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:

October 31, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Blue Chip Growth Fund
Blue Chip Growth
Class K

Class F

October 31, 2010

1.809076.106

BCF-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 16.1%

Auto Components - 0.2%

Lear Corp. (a)

73,300

$ 6,480

TRW Automotive Holdings Corp. (a)

323,000

14,758

 

21,238

Automobiles - 1.6%

Bajaj Auto Ltd.

615,228

20,972

Bayerische Motoren Werke AG (BMW)

616,358

44,177

Ford Motor Co. (a)

7,427,900

104,956

Hyundai Motor Co.

95,676

14,464

Maruti Suzuki India Ltd.

394,906

13,895

 

198,464

Diversified Consumer Services - 0.3%

Coinstar, Inc. (a)(d)

693,594

39,937

Everonn Education Ltd.

325,512

4,853

 

44,790

Hotels, Restaurants & Leisure - 4.1%

Bravo Brio Restaurant Group, Inc.

72,300

1,301

Chipotle Mexican Grill, Inc. (a)

125,500

26,381

Country Style Cooking Restaurant Chain Co. Ltd. ADR

248,000

7,331

Genting International PLC (a)

7,982,000

13,382

International Game Technology

505,000

7,873

Las Vegas Sands Corp. (a)(d)

3,570,900

163,833

McDonald's Corp.

1,147,730

89,259

Starbucks Corp.

3,348,600

95,368

Starwood Hotels & Resorts Worldwide, Inc.

765,500

41,444

WMS Industries, Inc. (a)

750,800

32,757

Wyndham Worldwide Corp.

1,326,685

38,142

 

517,071

Household Durables - 0.6%

Beazer Homes USA, Inc. (a)(d)

3,151,700

12,796

Furniture Brands International, Inc. (a)

1,577,549

7,904

Stanley Black & Decker, Inc.

641,500

39,754

Tempur-Pedic International, Inc. (a)

575,900

19,869

 

80,323

Internet & Catalog Retail - 3.4%

Amazon.com, Inc. (a)

1,970,700

325,441

Expedia, Inc.

970,700

28,102

Mecox Lane Ltd. ADR

20,100

328

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Internet & Catalog Retail - continued

Netflix, Inc. (a)

167,200

$ 29,009

Priceline.com, Inc. (a)

126,700

47,742

 

430,622

Media - 0.8%

DIRECTV (a)

2,082,219

90,493

ReachLocal, Inc. (d)

650,000

11,109

 

101,602

Multiline Retail - 3.2%

Kohl's Corp. (a)

1,112,500

56,960

Macy's, Inc.

5,528,200

130,687

Nordstrom, Inc.

399,900

15,400

Target Corp.

4,035,700

209,614

 

412,661

Specialty Retail - 1.1%

Foot Locker, Inc.

2,881,300

45,899

Home Depot, Inc.

1,067,300

32,958

Lowe's Companies, Inc.

2,263,000

48,270

Office Depot, Inc. (a)

1,264,000

5,675

Select Comfort Corp. (a)

200,000

1,662

 

134,464

Textiles, Apparel & Luxury Goods - 0.8%

Evergreen International Holdings Ltd. (a)

340,000

202

Gitanjali Gems Ltd.

1,894,483

12,670

NIKE, Inc. Class B

240,300

19,570

Pandora A/S

325,500

15,792

Polo Ralph Lauren Corp. Class A

224,600

21,759

Provogue (India) Ltd.

2,358,723

3,983

Steven Madden Ltd. (a)

124,400

5,262

Titan Industries Ltd.

54,934

4,402

Vera Bradley, Inc. (a)

684,636

18,725

 

102,365

TOTAL CONSUMER DISCRETIONARY

2,043,600

CONSUMER STAPLES - 7.1%

Beverages - 2.8%

Anheuser-Busch InBev SA NV

798,981

50,067

Coca-Cola Enterprises, Inc.

509,100

12,223

Dr Pepper Snapple Group, Inc.

2,540,400

92,852

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Beverages - continued

The Coca-Cola Co.

3,252,500

$ 199,443

United Spirits Ltd.

135,108

4,557

 

359,142

Food & Staples Retailing - 1.8%

CVS Caremark Corp.

2,321,500

69,924

Drogasil SA

310,100

7,844

United Natural Foods, Inc. (a)

100,700

3,601

Walgreen Co.

2,549,900

86,391

Whole Foods Market, Inc. (a)

1,360,000

54,060

 

221,820

Food Products - 0.5%

Diamond Foods, Inc. (d)

374,000

16,531

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

1,114,200

36,757

Mead Johnson Nutrition Co. Class A

103,400

6,082

Ruchi Soya Industries Ltd.

826,357

2,463

 

61,833

Personal Products - 0.2%

Avon Products, Inc.

736,500

22,426

Emami Ltd.

631,338

6,506

 

28,932

Tobacco - 1.8%

Philip Morris International, Inc.

3,831,800

224,160

TOTAL CONSUMER STAPLES

895,887

ENERGY - 8.7%

Energy Equipment & Services - 2.1%

Dresser-Rand Group, Inc. (a)

310,500

10,625

Halliburton Co.

972,500

30,984

National Oilwell Varco, Inc.

1,314,800

70,684

Schlumberger Ltd.

1,251,200

87,446

Transocean Ltd. (a)

1,078,400

68,327

 

268,066

Oil, Gas & Consumable Fuels - 6.6%

Alpha Natural Resources, Inc. (a)

1,081,800

48,865

Anadarko Petroleum Corp.

940,100

57,882

Chevron Corp.

607,100

50,153

ConocoPhillips

233,500

13,870

EOG Resources, Inc.

662,200

63,386

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Exxon Mobil Corp.

4,796,200

$ 318,803

Massey Energy Co.

3,617,453

152,186

Occidental Petroleum Corp.

984,200

77,388

Sunoco, Inc.

1,143,600

42,851

Whiting Petroleum Corp. (a)

100,800

10,124

 

835,508

TOTAL ENERGY

1,103,574

FINANCIALS - 7.0%

Capital Markets - 1.2%

Goldman Sachs Group, Inc.

187,100

30,114

Money Matters Financial Services Ltd.

1,654,400

25,190

Morgan Stanley

3,962,100

98,537

 

153,841

Commercial Banks - 1.3%

Axis Bank Ltd.

311,281

10,331

Bank of Baroda

349,162

8,284

HDFC Bank Ltd.

116,781

6,020

ICICI Bank Ltd.

507,614

13,395

M&T Bank Corp. rights 11/30/10 (a)

234,700

17,516

Punjab National Bank

485,518

15,814

Regions Financial Corp.

5,247,300

33,058

State Bank of India

165,559

11,768

SunTrust Banks, Inc.

1,382,600

34,593

Yes Bank Ltd.

1,166,413

9,460

 

160,239

Consumer Finance - 0.4%

Discover Financial Services

1,400,200

24,714

Mahindra & Mahindra Financial Services Ltd.

164,079

2,734

Netspend Holdings, Inc.

54,300

745

Shriram Transport Finance Co. Ltd.

1,223,702

24,333

Sundaram Finance Ltd.

87,063

1,348

 

53,874

Diversified Financial Services - 2.5%

Citigroup, Inc. (a)

31,761,000

132,443

CME Group, Inc.

235,700

68,271

Indiabulls Financial Services Ltd.

1,677,982

8,351

Infrastructure Development Finance Co. Ltd.

1,406,622

6,348

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Diversified Financial Services - continued

IntercontinentalExchange, Inc. (a)

174,600

$ 20,056

JPMorgan Chase & Co.

1,377,500

51,835

NBH Holdings Corp. Class A (a)(f)

347,410

6,774

Rural Electrification Corp. Ltd.

2,424,474

20,274

 

314,352

Insurance - 0.6%

Assured Guaranty Ltd.

2,289,800

43,621

Genworth Financial, Inc. Class A (a)

3,172,300

35,974

 

79,595

Real Estate Investment Trusts - 0.1%

ProLogis Trust

789,800

10,781

Real Estate Management & Development - 0.8%

Ackruti City Ltd.

1,900,000

20,200

CB Richard Ellis Group, Inc. Class A (a)

1,328,700

24,382

Emami Infrastructure Ltd. (a)

105,223

112

Indiabulls Real Estate Ltd. (a)

5,411,272

23,366

Oberoi Realty Ltd.

48,953

308

Parsvnath Developers Ltd. (a)(e)

21,771,340

32,811

 

101,179

Thrifts & Mortgage Finance - 0.1%

Housing Development Finance Corp. Ltd.

253,875

3,939

LIC Housing Finance Ltd.

431,960

13,064

 

17,003

TOTAL FINANCIALS

890,864

HEALTH CARE - 6.4%

Biotechnology - 2.6%

Alkermes, Inc. (a)

917,100

10,611

Amgen, Inc. (a)

640,800

36,647

Amylin Pharmaceuticals, Inc. (a)

1,832,100

23,872

Dendreon Corp. (a)

1,529,781

55,837

Genzyme Corp. (a)

372,700

26,883

Gilead Sciences, Inc. (a)

1,233,800

48,945

Human Genome Sciences, Inc. (a)

1,012,500

27,216

Micromet, Inc. (a)

1,322,420

9,905

SIGA Technologies, Inc. (a)

718,000

9,514

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Theravance, Inc. (a)

208,800

$ 4,255

Vertex Pharmaceuticals, Inc. (a)

1,774,100

68,001

 

321,686

Health Care Equipment & Supplies - 0.3%

Cooper Companies, Inc.

137,500

6,784

Edwards Lifesciences Corp. (a)

199,200

12,731

Elekta AB (B Shares)

135,000

5,108

Opto Circuits India Ltd.

1,026,246

6,658

William Demant Holding AS (a)

126,000

9,445

 

40,726

Health Care Providers & Services - 2.3%

DaVita, Inc. (a)

87,300

6,264

Emergency Medical Services Corp. Class A (a)

238,500

12,970

Express Scripts, Inc. (a)

2,861,180

138,824

McKesson Corp.

1,024,800

67,616

Medco Health Solutions, Inc. (a)

1,342,300

70,511

 

296,185

Health Care Technology - 0.6%

Allscripts-Misys Healthcare Solutions, Inc. (a)

597,100

11,399

Cerner Corp. (a)

664,300

58,345

Quality Systems, Inc.

95,900

6,163

 

75,907

Life Sciences Tools & Services - 0.2%

Illumina, Inc. (a)

391,000

21,235

Pharmaceuticals - 0.4%

Allergan, Inc.

374,400

27,110

Auxilium Pharmaceuticals, Inc. (a)

207,200

5,128

Dr. Reddy's Laboratories Ltd. sponsored ADR (d)

111,500

4,218

GlaxoSmithKline PLC sponsored ADR

89,100

3,478

Lupin Ltd.

127,566

1,261

Ranbaxy Laboratories Ltd. (a)

560,099

7,326

 

48,521

TOTAL HEALTH CARE

804,260

INDUSTRIALS - 12.5%

Aerospace & Defense - 3.1%

Honeywell International, Inc.

773,900

36,458

Precision Castparts Corp.

983,600

134,340

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

The Boeing Co.

975,100

$ 68,881

United Technologies Corp.

2,131,700

159,387

 

399,066

Air Freight & Logistics - 0.6%

Expeditors International of Washington, Inc.

212,900

10,509

United Parcel Service, Inc. Class B

1,028,400

69,252

 

79,761

Airlines - 1.5%

Delta Air Lines, Inc. (a)

2,734,000

37,975

United Continental Holdings, Inc. (a)

5,109,155

148,370

 

186,345

Building Products - 0.2%

Armstrong World Industries, Inc. (a)

602,600

25,159

Commercial Services & Supplies - 0.1%

Republic Services, Inc.

344,300

10,264

Construction & Engineering - 0.9%

Fluor Corp.

1,484,100

71,519

Jacobs Engineering Group, Inc. (a)

1,085,571

41,914

KBR, Inc.

97,800

2,484

Voltas Ltd.

439,996

2,434

 

118,351

Electrical Equipment - 0.1%

Crompton Greaves Ltd.

351,628

2,522

Regal-Beloit Corp.

108,300

6,250

 

8,772

Industrial Conglomerates - 0.1%

Textron, Inc.

572,000

11,909

Machinery - 4.5%

Beml Ltd.

504,883

12,799

Bucyrus International, Inc. Class A

1,341,000

91,403

Caterpillar, Inc.

1,044,100

82,066

Cummins, Inc.

995,000

87,660

Danaher Corp.

1,368,400

59,334

Dover Corp.

465,400

24,713

Ingersoll-Rand Co. Ltd.

2,243,000

88,172

Joy Global, Inc.

207,037

14,689

Manitowoc Co., Inc.

1,135,200

12,646

PACCAR, Inc.

1,259,400

64,557

Pall Corp.

319,900

13,650

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Parker Hannifin Corp.

168,600

$ 12,906

Tata Motors Ltd.

141,240

3,708

Thermax Ltd.

344,875

6,706

 

575,009

Professional Services - 0.2%

Manpower, Inc.

416,400

22,790

Road & Rail - 1.1%

CSX Corp.

711,200

43,703

Union Pacific Corp.

1,095,500

96,053

 

139,756

Trading Companies & Distributors - 0.1%

Adani Enterprises Ltd.

571,688

9,086

Mills Estruturas e Servicos de Engenharia SA (a)

304,400

3,673

 

12,759

TOTAL INDUSTRIALS

1,589,941

INFORMATION TECHNOLOGY - 37.2%

Communications Equipment - 5.1%

Acme Packet, Inc. (a)

652,000

25,787

Blue Coat Systems, Inc. (a)

150,000

4,046

Brocade Communications Systems, Inc. (a)

2,116,600

13,377

Cisco Systems, Inc. (a)

2,884,600

65,855

HTC Corp.

1,832,000

41,363

Juniper Networks, Inc. (a)

1,751,900

56,744

Motorola, Inc. (a)

3,010,000

24,532

QUALCOMM, Inc.

6,574,500

296,707

Research In Motion Ltd. (a)

1,436,500

81,809

Sterlite Optical Technologies Ltd.

1,664,340

3,103

Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR

2,433,700

26,746

ZTE Corp. (H Shares)

411,200

1,528

 

641,597

Computers & Peripherals - 11.2%

Apple, Inc. (a)

2,942,200

885,219

EMC Corp. (a)

3,055,200

64,190

Hewlett-Packard Co.

3,569,800

150,146

Imagination Technologies Group PLC (a)

641,000

4,459

Isilon Systems, Inc. (a)

512,300

14,585

NetApp, Inc. (a)

2,117,600

112,762

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

SanDisk Corp. (a)

1,172,400

$ 44,059

Seagate Technology (a)

5,159,400

75,585

Western Digital Corp. (a)

2,233,400

71,513

 

1,422,518

Electronic Equipment & Components - 0.8%

Agilent Technologies, Inc. (a)

1,496,455

52,077

Jabil Circuit, Inc.

2,416,400

37,068

Power-One, Inc. (a)(d)

799,500

8,323

 

97,468

Internet Software & Services - 6.8%

Akamai Technologies, Inc. (a)

2,605,100

134,606

Alibaba.com Ltd. (a)

5,180,000

10,118

Baidu.com, Inc. sponsored ADR (a)

668,800

73,575

eBay, Inc. (a)

873,300

26,033

Google, Inc. Class A (a)

839,400

514,544

INFO Edge India Ltd.

293,110

4,499

IntraLinks Holdings, Inc.

50,000

1,094

OpenTable, Inc. (a)

337,051

20,678

Rackspace Hosting, Inc. (a)

1,551,400

38,723

SciQuest, Inc.

619,800

6,998

Sohu.com, Inc. (a)

105,600

7,867

SouFun Holdings Ltd. ADR (d)

184,600

13,568

TPK Holdings Co.

16,000

264

VistaPrint Ltd. (a)

200,000

8,414

 

860,981

IT Services - 3.1%

Cognizant Technology Solutions Corp. Class A (a)

1,180,100

76,931

iGate Corp.

471,430

9,636

MasterCard, Inc. Class A

564,700

135,562

VeriFone Holdings, Inc. (a)

362,700

12,270

Visa, Inc. Class A

2,126,300

166,213

 

400,612

Office Electronics - 0.6%

Xerox Corp.

6,111,600

71,506

Semiconductors & Semiconductor Equipment - 5.1%

Advanced Micro Devices, Inc. (a)

3,874,800

28,402

ARM Holdings PLC sponsored ADR

785,800

13,893

Atmel Corp. (a)

3,135,800

27,783

Avago Technologies Ltd. (a)

911,500

22,496

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Broadcom Corp. Class A

2,918,000

$ 118,879

Lam Research Corp. (a)

1,552,800

71,103

Marvell Technology Group Ltd. (a)

7,473,100

144,306

MIPS Technologies, Inc. (a)

1,450,100

21,316

NVIDIA Corp. (a)

8,121,000

97,696

NXP Semiconductors NV

2,591,700

34,185

Silicon Laboratories, Inc. (a)

394,100

15,725

Trina Solar Ltd. ADR (a)(d)

1,092,400

29,233

TriQuint Semiconductor, Inc. (a)

1,956,500

20,152

Varian Semiconductor Equipment Associates, Inc. (a)

83,000

2,712

 

647,881

Software - 4.5%

BMC Software, Inc. (a)

239,200

10,874

Check Point Software Technologies Ltd. (a)

1,419,400

60,679

Citrix Systems, Inc. (a)

800,900

51,314

Informatica Corp. (a)

1,193,700

48,572

Intuit, Inc. (a)

852,200

40,906

Microsoft Corp.

54,500

1,452

Oracle Corp.

3,779,600

111,120

QLIK Technologies, Inc. (d)

757,763

18,921

Radiant Systems, Inc. (a)

335,000

6,536

RealPage, Inc. (d)

1,043,985

24,095

Red Hat, Inc. (a)

2,331,600

98,533

Salesforce.com, Inc. (a)

465,868

54,073

SuccessFactors, Inc. (a)

199,100

5,400

VMware, Inc. Class A (a)

591,000

45,188

 

577,663

TOTAL INFORMATION TECHNOLOGY

4,720,226

MATERIALS - 3.3%

Chemicals - 1.6%

Asian Paints India Ltd.

44,645

2,707

CF Industries Holdings, Inc.

609,500

74,682

Grasim Industries Ltd.

19,141

1,006

LyondellBasell Industries NV Class A (a)

2,145,500

57,628

Solar Industries India Ltd.

185,542

2,212

The Mosaic Co.

866,900

63,422

 

201,657

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Containers & Packaging - 0.1%

Ball Corp.

220,500

$ 14,191

Metals & Mining - 1.6%

Alcoa, Inc.

6,997,200

91,873

Carpenter Technology Corp.

301,025

10,735

Freeport-McMoRan Copper & Gold, Inc.

729,900

69,107

Walter Energy, Inc.

350,200

30,804

 

202,519

TOTAL MATERIALS

418,367

TELECOMMUNICATION SERVICES - 0.6%

Wireless Telecommunication Services - 0.6%

NII Holdings, Inc. (a)

460,200

19,241

SOFTBANK CORP.

714,900

22,959

Sprint Nextel Corp. (a)

9,435,006

38,872

 

81,072

UTILITIES - 0.1%

Gas Utilities - 0.0%

Indraprastha Gas Ltd.

808,458

5,998

Independent Power Producers & Energy Traders - 0.1%

Adani Power Ltd. (a)

2,274,925

6,618

TOTAL UTILITIES

12,616

TOTAL COMMON STOCKS

(Cost $9,517,582)

12,560,407

Nonconvertible Preferred Stocks - 0.7%

 

 

 

 

CONSUMER DISCRETIONARY - 0.7%

Automobiles - 0.7%

Porsche Automobil Holding SE

445,700

22,832

Volkswagen AG

435,800

65,491

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $73,637)

88,323

Money Market Funds - 1.8%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.23% (b)

21,581,636

$ 21,582

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)

201,317,425

201,317

TOTAL MONEY MARKET FUNDS

(Cost $222,899)

222,899

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $9,814,118)

12,871,629

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(188,506)

NET ASSETS - 100%

$ 12,683,123

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(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 $6,774,000 or 0.1% 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

$ 7

Fidelity Securities Lending Cash Central Fund

109

Total

$ 116

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

Furniture Brands International, Inc.

$ 16,160

$ -

$ 7,061

$ -

$ -

Parsvnath Developers Ltd.

18,023

14,168

-

-

32,811

Total

$ 34,183

$ 14,168

$ 7,061

$ -

$ 32,811

Other Information

The following is a summary of the inputs used, as of October 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the 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:

Equities:

Consumer Discretionary

$ 2,131,923

$ 2,117,826

$ 14,097

$ -

Consumer Staples

895,887

895,887

-

-

Energy

1,103,574

1,103,574

-

-

Financials

890,864

823,061

61,029

6,774

Health Care

804,260

804,260

-

-

Industrials

1,589,941

1,586,233

3,708

-

Information Technology

4,720,226

4,720,226

-

-

Materials

418,367

417,361

1,006

-

Telecommunication Services

81,072

58,113

22,959

-

Utilities

12,616

12,616

-

-

Money Market Funds

222,899

222,899

-

-

Total Investments in Securities:

$ 12,871,629

$ 12,762,056

$ 102,799

$ 6,774

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

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ 6,774

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 6,774

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in 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 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $9,882,415,000. Net unrealized appreciation aggregated $2,989,214,000, of which $3,092,893,000 related to appreciated investment securities and $103,679,000 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 fair value and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Blue Chip Value Fund

October 31, 2010

1.809087.106

BCV-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%

Shares

Value

CONSUMER DISCRETIONARY - 5.5%

Auto Components - 0.5%

Johnson Controls, Inc.

43,200

$ 1,517,184

Household Durables - 2.0%

KB Home (d)

285,400

2,999,554

PulteGroup, Inc. (a)

188,902

1,482,881

Stanley Black & Decker, Inc.

30,600

1,896,282

 

6,378,717

Media - 1.8%

Time Warner Cable, Inc.

57,567

3,331,402

Time Warner, Inc.

75,500

2,454,505

 

5,785,907

Specialty Retail - 1.2%

Best Buy Co., Inc.

21,900

941,262

Lowe's Companies, Inc.

87,065

1,857,096

Staples, Inc.

49,500

1,013,265

 

3,811,623

TOTAL CONSUMER DISCRETIONARY

17,493,431

CONSUMER STAPLES - 6.1%

Beverages - 2.2%

Anheuser-Busch InBev SA NV

21,368

1,339,003

Grupo Modelo SAB de CV Series C

156,500

876,365

The Coca-Cola Co.

76,400

4,684,848

 

6,900,216

Food & Staples Retailing - 1.7%

CVS Caremark Corp.

100,800

3,036,096

Kroger Co.

47,600

1,047,200

Walgreen Co.

35,000

1,185,800

 

5,269,096

Food Products - 0.7%

Nestle SA

43,534

2,383,789

Personal Products - 0.4%

Avon Products, Inc.

41,300

1,257,585

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Tobacco - 1.1%

British American Tobacco PLC sponsored ADR

20,400

$ 1,555,092

Philip Morris International, Inc.

31,300

1,831,050

 

3,386,142

TOTAL CONSUMER STAPLES

19,196,828

ENERGY - 14.8%

Energy Equipment & Services - 4.0%

Baker Hughes, Inc.

60,687

2,811,629

Ensco International Ltd. ADR

31,950

1,480,563

Halliburton Co.

105,615

3,364,894

Noble Corp.

36,500

1,260,345

Transocean Ltd. (a)

18,800

1,191,168

Weatherford International Ltd. (a)

151,500

2,546,715

 

12,655,314

Oil, Gas & Consumable Fuels - 10.8%

Alpha Natural Resources, Inc. (a)

32,300

1,458,991

Apache Corp.

5,400

545,508

BP PLC sponsored ADR

38,800

1,584,204

Chevron Corp.

128,500

10,615,385

Cimarex Energy Co.

13,600

1,043,800

Exxon Mobil Corp.

73,150

4,862,281

Marathon Oil Corp.

123,800

4,403,566

Massey Energy Co.

32,100

1,350,447

Occidental Petroleum Corp.

48,816

3,838,402

Petrohawk Energy Corp. (a)

84,200

1,432,242

Royal Dutch Shell PLC Class B ADR

24,500

1,575,840

Southwestern Energy Co. (a)

42,525

1,439,471

 

34,150,137

TOTAL ENERGY

46,805,451

FINANCIALS - 27.9%

Capital Markets - 2.6%

Franklin Resources, Inc.

12,800

1,468,160

Morgan Stanley

184,500

4,588,515

State Street Corp.

52,270

2,182,795

 

8,239,470

Commercial Banks - 8.7%

BB&T Corp.

95,000

2,223,950

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

Huntington Bancshares, Inc.

157,400

$ 892,458

PNC Financial Services Group, Inc.

54,022

2,911,786

Regions Financial Corp.

229,640

1,446,732

SunTrust Banks, Inc.

25,800

645,516

SVB Financial Group (a)

23,000

996,820

U.S. Bancorp, Delaware

160,354

3,877,360

Wells Fargo & Co.

555,877

14,497,272

 

27,491,894

Consumer Finance - 0.4%

Capital One Financial Corp.

35,800

1,334,266

Diversified Financial Services - 10.4%

Bank of America Corp.

807,402

9,236,679

Citigroup, Inc. (a)

1,651,400

6,886,338

JPMorgan Chase & Co.

392,252

14,760,441

KKR Financial Holdings LLC

126,500

1,111,935

Moody's Corp.

38,500

1,041,810

 

33,037,203

Insurance - 3.5%

Allstate Corp.

65,200

1,987,948

Everest Re Group Ltd.

7,500

632,100

Genworth Financial, Inc. Class A (a)

198,827

2,254,698

Lincoln National Corp.

44,800

1,096,704

MetLife, Inc.

44,900

1,810,817

Old Republic International Corp.

57,900

764,280

Unum Group

47,200

1,058,224

XL Capital Ltd. Class A

70,132

1,483,292

 

11,088,063

Real Estate Investment Trusts - 1.4%

ProLogis Trust

41,900

571,935

Public Storage

13,400

1,329,548

SL Green Realty Corp.

21,200

1,393,264

Weyerhaeuser Co.

65,964

1,069,936

 

4,364,683

Real Estate Management & Development - 0.7%

CB Richard Ellis Group, Inc. Class A (a)

111,110

2,038,869

Thrifts & Mortgage Finance - 0.2%

Radian Group, Inc.

94,000

713,460

TOTAL FINANCIALS

88,307,908

Common Stocks - continued

Shares

Value

HEALTH CARE - 15.2%

Biotechnology - 2.2%

Amgen, Inc. (a)

68,300

$ 3,906,077

Biogen Idec, Inc. (a)

33,600

2,107,056

Gilead Sciences, Inc. (a)

22,800

904,476

 

6,917,609

Health Care Equipment & Supplies - 1.4%

C. R. Bard, Inc.

14,600

1,213,552

Covidien PLC

62,185

2,479,316

Stryker Corp.

15,900

786,891

 

4,479,759

Health Care Providers & Services - 1.8%

Brookdale Senior Living, Inc. (a)

69,500

1,305,210

CIGNA Corp.

44,400

1,562,436

Humana, Inc. (a)

48,400

2,821,236

 

5,688,882

Pharmaceuticals - 9.8%

Johnson & Johnson

148,137

9,431,883

Merck & Co., Inc.

261,700

9,494,476

Pfizer, Inc.

642,419

11,178,091

Teva Pharmaceutical Industries Ltd. sponsored ADR

16,800

871,920

 

30,976,370

TOTAL HEALTH CARE

48,062,620

INDUSTRIALS - 12.3%

Aerospace & Defense - 2.2%

Goodrich Corp.

17,100

1,403,397

Honeywell International, Inc.

31,660

1,491,503

Precision Castparts Corp.

7,000

956,060

United Technologies Corp.

41,700

3,117,909

 

6,968,869

Building Products - 1.1%

Masco Corp.

209,300

2,231,138

Owens Corning (a)

42,300

1,143,792

 

3,374,930

Commercial Services & Supplies - 0.7%

Avery Dennison Corp.

25,100

912,385

Republic Services, Inc.

43,330

1,291,667

 

2,204,052

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Construction & Engineering - 0.8%

Fluor Corp.

34,700

$ 1,672,193

Jacobs Engineering Group, Inc. (a)

27,150

1,048,262

 

2,720,455

Electrical Equipment - 0.3%

Regal-Beloit Corp.

14,591

842,047

Industrial Conglomerates - 1.9%

General Electric Co.

255,300

4,089,906

Textron, Inc.

97,600

2,032,032

 

6,121,938

Machinery - 2.6%

Caterpillar, Inc.

20,500

1,611,300

Cummins, Inc.

8,701

766,558

Dover Corp.

12,000

637,200

Ingersoll-Rand Co. Ltd.

105,600

4,151,136

Navistar International Corp. (a)

20,000

963,600

 

8,129,794

Road & Rail - 2.5%

CSX Corp.

52,100

3,201,545

Union Pacific Corp.

52,926

4,640,552

 

7,842,097

Trading Companies & Distributors - 0.2%

WESCO International, Inc. (a)

15,800

676,556

TOTAL INDUSTRIALS

38,880,738

INFORMATION TECHNOLOGY - 7.6%

Communications Equipment - 1.2%

Cisco Systems, Inc. (a)

117,300

2,677,959

Juniper Networks, Inc. (a)

33,200

1,075,348

 

3,753,307

Computers & Peripherals - 1.1%

Hewlett-Packard Co.

83,000

3,490,980

Electronic Equipment & Components - 2.0%

Agilent Technologies, Inc. (a)

34,250

1,191,900

Avnet, Inc. (a)

78,346

2,333,144

Flextronics International Ltd. (a)

144,100

1,031,756

Tyco Electronics Ltd.

60,085

1,903,493

 

6,460,293

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 0.8%

eBay, Inc. (a)

85,400

$ 2,545,774

IT Services - 0.3%

International Business Machines Corp.

7,200

1,033,920

Semiconductors & Semiconductor Equipment - 2.2%

Applied Materials, Inc.

87,800

1,085,208

KLA-Tencor Corp.

80,800

2,886,176

Lam Research Corp. (a)

63,600

2,912,244

 

6,883,628

TOTAL INFORMATION TECHNOLOGY

24,167,902

MATERIALS - 2.6%

Chemicals - 1.4%

Celanese Corp. Class A

27,700

987,505

Dow Chemical Co.

111,600

3,440,628

 

4,428,133

Construction Materials - 0.4%

HeidelbergCement AG

23,592

1,233,806

Containers & Packaging - 0.3%

Owens-Illinois, Inc. (a)

37,600

1,053,928

Metals & Mining - 0.5%

Alcoa, Inc.

55,600

730,028

Newcrest Mining Ltd.

17,738

694,386

 

1,424,414

TOTAL MATERIALS

8,140,281

TELECOMMUNICATION SERVICES - 3.0%

Diversified Telecommunication Services - 2.3%

Qwest Communications International, Inc.

130,200

859,320

Verizon Communications, Inc.

198,118

6,432,891

 

7,292,211

Wireless Telecommunication Services - 0.7%

Sprint Nextel Corp. (a)

537,745

2,215,509

TOTAL TELECOMMUNICATION SERVICES

9,507,720

Common Stocks - continued

Shares

Value

UTILITIES - 4.6%

Electric Utilities - 3.6%

American Electric Power Co., Inc.

57,900

$ 2,167,776

Edison International

27,327

1,008,366

Entergy Corp.

22,600

1,684,378

FirstEnergy Corp.

49,500

1,797,840

NextEra Energy, Inc.

50,473

2,778,034

PPL Corp.

75,900

2,041,710

 

11,478,104

Independent Power Producers & Energy Traders - 0.2%

AES Corp. (a)

58,800

702,072

Multi-Utilities - 0.8%

CMS Energy Corp.

93,300

1,714,854

PG&E Corp.

17,300

827,286

 

2,542,140

TOTAL UTILITIES

14,722,316

TOTAL COMMON STOCKS

(Cost $322,575,009)

315,285,195

Money Market Funds - 1.5%

 

 

 

 

Fidelity Cash Central Fund, 0.23% (b)

1,527,214

1,527,214

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)

3,137,200

3,137,200

TOTAL MONEY MARKET FUNDS

(Cost $4,664,414)

4,664,414

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $327,239,423)

319,949,609

NET OTHER ASSETS (LIABILITIES) - (1.1)%

(3,505,046)

NET ASSETS - 100%

$ 316,444,563

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. In addition, each Fidelity Central Fund's financial statements, are available on the SEC's website or upon request.

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 241

Fidelity Securities Lending Cash Central Fund

1,555

Total

$ 1,796

Other Information

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

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $338,147,844. Net unrealized depreciation aggregated $18,198,235, of which $33,832,996 related to appreciated investment securities and $52,031,231 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 fair value and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Dividend Growth Fund -
Dividend Growth
Class K

October 31, 2010

1.809095.106

DGF-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 10.6%

Auto Components - 0.4%

Minth Group Ltd.

56,000

$ 105

Modine Manufacturing Co. (a)

454,646

6,147

Stoneridge, Inc. (a)

854,670

9,401

Tenneco, Inc. (a)

289,220

9,434

Tower International, Inc.

312,000

4,009

TRW Automotive Holdings Corp. (a)

215,864

9,863

 

38,959

Automobiles - 0.6%

Bayerische Motoren Werke AG (BMW)

138,068

9,896

Fiat SpA

166,800

2,822

Mazda Motor Corp.

2,500,000

6,354

Thor Industries, Inc.

476,975

15,020

Winnebago Industries, Inc. (a)(f)

1,556,036

15,560

 

49,652

Diversified Consumer Services - 0.4%

H&R Block, Inc.

405,700

4,783

Service Corp. International

1,072,000

8,876

Stewart Enterprises, Inc. Class A (e)

2,404,447

13,369

Universal Technical Institute, Inc.

264,359

5,115

 

32,143

Hotels, Restaurants & Leisure - 2.3%

Accor SA

390,692

16,018

Ameristar Casinos, Inc.

531,118

9,496

Bally Technologies, Inc. (a)

187,384

6,761

Bravo Brio Restaurant Group, Inc.

525,449

9,458

Brinker International, Inc.

978,807

18,147

DineEquity, Inc. (a)(e)

700,249

31,126

InterContinental Hotel Group PLC

834,200

16,109

International Game Technology

530,812

8,275

NH Hoteles SA (a)

2,196,373

11,506

O'Charleys, Inc. (a)(f)

1,379,425

10,346

Sol Melia SA (e)

812,867

8,087

Vail Resorts, Inc. (a)

292,421

11,861

WMS Industries, Inc. (a)

803,361

35,051

Wyndham Worldwide Corp.

616,809

17,733

 

209,974

Household Durables - 0.8%

Ethan Allen Interiors, Inc.

155,200

2,354

Garmin Ltd.

274,800

9,024

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Household Durables - continued

La-Z-Boy, Inc. (a)

315,800

$ 2,454

Libbey, Inc. (a)

253,947

3,375

Newell Rubbermaid, Inc.

367,400

6,485

PulteGroup, Inc. (a)

1,018,282

7,994

Stanley Black & Decker, Inc.

437,501

27,112

Techtronic Industries Co. Ltd.

4,062,000

4,114

Tempur-Pedic International, Inc. (a)

297,100

10,250

 

73,162

Internet & Catalog Retail - 0.2%

Expedia, Inc.

497,345

14,398

Liberty Media Corp. Interactive Series A (a)

271,488

4,007

Rakuten, Inc.

406

313

 

18,718

Media - 2.4%

Aegis Group PLC

2,188,410

4,407

CC Media Holdings, Inc. Class A (a)

1,200,000

7,980

Comcast Corp.:

Class A

51,870

1,067

Class A (special) (non-vtg.)

2,083,643

40,277

Informa PLC

1,452,543

10,147

Lamar Advertising Co. Class A (a)

102,154

3,472

Liberty Media Corp. Starz Series A (a)

128,492

8,419

McGraw-Hill Companies, Inc.

460,900

17,353

MDC Partners, Inc. Class A (sub. vtg.)

1,398,539

19,440

The Walt Disney Co.

1,171,945

42,319

Time Warner Cable, Inc.

723,626

41,876

United Business Media Ltd.

