100		6,139
McAfee, Inc. (a)	183,900		6,904
Microsoft Corp.	902,300		18,281
Misys PLC	3,050,400		6,224
Oracle Corp.	1,806,200		34,932
Phoenix Technologies Ltd. (a)	100,532		287
Quest Software, Inc. (a)	1,113,300		16,176
Sourcefire, Inc. (a)	1,262,973		13,678
Symantec Corp. (a)	469,299		8,095
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
THQ, Inc. (a)	683,619		$ 2,338
Ubisoft Entertainment SA (a)	87,500		1,709
			135,792
TOTAL INFORMATION TECHNOLOGY			1,030,392
MATERIALS - 6.6%
Chemicals - 3.2%
Airgas, Inc.	352,600		15,204
Albemarle Corp.	335,200		8,990
Arkema sponsored ADR	263,977		6,111
Ashland, Inc.	659,823		14,490
Celanese Corp. Class A	1,275,800		26,588
CF Industries Holdings, Inc.	44,100		3,177
Cytec Industries, Inc.	16,000		318
Dow Chemical Co.	79,500		1,272
Huabao International Holdings Ltd.	1,720,000		1,216
Lubrizol Corp.	221,900		9,591
Monsanto Co.	364,100		30,908
Rockwood Holdings, Inc. (a)	240,693		2,961
Solutia, Inc. (a)	1,605,400		6,036
Spartech Corp.	1,367,190		5,373
Terra Industries, Inc.	412,850		10,941
The Mosaic Co.	313,700		12,689
Valspar Corp.	426,300		10,231
W.R. Grace & Co. (a)	1,573,025		13,890
			179,986
Construction Materials - 0.0%
Eagle Materials, Inc.	67,800		1,885
Containers & Packaging - 1.2%
Greif, Inc. Class A	135,200		6,121
Owens-Illinois, Inc. (a)	775,076		18,904
Pactiv Corp. (a)	404,500		8,842
Rock-Tenn Co. Class A	322,300		12,170
Temple-Inland, Inc.	1,968,300		23,502
			69,539
Metals & Mining - 2.1%
Agnico-Eagle Mines Ltd. (Canada)	42,800		1,892
ArcelorMittal SA (NY Shares) Class A	456,900		10,774
Commercial Metals Co.	1,016,600		15,127
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - continued
Companhia Vale do Rio Doce sponsored ADR	144,400		$ 2,384
Compass Minerals International, Inc.	24,000		1,157
Eldorado Gold Corp. (a)	1,621,100		12,879
Franco-Nevada Corp.	72,200		1,536
Ivanhoe Mines Ltd. (a)	2,037,600		13,080
Lihir Gold Ltd. (a)	4,086,470		8,914
Newcrest Mining Ltd.	483,902		10,534
Newmont Mining Corp.	241,000		9,698
Red Back Mining, Inc. (a)(g)	66,300		459
Silver Wheaton Corp. (a)	461,700		3,540
Steel Dynamics, Inc.	60,200		749
Timminco Ltd. (a)(e)	1,450,275		2,127
United States Steel Corp.	239,500		6,359
Xstrata PLC	120,400		1,061
Yamana Gold, Inc.	1,735,100		13,610
			115,880
Paper & Forest Products - 0.1%
Clearwater Paper Corp. (a)	304,900		4,641
TOTAL MATERIALS			371,931
TELECOMMUNICATION SERVICES - 2.1%
Diversified Telecommunication Services - 1.7%
AT&T, Inc.	1,269,446		32,523
Cincinnati Bell, Inc. (a)	2,896,500		8,081
Qwest Communications International, Inc.	8,258,571		32,126
Verizon Communications, Inc.	796,932		24,179
			96,909
Wireless Telecommunication Services - 0.4%
Sprint Nextel Corp. (a)	4,741,400		20,673
TOTAL TELECOMMUNICATION SERVICES			117,582
UTILITIES - 2.6%
Electric Utilities - 1.4%
Allegheny Energy, Inc.	801,600		20,777
Entergy Corp.	206,712		13,389
Exelon Corp.	444,905		20,523
FirstEnergy Corp.	474,600		19,411
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Electric Utilities - continued
FPL Group, Inc.	15,900		$ 855
Public Power Corp. of Greece	267,300		5,151
			80,106
Gas Utilities - 0.2%
EQT Corp.	310,000		10,425
Questar Corp.	53,900		1,602
			12,027
Independent Power Producers & Energy Traders - 0.8%
AES Corp. (a)	1,040,700		7,358
Dynegy, Inc. Class A (a)	2,117,400		3,769
NRG Energy, Inc. (a)	1,397,953		25,135
Reliant Energy, Inc. (a)	1,626,550		8,068
			44,330
Multi-Utilities - 0.2%
CMS Energy Corp.	194,300		2,335
OGE Energy Corp.	23,800		612
PG&E Corp.	32,100		1,192
Public Service Enterprise Group, Inc.	87,900		2,623
Sempra Energy	140,000		6,443
			13,205
TOTAL UTILITIES			149,668
TOTAL COMMON STOCKS (Cost $6,384,302)		5,393,607
Preferred Stocks - 1.8%

Convertible Preferred Stocks - 1.7%
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
McMoRan Exploration Co. 6.75%	48,000		2,196
SandRidge Energy, Inc. 8.50% (a)(g)	80,500		9,235
			11,431
FINANCIALS - 1.2%
Commercial Banks - 0.4%
East West Bancorp, Inc. Series A, 8.00%	3,127		1,388
Huntington Bancshares, Inc. 8.50%	15,400		7,854
Preferred Stocks - continued
	Shares		Value (000s)
Convertible Preferred Stocks - continued
FINANCIALS - continued
Commercial Banks - continued
UCBH Holdings, Inc. Series B, 8.50%	5,300		$ 1,602
Wells Fargo & Co. 7.50%	22,000		13,596
			24,440
Diversified Financial Services - 0.8%
Bank of America Corp. Series L, 7.25%	37,900		21,887
CIT Group, Inc. Series C, 8.75%	592,100		9,012
Citigroup, Inc. Series T, 6.50%	332,000		10,479
			41,378
TOTAL FINANCIALS			65,818
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Mylan, Inc. 6.50%	9,200		7,763
MATERIALS - 0.2%
Metals & Mining - 0.2%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	190,600		13,142
TOTAL CONVERTIBLE PREFERRED STOCKS			98,154
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Fiat SpA	1,130,500		6,482
TOTAL PREFERRED STOCKS (Cost $123,498)		104,636
Investment Companies - 0.3%

Ares Capital Corp. (Cost $32,167)	2,550,900		14,974

Corporate Bonds - 1.6%
	Principal Amount (000s)		Value (000s)
Convertible Bonds - 1.4%
CONSUMER DISCRETIONARY - 0.3%
Auto Components - 0.2%
Johnson Controls, Inc. 6.5% 9/30/12	$ 5,810		$ 10,453
Media - 0.1%
Virgin Media, Inc. 6.5% 11/15/16 (g)	7,720		5,581
TOTAL CONSUMER DISCRETIONARY			16,034
FINANCIALS - 0.2%
Insurance - 0.1%
Old Republic International Corp. 8% 5/15/12	3,990		3,985
Real Estate Investment Trusts - 0.1%
Digital Realty Trust LP 5.5% 4/15/29 (g)	4,000		3,910
Thrifts & Mortgage Finance - 0.0%
MGIC Investment Corp. 9% 4/1/63 (d)(g)	15,533		3,844
TOTAL FINANCIALS			11,739
HEALTH CARE - 0.3%
Biotechnology - 0.1%
BioMarin Pharmaceutical, Inc. 1.875% 4/23/17	8,030		6,394
Pharmaceuticals - 0.2%
Endo Pharmaceuticals Holdings, Inc. 1.75% 4/15/15 (g)	12,270		9,337
TOTAL HEALTH CARE			15,731
INDUSTRIALS - 0.1%
Electrical Equipment - 0.1%
Sunpower Corp. 4.75% 4/15/14	3,760		4,427
Industrial Conglomerates - 0.0%
Textron, Inc. 4.5% 5/1/13	2,350		2,548
TOTAL INDUSTRIALS			6,975
INFORMATION TECHNOLOGY - 0.2%
Semiconductors & Semiconductor Equipment - 0.2%
Advanced Micro Devices, Inc. 6% 5/1/15	14,820		6,039
Amkor Technology, Inc. 6% 4/15/14 (g)	4,010		6,316
			12,355
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Convertible Bonds - continued
MATERIALS - 0.3%
Metals & Mining - 0.3%
Alcoa, Inc. 5.25% 3/15/14	$ 3,860		$ 6,089
ArcelorMittal SA 5% 5/15/14	3,280		3,387
United States Steel Corp. 4% 5/15/14	5,470		5,839
			15,315
TOTAL CONVERTIBLE BONDS			78,149
Nonconvertible Bonds - 0.2%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
OPTI Canada, Inc.:
7.875% 12/15/14	5,385		2,908
8.25% 12/15/14	5,330		2,945
			5,853
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Freescale Semiconductor, Inc. 10.125% 12/15/16	19,510		4,731
TOTAL NONCONVERTIBLE BONDS			10,584
TOTAL CORPORATE BONDS (Cost $91,742)		88,733

Money Market Funds - 1.5%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.53% (b)	34,984,060		34,984
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	50,710,095		50,710
TOTAL MONEY MARKET FUNDS (Cost $85,694)		85,694
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $6,717,403)			5,687,644
NET OTHER ASSETS - (1.0)%			(58,369)
NET ASSETS - 100%		$ 5,629,275

Legend

(a) Non-income producing

(d) Non-income producing - Issuer is in default.

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

(f) Affiliated company

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $42,590,000 or 0.8% of net assets.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 1,538
Fidelity Securities Lending Cash Central Fund	1,109
Total	$ 2,647

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Bell Microproducts, Inc.	$ -	$ 3,861	$ -	$ -	$ 1,616
DUSA Pharmaceuticals, Inc.	-	1,872	50	-	1,851
Great Lakes Dredge & Dock Corp.	-	31,981	2,613	146	15,264
LandAmerica Financial Group, Inc.	-	15,713	2,492	-	-
LTX-Credence Corp.	-	14,429	-	-	3,693
Tween Brands, Inc.	-	24,152	-	-	6,171
Universal Truckload Services, Inc.	-	28,875	1,578	1,172	14,445
Total	$ -	$ 120,883	$ 6,733	$ 1,318	$ 43,040

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 5,687,644	$ 5,282,458	$ 405,186	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $6,810,970,000. Net unrealized depreciation aggregated $1,123,326,000, of which $529,217,000 related to appreciated investment securities and $1,652,543,000 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Growth & Income Portfolio -
Growth & Income
Class K

April 30, 2009

1.800339.105

GAI-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 12.6%
Auto Components - 0.8%
Johnson Controls, Inc.	1,225,000		$ 23,287
The Goodyear Tire & Rubber Co. (a)	1,915,677		21,053
			44,340
Automobiles - 0.6%
Ford Motor Co. (a)	3,200,000		19,136
Toyota Motor Corp. sponsored ADR	215,000		17,019
			36,155
Hotels, Restaurants & Leisure - 1.2%
Buffalo Wild Wings, Inc. (a)	165,000		6,442
Burger King Holdings, Inc.	975,000		15,932
Carnival Corp. unit	200,000		5,376
Darden Restaurants, Inc.	565,000		20,888
Marriott International, Inc. Class A	225,000		5,301
Sonic Corp. (a)	365,000		3,986
Starbucks Corp. (a)	600,000		8,676
			66,601
Household Durables - 3.4%
Centex Corp.	2,560,124		28,008
KB Home	2,800,000		50,596
Mohawk Industries, Inc. (a)	255,000		12,064
Newell Rubbermaid, Inc.	675,000		7,054
Ryland Group, Inc.	2,000,000		41,420
Toll Brothers, Inc. (a)	2,250,092		45,587
Whirlpool Corp.	310,000		14,000
			198,729
Internet & Catalog Retail - 0.1%
Amazon.com, Inc. (a)	85,000		6,844
Media - 2.0%
Comcast Corp. Class A	1,930,000		29,838
Lamar Advertising Co. Class A (a)(d)	475,000		8,028
The DIRECTV Group, Inc. (a)	750,000		18,548
The Walt Disney Co.	930,000		20,367
Time Warner, Inc.	1,083,333		23,649
Viacom, Inc. Class B (non-vtg.) (a)	660,000		12,698
			113,128
Multiline Retail - 0.7%
Kohl's Corp. (a)	430,000		19,501
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Multiline Retail - continued
Macy's, Inc.	760,000		$ 10,397
Target Corp.	250,000		10,315
			40,213
Specialty Retail - 3.6%
Best Buy Co., Inc.	770,000		29,553
Lowe's Companies, Inc.	2,850,000		61,275
PetSmart, Inc.	100,000		2,288
Sherwin-Williams Co.	435,000		24,638
Staples, Inc.	2,560,000		52,787
Tiffany & Co., Inc.	430,000		12,444
TJX Companies, Inc.	800,000		22,376
Williams-Sonoma, Inc.	300,000		4,200
			209,561
Textiles, Apparel & Luxury Goods - 0.2%
Polo Ralph Lauren Corp. Class A	260,000		13,998
TOTAL CONSUMER DISCRETIONARY			729,569
CONSUMER STAPLES - 7.0%
Beverages - 1.1%
Coca-Cola Enterprises, Inc.	335,000		5,715
Molson Coors Brewing Co. Class B	110,000		4,208
PepsiCo, Inc.	125,000		6,220
The Coca-Cola Co.	1,105,000		47,570
			63,713
Food & Staples Retailing - 3.6%
CVS Caremark Corp.	1,977,900		62,858
Wal-Mart Stores, Inc.	2,960,000		149,184
			212,042
Food Products - 0.7%
Corn Products International, Inc.	90,000		2,151
Nestle SA (Reg.)	1,107,000		36,075
			38,226
Household Products - 1.0%
Colgate-Palmolive Co.	635,000		37,465
Procter & Gamble Co.	375,000		18,540
			56,005
Personal Products - 0.0%
Mead Johnson Nutrition Co. Class A	94,000		2,656
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - 0.6%
Philip Morris International, Inc.	990,000		$ 35,838
TOTAL CONSUMER STAPLES			408,480
ENERGY - 10.4%
Energy Equipment & Services - 2.5%
BJ Services Co.	450,000		6,251
Cameron International Corp. (a)	1,430,000		36,579
Halliburton Co.	770,000		15,569
Helmerich & Payne, Inc.	195,000		6,010
Nabors Industries Ltd. (a)	540,000		8,213
Schlumberger Ltd. (NY Shares)	1,040,000		50,950
Smith International, Inc.	360,000		9,306
Weatherford International Ltd. (a)	885,000		14,718
			147,596
Oil, Gas & Consumable Fuels - 7.9%
Apache Corp.	395,000		28,780
Chesapeake Energy Corp.	630,000		12,417
EOG Resources, Inc.	455,000		28,883
Exxon Mobil Corp.	2,850,000		189,999
Hess Corp.	540,000		29,587
Occidental Petroleum Corp.	700,000		39,403
Peabody Energy Corp.	585,000		15,438
Petrohawk Energy Corp. (a)	500,000		11,800
Plains Exploration & Production Co. (a)	526,300		9,931
Range Resources Corp.	705,000		28,179
Southwestern Energy Co. (a)	855,000		30,660
Ultra Petroleum Corp. (a)	645,000		27,606
Williams Companies, Inc.	225,000		3,173
			455,856
TOTAL ENERGY			603,452
FINANCIALS - 15.2%
Capital Markets - 4.5%
Ameriprise Financial, Inc.	490,000		12,912
AP Alternative Assets, L.P. Restricted Depositary Units (a)(e)	4,454,200		7,572
Bank of New York Mellon Corp.	530,000		13,504
Charles Schwab Corp.	1,700,000		31,416
Deutsche Bank AG (NY Shares)	315,000		16,515
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
Goldman Sachs Group, Inc.	659,200		$ 84,707
Janus Capital Group, Inc.	359,475		3,606
Morgan Stanley	291,400		6,889
State Street Corp.	2,475,000		84,472
			261,593
Commercial Banks - 2.1%
KeyCorp	535,000		3,290
PNC Financial Services Group, Inc.	411,800		16,348
U.S. Bancorp, Delaware	695,000		12,663
Wells Fargo & Co.	4,586,800		91,782
			124,083
Consumer Finance - 0.2%
American Express Co.	120,000		3,026
Discover Financial Services	28,321		230
SLM Corp. (a)	1,795,000		8,670
			11,926
Diversified Financial Services - 2.8%
Bank of America Corp.	3,678,000		32,845
Citigroup, Inc. (d)	3,784,400		11,542
JPMorgan Chase & Co.	3,485,000		115,005
			159,392
Insurance - 4.8%
ACE Ltd.	1,525,000		70,638
AFLAC, Inc.	70,000		2,022
Assured Guaranty Ltd.	750,000		7,245
Berkshire Hathaway, Inc. Class A (a)	495		46,530
Everest Re Group Ltd.	390,000		29,110
Hartford Financial Services Group, Inc.	1,080,000		12,388
MBIA, Inc. (a)(d)	625,000		2,956
MetLife, Inc.	1,175,000		34,956
PartnerRe Ltd.	345,000		23,526
RenaissanceRe Holdings Ltd.	613,000		29,829
The Travelers Companies, Inc.	475,000		19,542
			278,742
Real Estate Investment Trusts - 0.4%
Simon Property Group, Inc.	410,000		21,156
Real Estate Management & Development - 0.4%
CB Richard Ellis Group, Inc. Class A (a)	2,700,000		20,250
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.0%
Radian Group, Inc.	800,000		$ 1,384
TOTAL FINANCIALS			878,526
HEALTH CARE - 13.3%
Biotechnology - 3.4%
Amgen, Inc. (a)	995,000		48,228
Amylin Pharmaceuticals, Inc. (a)	900,000		9,846
Biogen Idec, Inc. (a)	147,800		7,145
Celgene Corp. (a)	410,000		17,515
Cephalon, Inc. (a)	403,000		26,441
Dendreon Corp. (a)	265,000		5,618
Gilead Sciences, Inc. (a)	510,000		23,358
MannKind Corp. (a)(d)	1,170,144		4,786
Myriad Genetics, Inc. (a)	410,000		15,904
OSI Pharmaceuticals, Inc. (a)	365,000		12,253
PDL BioPharma, Inc.	1,100,000		7,865
Vertex Pharmaceuticals, Inc. (a)	565,000		17,413
			196,372
Health Care Equipment & Supplies - 2.4%
Baxter International, Inc.	1,185,000		57,473
C.R. Bard, Inc.	335,000		23,996
China Medical Technologies, Inc. sponsored ADR (d)	300,000		5,862
Covidien Ltd.	1,150,000		37,927
St. Jude Medical, Inc. (a)	155,000		5,196
Wright Medical Group, Inc. (a)	420,000		5,775
			136,229
Health Care Providers & Services - 2.1%
Henry Schein, Inc. (a)	1,015,000		41,656
Medco Health Solutions, Inc. (a)	1,080,000		47,034
UnitedHealth Group, Inc.	1,510,000		35,515
			124,205
Life Sciences Tools & Services - 0.3%
Illumina, Inc. (a)(d)	425,000		15,874
Pharmaceuticals - 5.1%
Abbott Laboratories	1,420,000		59,427
Allergan, Inc.	295,000		13,765
Bristol-Myers Squibb Co.	390,000		7,488
Johnson & Johnson	1,000,000		52,360
Merck & Co., Inc.	955,000		23,149
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Pfizer, Inc.	6,073,600		$ 81,143
Schering-Plough Corp.	1,130,000		26,013
Wyeth	780,000		33,072
			296,417
TOTAL HEALTH CARE			769,097
INDUSTRIALS - 8.0%
Aerospace & Defense - 1.5%
Honeywell International, Inc.	180,000		5,618
Lockheed Martin Corp.	325,000		25,522
United Technologies Corp.	1,110,000		54,212
			85,352
Air Freight & Logistics - 0.4%
C.H. Robinson Worldwide, Inc.	260,000		13,822
FedEx Corp.	135,000		7,555
			21,377
Airlines - 0.1%
UAL Corp. (a)	1,700,000		8,364
Building Products - 0.1%
Masco Corp.	600,000		5,316
Electrical Equipment - 1.2%
Alstom SA	10,000		623
Evergreen Solar, Inc. (a)(d)	750,000		1,823
First Solar, Inc. (a)(d)	60,000		11,237
Renewable Energy Corp. AS (a)(d)	325,000		2,935
Rockwell Automation, Inc.	475,000		15,005
Sunpower Corp. Class B (a)	425,000		10,778
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	635,000		9,481
Vestas Wind Systems AS (a)	285,000		18,499
Vestas Wind Systems AS (a)(g)	20,000		1,320
			71,701
Industrial Conglomerates - 1.4%
3M Co.	650,000		37,440
General Electric Co.	1,785,000		22,580
McDermott International, Inc. (a)	1,015,000		16,382
Textron, Inc.	653,100		7,008
			83,410
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - 1.3%
Caterpillar, Inc.	250,000		$ 8,895
Danaher Corp.	470,000		27,467
Eaton Corp.	115,000		5,037
Ingersoll-Rand Co. Ltd. Class A	720,000		15,674
Navistar International Corp. (a)	525,000		19,845
			76,918
Professional Services - 0.8%
Robert Half International, Inc.	1,850,000		44,437
Road & Rail - 1.1%
Landstar System, Inc.	725,000		25,817
Union Pacific Corp.	755,000		37,101
			62,918
Trading Companies & Distributors - 0.1%
Fastenal Co.	140,000		5,370
TOTAL INDUSTRIALS			465,163
INFORMATION TECHNOLOGY - 22.8%
Communications Equipment - 4.3%
Cisco Systems, Inc. (a)	4,625,000		89,355
Corning, Inc.	4,150,000		60,673
Juniper Networks, Inc. (a)	1,103,000		23,880
Motorola, Inc.	50,000		277
QUALCOMM, Inc.	1,535,000		64,961
Research In Motion Ltd. (a)	110,000		7,645
			246,791
Computers & Peripherals - 4.5%
Apple, Inc. (a)	800,000		100,664
Dell, Inc. (a)	1,880,000		21,846
Hewlett-Packard Co.	2,380,000		85,632
International Business Machines Corp.	465,000		47,993
SanDisk Corp. (a)	300,000		4,716
			260,851
Internet Software & Services - 2.4%
eBay, Inc. (a)	605,000		9,964
Google, Inc. Class A (sub. vtg.) (a)	285,000		112,851
Move, Inc. (a)	1,057,069		2,167
Yahoo!, Inc. (a)	850,000		12,147
			137,129
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - 1.1%
Cognizant Technology Solutions Corp. Class A (a)	600,000		$ 14,874
Paychex, Inc.	620,000		16,746
The Western Union Co.	125,000		2,094
Visa, Inc.	474,400		30,817
			64,531
Semiconductors & Semiconductor Equipment - 5.7%
Applied Materials, Inc.	7,820,300		95,486
ARM Holdings PLC	8,200,000		14,397
ASML Holding NV (NY Shares)	3,300,000		69,795
Broadcom Corp. Class A (a)	350,000		8,117
Intel Corp.	3,350,000		52,863
KLA-Tencor Corp.	260,000		7,212
MEMC Electronic Materials, Inc. (a)	1,150,000		18,630
Micron Technology, Inc. (a)	1,840,000		8,979
NVIDIA Corp. (a)	560,000		6,429
Samsung Electronics Co. Ltd.	7,000		3,243
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	2,150,000		22,726
Texas Instruments, Inc.	1,175,000		21,221
			329,098
Software - 4.8%
Adobe Systems, Inc. (a)	575,000		15,726
Autonomy Corp. PLC (a)	290,000		6,082
BMC Software, Inc. (a)	210,000		7,281
Microsoft Corp.	7,105,000		143,947
Oracle Corp.	4,415,000		85,386
Quest Software, Inc. (a)	1,100,000		15,983
Ubisoft Entertainment SA (a)	275,000		5,371
			279,776
TOTAL INFORMATION TECHNOLOGY			1,318,176
MATERIALS - 3.7%
Chemicals - 2.5%
Airgas, Inc.	435,000		18,757
Albemarle Corp.	700,000		18,774
Ashland, Inc.	435,000		9,553
Dow Chemical Co.	350,000		5,600
E.I. du Pont de Nemours & Co.	900,000		25,110
Ecolab, Inc.	430,000		16,577
FMC Corp.	85,000		4,142
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Monsanto Co.	395,000		$ 33,532
Rockwood Holdings, Inc. (a)	370,000		4,551
The Mosaic Co.	145,000		5,865
			142,461
Containers & Packaging - 0.1%
Crown Holdings, Inc. (a)	385,000		8,489
Metals & Mining - 1.1%
ArcelorMittal SA (NY Shares) Class A	252,500		5,954
Barrick Gold Corp.	810,000		23,453
Freeport-McMoRan Copper & Gold, Inc. Class B	430,000		18,340
Nucor Corp.	395,000		16,073
			63,820
TOTAL MATERIALS			214,770
TELECOMMUNICATION SERVICES - 2.1%
Diversified Telecommunication Services - 1.3%
AT&T, Inc.	450,000		11,529
Verizon Communications, Inc.	2,230,000		67,658
			79,187
Wireless Telecommunication Services - 0.8%
American Tower Corp. Class A (a)	835,000		26,520
Sprint Nextel Corp. (a)	4,160,000		18,138
			44,658
TOTAL TELECOMMUNICATION SERVICES			123,845
UTILITIES - 0.9%
Electric Utilities - 0.9%
Exelon Corp.	960,000		44,285
FirstEnergy Corp.	100,000		4,090
Northeast Utilities	250,000		5,255
			53,630
TOTAL COMMON STOCKS (Cost $5,848,045)		5,564,708