868,911

9,160

Wolters Kluwer NV (Certificaten Van Aandelen)

422,400

9,607

 

215,524

Multiline Retail - 0.6%

Maoye International Holdings Ltd.

9,689,000

4,175

Target Corp.

902,856

46,894

 

51,069

Specialty Retail - 2.6%

Advance Auto Parts, Inc.

485,400

31,541

AnnTaylor Stores Corp. (a)

388,077

9,042

Asbury Automotive Group, Inc. (a)

479,969

6,921

Best Buy Co., Inc.

416,942

17,920

Big 5 Sporting Goods Corp.

510,000

6,895

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Carphone Warehouse Group PLC 

1,419,949

$ 6,927

Casual Male Retail Group, Inc. (a)

2,353,500

10,379

Collective Brands, Inc. (a)

328,350

5,034

Foot Locker, Inc.

692,827

11,037

Hengdeli Holdings Ltd.

25,940,000

14,390

Home Depot, Inc.

382,368

11,808

I.T Ltd.

5,780,000

4,877

Lowe's Companies, Inc.

1,882,954

40,163

Lumber Liquidators Holdings, Inc. (a)(e)

198,297

4,775

MarineMax, Inc. (a)

622,300

4,655

OfficeMax, Inc. (a)

919,756

16,280

Staples, Inc.

928,907

19,015

Urban Outfitters, Inc. (a)

334,200

10,283

West Marine, Inc. (a)

125,603

1,232

 

233,174

Textiles, Apparel & Luxury Goods - 0.3%

Bosideng International Holdings Ltd.

1,976,000

999

Evergreen International Holdings Ltd. (a)

248,000

147

G-III Apparel Group Ltd. (a)

304,000

8,026

Peak Sport Products Co. Ltd. (e)

2,432,000

1,939

Phillips-Van Heusen Corp.

284,124

17,428

 

28,539

TOTAL CONSUMER DISCRETIONARY

950,914

CONSUMER STAPLES - 8.5%

Beverages - 1.8%

Anheuser-Busch InBev SA NV

310,832

19,478

Britvic PLC

40,700

315

Carlsberg AS Series B

136,900

14,970

Dr Pepper Snapple Group, Inc.

504,687

18,446

Silver Base Group Holdings Ltd.

6,591,000

4,813

The Coca-Cola Co.

1,667,329

102,241

 

160,263

Food & Staples Retailing - 2.5%

CVS Caremark Corp.

1,050,497

31,641

Drogasil SA

235,900

5,967

Global Dairy Holdings Ltd.

12,405,000

6,161

Kroger Co.

2,575,240

56,655

PriceSmart, Inc.

291,566

8,552

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Sysco Corp.

352,290

$ 10,378

Wal-Mart Stores, Inc.

1,083,563

58,697

Walgreen Co.

1,011,818

34,280

Winn-Dixie Stores, Inc. (a)

1,456,296

9,757

 

222,088

Food Products - 1.6%

Ausnutria Dairy Hunan Co. Ltd. (H Shares) (e)

10,916,000

5,028

Calavo Growers, Inc.

562,070

12,326

Chiquita Brands International, Inc. (a)

398,078

5,282

Diamond Foods, Inc.

96,700

4,274

Flowers Foods, Inc. (e)

478,854

12,201

Kellogg Co.

156,191

7,850

M. Dias Branco SA

12,100

306

Marine Harvest ASA (e)

44,263,691

43,967

Nestle SA

501,077

27,437

Seneca Foods Corp. Class A (a)

113,852

2,630

Shenguan Holdings Group Ltd.

1,414,000

1,842

Smithfield Foods, Inc. (a)

1,232,810

20,650

TreeHouse Foods, Inc. (a)

33,900

1,583

 

145,376

Household Products - 1.0%

Kimberly-Clark Corp.

349,777

22,155

Procter & Gamble Co.

1,068,153

67,902

Youyuan International Holdings Ltd.

8,394,000

3,758

 

93,815

Personal Products - 0.6%

Avon Products, Inc.

707,028

21,529

BaWang International (Group) Holding Ltd. (e)

19,600,000

8,243

Estee Lauder Companies, Inc. Class A

137,835

9,810

Hengan International Group Co. Ltd.

901,500

8,490

Herbalife Ltd.

12,200

779

USANA Health Sciences, Inc. (a)

44,799

1,968

 

50,819

Tobacco - 1.0%

Imperial Tobacco Group PLC

247,779

7,936

Japan Tobacco, Inc.

162

503

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Tobacco - continued

Lorillard, Inc.

121,525

$ 10,371

Philip Morris International, Inc.

1,168,526

68,359

 

87,169

TOTAL CONSUMER STAPLES

759,530

ENERGY - 10.8%

Energy Equipment & Services - 3.5%

Aker Solutions ASA

1,203,779

18,326

Baker Hughes, Inc.

338,310

15,674

Global Industries Ltd. (a)

793,076

4,592

Halliburton Co.

1,180,175

37,600

Helix Energy Solutions Group, Inc. (a)

570,796

7,243

ION Geophysical Corp. (a)(e)

1,940,076

9,487

National Oilwell Varco, Inc.

1,200,770

64,553

Noble Corp.

384,508

13,277

Saipem SpA

170,910

7,593

Schlumberger Ltd.

932,179

65,150

Superior Energy Services, Inc. (a)

85,400

2,359

Transocean Ltd. (a)

242,676

15,376

Union Drilling, Inc. (a)

57,012

261

Vantage Drilling Co. (a)

5,358,600

9,217

Weatherford International Ltd. (a)

2,414,311

40,585

 

311,293

Oil, Gas & Consumable Fuels - 7.3%

Anadarko Petroleum Corp.

475,417

29,271

Apache Corp.

412,629

41,684

Arch Coal, Inc.

324,605

7,982

Berry Petroleum Co. Class A

748,200

25,596

BP PLC sponsored ADR

650,359

26,554

Chesapeake Energy Corp.

470,694

10,214

Chevron Corp.

506,312

41,826

Cimarex Energy Co.

97,347

7,471

Compton Petroleum Corp. (a)

2,112,000

1,025

Concho Resources, Inc. (a)

129,231

8,874

Concho Resources, Inc. (a)(h)

230,820

14,265

CVR Energy, Inc. (a)

427,000

4,065

Daylight Energy Ltd.

113,600

1,106

Denbury Resources, Inc. (a)

1,049,299

17,859

EOG Resources, Inc.

278,600

26,668

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

EXCO Resources, Inc.

522,938

$ 7,755

Exxon Mobil Corp.

217,912

14,485

Gran Tierra Energy, Inc. (a)

325,300

2,424

Holly Corp.

535,415

17,524

International Coal Group, Inc. (a)(e)

1,687,270

9,482

InterOil Corp. (a)(e)

202,419

14,408

Kodiak Oil & Gas Corp. (a)

183,069

754

Marathon Oil Corp.

566,106

20,136

Massey Energy Co.

659,279

27,736

Niko Resources Ltd.

64,700

6,172

Noble Energy, Inc.

72,925

5,942

Northern Oil & Gas, Inc. (a)

2,047,595

40,297

Occidental Petroleum Corp.

269,247

21,171

OPTI Canada, Inc. (a)

10,357,800

7,109

OPTI Canada, Inc. (a)(g)

2,661,400

1,827

Pan Orient Energy Corp. (a)

938,500

6,791

PetroBakken Energy Ltd. Class A (e)

281,726

6,221

Petrohawk Energy Corp. (a)

2,382,650

40,529

Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)

389,100

12,136

Petroplus Holdings AG

511,750

6,046

Plains Exploration & Production Co. (a)

1,467,275

40,893

Rodinia Oil Corp.

773,300

1,327

Royal Dutch Shell PLC Class B ADR

8,100

521

Southwestern Energy Co. (a)

527,416

17,853

Suncor Energy, Inc.

382,600

12,259

Sunoco, Inc.

235,517

8,825

Talisman Energy, Inc.

627,900

11,383

Valero Energy Corp.

855,461

15,356

Voyager Oil & Gas, Inc. (a)

100

0*

Whiting Petroleum Corp. (a)

167,685

16,842

 

658,664

TOTAL ENERGY

969,957

FINANCIALS - 15.4%

Capital Markets - 2.1%

AllianceBernstein Holding LP

139,400

3,401

Bank of New York Mellon Corp.

856,352

21,460

Bank Sarasin & Co. Ltd. Series B (Reg.)

200,299

7,325

Evercore Partners, Inc. Class A

42,900

1,302

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Capital Markets - continued

GCA Savvian Group Corp. (a)

1,437

$ 1,363

Goldman Sachs Group, Inc.

362,429

58,333

GP Investments, Ltd. unit (a)

774,679

3,279

Invesco Ltd.

427,087

9,823

Janus Capital Group, Inc.

643,400

6,794

Morgan Stanley

2,013,524

50,076

State Street Corp.

540,841

22,586

TD Ameritrade Holding Corp.

182,517

3,119

 

188,861

Commercial Banks - 4.3%

Associated Banc-Corp.

1,373,043

17,396

Banco do Brasil SA

592,500

11,528

CapitalSource, Inc.

5,651,145

34,528

CIT Group, Inc. (a)

162,663

7,048

Commercial Bank of Qatar GDR (Reg. S)

706,706

3,238

Huntington Bancshares, Inc.

3,094,100

17,544

Itau Unibanco Banco Multiplo SA ADR (a)(g)

253,800

6,233

KeyCorp

1,402,975

11,490

PNC Financial Services Group, Inc.

1,138,542

61,367

Regions Financial Corp.

1,203,949

7,585

SunTrust Banks, Inc.

886,716

22,186

Susquehanna Bancshares, Inc., Pennsylvania

854,525

6,751

SVB Financial Group (a)

422,500

18,311

U.S. Bancorp, Delaware

101,398

2,452

Wells Fargo & Co.

5,667,141

147,799

Wilmington Trust Corp., Delaware (e)

1,245,858

8,858

 

384,314

Consumer Finance - 0.7%

American Express Co.

640,357

26,549

Capital One Financial Corp.

262,914

9,799

Discover Financial Services

890,327

15,714

SLM Corp. (a)

787,260

9,368

 

61,430

Diversified Financial Services - 4.0%

Bank of America Corp.

4,947,858

56,603

Citigroup, Inc. (a)

22,493,585

93,798

CME Group, Inc.

57,227

16,576

Deutsche Boerse AG

128,642

9,050

Infrastructure Development Finance Co. Ltd.

40,688

184

JPMorgan Chase & Co.

3,634,799

136,777

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Diversified Financial Services - continued

Moody's Corp.

352,633

$ 9,542

PICO Holdings, Inc. (a)(f)

1,228,064

37,751

 

360,281

Insurance - 1.6%

AEGON NV (a)

1,214,627

7,696

Allstate Corp.

28,400

866

American Equity Investment Life Holding Co.

101,300

1,099

Assured Guaranty Ltd.

1,686,351

32,125

Delphi Financial Group, Inc. Class A

328,935

8,904

Endurance Specialty Holdings Ltd.

226,900

9,394

Genworth Financial, Inc. Class A (a)

2,711,525

30,749

Lincoln National Corp.

685,850

16,790

MBIA, Inc. (a)(e)

848,325

9,510

MetLife, Inc.

189,700

7,651

Old Republic International Corp.

356,169

4,701

Platinum Underwriters Holdings Ltd.

127,000

5,467

Protective Life Corp.

492,400

11,803

 

146,755

Real Estate Investment Trusts - 1.5%

Boston Properties, Inc.

56,991

4,912

CBL & Associates Properties, Inc.

633,200

9,929

Education Realty Trust, Inc.

423,700

3,178

Franklin Street Properties Corp.

606,400

8,095

ProLogis Trust

1,593,800

21,755

Public Storage

133,419

13,238

Segro PLC

1,035,273

4,916

SL Green Realty Corp.

291,200

19,138

The Macerich Co.

125,654

5,605

U-Store-It Trust

568,200

4,892

Vornado Realty Trust

138,038

12,063

Westfield Group unit

168,768

2,047

Weyerhaeuser Co.

1,362,323

22,097

 

131,865

Real Estate Management & Development - 1.2%

CB Richard Ellis Group, Inc. Class A (a)

3,720,572

68,272

Coresite Realty Corp.

277,900

4,185

Iguatemi Empresa de Shopping Centers SA

444,800

10,380

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Management & Development - continued

Jones Lang LaSalle, Inc.

206,580

$ 16,126

Kenedix, Inc. (a)(e)

44,866

9,049

 

108,012

Thrifts & Mortgage Finance - 0.0%

Bank Mutual Corp.

268,535

1,294

TOTAL FINANCIALS

1,382,812

HEALTH CARE - 9.9%

Biotechnology - 2.9%

Alexion Pharmaceuticals, Inc. (a)

126,500

8,640

Allos Therapeutics, Inc. (a)

408,025

1,624

Amgen, Inc. (a)

745,159

42,616

Amylin Pharmaceuticals, Inc. (a)

598,370

7,797

ARIAD Pharmaceuticals, Inc. (a)

2,189,679

8,058

ArQule, Inc. (a)

429,200

2,369

AVEO Pharmaceuticals, Inc.

773,000

11,750

AVEO Pharmaceuticals, Inc. (h)

290,609

3,973

Biogen Idec, Inc. (a)

296,922

18,620

Cephalon, Inc. (a)

145,400

9,660

China Biologic Products, Inc. (a)(e)

102,319

1,002

Clinical Data, Inc. (a)(e)

780,409

14,820

Gilead Sciences, Inc. (a)

191,000

7,577

Human Genome Sciences, Inc. (a)

555,400

14,929

ImmunoGen, Inc. (a)

376,900

3,098

InterMune, Inc. (a)

218,906

2,876

Micromet, Inc. (a)(e)

963,800

7,219

NPS Pharmaceuticals, Inc. (a)

562,210

3,503

OREXIGEN Therapeutics, Inc. (a)(e)

2,029,357

10,735

PDL BioPharma, Inc.

1,012,800

5,297

Protalix BioTherapeutics, Inc. (a)(e)

433,381

4,186

SIGA Technologies, Inc. (a)(e)

1,460,424

19,351

Theravance, Inc. (a)

1,321,161

26,925

United Therapeutics Corp. (a)

225,400

13,524

Vertex Pharmaceuticals, Inc. (a)

93,315

3,577

ZIOPHARM Oncology, Inc. (a)

983,452

4,239

 

257,965

Health Care Equipment & Supplies - 1.7%

American Medical Systems Holdings, Inc. (a)

524,016

10,585

C. R. Bard, Inc.

300,130

24,947

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Covidien PLC

513,027

$ 20,454

Hill-Rom Holdings, Inc.

341,100

13,218

Hologic, Inc. (a)

329,762

5,283

Kinetic Concepts, Inc. (a)

227,325

8,645

NuVasive, Inc. (a)

325,500

8,528

Orthofix International NV (a)

326,188

9,137

Orthovita, Inc. (a)

1,411,500

3,077

Stryker Corp.

284,500

14,080

Symmetry Medical, Inc. (a)

951,051

8,417

William Demant Holding AS (a)

115,354

8,647

Wright Medical Group, Inc. (a)

712,491

9,505

Zimmer Holdings, Inc. (a)

101,500

4,815

 

149,338

Health Care Providers & Services - 2.4%

Brookdale Senior Living, Inc. (a)

1,149,700

21,591

Catalyst Health Solutions, Inc. (a)

241,229

9,131

CIGNA Corp.

1,014,900

35,714

Corvel Corp. (a)

8,100

363

DaVita, Inc. (a)

142,081

10,194

Emeritus Corp. (a)

296,381

5,528

Express Scripts, Inc. (a)

825,900

40,073

Fresenius Medical Care AG & Co. KGaA

211,623

13,478

LHC Group, Inc. (a)

142,200

3,825

McKesson Corp.

260,606

17,195

Medco Health Solutions, Inc. (a)

535,808

28,146

Quest Diagnostics, Inc.

316,647

15,560

RehabCare Group, Inc. (a)

322,778

7,175

Sun Healthcare Group, Inc. (a)

1,040,300

9,893

 

217,866

Health Care Technology - 0.2%

Allscripts-Misys Healthcare Solutions, Inc. (a)

722,300

13,789

Computer Programs & Systems, Inc.

88,700

4,051

 

17,840

Life Sciences Tools & Services - 0.3%

Life Technologies Corp. (a)

179,300

8,997

Lonza Group AG

145,913

12,770

PerkinElmer, Inc.

219,300

5,143

 

26,910

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - 2.4%

Ardea Biosciences, Inc. (a)

684,100

$ 14,585

Cadence Pharmaceuticals, Inc. (a)(e)

1,627,895

14,456

GlaxoSmithKline PLC

553,600

10,809

GlaxoSmithKline PLC sponsored ADR

538,929

21,040

Merck & Co., Inc.

2,549,124

92,482

Novartis AG sponsored ADR (e)

161,240

9,344

Novo Nordisk AS Series B

194,299

20,398

Pronova BioPharma ASA (a)

3,341,774

5,589

Teva Pharmaceutical Industries Ltd. sponsored ADR

344,390

17,874

Valeant Pharmaceuticals International, Inc.

363,800

10,066

 

216,643

TOTAL HEALTH CARE

886,562

INDUSTRIALS - 13.8%

Aerospace & Defense - 2.7%

BE Aerospace, Inc. (a)

284,600

10,462

DigitalGlobe, Inc. (a)

272,321

8,891

Esterline Technologies Corp. (a)

162,221

9,805

GeoEye, Inc. (a)

581,150

25,728

Goodrich Corp.

258,977

21,254

HEICO Corp. Class A

427,878

15,891

Honeywell International, Inc.

597,830

28,164

Precision Castparts Corp.

252,272

34,455

Raytheon Co.

422,398

19,464

United Technologies Corp.

854,502

63,891

 

238,005

Airlines - 0.3%

Delta Air Lines, Inc. (a)

347,865

4,832

Southwest Airlines Co.

1,261,534

17,359

United Continental Holdings, Inc. (a)

150,172

4,361

 

26,552

Building Products - 0.4%

Armstrong World Industries, Inc. (a)

93,500

3,904

Masco Corp.

1,590,623

16,956

Owens Corning (a)

519,607

14,050

 

34,910

Commercial Services & Supplies - 1.3%

Avery Dennison Corp.

300,471

10,922

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Casella Waste Systems, Inc. Class A (a)

599,459

$ 2,955

Corrections Corp. of America (a)

190,865

4,900

Edenred (a)

91,000

1,906

Interface, Inc. Class A

1,358,393

19,547

Iron Mountain, Inc.

150,618

3,282

Knoll, Inc.

695,566

10,552

Pitney Bowes, Inc.

218,912

4,803

Quad/Graphics, Inc. (a)

141,849

6,342

R.R. Donnelley & Sons Co.

812,064

14,983

Republic Services, Inc.

487,995

14,547

Steelcase, Inc. Class A

399,146

3,357

The Brink's Co.

114,005

2,691

The Geo Group, Inc. (a)

684,833

17,566

 

118,353

Construction & Engineering - 0.8%

Aveng Ltd.

890,100

5,591

Fluor Corp.

522,427

25,176

Foster Wheeler AG (a)

504,550

11,817

Granite Construction, Inc.

318,097

7,692

Great Lakes Dredge & Dock Corp.

1,177,436

7,288

Jacobs Engineering Group, Inc. (a)

221,200

8,541

KBR, Inc.

85,435

2,170

MasTec, Inc. (a)

345,300

4,213

 

72,488

Electrical Equipment - 1.0%

Alstom SA

162,332

8,190

AMETEK, Inc.

195,455

10,564

Cooper Industries PLC Class A

365,312

19,150

Emerson Electric Co.

187,172

10,276

Prysmian SpA

461,300

8,941

Regal-Beloit Corp.

154,074

8,892

Schneider Electric SA

95,607

13,569

Zumtobel AG

450,805

9,224

 

88,806

Industrial Conglomerates - 2.3%

Cookson Group PLC (a)

547,877

4,521

General Electric Co.

7,789,526

124,788

Koninklijke Philips Electronics NV

518,400

15,808

Rheinmetall AG

228,900

16,486

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Industrial Conglomerates - continued

Siemens AG sponsored ADR

109,860

$ 12,558

Textron, Inc.

1,463,229

30,464

 

204,625

Machinery - 2.5%

Actuant Corp. Class A

589,902

13,255

ArvinMeritor, Inc. (a)

548,873

9,100

Blount International, Inc. (a)

467,654

7,015

Briggs & Stratton Corp.

153,156

2,696

Bucyrus International, Inc. Class A

177,418

12,093

Caterpillar, Inc.

297,611

23,392

Commercial Vehicle Group, Inc. (a)

557,400

7,486

Cummins, Inc.

290,394

25,584

Dover Corp.

113,971

6,052

Hardinge, Inc.

300,507

2,398

Ingersoll-Rand Co. Ltd.

559,024

21,975

Navistar International Corp. (a)

910,600

43,873

NSK Ltd.

1,098,000

8,301

Pall Corp.

259,928

11,091

Schindler Holding AG (participation certificate)

82,199

8,810

Timken Co.

246,304

10,202

Trinity Industries, Inc.

357,547

8,127

WABCO Holdings, Inc. (a)

154,000

7,149

 

228,599

Professional Services - 0.5%

IHS, Inc. Class A (a)

8,100

585

Kforce, Inc. (a)

801,622

12,032

Robert Half International, Inc.

525,300

14,241

Towers Watson & Co.

331,202

17,030

 

43,888

Road & Rail - 1.8%

Arkansas Best Corp.

307,497

7,789

Con-way, Inc.

423,386

13,976

CSX Corp.

702,900

43,193

Norfolk Southern Corp.

209,366

12,874

Saia, Inc. (a)(f)

865,075

12,526

Union Pacific Corp.

727,700

63,805

Universal Truckload Services, Inc. (a)

539,097

7,736

 

161,899

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Trading Companies & Distributors - 0.2%

Finning International, Inc.

202,700

$ 4,766

Kaman Corp.

356,900

9,618

 

14,384

TOTAL INDUSTRIALS

1,232,509

INFORMATION TECHNOLOGY - 17.8%

Communications Equipment - 2.5%

Calix Networks, Inc. (a)(e)

817,373

10,332

Cisco Systems, Inc. (a)

4,493,725

102,592

Comverse Technology, Inc. (a)

1,650,800

13,206

HTC Corp.

100,850

2,277

Infinera Corp. (a)

972,768

7,967

Juniper Networks, Inc. (a)

1,354,912

43,886

Motorola, Inc. (a)

2,952,007

24,059

QUALCOMM, Inc.

471,400

21,274

 

225,593

Computers & Peripherals - 3.5%

Apple, Inc. (a)

754,451

226,993

Gemalto NV

56,813

2,587

Hewlett-Packard Co.

1,878,000

78,989

Western Digital Corp. (a)

113,926

3,648

 

312,217

Electronic Equipment & Components - 1.7%

Agilent Technologies, Inc. (a)

1,338,222

46,570

Avnet, Inc. (a)

967,388

28,809

Corning, Inc.

1,535,697

28,073

Funtalk China Holdings Ltd. (a)

1,020,600

6,736

HLS Systems International Ltd. (a)

52,000

657

Keyence Corp.

55,000

13,636

Molex, Inc. (e)

442,752

8,988

Tyco Electronics Ltd.

582,256

18,446

 

151,915

Internet Software & Services - 1.3%

DealerTrack Holdings, Inc. (a)

214,299

4,140

eAccess Ltd.

19,288

14,070

eBay, Inc. (a)

965,442

28,780

Google, Inc. Class A (a)

74,125

45,438

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Monster Worldwide, Inc. (a)(e)

687,000

$ 12,407

Open Text Corp. (a)

220,400

9,750

 

114,585

IT Services - 1.1%

Acxiom Corp. (a)

569,628

9,997

Alliance Data Systems Corp. (a)

280,093

17,007

Atos Origin SA (a)

205,101

9,482

Fidelity National Information Services, Inc.

208,763

5,657

iGate Corp.

117,985

2,412

MasterCard, Inc. Class A

80,416

19,305

Unisys Corp. (a)

28,500

657

Virtusa Corp. (a)

121,114

1,727

Visa, Inc. Class A

442,600

34,598

 

100,842

Office Electronics - 0.3%

Xerox Corp.

2,214,438

25,909

Semiconductors & Semiconductor Equipment - 5.2%

Advanced Micro Devices, Inc. (a)

935,653

6,858

Analog Devices, Inc.

664,500

22,374

ASML Holding NV

637,100

21,145

Atmel Corp. (a)

4,865,085

43,105

Avago Technologies Ltd. (a)

1,506,500

37,180

Cymer, Inc. (a)

658,739

24,340

Fairchild Semiconductor International, Inc. (a)

2,144,417

24,168

First Solar, Inc. (a)(e)

41,600

5,727

Himax Technologies, Inc. sponsored ADR

2,168,436

5,052

Intersil Corp. Class A

615,993

8,063

Kulicke & Soffa Industries, Inc. (a)

1,535,900

9,553

Lam Research Corp. (a)

2,000,093

91,584

Linear Technology Corp.

56,844

1,832

LTX-Credence Corp. (a)(f)

3,235,037

20,542

Mattson Technology, Inc. (a)(e)

1,194,133

3,045

Maxim Integrated Products, Inc.

789,957

17,110

Microchip Technology, Inc. (e)

162,479

5,229

Micron Technology, Inc. (a)

4,028,352

33,314

National Semiconductor Corp.

730,327

10,005

NVIDIA Corp. (a)

649,696

7,816

NXP Semiconductors NV

1,247,100

16,449

ON Semiconductor Corp. (a)

3,139,702

24,082

Standard Microsystems Corp. (a)

398,292

9,615

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Teradyne, Inc. (a)

448,058

$ 5,036

TriQuint Semiconductor, Inc. (a)

839,100

8,643

 

461,867

Software - 2.2%

BMC Software, Inc. (a)

486,590

22,120

CA, Inc.

782,622

18,165

Citrix Systems, Inc. (a)

244,740

15,680

DemandTec, Inc. (a)

810,662

8,577

Informatica Corp. (a)

580,650

23,627

JDA Software Group, Inc. (a)

211,652

5,355

Micro Focus International PLC

1,735,629

10,617

Oracle Corp.

2,969,276

87,297

Sage Group PLC

1,057,600

4,565

Ultimate Software Group, Inc. (a)

60,882

2,519

 

198,522

TOTAL INFORMATION TECHNOLOGY

1,591,450

MATERIALS - 6.7%

Chemicals - 2.9%

Air Products & Chemicals, Inc.

170,053

14,449

Celanese Corp. Class A

611,740

21,809

CF Industries Holdings, Inc.

114,335

14,009

Clariant AG (Reg.) (a)

1,135,000

19,187

Dow Chemical Co.

1,226,636

37,817

Huabao International Holdings Ltd.

8,223,000

12,391

LyondellBasell Industries NV Class A (a)

392,600

10,545

Monsanto Co.

274,463

16,309

Solutia, Inc. (a)

1,299,300

23,530

Spartech Corp. (a)(f)

1,840,701

15,572

Syngenta AG (Switzerland)

11,800

3,266

The Mosaic Co.

145,381

10,636

Valspar Corp.

183,140

5,879

W.R. Grace & Co. (a)

1,358,225

43,545

Yara International ASA

297,600

15,644

 

264,588

Construction Materials - 0.2%

HeidelbergCement AG

357,344

18,688

Containers & Packaging - 0.2%

Owens-Illinois, Inc. (a)

644,776

18,073

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - 3.4%

Agnico-Eagle Mines Ltd. (Canada)

155,700

$ 12,076

Alcoa, Inc.

904,276

11,873

Anglo American PLC (United Kingdom)

225,500

10,506

Camino Minerals Corp. (a)

60,400

26

Commercial Metals Co.

1,114,400

15,468

Eldorado Gold Corp.

1,546,678

26,190

Freeport-McMoRan Copper & Gold, Inc.

279,087

26,424

Goldcorp, Inc.

8,100

362

Grande Cache Coal Corp. (a)

738,500

5,069

Gulf Resources, Inc. (a)(e)

582,180

4,890

Gulf Resources, Inc. (h)

1,894,460

15,913

Ivanhoe Mines Ltd. (a)

1,686,600

40,383

Kinross Gold Corp.

891,845

16,046

Kinross Gold Corp. warrants 9/17/14 (a)

55,176

227

Mongolian Mining Corp.

1,890,000

2,046

Newcrest Mining Ltd.

913,315

35,753

Orko Silver Corp. (a)

227,800

442

Pan American Silver Corp.

297,400

9,493

Randgold Resources Ltd. sponsored ADR

357,123

33,541

Seabridge Gold, Inc. (a)

97,900

2,676

Silver Standard Resources, Inc. (a)

445,900

10,826

Silver Wheaton Corp. (a)

398,900

11,468

Thompson Creek Metals Co., Inc. (a)

8,100

98

United States Steel Corp.

16,300

697

Vedanta Resources PLC

248,200

8,251

Walter Energy, Inc.

20,276

1,783

 

302,527

TOTAL MATERIALS

603,876

TELECOMMUNICATION SERVICES - 1.4%

Diversified Telecommunication Services - 0.8%

China Unicom (Hong Kong) Ltd.

5,954,000

8,374

Frontier Communications Corp.

792,569

6,959

Iliad Group SA

129,004

14,522

Koninklijke KPN NV

28,484

476

Qwest Communications International, Inc.

4,635,100

30,592

Telefonica SA sponsored ADR

105,320

8,546

 

69,469

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - 0.6%

Clearwire Corp. Class A (a)

381,900

$ 2,708

NII Holdings, Inc. (a)

251,000

10,494

SOFTBANK CORP.

215,500

6,921

Sprint Nextel Corp. (a)

8,541,315

35,190

 

55,313

TOTAL TELECOMMUNICATION SERVICES

124,782

UTILITIES - 2.6%

Electric Utilities - 0.7%

American Electric Power Co., Inc.

257,779

9,651

Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) sponsored ADR (e)

502,200

8,211

FirstEnergy Corp.

221,753

8,054

NextEra Energy, Inc.

361,224

19,882

PPL Corp.

637,653

17,153

 

62,951

Gas Utilities - 0.2%

China Gas Holdings Ltd.

9,504,000

5,432

Enn Energy Holdings Ltd.

3,280,000

9,860

 

15,292

Independent Power Producers & Energy Traders - 0.8%

AES Corp. (a)

6,036,156

72,072

Multi-Utilities - 0.9%

Alliant Energy Corp.

138,905

5,074

CMS Energy Corp.

1,460,987

26,853

National Grid PLC

974,100

9,210

PG&E Corp.

300,057

14,349

Public Service Enterprise Group, Inc.

423,114

13,688

Sempra Energy

207,722

11,109

 

80,283

TOTAL UTILITIES

230,598

TOTAL COMMON STOCKS

(Cost $7,892,054)

8,732,990

Preferred Stocks - 0.6%

Shares

Value (000s)

Convertible Preferred Stocks - 0.4%

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

SandRidge Energy, Inc. 8.50%

65,100

$ 6,733

Whiting Petroleum Corp. 6.25%

1,247

295

 

7,028

FINANCIALS - 0.2%

Diversified Financial Services - 0.2%

Citigroup, Inc. 7.50%

157,200

19,420

UTILITIES - 0.1%

Electric Utilities - 0.1%

PPL Corp. 9.50%

187,100

10,523

TOTAL CONVERTIBLE PREFERRED STOCKS

36,971

Nonconvertible Preferred Stocks - 0.2%

CONSUMER DISCRETIONARY - 0.2%

Automobiles - 0.2%

Volkswagen AG

85,200

12,804

TOTAL PREFERRED STOCKS

(Cost $40,883)

49,775

Investment Companies - 0.2%

 

 

 

 

Ares Capital Corp.
(Cost $14,571)

1,151,180

19,271

Corporate Bonds - 0.8%

 

Principal Amount (000s)

 

Convertible Bonds - 0.7%

FINANCIALS - 0.3%

Real Estate Management & Development - 0.1%

Forest City Enterprises, Inc. 5% 10/15/16

$ 6,170

7,952

Thrifts & Mortgage Finance - 0.2%

MGIC Investment Corp. 9% 4/1/63 (d)(g)

18,163

18,980

TOTAL FINANCIALS

26,932

Corporate Bonds - continued

 

Principal Amount (000s)

Value (000s)

Convertible Bonds - continued

HEALTH CARE - 0.3%

Biotechnology - 0.2%

Incyte Corp. 4.75% 10/1/15

$ 5,630

$ 11,858

Pharmaceuticals - 0.1%

Endo Pharmaceuticals Holdings, Inc. 1.75% 4/15/15

8,010

10,974

TOTAL HEALTH CARE

22,832

INDUSTRIALS - 0.0%

Trading Companies & Distributors - 0.0%

United Rentals, Inc. 4% 11/15/15

1,820

3,394

INFORMATION TECHNOLOGY - 0.1%

Semiconductors & Semiconductor Equipment - 0.1%

Amkor Technology, Inc. 6% 4/15/14

4,010

10,163

TOTAL CONVERTIBLE BONDS

63,321

Nonconvertible Bonds - 0.1%

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

OPTI Canada, Inc.:

7.875% 12/15/14

5,385

4,039

8.25% 12/15/14

5,330

3,998

 

8,037

TOTAL CORPORATE BONDS

(Cost $42,230)

71,358

Money Market Funds - 1.9%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.23% (b)

53,856,752

$ 53,857

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)

118,821,958

118,822

TOTAL MONEY MARKET FUNDS

(Cost $172,679)

172,679

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $8,162,417)

9,046,073

NET OTHER ASSETS (LIABILITIES) - (1.0)%

(93,711)

NET ASSETS - 100%

$ 8,952,392

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(e) Security 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 $27,040,000 or 0.3% of net assets.

(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 $34,151,000 or 0.4% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

AVEO Pharmaceuticals, Inc.

10/28/10

$ 3,923

Concho Resources, Inc.

7/20/10

$ 10,456

Gulf Resources, Inc.

12/11/09

$ 16,103

* 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

$ 27

Fidelity Securities Lending Cash Central Fund

616

Total

$ 643

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

LTX-Credence Corp.

$ 24,000

$ 2,434

$ -

$ -

$ 20,542

O'Charleys, Inc.

9,141

409

-

-

10,346

PICO Holdings, Inc.

38,871

687

978

-

37,751

Saia, Inc.

11,583

1,315

-

-

12,526

Spartech Corp.

15,775

2,357

-

-

15,572

Winnebago Industries, Inc.

16,261

-

-

-

15,560

Total

$ 115,631

$ 7,202

$ 978

$ -

$ 112,297

Other Information

The following is a summary of the inputs used, as of October 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 963,718

$ 941,108

$ 22,610

$ -

Consumer Staples

759,530

759,027

503

-

Energy

976,985

955,987

20,998

-

Financials

1,402,232

1,375,116

27,116

-

Health Care

886,562

837,904

48,658

-

Industrials

1,232,509

1,208,400

24,109

-

Information Technology

1,591,450

1,591,450

-

-

Materials

603,876

600,610

3,266

-

Telecommunication Services

124,782

109,487

15,295

-

Utilities

241,121

221,388

19,733

-

Investment Companies

19,271

19,271

-

-

Corporate Bonds

71,358

-

71,358

-

Money Market Funds

172,679

172,679

-

-

Total Investments in Securities:

$ 9,046,073

$ 8,792,427

$ 253,646

$ -

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $8,227,464,000. Net unrealized appreciation aggregated $818,609,000, of which $1,367,712,000 related to appreciated investment securities and $549,103,000 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. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 fair value and are categorized as Level 2 in the hierarchy.

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

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® Growth & Income Portfolio -
Growth & Income
Class K

October 31, 2010

1.809089.106

GAI-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 10.4%

Auto Components - 0.5%

Fuel Systems Solutions, Inc. (a)

67,500

$ 2,766

Tenneco, Inc. (a)

220,300

7,186

TRW Automotive Holdings Corp. (a)

470,000

21,474

 

31,426

Automobiles - 0.4%

Ford Motor Co. (a)

1,400,000

19,782

Harley-Davidson, Inc.

90,000

2,761

 

22,543

Distributors - 0.2%

Li & Fung Ltd.

1,880,000

9,932

Hotels, Restaurants & Leisure - 1.5%

Accor SA

315,000

12,915

Bravo Brio Restaurant Group, Inc.