U.S. Treasury Obligations - 0.3%
	Principal Amount (000s)	Value (000s)
U.S. Treasury Bills, yield at date of purchase 0.15% to 0.29% 5/14/09 to 5/21/09 (f) (Cost $15,098)	$ 15,100	$ 15,100

Money Market Funds - 5.4%
	Shares
Fidelity Cash Central Fund, 0.53% (b)	269,217,915		269,218
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	44,519,831		44,520
TOTAL MONEY MARKET FUNDS (Cost $313,738)		313,738
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $6,176,881)			5,893,546
NET OTHER ASSETS - (1.7)%			(99,659)
NET ASSETS - 100%		$ 5,793,887

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
944 CME E-mini S&P 500 Index Contracts	June 2009	$ 41,064	$ 5,447

The face value of futures purchased as a percentage of net assets - 0.7%

Legend

(a) Non-income producing

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

(f) 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 $8,400,000.

(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 $1,320,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Vestas Wind Systems AS	4/29/09	$ 1,149

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 681
Fidelity Securities Lending Cash Central Fund	5,057
Total	$ 5,738

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
AMBAC Financial Group, Inc.	$ 52,920	$ 8,577	$ 48,933	$ 360	$ -
Assured Guaranty Ltd.	68,760	5,545	46,326	608	-
Evergreen Solar, Inc.	84,060	3,942	17,569	-	-
Ryland Group, Inc.	51,475	-	7,235	435	-
Total	$ 257,215	$ 18,064	$ 120,063	$ 1,403	$ -

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 5,893,546	$ 5,794,464	$ 99,082	$ -
Other Financial Instruments*	$ 5,447	$ 5,447	$ -	$ -

*Other financial instruments include Futures Contracts.

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $6,331,982,000. Net unrealized depreciation aggregated $438,436,000, of which $463,618,000 related to appreciated investment securities and $902,054,000 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® International Real Estate Fund

April 30, 2009

1.815812.104

IRE-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.0%
	Shares		Value
Australia - 12.2%
CFS Retail Property Trust	3,613,123		$ 4,321,582
DEXUS Property Group unit (d)	6,031,610		3,201,476
Goodman Group unit	317,506		85,418
Stockland Corp. Ltd. unit	2,074,106		4,735,379
Westfield Group unit	2,306,771		17,996,927
TOTAL AUSTRALIA			30,340,782
Cayman Islands - 1.6%
New World China Land Ltd.	5,383,000		2,095,076
Shimao Property Holdings Ltd.	1,650,000		1,832,456
TOTAL CAYMAN ISLANDS			3,927,532
China - 2.3%
China Resources Land Ltd.	3,182,000		5,690,896
Finland - 0.7%
Citycon Oyj	808,403		1,818,279
France - 6.3%
Unibail-Rodamco	105,117		15,671,483
Hong Kong - 26.2%
China Overseas Land & Investment Ltd.	5,527,680		9,627,645
Hang Lung Properties Ltd.	3,621,000		10,170,296
Henderson Land Development Co. Ltd.	1,149,000		5,352,061
Hong Kong Land Holdings Ltd.	2,186,000		5,465,000
Link (REIT)	2,295,915		4,463,161
New World Development Co. Ltd.	3,273,000		4,280,878
Sino Land Co.	2,888,174		3,678,633
Sun Hung Kai Properties Ltd.	2,176,000		22,494,954
TOTAL HONG KONG			65,532,628
Italy - 0.5%
Immobiliare Grande Distribuzione SpA	920,400		1,228,993
Japan - 23.2%
Japan Real Estate Investment Corp.	589		4,168,430
Japan Retail Fund Investment Corp.	764		2,672,447
Kenedix Realty Investment Corp.	613		1,460,498
Mitsubishi Estate Co. Ltd.	1,193,000		15,597,836
Mitsui Fudosan Co. Ltd.	1,114,000		14,020,416
Nippon Accommodations Fund, Inc.	198		875,032
Nippon Building Fund, Inc.	727		5,908,171
Nomura Real Estate Office Fund, Inc.	623		3,228,876
NTT Urban Development Co.	2,450		1,986,665
Common Stocks - continued
	Shares		Value
Japan - continued
ORIX JREIT, Inc.	445		$ 1,669,713
Sumitomo Realty & Development Co. Ltd.	523,000		6,275,136
TOTAL JAPAN			57,863,220
Netherlands - 2.8%
Corio NV	84,300		3,740,541
Eurocommercial Properties NV (Certificaten Van Aandelen) unit	78,432		2,310,895
VastNed Retail NV	22,500		993,487
TOTAL NETHERLANDS			7,044,923
Norway - 0.4%
Norwegian Property ASA (c)	866,000		1,033,948
Singapore - 5.9%
Ascendas Real Estate Investment Trust (A-REIT)	3,739,193		3,384,342
CapitaCommercial Trust (REIT)	2,152,000		1,242,796
CapitaLand Ltd.	3,612,900		6,735,295
CapitaMall Trust	3,963,000		3,345,998
TOTAL SINGAPORE			14,708,431
Sweden - 0.6%
Castellum AB	240,000		1,513,247
United Kingdom - 10.3%
Big Yellow Group PLC (c)	496,900		2,010,107
British Land Co. PLC (c)	1,472,666		9,288,962
Great Portland Estates PLC (c)	288,000		1,298,510
Hammerson PLC (c)	853,500		3,953,139
Land Securities Group PLC	924,600		7,621,969
Liberty International PLC (c)	91,000		533,183
Unite Group PLC	691,900		992,924
TOTAL UNITED KINGDOM			25,698,794
TOTAL COMMON STOCKS (Cost $369,404,502)		232,073,156
Money Market Funds - 7.9%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (a)	14,027,529		$ 14,027,529
Fidelity Securities Lending Cash Central Fund, 0.28% (a)(b)	5,823,170		5,823,170
TOTAL MONEY MARKET FUNDS (Cost $19,850,699)		19,850,699
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $389,255,201)			251,923,855
NET OTHER ASSETS - (0.9)%			(2,332,752)
NET ASSETS - 100%		$ 249,591,103

Legend

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 119,475
Fidelity Securities Lending Cash Central Fund	337,130
Total	$ 456,605

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 251,923,855	$ 70,364,912	$ 181,558,943	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $397,105,108. Net unrealized depreciation aggregated $145,181,253, of which $7,576,022 related to appreciated investment securities and $152,757,275 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Advisor International
Real Estate Fund
Class A
Class T
Class B
Class C
Institutional Class

April 30, 2009

Class A, Class T, Class B, Class C
and Institutional Class are classes of
Fidelity International Real Estate Fund

1.847932.102

AIRE-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.0%
	Shares		Value
Australia - 12.2%
CFS Retail Property Trust	3,613,123		$ 4,321,582
DEXUS Property Group unit (d)	6,031,610		3,201,476
Goodman Group unit	317,506		85,418
Stockland Corp. Ltd. unit	2,074,106		4,735,379
Westfield Group unit	2,306,771		17,996,927
TOTAL AUSTRALIA			30,340,782
Cayman Islands - 1.6%
New World China Land Ltd.	5,383,000		2,095,076
Shimao Property Holdings Ltd.	1,650,000		1,832,456
TOTAL CAYMAN ISLANDS			3,927,532
China - 2.3%
China Resources Land Ltd.	3,182,000		5,690,896
Finland - 0.7%
Citycon Oyj	808,403		1,818,279
France - 6.3%
Unibail-Rodamco	105,117		15,671,483
Hong Kong - 26.2%
China Overseas Land & Investment Ltd.	5,527,680		9,627,645
Hang Lung Properties Ltd.	3,621,000		10,170,296
Henderson Land Development Co. Ltd.	1,149,000		5,352,061
Hong Kong Land Holdings Ltd.	2,186,000		5,465,000
Link (REIT)	2,295,915		4,463,161
New World Development Co. Ltd.	3,273,000		4,280,878
Sino Land Co.	2,888,174		3,678,633
Sun Hung Kai Properties Ltd.	2,176,000		22,494,954
TOTAL HONG KONG			65,532,628
Italy - 0.5%
Immobiliare Grande Distribuzione SpA	920,400		1,228,993
Japan - 23.2%
Japan Real Estate Investment Corp.	589		4,168,430
Japan Retail Fund Investment Corp.	764		2,672,447
Kenedix Realty Investment Corp.	613		1,460,498
Mitsubishi Estate Co. Ltd.	1,193,000		15,597,836
Mitsui Fudosan Co. Ltd.	1,114,000		14,020,416
Nippon Accommodations Fund, Inc.	198		875,032
Nippon Building Fund, Inc.	727		5,908,171
Nomura Real Estate Office Fund, Inc.	623		3,228,876
NTT Urban Development Co.	2,450		1,986,665
Common Stocks - continued
	Shares		Value
Japan - continued
ORIX JREIT, Inc.	445		$ 1,669,713
Sumitomo Realty & Development Co. Ltd.	523,000		6,275,136
TOTAL JAPAN			57,863,220
Netherlands - 2.8%
Corio NV	84,300		3,740,541
Eurocommercial Properties NV (Certificaten Van Aandelen) unit	78,432		2,310,895
VastNed Retail NV	22,500		993,487
TOTAL NETHERLANDS			7,044,923
Norway - 0.4%
Norwegian Property ASA (c)	866,000		1,033,948
Singapore - 5.9%
Ascendas Real Estate Investment Trust (A-REIT)	3,739,193		3,384,342
CapitaCommercial Trust (REIT)	2,152,000		1,242,796
CapitaLand Ltd.	3,612,900		6,735,295
CapitaMall Trust	3,963,000		3,345,998
TOTAL SINGAPORE			14,708,431
Sweden - 0.6%
Castellum AB	240,000		1,513,247
United Kingdom - 10.3%
Big Yellow Group PLC (c)	496,900		2,010,107
British Land Co. PLC (c)	1,472,666		9,288,962
Great Portland Estates PLC (c)	288,000		1,298,510
Hammerson PLC (c)	853,500		3,953,139
Land Securities Group PLC	924,600		7,621,969
Liberty International PLC (c)	91,000		533,183
Unite Group PLC	691,900		992,924
TOTAL UNITED KINGDOM			25,698,794
TOTAL COMMON STOCKS (Cost $369,404,502)		232,073,156
Money Market Funds - 7.9%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (a)	14,027,529		$ 14,027,529
Fidelity Securities Lending Cash Central Fund, 0.28% (a)(b)	5,823,170		5,823,170
TOTAL MONEY MARKET FUNDS (Cost $19,850,699)		19,850,699
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $389,255,201)			251,923,855
NET OTHER ASSETS - (0.9)%			(2,332,752)
NET ASSETS - 100%		$ 249,591,103

Legend

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 119,475
Fidelity Securities Lending Cash Central Fund	337,130
Total	$ 456,605

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 251,923,855	$ 70,364,912	$ 181,558,943	$ -

Income Tax Information

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Leveraged Company
Stock Fund
Leveraged Company Stock
Class K

April 30, 2009

1.800341.105

LSF-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 87.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.2%
Auto Components - 0.8%
Johnson Controls, Inc.	548,300		$ 10,423
The Goodyear Tire & Rubber Co. (a)	564,063		6,199
TRW Automotive Holdings Corp. (a)	430,300		3,709
WABCO Holdings, Inc.	211,533		3,382
			23,713
Automobiles - 0.2%
Daimler AG	209,400		7,476
Diversified Consumer Services - 2.9%
Brinks Home Security Holdings, Inc. (a)	244,500		6,499
Carriage Services, Inc. Class A (a)	266,200		700
Service Corp. International (f)	17,505,900		79,302
Stewart Enterprises, Inc. Class A	1,515,242		5,288
			91,789
Hotels, Restaurants & Leisure - 1.9%
Bally Technologies, Inc. (a)	281,760		7,376
Domino's Pizza, Inc. (a)	549,700		5,189
Las Vegas Sands Corp. (a)(e)	2,752,100		21,521
Penn National Gaming, Inc. (a)	537,836		18,297
The Steak n Shake Co. (a)	659,400		7,623
			60,006
Household Durables - 1.4%
Black & Decker Corp.	204,800		8,253
Lennar Corp. Class A (e)	983,400		9,578
Newell Rubbermaid, Inc.	2,602,800		27,199
			45,030
Leisure Equipment & Products - 0.2%
Callaway Golf Co.	870,287		6,571
Media - 2.1%
Cablevision Systems Corp. - NY Group Class A	541,324		9,289
Cinemark Holdings, Inc.	1,554,497		13,835
Comcast Corp. Class A	2,590,900		40,055
Gray Television, Inc.	1,995,535		1,357
Nexstar Broadcasting Group, Inc. Class A (a)	1,130,500		882
			65,418
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - 0.7%
Coach, Inc.	456,220		$ 11,177
Hanesbrands, Inc. (a)	562,400		9,257
			20,434
TOTAL CONSUMER DISCRETIONARY			320,437
CONSUMER STAPLES - 1.6%
Food & Staples Retailing - 0.4%
Kroger Co.	339,300		7,336
Safeway, Inc.	310,100		6,124
			13,460
Food Products - 1.1%
Corn Products International, Inc.	281,534		6,729
Darling International, Inc. (a)	2,498,930		14,294
Dean Foods Co. (a)	569,900		11,797
Smithfield Foods, Inc. (a)	274,706		2,373
			35,193
Personal Products - 0.1%
Revlon, Inc. (a)	639,576		3,032
TOTAL CONSUMER STAPLES			51,685
ENERGY - 16.5%
Energy Equipment & Services - 2.8%
Exterran Holdings, Inc. (a)(e)	1,468,740		30,329
Hercules Offshore, Inc. (a)	1,493,431		4,779
Noble Corp.	524,700		14,340
Oil States International, Inc. (a)	270,700		5,116
Parker Drilling Co. (a)	1,200,000		3,312
Precision Drilling Trust	1,283,528		6,099
Pride International, Inc. (a)	346,100		7,856
Rowan Companies, Inc.	321,100		5,012
Schoeller-Bleckmann Oilfield Equipment AG	387,300		12,026
			88,869
Oil, Gas & Consumable Fuels - 13.7%
Alpha Natural Resources, Inc. (a)	1,810,001		37,069
Arch Coal, Inc.	688,255		9,615
CONSOL Energy, Inc.	327,200		10,235
El Paso Corp.	13,547,976		93,481
Forest Oil Corp. (a)	2,663,886		42,622
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Frontier Oil Corp.	1,972,600		$ 25,072
General Maritime Corp. (e)	2,478,328		24,610
Mariner Energy, Inc. (a)	2,721,653		30,972
Nexen, Inc.	188,000		3,580
Occidental Petroleum Corp.	211,600		11,911
Overseas Shipholding Group, Inc.	1,214,992		34,882
Paladin Energy Ltd. (a)	2,042,400		6,846
Peabody Energy Corp.	2,893,208		76,352
Plains Exploration & Production Co. (a)	360,660		6,806
Teekay Corp.	480,061		6,932
Western Refining, Inc. (e)	682,458		8,592
			429,577
TOTAL ENERGY			518,446
FINANCIALS - 7.1%
Commercial Banks - 4.9%
Huntington Bancshares, Inc. (e)	2,206,200		6,155
KeyCorp	8,588,368		52,818
PNC Financial Services Group, Inc.	1,487,539		59,055
Wells Fargo & Co.	1,847,388		36,966
			154,994
Diversified Financial Services - 1.7%
Bank of America Corp.	5,533,800		49,417
CIT Group, Inc.	334,900		743
JPMorgan Chase & Co.	109,900		3,627
			53,787
Insurance - 0.5%
Assured Guaranty Ltd.	1,460,794		14,111
Thrifts & Mortgage Finance - 0.0%
Washington Mutual, Inc.	5,352,200		589
TOTAL FINANCIALS			223,481
HEALTH CARE - 5.8%
Biotechnology - 0.0%
Lexicon Pharmaceuticals, Inc. (a)	392,187		431
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 1.6%
Baxter International, Inc.	154,300		$ 7,484
Beckman Coulter, Inc.	304,200		15,989
Hospira, Inc. (a)	361,900		11,896
Inverness Medical Innovations, Inc. (a)	518,708		16,749
			52,118
Health Care Providers & Services - 3.3%
Community Health Systems, Inc. (a)	617,776		14,110
DaVita, Inc. (a)	394,947		18,314
Rural/Metro Corp. (a)	834,200		1,126
Sun Healthcare Group, Inc. (a)	1,205,054		10,207
Tenet Healthcare Corp. (a)(f)	26,164,783		58,871
			102,628
Health Care Technology - 0.7%
Cerner Corp. (a)	387,205		20,832
Pharmaceuticals - 0.2%
Allergan, Inc.	109,700		5,119
TOTAL HEALTH CARE			181,128
INDUSTRIALS - 15.3%
Aerospace & Defense - 0.5%
American Science & Engineering, Inc.	85,370		5,144
Teledyne Technologies, Inc. (a)	340,694		10,878
			16,022
Air Freight & Logistics - 0.0%
Park-Ohio Holdings Corp. (a)	78,022		363
Airlines - 1.6%
AirTran Holdings, Inc. (a)	861,500		5,987
AMR Corp. (a)	670,630		3,192
Delta Air Lines, Inc. (a)	6,595,574		40,695
UAL Corp. (a)	280,400		1,380
			51,254
Building Products - 3.6%
Masco Corp.	2,688,779		23,823
Owens Corning (a)	4,928,290		88,216
Owens Corning warrants 10/31/13 (a)	406,600		712
			112,751
Commercial Services & Supplies - 3.6%
Cenveo, Inc. (a)(e)(f)	3,858,300		18,211
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - continued
Deluxe Corp.	1,481,104		$ 21,476
R.R. Donnelley & Sons Co.	450,900		5,253
Republic Services, Inc.	2,170,375		45,578
The Brink's Co.	244,500		6,932
Waste Management, Inc.	599,400		15,986
			113,436
Construction & Engineering - 0.1%
Great Lakes Dredge & Dock Corp.	429,400		1,700
Electrical Equipment - 1.8%
Baldor Electric Co. (e)	404,900		9,394
Belden, Inc.	1,270,366		20,478
EnerSys (a)	686,938		11,712
General Cable Corp. (a)(e)	274,100		7,439
JA Solar Holdings Co. Ltd. ADR (a)	839,500		2,947
Sunpower Corp. Class B (a)	178,606		4,529
			56,499
Industrial Conglomerates - 0.4%
General Electric Co.	1,103,883		13,964
Machinery - 2.5%
Accuride Corp. (a)	1,384,197		512
Badger Meter, Inc.	228,561		8,905
Cummins, Inc.	824,000		28,016
Dynamic Materials Corp.	170,252		2,731
Ingersoll-Rand Co. Ltd. Class A	352,400		7,672
John Bean Technologies Corp.	26,049		287
Middleby Corp. (a)	665,379		29,124
Thermadyne Holdings Corp. (a)	64,900		208
Timken Co.	92,800		1,492
			78,947
Marine - 0.9%
Diana Shipping, Inc.	277,900		4,363
Genco Shipping & Trading Ltd. (e)	802,823		15,334
Navios Maritime Holdings, Inc.	2,162,794		8,932
OceanFreight, Inc.	740,600		941
			29,570
Trading Companies & Distributors - 0.2%
H&E Equipment Services, Inc. (a)	12,900		97
Houston Wire & Cable Co.	559,595		5,394
			5,491
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Transportation Infrastructure - 0.1%
Aegean Marine Petroleum Network, Inc.	215,300		$ 3,262
TOTAL INDUSTRIALS			483,259
INFORMATION TECHNOLOGY - 10.8%
Electronic Equipment & Components - 3.0%
Avnet, Inc. (a)	298,600		6,536
Bell Microproducts, Inc. (a)	623,761		493
Cogent, Inc. (a)	1,966,117		22,296
DDi Corp. (a)	295,899		1,006
Flextronics International Ltd. (a)	13,177,863		51,130
Merix Corp. (a)(f)	1,545,123		958
TTM Technologies, Inc. (a)	1,402,619		10,407
Viasystems Group, Inc. (a)	775,300		1,551
Viasystems Group, Inc. (a)(i)	625,780		1,252
			95,629
Internet Software & Services - 0.3%
NetEase.com, Inc. sponsored ADR (a)	191,500		5,779
VeriSign, Inc. (a)	194,300		3,999
			9,778
IT Services - 2.0%
Alliance Data Systems Corp. (a)	989,500		41,430
CACI International, Inc. Class A (a)	348,000		13,763
Cognizant Technology Solutions Corp. Class A (a)	56,200		1,393
SAIC, Inc. (a)	407,500		7,376
			63,962
Semiconductors & Semiconductor Equipment - 5.5%
Amkor Technology, Inc. (a)	5,242,218		22,594
Cypress Semiconductor Corp. (a)	651,200		5,164
Intel Corp.	693,100		10,937
Micron Technology, Inc. (a)	1,645,200		8,029
ON Semiconductor Corp. (a)(f)	23,079,802		125,093
			171,817
TOTAL INFORMATION TECHNOLOGY			341,186
MATERIALS - 13.1%
Chemicals - 6.4%
Albemarle Corp.	1,163,406		31,203
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Arch Chemicals, Inc.	344,342		$ 8,326
Celanese Corp. Class A	4,687,200		97,681
FMC Corp.	60,100		2,929
Georgia Gulf Corp.	544,015		598
H.B. Fuller Co.	1,582,241		27,942
Nalco Holding Co.	894,300		14,595
Phosphate Holdings, Inc. (a)(i)	307,500		2,153
Pliant Corp. (a)	567		0*
Solutia, Inc. (a)	423,700		1,593
W.R. Grace & Co. (a)	1,589,619		14,036
			201,056
Containers & Packaging - 0.8%
Owens-Illinois, Inc. (a)	421,000		10,268
Rock-Tenn Co. Class A	355,202		13,412
Temple-Inland, Inc.	107,200		1,280
			24,960
Metals & Mining - 5.7%
Freeport-McMoRan Copper & Gold, Inc. Class B	4,197,529		179,027
Ormet Corp. (a)	330,000		66
Ormet Corp. (a)(i)	1,075,000		194
			179,287
Paper & Forest Products - 0.2%
Domtar Corp. (a)	2,059,700		3,749
Neenah Paper, Inc.	518,300		2,597
			6,346
TOTAL MATERIALS			411,649
TELECOMMUNICATION SERVICES - 3.8%
Diversified Telecommunication Services - 0.9%
Level 3 Communications, Inc. (a)	2,000,000		2,240
PAETEC Holding Corp. (a)	2,980,233		9,149
Qwest Communications International, Inc.	4,637,500		18,040
			29,429
Wireless Telecommunication Services - 2.9%
Centennial Communications Corp. Class A (a)	827,032		6,840
Crown Castle International Corp. (a)	1,478,020		36,241
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
Sprint Nextel Corp. (a)	4,577,087		$ 19,956
Syniverse Holdings, Inc. (a)	2,244,438		28,280
			91,317
TOTAL TELECOMMUNICATION SERVICES			120,746
UTILITIES - 3.5%
Gas Utilities - 0.3%
ONEOK, Inc.	317,600		8,312
Independent Power Producers & Energy Traders - 3.2%
AES Corp. (a)	10,694,326		75,609
Calpine Corp. (a)	1,771,500		14,367
Dynegy, Inc. Class A (a)	1,987,000		3,537
Mirant Corp. (a)	714,500		9,096
			102,609
TOTAL UTILITIES			110,921
TOTAL COMMON STOCKS (Cost $4,229,639)		2,762,938
Preferred Stocks - 0.3%

Convertible Preferred Stocks - 0.3%
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
El Paso Corp. 4.99%	11,200		6,988
FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
CIT Group, Inc. Series C, 8.75%	62,300		948
TOTAL CONVERTIBLE PREFERRED STOCKS			7,936
Preferred Stocks - continued
	Shares		Value (000s)
Nonconvertible Preferred Stocks - 0.0%
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Preferred Blocker, Inc. 7.00% (g)	944		$ 283
TOTAL PREFERRED STOCKS (Cost $11,862)		8,219

Nonconvertible Bonds - 4.7%
	Principal Amount (000s)
CONSUMER DISCRETIONARY - 0.5%
Hotels, Restaurants & Leisure - 0.5%
MGM Mirage, Inc. 13% 11/15/13 (g)	$ 10,250		9,481
Station Casinos, Inc.:
6% 4/1/12 (d)	8,360		2,926
7.75% 8/15/16 (d)	9,380		3,236
			15,643
Specialty Retail - 0.0%
Sonic Automotive, Inc. 8.625% 8/15/13	2,545		1,107
TOTAL CONSUMER DISCRETIONARY			16,750
CONSUMER STAPLES - 0.4%
Food Products - 0.4%
Smithfield Foods, Inc.:
7% 8/1/11	13,215		10,605
7.75% 7/1/17	805		519
			11,124
ENERGY - 1.3%
Oil, Gas & Consumable Fuels - 1.3%
Chesapeake Energy Corp. 6.625% 1/15/16	2,805		2,496
El Paso Energy Corp.:
7.75% 1/15/32	8,985		6,707
7.8% 8/1/31	1,960		1,490
Forest Oil Corp.:
7.25% 6/15/19	11,165		9,267
7.25% 6/15/19 (g)	1,605		1,308
Plains Exploration & Production Co. 7.75% 6/15/15	8,400		7,686
Range Resources Corp.:
7.25% 5/1/18	560		525
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Range Resources Corp.: - continued
7.5% 10/1/17	$ 6,715		$ 6,514
SandRidge Energy, Inc. 8% 6/1/18 (g)	2,990		2,556
Southwestern Energy Co. 7.5% 2/1/18 (g)	2,420		2,366
			40,915
FINANCIALS - 0.5%
Consumer Finance - 0.5%
GMAC LLC:
7.5% 12/31/13 (g)	15,583		10,596
8% 12/31/18 (g)	13,924		5,848
			16,444
INDUSTRIALS - 0.1%
Airlines - 0.0%
Delta Air Lines, Inc. 8% 12/15/07 (a)(g)	4,145		41
Northwest Airlines, Inc. 9.875% 3/15/07 (a)	7,000		53
			94
Building Products - 0.0%
Owens Corning 7% 12/1/36	1,055		649
Commercial Services & Supplies - 0.1%
Cenveo Corp. 7.875% 12/1/13	2,680		1,662
TOTAL INDUSTRIALS			2,405
INFORMATION TECHNOLOGY - 0.2%
Semiconductors & Semiconductor Equipment - 0.2%
Freescale Semiconductor, Inc.:
8.875% 12/15/14	3,885		1,301
10.125% 12/15/16	2,730		662
NXP BV:
7.875% 10/15/14	8,039		2,653
10% 7/15/13 (g)	1,655		1,159
			5,775
MATERIALS - 0.1%
Chemicals - 0.1%
Chemtura Corp. 6.875% 6/1/16 (d)	5,550		2,664
Georgia Gulf Corp. 9.5% 10/15/14	3,519		765
			3,429
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
TELECOMMUNICATION SERVICES - 1.4%
Diversified Telecommunication Services - 0.6%
Sprint Capital Corp.:
6.875% 11/15/28	$ 14,800		$ 9,990
6.9% 5/1/19	10,410		8,640
			18,630
Wireless Telecommunication Services - 0.8%
Digicel Group Ltd. 8.875% 1/15/15 (g)	1,890		1,370
Nextel Communications, Inc. 7.375% 8/1/15	16,405		11,709
Sprint Nextel Corp. 6% 12/1/16	15,340		12,732
			25,811
TOTAL TELECOMMUNICATION SERVICES			44,441
UTILITIES - 0.2%
Independent Power Producers & Energy Traders - 0.2%
AES Corp. 7.75% 10/15/15	8,405		7,691
TOTAL NONCONVERTIBLE BONDS (Cost $134,007)		148,974
Floating Rate Loans - 3.1%

CONSUMER DISCRETIONARY - 0.6%
Hotels, Restaurants & Leisure - 0.0%
Venetian Macau Ltd. Tranche B, term loan:
2.68% 5/26/12 (h)	820		558
2.68% 5/26/13 (h)	1,420		966
			1,524
Media - 0.6%
Univision Communications, Inc. Tranche 1LN, term loan 2.6775% 9/29/14 (h)	13,885		8,609
VNU, Inc. term loan 2.4694% 8/9/13 (h)	11,063		9,542
			18,151
TOTAL CONSUMER DISCRETIONARY			19,675
CONSUMER STAPLES - 0.4%
Household Products - 0.1%
Huish Detergents, Inc. Tranche B 1LN, term loan 2.18% 4/26/14 (h)	1,667		1,500
Floating Rate Loans - continued
	Principal Amount (000s)		Value (000s)
CONSUMER STAPLES - continued
Personal Products - 0.3%
Revlon Consumer Products Corp. term loan 4.9834% 1/15/12 (h)	$ 10,845		$ 9,435
TOTAL CONSUMER STAPLES			10,935
INDUSTRIALS - 0.6%
Airlines - 0.3%
Delta Air Lines, Inc. Tranche 2LN, term loan 3.7394% 4/30/14 (h)	17,362		9,202
Industrial Conglomerates - 0.1%
Sequa Corp. term loan 3.7391% 12/3/14 (h)	5,610		3,647
Machinery - 0.1%
Oshkosh Co. Tranche B, term loan 7.2431% 12/6/13 (h)	2,305		1,890
Trading Companies & Distributors - 0.1%
VWR Funding, Inc. term loan 2.9275% 6/29/14 (h)	4,690		3,775
TOTAL INDUSTRIALS			18,514
INFORMATION TECHNOLOGY - 1.0%
Electronic Equipment & Components - 0.1%
Texas Competitive Electric Holdings Co. LLC Tranche B2, term loan 3.969% 10/10/14 (h)	5,780		3,959
Semiconductors & Semiconductor Equipment - 0.9%
Freescale Semiconductor, Inc. term loan:
2.2588% 12/1/13 (h)	22,784		13,557
12.5% 12/15/14	20,000		14,000
			27,557
TOTAL INFORMATION TECHNOLOGY			31,516
MATERIALS - 0.2%
Chemicals - 0.2%
Georgia Gulf Corp. term loan 8.911% 10/3/13 (h)	5,934		3,738
Solutia, Inc. term loan 8.5% 2/28/14 (h)	4,378		3,458
			7,196
Floating Rate Loans - continued
	Principal Amount (000s)		Value (000s)
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
Level 3 Financing, Inc. term loan 3.1948% 3/13/14 (h)	$ 10,000		$ 7,925
TOTAL FLOATING RATE LOANS (Cost $92,044)		95,761

Money Market Funds - 4.9%
	Shares
Fidelity Cash Central Fund, 0.53% (b)	110,101,486		110,101
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	45,323,400		45,323
TOTAL MONEY MARKET FUNDS (Cost $155,424)		155,424
Other - 0.0%

Other - 0.0%
Delta Air Lines ALPA Claim (a) (Cost $684)	64,750,000		324
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $4,623,660)			3,171,640
NET OTHER ASSETS - (0.7)%			(21,551)
NET ASSETS - 100%		$ 3,150,089

Legend

(a) Non-income producing

(d) Non-income producing - Issuer is in default.

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

(f) Affiliated company

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

(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,599,000 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Ormet Corp.	2/27/07 - 4/4/07	$ 20,556
Phosphate Holdings, Inc.	1/25/08	$ 9,994
Viasystems Group, Inc.	2/13/04	$ 12,594

* Amount represents less than $1,000.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 1,346
Fidelity Securities Lending Cash Central Fund	1,699
Total	$ 3,045

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
American Science & Engineering, Inc.	$ 28,830	$ -	$ 30,390	$ 161	$ -
Cenveo, Inc.	35,651	-	-	-	18,211
Exterran Holdings, Inc.	239,059	-	49,498	-	-
Forest Oil Corp.	274,548	-	29,262	-	-
General Maritime Corp.	76,757	-	13,224	3,988	-
Grey Wolf, Inc.	90,434	-	67,370	-	-
H.B. Fuller Co.	74,575	-	22,365	350	-
Merix Corp.	3,059	-	-	-	958
OceanFreight, Inc.	14,375	-	-	570	-
ON Semiconductor Corp.	216,719	-	-	-	125,093
Overseas Shipholding Group, Inc.	158,169	-	23,608	2,462	-
Service Corp. International	167,531	-	-	2,101	79,302
Tenet Healthcare Corp.	132,911	9,444	-	-	58,871
Total	$ 1,512,618	$ 9,444	$ 235,717	$ 9,632	$ 282,435

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 3,171,640	$ 2,903,339	$ 265,080	$ 3,221

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

(Amounts in thousands)	Investments in Securities
Beginning Balance	$ 1,457
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(10,856)
Cost of Purchases	-
Proceeds of Sales	(112)
Amortization/Accretion	-
Transfer in/out of Level 3	12,732
Ending Balance	$ 3,221

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $4,673,168,000. Net unrealized depreciation aggregated $1,501,528,000, of which $248,121,000 related to appreciated investment securities and $1,749,649,000 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® OTC Portfolio -
OTC
Class K