34,000

612

Buffalo Wild Wings, Inc. (a)

63,489

2,986

Darden Restaurants, Inc.

130,000

5,942

Jack in the Box, Inc. (a)

180,000

4,169

Little Sheep Group Ltd.

447,000

291

Marriott International, Inc. Class A

630,618

23,364

Sonic Corp. (a)

397,600

3,531

Starbucks Corp.

1,185,000

33,749

 

87,559

Household Durables - 1.9%

Ethan Allen Interiors, Inc.

40,000

607

KB Home (d)

2,250,000

23,648

Newell Rubbermaid, Inc.

405,000

7,148

PulteGroup, Inc. (a)

2,252,370

17,681

Ryland Group, Inc.

1,480,000

22,170

Stanley Black & Decker, Inc.

590,000

36,562

Toll Brothers, Inc. (a)

210,292

3,773

 

111,589

Internet & Catalog Retail - 0.5%

Amazon.com, Inc. (a)

73,000

12,055

Expedia, Inc.

580,000

16,791

 

28,846

Media - 2.4%

Comcast Corp. Class A

1,600,000

32,928

DIRECTV (a)

580,000

25,207

Lamar Advertising Co. Class A (a)

215,000

7,308

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - continued

McGraw-Hill Companies, Inc.

445,000

$ 16,754

The Walt Disney Co.

1,640,000

59,220

 

141,417

Multiline Retail - 1.7%

Kohl's Corp. (a)

615,000

31,488

Target Corp.

1,346,000

69,911

 

101,399

Specialty Retail - 0.8%

Best Buy Co., Inc.

510,000

21,920

Lowe's Companies, Inc.

1,020,000

21,757

 

43,677

Textiles, Apparel & Luxury Goods - 0.5%

Pandora A/S

87,100

4,226

Polo Ralph Lauren Corp. Class A

285,000

27,611

 

31,837

TOTAL CONSUMER DISCRETIONARY

610,225

CONSUMER STAPLES - 7.5%

Beverages - 2.6%

Coca-Cola Enterprises, Inc.

775,000

18,608

The Coca-Cola Co.

2,195,000

134,597

 

153,205

Food & Staples Retailing - 1.0%

CVS Caremark Corp.

467,900

14,093

Wal-Mart de Mexico SA de CV Series V

2,200,000

6,017

Wal-Mart Stores, Inc.

742,900

40,243

 

60,353

Food Products - 1.2%

Bunge Ltd.

335,000

20,123

Kraft Foods, Inc. Class A

180,000

5,809

Mead Johnson Nutrition Co. Class A

280,000

16,470

Nestle SA

512,000

28,036

 

70,438

Household Products - 1.0%

Colgate-Palmolive Co.

400,000

30,848

Procter & Gamble Co.

450,000

28,607

 

59,455

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Tobacco - 1.7%

Philip Morris International, Inc.

1,690,000

$ 98,865

TOTAL CONSUMER STAPLES

442,316

ENERGY - 11.4%

Energy Equipment & Services - 4.9%

Cameron International Corp. (a)

1,269,100

55,523

Ensco International Ltd. ADR

195,000

9,036

Halliburton Co.

980,000

31,223

Oil States International, Inc. (a)

280,000

14,314

Saipem SpA

490,000

21,770

Schlumberger Ltd.

1,494,500

104,451

TETRA Technologies, Inc. (a)

305,200

2,979

Weatherford International Ltd. (a)

2,691,800

45,249

 

284,545

Oil, Gas & Consumable Fuels - 6.5%

Anadarko Petroleum Corp.

90,000

5,541

Apache Corp.

330,800

33,417

Chesapeake Energy Corp.

20,000

434

Cimarex Energy Co.

180,000

13,815

EXCO Resources, Inc.

513,700

7,618

Exxon Mobil Corp.

3,791,300

252,000

Peabody Energy Corp.

425,000

22,483

Petrohawk Energy Corp. (a)

825,000

14,033

Plains Exploration & Production Co. (a)

154,300

4,300

Southwestern Energy Co. (a)

390,000

13,202

Ultra Petroleum Corp. (a)

240,000

9,876

Whiting Petroleum Corp. (a)

55,000

5,524

 

382,243

TOTAL ENERGY

666,788

FINANCIALS - 17.0%

Capital Markets - 4.1%

Ameriprise Financial, Inc.

545,000

28,171

AP Alternative Assets, L.P. Restricted Depositary Units (e)

3,649,200

27,442

Charles Schwab Corp.

40,000

616

Goldman Sachs Group, Inc.

256,300

41,251

Janus Capital Group, Inc.

693,375

7,322

Morgan Stanley

1,418,800

35,286

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Capital Markets - continued

State Street Corp.

1,717,400

$ 71,719

T. Rowe Price Group, Inc.

470,000

25,977

 

237,784

Commercial Banks - 4.0%

FirstMerit Corp.

257,754

4,428

Huntington Bancshares, Inc.

888,800

5,039

PNC Financial Services Group, Inc.

541,900

29,208

Sterling Bancshares, Inc.

375,000

2,021

SunTrust Banks, Inc.

350,000

8,757

Synovus Financial Corp.

1,300,000

2,808

U.S. Bancorp, Delaware

1,965,000

47,514

Wells Fargo & Co.

4,587,200

119,634

Zions Bancorporation

645,000

13,326

 

232,735

Consumer Finance - 0.7%

American Express Co.

732,700

30,378

Capital One Financial Corp.

331,900

12,370

Discover Financial Services

43,321

765

 

43,513

Diversified Financial Services - 4.7%

Bank of America Corp.

698,000

7,985

Citigroup, Inc. (a)

27,002,900

112,602

JPMorgan Chase & Co.

3,964,500

149,184

NBH Holdings Corp. Class A (a)(e)

166,200

3,241

 

273,012

Insurance - 2.1%

Berkshire Hathaway, Inc. Class B (a)

677,500

53,902

Hartford Financial Services Group, Inc.

490,000

11,750

Lincoln National Corp.

440,000

10,771

MetLife, Inc.

1,225,000

49,404

 

125,827

Real Estate Investment Trusts - 1.0%

CBL & Associates Properties, Inc.

459,200

7,200

ProLogis Trust

700,000

9,555

Public Storage

195,000

19,348

Simon Property Group, Inc.

114,121

10,958

SL Green Realty Corp.

161,600

10,620

 

57,681

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Management & Development - 0.3%

CB Richard Ellis Group, Inc. Class A (a)

1,080,000

$ 19,818

Thrifts & Mortgage Finance - 0.1%

Radian Group, Inc.

575,000

4,364

TOTAL FINANCIALS

994,734

HEALTH CARE - 9.9%

Biotechnology - 2.0%

Amgen, Inc. (a)

711,800

40,708

Amylin Pharmaceuticals, Inc. (a)

900,000

11,727

ARIAD Pharmaceuticals, Inc. (a)

939,738

3,458

ArQule, Inc. (a)

350,000

1,932

BioMarin Pharmaceutical, Inc. (a)

281,157

7,355

Cephalon, Inc. (a)

93,000

6,179

Gilead Sciences, Inc. (a)

495,000

19,637

Incyte Corp. (a)

100,000

1,666

SIGA Technologies, Inc. (a)

310,000

4,108

Theravance, Inc. (a)

225,200

4,590

Vertex Pharmaceuticals, Inc. (a)

440,000

16,865

 

118,225

Health Care Equipment & Supplies - 1.0%

C. R. Bard, Inc.

195,000

16,208

Covidien PLC

985,600

39,296

St. Jude Medical, Inc. (a)

117,800

4,512

 

60,016

Health Care Providers & Services - 2.3%

Brookdale Senior Living, Inc. (a)

465,000

8,733

CIGNA Corp.

230,000

8,094

Express Scripts, Inc. (a)

784,200

38,049

Henry Schein, Inc. (a)

635,000

35,655

McKesson Corp.

300,000

19,794

Medco Health Solutions, Inc. (a)

90,000

4,728

UnitedHealth Group, Inc.

465,000

16,763

 

131,816

Life Sciences Tools & Services - 0.5%

Illumina, Inc. (a)

265,000

14,392

Life Technologies Corp. (a)

245,000

12,294

 

26,686

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - 4.1%

Allergan, Inc.

185,000

$ 13,396

Auxilium Pharmaceuticals, Inc. (a)

100,000

2,475

GlaxoSmithKline PLC sponsored ADR

600,000

23,424

Johnson & Johnson

1,049,800

66,841

Merck & Co., Inc.

2,218,078

80,472

Perrigo Co.

116,000

7,642

Pfizer, Inc.

2,042,500

35,540

Teva Pharmaceutical Industries Ltd. sponsored ADR

255,000

13,235

 

243,025

TOTAL HEALTH CARE

579,768

INDUSTRIALS - 15.2%

Aerospace & Defense - 5.3%

AerCap Holdings NV (a)

350,000

4,519

AeroVironment, Inc. (a)

185,000

4,340

BE Aerospace, Inc. (a)

865,000

31,797

Goodrich Corp.

440,000

36,111

Precision Castparts Corp.

360,000

49,169

The Boeing Co.

865,000

61,104

United Technologies Corp.

1,660,000

124,118

 

311,158

Air Freight & Logistics - 1.2%

C.H. Robinson Worldwide, Inc.

285,000

20,087

United Parcel Service, Inc. Class B

770,000

51,852

 

71,939

Airlines - 0.4%

Southwest Airlines Co.

1,365,000

18,782

United Continental Holdings, Inc. (a)

175,000

5,082

 

23,864

Building Products - 0.2%

Owens Corning (a)

340,000

9,194

Commercial Services & Supplies - 0.1%

Avery Dennison Corp.

155,000

5,634

Construction & Engineering - 0.7%

Fluor Corp.

560,000

26,986

Jacobs Engineering Group, Inc. (a)

250,000

9,653

Orion Marine Group, Inc. (a)

305,000

3,816

 

40,455

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Industrial Conglomerates - 1.5%

3M Co.

494,700

$ 41,664

General Electric Co.

1,806,000

28,932

Textron, Inc.

908,100

18,907

 

89,503

Machinery - 2.7%

Cummins, Inc.

375,000

33,038

Danaher Corp.

910,000

39,458

Ingersoll-Rand Co. Ltd.

1,505,000

59,162

NN, Inc. (a)

100,000

832

PACCAR, Inc.

480,000

24,605

 

157,095

Professional Services - 0.3%

Robert Half International, Inc.

720,000

19,519

Road & Rail - 2.8%

CSX Corp.

1,182,700

72,677

Landstar System, Inc.

685,000

25,770

Union Pacific Corp.

760,000

66,637

 

165,084

TOTAL INDUSTRIALS

893,445

INFORMATION TECHNOLOGY - 21.7%

Communications Equipment - 3.4%

Cisco Systems, Inc. (a)

4,484,900

102,390

Juniper Networks, Inc. (a)

663,000

21,475

Motorola, Inc. (a)

1,750,000

14,263

QUALCOMM, Inc.

1,325,000

59,797

 

197,925

Computers & Peripherals - 5.5%

Apple, Inc. (a)

803,800

241,839

EMC Corp. (a)

1,015,000

21,325

Hewlett-Packard Co.

1,374,700

57,820

 

320,984

Electronic Equipment & Components - 0.8%

Agilent Technologies, Inc. (a)

413,000

14,372

Corning, Inc.

1,736,900

31,751

 

46,123

Internet Software & Services - 4.1%

eBay, Inc. (a)

2,007,800

59,853

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Google, Inc. Class A (a)

268,000

$ 164,281

Move, Inc. (a)

1,846,025

4,357

Rackspace Hosting, Inc. (a)

465,000

11,606

 

240,097

IT Services - 2.0%

Cognizant Technology Solutions Corp. Class A (a)

375,000

24,446

International Business Machines Corp.

155,000

22,258

MasterCard, Inc. Class A

155,000

37,209

Visa, Inc. Class A

399,400

31,221

 

115,134

Office Electronics - 0.3%

Xerox Corp.

1,535,000

17,960

Semiconductors & Semiconductor Equipment - 2.5%

ASML Holding NV

1,825,000

60,572

Avago Technologies Ltd. (a)

260,000

6,417

Intersil Corp. Class A

895,000

11,716

Lam Research Corp. (a)

544,500

24,933

Marvell Technology Group Ltd. (a)

806,300

15,570

MEMC Electronic Materials, Inc. (a)

770,000

9,871

Micron Technology, Inc. (a)

1,305,900

10,800

NXP Semiconductors NV

748,300

9,870

 

149,749

Software - 3.1%

Adobe Systems, Inc. (a)

320,000

9,008

BMC Software, Inc. (a)

537,400

24,430

Citrix Systems, Inc. (a)

285,000

18,260

Informatica Corp. (a)

300,000

12,207

Longtop Financial Technologies Ltd. ADR (a)

67,600

2,457

Microsoft Corp.

1,823,100

48,567

Novell, Inc. (a)

950,000

5,634

Nuance Communications, Inc. (a)

410,000

6,441

Oracle Corp.

1,772,200

52,103

Red Hat, Inc. (a)

140,000

5,916

 

185,023

TOTAL INFORMATION TECHNOLOGY

1,272,995

Common Stocks - continued

Shares

Value (000s)

MATERIALS - 4.0%

Chemicals - 2.3%

Albemarle Corp.

515,000

$ 25,817

CF Industries Holdings, Inc.

175,000

21,443

Dow Chemical Co.

445,000

13,719

Ecolab, Inc.

115,000

5,672

FMC Corp.

395,000

28,875

Praxair, Inc.

183,800

16,788

The Mosaic Co.

295,000

21,582

 

133,896

Metals & Mining - 1.7%

Alcoa, Inc.

1,745,000

22,912

AngloGold Ashanti Ltd. sponsored ADR

617,700

29,100

Barrick Gold Corp.

570,000

27,452

Carpenter Technology Corp.

600,000

21,396

 

100,860

TOTAL MATERIALS

234,756

TELECOMMUNICATION SERVICES - 1.0%

Diversified Telecommunication Services - 0.3%

Verizon Communications, Inc.

525,000

17,047

Wireless Telecommunication Services - 0.7%

American Tower Corp. Class A (a)

585,000

30,192

Sprint Nextel Corp. (a)

3,175,000

13,081

 

43,273

TOTAL TELECOMMUNICATION SERVICES

60,320

UTILITIES - 0.2%

Multi-Utilities - 0.2%

Public Service Enterprise Group, Inc.

360,000

11,646

TOTAL COMMON STOCKS

(Cost $4,948,403)

5,766,993

Nonconvertible Preferred Stocks - 0.4%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 0.4%

Automobiles - 0.4%

Volkswagen AG

(Cost $18,820)

130,000

$ 19,536

Money Market Funds - 1.0%

 

 

 

 

Fidelity Cash Central Fund, 0.23% (b)

57,509,076

57,509

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)

2,068,000

2,068

TOTAL MONEY MARKET FUNDS

(Cost $59,577)

59,577

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $5,026,800)

5,846,106

NET OTHER ASSETS (LIABILITIES) - 0.3%

19,275

NET ASSETS - 100%

$ 5,865,381

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(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 $30,683,000 or 0.5% 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

$ 34

Fidelity Securities Lending Cash Central Fund

4

Total

$ 38

Other Information

The following is a summary of the inputs used, as of October 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the 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:

Equities:

Consumer Discretionary

$ 629,761

$ 629,761

$ -

$ -

Consumer Staples

442,316

442,316

-

-

Energy

666,788

666,788

-

-

Financials

994,734

991,493

-

3,241

Health Care

579,768

579,768

-

-

Industrials

893,445

893,445

-

-

Information Technology

1,272,995

1,272,995

-

-

Materials

234,756

234,756

-

-

Telecommunication Services

60,320

60,320

-

-

Utilities

11,646

11,646

-

-

Money Market Funds

59,577

59,577

-

-

Total Investments in Securities:

$ 5,846,106

$ 5,842,865

$ -

$ 3,241

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

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ 3,241

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 3,241

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in 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 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $5,071,925,000. Net unrealized appreciation aggregated $774,181,000, of which $1,074,220,000 related to appreciated investment securities and $300,039,000 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 fair value and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® International Real Estate Fund

October 31, 2010

1.809077.106

IRE-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%

Shares

Value

Australia - 14.4%

Abacus Property Group unit

6,204,860

$ 2,613,794

Charter Hall Group unit

4,676,331

2,565,454

DEXUS Property Group unit

4,945,641

4,021,348

FKP Property Group unit

2,703,483

2,489,559

Goodman Group unit

10,132,037

6,253,286

Macquarie CountryWide Trust

1,799,912

5,360,383

Stockland Corp. Ltd. unit

808,432

2,985,766

The GPT Group unit

2,170,762

5,933,178

Westfield Group unit

1,869,771

22,676,708

TOTAL AUSTRALIA

54,899,476

Bailiwick of Jersey - 1.0%

Atrium European Real Estate Ltd.

647,883

3,891,762

Brazil - 1.1%

Aliansce Shopping Centers SA

192,600

1,583,867

BR Malls Participacoes SA

63,000

601,781

Iguatemi Empresa de Shopping Centers SA

92,400

2,156,290

TOTAL BRAZIL

4,341,938

Cayman Islands - 4.4%

Agile Property Holdings Ltd.

2,997,000

3,943,803

Central China Real Estate Ltd.

9,818,000

2,229,277

Evergrande Real Estate Group Ltd.

3,664,000

1,555,176

KWG Property Holding Ltd.

7,361,000

5,830,871

SOHO China Ltd.

3,722,000

3,164,390

TOTAL CAYMAN ISLANDS

16,723,517

China - 1.3%

BBMG Corp. Class H

1,492,000

2,121,186

China Resources Land Ltd.

1,377,000

2,714,473

TOTAL CHINA

4,835,659

Finland - 0.9%

Citycon Oyj

785,810

3,520,797

France - 6.9%

Altarea

10,475

1,821,930

Silic SA

16,800

2,254,884

Societe de la Tour Eiffel

54,811

4,562,278

Unibail-Rodamco

85,007

17,706,964

TOTAL FRANCE

26,346,056

Common Stocks - continued

Shares

Value

Germany - 1.8%

alstria office REIT-AG

220,465

$ 3,070,728

Colonia Real Estate AG (a)

134,021

879,456

DIC Asset AG

267,900

2,811,800

TOTAL GERMANY

6,761,984

Greece - 0.1%

Babis Vovos International Technical SA (a)

104,074

353,346

Hong Kong - 22.5%

Hang Lung Properties Ltd.

1,721,000

8,425,989

Henderson Land Development Co. Ltd.

886,099

6,293,146

Hongkong Land Holdings Ltd.

593,000

4,091,700

Hysan Development Co. Ltd.

1,528,000

5,904,028

Kerry Properties Ltd.

1,668,000

9,253,217

New World Development Co. Ltd.

3,110,000

6,138,752

Sun Hung Kai Properties Ltd.

1,845,000

31,609,869

Wharf Holdings Ltd.

2,100,000

13,790,034

TOTAL HONG KONG

85,506,735

Italy - 3.0%

Beni Stabili SpA

5,850,000

5,946,257

Immobiliare Grande Distribuzione SpA

2,542,505

5,094,387

Pirelli & C. Real Estate SpA (a)

938,200

550,251

TOTAL ITALY

11,590,895

Japan - 18.2%

Aeon Mall Co. Ltd.

134,500

3,155,660

Goldcrest Co. Ltd.

85,770

1,851,404

Japan Retail Fund Investment Corp.

4,990

7,794,743

Kenedix Realty Investment Corp.

1,307

5,189,344

Kenedix, Inc. (a)(d)

22,352

4,508,176

Mitsui Fudosan Co. Ltd.

1,406,000

26,587,836

Nomura Real Estate Holdings, Inc.

260,600

3,999,515

ORIX JREIT, Inc. (d)

506

2,710,153

Park24 Co. Ltd.

147,000

1,421,225

Sumitomo Realty & Development Co. Ltd.

549,000

11,959,237

TOTAL JAPAN

69,177,293

Poland - 0.6%

Globe Trade Centre SA (a)

278,900

2,269,906

Russia - 0.5%

LSR Group OJSC GDR (Reg. S) (a)

229,100

1,947,350

Common Stocks - continued

Shares

Value

Singapore - 8.8%

Allgreen Properties Ltd.

3,948,000

$ 3,629,854

CapitaLand Ltd.

3,959,900

11,901,422

City Developments Ltd.

684,000

6,722,151

Global Logistic Properties Ltd.

1,785,000

3,199,567

Parkway Life REIT

893,000

1,152,214

Wing Tai Holdings Ltd.

5,162,000

6,979,448

TOTAL SINGAPORE

33,584,656

Spain - 0.2%

Realia Business SA (a)

276,194

582,230

Sweden - 2.1%

Castellum AB

157,800

2,065,315

Klovern AB

534,600

2,424,326

Wihlborgs Fastigheter AB

129,900

3,654,993

TOTAL SWEDEN

8,144,634

United Kingdom - 11.6%

Big Yellow Group PLC

797,900

4,246,697

British Land Co. PLC

1,100,118

8,980,213

Capital & Counties Properties PLC

1,008,800

2,413,060

Derwent London PLC

121,100

2,949,110

Great Portland Estates PLC

922,454

5,106,178

Hammerson PLC

612,699

4,114,035

Helical Bar PLC

590,200

3,072,218

Land Securities Group PLC

247,345

2,682,841

Quintain Estates & Development PLC (a)

1,052,300

665,947

Segro PLC

1,251,300

5,942,139

St. Modwen Properties PLC

1,516,500

3,936,050

TOTAL UNITED KINGDOM

44,108,488

TOTAL COMMON STOCKS

(Cost $373,168,203)

378,586,722

Money Market Funds - 1.1%

Shares

Value

Fidelity Cash Central Fund, 0.23% (b)

2,962,882

$ 2,962,882

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)

1,338,772

1,338,772

TOTAL MONEY MARKET FUNDS

(Cost $4,301,654)

4,301,654

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $377,469,857)

382,888,376

NET OTHER ASSETS (LIABILITIES) - (0.5)%

(1,949,305)

NET ASSETS - 100%

$ 380,939,071

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 1,586

Fidelity Securities Lending Cash Central Fund

6,671

Total

$ 8,257

Other Information

The following is a summary of the inputs used, as of October 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Hong Kong

$ 85,506,735

$ 85,506,735

$ -

$ -

Japan

69,177,293

30,630,220

38,547,073

-

Australia

54,899,476

54,899,476

-

-

United Kingdom

44,108,488

44,108,488

-

-

Singapore

33,584,656

33,584,656

-

-

France

26,346,056

26,346,056

-

-

Cayman Islands

16,723,517

16,723,517

-

-

Italy

11,590,895

11,590,895

-

-

Sweden

8,144,634

8,144,634

-

-

Other

28,504,972

28,504,972

-

-

Money Market Funds

4,301,654

4,301,654

-

-

Total Investments in Securities:

$ 382,888,376

$ 344,341,303

$ 38,547,073

$ -

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $378,864,401. Net unrealized appreciation aggregated $4,023,975, of which $36,864,397 related to appreciated investment securities and $32,840,422 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

October 31, 2010

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

1.859110.103

AIRE-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%

Shares

Value

Australia - 14.4%

Abacus Property Group unit

6,204,860

$ 2,613,794

Charter Hall Group unit

4,676,331

2,565,454

DEXUS Property Group unit

4,945,641

4,021,348

FKP Property Group unit

2,703,483

2,489,559

Goodman Group unit

10,132,037

6,253,286

Macquarie CountryWide Trust

1,799,912

5,360,383

Stockland Corp. Ltd. unit

808,432

2,985,766

The GPT Group unit

2,170,762

5,933,178

Westfield Group unit

1,869,771

22,676,708

TOTAL AUSTRALIA

54,899,476

Bailiwick of Jersey - 1.0%

Atrium European Real Estate Ltd.

647,883

3,891,762

Brazil - 1.1%

Aliansce Shopping Centers SA

192,600

1,583,867

BR Malls Participacoes SA

63,000

601,781

Iguatemi Empresa de Shopping Centers SA

92,400

2,156,290

TOTAL BRAZIL

4,341,938

Cayman Islands - 4.4%

Agile Property Holdings Ltd.

2,997,000

3,943,803

Central China Real Estate Ltd.

9,818,000

2,229,277

Evergrande Real Estate Group Ltd.

3,664,000

1,555,176

KWG Property Holding Ltd.

7,361,000

5,830,871

SOHO China Ltd.

3,722,000

3,164,390

TOTAL CAYMAN ISLANDS

16,723,517

China - 1.3%

BBMG Corp. Class H

1,492,000

2,121,186

China Resources Land Ltd.

1,377,000

2,714,473

TOTAL CHINA

4,835,659

Finland - 0.9%

Citycon Oyj

785,810

3,520,797

France - 6.9%

Altarea

10,475

1,821,930

Silic SA

16,800

2,254,884

Societe de la Tour Eiffel

54,811

4,562,278

Unibail-Rodamco

85,007

17,706,964

TOTAL FRANCE

26,346,056

Common Stocks - continued

Shares

Value

Germany - 1.8%

alstria office REIT-AG

220,465

$ 3,070,728

Colonia Real Estate AG (a)

134,021

879,456

DIC Asset AG

267,900

2,811,800

TOTAL GERMANY

6,761,984

Greece - 0.1%

Babis Vovos International Technical SA (a)

104,074

353,346

Hong Kong - 22.5%

Hang Lung Properties Ltd.

1,721,000

8,425,989

Henderson Land Development Co. Ltd.

886,099

6,293,146

Hongkong Land Holdings Ltd.

593,000

4,091,700

Hysan Development Co. Ltd.

1,528,000

5,904,028

Kerry Properties Ltd.

1,668,000

9,253,217

New World Development Co. Ltd.

3,110,000

6,138,752

Sun Hung Kai Properties Ltd.

1,845,000

31,609,869

Wharf Holdings Ltd.

2,100,000

13,790,034

TOTAL HONG KONG

85,506,735

Italy - 3.0%

Beni Stabili SpA

5,850,000

5,946,257

Immobiliare Grande Distribuzione SpA

2,542,505

5,094,387

Pirelli & C. Real Estate SpA (a)

938,200

550,251

TOTAL ITALY

11,590,895

Japan - 18.2%

Aeon Mall Co. Ltd.

134,500

3,155,660

Goldcrest Co. Ltd.

85,770

1,851,404

Japan Retail Fund Investment Corp.

4,990

7,794,743

Kenedix Realty Investment Corp.

1,307

5,189,344

Kenedix, Inc. (a)(d)

22,352

4,508,176

Mitsui Fudosan Co. Ltd.

1,406,000

26,587,836

Nomura Real Estate Holdings, Inc.

260,600

3,999,515

ORIX JREIT, Inc. (d)

506

2,710,153

Park24 Co. Ltd.

147,000

1,421,225

Sumitomo Realty & Development Co. Ltd.

549,000

11,959,237

TOTAL JAPAN

69,177,293

Poland - 0.6%

Globe Trade Centre SA (a)

278,900

2,269,906

Russia - 0.5%

LSR Group OJSC GDR (Reg. S) (a)

229,100

1,947,350

Common Stocks - continued

Shares

Value

Singapore - 8.8%

Allgreen Properties Ltd.

3,948,000

$ 3,629,854

CapitaLand Ltd.

3,959,900

11,901,422

City Developments Ltd.

684,000

6,722,151

Global Logistic Properties Ltd.

1,785,000

3,199,567

Parkway Life REIT

893,000

1,152,214

Wing Tai Holdings Ltd.

5,162,000

6,979,448

TOTAL SINGAPORE

33,584,656

Spain - 0.2%

Realia Business SA (a)

276,194

582,230

Sweden - 2.1%

Castellum AB

157,800

2,065,315

Klovern AB

534,600

2,424,326

Wihlborgs Fastigheter AB

129,900

3,654,993

TOTAL SWEDEN

8,144,634

United Kingdom - 11.6%

Big Yellow Group PLC

797,900

4,246,697

British Land Co. PLC

1,100,118

8,980,213

Capital & Counties Properties PLC

1,008,800

2,413,060

Derwent London PLC

121,100

2,949,110

Great Portland Estates PLC

922,454

5,106,178

Hammerson PLC

612,699

4,114,035

Helical Bar PLC

590,200

3,072,218

Land Securities Group PLC

247,345

2,682,841

Quintain Estates & Development PLC (a)

1,052,300

665,947

Segro PLC

1,251,300

5,942,139

St. Modwen Properties PLC

1,516,500

3,936,050

TOTAL UNITED KINGDOM

44,108,488

TOTAL COMMON STOCKS

(Cost $373,168,203)

378,586,722

Money Market Funds - 1.1%

Shares

Value

Fidelity Cash Central Fund, 0.23% (b)

2,962,882

$ 2,962,882

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)

1,338,772

1,338,772

TOTAL MONEY MARKET FUNDS

(Cost $4,301,654)

4,301,654

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $377,469,857)

382,888,376

NET OTHER ASSETS (LIABILITIES) - (0.5)%

(1,949,305)

NET ASSETS - 100%

$ 380,939,071

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 1,586

Fidelity Securities Lending Cash Central Fund

6,671

Total

$ 8,257

Other Information

The following is a summary of the inputs used, as of October 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Hong Kong

$ 85,506,735

$ 85,506,735

$ -

$ -

Japan

69,177,293

30,630,220

38,547,073

-

Australia

54,899,476

54,899,476

-

-

United Kingdom

44,108,488

44,108,488

-

-

Singapore

33,584,656

33,584,656

-

-

France

26,346,056

26,346,056

-

-

Cayman Islands

16,723,517

16,723,517

-

-

Italy

11,590,895

11,590,895

-

-

Sweden

8,144,634

8,144,634

-

-

Other

28,504,972

28,504,972

-

-

Money Market Funds

4,301,654

4,301,654

-

-

Total Investments in Securities:

$ 382,888,376

$ 344,341,303

$ 38,547,073

$ -

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $378,864,401. Net unrealized appreciation aggregated $4,023,975, of which $36,864,397 related to appreciated investment securities and $32,840,422 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Leveraged Company
Stock Fund
Leveraged Company Stock
Class K

October 31, 2010

1.809078.106

LSF-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 16.5%

Auto Components - 1.5%

Exide Technologies (a)

2,986,947

$ 17,593

Johnson Controls, Inc.

548,300

19,256

Tenneco, Inc. (a)

97,700

3,187

The Goodyear Tire & Rubber Co. (a)

564,063

5,765

TRW Automotive Holdings Corp. (a)

430,300

19,660

 

65,461

Automobiles - 0.5%

Daimler AG (United States) (a)

209,400

13,820

Toyota Motor Corp. sponsored ADR

89,500

6,338

 

20,158

Diversified Consumer Services - 3.6%

Carriage Services, Inc. (a)

266,200

1,398

Service Corp. International (f)

17,656,093

146,192

Stewart Enterprises, Inc. Class A

1,515,242

8,425

 

156,015

Hotels, Restaurants & Leisure - 1.2%

Bally Technologies, Inc. (a)

198,560

7,164

Biglari Holdings, Inc. (a)

32,970

10,992

Domino's Pizza, Inc. (a)

641,095

9,514

O'Charleys, Inc. (a)

207,849

1,559

Penn National Gaming, Inc. (a)

537,836

17,888

Wendy's/Arby's Group, Inc.

546,800

2,515

 

49,632

Household Durables - 3.3%

Harman International Industries, Inc. (a)

1,263,506

42,391

Lennar Corp. Class A

983,400

14,269

Newell Rubbermaid, Inc.

3,304,500

58,324

Stanley Black & Decker, Inc.

392,917

24,349

 

139,333

Leisure Equipment & Products - 0.4%

Callaway Golf Co.

2,514,010

17,296

Media - 2.8%

Belo Corp. Series A (a)

163,800

948

Cablevision Systems Corp. - NY Group Class A

541,324

14,475

Cinemark Holdings, Inc.

1,554,497

27,281

Comcast Corp. Class A

3,097,400

63,744

Gray Television, Inc. (a)(f)

2,845,889

5,549

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - continued

LIN TV Corp. Class A (a)

818,437

$ 3,405

Nexstar Broadcasting Group, Inc. Class A (a)(e)

1,130,500

6,399

 

121,801

Specialty Retail - 1.1%

Asbury Automotive Group, Inc. (a)

385,122

5,553

Charming Shoppes, Inc. (a)

3,932,700

13,725

GameStop Corp. Class A (a)

542,795

10,671

Sally Beauty Holdings, Inc. (a)

300,000

3,651

The Pep Boys - Manny, Moe & Jack

980,271

11,459

 

45,059

Textiles, Apparel & Luxury Goods - 2.1%

Coach, Inc.

314,020

15,701

Deckers Outdoor Corp. (a)

491,745

28,570

Hanesbrands, Inc. (a)

404,100

10,022

Phillips-Van Heusen Corp.

548,718

33,658

 

87,951

TOTAL CONSUMER DISCRETIONARY

702,706

CONSUMER STAPLES - 2.0%

Food & Staples Retailing - 0.9%

Safeway, Inc.

464,300

10,632

Whole Foods Market, Inc. (a)

713,867

28,376

 

39,008

Food Products - 0.9%

Darling International, Inc. (a)

2,498,930

25,014

Dean Foods Co. (a)

569,900

5,927

Smithfield Foods, Inc. (a)

559,606

9,373

 

40,314

Personal Products - 0.2%

Revlon, Inc. (a)

553,261

6,318

TOTAL CONSUMER STAPLES

85,640

ENERGY - 12.2%

Energy Equipment & Services - 2.3%

Baker Hughes, Inc.

218,000

10,100

Ensco International Ltd. ADR

110,000

5,097

Exterran Holdings, Inc. (a)(e)

1,135,708

28,586

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Noble Corp.

524,700

$ 18,118

Oil States International, Inc. (a)

270,700

13,838

Parker Drilling Co. (a)

1,200,000

5,076

Rowan Companies, Inc. (a)

321,100

10,564

Schlumberger Ltd.

109,400

7,646

 

99,025

Oil, Gas & Consumable Fuels - 9.9%

Alpha Natural Resources, Inc. (a)

361,838

16,344

Arch Coal, Inc.

688,255

16,924

ConocoPhillips

231,500

13,751

CONSOL Energy, Inc.

327,200

12,028

El Paso Corp.

9,577,276

126,995

Forest Oil Corp. (a)

1,418,052

43,577

Frontier Oil Corp.

1,972,600

26,137

International Coal Group, Inc. (a)

1,365,400

7,674

Nexen, Inc.

188,000

4,000

Overseas Shipholding Group, Inc. (e)

979,192

32,734

Paladin Energy Ltd. (a)

2,042,400

8,203

Peabody Energy Corp.

1,955,114

103,426

Range Resources Corp.

272,200

10,178

 

421,971

TOTAL ENERGY

520,996

FINANCIALS - 10.1%

Commercial Banks - 7.4%

Huntington Bancshares, Inc.

11,032,080

62,552

KeyCorp

8,888,459

72,796

PNC Financial Services Group, Inc.

832,918

44,894

Regions Financial Corp.

2,011,695

12,674

SunTrust Banks, Inc.

2,425,100

60,676

Wells Fargo & Co.

2,440,088

63,637

 

317,229

Diversified Financial Services - 1.2%

Bank of America Corp.

3,910,649

44,738

Citigroup, Inc. (a)

1,638,400

6,832

 

51,570

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - 0.7%

Assured Guaranty Ltd.

981,795

$ 18,703

Lincoln National Corp.

435,700

10,666

 

29,369

Real Estate Investment Trusts - 0.5%

FelCor Lodging Trust, Inc. (a)

1,085,852

6,678

Host Hotels & Resorts, Inc.

1,016,122

16,146

 

22,824

Thrifts & Mortgage Finance - 0.3%

First Niagara Financial Group, Inc.

851,444

10,090

TOTAL FINANCIALS

431,082

HEALTH CARE - 5.6%

Health Care Equipment & Supplies - 1.2%

Alere, Inc. (a)

518,708

15,328

Hospira, Inc. (a)

631,458

37,559

 

52,887

Health Care Providers & Services - 3.8%

Community Health Systems, Inc. (a)

611,876

18,405

DaVita, Inc. (a)

503,747

36,144

RehabCare Group, Inc. (a)

230,000

5,113

Rural/Metro Corp. (a)

834,200

7,191

Sun Healthcare Group, Inc. (a)

1,642,522

15,620

Tenet Healthcare Corp. (a)

18,689,259

81,485

 

163,958

Health Care Technology - 0.6%

Cerner Corp. (a)

276,209

24,259

TOTAL HEALTH CARE

241,104

INDUSTRIALS - 17.8%

Aerospace & Defense - 0.5%

American Science & Engineering, Inc.