April 30, 2009

1.800345.105

OTC-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 15.0%
Auto Components - 1.0%
Autoliv, Inc.	173,400		$ 4,278
BorgWarner, Inc.	276,500		8,005
Exide Technologies (a)	1,549,100		8,412
Federal-Mogul Corp. Class A (a)	1,589,100		17,639
Gentex Corp.	240,600		3,217
			41,551
Automobiles - 0.1%
Ford Motor Co. (a)	1,043,800		6,242
Diversified Consumer Services - 0.5%
Apollo Group, Inc. Class A (non-vtg.) (a)	70,600		4,444
Coinstar, Inc. (a)	425,200		15,133
Educomp Solutions Ltd.	42,400		2,131
			21,708
Hotels, Restaurants & Leisure - 2.9%
Ameristar Casinos, Inc.	704,800		14,462
Buffalo Wild Wings, Inc. (a)(d)	151,091		5,899
Darden Restaurants, Inc.	250,700		9,268
Einstein Noah Restaurant Group, Inc. (a)	209,919		2,265
Marriott International, Inc. Class A	223,700		5,270
P.F. Chang's China Bistro, Inc. (a)(d)	356,100		10,747
Papa John's International, Inc. (a)	230,000		6,104
Red Robin Gourmet Burgers, Inc. (a)	423,276		10,391
Sonic Corp. (a)	395,700		4,321
Starbucks Corp. (a)	2,208,100		31,929
Starwood Hotels & Resorts Worldwide, Inc.	272,700		5,689
The Cheesecake Factory, Inc. (a)	449,700		7,811
Wyndham Worldwide Corp.	626,200		7,314
			121,470
Household Durables - 1.5%
Black & Decker Corp.	127,000		5,118
Lennar Corp. Class A	231,900		2,259
Mohawk Industries, Inc. (a)	394,100		18,645
Newell Rubbermaid, Inc.	1,993,300		20,830
Pulte Homes, Inc.	809,500		9,317
Whirlpool Corp.	221,000		9,980
			66,149
Internet & Catalog Retail - 2.0%
Amazon.com, Inc. (a)	999,600		80,488
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Internet & Catalog Retail - continued
Expedia, Inc. (a)	100,000		$ 1,361
NutriSystem, Inc.	213,764		2,937
			84,786
Media - 1.8%
CKX, Inc. (a)	49,500		267
Comcast Corp. Class A	3,475,500		53,731
News Corp. Class A	1,019,500		8,421
The DIRECTV Group, Inc. (a)	593,600		14,680
			77,099
Multiline Retail - 0.9%
Dollar Tree, Inc. (a)	120,700		5,110
Macy's, Inc.	368,100		5,036
Saks, Inc. (a)(d)	3,113,500		16,221
Sears Holdings Corp. (a)(d)	104,900		6,553
Target Corp.	103,900		4,287
			37,207
Specialty Retail - 3.1%
AnnTaylor Stores Corp. (a)	1,713,300		12,661
bebe Stores, Inc.	886,300		8,154
Best Buy Co., Inc.	387,800		14,884
Brown Shoe Co., Inc.	450,000		2,894
Citi Trends, Inc. (a)	644,637		15,832
Collective Brands, Inc. (a)	345,500		5,017
Guess?, Inc.	219,200		5,708
Home Depot, Inc.	76,600		2,016
Lowe's Companies, Inc.	100,200		2,154
Monro Muffler Brake, Inc.	39,400		984
O'Reilly Automotive, Inc. (a)	52,900		2,055
Pacific Sunwear of California, Inc. (a)	3,030,313		12,273
Staples, Inc.	1,924,200		39,677
The Children's Place Retail Stores, Inc. (a)	100,900		2,870
Zumiez, Inc. (a)	232,600		2,805
			129,984
Textiles, Apparel & Luxury Goods - 1.2%
American Apparel, Inc. (a)(d)	3,017,329		20,367
Iconix Brand Group, Inc. (a)	403,500		5,754
Liz Claiborne, Inc.	359,800		1,705
Lululemon Athletica, Inc. (a)(d)	1,259,873		17,575
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Perry Ellis International, Inc. (a)	250,000		$ 1,833
Provogue (India) Ltd.	3,505,026		2,135
			49,369
TOTAL CONSUMER DISCRETIONARY			635,565
CONSUMER STAPLES - 0.6%
Beverages - 0.1%
Cott Corp. (a)	1,074,600		2,161
Hansen Natural Corp. (a)	45,600		1,859
			4,020
Food & Staples Retailing - 0.5%
Costco Wholesale Corp.	424,700		20,640
TOTAL CONSUMER STAPLES			24,660
ENERGY - 0.5%
Oil, Gas & Consumable Fuels - 0.5%
Chesapeake Energy Corp.	552,575		10,891
Petronet LNG Ltd.	3,273,928		3,425
Rosetta Resources, Inc. (a)	310,900		2,192
Southwestern Energy Co. (a)	170,800		6,125
			22,633
FINANCIALS - 6.4%
Capital Markets - 3.2%
Charles Schwab Corp.	1,597,300		29,518
Deutsche Bank AG (NY Shares)	365,300		19,153
GLG Partners, Inc.	1,379,900		3,298
Goldman Sachs Group, Inc.	286,900		36,867
Morgan Stanley	1,336,700		31,600
Northern Trust Corp.	70,200		3,816
T. Rowe Price Group, Inc. (d)	186,700		7,192
UBS AG (NY Shares)	351,200		4,790
			136,234
Commercial Banks - 0.6%
Boston Private Financial Holdings, Inc.	473,400		2,182
CapitalSource, Inc.	4,000,000		12,360
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - continued
Huntington Bancshares, Inc.	1,156,600		$ 3,227
Wells Fargo & Co.	473,300		9,471
			27,240
Consumer Finance - 0.2%
Capital One Financial Corp.	356,500		5,968
SLM Corp. (a)	601,100		2,903
			8,871
Diversified Financial Services - 1.9%
Bank of America Corp.	1,384,200		12,361
Citigroup, Inc. (d)	1,820,400		5,552
CME Group, Inc.	158,500		35,084
Hong Kong Exchange & Clearing Ltd.	208,100		2,397
Indiabulls Financial Services Ltd.	1,044,600		2,386
JPMorgan Chase & Co.	657,600		21,701
			79,481
Insurance - 0.2%
National Financial Partners Corp.	200,000		1,412
XL Capital Ltd. Class A	537,000		5,107
			6,519
Real Estate Investment Trusts - 0.3%
DiamondRock Hospitality Co.	813,800		5,282
Host Hotels & Resorts, Inc.	467,400		3,594
The Macerich Co.	189,600		3,324
Walter Investment Management Corp. (a)	96,857		775
			12,975
TOTAL FINANCIALS			271,320
HEALTH CARE - 15.1%
Biotechnology - 9.8%
Alexion Pharmaceuticals, Inc. (a)	360,960		12,063
Alkermes, Inc. (a)	1,109,941		8,491
Alnylam Pharmaceuticals, Inc. (a)	574,300		10,550
Amgen, Inc. (a)	1,204,600		58,387
Amylin Pharmaceuticals, Inc. (a)	1,557,009		17,034
Biogen Idec, Inc. (a)	465,175		22,487
Celgene Corp. (a)	1,064,892		45,492
Cephalon, Inc. (a)	308,800		20,260
Cepheid, Inc. (a)	270,400		2,623
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Cougar Biotechnology, Inc. (a)	968,145		$ 33,808
Dendreon Corp. (a)	100,000		2,120
Gilead Sciences, Inc. (a)	1,355,100		62,064
GTx, Inc. (a)(d)	544,100		5,349
InterMune, Inc. (a)(d)	478,200		6,475
Isis Pharmaceuticals, Inc. (a)	1,385,749		21,729
Myriad Genetics, Inc. (a)	247,878		9,615
Regeneron Pharmaceuticals, Inc. (a)	1,150,500		15,256
Rigel Pharmaceuticals, Inc. (a)	833,284		5,533
Seattle Genetics, Inc. (a)	1,354,703		12,504
Transition Therapeutics, Inc. (a)	674,633		2,883
Vertex Pharmaceuticals, Inc. (a)	1,272,688		39,224
			413,947
Health Care Equipment & Supplies - 0.4%
Cutera, Inc. (a)	20,000		126
Cynosure, Inc. Class A (a)	317,700		1,944
Inverness Medical Innovations, Inc. (a)	149,500		4,827
NuVasive, Inc. (a)	207,100		7,849
Thoratec Corp. (a)	101,800		2,958
			17,704
Health Care Providers & Services - 2.1%
Express Scripts, Inc. (a)	1,383,110		88,478
Life Sciences Tools & Services - 1.6%
Exelixis, Inc. (a)	1,699,972		8,381
Illumina, Inc. (a)	803,792		30,022
Illumina, Inc.:
warrants 11/20/10 (a)(e)	354,776		4,989
warrants 1/19/11 (a)(e)	452,917		6,499
Life Technologies Corp. (a)	341,798		12,749
Medivation, Inc. (a)(d)	250,283		4,838
			67,478
Pharmaceuticals - 1.2%
Elan Corp. PLC sponsored ADR (a)	3,162,900		18,693
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Salix Pharmaceuticals Ltd. (a)	250,000		$ 2,750
Teva Pharmaceutical Industries Ltd. sponsored ADR	715,273		31,393
			52,836
TOTAL HEALTH CARE			640,443
INDUSTRIALS - 4.8%
Air Freight & Logistics - 0.1%
Expeditors International of Washington, Inc.	163,300		5,668
Airlines - 0.9%
AirTran Holdings, Inc. (a)	443,100		3,080
AMR Corp. (a)	463,000		2,204
Continental Airlines, Inc. Class B (a)	683,300		7,188
Delta Air Lines, Inc. (a)	749,874		4,627
JetBlue Airways Corp. (a)	624,320		3,078
UAL Corp. (a)	2,294,877		11,291
US Airways Group, Inc. (a)	1,430,200		5,420
			36,888
Building Products - 0.1%
Aaon, Inc.	50,000		974
Trex Co., Inc. (a)(d)	163,300		1,788
			2,762
Commercial Services & Supplies - 0.5%
EnergySolutions, Inc.	958,900		9,301
Fuel Tech, Inc. (a)(d)	282,700		3,706
United Stationers, Inc. (a)	309,300		10,123
			23,130
Construction & Engineering - 0.0%
MYR Group, Inc. (a)	150,130		2,238
Electrical Equipment - 1.2%
Energy Conversion Devices, Inc. (a)(d)	452,700		8,321
First Solar, Inc. (a)(d)	205,800		38,544
Sunpower Corp. Class A (a)	170,100		4,657
			51,522
Industrial Conglomerates - 0.0%
CSR Ltd.	2,141,454		2,102
Machinery - 0.7%
Altra Holdings, Inc. (a)	537,800		2,942
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Navistar International Corp. (a)	203,789		$ 7,703
PACCAR, Inc.	483,100		17,121
			27,766
Professional Services - 0.2%
Kelly Services, Inc. Class A (non-vtg.)	305,700		3,473
Monster Worldwide, Inc. (a)	243,500		3,360
			6,833
Road & Rail - 0.7%
J.B. Hunt Transport Services, Inc.	332,700		9,356
Landstar System, Inc.	192,700		6,862
Old Dominion Freight Lines, Inc. (a)	75,700		2,131
Ryder System, Inc.	301,000		8,335
Saia, Inc. (a)	200,000		2,612
			29,296
Trading Companies & Distributors - 0.4%
DXP Enterprises, Inc. (a)	312,715		4,153
Fastenal Co. (d)	179,200		6,874
Interline Brands, Inc. (a)	409,400		5,306
Rush Enterprises, Inc. Class A (a)	100,000		1,316
			17,649
TOTAL INDUSTRIALS			205,854
INFORMATION TECHNOLOGY - 54.3%
Communications Equipment - 11.9%
ADC Telecommunications, Inc. (a)	1,022,300		7,524
China TechFaith Wireless Communication Technology Ltd. sponsored ADR (a)(d)	1,031,303		1,619
Cisco Systems, Inc. (a)	6,693,900		129,326
Corning, Inc.	766,600		11,208
F5 Networks, Inc. (a)	135,700		3,701
NETGEAR, Inc. (a)	159,000		2,546
Nokia Corp. sponsored ADR	273,400		3,866
Palm, Inc. (a)(d)	5,253,559		55,110
QUALCOMM, Inc.	3,521,300		149,021
Research In Motion Ltd. (a)	1,671,966		116,202
Starent Networks Corp. (a)(d)	1,087,900		21,464
Tellabs, Inc. (a)	804,300		4,215
			505,802
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 9.1%
Apple, Inc. (a)	1,821,200		$ 229,162
Data Domain, Inc. (a)(d)	350,000		5,803
Dell, Inc. (a)	5,001,100		58,113
NetApp, Inc. (a)	512,700		9,382
SanDisk Corp. (a)	1,986,350		31,225
Seagate Technology	5,620,900		45,867
Toshiba Corp.	1,104,000		3,789
			383,341
Electronic Equipment & Components - 1.0%
BYD Co. Ltd. (H Shares)	1,132,000		2,974
Flextronics International Ltd. (a)	5,069,900		19,671
Insight Enterprises, Inc. (a)	790,645		4,522
Jabil Circuit, Inc.	1,480,600		11,993
Trimble Navigation Ltd. (a)	184,600		3,958
			43,118
Internet Software & Services - 7.7%
Akamai Technologies, Inc. (a)	1,156,400		25,464
Baidu.com, Inc. sponsored ADR (a)	45,000		10,481
China Finance Online Co. Ltd. ADR (a)	236,000		2,766
Dice Holdings, Inc. (a)	702,300		2,767
eBay, Inc. (a)	341,000		5,616
Google, Inc. Class A (sub. vtg.) (a)	576,540		228,293
NetEase.com, Inc. sponsored ADR (a)	199,500		6,021
Tencent Holdings Ltd.	548,800		4,851
Yahoo!, Inc. (a)	2,793,500		39,919
			326,178
IT Services - 2.2%
Cognizant Technology Solutions Corp. Class A (a)	2,845,945		70,551
Visa, Inc.	369,300		23,990
			94,541
Semiconductors & Semiconductor Equipment - 10.5%
Advanced Analogic Technologies, Inc. (a)	343,400		1,648
Advanced Micro Devices, Inc. (a)	1,736,500		6,269
Amkor Technology, Inc. (a)	1,753,200		7,556
Applied Materials, Inc.	2,614,851		31,927
Atmel Corp. (a)	1,166,000		4,477
Broadcom Corp. Class A (a)	397,800		9,225
Cirrus Logic, Inc. (a)	574,400		2,671
Cypress Semiconductor Corp. (a)	863,950		6,851
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Diodes, Inc. (a)	197,900		$ 2,945
Fairchild Semiconductor International, Inc. (a)	615,800		3,793
Infineon Technologies AG sponsored ADR (a)(d)	6,994,600		17,906
Intel Corp.	6,291,000		99,272
International Rectifier Corp. (a)	477,270		8,056
Intersil Corp. Class A	443,700		5,147
KLA-Tencor Corp.	330,800		9,176
Lam Research Corp. (a)	695,363		19,387
Marvell Technology Group Ltd. (a)	2,385,400		26,192
MEMC Electronic Materials, Inc. (a)	2,028,300		32,858
Micron Technology, Inc. (a)	1,441,200		7,033
Microsemi Corp. (a)	437,100		5,866
Monolithic Power Systems, Inc. (a)	210,500		3,894
National Semiconductor Corp.	1,111,500		13,749
NVIDIA Corp. (a)	2,864,200		32,881
O2Micro International Ltd. sponsored ADR (a)	2,452,700		10,718
Omnivision Technologies, Inc. (a)	398,621		3,791
PMC-Sierra, Inc. (a)	532,700		4,219
SiRF Technology Holdings, Inc. (a)	500,000		1,390
Skyworks Solutions, Inc. (a)	2,192,608		19,383
Standard Microsystems Corp. (a)	913,300		14,485
Texas Instruments, Inc.	321,900		5,814
Varian Semiconductor Equipment Associates, Inc. (a)	903,100		23,110
Verigy Ltd. (a)	100,000		1,100
Volterra Semiconductor Corp. (a)	267,600		3,075
			445,864
Software - 11.9%
Activision Blizzard, Inc. (a)	934,900		10,069
Adobe Systems, Inc. (a)	285,500		7,808
ArcSight, Inc. (a)	225,412		3,404
BMC Software, Inc. (a)	109,900		3,810
Changyou.com Ltd. (A Shares) ADR	333,100		10,243
Electronic Arts, Inc. (a)	5,896,690		119,998
Microsoft Corp.	11,477,200		232,523
Nintendo Co. Ltd. ADR	147,768		4,972
Oracle Corp.	2,805,100		54,251
Quest Software, Inc. (a)	86,300		1,254
Radiant Systems, Inc. (a)	150,000		1,106
Red Hat, Inc. (a)	228,400		3,944
Rosetta Stone, Inc.	226,700		6,790
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Shanda Interactive Entertainment Ltd. sponsored ADR (a)	377,700		$ 18,065
Symantec Corp. (a)	323,800		5,586
THQ, Inc. (a)	425,775		1,456
TiVo, Inc. (a)	2,133,075		15,998
Ubisoft Entertainment SA (a)	95,700		1,869
			503,146
TOTAL INFORMATION TECHNOLOGY			2,301,990
MATERIALS - 2.0%
Chemicals - 0.9%
Celanese Corp. Class A	344,700		7,184
CF Industries Holdings, Inc.	100,000		7,205
Rockwood Holdings, Inc. (a)	442,400		5,442
Solutia, Inc. (a)	652,000		2,452
Terra Industries, Inc.	371,100		9,834
W.R. Grace & Co. (a)	461,300		4,073
			36,190
Containers & Packaging - 0.6%
Owens-Illinois, Inc. (a)	224,800		5,483
Packaging Corp. of America	132,400		2,101
Rock-Tenn Co. Class A	158,750		5,994
Temple-Inland, Inc.	997,200		11,907
			25,485
Metals & Mining - 0.4%
Alcoa, Inc.	637,600		5,783
ArcelorMittal SA (NY Shares) Class A	169,500		3,997
Steel Dynamics, Inc.	319,500		3,978
United States Steel Corp.	73,800		1,959
			15,717
Paper & Forest Products - 0.1%
Louisiana-Pacific Corp.	1,593,600		6,486
TOTAL MATERIALS			83,878
TELECOMMUNICATION SERVICES - 1.0%
Wireless Telecommunication Services - 1.0%
Leap Wireless International, Inc. (a)	211,900		7,643
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
Sprint Nextel Corp. (a)	7,141,400		$ 31,137
Syniverse Holdings, Inc. (a)	275,900		3,476
			42,256
TOTAL COMMON STOCKS (Cost $4,501,006)		4,228,599
Money Market Funds - 2.3%

Fidelity Cash Central Fund, 0.53% (b)	3,755,753		3,756
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	91,930,525		91,931
TOTAL MONEY MARKET FUNDS (Cost $95,687)		95,687
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $4,596,693)			4,324,286
NET OTHER ASSETS - (2.0)%			(84,004)
NET ASSETS - 100%		$ 4,240,282

Legend

(a) Non-income producing

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $11,488,000 or 0.3% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Illumina, Inc. warrants: 11/20/10	11/21/05	$ -
1/19/11	1/18/06	$ -

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 225
Fidelity Securities Lending Cash Central Fund	2,470
Total	$ 2,695

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
FreightCar America, Inc.	$ 24,187	$ -	$ 16,975	$ 38	$ -
Provogue (India) Ltd.	22,092	16	1,993	44	-
Total	$ 46,279	$ 16	$ 18,968	$ 82	$ -

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 4,324,286	$ 4,286,841	$ 37,445	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $4,704,202,000. Net unrealized depreciation aggregated $379,916,000, of which $524,337,000 related to appreciated investment securities and $904,253,000 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Real Estate Income Fund

April 30, 2009

1.800347.105

REI-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 18.9%
	Shares		Value
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
Red Lion Hotels Corp. (a)	56,870		$ 259,896
Starwood Hotels & Resorts Worldwide, Inc.	4,880		101,797
			361,693
FINANCIALS - 18.0%
Capital Markets - 0.1%
W.P. Carey & Co. LLC	22,500		478,350
Real Estate Investment Trusts - 17.9%
Acadia Realty Trust (SBI)	223,249		3,237,111
Alexandria Real Estate Equities, Inc.	36,500		1,331,520
AMB Property Corp. (SBI)	179,500		3,426,655
Annaly Capital Management, Inc.	372,350		5,238,965
Anworth Mortgage Asset Corp.	75,900		488,037
Apartment Investment & Management Co. Class A	47,741		348,509
AvalonBay Communities, Inc.	44,425		2,523,784
Brandywine Realty Trust (SBI)	32,400		200,556
Camden Property Trust (SBI)	15,400		417,802
CapLease, Inc.	113,000		335,610
CBL & Associates Properties, Inc.	25,000		198,500
Colonial Properties Trust (SBI)	39,500		285,980
Corporate Office Properties Trust (SBI)	1,800		55,008
Cypress Sharpridge Investments, Inc. (e)	146,458		1,328,374
Cypress Sharpridge Investments, Inc. warrants 4/30/11 (a)(e)	40,000		0
DCT Industrial Trust, Inc.	29,300		129,506
Developers Diversified Realty Corp.	47,409		195,799
DiamondRock Hospitality Co.	50,600		328,394
Duke Realty LP	297,983		2,911,294
Equity Lifestyle Properties, Inc.	58,630		2,325,852
Equity Residential (SBI)	128,700		2,945,943
Federal Realty Investment Trust (SBI)	11,500		634,800
Hatteras Financial Corp.	19,200		462,144
HCP, Inc.	45,080		989,506
Healthcare Realty Trust, Inc.	16,700		280,393
Highwoods Properties, Inc. (SBI)	84,300		2,022,357
Host Hotels & Resorts, Inc.	60,249		463,315
Inland Real Estate Corp.	40,200		352,956
Kilroy Realty Corp.	4,200		90,468
Kimco Realty Corp.	25,300		304,106
LaSalle Hotel Properties (SBI)	4,300		51,428
Liberty Property Trust (SBI)	18,400		447,856
Mack-Cali Realty Corp.	28,700		770,882
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
MFA Mortgage Investments, Inc.	1,194,881		$ 7,037,845
National Retail Properties, Inc.	55,400		982,796
Nationwide Health Properties, Inc.	77,480		1,912,981
Post Properties, Inc.	3,700		47,212
ProLogis Trust	221,266		2,015,733
Public Storage	10,400		695,344
Regency Centers Corp.	78,400		2,936,080
Simon Property Group, Inc.	43,035		2,220,606
Sunstone Hotel Investors, Inc.	125,200		662,308
The Macerich Co.	97,100		1,702,163
UDR, Inc.	176,701		1,779,379
Ventas, Inc.	171,480		4,911,187
Vornado Realty Trust	29,375		1,436,144
Weingarten Realty Investors (SBI)	21,900		340,326
			63,803,514
TOTAL FINANCIALS			64,281,864
HEALTH CARE - 0.8%
Health Care Providers & Services - 0.8%
Brookdale Senior Living, Inc.	80,300		827,893
Capital Senior Living Corp. (a)	108,000		426,600
Emeritus Corp. (a)	143,000		1,292,720
Sun Healthcare Group, Inc. (a)	65,300		553,091
			3,100,304
TOTAL COMMON STOCKS (Cost $73,976,610)		67,743,861
Preferred Stocks - 11.5%

Convertible Preferred Stocks - 0.3%
FINANCIALS - 0.3%
Real Estate Investment Trusts - 0.3%
HRPT Properties Trust 6.50%	80,000		827,840
Lexington Corporate Properties Trust Series C 6.50%	7,800		136,422
			964,262
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - 11.2%
FINANCIALS - 11.2%
Diversified Financial Services - 0.3%
DRA CRT Acquisition Corp. Series A, 8.50%	25,000		$ 175,000
Red Lion Hotels Capital Trust 9.50%	77,750		1,010,750
W2007 Grace Acquisition I, Inc. Series B, 8.75% (a)	35,300		6,001
			1,191,751
Real Estate Investment Trusts - 10.9%
Alexandria Real Estate Equities, Inc. Series C, 8.375%	67,000		1,319,900
American Home Mortgage Investment Corp.:
Series A, 9.75% (c)	120,300		36
Series B, 9.25% (c)	124,100		372
Annaly Capital Management, Inc. Series A, 7.875%	144,900		3,042,900
Anworth Mortgage Asset Corp. Series A, 8.625%	219,327		4,498,397
Apartment Investment & Management Co.:
Series G, 9.375%	66,600		1,042,290
Series T, 8.00%	57,500		813,050
Cedar Shopping Centers, Inc. 8.875%	66,000		821,700
CenterPoint Properties Trust Series D, 5.377%	3,575		1,072,500
Colonial Properties Trust (depositary shares) Series D, 8.125%	39,000		644,280
Cousins Properties, Inc. Series A, 7.75%	71,700		1,021,725
Developers Diversified Realty Corp. (depositary shares) Series G, 8.00%	25,500		239,445
Digital Realty Trust, Inc. Series A, 8.50%	75,000		1,479,750
Duke Realty LP 8.375%	54,800		876,800
Eagle Hospitality Properties Trust, Inc. 8.25% (a)	24,000		3,600
Glimcher Realty Trust Series F, 8.75%	27,000		202,500
HomeBanc Mortgage Corp. Series A, 10.00% (c)	104,685		628
Hospitality Properties Trust:
Series B, 8.875%	68,275		1,137,462
Series C, 7.00%	58,500		720,720
Host Hotels & Resorts, Inc. Series E, 8.875%	38,800		789,968
HRPT Properties Trust Series B, 8.75%	23,961		343,840
Innkeepers USA Trust Series C, 8.00%	62,400		18,720
Kimco Realty Corp. Series G, 7.75%	77,300		1,402,995
LaSalle Hotel Properties:
Series B, 8.375%	21,800		355,558
Series E, 8.00%	24,100		385,600
Series G, 7.25%	15,660		222,372
LBA Realty Fund II:
Series A, 8.75%	69,000		1,380,000
Series B, 7.625%	31,240		218,680
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Lexington Corporate Properties Trust Series B, 8.05%	29,000		$ 312,040
Lexington Realty Trust 7.55%	23,800		253,470
LTC Properties, Inc. Series F, 8.00%	56,300		1,145,705
MFA Mortgage Investments, Inc. Series A, 8.50%	274,400		5,430,376
Mid-America Apartment Communities, Inc. Series H, 8.30%	30,800		676,984
Newcastle Investment Corp.:
Series B, 9.75%	161,900		323,800
Series D, 8.375%	24,300		47,385
Omega Healthcare Investors, Inc. Series D, 8.375%	59,600		1,147,300
ProLogis Trust Series C, 8.54%	6,446		182,551
PS Business Parks, Inc.:
(depositary shares) Series L, 7.60%	5,890		106,315
Series P, 6.70%	35,000		562,450
Public Storage:
(depositary shares)	45,000		965,700
Series K, 7.25%	1,918		40,067
Series L, 6.75%	1,900		36,214
Series N, 7.00%	4,200		85,764
Realty Income Corp. 6.75%	600		11,406
Regency Centers Corp. 7.25%	10,000		187,500
Saul Centers, Inc. 8.00%	93,700		1,897,425
Strategic Hotel & Resorts, Inc. 8.50% (e)	119,500		358,500
Sunstone Hotel Investors, Inc. Series A, 8.00%	20,000		233,000
Weingarten Realty Investors (SBI) Series F, 6.50%	56,230		832,766
			38,892,506
Thrifts & Mortgage Finance - 0.0%
MFH Financial Trust I 9.50% (e)	22,660		113,300
TOTAL FINANCIALS			40,197,557
TOTAL PREFERRED STOCKS (Cost $82,837,711)		41,161,819

Corporate Bonds - 45.6%
		Principal Amount (d)		Value
Convertible Bonds - 16.4%
FINANCIALS - 16.4%
Real Estate Investment Trusts - 14.2%
Acadia Realty Trust 3.75% 12/15/26		$ 4,400,000		$ 3,793,416
Alexandria Real Estate Equities, Inc. 3.7% 1/15/27 (e)		3,870,000		2,965,968
Anthracite Capital, Inc.:
11.75% 9/1/27 (e)		500,000		18,550
11.75% 9/1/27		300,000		11,130
BioMed Realty LP 4.5% 10/1/26 (e)		2,500,000		1,805,250
Boston Properties, Inc. 3.75% 5/15/36		600,000		522,000
Brandywine Operating Partnership LP 3.875% 10/15/26		1,000,000		763,100
BRE Properties, Inc. 4.125% 8/15/26		6,800,000		5,855,140
CapLease, Inc. 7.5% 10/1/27 (e)		4,180,000		2,090,000
Corporate Office Properties LP 3.5% 9/15/26 (e)		1,350,000		1,126,575
Duke Realty LP 3.75% 12/1/11 (e)		2,650,000		2,199,500
Home Properties, Inc. 4.125% 11/1/26 (e)		1,100,000		956,010
Hospitality Properties Trust 3.8% 3/15/27		3,100,000		2,387,000
Lexington Master Ltd. Partnership 5.45% 1/15/27 (e)		5,150,000		3,997,688
MPT Operating Partnership LP 9.25% 4/1/13 (e)		1,000,000		622,500
National Retail Properties, Inc. 3.95% 9/15/26		2,000,000		1,858,734
PREIT Associates LP 4% 6/1/12 (e)		1,000,000		370,000
ProLogis Trust 1.875% 11/15/37		2,450,000		1,540,977
SL Green Realty Corp. 3% 3/30/27 (e)		500,000		369,375
The Macerich Co. 3.25% 3/15/12 (e)		2,500,000		1,750,000
United Dominion Realty Trust, Inc. 3.625% 9/15/11		4,350,000		3,746,438
Ventas, Inc. 3.875% 11/15/11 (e)		4,565,000		4,382,080
Vornado Realty Trust 2.85% 4/1/27		2,490,000		2,092,795
Washington (REIT):
3.875% 9/15/26		1,600,000		1,448,000
3.875% 9/15/26		2,450,000		2,217,250
Weingarten Realty Investors 3.95% 8/1/26		2,200,000		1,892,000
				50,781,476
Real Estate Management & Development - 2.2%
ERP Operating LP 3.85% 8/15/26		5,500,000		5,071,000
First Potomac Realty Investment LP 4% 12/15/11 (e)		1,600,000		1,238,000
Forest City Enterprises, Inc. 3.625% 10/15/11		600,000		385,560
Kilroy Realty LP 3.25% 4/15/12 (e)		1,730,000		1,236,950
				7,931,510
TOTAL FINANCIALS				58,712,986
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - 29.2%
CONSUMER DISCRETIONARY - 5.3%
Hotels, Restaurants & Leisure - 0.7%
Host Marriott LP 7% 8/15/12		$ 2,000,000		$ 1,910,000
Times Square Hotel Trust 8.528% 8/1/26 (e)		874,273		507,078
				2,417,078
Household Durables - 4.6%
D.R. Horton, Inc.:
4.875% 1/15/10		1,000,000		980,000
5.375% 6/15/12		600,000		531,000
K. Hovnanian Enterprises, Inc.:
6% 1/15/10		420,000		399,000
6.25% 1/15/15		250,000		96,250
6.25% 1/15/16		1,000,000		300,000
7.5% 5/15/16		1,000,000		375,000
7.75% 5/15/13		4,000,000		1,420,000
KB Home:
5.875% 1/15/15		2,000,000		1,740,000
6.25% 6/15/15		3,500,000		2,992,500
Lennar Corp.:
5.5% 9/1/14		1,000,000		777,500
5.95% 10/17/11		1,000,000		880,000
M/I Homes, Inc. 6.875% 4/1/12		2,150,000		1,419,000
Meritage Homes Corp. 6.25% 3/15/15		2,500,000		1,825,000
Ryland Group, Inc. 8.4% 5/15/17		745,000		730,145
Stanley-Martin Communities LLC 9.75% 8/15/15		4,620,000		1,155,000
Toll Brothers, Inc. 8.25% 2/1/11		1,000,000		997,500
				16,617,895
TOTAL CONSUMER DISCRETIONARY				19,034,973
CONSUMER STAPLES - 0.3%
Food & Staples Retailing - 0.3%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20		1,314,590		1,077,964
FINANCIALS - 23.0%
Real Estate Investment Trusts - 20.1%
AMB Property LP:
5.9% 8/15/13		400,000		309,757
6.3% 6/1/13		1,000,000		796,148
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
AvalonBay Communities, Inc.:
4.95% 3/15/13		$ 1,000,000		$ 910,000
5.5% 1/15/12		1,000,000		931,621
6.625% 9/15/11		894,000		857,386
Brandywine Operating Partnership LP:
4.5% 11/1/09		1,000,000		965,656
5.75% 4/1/12		1,000,000		760,656
Camden Property Trust:
4.375% 1/15/10		2,370,000		2,336,654
4.7% 7/15/09		500,000		497,994
5% 6/15/15		1,100,000		880,000
Colonial Properties Trust 6.875% 8/15/12		1,000,000		830,427
Colonial Realty LP 6.05% 9/1/16		1,000,000		681,180
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15		100,000		70,528
6.25% 6/15/14		500,000		378,101
Developers Diversified Realty Corp.:
4.625% 8/1/10		900,000		708,094
5% 5/3/10		1,000,000		790,000
5.375% 10/15/12		500,000		275,000
7.5% 7/15/18		200,000		82,855
Duke Realty LP:
5.25% 1/15/10		200,000		197,259
5.625% 8/15/11		560,000		491,289
Federal Realty Investment Trust 4.5% 2/15/11		1,500,000		1,292,444
Health Care Property Investors, Inc.:
6% 3/1/15		500,000		417,335
6% 1/30/17		1,000,000		815,879
6.3% 9/15/16		4,500,000		3,704,247
Health Care REIT, Inc.:
6% 11/15/13		1,000,000		829,855
6.2% 6/1/16		750,000		590,123
8% 9/12/12		2,450,000		2,257,256
Healthcare Realty Trust, Inc. 8.125% 5/1/11		2,290,000		2,200,385
Highwoods/Forsyth LP 5.85% 3/15/17		1,400,000		932,684
HMB Capital Trust V 4.92% 12/15/36 (c)(e)(f)		2,530,000		253
Hospitality Properties Trust:
5.625% 3/15/17		915,000		607,924
6.75% 2/15/13		610,000		488,983
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Host Hotels & Resorts LP 6.875% 11/1/14		$ 500,000		$ 455,000
HRPT Properties Trust:
1.92% 3/16/11 (f)		787,000		611,464
6.5% 1/15/13		200,000		160,889
iStar Financial, Inc.:
5.7% 3/1/14		620,000		217,000
5.95% 10/15/13		4,830,000		1,787,100
Kimco Realty Corp. 5.783% 3/15/16		450,000		347,659
Liberty Property LP 6.375% 8/15/12		2,679,000		2,228,751
Nationwide Health Properties, Inc.:
6.25% 2/1/13		1,000,000		880,379
6.5% 7/15/11		2,000,000		1,826,474
8.25% 7/1/12		1,300,000		1,105,845
Omega Healthcare Investors, Inc. 7% 4/1/14		3,970,000		3,702,025
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14		1,750,000		1,330,438
Rouse Co.:
5.375% 11/26/13 (c)		3,600,000		1,827,000
7.2% 9/15/12 (c)		3,920,000		1,989,400
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (c)(e)		650,000		329,875
Senior Housing Properties Trust:
7.875% 4/15/15		355,000		310,625
8.625% 1/15/12		5,050,000		4,848,000
Shurgard Storage Centers, Inc.:
5.875% 3/15/13		1,000,000		906,027
7.75% 2/22/11		500,000		492,499
Simon Property Group LP:
4.875% 8/15/10		2,448,000		2,387,490
5% 3/1/12		800,000		740,623
5.75% 5/1/12		500,000		465,468
6.1% 5/1/16		1,000,000		864,452
UDR, Inc. 5.5% 4/1/14		500,000		415,000
United Dominion Realty Trust, Inc.:
5% 1/15/12		1,000,000		786,143
5.13% 1/15/14		500,000		366,335
6.05% 6/1/13		2,500,000		2,035,473
Ventas Realty LP:
6.5% 6/1/16		170,000		151,300
6.625% 10/15/14		3,160,000		3,002,000
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Ventas Realty LP: - continued
9% 5/1/12		$ 6,011,000		$ 6,281,495
Vornado Realty LP 4.5% 8/15/09		1,000,000		986,971
				71,727,173
Real Estate Management & Development - 2.2%
American Real Estate Partners/American Real Estate Finance Corp. 8.125% 6/1/12		1,190,000		1,059,100
ERP Operating LP:
5.2% 4/1/13		1,000,000		898,931
5.5% 10/1/12		853,000		789,324
First Industrial LP:
5.25% 6/15/09		1,000,000		979,096
7.375% 3/15/11		2,507,000		1,900,303
Regency Centers LP:
5.25% 8/1/15		2,509,000		1,881,750
5.875% 6/15/17		400,000		296,000
				7,804,504
Thrifts & Mortgage Finance - 0.7%
Wrightwood Capital LLC 9% 6/1/14 (h)		4,000,000		2,520,000
TOTAL FINANCIALS				82,051,677
HEALTH CARE - 0.6%
Health Care Providers & Services - 0.6%
Skilled Healthcare Group, Inc. 11% 1/15/14		500,000		520,000
Sun Healthcare Group, Inc. 9.125% 4/15/15		1,650,000		1,608,750
				2,128,750
TOTAL NONCONVERTIBLE BONDS				104,293,364
TOTAL CORPORATE BONDS (Cost $185,760,651)			163,006,350
Asset-Backed Securities - 3.4%
		Principal Amount (d)		Value
American Tower Trust I Series 2007-1A Class D, 5.9568% 4/15/37 (e)		$ 3,200,000		$ 2,640,000
Ameriquest Mortgage Securities, Inc. pass-thru certificates Series 2004-R9 Class M9, 2.9375% 10/25/34 (e)(f)		395,497		7,142
Anthracite CDO II Ltd. Series 2002-2A Class F, 7.6% 12/24/37 (e)		2,260,000		904,000
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.8013% 3/23/19 (e)(f)		435,796		270,193
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.9469% 3/20/50 (e)(f)		2,250,000		225,000
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (e)		1,000,000		710,000
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 1.3569% 1/20/37 (e)(f)		1,414,651		636,593
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33		500,000		187,025
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (e)		1,570,000		628,000
Class B2, 2.5819% 12/28/35 (e)(f)		1,575,000		598,500
Class D, 9% 12/28/35 (e)		500,000		148,550
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (e)		850,000		212,500
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2005-1 Class D, 5.612% 6/15/35 (e)		2,050,000		1,916,750
Fairfield Street Solar Corp. Series 2004-1A Class E1, 4.6263% 11/28/39 (e)(f)		550,000		68,750
Green Tree Financial Corp. Series 1996-4 Class M1, 7.75% 6/15/27		1,788,179		661,626
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.9375% 6/25/35 (f)(h)		1,259,000		46,241
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 1.9875% 8/26/30 (e)(f)		735,000		73,500
Class E, 2.4375% 8/26/30 (e)(f)		1,420,000		71,000
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 3/15/28		1,500,000		154,258
Merit Securities Corp. Series 13 Class M1, 7.9882% 12/28/33		1,923,000		730,740
N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (e)		883,000		353,200
Asset-Backed Securities - continued
		Principal Amount (d)		Value
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class A2, 4.646% 7/24/39 (e)		$ 811,998		$ 608,999
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3.8838% 2/5/36 (e)(f)		3,232,236		32,322
Wachovia Ltd./Wachovia LLC Series 2006-1 Class 1ML, 6.7222% 9/25/26 (e)(f)		2,000,000		120,000
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 3.2006% 11/21/40 (e)(f)		250,000		7,500
TOTAL ASSET-BACKED SECURITIES (Cost $29,227,483)			12,012,389
Collateralized Mortgage Obligations - 1.5%

Private Sponsor - 1.5%
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (e)		154,558		20,865
Series 2002-R2 Class 2B3, 5.6274% 7/25/33 (e)(f)		249,356		57,211
Series 2003-40 Class B3, 4.5% 10/25/18 (e)		204,300		33,076
Series 2003-R2 Class B3, 5.5% 5/25/43 (e)		534,514		42,177
Series 2003-R3:
Class B2, 5.5% 11/25/33 (e)		1,708,005		300,104
Class B3, 5.5% 11/25/33 (e)		511,431		69,828
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (e)(f)		516,691		49,374
Diversified REIT Trust Series 2000-1A:
Class F, 6.971% 3/8/10 (e)		1,512,000		211,680
Class G, 6.971% 3/8/10 (e)		1,720,000		206,400
Merrill Lynch Floating Trust floater Series 2006-1 Class TM, 0.9513% 6/15/22 (e)(f)		2,449,089		1,542,926
Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (e)		1,465,000		1,062,822
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 12.41% 7/10/35 (e)(f)		779,475		337,669
Series 2004-C Class B5, 1.81% 9/10/36 (e)(f)		371,487		80,761
Series 2005-A Class B6, 2.46% 3/10/37 (e)(f)		1,870,375		246,328
Series 2005-B Class B6, 2.06% 6/10/37 (e)(f)		921,878		101,499
Series 2005-D Class B6, 2.7013% 12/15/37 (e)(f)		465,120		33,721
Series 2006-B Class B6, 2.1513% 7/15/38 (e)(f)		928,853		38,176
Residential Funding Mortgage Securities I, Inc. Series 2002-S20 Class M3, 5.25% 12/25/17		62,286		42,029
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (e)		129,029		28,917
RESIX Finance Ltd. floater:
Series 2003-D Class B8, 6.96% 12/10/35 (e)(f)		644,902		191,149
Collateralized Mortgage Obligations - continued
		Principal Amount (d)		Value
Private Sponsor - continued
RESIX Finance Ltd. floater: - continued
Series 2004-A Class B7, 4.71% 2/10/36 (e)(f)		$ 637,698		$ 177,535
Series 2004-B Class B7, 4.46% 2/10/36 (e)(f)		769,911		158,756
Series 2005-C Class B7, 3.56% 9/10/37 (e)(f)		1,891,566		166,458
Series 2006-B Class B7, 4.3013% 7/15/38 (e)(f)		928,853		50,530
Series 2007-A Class BB, 3.8013% 2/15/39 (e)(f)		787,188		23,222
TOTAL PRIVATE SPONSOR				5,273,213
U.S. Government Agency - 0.0%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (h)		227,393		71,249
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 5.2683% 2/25/42 (e)(f)		137,680		31,093
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (h)		298,733		56,661
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 5.474% 6/25/43 (e)(f)		178,761		28,439
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 5.6421% 10/25/42 (e)(f)		77,340		12,439
TOTAL U.S. GOVERNMENT AGENCY				199,881
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $20,683,878)			5,473,094
Commercial Mortgage Securities - 9.5%

Asset Securitization Corp. Series 1997-D4:
Class B1, 7.525% 4/14/29		1,565,000		1,602,854
Class B2, 7.525% 4/14/29		515,000		370,800
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.4513% 3/15/22 (e)(f)		700,000		245,000
COMM pass-thru certificates Series 2001-J1A Class F, 6.958% 2/14/34 (e)		1,475,000		1,186,502
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1997-C2 Class F, 7.46% 1/17/35 (f)		2,000,000		1,990,275
Series 2004-TF2A Class AX, 0% 11/15/19 (e)(f)(g)		4,742,624		474
Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (e)		1,000,000		400,000
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2006-1A:
Class D, 5.7724% 11/15/36 (e)		915,000		823,500
Commercial Mortgage Securities - continued
		Principal Amount (d)		Value
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2006-1A: - continued
Class E, 6.0652% 11/15/36 (e)		$ 800,000		$ 716,000
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		1,200,000		480,000
DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.4637% 6/10/31 (e)(f)		2,500,000		2,308,700
First Chicago/Lennar Trust I Series 1997-CHL1 Class E, 7.7996% 4/29/39 (e)(f)		143,161		140,298
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (e)		1,000,000		750,000
GE Capital Commercial Mortgage Corp.:
Series 2001-3 Class C, 6.51% 6/10/38		820,000		784,941
Series 2002-1A Class H, 7.3917% 12/10/35 (e)(f)		921,000		614,278
Global Signal Trust II Series 2004-2A Class E, 5.587% 12/15/14 (e)		1,245,000		1,232,550
Global Towers Partners Acquisition Partners I LLC Series 2007-1A Class G, 7.8737% 5/15/37 (e)		1,000,000		670,000
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2:
Class F, 6.75% 4/15/29 (f)		2,767,000		2,414,725
Class G, 6.75% 4/15/29 (f)		1,000,000		350,084
Series 1999-C3 Class J, 6.974% 8/15/36 (e)		1,500,000		1,377,266
Series 2000-C1:
Class H, 7% 3/15/33 (e)		950,000		726,905
Class K, 7% 3/15/33		1,100,000		523,818
Series 2002-C3 Class D, 5.27% 7/10/39		3,000,000		2,396,808
Greenwich Capital Commercial Funding Corp. Series 2002-C1 Class H, 5.903% 1/11/35 (e)		750,000		534,662
GS Mortgage Securities Corp. II floater Series 2007-EOP Class L, 1.8181% 3/1/20 (e)(f)		1,400,000		791,000
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2001-A:
Class G, 6% 10/15/32 (e)(f)		2,895,000		521,100
Class X, 1.6421% 10/15/32 (e)(f)(g)		16,300,568		81,829
Series 2002-CIB4 Class E, 6.9555% 5/12/34 (e)(f)		1,500,000		750,000
JPMorgan Commercial Mortgage Finance Corp.:
Series 1997-C5 Class F, 7.5605% 9/15/29		2,400,000		2,220,000
Series 1999-C8:
Class G, 6% 7/15/31 (e)		1,385,000		277,000
Class H, 6% 7/15/31 (e)		2,638,000		263,800
Commercial Mortgage Securities - continued
		Principal Amount (d)		Value
Merrill Lynch Financial Asset, Inc. Series 2005-CA16:
Class F, 4.384% 7/12/15	CAD	710,000		$ 311,424
Class G, 4.384% 7/12/15	CAD	355,000		148,677
Class H, 4.384% 7/12/15	CAD	236,000		94,419
Class J, 4.384% 7/12/15	CAD	355,000		135,760
Class K, 4.384% 7/12/15	CAD	355,000		129,832
Class L, 4.384% 7/12/15	CAD	236,000		82,582
Class M, 4.384% 7/12/15	CAD	995,000		227,048
Merrill Lynch Mortgage Investors Trust:
Series 1999-C1 Class G, 6.71% 11/15/31 (e)		$ 3,359,000		450,778
Series 2001-HRPA Class H, 6.778% 2/3/16 (e)		1,965,000		1,375,500
Mezz Capital Commercial Mortgage Trust Series 2004-C1:
Class D, 6.988% 9/15/13		750,000		30,000
Class E, 7.983% 10/15/13		1,453,000		72,650
Class IO, 7.548% 1/15/18 (f)(g)		6,568,418		886,736
Morgan Stanley Capital I Trust Series 2005-HQ7 Class E, 5.2082% 11/14/42 (f)		750,000		172,718
SBA CMBS Trust Series 2006-1A Class J, 7.825% 11/15/36 (e)		1,000,000		880,000
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (e)		2,000,000		1,280,000
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 1.0263% 9/15/09 (e)(f)		1,200,000		142,281
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $52,095,084)			33,965,574
Floating Rate Loans - 1.1%

CONSUMER DISCRETIONARY - 0.8%
Specialty Retail - 0.8%
The Pep Boys - Manny, Moe & Jack term loan 3.26% 10/27/13 (f)		28,409		22,727
Toys 'R' US, Inc. term loan 3.5088% 12/8/09 (f)		4,546,189		2,727,713
				2,750,440
FINANCIALS - 0.3%
Diversified Financial Services - 0.0%
LandSource Holding Co. LLC term loan 8.25% 5/31/09 (f)		1,881,594		282,239
Floating Rate Loans - continued
		Principal Amount (d)		Value
FINANCIALS - continued
Real Estate Management & Development - 0.3%
Realogy Corp.:
Credit-Linked Deposit 3.5007% 10/10/13 (f)		$ 314,201		$ 204,230
Tranche B, term loan 4.1769% 10/10/13 (f)		1,167,030		758,570
Tishman Speyer Properties term loan 2.2% 12/27/12 (f)		115,000		51,750
				1,014,550
TOTAL FINANCIALS				1,296,789
TOTAL FLOATING RATE LOANS (Cost $7,641,978)			4,047,229

Preferred Securities - 0.1%

FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
Cairn High Grade ABS CDO PLC Series 2006-2A Class SUB, 1/13/47 (e)	1,000,000		0
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (e)	500,000		59,591
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (e)	590,000		127,895
Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (e)	810,000		1
Ipswich Street CDO Series 2006-1, 6/27/46 (c)(e)	1,350,000		0
Kent Funding III Ltd. 11/5/47 (e)	1,650,000		0
			187,487
TOTAL PREFERRED SECURITIES (Cost $5,659,828)		187,487
Money Market Funds - 8.0%
	Shares
Fidelity Cash Central Fund, 0.53% (b) (Cost $28,597,294)	28,597,294		28,597,294
Cash Equivalents - 0.6%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Treasury Obligations) # (Cost $2,275,000)	$ 2,275,010		$ 2,275,000
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $488,755,517)			358,470,097
NET OTHER ASSETS - (0.2)%			(717,864)
NET ASSETS - 100%		$ 357,752,233

Currency Abbreviation
CAD	-	Canadian dollar

Legend

(a) Non-income producing

(d) Principal amount is stated in United States dollars unless otherwise noted.