85,370

7,030

Teledyne Technologies, Inc. (a)

340,694

14,163

 

21,193

Airlines - 3.0%

AirTran Holdings, Inc. (a)

1,779,700

13,170

AMR Corp. (a)

1,140,630

8,988

Delta Air Lines, Inc. (a)

5,334,898

74,102

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Airlines - continued

United Continental Holdings, Inc. (a)

280,400

$ 8,143

US Airways Group, Inc. (a)

2,034,580

23,988

 

128,391

Building Products - 3.3%

Armstrong World Industries, Inc. (a)

1,217,530

50,832

Masco Corp.

1,605,541

17,115

Owens Corning (a)

2,714,112

73,390

Owens Corning warrants 10/31/13 (a)

406,600

956

 

142,293

Commercial Services & Supplies - 3.4%

Cenveo, Inc. (a)(f)

3,858,300

21,221

Deluxe Corp.

1,749,127

35,752

R.R. Donnelley & Sons Co.

450,900

8,319

Republic Services, Inc.

1,537,587

45,835

The Brink's Co.

464,740

10,968

Waste Management, Inc.

599,400

21,411

 

143,506

Construction & Engineering - 0.3%

Fluor Corp.

297,100

14,317

Electrical Equipment - 2.2%

Baldor Electric Co.

404,900

17,014

Belden, Inc.

1,170,366

32,653

General Cable Corp. (a)

441,500

12,336

Harbin Electric, Inc. (a)(e)

548,369

11,823

Polypore International, Inc. (a)

548,400

18,245

 

92,071

Industrial Conglomerates - 0.9%

Carlisle Companies, Inc.

109,910

3,855

General Electric Co.

1,103,883

17,684

Textron, Inc.

550,200

11,455

Tyco International Ltd.

187,433

7,175

 

40,169

Machinery - 2.6%

Accuride Corp. (a)

57,374

71

Accuride Corp. warrants 2/26/12 (a)

778,347

70

Badger Meter, Inc.

228,561

9,492

Ingersoll-Rand Co. Ltd.

1,063,600

41,810

Middleby Corp. (a)

268,999

20,083

Mueller Water Products, Inc. Class A

1,202,599

3,632

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Navistar International Corp. (a)

169,800

$ 8,181

Thermadyne Holdings Corp. (a)

64,900

979

Timken Co.

464,948

19,258

WABCO Holdings, Inc. (a)

211,533

9,819

 

113,395

Marine - 0.3%

Navios Maritime Holdings, Inc. (e)

2,162,794

12,955

Road & Rail - 1.1%

Avis Budget Group, Inc. (a)

830,314

9,640

CSX Corp.

109,400

6,723

Hertz Global Holdings, Inc. (a)(e)

2,598,600

29,416

 

45,779

Trading Companies & Distributors - 0.2%

Houston Wire & Cable Co. (e)

656,176

7,566

TOTAL INDUSTRIALS

761,635

INFORMATION TECHNOLOGY - 9.9%

Communications Equipment - 0.3%

CommScope, Inc. (a)

459,254

14,540

Electronic Equipment & Components - 2.3%

Avnet, Inc. (a)

328,000

9,768

DDi Corp.

295,899

3,042

Flextronics International Ltd. (a)

9,134,646

65,404

TTM Technologies, Inc. (a)

1,402,619

14,699

Viasystems Group, Inc. (a)

290,108

4,569

 

97,482

Internet Software & Services - 0.4%

NetEase.com, Inc. sponsored ADR (a)

191,500

8,005

VeriSign, Inc. (a)

194,300

6,752

 

14,757

IT Services - 0.9%

Alliance Data Systems Corp. (a)(e)

356,809

21,665

CACI International, Inc. Class A (a)

248,000

12,430

Cognizant Technology Solutions Corp. Class A (a)

56,200

3,664

 

37,759

Semiconductors & Semiconductor Equipment - 5.9%

Amkor Technology, Inc. (a)(e)

5,242,218

37,796

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Cypress Semiconductor Corp. (a)

651,200

$ 9,182

Fairchild Semiconductor International, Inc. (a)

548,500

6,182

Intel Corp.

454,981

9,131

Micron Technology, Inc. (a)

1,737,600

14,370

ON Semiconductor Corp. (a)(f)

23,079,802

177,025

 

253,686

Software - 0.1%

Nuance Communications, Inc. (a)

163,600

2,570

TOTAL INFORMATION TECHNOLOGY

420,794

MATERIALS - 13.5%

Chemicals - 10.6%

Albemarle Corp.

965,892

48,420

Arch Chemicals, Inc.

344,342

12,228

Celanese Corp. Class A

3,586,635

127,864

Dow Chemical Co.

1,284,894

39,613

Ferro Corp. (a)

722,400

9,911

FMC Corp.

178,600

13,056

Georgia Gulf Corp. (a)

31,936

646

H.B. Fuller Co.

1,582,241

32,657

LyondellBasell Industries NV:

Class A (a)

1,491,164

40,053

Class B (a)

1,319,987

35,494

Nalco Holding Co.

740,569

20,869

OMNOVA Solutions, Inc. (a)

400,486

3,196

Phosphate Holdings, Inc. (a)

307,500

2,583

Solutia, Inc. (a)

716,300

12,972

W.R. Grace & Co. (a)

1,601,519

51,345

 

450,907

Containers & Packaging - 0.7%

Owens-Illinois, Inc. (a)

421,000

11,801

Rock-Tenn Co. Class A

355,202

20,193

 

31,994

Metals & Mining - 1.6%

AngloGold Ashanti Ltd. sponsored ADR

526,100

24,785

Compass Minerals International, Inc.

258,500

20,388

Ormet Corp. (a)

330,000

1,007

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - continued

Ormet Corp. (a)(i)

1,075,000

$ 3,279

Teck Resources Ltd. Class B (sub. vtg.)

417,300

18,658

 

68,117

Paper & Forest Products - 0.6%

Domtar Corp.

203,041

16,113

Neenah Paper, Inc.

518,300

7,956

 

24,069

TOTAL MATERIALS

575,087

TELECOMMUNICATION SERVICES - 3.4%

Diversified Telecommunication Services - 1.2%

PAETEC Holding Corp. (a)

2,980,233

12,577

Qwest Communications International, Inc.

4,637,500

30,608

tw telecom, inc. (a)

332,497

6,118

 

49,303

Wireless Telecommunication Services - 2.2%

Crown Castle International Corp. (a)

922,191

39,765

Sprint Nextel Corp. (a)

5,692,987

23,455

Syniverse Holdings, Inc. (a)

1,057,838

32,253

 

95,473

TOTAL TELECOMMUNICATION SERVICES

144,776

UTILITIES - 3.8%

Independent Power Producers & Energy Traders - 3.8%

AES Corp. (a)

10,901,923

130,169

Calpine Corp. (a)

2,479,900

30,999

 

161,168

TOTAL COMMON STOCKS

(Cost $3,804,762)

4,044,988

Preferred Stocks - 0.4%

 

 

 

 

Convertible Preferred Stocks - 0.3%

ENERGY - 0.3%

Oil, Gas & Consumable Fuels - 0.3%

El Paso Corp. 4.99%

11,200

13,184

Preferred Stocks - continued

Shares

Value (000s)

Nonconvertible Preferred Stocks - 0.1%

CONSUMER STAPLES - 0.1%

Personal Products - 0.1%

Revlon, Inc. Series A 12.75%

639,576

$ 3,658

TOTAL PREFERRED STOCKS

(Cost $16,677)

16,842

Nonconvertible Bonds - 1.0%

 

Principal Amount (000s)

 

CONSUMER DISCRETIONARY - 1.0%

Automobiles - 1.0%

General Motors Corp.:

6.75% 5/1/28 (d)

$ 3,075

1,030

7.125% 7/15/13 (d)

8,320

2,912

7.2% 1/15/11 (d)

22,980

7,641

8.25% 7/15/23 (d)

25,035

8,762

8.375% 7/15/33 (d)

50,210

18,076

8.8% 3/1/21 (d)

10,765

3,687

 

42,108

Hotels, Restaurants & Leisure - 0.0%

Station Casinos, Inc.:

6% 4/1/12 (d)

8,360

1

7.75% 8/15/16 (d)

9,380

1

 

2

TOTAL CONSUMER DISCRETIONARY

42,110

INDUSTRIALS - 0.0%

Airlines - 0.0%

Delta Air Lines, Inc. 8% 12/15/07 (a)(g)

4,145

0

Northwest Airlines, Inc. 9.875% 3/15/07 (a)

7,000

0

TOTAL NONCONVERTIBLE BONDS

(Cost $25,165)

42,110

Floating Rate Loans - 1.1%

 

Principal Amount (000s)

Value (000s)

CONSUMER DISCRETIONARY - 0.2%

Media - 0.2%

Univision Communications, Inc. term loan 4.5063% 3/31/17 (h)

$ 9,593

$ 9,114

INDUSTRIALS - 0.4%

Airlines - 0.4%

Delta Air Lines, Inc. Tranche 2LN, term loan 3.5391% 4/30/14 (h)

8,760

8,497

US Airways Group, Inc. term loan 2.7884% 3/23/14 (h)

10,947

9,853

 

18,350

INFORMATION TECHNOLOGY - 0.4%

Semiconductors & Semiconductor Equipment - 0.4%

Freescale Semiconductor, Inc. term loan 4.5063% 12/1/16 (h)

18,096

17,101

UTILITIES - 0.1%

Electric Utilities - 0.1%

Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B2, term loan 3.9226% 10/10/14 (h)

5,692

4,432

TOTAL FLOATING RATE LOANS

(Cost $44,793)

48,997

Other - 0.0%

Shares

 

Other - 0.0%

Delta Air Lines ALPA Claim (a)
(Cost $771)

64,750,000

1,376

Money Market Funds - 4.0%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.23% (b)

76,367,601

$ 76,368

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)

93,335,192

93,335

TOTAL MONEY MARKET FUNDS

(Cost $169,703)

169,703

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $4,061,871)

4,324,016

NET OTHER ASSETS (LIABILITIES) - (1.3)%

(56,021)

NET ASSETS - 100%

$ 4,267,995

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(d) Non-income producing - Security 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 $0 or 0.0% of net assets.

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

(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,279,000 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

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

$ 22

Fidelity Securities Lending Cash Central Fund

135

Total

$ 157

Other Affiliated Issuers

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

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

Cenveo, Inc.

$ 23,767

$ -

$ -

$ -

$ 21,221

Gray Television, Inc.

7,399

-

-

-

5,549

ON Semiconductor Corp.

155,780

-

-

-

177,025

Service Corp. International

150,430

-

-

706

146,192

Total

$ 337,376

$ -

$ -

$ 706

$ 349,987

Other Information

The following is a summary of the inputs used, as of October 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the 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:

Equities:

Consumer Discretionary

$ 702,706

$ 702,706

$ -

$ -

Consumer Staples

89,298

85,640

-

3,658

Energy

534,180

520,996

13,184

-

Financials

431,082

431,082

-

-

Health Care

241,104

241,104

-

-

Industrials

761,635

761,635

-

-

Information Technology

420,794

420,794

-

-

Materials

575,087

575,087

-

-

Telecommunication Services

144,776

144,776

-

-

Utilities

161,168

161,168

-

-

Corporate Bonds

42,110

-

42,110

-

Floating Rate Loans

48,997

-

48,997

-

Other

1,376

-

1,376

-

Money Market Funds

169,703

169,703

-

-

Total Investments in Securities:

$ 4,324,016

$ 4,214,691

$ 105,667

$ 3,658

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

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ 4,950

Total Realized Gain (Loss)

(1)

Total Unrealized Gain (Loss)

36

Cost of Purchases

-

Proceeds of Sales

(32)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

(1,295)

Ending Balance

$ 3,658

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ 35

The information used in the above reconciliation represents fiscal year to date activity for any Investments in 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 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $4,077,190,000. Net unrealized appreciation aggregated $246,826,000, of which $904,352,000 related to appreciated investment securities and $657,526,000 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. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and floating rate loans, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 fair value and are categorized as Level 2 in the hierarchy.

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

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® OTC Portfolio -
OTC
Class K

October 31, 2010

1.809071.106

OTC-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.2%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 10.9%

Automobiles - 0.3%

Bayerische Motoren Werke AG (BMW) ADR

722,200

$ 17,188

Diversified Consumer Services - 0.6%

Coinstar, Inc. (a)

253,200

14,579

Global Education & Technology Group Ltd. ADR (a)

1,140,700

11,327

Strayer Education, Inc. (d)

64,403

9,005

 

34,911

Hotels, Restaurants & Leisure - 1.1%

BJ's Restaurants, Inc. (a)

544,900

18,063

Country Style Cooking Restaurant Chain Co. Ltd. ADR

5,500

163

Ctrip.com International Ltd. sponsored ADR (a)

156,100

8,128

Starbucks Corp.

922,800

26,281

Wyndham Worldwide Corp.

292,200

8,401

Wynn Resorts Ltd.

106,400

11,403

 

72,439

Household Durables - 0.9%

Harman International Industries, Inc. (a)

135,200

4,536

iRobot Corp. (a)(d)(e)

1,615,286

33,727

Lennar Corp. Class A

221,900

3,220

PulteGroup, Inc. (a)

572,400

4,493

Techtronic Industries Co. Ltd.

12,927,500

13,092

 

59,068

Internet & Catalog Retail - 2.5%

Amazon.com, Inc. (a)

705,830

116,561

Expedia, Inc.

541,300

15,671

Netflix, Inc. (a)(d)

142,700

24,758

 

156,990

Media - 2.3%

Comcast Corp. Class A

4,178,000

85,983

DIRECTV (a)

519,500

22,577

Discovery Communications, Inc. (a)

177,100

7,900

Lamar Advertising Co. Class A (a)(d)

499,900

16,992

Liberty Global, Inc. Class A (a)(d)

284,400

10,747

 

144,199

Specialty Retail - 1.6%

Bed Bath & Beyond, Inc. (a)

645,000

28,316

Citi Trends, Inc. (a)(d)

360,137

7,556

I.T Ltd.

17,360,000

14,647

O'Reilly Automotive, Inc. (a)

224,500

13,133

Staples, Inc.

148,600

3,042

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Ulta Salon, Cosmetics & Fragrance, Inc. (a)

208,000

$ 6,384

Urban Outfitters, Inc. (a)

848,500

26,108

 

99,186

Textiles, Apparel & Luxury Goods - 1.6%

Deckers Outdoor Corp. (a)

413,500

24,024

lululemon athletica, Inc. (a)(d)

826,473

36,629

Polo Ralph Lauren Corp. Class A

110,300

10,686

Steven Madden Ltd. (a)

490,500

20,748

Trinity Ltd.

8,514,000

8,513

 

100,600

TOTAL CONSUMER DISCRETIONARY

684,581

CONSUMER STAPLES - 0.7%

Beverages - 0.1%

Hansen Natural Corp. (a)

129,000

6,606

Food & Staples Retailing - 0.3%

Whole Foods Market, Inc. (a)

382,800

15,216

Food Products - 0.3%

Tingyi (Cayman Islands) Holding Corp. ADR

118,900

6,457

Want Want China Holdings Ltd. ADR

217,500

10,032

 

16,489

Personal Products - 0.0%

USANA Health Sciences, Inc. (a)

44,800

1,968

TOTAL CONSUMER STAPLES

40,279

ENERGY - 1.4%

Energy Equipment & Services - 0.9%

ION Geophysical Corp. (a)

3,074,200

15,033

Oceaneering International, Inc. (a)

188,600

11,669

Schlumberger Ltd.

199,200

13,922

Weatherford International Ltd. (a)

824,100

13,853

 

54,477

Oil, Gas & Consumable Fuels - 0.5%

Amyris, Inc.

841,200

14,368

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Carrizo Oil & Gas, Inc. (a)

477,600

$ 11,281

Massey Energy Co.

215,600

9,070

 

34,719

TOTAL ENERGY

89,196

FINANCIALS - 7.1%

Commercial Banks - 3.6%

Associated Banc-Corp.

2,034,000

25,771

FirstMerit Corp.

688,600

11,830

Fulton Financial Corp.

787,800

7,358

Huntington Bancshares, Inc.

6,469,500

36,682

National Penn Bancshares, Inc.

1,047,300

6,797

Popular, Inc. (a)

3,132,000

8,550

Standard Chartered PLC

363,600

10,544

Standard Chartered PLC rights 11/5/10 (a)

45,450

383

Susquehanna Bancshares, Inc., Pennsylvania

144,100

1,138

SVB Financial Group (a)

256,200

11,104

Wells Fargo & Co.

3,144,400

82,006

Zions Bancorporation

1,331,200

27,503

 

229,666

Diversified Financial Services - 2.5%

Citigroup, Inc. (a)

13,855,500

57,777

CME Group, Inc.

249,700

72,326

Hong Kong Exchanges and Clearing Ltd.

521,400

11,476

JPMorgan Chase & Co.

432,900

16,290

NBH Holdings Corp. Class A (a)(f)

110,800

2,161

 

160,030

Insurance - 0.5%

CNinsure, Inc. ADR (d)

485,300

12,472

Genworth Financial, Inc. Class A (a)

956,800

10,850

Protective Life Corp.

272,400

6,529

 

29,851

Real Estate Management & Development - 0.3%

China Real Estate Information Corp. ADR

1,677,300

16,622

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Thrifts & Mortgage Finance - 0.2%

The PMI Group, Inc. (a)

716,900

$ 2,402

Washington Federal, Inc.

664,370

9,985

 

12,387

TOTAL FINANCIALS

448,556

HEALTH CARE - 13.1%

Biotechnology - 9.2%

Alexion Pharmaceuticals, Inc. (a)

778,360

53,162

Allos Therapeutics, Inc. (a)(d)

1,399,800

5,571

Alnylam Pharmaceuticals, Inc. (a)

549,500

7,220

Amgen, Inc. (a)

1,472,000

84,184

Amylin Pharmaceuticals, Inc. (a)

1,478,009

19,258

Anthera Pharmaceuticals, Inc.

396,247

2,484

ARIAD Pharmaceuticals, Inc. (a)

2,291,800

8,434

BioMarin Pharmaceutical, Inc. (a)

697,100

18,236

Cephalon, Inc. (a)

113,200

7,521

Cepheid, Inc. (a)

649,600

13,668

Dendreon Corp. (a)

2,202,236

80,382

Genzyme Corp. (a)

333,700

24,070

Gilead Sciences, Inc. (a)

1,623,200

64,392

Human Genome Sciences, Inc. (a)

2,414,512

64,902

ImmunoGen, Inc. (a)

297,309

2,444

Inhibitex, Inc. (a)(d)

1,913,500

3,808

InterMune, Inc. (a)

505,237

6,639

Isis Pharmaceuticals, Inc. (a)

1,458,049

13,327

NPS Pharmaceuticals, Inc. (a)

1,023,100

6,374

OREXIGEN Therapeutics, Inc. (a)(d)

1,276,000

6,750

Pharmasset, Inc. (a)

171,300

6,424

Seattle Genetics, Inc. (a)

1,402,103

22,980

Targacept, Inc. (a)

216,749

5,367

Theravance, Inc. (a)

537,800

10,960

Vertex Pharmaceuticals, Inc. (a)

975,588

37,394

 

575,951

Health Care Equipment & Supplies - 1.6%

Abiomed, Inc. (a)(d)

1,041,372

10,737

Alphatec Holdings, Inc. (a)(d)(e)

4,543,167

9,904

Mako Surgical Corp. (a)(d)

1,144,863

12,342

Masimo Corp.

602,100

18,165

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

NuVasive, Inc. (a)

553,800

$ 14,510

Thoratec Corp. (a)

986,015

32,184

 

97,842

Health Care Providers & Services - 0.0%

Accretive Health, Inc.

77,300

833

Health Care Technology - 0.4%

athenahealth, Inc. (a)(d)

350,800

14,021

SXC Health Solutions Corp. (a)

291,400

11,377

 

25,398

Life Sciences Tools & Services - 1.5%

Illumina, Inc. (a)

1,126,292

61,169

Illumina, Inc.:

warrants 11/20/10 (a)(g)

244,084

10,596

warrants 1/19/11 (a)(g)

311,606

13,529

QIAGEN NV (a)

573,300

10,784

 

96,078

Pharmaceuticals - 0.4%

Elan Corp. PLC sponsored ADR (a)

1,393,451

7,594

Teva Pharmaceutical Industries Ltd. sponsored ADR

382,273

19,840

 

27,434

TOTAL HEALTH CARE

823,536

INDUSTRIALS - 2.7%

Aerospace & Defense - 0.4%

AeroVironment, Inc. (a)(d)

417,551

9,796

BE Aerospace, Inc. (a)

379,200

13,939

 

23,735

Air Freight & Logistics - 0.1%

C.H. Robinson Worldwide, Inc.

108,800

7,668

Airlines - 0.3%

United Continental Holdings, Inc. (a)(d)

671,000

19,486

Construction & Engineering - 0.7%

Fluor Corp.

264,300

12,737

Foster Wheeler AG (a)

776,300

18,181

Jacobs Engineering Group, Inc. (a)

253,700

9,795

 

40,713

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Electrical Equipment - 0.1%

Fushi Copperweld, Inc. (a)

687,200

$ 6,391

Machinery - 0.7%

Altra Holdings, Inc. (a)

371,000

5,491

Bucyrus International, Inc. Class A

259,200

17,667

PACCAR, Inc.

458,099

23,482

 

46,640

Road & Rail - 0.1%

Saia, Inc. (a)

287,000

4,156

Trading Companies & Distributors - 0.3%

DXP Enterprises, Inc. (a)

289,215

5,507

Interline Brands, Inc. (a)

391,700

7,869

Rush Enterprises, Inc. Class A (a)

246,900

3,923

 

17,299

TOTAL INDUSTRIALS

166,088

INFORMATION TECHNOLOGY - 58.9%

Communications Equipment - 8.1%

Acme Packet, Inc. (a)

662,074

26,185

Cisco Systems, Inc. (a)

4,617,400

105,415

HTC Corp.

705,850

15,937

Juniper Networks, Inc. (a)

2,848,000

92,247

QUALCOMM, Inc.

3,978,100

179,532

Research In Motion Ltd. (a)

732,200

41,699

Riverbed Technology, Inc. (a)

725,550

41,748

ZTE Corp. ADR

1,117,600

8,305

 

511,068

Computers & Peripherals - 10.8%

Apple, Inc. (a)

1,857,700

558,927

Isilon Systems, Inc. (a)(d)

701,883

19,983

NetApp, Inc. (a)

1,061,300

56,514

SanDisk Corp. (a)

878,650

33,020

Seagate Technology (a)

759,400

11,125

 

679,569

Electronic Equipment & Components - 0.2%

E Ink Holdings, Inc. GDR (a)(f)

44,300

774

FLIR Systems, Inc. (a)

284,400

7,918

Itron, Inc. (a)

47,800

2,905

 

11,597

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 12.4%

Akamai Technologies, Inc. (a)

503,000

$ 25,990

Alibaba.com Ltd. (a)

7,286,000

14,231

eBay, Inc. (a)

2,668,200

79,539

Equinix, Inc. (a)

152,000

12,804

Google, Inc. Class A (a)

700,049

429,123

LogMeIn, Inc. (a)(d)

881,040

35,004

Monster Worldwide, Inc. (a)

221,100

3,993

OpenTable, Inc. (a)(d)

36,800

2,258

Rackspace Hosting, Inc. (a)(d)(e)

7,004,200

174,825

 

777,767

IT Services - 2.5%

Cognizant Technology Solutions Corp. Class A (a)

1,370,945

89,372

Echo Global Logistics, Inc. (d)(e)

1,506,100

21,387

hiSoft Technology International Ltd. ADR (a)

297,200

7,906

iGate Corp.

976,300

19,956

MasterCard, Inc. Class A

46,600

11,187

Visa, Inc. Class A

125,200

9,787

 

159,595

Semiconductors & Semiconductor Equipment - 10.6%

Advanced Micro Devices, Inc. (a)

6,802,200

49,860

Amkor Technology, Inc. (a)(d)

999,727

7,208

ASML Holding NV

784,900

26,051

Broadcom Corp. Class A

1,895,600

77,227

Cypress Semiconductor Corp. (a)

768,350

10,834

First Solar, Inc. (a)(d)

131,036

18,041

GT Solar International, Inc. (a)

359,500

2,959

Intel Corp.

1,806,000

36,246

JA Solar Holdings Co. Ltd. ADR (a)(d)

1,612,600

13,465

Lam Research Corp. (a)

1,129,500

51,720

Marvell Technology Group Ltd. (a)

2,772,500

53,537

Mellanox Technologies Ltd. (a)

1,238,551

28,511

Micron Technology, Inc. (a)

2,717,900

22,477

MIPS Technologies, Inc. (a)

267,300

3,929

Monolithic Power Systems, Inc. (a)

1,538,000

24,716

NVIDIA Corp. (a)

15,230,781

183,226

Spreadtrum Communications, Inc. ADR (a)(d)

668,100

9,520

Standard Microsystems Corp. (a)

383,100

9,248

Varian Semiconductor Equipment Associates, Inc. (a)

343,949

11,237

Volterra Semiconductor Corp. (a)

1,206,500

24,649

 

664,661

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - 14.3%

Ariba, Inc. (a)

627,296

$ 11,781

AsiaInfo Holdings, Inc. (a)(d)

1,566,200

34,801

BMC Software, Inc. (a)

138,900

6,314

Check Point Software Technologies Ltd. (a)

1,422,600

60,816

DemandTec, Inc. (a)

987,933

10,452

Fortinet, Inc.

669,000

20,070

Gameloft (a)(e)

7,439,224

46,063

Informatica Corp. (a)

293,800

11,955

Intuit, Inc. (a)

631,400

30,307

Kingdee International Software Group Co. Ltd.

6,762,000

3,568

Microsoft Corp.

6,101,500

162,544

Oracle Corp.

9,007,700

264,826

Pegasystems, Inc. (d)

1,201,400

32,498

Perfect World Co. Ltd. sponsored ADR Class B (a)(d)

3,306,829

107,141

QLIK Technologies, Inc.

21,500

537

SolarWinds, Inc. (a)

688,700

12,500

SuccessFactors, Inc. (a)

795,607

21,577

Synchronoss Technologies, Inc. (a)

666,065

14,194

Taleo Corp. Class A (a)

1,168,922

33,536

TiVo, Inc. (a)

1,072,775

11,951

 

897,431

TOTAL INFORMATION TECHNOLOGY

3,701,688

MATERIALS - 0.9%

Chemicals - 0.6%

Celanese Corp. Class A

171,300

6,107

Dow Chemical Co.

477,000

14,706

LyondellBasell Industries NV Class A (a)

318,900

8,566

Solutia, Inc. (a)

321,089

5,815

 

35,194

Metals & Mining - 0.3%

Randgold Resources Ltd. sponsored ADR

221,100

20,766

TOTAL MATERIALS

55,960

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 4.5%

Diversified Telecommunication Services - 0.6%

Cbeyond, Inc. (a)

433,390

$ 5,872

Global Crossing Ltd. (a)

2,495,900

33,944

 

39,816

Wireless Telecommunication Services - 3.9%

Clearwire Corp. Class A (a)(d)

6,818,153

48,341

Sprint Nextel Corp. (a)

46,984,056

193,574

 

241,915

TOTAL TELECOMMUNICATION SERVICES

281,731

TOTAL COMMON STOCKS

(Cost $5,678,615)

6,291,615

Money Market Funds - 4.9%

 

 

 

 

Fidelity Cash Central Fund, 0.23% (b)

305

0*

Fidelity Securities Lending Cash Central Fund,
0.24% (b)(c)

310,305,481

310,305

TOTAL MONEY MARKET FUNDS

(Cost $310,305)

310,305

TOTAL INVESTMENT PORTFOLIO - 105.1%

(Cost $5,988,920)

6,601,920

NET OTHER ASSETS (LIABILITIES) - (5.1)%

(319,625)

NET ASSETS - 100%

$ 6,282,295

* Amount represents less than $1,000.

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(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 $2,935,000 or 0.0% of net assets.

(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 $24,125,000 or 0.4% 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

$ -

Illumina, Inc. warrants 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

$ 3

Fidelity Securities Lending Cash Central Fund

1,674

Total

$ 1,677

Other Affiliated Issuers

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

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Alphatec Holdings, Inc.

$ 21,863

$ 1,075

$ 2,409

$ -

$ 9,904

Echo Global Logistics, Inc.

2,905

18,853

-

-

21,387

Gameloft

36,748

-

-

-

46,063

iRobot Corp.

34,374

-

1,379

-

33,727

Rackspace Hosting, Inc.

142,387

-

14,887

-

174,825

Total

$ 238,277

$ 19,928

$ 18,675

$ -

$ 285,906

Other Information

The following is a summary of the inputs used, as of October 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the 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:

Equities:

Consumer Discretionary

$ 684,581

$ 684,581

$ -

$ -

Consumer Staples

40,279

40,279

-

-

Energy

89,196

89,196

-

-

Financials

448,556

446,395

-

2,161

Health Care

823,536

799,411

24,125

-

Industrials

166,088

166,088

-

-

Information Technology

3,701,688

3,701,688

-

-

Materials

55,960

55,960

-

-

Telecommunication Services

281,731

281,731

-

-

Money Market Funds

310,305

310,305

-

-

Total Investments in Securities:

$ 6,601,920

$ 6,575,634

$ 24,125

$ 2,161

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

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ 2,161

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 2,161

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in 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 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $6,072,984,000. Net unrealized appreciation aggregated $528,936,000, of which $1,013,906,000 related to appreciated investment securities and $484,970,000 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 fair value and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Real Estate Income Fund

October 31, 2010

1.809106.106

REI-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 26.4%

Shares

Value

CONSUMER DISCRETIONARY - 0.7%

Hotels, Restaurants & Leisure - 0.4%

Starwood Hotels & Resorts Worldwide, Inc.

74,100

$ 4,011,774

Household Durables - 0.3%

Stanley Martin Communities LLC Class B (a)

4,620

3,696,000

TOTAL CONSUMER DISCRETIONARY

7,707,774

FINANCIALS - 24.1%

Capital Markets - 0.4%

HFF, Inc. (a)

444,164

4,366,132

Real Estate Investment Trusts - 23.5%

Acadia Realty Trust (SBI)

915,449

17,466,767

Alexandria Real Estate Equities, Inc.

42,500

3,122,900

AMB Property Corp. (SBI)

299,300

8,437,267

American Campus Communities, Inc.

226,300

7,157,869

Annaly Capital Management, Inc.

490,950

8,694,725

Anworth Mortgage Asset Corp.

1,258,410

8,821,454

Apartment Investment & Management Co. Class A

100,041

2,331,956

Apollo Commercial Real Estate Finance, Inc.

162,500

2,647,125

Associated Estates Realty Corp.

588,900

8,179,821

AvalonBay Communities, Inc.

44,025

4,680,298

Brandywine Realty Trust (SBI)

249,100

2,981,727

CapLease, Inc.

124,200

727,812

CBL & Associates Properties, Inc.

296,173

4,643,993

Cedar Shopping Centers, Inc.

305,600

1,928,336

Cypress Sharpridge Investments, Inc.

1,282,688

16,713,425

Cypress Sharpridge Investments, Inc. (g)

146,458

1,908,348

DCT Industrial Trust, Inc.

695,200

3,482,952

Developers Diversified Realty Corp.

145,000

1,870,500

DiamondRock Hospitality Co.

376,700

3,985,486

Digital Realty Trust, Inc.

48,100

2,873,013

Duke Realty LP

486,883

6,071,431

Dynex Capital, Inc.

410,000

4,354,200

Equity Lifestyle Properties, Inc.

269,930

15,364,416

Equity Residential (SBI)

52,200

2,538,486

Excel Trust, Inc.

306,100

3,510,967

Federal Realty Investment Trust (SBI)

22,400

1,836,352

Franklin Street Properties Corp.

140,317

1,873,232

Government Properties Income Trust

73,500

1,961,715

Highwoods Properties, Inc. (SBI)

106,400

3,525,032

LTC Properties, Inc.

118,613

3,303,372

MFA Financial, Inc.

2,574,881

20,367,299

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

Mid-America Apartment Communities, Inc.

57,600

$ 3,515,328

Monmouth Real Estate Investment Corp. Class A

448,873

3,689,736

National Health Investors, Inc.

205,906

9,533,448

National Retail Properties, Inc.

165,900

4,495,890

Nationwide Health Properties, Inc.

138,580

5,658,221

Omega Healthcare Investors, Inc.

173,800

3,997,400

Pebblebrook Hotel Trust (a)

201,300

3,943,467

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

170,200

3,211,674

ProLogis Trust

531,766

7,258,606

Public Storage

28,300

2,807,926

Rayonier, Inc.

23,500

1,226,700

Regency Centers Corp.

92,100

3,884,778

Simon Property Group, Inc.

98,001

9,410,056

Sun Communities, Inc.

20,200

658,722

Sunstone Hotel Investors, Inc. (a)

482,600

5,236,210

The Macerich Co.

98,074

4,375,081

Two Harbors Investment Corp.

191,085

1,761,804

Ventas, Inc.

328,480

17,593,389

Vornado Realty Trust

43,790

3,826,808

Weyerhaeuser Co.

277,229

4,496,654

Whitestone REIT Class B

176,667

2,354,971

 

280,299,145

Real Estate Management & Development - 0.2%

CB Richard Ellis Group, Inc. Class A (a)

61,400

1,126,690

Coresite Realty Corp.

115,500

1,739,430

 

2,866,120

Thrifts & Mortgage Finance - 0.0%

Wrightwood Capital LLC warrants 7/31/14 (a)(g)

60,681

607

TOTAL FINANCIALS

287,532,004

HEALTH CARE - 1.6%

Health Care Providers & Services - 1.6%

Assisted Living Concepts, Inc. Class A (a)

30,000

967,500

Brookdale Senior Living, Inc. (a)

525,100

9,861,378

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

Capital Senior Living Corp. (a)

455,450

$ 2,714,482

Emeritus Corp. (a)(f)

316,941

5,910,950

 

19,454,310

TOTAL COMMON STOCKS

(Cost $267,532,902)

314,694,088

Preferred Stocks - 9.7%

 

 

 

 

Convertible Preferred Stocks - 1.5%

FINANCIALS - 1.5%

Real Estate Investment Trusts - 1.3%

Alexandria Real Estate Equities, Inc. Series D 7.00%

70,000

1,697,500

CommonWealth REIT 6.50%

80,000

1,792,000

Lexington Corporate Properties Trust Series C 6.50%

300,469

13,032,843

 

16,522,343

Real Estate Management & Development - 0.2%

Grubb & Ellis Co.:

12.00% (g)

22,500

1,800,000

12.00% (g)

5,000

400,000

 

2,200,000

TOTAL FINANCIALS

18,722,343

Nonconvertible Preferred Stocks - 8.2%

CONSUMER DISCRETIONARY - 0.1%

Household Durables - 0.1%

M/I Homes, Inc. Series A, 9.75% (a)

38,200

709,756

FINANCIALS - 8.1%

Diversified Financial Services - 0.4%

DRA CRT Acquisition Corp. Series A, 8.50%

25,000

325,000

Red Lion Hotels Capital Trust 9.50%

163,225

4,214,470

 

4,539,470

Real Estate Investment Trusts - 7.7%

Alexandria Real Estate Equities, Inc. Series C, 8.375%

67,000

1,720,560

American Home Mortgage Investment Corp.:

Series A, 9.375% (a)

120,300

12

Series B, 9.25% (a)

124,100

124

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

Annaly Capital Management, Inc. Series A, 7.875%

164,900

$ 4,267,612

Anworth Mortgage Asset Corp. Series A, 8.625%

282,727

7,209,539

Apartment Investment & Management Co.:

Series T, 8.00%

57,500

1,469,125

Series U, 7.75%

100,773

2,563,665

CapLease, Inc. Series A, 8.125%

43,400

1,090,642

CBL & Associates Properties, Inc.:

(depositary shares) Series C, 7.75%

37,300

908,255

7.375%

135,688

3,191,382

Cedar Shopping Centers, Inc. 8.875%

280,352

7,168,601

CenterPoint Properties Trust Series D, 5.377%

3,575

1,712,425

Corporate Office Properties Trust Series H, 7.50%

5,000

126,250

Cousins Properties, Inc. Series A, 7.75%

93,230

2,314,901

Developers Diversified Realty Corp. (depositary shares) Series G, 8.00%

74,500

1,856,540

Duke Realty LP:

8.375%

128,517

3,354,294

Series L, 6.60%

10,666

256,944

DuPont Fabros Technology, Inc. 7.875%

40,000

998,000

Eagle Hospitality Properties Trust, Inc. 8.25% (a)

24,000

20,400

Glimcher Realty Trust Series G, 8.125%

73,400

1,767,472

HomeBanc Mortgage Corp. Series A, 0.00% (a)

104,685

1

Hospitality Properties Trust:

Series B, 8.875%

88,600

2,253,984

Series C, 7.00%

58,500

1,382,940

Kimco Realty Corp. Series G, 7.75%

97,300

2,481,150

LaSalle Hotel Properties:

Series B, 8.375%

26,800

688,760

Series E, 8.00%

42,750

1,069,178

Series G, 7.25%

114,485

2,744,205

LBA Realty Fund II:

Series A, 8.75% (a)

69,000

2,346,000

Series B, 7.625% (a)

31,240

562,320

Lexington Corporate Properties Trust Series B, 8.05%

29,000

719,490

Lexington Realty Trust 7.55%

23,800

569,772

LTC Properties, Inc. Series F, 8.00%

61,140

1,556,013

MFA Financial, Inc. Series A, 8.50%

335,099

8,534,972

Monmouth Real Estate Investment Corp. 7.625%

80,000

2,000,000

Omega Healthcare Investors, Inc. Series D, 8.375%

59,600

1,526,952

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

Parkway Properties, Inc. Series D, 8.00%

145,000

$ 3,625,000

ProLogis Trust Series C, 8.54%

84,446

4,293,556

PS Business Parks, Inc.:

(depositary shares) Series H, 7.00%

13,300

331,170

(depositary shares) Series L, 7.60%

49,890

1,254,734

Series M 7.20%

35,900

897,141

Series R 6.875%

50,000

1,239,000

Series P, 6.70%

36,000

882,000

Public Storage:

Series I, 7.25%

10,828

273,190

Series K, 7.25%

119,318

3,025,904

Series N, 7.00%

4,200

108,402

Regency Centers Corp.:

Series C 7.45%

18,000

452,520

Series D 7.25%

10,500

262,815

Saul Centers, Inc. 8.00%

93,700

2,372,484

Sunstone Hotel Investors, Inc. Series A, 8.00%

62,200

1,510,838

Weingarten Realty Investors (SBI) Series F, 6.50%

56,230

1,356,268

 

92,317,502

TOTAL FINANCIALS

96,856,972

TOTAL NONCONVERTIBLE PREFERRED STOCKS

97,566,728

TOTAL PREFERRED STOCKS

(Cost $118,716,368)

116,289,071

Corporate Bonds - 30.4%

 

Principal Amount (e)

 

Convertible Bonds - 8.4%

CONSUMER DISCRETIONARY - 0.1%

Hotels, Restaurants & Leisure - 0.1%

Morgans Hotel Group Co. 2.375% 10/15/14

$ 1,340,000

1,033,475

FINANCIALS - 8.3%

Real Estate Investment Trusts - 5.1%

Acadia Realty Trust 3.75% 12/15/26

11,505,000

11,447,475

Corporate Bonds - continued

 

Principal Amount (e)

Value

Convertible Bonds - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

Alexandria Real Estate Equities, Inc. 3.7% 1/15/27 (g)

$ 6,895,000

$ 6,788,128

Annaly Capital Management, Inc. 4% 2/15/15

1,000,000

1,116,250

CapLease, Inc. 7.5% 10/1/27 (g)

5,180,000

5,128,200

Hospitality Properties Trust 3.8% 3/15/27

5,100,000

5,138,250

Inland Real Estate Corp. 4.625% 11/15/26

10,870,000

10,774,344

Lexington Corporate Properties Trust 6% 1/15/30 (g)

5,000,000

6,040,625

ProLogis Trust:

1.875% 11/15/37

2,450,000

2,422,438

2.625% 5/15/38

1,500,000

1,492,500

The Macerich Co. 3.25% 3/15/12 (g)

4,800,000

4,752,000

United Dominion Realty Trust, Inc. 3.625% 9/15/11

5,500,000

5,547,850

 

60,648,060

Real Estate Management & Development - 3.2%

BioMed Realty LP 4.5% 10/1/26 (g)

2,500,000

2,506,250

Brandywine Operating Partnership LP 3.875% 10/15/26

1,000,000

1,010,000

Corporate Office Properties LP:

3.5% 9/15/26 (g)

3,280,000

3,267,864

4.25% 4/15/30 (g)

2,000,000

2,007,200

Duke Realty LP 3.75% 12/1/11 (g)

2,650,000

2,679,813

First Potomac Realty Investment LP 4% 12/15/11 (g)

2,600,000

2,561,000

Grubb & Ellis Co. 7.95% 5/1/15 (g)

3,500,000

2,940,000

Home Properties, Inc. 4.125% 11/1/26 (g)

2,100,000

2,135,438

Kilroy Realty LP 3.25% 4/15/12 (g)

2,185,000

2,204,119

Lexington Master Ltd. Partnership 5.45% 1/15/27 (g)

14,950,000

14,800,500

MPT Operating Partnership LP 9.25% 4/1/13 (g)

1,000,000

1,129,100

SL Green Realty Corp. 3% 3/30/27 (g)

500,000

500,000

 

37,741,284

TOTAL FINANCIALS

98,389,344

TOTAL CONVERTIBLE BONDS

99,422,819

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - 22.0%

CONSUMER DISCRETIONARY - 4.9%

Hotels, Restaurants & Leisure - 0.4%

GWR Operating Partnership LLP 10.875% 4/1/17 (g)

$ 1,000,000

$ 1,058,750

Times Square Hotel Trust 8.528% 8/1/26 (g)

3,939,739

4,057,931

 

5,116,681

Household Durables - 4.3%

KB Home:

5.75% 2/1/14

510,000

502,350

5.875% 1/15/15

2,000,000

1,920,000

6.25% 6/15/15

8,500,000

8,191,875

9.1% 9/15/17

1,000,000

1,040,000

Lennar Corp.:

5.5% 9/1/14

1,000,000

967,500

5.6% 5/31/15

1,000,000

945,000

6.5% 4/15/16

2,000,000

1,910,000

6.95% 6/1/18

10,000,000

9,500,000

M/I Homes, Inc.:

6.875% 4/1/12

2,150,000

2,155,375

8.625% 11/15/18 (g)

5,905,000

5,919,763

Meritage Homes Corp.:

6.25% 3/15/15

2,500,000

2,512,500

7.15% 4/15/20

1,500,000

1,417,500

Ryland Group, Inc. 8.4% 5/15/17

745,000

802,738

Standard Pacific Corp.:

6.25% 4/1/14

2,700,000

2,646,000

7% 8/15/15

7,000,000

6,895,000

8.375% 5/15/18

2,428,000

2,512,980

10.75% 9/15/16

1,000,000

1,125,000

 

50,963,581

Specialty Retail - 0.2%

Toys 'R' Us Property Co. I LLC 10.75% 7/15/17

2,490,000

2,832,375

TOTAL CONSUMER DISCRETIONARY

58,912,637

CONSUMER STAPLES - 0.3%

Food & Staples Retailing - 0.3%

Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20

1,281,883

1,467,756

C&S Group Enterprises LLC 8.375% 5/1/17 (g)

2,630,000

2,630,000

 

4,097,756

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - 16.2%

Commercial Banks - 0.2%

CapitalSource, Inc. 12.75% 7/15/14 (g)

$ 1,500,000

$ 1,777,500

Diversified Financial Services - 0.5%

Icahn Enterprises LP/Icahn Enterprises Finance Corp. 7.75% 1/15/16

6,000,000

6,165,000

Real Estate Investment Trusts - 10.1%

AvalonBay Communities, Inc.:

5.5% 1/15/12

527,000

551,304

6.625% 9/15/11

393,000

410,310

Camden Property Trust 5% 6/15/15

1,100,000

1,202,628

Commercial Net Lease Realty, Inc.:

6.15% 12/15/15

800,000

875,302

6.25% 6/15/14

3,005,000

3,305,948

CommonWealth REIT 5.875% 9/15/20

2,000,000

2,002,072

Developers Diversified Realty Corp.:

5.375% 10/15/12

500,000

510,968

5.5% 5/1/15

2,000,000

1,988,970

7.5% 4/1/17

6,000,000

6,425,646

7.5% 7/15/18

5,271,000

5,443,372

7.875% 9/1/20

4,637,000

5,033,102

9.625% 3/15/16

3,836,000

4,437,983

Entertainment Properties Trust 7.75% 7/15/20 (g)

2,000,000

2,075,000

Equity One, Inc.:

5.375% 10/15/15

1,500,000

1,580,901

6.25% 12/15/14

3,000,000

3,259,908

Federal Realty Investment Trust 5.65% 6/1/16

725,000

813,006

Health Care Property Investors, Inc.:

5.65% 12/15/13

1,025,000

1,121,071

6% 3/1/15

1,000,000

1,097,283

6.3% 9/15/16

5,250,000

5,863,594

7.072% 6/8/15

1,500,000

1,701,107

Health Care REIT, Inc.:

6% 11/15/13

1,000,000

1,100,875

6.2% 6/1/16

750,000

857,740

Healthcare Realty Trust, Inc. 6.5% 1/17/17

1,875,000

2,059,924

HMB Capital Trust V 3.8922% 12/15/36 (d)(g)(h)

2,530,000

0

Hospitality Properties Trust:

5.625% 3/15/17

915,000

937,871

6.75% 2/15/13

610,000

649,837

7.875% 8/15/14

1,000,000

1,124,770

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

HRPT Properties Trust:

6.25% 8/15/16

$ 1,500,000

$ 1,592,675

6.5% 1/15/13

200,000

212,130

iStar Financial, Inc.:

5.95% 10/15/13

5,330,000

4,370,600

6.05% 4/15/15

1,500,000

1,230,000

Kimco Realty Corp. 5.783% 3/15/16

450,000

498,533

Nationwide Health Properties, Inc.:

6% 5/20/15

3,122,000

3,489,768

6.25% 2/1/13

1,000,000

1,084,517

8.25% 7/1/12

1,300,000

1,411,457

Omega Healthcare Investors, Inc.:

6.75% 10/15/22 (g)

1,115,000

1,154,025

7% 4/1/14

9,720,000

9,914,400

7% 1/15/16

1,295,000

1,340,325

7.5% 2/15/20 (g)

1,000,000

1,060,000

Pan Pacific Retail Properties, Inc. 5.95% 6/1/14

1,750,000

1,942,864

Potlatch Corp. 7.5% 11/1/19

1,000,000

1,050,000

ProLogis Trust:

6.25% 3/15/17

4,000,000

4,283,036

6.625% 5/15/18

6,480,000

6,960,771

6.875% 3/15/20

1,500,000

1,629,950

Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20

2,000,000

2,070,000

Security Capital Industrial Trust 7.625% 7/1/17

4,690,000

5,155,806

Senior Housing Properties Trust:

6.75% 4/15/20

2,000,000

2,120,000

8.625% 1/15/12

5,900,000

6,254,000

UDR, Inc. 5.5% 4/1/14

500,000

541,703

United Dominion Realty Trust, Inc.:

5.13% 1/15/14

500,000

526,877

5.25% 1/15/15

1,000,000

1,077,856

Weingarten Realty Investors 4.857% 1/15/14

2,500,000

2,609,898

 

120,011,683

Real Estate Management & Development - 5.3%

AMB Property LP:

5.9% 8/15/13

400,000

429,183

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - continued

Real Estate Management & Development - continued

AMB Property LP: - continued

6.125% 12/1/16

$ 1,000,000

$ 1,124,954

Brandywine Operating Partnership LP:

5.4% 11/1/14

1,750,000

1,855,481

5.75% 4/1/12

1,000,000

1,037,890

7.5% 5/15/15

1,000,000

1,129,047

CB Richard Ellis Services, Inc.:

6.625% 10/15/20 (g)

1,205,000

1,217,050

11.625% 6/15/17

1,500,000

1,740,000

Colonial Properties Trust:

6.15% 4/15/13

1,500,000

1,559,130

6.25% 6/15/14

1,594,000

1,664,437

6.875% 8/15/12

1,000,000

1,047,881

Colonial Realty LP 6.05% 9/1/16

2,500,000

2,492,393

Duke Realty LP:

6.25% 5/15/13

750,000

810,490

7.375% 2/15/15

1,500,000

1,722,368

DuPont Fabros Technology LP 8.5% 12/15/17

845,000

912,600

Forest City Enterprises, Inc.:

6.5% 2/1/17

11,560,000

10,057,200

7.625% 6/1/15

1,435,000

1,320,200

Highwoods/Forsyth LP 5.85% 3/15/17

2,800,000

2,945,264

Host Hotels & Resorts LP:

6.875% 11/1/14

500,000

516,250

9% 5/15/17

750,000

841,875

Liberty Property LP:

5.125% 3/2/15

2,200,000

2,416,698

6.375% 8/15/12

2,679,000

2,884,230

Post Apartment Homes LP:

5.45% 6/1/12

713,000

740,182

6.3% 6/1/13

2,000,000

2,159,244

Regency Centers LP:

5.25% 8/1/15

4,509,000

4,874,878

5.875% 6/15/17

400,000

439,265

Toys 'R' Us Property Co. II LLC 8.5% 12/1/17 (g)

1,000,000

1,075,000

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - continued

Real Estate Management & Development - continued

Ventas Realty LP:

6.5% 6/1/16

$ 2,340,000

$ 2,445,300

6.5% 6/1/16

11,370,000

11,881,650

 

63,340,140

Thrifts & Mortgage Finance - 0.1%

Wrightwood Capital LLC 9% 6/1/14 (d)(g)

4,000,000

1,480,000

TOTAL FINANCIALS

192,774,323

HEALTH CARE - 0.6%

Health Care Providers & Services - 0.6%

Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18 (g)

1,660,000

1,718,100

Skilled Healthcare Group, Inc. 11% 1/15/14

3,080,000

3,157,000

Sun Healthcare Group, Inc. 9.125% 4/15/15

2,050,000

2,173,000

 

7,048,100

TOTAL NONCONVERTIBLE BONDS

262,832,816

TOTAL CORPORATE BONDS

(Cost $333,996,784)

362,255,635

Asset-Backed Securities - 4.9%

 

Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (g)

1,384,000

1,235,220

Anthracite CDO II Ltd. Series 2002-2A Class F, 7.6% 12/24/37 (g)

2,274,313

341,147

Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.6163% 3/23/19 (g)(h)

381,160

301,116

Brascan Real Estate CDO Ltd./Brascan Real Estate CDO Corp. Series 2004-1A Class A, 0.6391% 1/20/40 (g)(h)

1,666,490

1,608,163

Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.7563% 3/20/50 (g)(h)

2,250,000

67,500

Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (g)

6,875,000

6,840,625

CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.7713% 1/20/37 (g)(h)

1,397,997

894,718

Asset-Backed Securities - continued

 

Principal Amount (e)

Value

CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (g)

$ 2,407,500

$ 2,046,375

Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33

500,000

437,393

Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:

Class B1, 6.065% 12/28/35 (g)

1,570,000

1,146,100

Class B2, 1.6394% 12/28/35 (g)(h)

1,575,000

960,750

Class D, 9% 12/28/35 (g)

500,000

184,050

Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (g)

997,000

279,160

Crest Ltd. Series 2002-IGA:

Class A, 0.7384% 7/28/17 (g)(h)

949,328

935,088

Class B, 1.6384% 7/28/35 (g)(h)

1,500,000

1,357,500

Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27

9,500,000

8,418,549

Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.6644% 11/28/39 (g)(h)

550,000

16,500

Green Tree Financial Corp.:

Series 1996-4 Class M1, 7.75% 6/15/27

1,788,179

1,611,605

Series 1997-3 Class M1, 7.53% 3/15/28

8,084,823

6,330,560

GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7563% 6/25/35 (h)(j)

1,259,000

78,492

Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:

Class D, 1.8063% 8/26/30 (g)(h)

753,315

75,332

Class E, 2.2563% 8/26/30 (g)(h)

1,464,256

73,213

Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 3/15/28

1,403,487

519,361

Merit Securities Corp. Series 13 Class M1, 7.9882% 12/28/33

1,923,000

1,672,424

N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (g)

883,000

550,727

Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class A2, 4.646% 7/24/39 (g)

2,329,856

2,236,661

Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3.0847% 2/5/36 (g)(h)

3,395,932

340

TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp. Series 2002-1A Class IIFX, 6.77% 5/22/37 (g)

3,165,000

3,038,400

Wachovia Ltd./Wachovia LLC:

Series 2006-1 Class 1ML, 5.7894% 9/25/26 (g)(h)

2,000,000

540,000

Asset-Backed Securities - continued

 

Principal Amount (e)

Value

Wachovia Ltd./Wachovia LLC: - continued

Series 2006-1A:

Class A1A, 0.5494% 9/25/26 (g)(h)

$ 2,439,000

$ 1,999,980

Class A1B, 0.6194% 9/25/26 (g)(h)

6,285,000

4,965,150

Class A2A, 0.5094% 9/25/26 (g)(h)

9,385,000

7,789,550

Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 2.2891% 11/21/40 (g)(h)

250,000

10,000

TOTAL ASSET-BACKED SECURITIES

(Cost $67,086,497)

58,561,749

Collateralized Mortgage Obligations - 2.7%

 

Private Sponsor - 2.7%

Banc of America Large Loan, Inc. Series 2005-MIB1 Class A2, 0.4663% 3/15/22 (g)(h)

7,996,229

7,744,972

COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.4363% 6/15/22 (g)(h)

3,250,000

2,954,205

Countrywide Home Loans, Inc.:

Series 2002-38 Class B3, 5% 2/25/18 (g)

113,173

13,920

Series 2002-R2 Class 2B3, 4.5775% 7/25/33 (g)(h)

234,955

80,973

Series 2003-40 Class B3, 4.5% 10/25/18 (g)

156,120

17,954

Series 2003-R2 Class B3, 5.5% 5/25/43 (g)

291,398

11,314

Series 2003-R3:

Class B2, 5.5% 11/25/33 (g)

1,566,907

425,893

Class B3, 5.5% 11/25/33 (g)

426,427

31,477

Series 2004-R1 Class 1B3, 5.5% 11/25/34 (g)(h)

272,973

10,054

FREMF Mortgage Trust:

Series 2010 K7 Class B, 5.6177% 4/25/20 (g)(h)

1,500,000

1,376,250

Series 2010-K6 Class B, 5.5321% 12/26/46 (g)(h)

4,500,000

3,885,570

Merrill Lynch Floating Trust floater Series 2006-1 Class TM, 0.756% 6/15/22 (g)(h)

5,198,066

4,522,317

Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (g)

7,120,000

7,203,304

Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (g)

1,600,000

1,654,795

RESI Finance LP/RESI Finance DE Corp. floater:

Series 2003-B Class B9, 12.2063% 7/10/35 (g)(h)

545,261

344,278

Series 2005-A Class B6, 2.2563% 3/10/37 (g)(h)

1,735,338

305,420

Series 2005-B Class B6, 1.8563% 6/10/37 (g)(h)

892,948

61,167

Series 2005-D Class B6, 2.5063% 12/15/37 (g)(h)

450,492

16,308

Series 2006-B Class B6, 1.9563% 7/15/38 (g)(h)

920,281

8,006

Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (g)

85,705

31,897

Collateralized Mortgage Obligations - continued

 

Principal Amount (e)

Value

Private Sponsor - continued

RESIX Finance Ltd. floater:

Series 2003-D Class B8, 6.7563% 12/10/35 (g)(h)

$ 491,306

$ 170,532

Series 2004-A Class B7, 4.5063% 2/10/36 (g)(h)

504,842

241,617

Series 2004-B Class B7, 4.2563% 2/10/36 (g)(h)

608,965

219,654

Series 2005-C Class B7, 3.3563% 9/10/37 (g)(h)

1,838,994

137,189

Series 2006-B Class B7, 4.1063% 7/15/38 (g)(h)

242,118

1,525

TOTAL PRIVATE SPONSOR

31,470,591

U.S. Government Agency - 0.0%

Fannie Mae REMIC Trust:

Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (j)

196,471

113,900

Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 4.304% 2/25/42 (g)(h)

122,897

53,892

Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (j)

272,263

81,119

Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 4.3203% 6/25/43 (g)(h)

168,930

65,314

Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 4.3464% 10/25/42 (g)(h)

73,516

26,372

TOTAL U.S. GOVERNMENT AGENCY

340,597

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $38,683,131)

31,811,188

Commercial Mortgage Securities - 17.3%

 

Asset Securitization Corp. Series 1997-D4:

Class B1, 7.525% 4/14/29

1,565,000

1,634,159

Class B2, 7.525% 4/14/29

560,000

578,168

Banc of America Commercial Mortgage, Inc.:

sequential payer Series 2002-2 Class F, 5.487% 7/11/43

4,185,000

4,337,915

Series 2005-1 Class CJ, 5.3475% 11/10/42 (h)

3,580,000

3,537,017

Series 2005-6 Class AJ, 5.346% 9/10/47 (h)

5,000,000

4,914,973

Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.2563% 3/15/22 (g)(h)

4,190,000

2,304,500

Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.6233% 3/11/39 (h)

5,700,000

5,115,883

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

Bear Stearns Commercial Mortgage Securities Trust:

floater Series 2006-BBA7:

Class D, 0.5163% 3/15/19 (g)(h)

$ 2,480,000

$ 2,148,703

Class E, 0.5763% 3/15/19 (g)(h)

1,995,000

1,682,140

Class F, 0.5963% 3/15/19 (g)(h)

1,650,000

1,342,530

Class G, 0.6963% 3/15/19 (g)(h)

2,760,000

2,108,256

Series 2006-T22 Class B, 5.6785% 4/12/38 (g)(h)

2,520,000

1,934,926

Citigroup Commercial Mortgage Trust floater Series 2007-FL3A Classs MLA2, 1.3063% 4/15/22 (g)(h)

638,798

536,690

COMM pass-thru certificates Series 2001-J1A Class F, 6.958% 2/16/34 (g)

2,600,000

2,613,336

Credit Suisse First Boston Mortgage Securities Corp. Series 2004-TF2A Class AX, 0.0129% 11/15/19 (g)(h)(i)

4,511,085

226

Credit Suisse/Morgan Stanley Commercial Mortgage Trust:

floater Series 2006-HC1A:

Class A2, 0.5163% 5/15/23 (g)(h)

5,800,000

5,544,293

Class D, 0.7263% 5/15/23 (g)(h)

1,250,000

1,145,416

Class F, 0.8563% 5/15/23 (g)(h)

1,825,000

1,633,347

Series 2006-HC1A Class A1, 0.4463% 5/15/23 (g)(h)

2,410,630

2,336,607

Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (g)

1,000,000

550,000

Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31

1,200,000

1,006,952

DLJ Commercial Mortgage Corp.:

Series 1998-CG1 Class B4, 7.4588% 6/10/31 (g)(h)

2,500,000

2,715,145

Series 2000-CKP1 Class B3, 8.3032% 11/10/33 (h)

2,970,000

2,964,474

First Union National Bank Commercial Mortgage Trust Series 2001-C4:

Class H, 7.036% 12/12/33 (g)

2,000,000

2,041,268

Class K, 6% 12/12/33 (g)

2,000,000

1,990,932

G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (g)

7,545,000

7,122,480

GE Capital Commercial Mortgage Corp.:

Series 2001-3 Class C, 6.51% 6/10/38

820,000

843,229

Series 2002-1A Class H, 7.395% 12/10/35 (g)(h)

991,000

977,062

Global Towers Partners Acquisition Partners I LLC Series 2007-1A Class G, 7.8737% 5/15/37 (g)

1,000,000

1,045,000

GMAC Commercial Mortgage Securities, Inc.:

Series 1997-C2:

Class F, 6.75% 4/15/29 (h)

2,660,482

2,811,908

Class G, 6.75% 4/15/29 (h)

1,250,000

1,258,237

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

GMAC Commercial Mortgage Securities, Inc.: - continued

Series 1999-C3:

Class G, 6.974% 8/15/36 (g)

$ 1,510,589

$ 1,517,361

Class J, 6.974% 8/15/36 (g)

1,500,000

1,480,870

Series 2000-C1:

Class H, 7% 3/15/33 (g)

261,936

265,372

Class K, 7% 3/15/33

1,100,000

808,465

Series 2002-C3 Class D, 5.27% 7/10/39

3,000,000

3,112,640

Greenwich Capital Commercial Funding Corp.:

sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (g)

2,000,000

2,051,882

Series 2002-C1 Class H, 5.903% 1/11/35 (g)

880,000

884,468

GS Mortgage Securities Corp. II floater Series 2007-EOP Class L, 1.5569% 3/1/20 (g)(h)

1,400,000

1,148,000

JP Morgan Chase Commercial Mortgage Securities Corp.:

Series 2009-IWST Class D, 7.6935% 12/5/27 (g)(h)

3,250,000

3,491,711

Series 2010-CNTM Class MZ, 8.5% 8/4/20 (g)

4,000,000

3,892,462

Series 2010-CNTR:

Class D, 6.1838% 8/5/32 (g)(h)

3,750,000

3,616,750

Class XB, 0.9305% 8/5/32 (g)(i)

32,655,000

1,860,506

JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-A:

Class G, 6% 10/15/32 (g)(h)

2,895,000

14,475

Class X, 1.3932% 10/15/32 (g)(h)(i)

7,235,448

5,499

JPMorgan Chase Commercial Mortgage Securities Trust floater Series 2005-FL1A Class A2, 0.4363% 2/15/19 (g)(h)

2,398,780

2,350,982

JPMorgan Commercial Mortgage Finance Corp.:

Series 1997-C5 Class F, 7.5605% 9/15/29

2,176,153

2,285,072

Series 1999-C8:

Class G, 6% 7/15/31 (g)

1,385,000

1,298,632

Class H, 6% 7/15/31 (g)

2,638,000

79,140

LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (g)

2,920,000

3,004,096

LB-UBS Commercial Mortgage Trust:

sequential payer:

Series 2004-C2 Class E, 4.487% 3/15/36

2,060,000

1,961,322

Series 2005-C7 Class AJ, 5.323% 11/15/40

6,000,000

5,660,290

Series 2006-C7 Class AM, 5.378% 11/15/38

2,040,000

1,965,487

Series 2005-C2 Class AJ, 5.205% 4/15/30 (h)

8,910,000

8,774,701

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

LB-UBS Commercial Mortgage Trust: - continued

Series 2006-C4:

Class AJ, 6.0999% 6/15/38 (h)

$ 6,005,000

$ 5,571,041

Class AM, 6.0999% 6/15/38 (h)

6,700,000

6,958,400

Merrill Lynch Financial Asset, Inc. Series 2005-CA16:

Class F, 4.384% 7/12/37

CAD

710,000

377,624

Class G, 4.384% 7/12/37

CAD

355,000

182,025

Class H, 4.384% 7/12/37

CAD

236,000

116,690

Class J, 4.384% 7/12/37

CAD

355,000

169,329

Class K, 4.384% 7/12/37

CAD

355,000

163,392

Class L, 4.384% 7/12/37

CAD

236,000

104,842

Class M, 4.384% 7/12/37

CAD

995,000

304,768

Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (g)

2,850,976

285

Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.8379% 5/12/39 (h)

1,200,000

1,185,764

Mezz Capital Commercial Mortgage Trust Series 2004-C1:

Class D, 6.988% 1/15/37

750,000

0

Class E, 7.983% 1/15/37

1,453,000

0

Class IO, 8.139% 1/15/37 (h)(i)

5,421,778

515,069

Morgan Stanley Capital I Trust:

sequential payer:

Series 2004-RR2 Class A2, 5.45% 10/28/33 (g)

1,960,939

1,960,939

Series 2006-HQ10 Class AM, 5.36% 11/12/41

8,200,000

8,084,032

Series 1997-RR Class F, 7.4407% 4/30/39 (g)(h)

2,933,602

2,816,258

Series 1998-CF1 Class G, 7.35% 7/15/32 (g)

2,830,092

1,669,754

Series 2005-HQ7 Class E, 5.3763% 11/14/42 (h)

850,000

552,500

Series 2006-IQ12 Class AMFX, 5.37% 12/15/43

7,500,000

7,194,075

Morgan Stanley Dean Witter Capital I Trust Series 2001-IQA Class F, 6.79% 12/18/32 (g)

1,486,185

1,506,104

Multi Security Asset Trust sequential payer Series 2005-RR4A Class A2, 4.83% 11/28/35 (g)

1,549,598

1,460,980

Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g)

3,128,112

3,128,112

RBSCF Trust Series 2010-MB1 Class D, 4.8209% 4/15/24 (g)(h)

5,820,000

5,653,548

Structured Asset Securities Corp.:

Series 1996-CFL Class I, 7.75% 2/25/28 (g)

3,354,325

3,535,123

Series 1997-LLI Class F, 7.3% 10/12/34 (g)

2,170,000

2,253,680

TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 6.0432% 8/15/39 (h)

2,080,000

2,107,377

TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (g)

7,130,000

7,094,350

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.8313% 7/15/24 (g)(h)

$ 1,200,000

$ 331,648

Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/20 (g)

2,540,000

2,587,053

Wachovia Bank Commercial Mortgage Trust:

floater Series 2007-WHL8 Class MH1, 1.0563% 6/15/20 (g)(h)

1,800,000

1,547,414

Series 2004-C10 Class E, 4.931% 2/15/41

2,000,000

1,875,362

Series 2004-C11:

Class D, 5.4915% 1/15/41 (h)

5,177,000

4,670,738

Class E, 5.5415% 1/15/41 (h)

3,785,000

3,111,011

Series 2004-C12 Class D, 5.4835% 7/15/41 (h)

2,750,000

2,493,431

Series 2004-C14 Class B, 5.17% 8/15/41

3,180,000

3,129,736

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $202,586,645)

206,718,409

Floating Rate Loans - 2.4%

 

CONSUMER DISCRETIONARY - 0.7%

Hotels, Restaurants & Leisure - 0.7%

Extended Stay America, Inc. term loan 9.75% 11/1/15

9,000,000

8,977,500

Specialty Retail - 0.0%

The Pep Boys - Manny, Moe & Jack term loan 2.3% 10/27/13 (h)

28,104

27,050

TOTAL CONSUMER DISCRETIONARY

9,004,550

FINANCIALS - 1.2%

Real Estate Investment Trusts - 0.2%

Medical Properties Trust, Inc. Tranche B, term loan 5% 5/17/16 (h)

1,995,000

1,985,025

Real Estate Management & Development - 1.0%

CB Richard Ellis Services, Inc.:

Tranche B1, term loan 6.25% 12/20/15 (h)

2,239,931

2,237,131

Tranche B1-A, term loan 6.25% 12/20/15 (h)

2,292,931

2,292,931

Realogy Corp.:

Credit-Linked Deposit 3.2563% 10/10/13 (h)

598,973

548,060

Floating Rate Loans - continued

 

Principal Amount (e)

Value

FINANCIALS - continued

Real Estate Management & Development - continued

Realogy Corp.: - continued

Tranche 2LN, term loan 13.5% 10/15/17

$ 2,500,000

$ 2,700,000

Tranche B, term loan 3.2569% 10/10/13 (h)

4,394,222

4,020,713

 

11,798,835

TOTAL FINANCIALS

13,783,860

HEALTH CARE - 0.5%

Health Care Providers & Services - 0.5%

Skilled Healthcare Group, Inc. term loan 5.25% 4/9/16 (h)

3,767,334

3,649,605

Universal Health Services, Inc. term loan 5.5% 7/28/16 (h)

2,000,000

2,015,000

 

5,664,605

TELECOMMUNICATION SERVICES - 0.0%

Wireless Telecommunication Services - 0.0%

TowerCo Finance LLC term loan 6% 11/24/14 (h)

566,720

572,387

TOTAL FLOATING RATE LOANS

(Cost $28,643,379)

29,025,402

Preferred Securities - 0.0%

 

 

 

 

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Cairn High Grade ABS CDO PLC Series 2006-2A Class SUB, 1/13/47 (g)

1,000,000

0

Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (g)

500,000

85,000

Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (g)

1,220,000

280,600

Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (g)

810,000

8

Ipswich Street CDO Series 2006-1, 6/27/46 (d)(g)

1,350,000

0

Kent Funding III Ltd. 11/5/47 (g)

1,650,000

0

 

365,608

TOTAL PREFERRED SECURITIES

(Cost $5,782,714)

365,608

Money Market Funds - 6.4%

Shares

Value

Fidelity Cash Central Fund, 0.23% (b)

74,239,534

$ 74,239,534

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)

2,500,700

2,500,700

TOTAL MONEY MARKET FUNDS

(Cost $76,740,234)

76,740,234

Cash Equivalents - 0.5%

Maturity Amount

 

Investments in repurchase agreements in a joint trading account at 0.22%, dated 10/29/10 due 11/1/10 (Collateralized by U.S. Treasury Obligations) #
(Cost $5,330,000)

$ 5,330,097

5,330,000

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $1,145,098,654)

1,201,791,384

NET OTHER ASSETS (LIABILITIES) - (0.7)%

(8,050,902)

NET ASSETS - 100%

$ 1,193,740,482

Currency Abbreviations

CAD

-

Canadian dollar

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

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

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

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $264,527,764 or 22.2% of net assets.

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

(i) 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.

(j) 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 $273,512 or 0.0% 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

$ 170,255

Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42

3/25/03

$ 205,175

GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7563% 6/25/35

6/3/05

$ 1,110,697

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

Repurchase Agreement / Counterparty

Value

$5,330,000 due 11/01/10 at 0.22%

BNP Paribas Securities Corp.

$ 2,480,000

Banc of America Securities LLC

929,425

Barclays Capital, Inc.

1,920,575

 

$ 5,330,000

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

$ 55,700

Fidelity Securities Lending Cash Central Fund

3,618

Total

$ 59,318

Other Information

The following is a summary of the inputs used, as of October 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the 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:

Equities:

Consumer Discretionary

$ 8,417,530

$ 4,721,530

$ -

$ 3,696,000

Financials

403,111,319

376,247,531

22,804,619

4,059,169

Health Care

19,454,310

19,454,310

-

-

Corporate Bonds

362,255,635

-

360,775,635

1,480,000

Asset-Backed Securities

58,561,749

-

48,404,328

10,157,421

Collateralized Mortgage Obligations

31,811,188

-

30,879,006

932,182

Commercial Mortgage Securities

206,718,409

-

199,508,869

7,209,540

Floating Rate Loans

29,025,402

-

20,047,902

8,977,500

Preferred Securities

365,608

-

-

365,608

Money Market Funds

76,740,234

76,740,234

-

-

Cash Equivalents

5,330,000

-

5,330,000

-

Total Investments in Securities:

$ 1,201,791,384

$ 477,163,605

$ 687,750,359

$ 36,877,420

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

Investments in Securities:

Equities - Consumer Discretionary

Beginning Balance

$ 3,696,000

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 3,696,000

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ -

Equities - Financials

Beginning Balance

$ 3,922,244

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

136,925

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 4,059,169

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ 136,925

Corporate Bonds

Beginning Balance

$ 1,370,000

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

110,000

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 1,480,000

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ 110,000

Asset-Backed Securities

Beginning Balance

$ 16,886,956

Total Realized Gain (Loss)

316,022

Total Unrealized Gain (Loss)

(517,799)

Asset-Backed Securities - continued

Cost of Purchases

$ 397,129

Proceeds of Sales

(1,012,332)

Amortization/Accretion

(141,893)

Transfers in to Level 3

2,448,754

Transfers out of Level 3

(8,219,416)

Ending Balance

$ 10,157,421

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ (517,799)

Collateralized Mortgage Obligations

Beginning Balance

$ 994,555

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

60,960

Cost of Purchases

-

Proceeds of Sales

(97,903)

Amortization/Accretion

(40,769)

Transfers in to Level 3

15,339

Transfers out of Level 3

-

Ending Balance

$ 932,182

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ 60,960

Commercial Mortgage Securities

Beginning Balance

$ 12,252,746

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

602,421

Cost of Purchases

-

Proceeds of Sales

(315,424)

Amortization/Accretion

(263,935)

Transfers in to Level 3

1,988,307

Transfers out of Level 3

(7,054,575)

Ending Balance

$ 7,209,540

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ 602,421

Floating Rate Loans

Beginning Balance

$ -

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

49,052

Cost of Purchases

8,928,750

Proceeds of Sales

-

Amortization/Accretion

(302)

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 8,977,500

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ 49,052

Preferred Securities

Beginning Balance

$ 365,608

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(1,203)

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

1,203

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 365,608

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ (1,203)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in 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 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $1,146,652,617. Net unrealized appreciation aggregated $55,138,767, of which $123,318,779 related to appreciated investment securities and $68,180,012 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. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, floating rate loans and preferred securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. For asset backed securities, collateralized mortgage obligations and commercial mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 fair value and are categorized as Level 2 in the hierarchy.