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

(g) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool held as of the end of the period.

(h) 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 $2,694,150 or 0.8% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Fannie Mae REMIC Trust Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41	5/21/03	$ 190,445
Fannie Mae REMIC Trust Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42	3/25/03	$ 217,904
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.9375% 6/25/35	6/3/05	$ 1,110,697
Wrightwood Capital LLC 9% 6/1/14	1/1/05	$ 4,000,000

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

Repurchase Agreement / Counterparty	Value
$2,275,000 due 5/01/09 at 0.15%
BNP Paribas Securities Corp.	$ 1,177,310
Banc of America Securities LLC	207,740
Barclays Capital, Inc.	626,228
Deutsche Bank Securities, Inc.	263,722
	$ 2,275,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 169,582

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 358,470,097	$ 132,011,000	$ 199,882,672	$ 26,576,425

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 32,391,074
Total Realized Gain (Loss)	53,046
Total Unrealized Gain (Loss)	(28,988,894)
Cost of Purchases	5,302,501
Proceeds of Sales	(979,105)
Amortization/Accretion	(4,006,941)
Transfer in/out of Level 3	22,804,744
Ending Balance	$ 26,576,425

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $490,326,537. Net unrealized depreciation aggregated $131,856,440, of which $15,994,385 related to appreciated investment securities and $147,850,825 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Certain of the Fund's securities are valued at period end by a single source or dealer. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Series Small Cap
Opportunities Fund

(formerly Fidelity Small Cap Opportunities Fund)

April 30, 2009

1.847958.102

SMO-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
CONSUMER DISCRETIONARY - 13.8%
Auto Components - 0.3%
Federal-Mogul Corp. Class A (a)	332,800		$ 3,694,080
Diversified Consumer Services - 1.7%
Brinks Home Security Holdings, Inc. (a)	300,200		7,979,316
Coinstar, Inc. (a)	201,866		7,184,411
Steiner Leisure Ltd. (a)	90,500		2,863,420
			18,027,147
Hotels, Restaurants & Leisure - 3.3%
Bally Technologies, Inc. (a)	253,800		6,644,484
Cracker Barrel Old Country Store, Inc.	93,900		3,062,079
Jack in the Box, Inc. (a)	362,800		8,921,252
Orient Express Hotels Ltd. Class A	688,200		4,452,654
Red Robin Gourmet Burgers, Inc. (a)	218,360		5,360,738
Wyndham Worldwide Corp.	631,500		7,375,920
			35,817,127
Household Durables - 0.8%
Mohawk Industries, Inc. (a)	191,700		9,069,327
Internet & Catalog Retail - 0.8%
Expedia, Inc. (a)	589,900		8,028,539
Leisure Equipment & Products - 0.0%
Summer Infant, Inc. (a)	51,736		103,472
Media - 0.1%
CKX, Inc. (a)	167,614		903,439
Specialty Retail - 4.0%
Chico's FAS, Inc. (a)	959,700		7,332,108
Genesco, Inc. (a)	255,955		5,830,655
Penske Auto Group, Inc.	570,200		7,555,150
Shoe Carnival, Inc. (a)	421,764		4,917,768
Signet Jewelers Ltd.	356,800		5,662,416
Tiffany & Co., Inc.	244,200		7,067,148
Zumiez, Inc. (a)	418,578		5,048,051
			43,413,296
Textiles, Apparel & Luxury Goods - 2.8%
American Apparel, Inc. (a)(d)	1,327,400		8,959,950
Deckers Outdoor Corp. (a)	159,600		9,020,592
Gildan Activewear, Inc. (a)	404,700		4,632,895
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Heelys, Inc.	614,221		$ 1,124,024
Iconix Brand Group, Inc. (a)	465,200		6,633,752
			30,371,213
TOTAL CONSUMER DISCRETIONARY			149,427,640
CONSUMER STAPLES - 3.7%
Food & Staples Retailing - 1.0%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	431,900		4,723,482
The Great Atlantic & Pacific Tea Co. (a)	769,400		5,647,396
			10,370,878
Food Products - 1.7%
Hain Celestial Group, Inc. (a)	251,500		4,197,535
PureCircle Ltd. (a)	1,013,700		3,689,575
Ralcorp Holdings, Inc. (a)	47,900		2,737,964
Smart Balance, Inc. (a)	460,727		3,238,911
Tyson Foods, Inc. Class A	425,200		4,481,608
			18,345,593
Personal Products - 1.0%
Elizabeth Arden, Inc. (a)	693,500		6,005,710
Inter Parfums, Inc.	629,000		4,881,040
			10,886,750
TOTAL CONSUMER STAPLES			39,603,221
ENERGY - 4.7%
Energy Equipment & Services - 1.0%
Atwood Oceanics, Inc. (a)	222,600		4,968,432
Hornbeck Offshore Services, Inc. (a)	248,800		5,779,624
			10,748,056
Oil, Gas & Consumable Fuels - 3.7%
Cimarex Energy Co.	91,800		2,469,420
Comstock Resources, Inc. (a)	226,500		7,805,190
Concho Resources, Inc. (a)	196,600		5,390,772
EXCO Resources, Inc. (a)	632,848		7,454,949
Goodrich Petroleum Corp. (a)(d)	197,000		4,517,210
Mariner Energy, Inc. (a)	345,000		3,926,100
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Massey Energy Co.	276,500		$ 4,399,115
Whiting Petroleum Corp. (a)	141,000		4,619,160
			40,581,916
TOTAL ENERGY			51,329,972
FINANCIALS - 19.7%
Capital Markets - 4.0%
Affiliated Managers Group, Inc. (a)	213,700		12,148,845
Cohen & Steers, Inc. (d)	425,000		6,256,000
FCStone Group, Inc. (a)(d)(e)	1,400,400		4,327,236
optionsXpress Holdings, Inc.	403,100		6,635,026
Waddell & Reed Financial, Inc. Class A	600,900		13,466,169
			42,833,276
Commercial Banks - 4.5%
Associated Banc-Corp.	395,928		6,125,006
Boston Private Financial Holdings, Inc.	428,300		1,974,463
CapitalSource, Inc.	2,431,000		7,511,790
City National Corp. (d)	222,400		8,139,840
Intervest Bancshares Corp. Class A (e)	385,240		1,513,993
PacWest Bancorp	520,000		7,576,400
SVB Financial Group (a)(d)	330,000		6,850,800
TCF Financial Corp. (d)	650,000		9,041,500
			48,733,792
Insurance - 4.1%
Allied World Assurance Co. Holdings Ltd.	99,400		3,691,716
American Safety Insurance Group Ltd. (a)	458,700		5,220,006
Aspen Insurance Holdings Ltd.	244,100		5,755,878
Endurance Specialty Holdings Ltd.	191,200		5,001,792
IPC Holdings Ltd.	254,200		6,619,368
Max Capital Group Ltd.	225,400		3,730,370
Reinsurance Group of America, Inc.	305,300		9,705,487
W.R. Berkley Corp.	206,300		4,932,633
			44,657,250
Real Estate Investment Trusts - 3.0%
Alexandria Real Estate Equities, Inc.	240,000		8,755,200
Apartment Investment & Management Co. Class A	236,718		1,728,041
Digital Realty Trust, Inc.	131,700		4,742,517
Highwoods Properties, Inc. (SBI)	226,900		5,443,331
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Home Properties, Inc.	151,600		$ 5,524,304
National Retail Properties, Inc.	365,400		6,482,196
			32,675,589
Real Estate Management & Development - 2.1%
Forestar Group, Inc. (a)(d)	1,172,000		15,071,923
Jones Lang LaSalle, Inc.	236,000		7,615,720
			22,687,643
Thrifts & Mortgage Finance - 2.0%
Astoria Financial Corp.	1,310,000		10,820,600
Washington Federal, Inc.	785,600		10,197,088
			21,017,688
TOTAL FINANCIALS			212,605,238
HEALTH CARE - 12.5%
Biotechnology - 3.0%
Acorda Therapeutics, Inc. (a)	21,900		434,277
Alkermes, Inc. (a)	313,100		2,395,215
Cephalon, Inc. (a)	33,000		2,165,130
Dendreon Corp. (a)	110,000		2,332,000
Medarex, Inc. (a)	526,000		3,113,920
Myriad Genetics, Inc. (a)	155,800		6,043,482
OSI Pharmaceuticals, Inc. (a)	90,000		3,021,300
PDL BioPharma, Inc.	225,000		1,608,750
Theravance, Inc. (a)	336,600		4,823,478
United Therapeutics Corp. (a)	99,100		6,224,471
			32,162,023
Health Care Equipment & Supplies - 3.3%
COLTENE Holding AG	78,858		2,684,841
Haemonetics Corp. (a)	82,500		4,259,475
Integra LifeSciences Holdings Corp. (a)	220,000		5,680,400
Masimo Corp. (a)	221,200		6,392,680
Meridian Bioscience, Inc.	290,900		5,055,842
Orthofix International NV (a)	269,616		4,596,953
Sirona Dental Systems, Inc. (a)	238,000		3,893,680
Wright Medical Group, Inc. (a)	198,000		2,722,500
			35,286,371
Health Care Providers & Services - 3.5%
Brookdale Senior Living, Inc.	501,000		5,165,310
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Genoptix, Inc. (a)	280,400		$ 8,154,032
Hanger Orthopedic Group, Inc. (a)	218,000		3,032,380
IPC The Hospitalist Co., Inc. (a)	230,000		4,215,900
MEDNAX, Inc. (a)	102,300		3,672,570
PSS World Medical, Inc. (a)	616,000		8,944,320
ResCare, Inc. (a)	276,500		4,429,530
			37,614,042
Life Sciences Tools & Services - 1.1%
Life Technologies Corp. (a)	131,000		4,886,300
Medtox Scientific, Inc. (a)	161,700		1,311,387
QIAGEN NV (a)	368,400		6,071,232
			12,268,919
Pharmaceuticals - 1.6%
Ardea Biosciences, Inc. (a)(d)	188,079		2,320,895
Cadence Pharmaceuticals, Inc. (a)	220,353		2,229,972
Optimer Pharmaceuticals, Inc. (a)	195,000		2,724,150
Perrigo Co.	287,700		7,457,184
XenoPort, Inc. (a)	195,900		2,677,953
			17,410,154
TOTAL HEALTH CARE			134,741,509
INDUSTRIALS - 13.7%
Aerospace & Defense - 1.3%
Alliant Techsystems, Inc. (a)	98,300		7,829,595
Teledyne Technologies, Inc. (a)	204,000		6,513,720
			14,343,315
Air Freight & Logistics - 0.4%
UTI Worldwide, Inc.	306,800		4,129,528
Airlines - 0.4%
AirTran Holdings, Inc. (a)	406,600		2,825,870
Alaska Air Group, Inc. (a)	122,600		2,057,228
			4,883,098
Building Products - 1.6%
Aaon, Inc.	363,500		7,080,980
Armstrong World Industries, Inc.	304,300		5,532,174
Masco Corp.	548,900		4,863,254
			17,476,408
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - 0.7%
United Stationers, Inc. (a)	223,100		$ 7,302,063
Construction & Engineering - 1.1%
Chicago Bridge & Iron Co. NV (NY Shares)	523,400		5,600,380
Granite Construction, Inc.	152,800		6,027,960
			11,628,340
Electrical Equipment - 1.5%
Energy Conversion Devices, Inc. (a)(d)	250,700		4,607,866
First Solar, Inc. (a)(d)	26,800		5,019,372
Regal-Beloit Corp.	84,700		3,441,361
Suzlon Energy Ltd.	2,082,064		2,687,583
			15,756,182
Industrial Conglomerates - 0.7%
Carlisle Companies, Inc.	357,900		8,142,225
Machinery - 3.0%
Bucyrus International, Inc. Class A	498,219		10,816,334
Cummins, Inc.	254,300		8,646,200
Graco, Inc.	293,000		6,911,870
John Bean Technologies Corp.	560,400		6,175,608
			32,550,012
Professional Services - 1.1%
ICF International, Inc. (a)	221,800		6,101,718
Kforce, Inc. (a)	574,500		6,267,795
			12,369,513
Road & Rail - 0.6%
Old Dominion Freight Lines, Inc. (a)	223,300		6,285,895
Trading Companies & Distributors - 1.3%
Interline Brands, Inc. (a)	579,500		7,510,320
MSC Industrial Direct Co., Inc. Class A	156,200		6,380,770
			13,891,090
TOTAL INDUSTRIALS			148,757,669
INFORMATION TECHNOLOGY - 18.8%
Communications Equipment - 3.0%
Brocade Communications Systems, Inc. (a)	1,891,900		10,935,182
Comtech Telecommunications Corp. (a)	214,500		7,179,315
Starent Networks Corp. (a)(d)	388,489		7,664,888
ViaSat, Inc. (a)	310,600		7,140,694
			32,920,079
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 1.2%
Seagate Technology	696,800		$ 5,685,888
Super Micro Computer, Inc. (a)	663,591		3,463,945
Synaptics, Inc. (a)	127,318		4,135,289
			13,285,122
Electronic Equipment & Components - 2.6%
Insight Enterprises, Inc. (a)	1,998,702		11,432,575
Tech Data Corp. (a)	309,200		8,901,868
Trimble Navigation Ltd. (a)	345,300		7,403,232
			27,737,675
Internet Software & Services - 2.6%
Art Technology Group, Inc. (a)	2,074,832		6,514,972
DealerTrack Holdings, Inc. (a)	542,600		8,236,668
j2 Global Communications, Inc. (a)	275,530		6,609,965
Open Text Corp. (a)	206,000		6,784,664
			28,146,269
IT Services - 2.2%
Alliance Data Systems Corp. (a)(d)	198,200		8,298,634
Sapient Corp. (a)	1,585,000		8,131,050
Wright Express Corp. (a)	321,200		7,349,056
			23,778,740
Semiconductors & Semiconductor Equipment - 4.0%
Amkor Technology, Inc. (a)	1,380,600		5,950,386
ARM Holdings PLC sponsored ADR	776,900		4,125,339
Fairchild Semiconductor International, Inc. (a)	695,351		4,283,362
Micron Technology, Inc. (a)	1,114,400		5,438,272
PMC-Sierra, Inc. (a)	977,072		7,738,410
Power Integrations, Inc.	215,000		4,579,500
Varian Semiconductor Equipment Associates, Inc. (a)	195,200		4,995,168
Volterra Semiconductor Corp. (a)	492,600		5,659,974
			42,770,411
Software - 3.2%
Amdocs Ltd. (a)	263,600		5,517,148
Ariba, Inc. (a)	789,571		7,587,777
Nuance Communications, Inc. (a)	387,000		5,166,450
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Radiant Systems, Inc. (a)	822,200		$ 6,059,614
Sybase, Inc. (a)	313,700		10,653,252
			34,984,241
TOTAL INFORMATION TECHNOLOGY			203,622,537
MATERIALS - 5.7%
Chemicals - 1.4%
Nalco Holding Co.	319,000		5,206,080
Rockwood Holdings, Inc. (a)	613,300		7,543,590
W.R. Grace & Co. (a)	299,800		2,647,234
			15,396,904
Construction Materials - 0.5%
Martin Marietta Materials, Inc.	56,800		4,772,904
Containers & Packaging - 0.6%
Rock-Tenn Co. Class A	165,000		6,230,400
Metals & Mining - 3.2%
Carpenter Technology Corp.	203,400		4,204,278
Cliffs Natural Resources, Inc.	224,800		5,183,888
Commercial Metals Co.	430,700		6,408,816
Compass Minerals International, Inc.	94,100		4,537,502
OZ Minerals Ltd.	1,934,900		1,055,149
Red Back Mining, Inc. (a)	781,700		5,411,139
Steel Dynamics, Inc.	655,200		8,157,240
			34,958,012
TOTAL MATERIALS			61,358,220
TELECOMMUNICATION SERVICES - 1.4%
Diversified Telecommunication Services - 0.6%
Premiere Global Services, Inc. (a)	629,900		6,639,146
Wireless Telecommunication Services - 0.8%
NII Holdings, Inc. (a)	185,000		2,989,600
SBA Communications Corp. Class A (a)	107,030		2,697,156
Syniverse Holdings, Inc. (a)	188,900		2,380,140
			8,066,896
TOTAL TELECOMMUNICATION SERVICES			14,706,042
Common Stocks - continued
	Shares		Value
UTILITIES - 3.7%
Electric Utilities - 1.2%
Cleco Corp.	218,100		$ 4,599,729
Portland General Electric Co.	232,600		4,249,602
Westar Energy, Inc.	239,400		4,196,682
			13,046,013
Gas Utilities - 1.1%
Northwest Natural Gas Co.	153,600		6,282,240
Southwest Gas Corp.	269,300		5,442,553
			11,724,793
Multi-Utilities - 1.1%
NorthWestern Energy Corp.	200,800		4,200,736
OGE Energy Corp.	121,700		3,128,907
PNM Resources, Inc.	577,100		4,916,892
			12,246,535
Water Utilities - 0.3%
SJW Corp.	51,400		1,295,280
Southwest Water Co.	393,700		2,259,838
			3,555,118
TOTAL UTILITIES			40,572,459
TOTAL COMMON STOCKS (Cost $1,038,325,290)		1,056,724,507
Nonconvertible Preferred Stocks - 0.4%

FINANCIALS - 0.4%
Real Estate Investment Trusts - 0.4%
Developers Diversified Realty Corp. (depositary shares) Series G, 8.00% (Cost $3,264,715)	427,512		4,014,338

Convertible Bonds - 0.3%
	Principal Amount	Value
FINANCIALS - 0.3%
Real Estate Investment Trusts - 0.3%
SL Green Realty Corp. 3% 3/30/27 (f) (Cost $3,072,299)	$ 4,890,000	$ 3,612,488
U.S. Treasury Obligations - 0.3%

U.S. Treasury Bills, yield at date of purchase 0.04% to 0.28% 5/7/09 to 5/28/09 (g) (Cost $3,189,548)	3,190,000	3,189,931

Money Market Funds - 5.0%
	Shares
Fidelity Cash Central Fund, 0.53% (b)	14,120,773		14,120,773
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	39,421,575		39,421,575
TOTAL MONEY MARKET FUNDS (Cost $53,542,348)		53,542,348
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) # (Cost $84,000)	$ 84,000		84,000
TOTAL INVESTMENT PORTFOLIO - 103.7% (Cost $1,101,478,200)			1,121,167,612
NET OTHER ASSETS - (3.7)%			(39,910,576)
NET ASSETS - 100%		$ 1,081,257,036

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
80 NYFE Russell 1000 Mini Index Contracts	June 2009	$ 3,893,600	$ 308,840

The face value of futures purchased as a percentage of net assets - 0.4%

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,612,488 or 0.3% of net assets.

(g) 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 $989,976.

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

Repurchase Agreement / Counterparty	Value
$84,000 due 5/01/09 at 0.15%
BNP Paribas Securities Corp.	$ 14,899
Barclays Capital, Inc.	2,383
Credit Suisse Securities (USA) LLC	3,096
Deutsche Bank Securities, Inc.	31,459
HSBC Securities (USA), Inc.	23,833
Mizuho Securities USA, Inc.	2,383
Societe Generale, New York Branch	5,947
	$ 84,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 462,155
Fidelity Securities Lending Cash Central Fund	1,069,490
Total	$ 1,531,645

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Diamond Management & Technology Consultants, Inc.	$ 6,569,238	$ 896,904	$ 3,752,268	$ 510,728	$ -
Digital Ally, Inc.	-	8,184,389	4,940,816	-	-
FCStone Group, Inc.	6,182,460	4,176,331	-	-	4,327,236
Intervest Bancshares Corp. Class A	2,981,758	-	-	-	1,513,993
Summer Infant, Inc.	3,322,239	53,055	1,280,802	-	-
Total	$ 19,055,695	$ 13,310,679	$ 9,973,886	$ 510,728	$ 5,841,229

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 1,121,167,612	$ 1,105,219,194	$ 15,948,418	$ -
Other Financial Instruments*	$ 308,840	$ 308,840	$ -	$ -

*Other financial instruments include Futures Contracts.

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $1,106,901,278. Net unrealized appreciation aggregated $14,266,334, of which $139,133,625 related to appreciated investment securities and $124,867,291 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Small Cap Growth Fund

April 30, 2009

1.815773.104

SCP-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%
	Shares		Value
CONSUMER DISCRETIONARY - 15.4%
Auto Components - 1.3%
BorgWarner, Inc.	306,000		$ 8,858,700
Gentex Corp.	280,000		3,743,600
			12,602,300
Diversified Consumer Services - 2.4%
Brinks Home Security Holdings, Inc. (a)	274,600		7,298,868
Hillenbrand, Inc.	601,507		10,935,397
Strayer Education, Inc. (d)	30,000		5,682,300
			23,916,565
Hotels, Restaurants & Leisure - 5.0%
Bally Technologies, Inc. (a)	347,600		9,100,168
Burger King Holdings, Inc.	440,000		7,189,600
Jack in the Box, Inc. (a)	199,000		4,893,410
Life Time Fitness, Inc. (a)(d)	216,000		4,052,160
Penn National Gaming, Inc. (a)	232,000		7,892,640
Town Sports International Holdings, Inc. (a)	117,534		405,492
WMS Industries, Inc. (a)	281,000		9,022,910
Wyndham Worldwide Corp.	590,000		6,891,200
			49,447,580
Household Durables - 0.7%
Dorel Industries, Inc. Class B (sub. vtg.)	289,550		5,520,438
Hooker Furniture Corp.	147,040		1,723,309
			7,243,747
Internet & Catalog Retail - 0.6%
Priceline.com, Inc. (a)(d)	59,900		5,815,691
Media - 0.7%
Virgin Media, Inc.	891,000		6,878,520
Specialty Retail - 2.1%
Advance Auto Parts, Inc.	110,800		4,847,500
Dick's Sporting Goods, Inc. (a)	230,000		4,370,000
Pacific Sunwear of California, Inc. (a)	310,500		1,257,525
Sally Beauty Holdings, Inc. (a)	776,000		5,742,400
The Men's Wearhouse, Inc.	221,900		4,136,216
			20,353,641
Textiles, Apparel & Luxury Goods - 2.6%
FGX International Ltd. (a)	426,100		4,908,672
G-III Apparel Group Ltd. (a)	730,300		5,857,006
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Iconix Brand Group, Inc. (a)	718,600		$ 10,247,236
Liz Claiborne, Inc.	849,300		4,025,682
			25,038,596
TOTAL CONSUMER DISCRETIONARY			151,296,640
CONSUMER STAPLES - 1.7%
Food Products - 1.0%
Corn Products International, Inc.	197,900		4,729,810
Tyson Foods, Inc. Class A	480,000		5,059,200
			9,789,010
Personal Products - 0.7%
Chattem, Inc. (a)	123,300		6,770,403
TOTAL CONSUMER STAPLES			16,559,413
ENERGY - 8.6%
Energy Equipment & Services - 0.7%
Hornbeck Offshore Services, Inc. (a)	281,800		6,546,214
Oil, Gas & Consumable Fuels - 7.9%
Cabot Oil & Gas Corp.	225,600		6,810,864
Comstock Resources, Inc. (a)	148,198		5,106,903
Concho Resources, Inc. (a)	517,800		14,198,076
EXCO Resources, Inc. (a)	1,426,400		16,802,993
Mariner Energy, Inc. (a)	1,050,000		11,949,000
Massey Energy Co.	520,000		8,273,200
Petroleum Development Corp. (a)	312,217		5,061,038
Whiting Petroleum Corp. (a)	302,000		9,893,520
			78,095,594
TOTAL ENERGY			84,641,808
FINANCIALS - 6.6%
Capital Markets - 2.1%
Cohen & Steers, Inc. (d)	153,406		2,258,136
FCStone Group, Inc. (a)	1,063,200		3,285,288
Janus Capital Group, Inc.	1,043,800		10,469,314
VZ Holding AG	16,942		662,398
Waddell & Reed Financial, Inc. Class A	173,000		3,876,930
			20,552,066
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 1.4%
CapitalSource, Inc.	1,295,000		$ 4,001,550
Signature Bank, New York (a)	200,000		5,438,000
UMB Financial Corp.	106,000		4,851,620
			14,291,170
Insurance - 2.0%
Allied World Assurance Co. Holdings Ltd.	195,000		7,242,300
Aspen Insurance Holdings Ltd.	312,100		7,359,318
Endurance Specialty Holdings Ltd.	210,000		5,493,600
			20,095,218
Real Estate Investment Trusts - 1.1%
American Campus Communities, Inc.	224,200		4,860,656
Digital Realty Trust, Inc.	159,000		5,725,590
			10,586,246
TOTAL FINANCIALS			65,524,700
HEALTH CARE - 21.2%
Biotechnology - 5.1%
Cephalon, Inc. (a)(d)	149,800		9,828,378
Dendreon Corp. (a)	210,000		4,452,000
Grifols SA	286,574		5,027,402
Myriad Genetics, Inc. (a)	168,000		6,516,720
OSI Pharmaceuticals, Inc. (a)	125,000		4,196,250
PDL BioPharma, Inc.	660,000		4,719,000
Theravance, Inc. (a)	444,000		6,362,520
United Therapeutics Corp. (a)	150,000		9,421,500
			50,523,770
Health Care Equipment & Supplies - 5.0%
Haemonetics Corp. (a)	157,000		8,105,910
Immucor, Inc. (a)	91,448		1,489,688
Integra LifeSciences Holdings Corp. (a)	376,400		9,718,648
Kinetic Concepts, Inc. (a)	175,267		4,339,611
Masimo Corp. (a)	205,000		5,924,500
Meridian Bioscience, Inc.	463,505		8,055,717
Sirona Dental Systems, Inc. (a)	325,000		5,317,000
Wright Medical Group, Inc. (a)	447,000		6,146,250
			49,097,324
Health Care Providers & Services - 7.0%
Brookdale Senior Living, Inc. (d)	1,023,000		10,547,130
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Centene Corp. (a)	309,433		$ 5,684,284
Genoptix, Inc. (a)	236,000		6,862,880
Hanger Orthopedic Group, Inc. (a)	400,000		5,564,000
IPC The Hospitalist Co., Inc. (a)	209,000		3,830,970
PSS World Medical, Inc. (a)	759,499		11,027,925
ResCare, Inc. (a)	275,000		4,405,500
Sun Healthcare Group, Inc. (a)	820,800		6,952,176
Synergy Health PLC	850,411		4,891,448
VCA Antech, Inc. (a)	355,600		8,897,112
			68,663,425
Life Sciences Tools & Services - 1.9%
Life Technologies Corp. (a)	289,000		10,779,700
QIAGEN NV (a)	468,000		7,712,640
			18,492,340
Pharmaceuticals - 2.2%
Ardea Biosciences, Inc. (a)	5,600		69,104
Medicines Co. (a)	385,000		3,842,300
Perrigo Co.	515,800		13,369,536
XenoPort, Inc. (a)	306,000		4,183,020
			21,463,960
TOTAL HEALTH CARE			208,240,819
INDUSTRIALS - 16.5%
Aerospace & Defense - 2.9%
AeroVironment, Inc. (a)(d)	127,000		3,004,820
Alliant Techsystems, Inc. (a)	118,000		9,398,700
Stanley, Inc. (a)	364,000		9,383,920
Teledyne Technologies, Inc. (a)	201,000		6,417,930
			28,205,370
Airlines - 0.9%
Alaska Air Group, Inc. (a)	515,000		8,641,700
Commercial Services & Supplies - 1.3%
InnerWorkings, Inc. (a)	1,380,238		6,970,202
The Geo Group, Inc. (a)	378,000		6,286,140
			13,256,342
Construction & Engineering - 1.0%
Chicago Bridge & Iron Co. NV (NY Shares)	882,000		9,437,400
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - 3.2%
Acuity Brands, Inc.	154,100		$ 4,428,834
Regal-Beloit Corp.	188,000		7,638,440
SMA Solar Technology AG	155,300		9,626,298
Sunpower Corp.:
Class A (a)	35,000		958,300
Class B (a)	334,400		8,480,384
			31,132,256
Machinery - 1.0%
Navistar International Corp. (a)	263,000		9,941,400
Professional Services - 3.3%
CoStar Group, Inc. (a)	146,736		5,436,569
FTI Consulting, Inc. (a)	209,000		11,469,920
Monster Worldwide, Inc. (a)(d)	572,597		7,901,839
Navigant Consulting, Inc. (a)	528,800		7,778,648
			32,586,976
Road & Rail - 1.1%
Con-way, Inc.	191,000		4,732,980
Knight Transportation, Inc.	357,300		6,317,064
			11,050,044
Trading Companies & Distributors - 1.4%
Beacon Roofing Supply, Inc. (a)	422,000		6,709,800
Interline Brands, Inc. (a)	375,000		4,860,000
Rush Enterprises, Inc. Class A (a)	159,570		2,099,941
			13,669,741
Transportation Infrastructure - 0.4%
Aegean Marine Petroleum Network, Inc.	295,200		4,472,280
TOTAL INDUSTRIALS			162,393,509
INFORMATION TECHNOLOGY - 19.8%
Communications Equipment - 2.5%
Comtech Telecommunications Corp. (a)	271,000		9,070,370
Starent Networks Corp. (a)	300,000		5,919,000
ViaSat, Inc. (a)	415,700		9,556,943
			24,546,313
Computers & Peripherals - 0.7%
Wincor Nixdorf AG	140,400		6,972,450
Electronic Equipment & Components - 1.9%
Ingram Micro, Inc. Class A (a)	345,000		5,009,400
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Insight Enterprises, Inc. (a)	1,450,000		$ 8,294,000
SYNNEX Corp. (a)	250,000		5,382,500
			18,685,900
Internet Software & Services - 4.1%
Art Technology Group, Inc. (a)	1,870,000		5,871,800
Equinix, Inc. (a)	114,600		8,048,358
j2 Global Communications, Inc. (a)	692,500		16,613,075
Telecity Group PLC (a)	2,491,600		9,682,674
			40,215,907
IT Services - 3.3%
CACI International, Inc. Class A (a)	319,400		12,632,270
CyberSource Corp. (a)	467,466		6,829,678
Datacash Group PLC	1,671,200		6,157,993
WNS Holdings Ltd. sponsored ADR (a)(d)	822,300		6,816,867
			32,436,808
Semiconductors & Semiconductor Equipment - 4.5%
Diodes, Inc. (a)	615,000		9,151,200
Fairchild Semiconductor International, Inc. (a)	461,100		2,840,376
Hittite Microwave Corp. (a)	198,821		7,388,188
Lam Research Corp. (a)	349,000		9,730,120
Marvell Technology Group Ltd. (a)	570,000		6,258,600
Varian Semiconductor Equipment Associates, Inc. (a)	350,490		8,969,039
			44,337,523
Software - 2.8%
Autodesk, Inc. (a)	193,000		3,848,420
Blackbaud, Inc.	401,059		6,104,118
Informatica Corp. (a)	431,000		6,852,900
PROS Holdings, Inc. (a)	1,002,657		6,477,164
Taleo Corp. Class A (a)	334,639		4,019,014
			27,301,616
TOTAL INFORMATION TECHNOLOGY			194,496,517
MATERIALS - 3.8%
Chemicals - 1.3%
Solutia, Inc. (a)	1,132,000		4,256,320
Terra Industries, Inc.	319,000		8,453,500
			12,709,820
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - 0.8%
Myers Industries, Inc.	833,000		$ 8,354,990
Metals & Mining - 1.7%
Commercial Metals Co.	445,000		6,621,600
Compass Minerals International, Inc.	130,000		6,268,600
Red Back Mining, Inc. (a)	554,400		3,837,707
			16,727,907
TOTAL MATERIALS			37,792,717
TELECOMMUNICATION SERVICES - 0.8%
Diversified Telecommunication Services - 0.8%
Premiere Global Services, Inc. (a)	722,000		7,609,880
UTILITIES - 0.4%
Water Utilities - 0.4%
Southwest Water Co.	712,499		4,089,744
TOTAL COMMON STOCKS (Cost $984,601,594)		932,645,747
Money Market Funds - 8.0%

Fidelity Cash Central Fund, 0.53% (b)	51,643,078		51,643,078
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	27,050,150		27,050,150
TOTAL MONEY MARKET FUNDS (Cost $78,693,228)		78,693,228
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $1,063,294,822)			1,011,338,975
NET OTHER ASSETS - (2.8)%			(27,404,244)
NET ASSETS - 100%		$ 983,934,731

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 442,477
Fidelity Securities Lending Cash Central Fund	897,012
Total	$ 1,339,489

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 1,011,338,975	$ 968,318,312	$ 43,020,663	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $1,082,071,211. Net unrealized depreciation aggregated $70,732,236, of which $93,647,551 related to appreciated investment securities and $164,379,787 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor Small Cap Growth Fund

Class A
Class T
Class B
Class C
Institutional Class

Class A, Class T, Class B, Class C
and Institutional Class are classes of
Fidelity® Small Cap Growth Fund.

April 30, 2009

1.817157.104

ASCP-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%
	Shares		Value
CONSUMER DISCRETIONARY - 15.4%
Auto Components - 1.3%
BorgWarner, Inc.	306,000		$ 8,858,700
Gentex Corp.	280,000		3,743,600
			12,602,300
Diversified Consumer Services - 2.4%
Brinks Home Security Holdings, Inc. (a)	274,600		7,298,868
Hillenbrand, Inc.	601,507		10,935,397
Strayer Education, Inc. (d)	30,000		5,682,300
			23,916,565
Hotels, Restaurants & Leisure - 5.0%
Bally Technologies, Inc. (a)	347,600		9,100,168
Burger King Holdings, Inc.	440,000		7,189,600
Jack in the Box, Inc. (a)	199,000		4,893,410
Life Time Fitness, Inc. (a)(d)	216,000		4,052,160
Penn National Gaming, Inc. (a)	232,000		7,892,640
Town Sports International Holdings, Inc. (a)	117,534		405,492
WMS Industries, Inc. (a)	281,000		9,022,910
Wyndham Worldwide Corp.	590,000		6,891,200
			49,447,580
Household Durables - 0.7%
Dorel Industries, Inc. Class B (sub. vtg.)	289,550		5,520,438
Hooker Furniture Corp.	147,040		1,723,309
			7,243,747
Internet & Catalog Retail - 0.6%
Priceline.com, Inc. (a)(d)	59,900		5,815,691
Media - 0.7%
Virgin Media, Inc.	891,000		6,878,520
Specialty Retail - 2.1%
Advance Auto Parts, Inc.	110,800		4,847,500
Dick's Sporting Goods, Inc. (a)	230,000		4,370,000
Pacific Sunwear of California, Inc. (a)	310,500		1,257,525
Sally Beauty Holdings, Inc. (a)	776,000		5,742,400
The Men's Wearhouse, Inc.	221,900		4,136,216
			20,353,641
Textiles, Apparel & Luxury Goods - 2.6%
FGX International Ltd. (a)	426,100		4,908,672
G-III Apparel Group Ltd. (a)	730,300		5,857,006
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Iconix Brand Group, Inc. (a)	718,600		$ 10,247,236
Liz Claiborne, Inc.	849,300		4,025,682
			25,038,596
TOTAL CONSUMER DISCRETIONARY			151,296,640
CONSUMER STAPLES - 1.7%
Food Products - 1.0%
Corn Products International, Inc.	197,900		4,729,810
Tyson Foods, Inc. Class A	480,000		5,059,200
			9,789,010
Personal Products - 0.7%
Chattem, Inc. (a)	123,300		6,770,403
TOTAL CONSUMER STAPLES			16,559,413
ENERGY - 8.6%
Energy Equipment & Services - 0.7%
Hornbeck Offshore Services, Inc. (a)	281,800		6,546,214
Oil, Gas & Consumable Fuels - 7.9%
Cabot Oil & Gas Corp.	225,600		6,810,864
Comstock Resources, Inc. (a)	148,198		5,106,903
Concho Resources, Inc. (a)	517,800		14,198,076
EXCO Resources, Inc. (a)	1,426,400		16,802,993
Mariner Energy, Inc. (a)	1,050,000		11,949,000
Massey Energy Co.	520,000		8,273,200
Petroleum Development Corp. (a)	312,217		5,061,038
Whiting Petroleum Corp. (a)	302,000		9,893,520
			78,095,594
TOTAL ENERGY			84,641,808
FINANCIALS - 6.6%
Capital Markets - 2.1%
Cohen & Steers, Inc. (d)	153,406		2,258,136
FCStone Group, Inc. (a)	1,063,200		3,285,288
Janus Capital Group, Inc.	1,043,800		10,469,314
VZ Holding AG	16,942		662,398
Waddell & Reed Financial, Inc. Class A	173,000		3,876,930
			20,552,066
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 1.4%
CapitalSource, Inc.	1,295,000		$ 4,001,550
Signature Bank, New York (a)	200,000		5,438,000
UMB Financial Corp.	106,000		4,851,620
			14,291,170
Insurance - 2.0%
Allied World Assurance Co. Holdings Ltd.	195,000		7,242,300
Aspen Insurance Holdings Ltd.	312,100		7,359,318
Endurance Specialty Holdings Ltd.	210,000		5,493,600
			20,095,218
Real Estate Investment Trusts - 1.1%
American Campus Communities, Inc.	224,200		4,860,656
Digital Realty Trust, Inc.	159,000		5,725,590
			10,586,246
TOTAL FINANCIALS			65,524,700
HEALTH CARE - 21.2%
Biotechnology - 5.1%
Cephalon, Inc. (a)(d)	149,800		9,828,378
Dendreon Corp. (a)	210,000		4,452,000
Grifols SA	286,574		5,027,402
Myriad Genetics, Inc. (a)	168,000		6,516,720
OSI Pharmaceuticals, Inc. (a)	125,000		4,196,250
PDL BioPharma, Inc.	660,000		4,719,000
Theravance, Inc. (a)	444,000		6,362,520
United Therapeutics Corp. (a)	150,000		9,421,500
			50,523,770
Health Care Equipment & Supplies - 5.0%
Haemonetics Corp. (a)	157,000		8,105,910
Immucor, Inc. (a)	91,448		1,489,688
Integra LifeSciences Holdings Corp. (a)	376,400		9,718,648
Kinetic Concepts, Inc. (a)	175,267		4,339,611
Masimo Corp. (a)	205,000		5,924,500
Meridian Bioscience, Inc.	463,505		8,055,717
Sirona Dental Systems, Inc. (a)	325,000		5,317,000
Wright Medical Group, Inc. (a)	447,000		6,146,250
			49,097,324
Health Care Providers & Services - 7.0%
Brookdale Senior Living, Inc. (d)	1,023,000		10,547,130
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Centene Corp. (a)	309,433		$ 5,684,284
Genoptix, Inc. (a)	236,000		6,862,880
Hanger Orthopedic Group, Inc. (a)	400,000		5,564,000
IPC The Hospitalist Co., Inc. (a)	209,000		3,830,970
PSS World Medical, Inc. (a)	759,499		11,027,925
ResCare, Inc. (a)	275,000		4,405,500
Sun Healthcare Group, Inc. (a)	820,800		6,952,176
Synergy Health PLC	850,411		4,891,448
VCA Antech, Inc. (a)	355,600		8,897,112
			68,663,425
Life Sciences Tools & Services - 1.9%
Life Technologies Corp. (a)	289,000		10,779,700
QIAGEN NV (a)	468,000		7,712,640
			18,492,340
Pharmaceuticals - 2.2%
Ardea Biosciences, Inc. (a)	5,600		69,104
Medicines Co. (a)	385,000		3,842,300
Perrigo Co.	515,800		13,369,536
XenoPort, Inc. (a)	306,000		4,183,020
			21,463,960
TOTAL HEALTH CARE			208,240,819
INDUSTRIALS - 16.5%
Aerospace & Defense - 2.9%
AeroVironment, Inc. (a)(d)	127,000		3,004,820
Alliant Techsystems, Inc. (a)	118,000		9,398,700
Stanley, Inc. (a)	364,000		9,383,920
Teledyne Technologies, Inc. (a)	201,000		6,417,930
			28,205,370
Airlines - 0.9%
Alaska Air Group, Inc. (a)	515,000		8,641,700
Commercial Services & Supplies - 1.3%
InnerWorkings, Inc. (a)	1,380,238		6,970,202
The Geo Group, Inc. (a)	378,000		6,286,140
			13,256,342
Construction & Engineering - 1.0%
Chicago Bridge & Iron Co. NV (NY Shares)	882,000		9,437,400
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - 3.2%
Acuity Brands, Inc.	154,100		$ 4,428,834
Regal-Beloit Corp.	188,000		7,638,440
SMA Solar Technology AG	155,300		9,626,298
Sunpower Corp.:
Class A (a)	35,000		958,300
Class B (a)	334,400		8,480,384
			31,132,256
Machinery - 1.0%
Navistar International Corp. (a)	263,000		9,941,400
Professional Services - 3.3%
CoStar Group, Inc. (a)	146,736		5,436,569
FTI Consulting, Inc. (a)	209,000		11,469,920
Monster Worldwide, Inc. (a)(d)	572,597		7,901,839
Navigant Consulting, Inc. (a)	528,800		7,778,648
			32,586,976
Road & Rail - 1.1%
Con-way, Inc.	191,000		4,732,980
Knight Transportation, Inc.	357,300		6,317,064
			11,050,044
Trading Companies & Distributors - 1.4%
Beacon Roofing Supply, Inc. (a)	422,000		6,709,800
Interline Brands, Inc. (a)	375,000		4,860,000
Rush Enterprises, Inc. Class A (a)	159,570		2,099,941
			13,669,741
Transportation Infrastructure - 0.4%
Aegean Marine Petroleum Network, Inc.	295,200		4,472,280
TOTAL INDUSTRIALS			162,393,509
INFORMATION TECHNOLOGY - 19.8%
Communications Equipment - 2.5%
Comtech Telecommunications Corp. (a)	271,000		9,070,370
Starent Networks Corp. (a)	300,000		5,919,000
ViaSat, Inc. (a)	415,700		9,556,943
			24,546,313
Computers & Peripherals - 0.7%
Wincor Nixdorf AG	140,400		6,972,450
Electronic Equipment & Components - 1.9%
Ingram Micro, Inc. Class A (a)	345,000		5,009,400
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Insight Enterprises, Inc. (a)	1,450,000		$ 8,294,000
SYNNEX Corp. (a)	250,000		5,382,500
			18,685,900
Internet Software & Services - 4.1%
Art Technology Group, Inc. (a)	1,870,000		5,871,800
Equinix, Inc. (a)	114,600		8,048,358
j2 Global Communications, Inc. (a)	692,500		16,613,075
Telecity Group PLC (a)	2,491,600		9,682,674
			40,215,907
IT Services - 3.3%
CACI International, Inc. Class A (a)	319,400		12,632,270
CyberSource Corp. (a)	467,466		6,829,678
Datacash Group PLC	1,671,200		6,157,993
WNS Holdings Ltd. sponsored ADR (a)(d)	822,300		6,816,867
			32,436,808
Semiconductors & Semiconductor Equipment - 4.5%
Diodes, Inc. (a)	615,000		9,151,200
Fairchild Semiconductor International, Inc. (a)	461,100		2,840,376
Hittite Microwave Corp. (a)	198,821		7,388,188
Lam Research Corp. (a)	349,000		9,730,120
Marvell Technology Group Ltd. (a)	570,000		6,258,600
Varian Semiconductor Equipment Associates, Inc. (a)	350,490		8,969,039
			44,337,523
Software - 2.8%
Autodesk, Inc. (a)	193,000		3,848,420
Blackbaud, Inc.	401,059		6,104,118
Informatica Corp. (a)	431,000		6,852,900
PROS Holdings, Inc. (a)	1,002,657		6,477,164
Taleo Corp. Class A (a)	334,639		4,019,014
			27,301,616
TOTAL INFORMATION TECHNOLOGY			194,496,517
MATERIALS - 3.8%
Chemicals - 1.3%
Solutia, Inc. (a)	1,132,000		4,256,320
Terra Industries, Inc.	319,000		8,453,500
			12,709,820
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - 0.8%
Myers Industries, Inc.	833,000		$ 8,354,990
Metals & Mining - 1.7%
Commercial Metals Co.	445,000		6,621,600
Compass Minerals International, Inc.	130,000		6,268,600
Red Back Mining, Inc. (a)	554,400		3,837,707
			16,727,907
TOTAL MATERIALS			37,792,717
TELECOMMUNICATION SERVICES - 0.8%
Diversified Telecommunication Services - 0.8%
Premiere Global Services, Inc. (a)	722,000		7,609,880
UTILITIES - 0.4%
Water Utilities - 0.4%
Southwest Water Co.	712,499		4,089,744
TOTAL COMMON STOCKS (Cost $984,601,594)		932,645,747
Money Market Funds - 8.0%