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report
for
Fidelity® Advisor Real Estate Income Fund
Class A
Class T
Class C
Institutional Class
October 31, 2010

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

1.907555.100

REIA-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 26.4%

Shares

Value

CONSUMER DISCRETIONARY - 0.7%

Hotels, Restaurants & Leisure - 0.4%

Starwood Hotels & Resorts Worldwide, Inc.

74,100

$ 4,011,774

Household Durables - 0.3%

Stanley Martin Communities LLC Class B (a)

4,620

3,696,000

TOTAL CONSUMER DISCRETIONARY

7,707,774

FINANCIALS - 24.1%

Capital Markets - 0.4%

HFF, Inc. (a)

444,164

4,366,132

Real Estate Investment Trusts - 23.5%

Acadia Realty Trust (SBI)

915,449

17,466,767

Alexandria Real Estate Equities, Inc.

42,500

3,122,900

AMB Property Corp. (SBI)

299,300

8,437,267

American Campus Communities, Inc.

226,300

7,157,869

Annaly Capital Management, Inc.

490,950

8,694,725

Anworth Mortgage Asset Corp.

1,258,410

8,821,454

Apartment Investment & Management Co. Class A

100,041

2,331,956

Apollo Commercial Real Estate Finance, Inc.

162,500

2,647,125

Associated Estates Realty Corp.

588,900

8,179,821

AvalonBay Communities, Inc.

44,025

4,680,298

Brandywine Realty Trust (SBI)

249,100

2,981,727

CapLease, Inc.

124,200

727,812

CBL & Associates Properties, Inc.

296,173

4,643,993

Cedar Shopping Centers, Inc.

305,600

1,928,336

Cypress Sharpridge Investments, Inc.

1,282,688

16,713,425

Cypress Sharpridge Investments, Inc. (g)

146,458

1,908,348

DCT Industrial Trust, Inc.

695,200

3,482,952

Developers Diversified Realty Corp.

145,000

1,870,500

DiamondRock Hospitality Co.

376,700

3,985,486

Digital Realty Trust, Inc.

48,100

2,873,013

Duke Realty LP

486,883

6,071,431

Dynex Capital, Inc.

410,000

4,354,200

Equity Lifestyle Properties, Inc.

269,930

15,364,416

Equity Residential (SBI)

52,200

2,538,486

Excel Trust, Inc.

306,100

3,510,967

Federal Realty Investment Trust (SBI)

22,400

1,836,352

Franklin Street Properties Corp.

140,317

1,873,232

Government Properties Income Trust

73,500

1,961,715

Highwoods Properties, Inc. (SBI)

106,400

3,525,032

LTC Properties, Inc.

118,613

3,303,372

MFA Financial, Inc.

2,574,881

20,367,299

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

Mid-America Apartment Communities, Inc.

57,600

$ 3,515,328

Monmouth Real Estate Investment Corp. Class A

448,873

3,689,736

National Health Investors, Inc.

205,906

9,533,448

National Retail Properties, Inc.

165,900

4,495,890

Nationwide Health Properties, Inc.

138,580

5,658,221

Omega Healthcare Investors, Inc.

173,800

3,997,400

Pebblebrook Hotel Trust (a)

201,300

3,943,467

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

170,200

3,211,674

ProLogis Trust

531,766

7,258,606

Public Storage

28,300

2,807,926

Rayonier, Inc.

23,500

1,226,700

Regency Centers Corp.

92,100

3,884,778

Simon Property Group, Inc.

98,001

9,410,056

Sun Communities, Inc.

20,200

658,722

Sunstone Hotel Investors, Inc. (a)

482,600

5,236,210

The Macerich Co.

98,074

4,375,081

Two Harbors Investment Corp.

191,085

1,761,804

Ventas, Inc.

328,480

17,593,389

Vornado Realty Trust

43,790

3,826,808

Weyerhaeuser Co.

277,229

4,496,654

Whitestone REIT Class B

176,667

2,354,971

 

280,299,145

Real Estate Management & Development - 0.2%

CB Richard Ellis Group, Inc. Class A (a)

61,400

1,126,690

Coresite Realty Corp.

115,500

1,739,430

 

2,866,120

Thrifts & Mortgage Finance - 0.0%

Wrightwood Capital LLC warrants 7/31/14 (a)(g)

60,681

607

TOTAL FINANCIALS

287,532,004

HEALTH CARE - 1.6%

Health Care Providers & Services - 1.6%

Assisted Living Concepts, Inc. Class A (a)

30,000

967,500

Brookdale Senior Living, Inc. (a)

525,100

9,861,378

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

Capital Senior Living Corp. (a)

455,450

$ 2,714,482

Emeritus Corp. (a)(f)

316,941

5,910,950

 

19,454,310

TOTAL COMMON STOCKS

(Cost $267,532,902)

314,694,088

Preferred Stocks - 9.7%

 

 

 

 

Convertible Preferred Stocks - 1.5%

FINANCIALS - 1.5%

Real Estate Investment Trusts - 1.3%

Alexandria Real Estate Equities, Inc. Series D 7.00%

70,000

1,697,500

CommonWealth REIT 6.50%

80,000

1,792,000

Lexington Corporate Properties Trust Series C 6.50%

300,469

13,032,843

 

16,522,343

Real Estate Management & Development - 0.2%

Grubb & Ellis Co.:

12.00% (g)

22,500

1,800,000

12.00% (g)

5,000

400,000

 

2,200,000

TOTAL FINANCIALS

18,722,343

Nonconvertible Preferred Stocks - 8.2%

CONSUMER DISCRETIONARY - 0.1%

Household Durables - 0.1%

M/I Homes, Inc. Series A, 9.75% (a)

38,200

709,756

FINANCIALS - 8.1%

Diversified Financial Services - 0.4%

DRA CRT Acquisition Corp. Series A, 8.50%

25,000

325,000

Red Lion Hotels Capital Trust 9.50%

163,225

4,214,470

 

4,539,470

Real Estate Investment Trusts - 7.7%

Alexandria Real Estate Equities, Inc. Series C, 8.375%

67,000

1,720,560

American Home Mortgage Investment Corp.:

Series A, 9.375% (a)

120,300

12

Series B, 9.25% (a)

124,100

124

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

Annaly Capital Management, Inc. Series A, 7.875%

164,900

$ 4,267,612

Anworth Mortgage Asset Corp. Series A, 8.625%

282,727

7,209,539

Apartment Investment & Management Co.:

Series T, 8.00%

57,500

1,469,125

Series U, 7.75%

100,773

2,563,665

CapLease, Inc. Series A, 8.125%

43,400

1,090,642

CBL & Associates Properties, Inc.:

(depositary shares) Series C, 7.75%

37,300

908,255

7.375%

135,688

3,191,382

Cedar Shopping Centers, Inc. 8.875%

280,352

7,168,601

CenterPoint Properties Trust Series D, 5.377%

3,575

1,712,425

Corporate Office Properties Trust Series H, 7.50%

5,000

126,250

Cousins Properties, Inc. Series A, 7.75%

93,230

2,314,901

Developers Diversified Realty Corp. (depositary shares) Series G, 8.00%

74,500

1,856,540

Duke Realty LP:

8.375%

128,517

3,354,294

Series L, 6.60%

10,666

256,944

DuPont Fabros Technology, Inc. 7.875%

40,000

998,000

Eagle Hospitality Properties Trust, Inc. 8.25% (a)

24,000

20,400

Glimcher Realty Trust Series G, 8.125%

73,400

1,767,472

HomeBanc Mortgage Corp. Series A, 0.00% (a)

104,685

1

Hospitality Properties Trust:

Series B, 8.875%

88,600

2,253,984

Series C, 7.00%

58,500

1,382,940

Kimco Realty Corp. Series G, 7.75%

97,300

2,481,150

LaSalle Hotel Properties:

Series B, 8.375%

26,800

688,760

Series E, 8.00%

42,750

1,069,178

Series G, 7.25%

114,485

2,744,205

LBA Realty Fund II:

Series A, 8.75% (a)

69,000

2,346,000

Series B, 7.625% (a)

31,240

562,320

Lexington Corporate Properties Trust Series B, 8.05%

29,000

719,490

Lexington Realty Trust 7.55%

23,800

569,772

LTC Properties, Inc. Series F, 8.00%

61,140

1,556,013

MFA Financial, Inc. Series A, 8.50%

335,099

8,534,972

Monmouth Real Estate Investment Corp. 7.625%

80,000

2,000,000

Omega Healthcare Investors, Inc. Series D, 8.375%

59,600

1,526,952

Preferred Stocks - continued

Shares

Value

Nonconvertible Preferred Stocks - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

Parkway Properties, Inc. Series D, 8.00%

145,000

$ 3,625,000

ProLogis Trust Series C, 8.54%

84,446

4,293,556

PS Business Parks, Inc.:

(depositary shares) Series H, 7.00%

13,300

331,170

(depositary shares) Series L, 7.60%

49,890

1,254,734

Series M 7.20%

35,900

897,141

Series R 6.875%

50,000

1,239,000

Series P, 6.70%

36,000

882,000

Public Storage:

Series I, 7.25%

10,828

273,190

Series K, 7.25%

119,318

3,025,904

Series N, 7.00%

4,200

108,402

Regency Centers Corp.:

Series C 7.45%

18,000

452,520

Series D 7.25%

10,500

262,815

Saul Centers, Inc. 8.00%

93,700

2,372,484

Sunstone Hotel Investors, Inc. Series A, 8.00%

62,200

1,510,838

Weingarten Realty Investors (SBI) Series F, 6.50%

56,230

1,356,268

 

92,317,502

TOTAL FINANCIALS

96,856,972

TOTAL NONCONVERTIBLE PREFERRED STOCKS

97,566,728

TOTAL PREFERRED STOCKS

(Cost $118,716,368)

116,289,071

Corporate Bonds - 30.4%

 

Principal Amount (e)

 

Convertible Bonds - 8.4%

CONSUMER DISCRETIONARY - 0.1%

Hotels, Restaurants & Leisure - 0.1%

Morgans Hotel Group Co. 2.375% 10/15/14

$ 1,340,000

1,033,475

FINANCIALS - 8.3%

Real Estate Investment Trusts - 5.1%

Acadia Realty Trust 3.75% 12/15/26

11,505,000

11,447,475

Corporate Bonds - continued

 

Principal Amount (e)

Value

Convertible Bonds - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

Alexandria Real Estate Equities, Inc. 3.7% 1/15/27 (g)

$ 6,895,000

$ 6,788,128

Annaly Capital Management, Inc. 4% 2/15/15

1,000,000

1,116,250

CapLease, Inc. 7.5% 10/1/27 (g)

5,180,000

5,128,200

Hospitality Properties Trust 3.8% 3/15/27

5,100,000

5,138,250

Inland Real Estate Corp. 4.625% 11/15/26

10,870,000

10,774,344

Lexington Corporate Properties Trust 6% 1/15/30 (g)

5,000,000

6,040,625

ProLogis Trust:

1.875% 11/15/37

2,450,000

2,422,438

2.625% 5/15/38

1,500,000

1,492,500

The Macerich Co. 3.25% 3/15/12 (g)

4,800,000

4,752,000

United Dominion Realty Trust, Inc. 3.625% 9/15/11

5,500,000

5,547,850

 

60,648,060

Real Estate Management & Development - 3.2%

BioMed Realty LP 4.5% 10/1/26 (g)

2,500,000

2,506,250

Brandywine Operating Partnership LP 3.875% 10/15/26

1,000,000

1,010,000

Corporate Office Properties LP:

3.5% 9/15/26 (g)

3,280,000

3,267,864

4.25% 4/15/30 (g)

2,000,000

2,007,200

Duke Realty LP 3.75% 12/1/11 (g)

2,650,000

2,679,813

First Potomac Realty Investment LP 4% 12/15/11 (g)

2,600,000

2,561,000

Grubb & Ellis Co. 7.95% 5/1/15 (g)

3,500,000

2,940,000

Home Properties, Inc. 4.125% 11/1/26 (g)

2,100,000

2,135,438

Kilroy Realty LP 3.25% 4/15/12 (g)

2,185,000

2,204,119

Lexington Master Ltd. Partnership 5.45% 1/15/27 (g)

14,950,000

14,800,500

MPT Operating Partnership LP 9.25% 4/1/13 (g)

1,000,000

1,129,100

SL Green Realty Corp. 3% 3/30/27 (g)

500,000

500,000

 

37,741,284

TOTAL FINANCIALS

98,389,344

TOTAL CONVERTIBLE BONDS

99,422,819

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - 22.0%

CONSUMER DISCRETIONARY - 4.9%

Hotels, Restaurants & Leisure - 0.4%

GWR Operating Partnership LLP 10.875% 4/1/17 (g)

$ 1,000,000

$ 1,058,750

Times Square Hotel Trust 8.528% 8/1/26 (g)

3,939,739

4,057,931

 

5,116,681

Household Durables - 4.3%

KB Home:

5.75% 2/1/14

510,000

502,350

5.875% 1/15/15

2,000,000

1,920,000

6.25% 6/15/15

8,500,000

8,191,875

9.1% 9/15/17

1,000,000

1,040,000

Lennar Corp.:

5.5% 9/1/14

1,000,000

967,500

5.6% 5/31/15

1,000,000

945,000

6.5% 4/15/16

2,000,000

1,910,000

6.95% 6/1/18

10,000,000

9,500,000

M/I Homes, Inc.:

6.875% 4/1/12

2,150,000

2,155,375

8.625% 11/15/18 (g)

5,905,000

5,919,763

Meritage Homes Corp.:

6.25% 3/15/15

2,500,000

2,512,500

7.15% 4/15/20

1,500,000

1,417,500

Ryland Group, Inc. 8.4% 5/15/17

745,000

802,738

Standard Pacific Corp.:

6.25% 4/1/14

2,700,000

2,646,000

7% 8/15/15

7,000,000

6,895,000

8.375% 5/15/18

2,428,000

2,512,980

10.75% 9/15/16

1,000,000

1,125,000

 

50,963,581

Specialty Retail - 0.2%

Toys 'R' Us Property Co. I LLC 10.75% 7/15/17

2,490,000

2,832,375

TOTAL CONSUMER DISCRETIONARY

58,912,637

CONSUMER STAPLES - 0.3%

Food & Staples Retailing - 0.3%

Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20

1,281,883

1,467,756

C&S Group Enterprises LLC 8.375% 5/1/17 (g)

2,630,000

2,630,000

 

4,097,756

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - 16.2%

Commercial Banks - 0.2%

CapitalSource, Inc. 12.75% 7/15/14 (g)

$ 1,500,000

$ 1,777,500

Diversified Financial Services - 0.5%

Icahn Enterprises LP/Icahn Enterprises Finance Corp. 7.75% 1/15/16

6,000,000

6,165,000

Real Estate Investment Trusts - 10.1%

AvalonBay Communities, Inc.:

5.5% 1/15/12

527,000

551,304

6.625% 9/15/11

393,000

410,310

Camden Property Trust 5% 6/15/15

1,100,000

1,202,628

Commercial Net Lease Realty, Inc.:

6.15% 12/15/15

800,000

875,302

6.25% 6/15/14

3,005,000

3,305,948

CommonWealth REIT 5.875% 9/15/20

2,000,000

2,002,072

Developers Diversified Realty Corp.:

5.375% 10/15/12

500,000

510,968

5.5% 5/1/15

2,000,000

1,988,970

7.5% 4/1/17

6,000,000

6,425,646

7.5% 7/15/18

5,271,000

5,443,372

7.875% 9/1/20

4,637,000

5,033,102

9.625% 3/15/16

3,836,000

4,437,983

Entertainment Properties Trust 7.75% 7/15/20 (g)

2,000,000

2,075,000

Equity One, Inc.:

5.375% 10/15/15

1,500,000

1,580,901

6.25% 12/15/14

3,000,000

3,259,908

Federal Realty Investment Trust 5.65% 6/1/16

725,000

813,006

Health Care Property Investors, Inc.:

5.65% 12/15/13

1,025,000

1,121,071

6% 3/1/15

1,000,000

1,097,283

6.3% 9/15/16

5,250,000

5,863,594

7.072% 6/8/15

1,500,000

1,701,107

Health Care REIT, Inc.:

6% 11/15/13

1,000,000

1,100,875

6.2% 6/1/16

750,000

857,740

Healthcare Realty Trust, Inc. 6.5% 1/17/17

1,875,000

2,059,924

HMB Capital Trust V 3.8922% 12/15/36 (d)(g)(h)

2,530,000

0

Hospitality Properties Trust:

5.625% 3/15/17

915,000

937,871

6.75% 2/15/13

610,000

649,837

7.875% 8/15/14

1,000,000

1,124,770

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - continued

Real Estate Investment Trusts - continued

HRPT Properties Trust:

6.25% 8/15/16

$ 1,500,000

$ 1,592,675

6.5% 1/15/13

200,000

212,130

iStar Financial, Inc.:

5.95% 10/15/13

5,330,000

4,370,600

6.05% 4/15/15

1,500,000

1,230,000

Kimco Realty Corp. 5.783% 3/15/16

450,000

498,533

Nationwide Health Properties, Inc.:

6% 5/20/15

3,122,000

3,489,768

6.25% 2/1/13

1,000,000

1,084,517

8.25% 7/1/12

1,300,000

1,411,457

Omega Healthcare Investors, Inc.:

6.75% 10/15/22 (g)

1,115,000

1,154,025

7% 4/1/14

9,720,000

9,914,400

7% 1/15/16

1,295,000

1,340,325

7.5% 2/15/20 (g)

1,000,000

1,060,000

Pan Pacific Retail Properties, Inc. 5.95% 6/1/14

1,750,000

1,942,864

Potlatch Corp. 7.5% 11/1/19

1,000,000

1,050,000

ProLogis Trust:

6.25% 3/15/17

4,000,000

4,283,036

6.625% 5/15/18

6,480,000

6,960,771

6.875% 3/15/20

1,500,000

1,629,950

Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20

2,000,000

2,070,000

Security Capital Industrial Trust 7.625% 7/1/17

4,690,000

5,155,806

Senior Housing Properties Trust:

6.75% 4/15/20

2,000,000

2,120,000

8.625% 1/15/12

5,900,000

6,254,000

UDR, Inc. 5.5% 4/1/14

500,000

541,703

United Dominion Realty Trust, Inc.:

5.13% 1/15/14

500,000

526,877

5.25% 1/15/15

1,000,000

1,077,856

Weingarten Realty Investors 4.857% 1/15/14

2,500,000

2,609,898

 

120,011,683

Real Estate Management & Development - 5.3%

AMB Property LP:

5.9% 8/15/13

400,000

429,183

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - continued

Real Estate Management & Development - continued

AMB Property LP: - continued

6.125% 12/1/16

$ 1,000,000

$ 1,124,954

Brandywine Operating Partnership LP:

5.4% 11/1/14

1,750,000

1,855,481

5.75% 4/1/12

1,000,000

1,037,890

7.5% 5/15/15

1,000,000

1,129,047

CB Richard Ellis Services, Inc.:

6.625% 10/15/20 (g)

1,205,000

1,217,050

11.625% 6/15/17

1,500,000

1,740,000

Colonial Properties Trust:

6.15% 4/15/13

1,500,000

1,559,130

6.25% 6/15/14

1,594,000

1,664,437

6.875% 8/15/12

1,000,000

1,047,881

Colonial Realty LP 6.05% 9/1/16

2,500,000

2,492,393

Duke Realty LP:

6.25% 5/15/13

750,000

810,490

7.375% 2/15/15

1,500,000

1,722,368

DuPont Fabros Technology LP 8.5% 12/15/17

845,000

912,600

Forest City Enterprises, Inc.:

6.5% 2/1/17

11,560,000

10,057,200

7.625% 6/1/15

1,435,000

1,320,200

Highwoods/Forsyth LP 5.85% 3/15/17

2,800,000

2,945,264

Host Hotels & Resorts LP:

6.875% 11/1/14

500,000

516,250

9% 5/15/17

750,000

841,875

Liberty Property LP:

5.125% 3/2/15

2,200,000

2,416,698

6.375% 8/15/12

2,679,000

2,884,230

Post Apartment Homes LP:

5.45% 6/1/12

713,000

740,182

6.3% 6/1/13

2,000,000

2,159,244

Regency Centers LP:

5.25% 8/1/15

4,509,000

4,874,878

5.875% 6/15/17

400,000

439,265

Toys 'R' Us Property Co. II LLC 8.5% 12/1/17 (g)

1,000,000

1,075,000

Corporate Bonds - continued

 

Principal Amount (e)

Value

Nonconvertible Bonds - continued

FINANCIALS - continued

Real Estate Management & Development - continued

Ventas Realty LP:

6.5% 6/1/16

$ 2,340,000

$ 2,445,300

6.5% 6/1/16

11,370,000

11,881,650

 

63,340,140

Thrifts & Mortgage Finance - 0.1%

Wrightwood Capital LLC 9% 6/1/14 (d)(g)

4,000,000

1,480,000

TOTAL FINANCIALS

192,774,323

HEALTH CARE - 0.6%

Health Care Providers & Services - 0.6%

Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18 (g)

1,660,000

1,718,100

Skilled Healthcare Group, Inc. 11% 1/15/14

3,080,000

3,157,000

Sun Healthcare Group, Inc. 9.125% 4/15/15

2,050,000

2,173,000

 

7,048,100

TOTAL NONCONVERTIBLE BONDS

262,832,816

TOTAL CORPORATE BONDS

(Cost $333,996,784)

362,255,635

Asset-Backed Securities - 4.9%

 

Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (g)

1,384,000

1,235,220

Anthracite CDO II Ltd. Series 2002-2A Class F, 7.6% 12/24/37 (g)

2,274,313

341,147

Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.6163% 3/23/19 (g)(h)

381,160

301,116

Brascan Real Estate CDO Ltd./Brascan Real Estate CDO Corp. Series 2004-1A Class A, 0.6391% 1/20/40 (g)(h)

1,666,490

1,608,163

Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.7563% 3/20/50 (g)(h)

2,250,000

67,500

Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (g)

6,875,000

6,840,625

CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.7713% 1/20/37 (g)(h)

1,397,997

894,718

Asset-Backed Securities - continued

 

Principal Amount (e)

Value

CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (g)

$ 2,407,500

$ 2,046,375

Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33

500,000

437,393

Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:

Class B1, 6.065% 12/28/35 (g)

1,570,000

1,146,100

Class B2, 1.6394% 12/28/35 (g)(h)

1,575,000

960,750

Class D, 9% 12/28/35 (g)

500,000

184,050

Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (g)

997,000

279,160

Crest Ltd. Series 2002-IGA:

Class A, 0.7384% 7/28/17 (g)(h)

949,328

935,088

Class B, 1.6384% 7/28/35 (g)(h)

1,500,000

1,357,500

Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27

9,500,000

8,418,549

Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.6644% 11/28/39 (g)(h)

550,000

16,500

Green Tree Financial Corp.:

Series 1996-4 Class M1, 7.75% 6/15/27

1,788,179

1,611,605

Series 1997-3 Class M1, 7.53% 3/15/28

8,084,823

6,330,560

GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7563% 6/25/35 (h)(j)

1,259,000

78,492

Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:

Class D, 1.8063% 8/26/30 (g)(h)

753,315

75,332

Class E, 2.2563% 8/26/30 (g)(h)

1,464,256

73,213

Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 3/15/28

1,403,487

519,361

Merit Securities Corp. Series 13 Class M1, 7.9882% 12/28/33

1,923,000

1,672,424

N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (g)

883,000

550,727

Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class A2, 4.646% 7/24/39 (g)

2,329,856

2,236,661

Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3.0847% 2/5/36 (g)(h)

3,395,932

340

TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp. Series 2002-1A Class IIFX, 6.77% 5/22/37 (g)

3,165,000

3,038,400

Wachovia Ltd./Wachovia LLC:

Series 2006-1 Class 1ML, 5.7894% 9/25/26 (g)(h)

2,000,000

540,000

Asset-Backed Securities - continued

 

Principal Amount (e)

Value

Wachovia Ltd./Wachovia LLC: - continued

Series 2006-1A:

Class A1A, 0.5494% 9/25/26 (g)(h)

$ 2,439,000

$ 1,999,980

Class A1B, 0.6194% 9/25/26 (g)(h)

6,285,000

4,965,150

Class A2A, 0.5094% 9/25/26 (g)(h)

9,385,000

7,789,550

Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 2.2891% 11/21/40 (g)(h)

250,000

10,000

TOTAL ASSET-BACKED SECURITIES

(Cost $67,086,497)

58,561,749

Collateralized Mortgage Obligations - 2.7%

 

Private Sponsor - 2.7%

Banc of America Large Loan, Inc. Series 2005-MIB1 Class A2, 0.4663% 3/15/22 (g)(h)

7,996,229

7,744,972

COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.4363% 6/15/22 (g)(h)

3,250,000

2,954,205

Countrywide Home Loans, Inc.:

Series 2002-38 Class B3, 5% 2/25/18 (g)

113,173

13,920

Series 2002-R2 Class 2B3, 4.5775% 7/25/33 (g)(h)

234,955

80,973

Series 2003-40 Class B3, 4.5% 10/25/18 (g)

156,120

17,954

Series 2003-R2 Class B3, 5.5% 5/25/43 (g)

291,398

11,314

Series 2003-R3:

Class B2, 5.5% 11/25/33 (g)

1,566,907

425,893

Class B3, 5.5% 11/25/33 (g)

426,427

31,477

Series 2004-R1 Class 1B3, 5.5% 11/25/34 (g)(h)

272,973

10,054

FREMF Mortgage Trust:

Series 2010 K7 Class B, 5.6177% 4/25/20 (g)(h)

1,500,000

1,376,250

Series 2010-K6 Class B, 5.5321% 12/26/46 (g)(h)

4,500,000

3,885,570

Merrill Lynch Floating Trust floater Series 2006-1 Class TM, 0.756% 6/15/22 (g)(h)

5,198,066

4,522,317

Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (g)

7,120,000

7,203,304

Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (g)

1,600,000

1,654,795

RESI Finance LP/RESI Finance DE Corp. floater:

Series 2003-B Class B9, 12.2063% 7/10/35 (g)(h)

545,261

344,278

Series 2005-A Class B6, 2.2563% 3/10/37 (g)(h)

1,735,338

305,420

Series 2005-B Class B6, 1.8563% 6/10/37 (g)(h)

892,948

61,167

Series 2005-D Class B6, 2.5063% 12/15/37 (g)(h)

450,492

16,308

Series 2006-B Class B6, 1.9563% 7/15/38 (g)(h)

920,281

8,006

Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (g)

85,705

31,897

Collateralized Mortgage Obligations - continued

 

Principal Amount (e)

Value

Private Sponsor - continued

RESIX Finance Ltd. floater:

Series 2003-D Class B8, 6.7563% 12/10/35 (g)(h)

$ 491,306

$ 170,532

Series 2004-A Class B7, 4.5063% 2/10/36 (g)(h)

504,842

241,617

Series 2004-B Class B7, 4.2563% 2/10/36 (g)(h)

608,965

219,654

Series 2005-C Class B7, 3.3563% 9/10/37 (g)(h)

1,838,994

137,189

Series 2006-B Class B7, 4.1063% 7/15/38 (g)(h)

242,118

1,525

TOTAL PRIVATE SPONSOR

31,470,591

U.S. Government Agency - 0.0%

Fannie Mae REMIC Trust:

Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (j)

196,471

113,900

Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 4.304% 2/25/42 (g)(h)

122,897

53,892

Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (j)

272,263

81,119

Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 4.3203% 6/25/43 (g)(h)

168,930

65,314

Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 4.3464% 10/25/42 (g)(h)

73,516

26,372

TOTAL U.S. GOVERNMENT AGENCY

340,597

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $38,683,131)

31,811,188

Commercial Mortgage Securities - 17.3%

 

Asset Securitization Corp. Series 1997-D4:

Class B1, 7.525% 4/14/29

1,565,000

1,634,159

Class B2, 7.525% 4/14/29

560,000

578,168

Banc of America Commercial Mortgage, Inc.:

sequential payer Series 2002-2 Class F, 5.487% 7/11/43

4,185,000

4,337,915

Series 2005-1 Class CJ, 5.3475% 11/10/42 (h)

3,580,000

3,537,017

Series 2005-6 Class AJ, 5.346% 9/10/47 (h)

5,000,000

4,914,973

Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.2563% 3/15/22 (g)(h)

4,190,000

2,304,500

Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.6233% 3/11/39 (h)

5,700,000

5,115,883

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

Bear Stearns Commercial Mortgage Securities Trust:

floater Series 2006-BBA7:

Class D, 0.5163% 3/15/19 (g)(h)

$ 2,480,000

$ 2,148,703

Class E, 0.5763% 3/15/19 (g)(h)

1,995,000

1,682,140

Class F, 0.5963% 3/15/19 (g)(h)

1,650,000

1,342,530

Class G, 0.6963% 3/15/19 (g)(h)

2,760,000

2,108,256

Series 2006-T22 Class B, 5.6785% 4/12/38 (g)(h)

2,520,000

1,934,926

Citigroup Commercial Mortgage Trust floater Series 2007-FL3A Classs MLA2, 1.3063% 4/15/22 (g)(h)

638,798

536,690

COMM pass-thru certificates Series 2001-J1A Class F, 6.958% 2/16/34 (g)

2,600,000

2,613,336

Credit Suisse First Boston Mortgage Securities Corp. Series 2004-TF2A Class AX, 0.0129% 11/15/19 (g)(h)(i)

4,511,085

226

Credit Suisse/Morgan Stanley Commercial Mortgage Trust:

floater Series 2006-HC1A:

Class A2, 0.5163% 5/15/23 (g)(h)

5,800,000

5,544,293

Class D, 0.7263% 5/15/23 (g)(h)

1,250,000

1,145,416

Class F, 0.8563% 5/15/23 (g)(h)

1,825,000

1,633,347

Series 2006-HC1A Class A1, 0.4463% 5/15/23 (g)(h)

2,410,630

2,336,607

Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (g)

1,000,000

550,000

Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31

1,200,000

1,006,952

DLJ Commercial Mortgage Corp.:

Series 1998-CG1 Class B4, 7.4588% 6/10/31 (g)(h)

2,500,000

2,715,145

Series 2000-CKP1 Class B3, 8.3032% 11/10/33 (h)

2,970,000

2,964,474

First Union National Bank Commercial Mortgage Trust Series 2001-C4:

Class H, 7.036% 12/12/33 (g)

2,000,000

2,041,268

Class K, 6% 12/12/33 (g)

2,000,000

1,990,932

G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (g)

7,545,000

7,122,480

GE Capital Commercial Mortgage Corp.:

Series 2001-3 Class C, 6.51% 6/10/38

820,000

843,229

Series 2002-1A Class H, 7.395% 12/10/35 (g)(h)

991,000

977,062

Global Towers Partners Acquisition Partners I LLC Series 2007-1A Class G, 7.8737% 5/15/37 (g)

1,000,000

1,045,000

GMAC Commercial Mortgage Securities, Inc.:

Series 1997-C2:

Class F, 6.75% 4/15/29 (h)

2,660,482

2,811,908

Class G, 6.75% 4/15/29 (h)

1,250,000

1,258,237

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

GMAC Commercial Mortgage Securities, Inc.: - continued

Series 1999-C3:

Class G, 6.974% 8/15/36 (g)

$ 1,510,589

$ 1,517,361

Class J, 6.974% 8/15/36 (g)

1,500,000

1,480,870

Series 2000-C1:

Class H, 7% 3/15/33 (g)

261,936

265,372

Class K, 7% 3/15/33

1,100,000

808,465

Series 2002-C3 Class D, 5.27% 7/10/39

3,000,000

3,112,640

Greenwich Capital Commercial Funding Corp.:

sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (g)

2,000,000

2,051,882

Series 2002-C1 Class H, 5.903% 1/11/35 (g)

880,000

884,468

GS Mortgage Securities Corp. II floater Series 2007-EOP Class L, 1.5569% 3/1/20 (g)(h)

1,400,000

1,148,000

JP Morgan Chase Commercial Mortgage Securities Corp.:

Series 2009-IWST Class D, 7.6935% 12/5/27 (g)(h)

3,250,000

3,491,711

Series 2010-CNTM Class MZ, 8.5% 8/4/20 (g)

4,000,000

3,892,462

Series 2010-CNTR:

Class D, 6.1838% 8/5/32 (g)(h)

3,750,000

3,616,750

Class XB, 0.9305% 8/5/32 (g)(i)

32,655,000

1,860,506

JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-A:

Class G, 6% 10/15/32 (g)(h)

2,895,000

14,475

Class X, 1.3932% 10/15/32 (g)(h)(i)

7,235,448

5,499

JPMorgan Chase Commercial Mortgage Securities Trust floater Series 2005-FL1A Class A2, 0.4363% 2/15/19 (g)(h)

2,398,780

2,350,982

JPMorgan Commercial Mortgage Finance Corp.:

Series 1997-C5 Class F, 7.5605% 9/15/29

2,176,153

2,285,072

Series 1999-C8:

Class G, 6% 7/15/31 (g)

1,385,000

1,298,632

Class H, 6% 7/15/31 (g)

2,638,000

79,140

LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (g)

2,920,000

3,004,096

LB-UBS Commercial Mortgage Trust:

sequential payer:

Series 2004-C2 Class E, 4.487% 3/15/36

2,060,000

1,961,322

Series 2005-C7 Class AJ, 5.323% 11/15/40

6,000,000

5,660,290

Series 2006-C7 Class AM, 5.378% 11/15/38

2,040,000

1,965,487

Series 2005-C2 Class AJ, 5.205% 4/15/30 (h)

8,910,000

8,774,701

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

LB-UBS Commercial Mortgage Trust: - continued

Series 2006-C4:

Class AJ, 6.0999% 6/15/38 (h)

$ 6,005,000

$ 5,571,041

Class AM, 6.0999% 6/15/38 (h)

6,700,000

6,958,400

Merrill Lynch Financial Asset, Inc. Series 2005-CA16:

Class F, 4.384% 7/12/37

CAD

710,000

377,624

Class G, 4.384% 7/12/37

CAD

355,000

182,025

Class H, 4.384% 7/12/37

CAD

236,000

116,690

Class J, 4.384% 7/12/37

CAD

355,000

169,329

Class K, 4.384% 7/12/37

CAD

355,000

163,392

Class L, 4.384% 7/12/37

CAD

236,000

104,842

Class M, 4.384% 7/12/37

CAD

995,000

304,768

Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (g)

2,850,976

285

Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.8379% 5/12/39 (h)

1,200,000

1,185,764

Mezz Capital Commercial Mortgage Trust Series 2004-C1:

Class D, 6.988% 1/15/37

750,000

0

Class E, 7.983% 1/15/37

1,453,000

0

Class IO, 8.139% 1/15/37 (h)(i)

5,421,778

515,069

Morgan Stanley Capital I Trust:

sequential payer:

Series 2004-RR2 Class A2, 5.45% 10/28/33 (g)

1,960,939

1,960,939

Series 2006-HQ10 Class AM, 5.36% 11/12/41

8,200,000

8,084,032

Series 1997-RR Class F, 7.4407% 4/30/39 (g)(h)

2,933,602

2,816,258

Series 1998-CF1 Class G, 7.35% 7/15/32 (g)

2,830,092

1,669,754

Series 2005-HQ7 Class E, 5.3763% 11/14/42 (h)

850,000

552,500

Series 2006-IQ12 Class AMFX, 5.37% 12/15/43

7,500,000

7,194,075

Morgan Stanley Dean Witter Capital I Trust Series 2001-IQA Class F, 6.79% 12/18/32 (g)

1,486,185

1,506,104

Multi Security Asset Trust sequential payer Series 2005-RR4A Class A2, 4.83% 11/28/35 (g)

1,549,598

1,460,980

Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g)

3,128,112

3,128,112

RBSCF Trust Series 2010-MB1 Class D, 4.8209% 4/15/24 (g)(h)

5,820,000

5,653,548

Structured Asset Securities Corp.:

Series 1996-CFL Class I, 7.75% 2/25/28 (g)

3,354,325

3,535,123

Series 1997-LLI Class F, 7.3% 10/12/34 (g)

2,170,000

2,253,680

TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 6.0432% 8/15/39 (h)

2,080,000

2,107,377

TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (g)

7,130,000

7,094,350

Commercial Mortgage Securities - continued

 

Principal Amount (e)

Value

UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.8313% 7/15/24 (g)(h)

$ 1,200,000

$ 331,648

Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/20 (g)

2,540,000

2,587,053

Wachovia Bank Commercial Mortgage Trust:

floater Series 2007-WHL8 Class MH1, 1.0563% 6/15/20 (g)(h)

1,800,000

1,547,414

Series 2004-C10 Class E, 4.931% 2/15/41

2,000,000

1,875,362

Series 2004-C11:

Class D, 5.4915% 1/15/41 (h)

5,177,000

4,670,738

Class E, 5.5415% 1/15/41 (h)

3,785,000

3,111,011

Series 2004-C12 Class D, 5.4835% 7/15/41 (h)

2,750,000

2,493,431

Series 2004-C14 Class B, 5.17% 8/15/41

3,180,000

3,129,736

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $202,586,645)

206,718,409

Floating Rate Loans - 2.4%

 

CONSUMER DISCRETIONARY - 0.7%

Hotels, Restaurants & Leisure - 0.7%

Extended Stay America, Inc. term loan 9.75% 11/1/15

9,000,000

8,977,500

Specialty Retail - 0.0%

The Pep Boys - Manny, Moe & Jack term loan 2.3% 10/27/13 (h)

28,104

27,050

TOTAL CONSUMER DISCRETIONARY

9,004,550

FINANCIALS - 1.2%

Real Estate Investment Trusts - 0.2%

Medical Properties Trust, Inc. Tranche B, term loan 5% 5/17/16 (h)

1,995,000

1,985,025

Real Estate Management & Development - 1.0%

CB Richard Ellis Services, Inc.:

Tranche B1, term loan 6.25% 12/20/15 (h)

2,239,931

2,237,131

Tranche B1-A, term loan 6.25% 12/20/15 (h)

2,292,931

2,292,931

Realogy Corp.:

Credit-Linked Deposit 3.2563% 10/10/13 (h)

598,973

548,060

Floating Rate Loans - continued

 

Principal Amount (e)

Value

FINANCIALS - continued

Real Estate Management & Development - continued

Realogy Corp.: - continued

Tranche 2LN, term loan 13.5% 10/15/17

$ 2,500,000

$ 2,700,000

Tranche B, term loan 3.2569% 10/10/13 (h)

4,394,222

4,020,713

 

11,798,835

TOTAL FINANCIALS

13,783,860

HEALTH CARE - 0.5%

Health Care Providers & Services - 0.5%

Skilled Healthcare Group, Inc. term loan 5.25% 4/9/16 (h)

3,767,334

3,649,605

Universal Health Services, Inc. term loan 5.5% 7/28/16 (h)

2,000,000

2,015,000

 

5,664,605

TELECOMMUNICATION SERVICES - 0.0%

Wireless Telecommunication Services - 0.0%

TowerCo Finance LLC term loan 6% 11/24/14 (h)

566,720

572,387

TOTAL FLOATING RATE LOANS

(Cost $28,643,379)

29,025,402

Preferred Securities - 0.0%

 

 

 

 

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Cairn High Grade ABS CDO PLC Series 2006-2A Class SUB, 1/13/47 (g)

1,000,000

0

Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (g)

500,000

85,000

Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (g)

1,220,000

280,600

Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (g)

810,000

8

Ipswich Street CDO Series 2006-1, 6/27/46 (d)(g)

1,350,000

0

Kent Funding III Ltd. 11/5/47 (g)

1,650,000

0

 

365,608

TOTAL PREFERRED SECURITIES

(Cost $5,782,714)

365,608

Money Market Funds - 6.4%

Shares

Value

Fidelity Cash Central Fund, 0.23% (b)

74,239,534

$ 74,239,534

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)

2,500,700

2,500,700

TOTAL MONEY MARKET FUNDS

(Cost $76,740,234)

76,740,234

Cash Equivalents - 0.5%

Maturity Amount

 

Investments in repurchase agreements in a joint trading account at 0.22%, dated 10/29/10 due 11/1/10 (Collateralized by U.S. Treasury Obligations) #
(Cost $5,330,000)

$ 5,330,097

5,330,000

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $1,145,098,654)

1,201,791,384

NET OTHER ASSETS (LIABILITIES) - (0.7)%

(8,050,902)

NET ASSETS - 100%

$ 1,193,740,482

Currency Abbreviations

CAD

-

Canadian dollar

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

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

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

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $264,527,764 or 22.2% of net assets.

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

(i) 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.

(j) 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 $273,512 or 0.0% 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

$ 170,255

Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42

3/25/03

$ 205,175

GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7563% 6/25/35

6/3/05

$ 1,110,697

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

Repurchase Agreement / Counterparty

Value

$5,330,000 due 11/01/10 at 0.22%

BNP Paribas Securities Corp.

$ 2,480,000

Banc of America Securities LLC

929,425

Barclays Capital, Inc.

1,920,575

 

$ 5,330,000

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

$ 55,700

Fidelity Securities Lending Cash Central Fund

3,618

Total

$ 59,318

Other Information

The following is a summary of the inputs used, as of October 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the 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:

Equities:

Consumer Discretionary

$ 8,417,530

$ 4,721,530

$ -

$ 3,696,000

Financials

403,111,319

376,247,531

22,804,619

4,059,169

Health Care

19,454,310

19,454,310

-

-

Corporate Bonds

362,255,635

-

360,775,635

1,480,000

Asset-Backed Securities

58,561,749

-

48,404,328

10,157,421

Collateralized Mortgage Obligations

31,811,188

-

30,879,006

932,182

Commercial Mortgage Securities

206,718,409

-

199,508,869

7,209,540

Floating Rate Loans

29,025,402

-

20,047,902

8,977,500

Preferred Securities

365,608

-

-

365,608

Money Market Funds

76,740,234

76,740,234

-

-

Cash Equivalents

5,330,000

-

5,330,000

-

Total Investments in Securities:

$ 1,201,791,384

$ 477,163,605

$ 687,750,359

$ 36,877,420

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

Investments in Securities:

Equities - Consumer Discretionary

Beginning Balance

$ 3,696,000

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 3,696,000

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ -

Equities - Financials

Beginning Balance

$ 3,922,244

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

136,925

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 4,059,169

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ 136,925

Corporate Bonds

Beginning Balance

$ 1,370,000

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

110,000

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 1,480,000

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ 110,000

Asset-Backed Securities

Beginning Balance

$ 16,886,956

Total Realized Gain (Loss)

316,022

Total Unrealized Gain (Loss)

(517,799)

Asset-Backed Securities - continued

Cost of Purchases

$ 397,129

Proceeds of Sales

(1,012,332)

Amortization/Accretion

(141,893)

Transfers in to Level 3

2,448,754

Transfers out of Level 3

(8,219,416)

Ending Balance

$ 10,157,421

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ (517,799)

Collateralized Mortgage Obligations

Beginning Balance

$ 994,555

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

60,960

Cost of Purchases

-

Proceeds of Sales

(97,903)

Amortization/Accretion

(40,769)

Transfers in to Level 3

15,339

Transfers out of Level 3

-

Ending Balance

$ 932,182

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ 60,960

Commercial Mortgage Securities

Beginning Balance

$ 12,252,746

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

602,421

Cost of Purchases

-

Proceeds of Sales

(315,424)

Amortization/Accretion

(263,935)

Transfers in to Level 3

1,988,307

Transfers out of Level 3

(7,054,575)

Ending Balance

$ 7,209,540

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ 602,421

Floating Rate Loans

Beginning Balance

$ -

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

49,052

Cost of Purchases

8,928,750

Proceeds of Sales

-

Amortization/Accretion

(302)

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 8,977,500

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ 49,052

Preferred Securities

Beginning Balance

$ 365,608

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(1,203)

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

1,203

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 365,608

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ (1,203)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in 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 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $1,146,652,617. Net unrealized appreciation aggregated $55,138,767, of which $123,318,779 related to appreciated investment securities and $68,180,012 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. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, floating rate loans and preferred securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. For asset backed securities, collateralized mortgage obligations and commercial mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 fair value and are categorized as Level 2 in the hierarchy.

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Series Small Cap
Opportunities Fund
Series Small Cap Opportunities
Class F

October 31, 2010

1.858552.103

SMO-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%

Shares

Value

CONSUMER DISCRETIONARY - 13.9%

Auto Components - 1.5%

BorgWarner, Inc. (a)

119,800

$ 6,721,978

Tenneco, Inc. (a)

534,100

17,422,342

 

24,144,320

Diversified Consumer Services - 0.2%

Bridgepoint Education, Inc. (a)(d)

265,176

3,776,106

Hotels, Restaurants & Leisure - 2.0%

Red Robin Gourmet Burgers, Inc. (a)

210,660

4,276,398

Vail Resorts, Inc. (a)(d)

240,100

9,738,456

WMS Industries, Inc. (a)

179,900

7,849,037

Wyndham Worldwide Corp.

364,400

10,476,500

 

32,340,391

Household Durables - 2.3%

iRobot Corp. (a)(d)

305,983

6,388,925

Meritage Homes Corp. (a)

464,600

8,506,826

Mohawk Industries, Inc. (a)

168,200

9,644,588

Tempur-Pedic International, Inc. (a)

391,354

13,501,713

 

38,042,052

Media - 0.6%

Lamar Advertising Co. Class A (a)

292,900

9,955,671

Multiline Retail - 0.8%

Dollarama, Inc.

260,666

6,869,989

Retail Ventures, Inc. (a)

395,927

5,380,648

 

12,250,637

Specialty Retail - 4.5%

Cabela's, Inc. Class A (a)(d)

607,538

11,263,755

Fourlis Holdings SA

595,100

5,688,717

Gymboree Corp. (a)

194,200

12,634,652

RadioShack Corp.

460,100

9,261,813

Shoe Carnival, Inc. (a)

541,314

12,396,091

Signet Jewelers Ltd. (a)

280,800

9,878,544

Ulta Salon, Cosmetics & Fragrance, Inc. (a)

310,781

9,537,869

West Marine, Inc. (a)(d)

315,000

3,090,150

 

73,751,591

Textiles, Apparel & Luxury Goods - 2.0%

Deckers Outdoor Corp. (a)

106,533

6,189,567

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

G-III Apparel Group Ltd. (a)

521,600

$ 13,770,240

Phillips-Van Heusen Corp.

193,400

11,863,156

 

31,822,963

TOTAL CONSUMER DISCRETIONARY

226,083,731

CONSUMER STAPLES - 3.2%

Beverages - 0.4%

Hansen Natural Corp. (a)

142,900

7,317,909

Food & Staples Retailing - 0.8%

BJ's Wholesale Club, Inc. (a)

178,200

7,436,286

United Natural Foods, Inc. (a)

165,874

5,931,654

 

13,367,940

Food Products - 1.2%

Chiquita Brands International, Inc. (a)

437,830

5,810,004

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

272,600

8,993,074

J&J Snack Foods Corp.

39,192

1,680,161

Lance, Inc.

100,677

2,289,395

 

18,772,634

Personal Products - 0.8%

Elizabeth Arden, Inc. (a)

477,145

9,757,615

Nutraceutical International Corp. (a)

185,888

3,020,680

 

12,778,295

TOTAL CONSUMER STAPLES

52,236,778

ENERGY - 5.1%

Energy Equipment & Services - 1.5%

Complete Production Services, Inc. (a)

303,671

7,115,012

Newpark Resources, Inc. (a)

1,006,728

5,919,561

Superior Energy Services, Inc. (a)

289,400

7,993,228

Willbros Group, Inc. (a)

506,800

4,490,248

 

25,518,049

Oil, Gas & Consumable Fuels - 3.6%

Atlas Pipeline Partners, LP

577,773

11,434,128

Berry Petroleum Co. Class A

293,800

10,050,898

Cloud Peak Energy, Inc. (d)

560,300

9,732,411

EXCO Resources, Inc.

393,948

5,842,249

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

SM Energy Co.

269,732

$ 11,242,430

Whiting Petroleum Corp. (a)

98,035

9,846,635

 

58,148,751

TOTAL ENERGY

83,666,800

FINANCIALS - 19.5%

Capital Markets - 2.8%

Affiliated Managers Group, Inc. (a)

187,900

16,086,119

optionsXpress Holdings, Inc. (a)

905,002

14,452,882

Waddell & Reed Financial, Inc. Class A

535,800

15,575,706

 

46,114,707

Commercial Banks - 5.7%

Associated Banc-Corp.

1,081,528

13,702,960

CapitalSource, Inc.

2,886,700

17,637,737

City National Corp.

259,500

13,382,415

National Penn Bancshares, Inc.

2,477,800

16,080,922

PacWest Bancorp

667,900

11,641,497

TCF Financial Corp.

1,125,631

14,813,304

Western Liberty Bancorp (a)(e)

1,000,000

5,552,000

 

92,810,835

Insurance - 3.7%

Alterra Capital Holdings Ltd.

592,711

11,972,762

Amerisafe, Inc. (a)

751,900

14,353,771

Endurance Specialty Holdings Ltd.

365,000

15,111,000

Platinum Underwriters Holdings Ltd.

427,299

18,395,221

 

59,832,754

Real Estate Investment Trusts - 3.9%

Alexandria Real Estate Equities, Inc.

215,700

15,849,636

Franklin Street Properties Corp.

1,173,800

15,670,230

Highwoods Properties, Inc. (SBI)

278,700

9,233,331

Home Properties, Inc.

207,200

11,282,040

National Retail Properties, Inc.

428,400

11,609,640

 

63,644,877

Real Estate Management & Development - 2.0%

Forestar Group, Inc. (a)

1,039,200

17,770,320

Jones Lang LaSalle, Inc.

178,300

13,918,098

 

31,688,418

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Thrifts & Mortgage Finance - 1.4%

Astoria Financial Corp.

836,200

$ 10,385,604

Washington Federal, Inc.

871,700

13,101,651

 

23,487,255

TOTAL FINANCIALS

317,578,846

HEALTH CARE - 11.8%

Biotechnology - 3.3%

Allos Therapeutics, Inc. (a)(d)

992,096

3,948,542

Amarin Corp. PLC ADR (a)(d)

665,647

2,036,880

Anadys Pharmaceuticals, Inc. (a)

1,141,701

1,655,466

ARIAD Pharmaceuticals, Inc. (a)

1,219,782

4,488,798

ArQule, Inc. (a)

464,742

2,565,376

BioMarin Pharmaceutical, Inc. (a)

150,900

3,947,544

Dynavax Technologies Corp. (a)

1,657,259

3,016,211

Incyte Corp. (a)

281,080

4,682,793

Inhibitex, Inc. (a)(d)

660,663

1,314,719

Keryx Biopharmaceuticals, Inc. (a)(d)

704,043

3,632,862

Lexicon Pharmaceuticals, Inc. (a)

1,927,251

3,411,234

Metabolix, Inc. (a)(d)

154,120

2,151,515

Pharmasset, Inc. (a)

69,226

2,595,975

SIGA Technologies, Inc. (a)

204,113

2,704,497

Targacept, Inc. (a)

154,378

3,822,399

Telik, Inc. (a)

1,084,657

888,334

Theravance, Inc. (a)

182,566

3,720,695

ZIOPHARM Oncology, Inc. (a)

751,550

3,239,181

 

53,823,021

Health Care Equipment & Supplies - 2.4%

AGA Medical Holdings, Inc.

52,900

1,097,675

American Medical Systems Holdings, Inc. (a)

637,417

12,875,823

Hill-Rom Holdings, Inc.

172,000

6,665,000

Masimo Corp.

418,857

12,636,916

Medical Action Industries, Inc. (a)

67,826

672,834

NxStage Medical, Inc. (a)

271,724

5,477,956

 

39,426,204

Health Care Providers & Services - 3.7%

Air Methods Corp. (a)

175,378

7,172,960

Alliance Healthcare Services, Inc. (a)

1,455,916

5,736,309

Centene Corp. (a)

407,775

9,101,538

Corvel Corp. (a)

6,000

268,800

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

Hanger Orthopedic Group, Inc. (a)

279,302

$ 5,228,533

HMS Holdings Corp. (a)

195,286

11,738,641

Humana, Inc. (a)

169,300

9,868,497

MWI Veterinary Supply, Inc. (a)

174,600

9,987,120

 

59,102,398

Life Sciences Tools & Services - 1.1%

eResearchTechnology, Inc. (a)

1,144,939

8,724,435

Illumina, Inc. (a)

177,600

9,645,456

 

18,369,891

Pharmaceuticals - 1.3%

Ardea Biosciences, Inc. (a)

194,301

4,142,497

Cardiome Pharma Corp. (a)

354,843

1,805,702

Par Pharmaceutical Companies, Inc. (a)

76,722

2,494,232

Perrigo Co.

60,682

3,997,730

Piramal Healthcare Ltd.

79,364

854,517

Questcor Pharmaceuticals, Inc. (a)

666,605

8,179,243

 

21,473,921

TOTAL HEALTH CARE

192,195,435

INDUSTRIALS - 13.1%

Aerospace & Defense - 1.0%

Teledyne Technologies, Inc. (a)

197,600

8,214,232

Triumph Group, Inc.

103,180

8,624,816

 

16,839,048

Air Freight & Logistics - 0.6%

UTI Worldwide, Inc.

524,400

10,078,968

Building Products - 1.9%

A.O. Smith Corp.

207,174

11,607,959

AAON, Inc. (d)

327,200

8,032,760

Armstrong World Industries, Inc. (a)

254,674

10,632,640

 

30,273,359

Commercial Services & Supplies - 1.1%

Sykes Enterprises, Inc. (a)

349,200

5,800,212

United Stationers, Inc. (a)

199,400

11,206,280

 

17,006,492

Construction & Engineering - 1.4%

Chicago Bridge & Iron Co. NV unit (a)

247,100

6,229,391

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Construction & Engineering - continued

Foster Wheeler AG (a)

348,328

$ 8,157,842

Granite Construction, Inc.

323,800

7,829,484

 

22,216,717

Electrical Equipment - 1.2%

General Cable Corp. (a)

378,385

10,572,077

Regal-Beloit Corp.

161,500

9,320,165

 

19,892,242

Industrial Conglomerates - 0.5%

Carlisle Companies, Inc.

224,600

7,876,722

Machinery - 3.2%

Accuride Corp. (a)

3,748,860

4,648,586

Actuant Corp. Class A

465,831

10,467,223

CLARCOR, Inc.

271,586

10,771,101

Gardner Denver, Inc.

63,147

3,651,160

John Bean Technologies Corp.

495,700

8,476,470

Manitowoc Co., Inc.

682,400

7,601,936

Wabtec Corp.

147,154

6,892,693

 

52,509,169

Professional Services - 0.5%

Advisory Board Co. (a)

182,684

8,551,438

Road & Rail - 0.5%

Kansas City Southern (a)

179,600

7,870,072

Trading Companies & Distributors - 1.2%

Interline Brands, Inc. (a)

511,800

10,282,062

WESCO International, Inc. (a)

230,800

9,882,856

 

20,164,918

TOTAL INDUSTRIALS

213,279,145

INFORMATION TECHNOLOGY - 20.8%

Communications Equipment - 3.6%

Blue Coat Systems, Inc. (a)

341,175

9,201,490

DG FastChannel, Inc. (a)

336,615

7,927,283

DragonWave, Inc. (a)(d)

745,700

6,097,792

Emulex Corp. (a)

1,116,300

12,725,820

Ixia (a)

709,608

11,105,366

NETGEAR, Inc. (a)

359,100

11,063,871

 

58,121,622

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 2.7%

NCR Corp. (a)

520,500

$ 7,141,260

Quantum Corp. (a)

2,046,500

6,917,170

SanDisk Corp. (a)

194,198

7,297,961

Super Micro Computer, Inc. (a)

956,944

10,641,217

Synaptics, Inc. (a)(d)

454,677

12,244,452

 

44,242,060

Electronic Equipment & Components - 3.1%

Anixter International, Inc.

208,200

11,178,258

Avnet, Inc. (a)

443,470

13,206,537

Electro Scientific Industries, Inc. (a)

183,698

2,134,571

Jabil Circuit, Inc.

506,100

7,763,574

Plexus Corp. (a)

292,922

8,890,183

Vishay Intertechnology, Inc. (a)

719,037

8,125,118

 

51,298,241

Internet Software & Services - 3.6%

Art Technology Group, Inc. (a)

3,034,161

12,713,135

Constant Contact, Inc. (a)

214,977

4,944,471

Rackspace Hosting, Inc. (a)(d)

515,799

12,874,343

Terremark Worldwide, Inc. (a)(d)

1,440,244

14,388,038

VeriSign, Inc. (a)

374,109

13,000,288

 

57,920,275

IT Services - 1.7%

Alliance Data Systems Corp. (a)(d)

196,700

11,943,624

Sapient Corp.

504,303

6,636,627

Wright Express Corp. (a)

249,800

9,419,958

 

28,000,209

Semiconductors & Semiconductor Equipment - 2.8%

Amkor Technology, Inc. (a)(d)

676,305

4,876,159

MEMC Electronic Materials, Inc. (a)

503,118

6,449,973

Micron Technology, Inc. (a)

837,176

6,923,446

Power Integrations, Inc.

140,483

4,798,899

Standard Microsystems Corp. (a)

290,807

7,020,081

TriQuint Semiconductor, Inc. (a)

796,596

8,204,939

Varian Semiconductor Equipment Associates, Inc. (a)

216,200

7,063,254

 

45,336,751

Software - 3.3%

Blackboard, Inc. (a)(d)

233,460

9,744,620

JDA Software Group, Inc. (a)

294,607

7,453,557

Kenexa Corp. (a)

319,345

5,840,820

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Mentor Graphics Corp. (a)

778,398

$ 8,406,698

Nuance Communications, Inc. (a)

703,200

11,047,272

Parametric Technology Corp. (a)

450,630

9,675,026

Synchronoss Technologies, Inc. (a)

44,200

941,902

 

53,109,895

TOTAL INFORMATION TECHNOLOGY

338,029,053

MATERIALS - 5.2%

Chemicals - 2.3%

Cabot Corp.

338,600

11,519,172

Rockwood Holdings, Inc. (a)

408,000

13,839,360

Solutia, Inc. (a)

632,610

11,456,567

 

36,815,099

Construction Materials - 0.3%

Texas Industries, Inc. (d)

155,500

5,313,435

Metals & Mining - 2.6%

Carpenter Technology Corp.

329,900

11,764,234

Coeur d'Alene Mines Corp. (a)

371,400

7,654,554

Compass Minerals International, Inc.

152,700

12,043,449

HudBay Minerals, Inc.

652,100

10,293,960

 

41,756,197

TOTAL MATERIALS

83,884,731

TELECOMMUNICATION SERVICES - 1.1%

Diversified Telecommunication Services - 0.8%

AboveNet, Inc. (a)

73,314

4,170,833

Cbeyond, Inc. (a)

214,759

2,909,984

Global Crossing Ltd. (a)

213,492

2,903,491

PAETEC Holding Corp. (a)

747,221

3,153,273

 

13,137,581

Wireless Telecommunication Services - 0.3%

Syniverse Holdings, Inc. (a)

156,524

4,772,417

TOTAL TELECOMMUNICATION SERVICES

17,909,998

UTILITIES - 3.2%

Electric Utilities - 1.8%

Cleco Corp.

264,000

8,255,280

Common Stocks - continued

Shares

Value

UTILITIES - continued

Electric Utilities - continued

Great Plains Energy, Inc.

361,700

$ 6,883,151

Otter Tail Corp.

114,928

2,358,323

Portland General Electric Co.

232,400

4,857,160

Westar Energy, Inc.

270,100

6,833,530

 

29,187,444

Gas Utilities - 1.0%

Northwest Natural Gas Co.

137,200

6,762,588

Southwest Gas Corp.

265,000

9,211,400

 

15,973,988

Multi-Utilities - 0.4%

NorthWestern Energy Corp.

254,600

7,579,442

TOTAL UTILITIES

52,740,874

TOTAL COMMON STOCKS

(Cost $1,320,365,868)

1,577,605,391

U.S. Treasury Obligations - 0.2%

 

Principal Amount

 

U.S. Treasury Bills, yield at date of purchase 0.14% to 0.15% 11/4/10 to 12/2/10 (f)
(Cost $2,449,741)

$ 2,450,000

2,449,778

Money Market Funds - 7.3%

Shares

 

Fidelity Cash Central Fund, 0.23% (b)

56,436,190

56,436,190

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)

62,961,738

62,961,738

TOTAL MONEY MARKET FUNDS

(Cost $119,397,928)

119,397,928

Cash Equivalents - 0.0%

Maturity Amount

Value

Investments in repurchase agreements in a joint trading account at 0.22%, dated 10/29/10 due 11/1/10 (Collateralized by U.S. Treasury Obligations) #
(Cost $71,000)

$ 71,001

$ 71,000

TOTAL INVESTMENT PORTFOLIO - 104.4%

(Cost $1,442,284,537)

1,699,524,097

NET OTHER ASSETS (LIABILITIES) - (4.4)%

(71,400,706)

NET ASSETS - 100%

$ 1,628,123,391

Futures Contracts

Expiration Date

Underlying Face
Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

120 NYFE Russell Mini Index Contracts

Dec. 2010

$ 8,426,400

$ (67,736)

 

The face value of futures purchased as a percentage of net assets is 0.5%

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(e) Affiliated company

(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 $649,940.

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

Repurchase Agreement / Counterparty

Value

$71,000 due 11/01/10 at 0.22%

BNP Paribas Securities Corp.

$ 11,831

Barclays Capital, Inc.

17,737

Credit Agricole Securities (USA), Inc.

3,058

Credit Suisse Securities (USA) LLC

3,268

Deutsche Bank Securities, Inc.

5,485

HSBC Securities (USA), Inc.

5,485

J.P. Morgan Securities, Inc.

14,628

Mizuho Securities USA, Inc.

3,657

Societe Generale, New York Branch

3,657

UBS Securities LLC

1,828

Wells Fargo Securities LLC

366

 

$ 71,000

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

$ 19,772

Fidelity Securities Lending Cash Central Fund

206,902

Total

$ 226,674

Other Affiliated Issuers

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

Affiliate

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Western Liberty Bancorp

$ 6,240,000

$ -

$ -

$ -

$ 5,552,000

Other Information

The following is a summary of the inputs used, as of October 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 226,083,731

$ 226,083,731

$ -

$ -

Consumer Staples

52,236,778

52,236,778

-

-

Energy

83,666,800

83,666,800

-

-

Financials

317,578,846

312,026,846

5,552,000

-

Health Care

192,195,435

192,195,435

-

-

Industrials

213,279,145

213,279,145

-

-

Information Technology

338,029,053

338,029,053

-

-

Materials

83,884,731

83,884,731

-

-

Telecommunication Services

17,909,998

17,909,998

-

-

Utilities

52,740,874

52,740,874

-

-

U.S. Government and Government Agency Obligations

2,449,778

-

2,449,778

-

Money Market Funds

119,397,928

119,397,928

-

-

Cash Equivalents

71,000

-

71,000

-

Total Investments in Securities:

$ 1,699,524,097

$ 1,691,451,319

$ 8,072,778

$ -

Derivative Instruments:

Liabilities

Futures Contracts

$ (67,736)

$ (67,736)

$ -

$ -

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $1,445,918,384. Net unrealized appreciation aggregated $253,605,713, of which $307,335,707 related to appreciated investment securities and $53,729,994 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. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 fair value and are categorized as Level 2 in the hierarchy.

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

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® Small Cap Growth Fund

October 31, 2010

1.823237.105

SCP-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%

Shares

Value

CONSUMER DISCRETIONARY - 17.1%

Auto Components - 1.9%

ElringKlinger AG

365,000

$ 12,161,169

Modine Manufacturing Co. (a)

1,329,000

17,968,080

 

30,129,249

Distributors - 0.6%

Delticom AG

118,910

9,480,704

Diversified Consumer Services - 0.6%

Steiner Leisure Ltd. (a)

248,000

9,614,960

Hotels, Restaurants & Leisure - 2.9%

Life Time Fitness, Inc. (a)(d)

363,000

13,115,190

Toridoll Corp. (d)

5,834

7,960,397

WMS Industries, Inc. (a)

239,750

10,460,293

Wyndham Worldwide Corp.

479,000

13,771,250

 

45,307,130

Household Durables - 1.9%

Dorel Industries, Inc. Class B (sub. vtg.)

371,550

12,524,649

Hooker Furniture Corp.

532,143

5,624,752

Tempur-Pedic International, Inc. (a)

334,000

11,523,000

 

29,672,401

Multiline Retail - 0.7%

Dollarama, Inc.

415,000

10,937,543

Specialty Retail - 4.3%

Casual Male Retail Group, Inc. (a)

700,000

3,087,000

Citi Trends, Inc. (a)(d)

495,000

10,385,100

DSW, Inc. Class A (a)(d)

507,000

16,867,890

hhgregg, Inc. (a)(d)

360,000

8,294,400

Jos. A. Bank Clothiers, Inc. (a)

187,500

8,175,000

Sally Beauty Holdings, Inc. (a)

632,000

7,691,440

Signet Jewelers Ltd. (a)

381,400

13,417,652

 

67,918,482

Textiles, Apparel & Luxury Goods - 4.2%

Fossil, Inc. (a)

300,000

17,697,000

G-III Apparel Group Ltd. (a)

460,300

12,151,920

Phillips-Van Heusen Corp.

277,900

17,046,386

Steven Madden Ltd. (a)

215,000

9,094,500

Ted Baker PLC

995,000

9,803,956

 

65,793,762

TOTAL CONSUMER DISCRETIONARY

268,854,231

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - 3.3%

Food & Staples Retailing - 1.2%

Susser Holdings Corp. (a)

698,452

$ 9,547,839

United Natural Foods, Inc. (a)

250,000

8,940,000

 

18,487,839

Food Products - 0.9%

Calavo Growers, Inc. (d)

639,046

14,014,279

Personal Products - 1.2%

Inter Parfums, Inc.

872,000

15,251,280

USANA Health Sciences, Inc. (a)

96,247

4,227,168

 

19,478,448

TOTAL CONSUMER STAPLES

51,980,566

ENERGY - 3.0%

Energy Equipment & Services - 2.4%

Complete Production Services, Inc. (a)

665,000

15,580,950

Newpark Resources, Inc. (a)

1,741,000

10,237,080

Rowan Companies, Inc. (a)

365,000

12,008,500

 

37,826,530

Oil, Gas & Consumable Fuels - 0.6%

EXCO Resources, Inc.

671,400

9,956,862

TOTAL ENERGY

47,783,392

FINANCIALS - 3.1%

Capital Markets - 0.5%

optionsXpress Holdings, Inc. (a)

510,146

8,147,032

Commercial Banks - 1.9%

CapitalSource, Inc.

1,295,000

7,912,450

FirstMerit Corp.

598,000

10,273,640

Huntington Bancshares, Inc.

2,111,100

11,969,937

 

30,156,027

Real Estate Investment Trusts - 0.7%

CBL & Associates Properties, Inc.

680,200

10,665,536

TOTAL FINANCIALS

48,968,595

HEALTH CARE - 21.6%

Biotechnology - 1.6%

Incyte Corp. (a)

290,000

4,831,400

PDL BioPharma, Inc.

1,860,000

9,727,800

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

Theravance, Inc. (a)(d)

299,000

$ 6,093,620

ZIOPHARM Oncology, Inc. (a)(d)

952,000

4,103,120

 

24,755,940

Health Care Equipment & Supplies - 4.5%

American Medical Systems Holdings, Inc. (a)

855,000

17,271,000

Cooper Companies, Inc.

265,000

13,075,100

Integra LifeSciences Holdings Corp. (a)

367,400

15,805,548

Orthofix International NV (a)

200,000

5,602,000

STRATEC Biomedical Systems AG

265,000

9,972,418

Wright Medical Group, Inc. (a)

720,000

9,604,800

 

71,330,866

Health Care Providers & Services - 8.5%

Air Methods Corp. (a)

320,000

13,088,000

Catalyst Health Solutions, Inc. (a)

255,000

9,651,750

Centene Corp. (a)

395,000

8,816,400

Emergency Medical Services Corp. Class A (a)

273,000

14,845,740

Hanger Orthopedic Group, Inc. (a)

866,900

16,228,368

HealthSouth Corp. (a)

570,000

10,311,300

LHC Group, Inc. (a)

392,400

10,555,560

MWI Veterinary Supply, Inc. (a)

250,000

14,300,000

RehabCare Group, Inc. (a)

493,000

10,959,390

Synergy Health PLC

1,145,411

14,433,221

Team Health Holdings, Inc.

784,000

10,466,400

 

133,656,129

Health Care Technology - 1.2%

Computer Programs & Systems, Inc.

205,800

9,398,886

MedAssets, Inc. (a)(d)

471,600

8,743,464

 

18,142,350

Life Sciences Tools & Services - 3.5%

Bruker BioSciences Corp. (a)

865,000

12,966,350

ICON PLC sponsored ADR (a)

660,000

12,771,000

PerkinElmer, Inc.

775,000

18,173,750

QIAGEN NV (a)(d)

616,000

11,586,960

 

55,498,060

Pharmaceuticals - 2.3%

Ardea Biosciences, Inc. (a)(d)

209,263

4,461,487

Auxilium Pharmaceuticals, Inc. (a)(d)

148,935

3,686,141

Cadence Pharmaceuticals, Inc. (a)(d)

662,693

5,884,714

Cardiome Pharma Corp. (a)

925,000

4,707,079

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Hikma Pharmaceuticals PLC

845,000

$ 10,641,000

Questcor Pharmaceuticals, Inc. (a)

580,000

7,116,600

 

36,497,021

TOTAL HEALTH CARE

339,880,366

INDUSTRIALS - 19.1%

Aerospace & Defense - 3.9%

DigitalGlobe, Inc. (a)

293,000

9,566,450

Esterline Technologies Corp. (a)

316,000

19,099,040

Teledyne Technologies, Inc. (a)

397,000

16,503,290

Triumph Group, Inc.

199,000

16,634,410

 

61,803,190

Building Products - 1.1%

Armstrong World Industries, Inc. (a)

406,000

16,950,500

Commercial Services & Supplies - 3.8%

Prosegur Compania de Seguridad SA (Reg.)

283,000

16,956,182

Schawk, Inc. Class A

590,589

11,469,238

The Geo Group, Inc. (a)

653,000

16,749,450

Waste Connections, Inc.

371,000

15,114,540

 

60,289,410

Construction & Engineering - 2.3%

Foster Wheeler AG (a)

440,000

10,304,800

KBR, Inc.

655,100

16,639,540

Orion Marine Group, Inc. (a)

770,000

9,632,700

 

36,577,040

Electrical Equipment - 3.4%

Acuity Brands, Inc.

272,100

13,624,047

Regal-Beloit Corp.

324,000

18,698,040

Zumtobel AG

993,000

20,318,043

 

52,640,130

Machinery - 2.4%

Blount International, Inc. (a)

915,000

13,725,000

Commercial Vehicle Group, Inc. (a)

1,064,273

14,293,186

OSG Corp.