Fidelity Cash Central Fund, 0.53% (b)	51,643,078		51,643,078
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	27,050,150		27,050,150
TOTAL MONEY MARKET FUNDS (Cost $78,693,228)		78,693,228
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $1,063,294,822)			1,011,338,975
NET OTHER ASSETS - (2.8)%			(27,404,244)
NET ASSETS - 100%		$ 983,934,731

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 442,477
Fidelity Securities Lending Cash Central Fund	897,012
Total	$ 1,339,489

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 1,011,338,975	$ 968,318,312	$ 43,020,663	$ -

Income Tax Information

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Small Cap Value Fund

April 30, 2009

1.815774.104

SCV-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.1%
	Shares		Value
CONSUMER DISCRETIONARY - 13.5%
Diversified Consumer Services - 1.3%
Regis Corp.	827,340		$ 15,835,288
Household Durables - 4.7%
Centex Corp.	658,940		7,208,804
Ethan Allen Interiors, Inc.	279,513		3,759,450
M.D.C. Holdings, Inc.	215,000		7,348,700
Meritage Homes Corp. (a)	1,392,593		28,979,860
Ryland Group, Inc.	417,900		8,654,709
			55,951,523
Specialty Retail - 6.3%
Asbury Automotive Group, Inc.	1,246,215		12,050,899
Penske Auto Group, Inc. (d)	2,307,760		30,577,820
The Men's Wearhouse, Inc.	1,059,641		19,751,708
Tsutsumi Jewelry Co. Ltd.	780,200		12,814,654
			75,195,081
Textiles, Apparel & Luxury Goods - 1.2%
Iconix Brand Group, Inc. (a)	1,030,087		14,689,041
TOTAL CONSUMER DISCRETIONARY			161,670,933
CONSUMER STAPLES - 2.4%
Food & Staples Retailing - 2.4%
Casey's General Stores, Inc.	740,000		19,691,400
Ingles Markets, Inc. Class A	615,487		9,607,752
			29,299,152
ENERGY - 4.7%
Energy Equipment & Services - 1.9%
Superior Energy Services, Inc. (a)	1,166,700		22,412,307
Oil, Gas & Consumable Fuels - 2.8%
Encore Acquisition Co. (a)(d)	593,609		17,327,447
Mariner Energy, Inc. (a)	1,446,700		16,463,446
			33,790,893
TOTAL ENERGY			56,203,200
FINANCIALS - 33.2%
Capital Markets - 9.1%
Affiliated Managers Group, Inc. (a)	590,000		33,541,500
Cohen & Steers, Inc. (d)	1,080,000		15,897,600
optionsXpress Holdings, Inc.	1,005,000		16,542,300
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Sparx Group Co. Ltd. (d)	22,235		$ 2,916,231
TradeStation Group, Inc. (a)	2,062,291		16,725,180
Waddell & Reed Financial, Inc. Class A	1,040,000		23,306,400
			108,929,211
Commercial Banks - 4.0%
Associated Banc-Corp. (d)	1,179,583		18,248,149
CapitalSource, Inc. (d)	4,747,200		14,668,848
City National Corp. (d)	404,900		14,819,340
			47,736,337
Insurance - 9.5%
Aspen Insurance Holdings Ltd.	1,090,200		25,706,916
IPC Holdings Ltd.	878,740		22,882,390
Max Capital Group Ltd.	1,149,111		19,017,787
Reinsurance Group of America, Inc.	693,801		22,055,934
W.R. Berkley Corp.	1,015,000		24,268,650
			113,931,677
Real Estate Investment Trusts - 3.7%
Alexandria Real Estate Equities, Inc. (d)	625,000		22,800,000
Highwoods Properties, Inc. (SBI)	481,230		11,544,708
National Retail Properties, Inc.	590,000		10,466,600
			44,811,308
Real Estate Management & Development - 2.1%
Jones Lang LaSalle, Inc.	766,000		24,718,820
Thrifts & Mortgage Finance - 4.8%
Astoria Financial Corp.	3,982,462		32,895,136
Washington Federal, Inc.	1,941,840		25,205,083
			58,100,219
TOTAL FINANCIALS			398,227,572
HEALTH CARE - 5.9%
Health Care Equipment & Supplies - 1.1%
Abaxis, Inc. (a)	886,727		13,407,312
Health Care Providers & Services - 3.8%
MEDNAX, Inc. (a)	556,500		19,978,350
VCA Antech, Inc. (a)	990,000		24,769,800
			44,748,150
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 1.0%
Perrigo Co.	476,200		$ 12,343,104
TOTAL HEALTH CARE			70,498,566
INDUSTRIALS - 12.8%
Building Products - 1.4%
NCI Building Systems, Inc. (a)(d)	649,320		2,564,814
Simpson Manufacturing Co. Ltd. (d)	665,000		14,802,900
			17,367,714
Commercial Services & Supplies - 5.7%
ACCO Brands Corp. (a)	1,250,923		2,614,429
HNI Corp. (d)	2,175,771		33,724,451
United Stationers, Inc. (a)	990,000		32,402,700
			68,741,580
Construction & Engineering - 1.9%
URS Corp. (a)	522,376		23,015,887
Machinery - 1.6%
Graco, Inc.	790,000		18,636,100
Trading Companies & Distributors - 2.2%
WESCO International, Inc. (a)	1,000,000		26,000,000
TOTAL INDUSTRIALS			153,761,281
INFORMATION TECHNOLOGY - 12.9%
Communications Equipment - 2.0%
Polycom, Inc. (a)	490,000		9,133,600
ViaSat, Inc. (a)	669,472		15,391,161
			24,524,761
Electronic Equipment & Components - 4.0%
Ingram Micro, Inc. Class A (a)	1,553,100		22,551,012
Macnica, Inc.	677,400		7,582,193
Ryoyo Electro Corp.	1,272,700		10,216,330
SYNNEX Corp. (a)	379,898		8,179,204
			48,528,739
Internet Software & Services - 4.2%
DealerTrack Holdings, Inc. (a)	1,799,434		27,315,408
j2 Global Communications, Inc. (a)	553,149		13,270,045
LoopNet, Inc. (a)	1,064,182		9,141,323
			49,726,776
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 1.8%
FormFactor, Inc. (a)	734,157		$ 12,796,357
Miraial Co. Ltd. (e)	570,200		8,396,545
			21,192,902
Software - 0.9%
MICROS Systems, Inc. (a)	490,000		10,280,200
TOTAL INFORMATION TECHNOLOGY			154,253,378
MATERIALS - 4.4%
Chemicals - 1.3%
Spartech Corp. (e)	1,583,102		6,221,591
Valspar Corp.	380,000		9,120,000
			15,341,591
Metals & Mining - 3.1%
Carpenter Technology Corp.	1,799,380		37,193,181
TOTAL MATERIALS			52,534,772
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services - 1.2%
Cogent Communications Group, Inc. (a)	1,640,000		13,841,600
UTILITIES - 3.1%
Electric Utilities - 1.8%
Allete, Inc. (d)	94,350		2,456,874
Westar Energy, Inc.	1,090,000		19,107,700
			21,564,574
Gas Utilities - 1.3%
Southwest Gas Corp.	750,989		15,177,488
TOTAL UTILITIES			36,742,062
TOTAL COMMON STOCKS (Cost $1,278,297,081)		1,127,032,516
Nonconvertible Preferred Stocks - 1.6%

CONSUMER DISCRETIONARY - 0.6%
Household Durables - 0.6%
M/I Homes, Inc. Series A, 9.75% (a)	730,800		6,942,600
Nonconvertible Preferred Stocks - continued
	Shares		Value
FINANCIALS - 1.0%
Real Estate Investment Trusts - 0.7%
Developers Diversified Realty Corp.:
(depositary shares) Series H, 7.375%	565,000		$ 4,972,000
Series I, 7.50%	430,155		3,626,207
			8,598,207
Thrifts & Mortgage Finance - 0.3%
Fannie Mae Series S, 8.25%	3,702,100		3,072,743
TOTAL FINANCIALS			11,670,950
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $28,928,685)		18,613,550

Convertible Bonds - 3.1%
	Principal Amount
CONSUMER DISCRETIONARY - 1.4%
Specialty Retail - 1.4%
United Auto Group, Inc. 3.5% 4/1/26	$ 19,720,000		17,635,202
FINANCIALS - 1.4%
Real Estate Investment Trusts - 1.4%
SL Green Realty Corp. 3% 3/30/27 (f)	22,420,000		16,562,775
INDUSTRIALS - 0.3%
Building Products - 0.3%
NCI Building Systems, Inc. 2.125% 11/15/24	5,000,000		3,364,500
TOTAL CONVERTIBLE BONDS (Cost $26,505,299)		37,562,477

Money Market Funds - 8.8%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	16,657,772		$ 16,657,772
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	88,684,714		88,684,714
TOTAL MONEY MARKET FUNDS (Cost $105,342,486)		105,342,486
TOTAL INVESTMENT PORTFOLIO - 107.6% (Cost $1,439,073,551)			1,288,551,029
NET OTHER ASSETS - (7.6)%			(90,668,664)
NET ASSETS - 100%		$ 1,197,882,365

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 179,625
Fidelity Securities Lending Cash Central Fund	1,351,114
Total	$ 1,530,739

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Cogent Communications Group, Inc.	$ -	$ 18,402,564	$ 7,067,267	$ -	$ -
Miraial Co. Ltd.	-	7,307,474	-	173,717	8,396,545
Spartech Corp.	11,202,911	4,588,500	-	158,310	6,221,591
The Pantry, Inc.	18,783,837	-	21,698,273	-	-
Zoran Corp.	13,344,836	9,473,071	17,237,167	-	-
Total	$ 43,331,584	$ 39,771,609	$ 46,002,707	$ 332,027	$ 14,618,136

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 1,288,551,029	$ 1,209,062,599	$ 79,488,430	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $1,443,416,001. Net unrealized depreciation aggregated $154,864,972, of which $123,560,276 related to appreciated investment securities and $278,425,248 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Advisor
Small Cap Value Fund
Class A
Class T
Class B
Class C
Institutional Class

Class A, Class T, Class B, Class C
and Institutional Class are classes of
Fidelity® Small Cap Value Fund.

April 30, 2009

1.817158.104

ASCV-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.1%
	Shares		Value
CONSUMER DISCRETIONARY - 13.5%
Diversified Consumer Services - 1.3%
Regis Corp.	827,340		$ 15,835,288
Household Durables - 4.7%
Centex Corp.	658,940		7,208,804
Ethan Allen Interiors, Inc.	279,513		3,759,450
M.D.C. Holdings, Inc.	215,000		7,348,700
Meritage Homes Corp. (a)	1,392,593		28,979,860
Ryland Group, Inc.	417,900		8,654,709
			55,951,523
Specialty Retail - 6.3%
Asbury Automotive Group, Inc.	1,246,215		12,050,899
Penske Auto Group, Inc. (d)	2,307,760		30,577,820
The Men's Wearhouse, Inc.	1,059,641		19,751,708
Tsutsumi Jewelry Co. Ltd.	780,200		12,814,654
			75,195,081
Textiles, Apparel & Luxury Goods - 1.2%
Iconix Brand Group, Inc. (a)	1,030,087		14,689,041
TOTAL CONSUMER DISCRETIONARY			161,670,933
CONSUMER STAPLES - 2.4%
Food & Staples Retailing - 2.4%
Casey's General Stores, Inc.	740,000		19,691,400
Ingles Markets, Inc. Class A	615,487		9,607,752
			29,299,152
ENERGY - 4.7%
Energy Equipment & Services - 1.9%
Superior Energy Services, Inc. (a)	1,166,700		22,412,307
Oil, Gas & Consumable Fuels - 2.8%
Encore Acquisition Co. (a)(d)	593,609		17,327,447
Mariner Energy, Inc. (a)	1,446,700		16,463,446
			33,790,893
TOTAL ENERGY			56,203,200
FINANCIALS - 33.2%
Capital Markets - 9.1%
Affiliated Managers Group, Inc. (a)	590,000		33,541,500
Cohen & Steers, Inc. (d)	1,080,000		15,897,600
optionsXpress Holdings, Inc.	1,005,000		16,542,300
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Sparx Group Co. Ltd. (d)	22,235		$ 2,916,231
TradeStation Group, Inc. (a)	2,062,291		16,725,180
Waddell & Reed Financial, Inc. Class A	1,040,000		23,306,400
			108,929,211
Commercial Banks - 4.0%
Associated Banc-Corp. (d)	1,179,583		18,248,149
CapitalSource, Inc. (d)	4,747,200		14,668,848
City National Corp. (d)	404,900		14,819,340
			47,736,337
Insurance - 9.5%
Aspen Insurance Holdings Ltd.	1,090,200		25,706,916
IPC Holdings Ltd.	878,740		22,882,390
Max Capital Group Ltd.	1,149,111		19,017,787
Reinsurance Group of America, Inc.	693,801		22,055,934
W.R. Berkley Corp.	1,015,000		24,268,650
			113,931,677
Real Estate Investment Trusts - 3.7%
Alexandria Real Estate Equities, Inc. (d)	625,000		22,800,000
Highwoods Properties, Inc. (SBI)	481,230		11,544,708
National Retail Properties, Inc.	590,000		10,466,600
			44,811,308
Real Estate Management & Development - 2.1%
Jones Lang LaSalle, Inc.	766,000		24,718,820
Thrifts & Mortgage Finance - 4.8%
Astoria Financial Corp.	3,982,462		32,895,136
Washington Federal, Inc.	1,941,840		25,205,083
			58,100,219
TOTAL FINANCIALS			398,227,572
HEALTH CARE - 5.9%
Health Care Equipment & Supplies - 1.1%
Abaxis, Inc. (a)	886,727		13,407,312
Health Care Providers & Services - 3.8%
MEDNAX, Inc. (a)	556,500		19,978,350
VCA Antech, Inc. (a)	990,000		24,769,800
			44,748,150
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 1.0%
Perrigo Co.	476,200		$ 12,343,104
TOTAL HEALTH CARE			70,498,566
INDUSTRIALS - 12.8%
Building Products - 1.4%
NCI Building Systems, Inc. (a)(d)	649,320		2,564,814
Simpson Manufacturing Co. Ltd. (d)	665,000		14,802,900
			17,367,714
Commercial Services & Supplies - 5.7%
ACCO Brands Corp. (a)	1,250,923		2,614,429
HNI Corp. (d)	2,175,771		33,724,451
United Stationers, Inc. (a)	990,000		32,402,700
			68,741,580
Construction & Engineering - 1.9%
URS Corp. (a)	522,376		23,015,887
Machinery - 1.6%
Graco, Inc.	790,000		18,636,100
Trading Companies & Distributors - 2.2%
WESCO International, Inc. (a)	1,000,000		26,000,000
TOTAL INDUSTRIALS			153,761,281
INFORMATION TECHNOLOGY - 12.9%
Communications Equipment - 2.0%
Polycom, Inc. (a)	490,000		9,133,600
ViaSat, Inc. (a)	669,472		15,391,161
			24,524,761
Electronic Equipment & Components - 4.0%
Ingram Micro, Inc. Class A (a)	1,553,100		22,551,012
Macnica, Inc.	677,400		7,582,193
Ryoyo Electro Corp.	1,272,700		10,216,330
SYNNEX Corp. (a)	379,898		8,179,204
			48,528,739
Internet Software & Services - 4.2%
DealerTrack Holdings, Inc. (a)	1,799,434		27,315,408
j2 Global Communications, Inc. (a)	553,149		13,270,045
LoopNet, Inc. (a)	1,064,182		9,141,323
			49,726,776
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 1.8%
FormFactor, Inc. (a)	734,157		$ 12,796,357
Miraial Co. Ltd. (e)	570,200		8,396,545
			21,192,902
Software - 0.9%
MICROS Systems, Inc. (a)	490,000		10,280,200
TOTAL INFORMATION TECHNOLOGY			154,253,378
MATERIALS - 4.4%
Chemicals - 1.3%
Spartech Corp. (e)	1,583,102		6,221,591
Valspar Corp.	380,000		9,120,000
			15,341,591
Metals & Mining - 3.1%
Carpenter Technology Corp.	1,799,380		37,193,181
TOTAL MATERIALS			52,534,772
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services - 1.2%
Cogent Communications Group, Inc. (a)	1,640,000		13,841,600
UTILITIES - 3.1%
Electric Utilities - 1.8%
Allete, Inc. (d)	94,350		2,456,874
Westar Energy, Inc.	1,090,000		19,107,700
			21,564,574
Gas Utilities - 1.3%
Southwest Gas Corp.	750,989		15,177,488
TOTAL UTILITIES			36,742,062
TOTAL COMMON STOCKS (Cost $1,278,297,081)		1,127,032,516
Nonconvertible Preferred Stocks - 1.6%

CONSUMER DISCRETIONARY - 0.6%
Household Durables - 0.6%
M/I Homes, Inc. Series A, 9.75% (a)	730,800		6,942,600
Nonconvertible Preferred Stocks - continued
	Shares		Value
FINANCIALS - 1.0%
Real Estate Investment Trusts - 0.7%
Developers Diversified Realty Corp.:
(depositary shares) Series H, 7.375%	565,000		$ 4,972,000
Series I, 7.50%	430,155		3,626,207
			8,598,207
Thrifts & Mortgage Finance - 0.3%
Fannie Mae Series S, 8.25%	3,702,100		3,072,743
TOTAL FINANCIALS			11,670,950
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $28,928,685)		18,613,550

Convertible Bonds - 3.1%
	Principal Amount
CONSUMER DISCRETIONARY - 1.4%
Specialty Retail - 1.4%
United Auto Group, Inc. 3.5% 4/1/26	$ 19,720,000		17,635,202
FINANCIALS - 1.4%
Real Estate Investment Trusts - 1.4%
SL Green Realty Corp. 3% 3/30/27 (f)	22,420,000		16,562,775
INDUSTRIALS - 0.3%
Building Products - 0.3%
NCI Building Systems, Inc. 2.125% 11/15/24	5,000,000		3,364,500
TOTAL CONVERTIBLE BONDS (Cost $26,505,299)		37,562,477

Money Market Funds - 8.8%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	16,657,772		$ 16,657,772
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	88,684,714		88,684,714
TOTAL MONEY MARKET FUNDS (Cost $105,342,486)		105,342,486
TOTAL INVESTMENT PORTFOLIO - 107.6% (Cost $1,439,073,551)			1,288,551,029
NET OTHER ASSETS - (7.6)%			(90,668,664)
NET ASSETS - 100%		$ 1,197,882,365

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 179,625
Fidelity Securities Lending Cash Central Fund	1,351,114
Total	$ 1,530,739

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Cogent Communications Group, Inc.	$ -	$ 18,402,564	$ 7,067,267	$ -	$ -
Miraial Co. Ltd.	-	7,307,474	-	173,717	8,396,545
Spartech Corp.	11,202,911	4,588,500	-	158,310	6,221,591
The Pantry, Inc.	18,783,837	-	21,698,273	-	-
Zoran Corp.	13,344,836	9,473,071	17,237,167	-	-
Total	$ 43,331,584	$ 39,771,609	$ 46,002,707	$ 332,027	$ 14,618,136

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 1,288,551,029	$ 1,209,062,599	$ 79,488,430	$ -

Income Tax Information

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

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/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	June 29, 2009

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

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	June 29, 2009

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	June 29, 2009