920,000

9,615,011

 

37,633,197

Road & Rail - 0.5%

Contrans Group, Inc. Class A

946,400

8,119,423

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Trading Companies & Distributors - 1.7%

Interline Brands, Inc. (a)

590,000

$ 11,853,100

Rush Enterprises, Inc. Class A (a)

948,254

15,067,756

 

26,920,856

TOTAL INDUSTRIALS

300,933,746

INFORMATION TECHNOLOGY - 26.1%

Communications Equipment - 4.0%

Adtran, Inc.

385,200

12,430,404

DG FastChannel, Inc. (a)

527,329

12,418,598

NETGEAR, Inc. (a)

681,392

20,993,688

Polycom, Inc. (a)

505,000

17,058,900

 

62,901,590

Computers & Peripherals - 2.9%

Super Micro Computer, Inc. (a)

1,118,400

12,436,608

Synaptics, Inc. (a)(d)

626,000

16,858,180

Wincor Nixdorf AG

212,400

15,533,792

 

44,828,580

Electronic Equipment & Components - 4.8%

Avnet, Inc. (a)

618,000

18,404,040

Electro Scientific Industries, Inc. (a)

325,844

3,786,307

Insight Enterprises, Inc. (a)

895,000

13,532,400

Jabil Circuit, Inc.

1,030,000

15,800,200

OSI Systems, Inc. (a)

285,000

10,260,000

SYNNEX Corp. (a)

472,800

13,730,112

 

75,513,059

Internet Software & Services - 4.7%

Art Technology Group, Inc. (a)

1,385,652

5,805,882

Digital River, Inc. (a)

270,000

10,060,200

j2 Global Communications, Inc. (a)

487,500

12,845,625

Perficient, Inc. (a)(e)

1,658,502

17,513,781

Rackspace Hosting, Inc. (a)(d)

548,000

13,678,080

Sohu.com, Inc. (a)(d)

185,000

13,782,500

 

73,686,068

IT Services - 2.6%

Heartland Payment Systems, Inc.

599,600

8,562,288

Online Resources Corp. (a)(e)

1,897,060

9,826,771

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

IT Services - continued

WNS Holdings Ltd. sponsored ADR (a)

574,657

$ 5,987,926

Wright Express Corp. (a)

420,000

15,838,200

 

40,215,185

Semiconductors & Semiconductor Equipment - 2.5%

Hittite Microwave Corp. (a)

203,821

10,531,431

Microsemi Corp. (a)

887,000

17,740,000

Standard Microsystems Corp. (a)

468,000

11,297,520

 

39,568,951

Software - 4.6%

Blackbaud, Inc.

366,059

9,294,238

Informatica Corp. (a)

256,000

10,416,640

Radiant Systems, Inc. (a)

620,000

12,096,200

Solera Holdings, Inc.

342,000

16,433,100

Taleo Corp. Class A (a)

481,039

13,801,009

TeleCommunication Systems, Inc. Class A (a)

2,000,000

10,820,000

 

72,861,187

TOTAL INFORMATION TECHNOLOGY

409,574,620

MATERIALS - 1.5%

Chemicals - 0.7%

Solutia, Inc. (a)

647,000

11,717,170

Metals & Mining - 0.8%

Carpenter Technology Corp.

335,000

11,946,100

TOTAL MATERIALS

23,663,270

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.5%

Premiere Global Services, Inc. (a)

1,172,000

8,004,760

TOTAL COMMON STOCKS

(Cost $1,321,864,914)

1,499,643,546

Money Market Funds - 9.6%

Shares

Value

Fidelity Cash Central Fund, 0.23% (b)

72,577,168

$ 72,577,168

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)

78,327,671

78,327,671

TOTAL MONEY MARKET FUNDS

(Cost $150,904,839)

150,904,839

TOTAL INVESTMENT PORTFOLIO - 104.9%

(Cost $1,472,769,753)

1,650,548,385

NET OTHER ASSETS (LIABILITIES) - (4.9)%

(77,611,914)

NET ASSETS - 100%

$ 1,572,936,471

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(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

$ 31,499

Fidelity Securities Lending Cash Central Fund

412,033

Total

$ 443,532

Other Affiliated Issuers

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

Affiliate

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

Online Resources Corp.

$ 7,777,946

$ -

$ -

$ -

$ 9,826,771

Perficient, Inc.

13,394,542

1,019,485

-

-

17,513,781

Total

$ 21,172,488

$ 1,019,485

$ -

$ -

$ 27,340,552

Other Information

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

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $1,478,641,021. Net unrealized appreciation aggregated $171,907,364, of which $238,978,863 related to appreciated investment securities and $67,071,499 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 fair value and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
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

October 31, 2010

1.824307.105

ASCP-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%

Shares

Value

CONSUMER DISCRETIONARY - 17.1%

Auto Components - 1.9%

ElringKlinger AG

365,000

$ 12,161,169

Modine Manufacturing Co. (a)

1,329,000

17,968,080

 

30,129,249

Distributors - 0.6%

Delticom AG

118,910

9,480,704

Diversified Consumer Services - 0.6%

Steiner Leisure Ltd. (a)

248,000

9,614,960

Hotels, Restaurants & Leisure - 2.9%

Life Time Fitness, Inc. (a)(d)

363,000

13,115,190

Toridoll Corp. (d)

5,834

7,960,397

WMS Industries, Inc. (a)

239,750

10,460,293

Wyndham Worldwide Corp.

479,000

13,771,250

 

45,307,130

Household Durables - 1.9%

Dorel Industries, Inc. Class B (sub. vtg.)

371,550

12,524,649

Hooker Furniture Corp.

532,143

5,624,752

Tempur-Pedic International, Inc. (a)

334,000

11,523,000

 

29,672,401

Multiline Retail - 0.7%

Dollarama, Inc.

415,000

10,937,543

Specialty Retail - 4.3%

Casual Male Retail Group, Inc. (a)

700,000

3,087,000

Citi Trends, Inc. (a)(d)

495,000

10,385,100

DSW, Inc. Class A (a)(d)

507,000

16,867,890

hhgregg, Inc. (a)(d)

360,000

8,294,400

Jos. A. Bank Clothiers, Inc. (a)

187,500

8,175,000

Sally Beauty Holdings, Inc. (a)

632,000

7,691,440

Signet Jewelers Ltd. (a)

381,400

13,417,652

 

67,918,482

Textiles, Apparel & Luxury Goods - 4.2%

Fossil, Inc. (a)

300,000

17,697,000

G-III Apparel Group Ltd. (a)

460,300

12,151,920

Phillips-Van Heusen Corp.

277,900

17,046,386

Steven Madden Ltd. (a)

215,000

9,094,500

Ted Baker PLC

995,000

9,803,956

 

65,793,762

TOTAL CONSUMER DISCRETIONARY

268,854,231

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - 3.3%

Food & Staples Retailing - 1.2%

Susser Holdings Corp. (a)

698,452

$ 9,547,839

United Natural Foods, Inc. (a)

250,000

8,940,000

 

18,487,839

Food Products - 0.9%

Calavo Growers, Inc. (d)

639,046

14,014,279

Personal Products - 1.2%

Inter Parfums, Inc.

872,000

15,251,280

USANA Health Sciences, Inc. (a)

96,247

4,227,168

 

19,478,448

TOTAL CONSUMER STAPLES

51,980,566

ENERGY - 3.0%

Energy Equipment & Services - 2.4%

Complete Production Services, Inc. (a)

665,000

15,580,950

Newpark Resources, Inc. (a)

1,741,000

10,237,080

Rowan Companies, Inc. (a)

365,000

12,008,500

 

37,826,530

Oil, Gas & Consumable Fuels - 0.6%

EXCO Resources, Inc.

671,400

9,956,862

TOTAL ENERGY

47,783,392

FINANCIALS - 3.1%

Capital Markets - 0.5%

optionsXpress Holdings, Inc. (a)

510,146

8,147,032

Commercial Banks - 1.9%

CapitalSource, Inc.

1,295,000

7,912,450

FirstMerit Corp.

598,000

10,273,640

Huntington Bancshares, Inc.

2,111,100

11,969,937

 

30,156,027

Real Estate Investment Trusts - 0.7%

CBL & Associates Properties, Inc.

680,200

10,665,536

TOTAL FINANCIALS

48,968,595

HEALTH CARE - 21.6%

Biotechnology - 1.6%

Incyte Corp. (a)

290,000

4,831,400

PDL BioPharma, Inc.

1,860,000

9,727,800

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

Theravance, Inc. (a)(d)

299,000

$ 6,093,620

ZIOPHARM Oncology, Inc. (a)(d)

952,000

4,103,120

 

24,755,940

Health Care Equipment & Supplies - 4.5%

American Medical Systems Holdings, Inc. (a)

855,000

17,271,000

Cooper Companies, Inc.

265,000

13,075,100

Integra LifeSciences Holdings Corp. (a)

367,400

15,805,548

Orthofix International NV (a)

200,000

5,602,000

STRATEC Biomedical Systems AG

265,000

9,972,418

Wright Medical Group, Inc. (a)

720,000

9,604,800

 

71,330,866

Health Care Providers & Services - 8.5%

Air Methods Corp. (a)

320,000

13,088,000

Catalyst Health Solutions, Inc. (a)

255,000

9,651,750

Centene Corp. (a)

395,000

8,816,400

Emergency Medical Services Corp. Class A (a)

273,000

14,845,740

Hanger Orthopedic Group, Inc. (a)

866,900

16,228,368

HealthSouth Corp. (a)

570,000

10,311,300

LHC Group, Inc. (a)

392,400

10,555,560

MWI Veterinary Supply, Inc. (a)

250,000

14,300,000

RehabCare Group, Inc. (a)

493,000

10,959,390

Synergy Health PLC

1,145,411

14,433,221

Team Health Holdings, Inc.

784,000

10,466,400

 

133,656,129

Health Care Technology - 1.2%

Computer Programs & Systems, Inc.

205,800

9,398,886

MedAssets, Inc. (a)(d)

471,600

8,743,464

 

18,142,350

Life Sciences Tools & Services - 3.5%

Bruker BioSciences Corp. (a)

865,000

12,966,350

ICON PLC sponsored ADR (a)

660,000

12,771,000

PerkinElmer, Inc.

775,000

18,173,750

QIAGEN NV (a)(d)

616,000

11,586,960

 

55,498,060

Pharmaceuticals - 2.3%

Ardea Biosciences, Inc. (a)(d)

209,263

4,461,487

Auxilium Pharmaceuticals, Inc. (a)(d)

148,935

3,686,141

Cadence Pharmaceuticals, Inc. (a)(d)

662,693

5,884,714

Cardiome Pharma Corp. (a)

925,000

4,707,079

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Hikma Pharmaceuticals PLC

845,000

$ 10,641,000

Questcor Pharmaceuticals, Inc. (a)

580,000

7,116,600

 

36,497,021

TOTAL HEALTH CARE

339,880,366

INDUSTRIALS - 19.1%

Aerospace & Defense - 3.9%

DigitalGlobe, Inc. (a)

293,000

9,566,450

Esterline Technologies Corp. (a)

316,000

19,099,040

Teledyne Technologies, Inc. (a)

397,000

16,503,290

Triumph Group, Inc.

199,000

16,634,410

 

61,803,190

Building Products - 1.1%

Armstrong World Industries, Inc. (a)

406,000

16,950,500

Commercial Services & Supplies - 3.8%

Prosegur Compania de Seguridad SA (Reg.)

283,000

16,956,182

Schawk, Inc. Class A

590,589

11,469,238

The Geo Group, Inc. (a)

653,000

16,749,450

Waste Connections, Inc.

371,000

15,114,540

 

60,289,410

Construction & Engineering - 2.3%

Foster Wheeler AG (a)

440,000

10,304,800

KBR, Inc.

655,100

16,639,540

Orion Marine Group, Inc. (a)

770,000

9,632,700

 

36,577,040

Electrical Equipment - 3.4%

Acuity Brands, Inc.

272,100

13,624,047

Regal-Beloit Corp.

324,000

18,698,040

Zumtobel AG

993,000

20,318,043

 

52,640,130

Machinery - 2.4%

Blount International, Inc. (a)

915,000

13,725,000

Commercial Vehicle Group, Inc. (a)

1,064,273

14,293,186

OSG Corp.

920,000

9,615,011

 

37,633,197

Road & Rail - 0.5%

Contrans Group, Inc. Class A

946,400

8,119,423

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Trading Companies & Distributors - 1.7%

Interline Brands, Inc. (a)

590,000

$ 11,853,100

Rush Enterprises, Inc. Class A (a)

948,254

15,067,756

 

26,920,856

TOTAL INDUSTRIALS

300,933,746

INFORMATION TECHNOLOGY - 26.1%

Communications Equipment - 4.0%

Adtran, Inc.

385,200

12,430,404

DG FastChannel, Inc. (a)

527,329

12,418,598

NETGEAR, Inc. (a)

681,392

20,993,688

Polycom, Inc. (a)

505,000

17,058,900

 

62,901,590

Computers & Peripherals - 2.9%

Super Micro Computer, Inc. (a)

1,118,400

12,436,608

Synaptics, Inc. (a)(d)

626,000

16,858,180

Wincor Nixdorf AG

212,400

15,533,792

 

44,828,580

Electronic Equipment & Components - 4.8%

Avnet, Inc. (a)

618,000

18,404,040

Electro Scientific Industries, Inc. (a)

325,844

3,786,307

Insight Enterprises, Inc. (a)

895,000

13,532,400

Jabil Circuit, Inc.

1,030,000

15,800,200

OSI Systems, Inc. (a)

285,000

10,260,000

SYNNEX Corp. (a)

472,800

13,730,112

 

75,513,059

Internet Software & Services - 4.7%

Art Technology Group, Inc. (a)

1,385,652

5,805,882

Digital River, Inc. (a)

270,000

10,060,200

j2 Global Communications, Inc. (a)

487,500

12,845,625

Perficient, Inc. (a)(e)

1,658,502

17,513,781

Rackspace Hosting, Inc. (a)(d)

548,000

13,678,080

Sohu.com, Inc. (a)(d)

185,000

13,782,500

 

73,686,068

IT Services - 2.6%

Heartland Payment Systems, Inc.

599,600

8,562,288

Online Resources Corp. (a)(e)

1,897,060

9,826,771

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

IT Services - continued

WNS Holdings Ltd. sponsored ADR (a)

574,657

$ 5,987,926

Wright Express Corp. (a)

420,000

15,838,200

 

40,215,185

Semiconductors & Semiconductor Equipment - 2.5%

Hittite Microwave Corp. (a)

203,821

10,531,431

Microsemi Corp. (a)

887,000

17,740,000

Standard Microsystems Corp. (a)

468,000

11,297,520

 

39,568,951

Software - 4.6%

Blackbaud, Inc.

366,059

9,294,238

Informatica Corp. (a)

256,000

10,416,640

Radiant Systems, Inc. (a)

620,000

12,096,200

Solera Holdings, Inc.

342,000

16,433,100

Taleo Corp. Class A (a)

481,039

13,801,009

TeleCommunication Systems, Inc. Class A (a)

2,000,000

10,820,000

 

72,861,187

TOTAL INFORMATION TECHNOLOGY

409,574,620

MATERIALS - 1.5%

Chemicals - 0.7%

Solutia, Inc. (a)

647,000

11,717,170

Metals & Mining - 0.8%

Carpenter Technology Corp.

335,000

11,946,100

TOTAL MATERIALS

23,663,270

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.5%

Premiere Global Services, Inc. (a)

1,172,000

8,004,760

TOTAL COMMON STOCKS

(Cost $1,321,864,914)

1,499,643,546

Money Market Funds - 9.6%

Shares

Value

Fidelity Cash Central Fund, 0.23% (b)

72,577,168

$ 72,577,168

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)

78,327,671

78,327,671

TOTAL MONEY MARKET FUNDS

(Cost $150,904,839)

150,904,839

TOTAL INVESTMENT PORTFOLIO - 104.9%

(Cost $1,472,769,753)

1,650,548,385

NET OTHER ASSETS (LIABILITIES) - (4.9)%

(77,611,914)

NET ASSETS - 100%

$ 1,572,936,471

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(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

$ 31,499

Fidelity Securities Lending Cash Central Fund

412,033

Total

$ 443,532

Other Affiliated Issuers

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

Affiliate

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

Online Resources Corp.

$ 7,777,946

$ -

$ -

$ -

$ 9,826,771

Perficient, Inc.

13,394,542

1,019,485

-

-

17,513,781

Total

$ 21,172,488

$ 1,019,485

$ -

$ -

$ 27,340,552

Other Information

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

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $1,478,641,021. Net unrealized appreciation aggregated $171,907,364, of which $238,978,863 related to appreciated investment securities and $67,071,499 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 fair value and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Small Cap Value Fund
Small Cap Value
Class F

October 31, 2010

1.823236.105

SCV-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%

Shares

Value

CONSUMER DISCRETIONARY - 10.7%

Diversified Consumer Services - 3.2%

Matthews International Corp. Class A

640,187

$ 21,138,975

Regis Corp.

2,545,882

52,063,287

 

73,202,262

Household Durables - 4.7%

M.D.C. Holdings, Inc. (d)

1,224,300

31,525,725

Meritage Homes Corp. (a)

1,536,160

28,127,090

Ryland Group, Inc.

2,153,837

32,264,478

Tempur-Pedic International, Inc. (a)

400,000

13,800,000

 

105,717,293

Specialty Retail - 1.8%

Asbury Automotive Group, Inc. (a)

1,465,159

21,127,593

Tsutsumi Jewelry Co. Ltd.

791,400

18,636,796

 

39,764,389

Textiles, Apparel & Luxury Goods - 1.0%

Iconix Brand Group, Inc. (a)

1,330,087

23,276,523

TOTAL CONSUMER DISCRETIONARY

241,960,467

CONSUMER STAPLES - 4.2%

Food & Staples Retailing - 3.3%

BJ's Wholesale Club, Inc. (a)

1,390,000

58,004,700

Ingles Markets, Inc. Class A

838,531

15,395,429

 

73,400,129

Food Products - 0.9%

Chiquita Brands International, Inc. (a)

1,600,000

21,232,000

TOTAL CONSUMER STAPLES

94,632,129

ENERGY - 6.3%

Energy Equipment & Services - 3.3%

Superior Energy Services, Inc. (a)

2,741,700

75,725,754

Oil, Gas & Consumable Fuels - 3.0%

Berry Petroleum Co. Class A

1,950,000

66,709,500

TOTAL ENERGY

142,435,254

FINANCIALS - 35.6%

Capital Markets - 3.1%

optionsXpress Holdings, Inc. (a)

2,080,000

33,217,600

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

TradeStation Group, Inc. (a)(e)

2,062,291

$ 11,321,978

Waddell & Reed Financial, Inc. Class A

840,000

24,418,800

 

68,958,378

Commercial Banks - 10.9%

Associated Banc-Corp.

3,832,650

48,559,676

CapitalSource, Inc.

6,515,270

39,808,300

City National Corp.

784,900

40,477,293

National Penn Bancshares, Inc.

3,066,604

19,902,260

PacWest Bancorp (e)

1,812,600

31,593,618

TCF Financial Corp. (d)

4,085,800

53,769,128

Western Liberty Bancorp (a)(e)

2,400,000

13,324,800

 

247,435,075

Insurance - 7.3%

Alterra Capital Holdings Ltd.

2,057,411

41,559,702

Aspen Insurance Holdings Ltd.

1,970,200

55,894,574

Platinum Underwriters Holdings Ltd.

1,546,975

66,597,274

 

164,051,550

Real Estate Investment Trusts - 8.8%

Alexandria Real Estate Equities, Inc. (d)

848,300

62,333,084

DCT Industrial Trust, Inc. (e)

11,500,000

57,615,000

Highwoods Properties, Inc. (SBI)

1,470,330

48,712,033

National Retail Properties, Inc. (d)

1,140,000

30,894,000

 

199,554,117

Real Estate Management & Development - 1.3%

Jones Lang LaSalle, Inc.

383,628

29,946,002

Thrifts & Mortgage Finance - 4.2%

Astoria Financial Corp.

4,318,152

53,631,448

Washington Federal, Inc.

2,816,175

42,327,110

 

95,958,558

TOTAL FINANCIALS

805,903,680

HEALTH CARE - 7.0%

Health Care Providers & Services - 7.0%

Centene Corp. (a)

1,067,932

23,836,242

Chemed Corp.

510,200

30,071,188

MEDNAX, Inc. (a)

721,500

42,720,015

Providence Service Corp. (a)(e)

1,016,495

16,701,013

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

Team Health Holdings, Inc.

2,365,700

$ 31,582,095

VCA Antech, Inc. (a)

718,000

14,841,060

 

159,751,613

INDUSTRIALS - 13.7%

Commercial Services & Supplies - 7.1%

ACCO Brands Corp. (a)(e)

4,020,923

25,050,350

HNI Corp. (d)(e)

2,349,671

57,942,887

Knoll, Inc.

1,412,898

21,433,663

United Stationers, Inc. (a)

990,400

55,660,480

 

160,087,380

Machinery - 1.7%

Blount International, Inc. (a)(e)

2,604,723

39,070,845

Trading Companies & Distributors - 4.9%

H&E Equipment Services, Inc. (a)(e)

3,489,408

33,917,046

WESCO International, Inc. (a)

1,795,000

76,861,895

 

110,778,941

TOTAL INDUSTRIALS

309,937,166

INFORMATION TECHNOLOGY - 8.8%

Communications Equipment - 1.5%

ViaSat, Inc. (a)

809,472

33,325,962

Electronic Equipment & Components - 4.1%

Ingram Micro, Inc. Class A (a)

2,453,100

43,321,746

Macnica, Inc. (d)

677,400

13,022,714

Ryoyo Electro Corp. (e)

1,972,700

18,238,956

SYNNEX Corp. (a)

631,598

18,341,606

 

92,925,022

Internet Software & Services - 1.9%

DealerTrack Holdings, Inc. (a)

1,383,804

26,735,093

j2 Global Communications, Inc. (a)

630,149

16,604,426

 

43,339,519

Semiconductors & Semiconductor Equipment - 0.7%

Miraial Co. Ltd. (e)

652,000

15,986,032

Software - 0.6%

Monotype Imaging Holdings, Inc. (a)

1,458,151

13,896,179

TOTAL INFORMATION TECHNOLOGY

199,472,714

Common Stocks - continued

Shares

Value

MATERIALS - 4.8%

Chemicals - 0.5%

Spartech Corp. (a)

1,387,857

$ 11,741,270

Metals & Mining - 4.3%

Carpenter Technology Corp.

1,284,380

45,800,991

RTI International Metals, Inc. (a)(e)

1,617,597

50,307,267

 

96,108,258

TOTAL MATERIALS

107,849,528

TELECOMMUNICATION SERVICES - 0.8%

Diversified Telecommunication Services - 0.8%

Cogent Communications Group, Inc. (a)

1,665,000

18,065,250

UTILITIES - 6.6%

Electric Utilities - 2.2%

Westar Energy, Inc.

1,960,000

49,588,000

Gas Utilities - 4.4%

Southwest Gas Corp.

1,130,989

39,313,178

UGI Corp.

2,000,000

60,180,000

 

99,493,178

TOTAL UTILITIES

149,081,178

TOTAL COMMON STOCKS

(Cost $1,960,766,061)

2,229,088,979

Nonconvertible Preferred Stocks - 1.5%

 

 

 

 

CONSUMER DISCRETIONARY - 0.6%

Household Durables - 0.6%

M/I Homes, Inc. Series A, 9.75% (a)

750,400

13,942,432

FINANCIALS - 0.9%

Real Estate Investment Trusts - 0.9%

Developers Diversified Realty Corp. (depositary shares) Series H, 7.375%

818,790

19,560,893

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $19,825,136)

33,503,325

Money Market Funds - 3.2%

Shares

Value

Fidelity Cash Central Fund, 0.23% (b)

6,241,801

$ 6,241,801

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)

67,048,753

67,048,753

TOTAL MONEY MARKET FUNDS

(Cost $73,290,554)

73,290,554

TOTAL INVESTMENT PORTFOLIO - 103.2%

(Cost $2,053,881,751)

2,335,882,858

NET OTHER ASSETS (LIABILITIES) - (3.2)%

(71,511,729)

NET ASSETS - 100%

$ 2,264,371,129

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(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

$ 4,115

Fidelity Securities Lending Cash Central Fund

19,030

Total

$ 23,145

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

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

ACCO Brands Corp.

$ 22,027,864

$ 1,922,616

$ -

$ -

$ 25,050,350

Blount International, Inc.

27,740,300

-

-

-

39,070,845

DCT Industrial Trust, Inc.

46,900,000

7,514,530

-

735,000

57,615,000

H&E Equipment Services, Inc.

30,357,850

-

-

-

33,917,046

HNI Corp.

55,547,499

5,138,794

-

462,179

57,942,887

Miraial Co. Ltd.

15,372,473

1,832,697

-

-

15,986,032

PacWest Bancorp

37,552,606

326,600

-

17,942

31,593,618

Providence Service Corp.

14,637,528

-

-

-

16,701,013

RTI International Metals, Inc.

48,035,903

-

2,258,203

-

50,307,267

Ryoyo Electro Corp.

18,932,046

2,120,893

-

-

18,238,956

TradeStation Group, Inc.

13,178,039

-

-

-

11,321,978

Western Liberty Bancorp

14,976,000

-

-

-

13,324,800

Total

$ 345,258,108

$ 18,856,130

$ 2,258,203

$ 1,215,121

$ 371,069,792

Other Information

The following is a summary of the inputs used, as of October 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 255,902,899

$ 255,902,899

$ -

$ -

Consumer Staples

94,632,129

94,632,129

-

-

Energy

142,435,254

142,435,254

-

-

Financials

825,464,573

812,139,773

13,324,800

-

Health Care

159,751,613

159,751,613

-

-

Industrials

309,937,166

309,937,166

-

-

Information Technology

199,472,714

199,472,714

-

-

Materials

107,849,528

107,849,528

-

-

Telecommunication Services

18,065,250

18,065,250

-

-

Utilities

149,081,178

149,081,178

-

-

Money Market Funds

73,290,554

73,290,554

-

-

Total Investments in Securities:

$ 2,335,882,858

$ 2,322,558,058

$ 13,324,800

$ -

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $2,058,248,205. Net unrealized appreciation aggregated $277,634,653, of which $425,674,794 related to appreciated investment securities and $148,040,141 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 fair value and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Advisor
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

October 31, 2010

1.824309.105

ASCV-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%

Shares

Value

CONSUMER DISCRETIONARY - 10.7%

Diversified Consumer Services - 3.2%

Matthews International Corp. Class A

640,187

$ 21,138,975

Regis Corp.

2,545,882

52,063,287

 

73,202,262

Household Durables - 4.7%

M.D.C. Holdings, Inc. (d)

1,224,300

31,525,725

Meritage Homes Corp. (a)

1,536,160

28,127,090

Ryland Group, Inc.

2,153,837

32,264,478

Tempur-Pedic International, Inc. (a)

400,000

13,800,000

 

105,717,293

Specialty Retail - 1.8%

Asbury Automotive Group, Inc. (a)

1,465,159

21,127,593

Tsutsumi Jewelry Co. Ltd.

791,400

18,636,796

 

39,764,389

Textiles, Apparel & Luxury Goods - 1.0%

Iconix Brand Group, Inc. (a)

1,330,087

23,276,523

TOTAL CONSUMER DISCRETIONARY

241,960,467

CONSUMER STAPLES - 4.2%

Food & Staples Retailing - 3.3%

BJ's Wholesale Club, Inc. (a)

1,390,000

58,004,700

Ingles Markets, Inc. Class A

838,531

15,395,429

 

73,400,129

Food Products - 0.9%

Chiquita Brands International, Inc. (a)

1,600,000

21,232,000

TOTAL CONSUMER STAPLES

94,632,129

ENERGY - 6.3%

Energy Equipment & Services - 3.3%

Superior Energy Services, Inc. (a)

2,741,700

75,725,754

Oil, Gas & Consumable Fuels - 3.0%

Berry Petroleum Co. Class A

1,950,000

66,709,500

TOTAL ENERGY

142,435,254

FINANCIALS - 35.6%

Capital Markets - 3.1%

optionsXpress Holdings, Inc. (a)

2,080,000

33,217,600

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

TradeStation Group, Inc. (a)(e)

2,062,291

$ 11,321,978

Waddell & Reed Financial, Inc. Class A

840,000

24,418,800

 

68,958,378

Commercial Banks - 10.9%

Associated Banc-Corp.

3,832,650

48,559,676

CapitalSource, Inc.

6,515,270

39,808,300

City National Corp.

784,900

40,477,293

National Penn Bancshares, Inc.

3,066,604

19,902,260

PacWest Bancorp (e)

1,812,600

31,593,618

TCF Financial Corp. (d)

4,085,800

53,769,128

Western Liberty Bancorp (a)(e)

2,400,000

13,324,800

 

247,435,075

Insurance - 7.3%

Alterra Capital Holdings Ltd.

2,057,411

41,559,702

Aspen Insurance Holdings Ltd.

1,970,200

55,894,574

Platinum Underwriters Holdings Ltd.

1,546,975

66,597,274

 

164,051,550

Real Estate Investment Trusts - 8.8%

Alexandria Real Estate Equities, Inc. (d)

848,300

62,333,084

DCT Industrial Trust, Inc. (e)

11,500,000

57,615,000

Highwoods Properties, Inc. (SBI)

1,470,330

48,712,033

National Retail Properties, Inc. (d)

1,140,000

30,894,000

 

199,554,117

Real Estate Management & Development - 1.3%

Jones Lang LaSalle, Inc.

383,628

29,946,002

Thrifts & Mortgage Finance - 4.2%

Astoria Financial Corp.

4,318,152

53,631,448

Washington Federal, Inc.

2,816,175

42,327,110

 

95,958,558

TOTAL FINANCIALS

805,903,680

HEALTH CARE - 7.0%

Health Care Providers & Services - 7.0%

Centene Corp. (a)

1,067,932

23,836,242

Chemed Corp.

510,200

30,071,188

MEDNAX, Inc. (a)

721,500

42,720,015

Providence Service Corp. (a)(e)

1,016,495

16,701,013

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

Team Health Holdings, Inc.

2,365,700

$ 31,582,095

VCA Antech, Inc. (a)

718,000

14,841,060

 

159,751,613

INDUSTRIALS - 13.7%

Commercial Services & Supplies - 7.1%

ACCO Brands Corp. (a)(e)

4,020,923

25,050,350

HNI Corp. (d)(e)

2,349,671

57,942,887

Knoll, Inc.

1,412,898

21,433,663

United Stationers, Inc. (a)

990,400

55,660,480

 

160,087,380

Machinery - 1.7%

Blount International, Inc. (a)(e)

2,604,723

39,070,845

Trading Companies & Distributors - 4.9%

H&E Equipment Services, Inc. (a)(e)

3,489,408

33,917,046

WESCO International, Inc. (a)

1,795,000

76,861,895

 

110,778,941

TOTAL INDUSTRIALS

309,937,166

INFORMATION TECHNOLOGY - 8.8%

Communications Equipment - 1.5%

ViaSat, Inc. (a)

809,472

33,325,962

Electronic Equipment & Components - 4.1%

Ingram Micro, Inc. Class A (a)

2,453,100

43,321,746

Macnica, Inc. (d)

677,400

13,022,714

Ryoyo Electro Corp. (e)

1,972,700

18,238,956

SYNNEX Corp. (a)

631,598

18,341,606

 

92,925,022

Internet Software & Services - 1.9%

DealerTrack Holdings, Inc. (a)

1,383,804

26,735,093

j2 Global Communications, Inc. (a)

630,149

16,604,426

 

43,339,519

Semiconductors & Semiconductor Equipment - 0.7%

Miraial Co. Ltd. (e)

652,000

15,986,032

Software - 0.6%

Monotype Imaging Holdings, Inc. (a)

1,458,151

13,896,179

TOTAL INFORMATION TECHNOLOGY

199,472,714

Common Stocks - continued

Shares

Value

MATERIALS - 4.8%

Chemicals - 0.5%

Spartech Corp. (a)

1,387,857

$ 11,741,270

Metals & Mining - 4.3%

Carpenter Technology Corp.

1,284,380

45,800,991

RTI International Metals, Inc. (a)(e)

1,617,597

50,307,267

 

96,108,258

TOTAL MATERIALS

107,849,528

TELECOMMUNICATION SERVICES - 0.8%

Diversified Telecommunication Services - 0.8%

Cogent Communications Group, Inc. (a)

1,665,000

18,065,250

UTILITIES - 6.6%

Electric Utilities - 2.2%

Westar Energy, Inc.

1,960,000

49,588,000

Gas Utilities - 4.4%

Southwest Gas Corp.

1,130,989

39,313,178

UGI Corp.

2,000,000

60,180,000

 

99,493,178

TOTAL UTILITIES

149,081,178

TOTAL COMMON STOCKS

(Cost $1,960,766,061)

2,229,088,979

Nonconvertible Preferred Stocks - 1.5%

 

 

 

 

CONSUMER DISCRETIONARY - 0.6%

Household Durables - 0.6%

M/I Homes, Inc. Series A, 9.75% (a)

750,400

13,942,432

FINANCIALS - 0.9%

Real Estate Investment Trusts - 0.9%

Developers Diversified Realty Corp. (depositary shares) Series H, 7.375%

818,790

19,560,893

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $19,825,136)

33,503,325

Money Market Funds - 3.2%

Shares

Value

Fidelity Cash Central Fund, 0.23% (b)

6,241,801

$ 6,241,801

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)

67,048,753

67,048,753

TOTAL MONEY MARKET FUNDS

(Cost $73,290,554)

73,290,554

TOTAL INVESTMENT PORTFOLIO - 103.2%

(Cost $2,053,881,751)

2,335,882,858

NET OTHER ASSETS (LIABILITIES) - (3.2)%

(71,511,729)

NET ASSETS - 100%

$ 2,264,371,129

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(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

$ 4,115

Fidelity Securities Lending Cash Central Fund

19,030

Total

$ 23,145

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

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

ACCO Brands Corp.

$ 22,027,864

$ 1,922,616

$ -

$ -

$ 25,050,350

Blount International, Inc.

27,740,300

-

-

-

39,070,845

DCT Industrial Trust, Inc.

46,900,000

7,514,530

-

735,000

57,615,000

H&E Equipment Services, Inc.

30,357,850

-

-

-

33,917,046

HNI Corp.

55,547,499

5,138,794

-

462,179

57,942,887

Miraial Co. Ltd.

15,372,473

1,832,697

-

-

15,986,032

PacWest Bancorp

37,552,606

326,600

-

17,942

31,593,618

Providence Service Corp.

14,637,528

-

-

-

16,701,013

RTI International Metals, Inc.

48,035,903

-

2,258,203

-

50,307,267

Ryoyo Electro Corp.

18,932,046

2,120,893

-

-

18,238,956

TradeStation Group, Inc.

13,178,039

-

-

-

11,321,978

Western Liberty Bancorp

14,976,000

-

-

-

13,324,800

Total

$ 345,258,108

$ 18,856,130

$ 2,258,203

$ 1,215,121

$ 371,069,792

Other Information

The following is a summary of the inputs used, as of October 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 255,902,899

$ 255,902,899

$ -

$ -

Consumer Staples

94,632,129

94,632,129

-

-

Energy

142,435,254

142,435,254

-

-

Financials

825,464,573

812,139,773

13,324,800

-

Health Care

159,751,613

159,751,613

-

-

Industrials

309,937,166

309,937,166

-

-

Information Technology

199,472,714

199,472,714

-

-

Materials

107,849,528

107,849,528

-

-

Telecommunication Services

18,065,250

18,065,250

-

-

Utilities

149,081,178

149,081,178

-

-

Money Market Funds

73,290,554

73,290,554

-

-

Total Investments in Securities:

$ 2,335,882,858

$ 2,322,558,058

$ 13,324,800

$ -

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $2,058,248,205. Net unrealized appreciation aggregated $277,634,653, of which $425,674,794 related to appreciated investment securities and $148,040,141 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 fair value and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

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:

December 30, 2010

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:

December 30, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

December 30, 2010