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 811-649

Fidelity Puritan Trust
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

July 31

 

 

Date of reporting period:

April 30, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Value Discovery Fund -
Fidelity Value Discovery
Class K

April 30, 2009 

1.800366.105

FVD-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%

Shares

Value

CONSUMER DISCRETIONARY - 14.8%

Auto Components - 1.1%

Federal-Mogul Corp. Class A (a)

290,500

$ 3,224,550

Gentex Corp.

81,200

1,085,644

Johnson Controls, Inc.

113,400

2,155,734

 

6,465,928

Diversified Consumer Services - 0.5%

Brinks Home Security Holdings, Inc. (a)

52,627

1,398,825

H&R Block, Inc.

98,200

1,486,748

 

2,885,573

Hotels, Restaurants & Leisure - 1.2%

Carnival Corp. unit

49,800

1,338,624

McDonald's Corp.

95,033

5,064,309

WMS Industries, Inc. (a)

29,700

953,667

 

7,356,600

Household Durables - 6.9%

Black & Decker Corp.

55,600

2,240,680

Centex Corp.

449,500

4,917,530

D.R. Horton, Inc.

438,170

5,718,119

KB Home (d)

367,060

6,632,774

Lennar Corp. Class A

3,300

32,142

Meritage Homes Corp. (a)

389,677

8,109,178

Newell Rubbermaid, Inc.

51,400

537,130

NVR, Inc. (a)

4,800

2,425,776

Pulte Homes, Inc. (d)

385,200

4,433,652

Ryland Group, Inc.

229,000

4,742,590

The Stanley Works

55,100

2,095,453

 

41,885,024

Media - 1.2%

Cablevision Systems Corp. - NY Group Class A

34,500

592,020

Comcast Corp. Class A

250,200

3,868,092

The Walt Disney Co.

128,800

2,820,720

 

7,280,832

Multiline Retail - 0.6%

Target Corp.

88,300

3,643,258

Specialty Retail - 2.5%

Best Buy Co., Inc.

46,600

1,788,508

Home Depot, Inc.

218,800

5,758,816

Lowe's Companies, Inc.

190,000

4,085,000

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

OfficeMax, Inc.

152,200

$ 1,133,890

Staples, Inc.

131,300

2,707,406

 

15,473,620

Textiles, Apparel & Luxury Goods - 0.8%

Polo Ralph Lauren Corp. Class A

38,800

2,088,992

VF Corp.

45,100

2,673,077

 

4,762,069

TOTAL CONSUMER DISCRETIONARY

89,752,904

CONSUMER STAPLES - 4.3%

Beverages - 0.8%

Carlsberg AS:

Series A

27,617

1,326,747

Series B

6,600

317,309

The Coca-Cola Co.

75,279

3,240,761

 

4,884,817

Food & Staples Retailing - 1.3%

Safeway, Inc.

117,200

2,314,700

Wal-Mart Stores, Inc.

95,700

4,823,280

Winn-Dixie Stores, Inc. (a)

85,034

974,490

 

8,112,470

Food Products - 1.3%

Marine Harvest ASA (a)

4,322,000

1,947,188

Ralcorp Holdings, Inc. (a)

33,100

1,891,996

Smithfield Foods, Inc. (a)

195,900

1,692,576

Tyson Foods, Inc. Class A

206,200

2,173,348

 

7,705,108

Household Products - 0.3%

Energizer Holdings, Inc. (a)

30,600

1,753,380

Tobacco - 0.6%

Philip Morris International, Inc.

99,100

3,587,420

TOTAL CONSUMER STAPLES

26,043,195

Common Stocks - continued

Shares

Value

ENERGY - 14.3%

Energy Equipment & Services - 2.3%

Transocean Ltd. (a)

126,500

$ 8,536,220

Weatherford International Ltd. (a)

306,800

5,102,084

 

13,638,304

Oil, Gas & Consumable Fuels - 12.0%

Chesapeake Energy Corp.

170,900

3,368,439

Chevron Corp.

222,600

14,713,860

ConocoPhillips

104,700

4,292,700

Exxon Mobil Corp.

470,000

31,334,899

Foundation Coal Holdings, Inc.

186,200

3,023,888

Marathon Oil Corp.

98,700

2,931,390

Noble Energy, Inc.

48,600

2,758,050

Occidental Petroleum Corp.

37,800

2,127,762

Petro-Canada

39,500

1,246,654

Range Resources Corp.

64,500

2,578,065

Southwestern Energy Co. (a)

84,500

3,030,170

Suncor Energy, Inc.

63,400

1,595,560

 

73,001,437

TOTAL ENERGY

86,639,741

FINANCIALS - 21.0%

Capital Markets - 3.5%

Deutsche Bank AG (NY Shares)

73,400

3,848,362

Goldman Sachs Group, Inc.

79,500

10,215,750

Morgan Stanley

302,700

7,155,828

 

21,219,940

Commercial Banks - 5.1%

Comerica, Inc.

106,000

2,223,880

KeyCorp

218,900

1,346,235

Pacific Continental Corp.

81,465

935,218

PacWest Bancorp

142,730

2,079,576

PNC Financial Services Group, Inc.

164,000

6,510,800

TCF Financial Corp.

144,200

2,005,822

Wells Fargo & Co.

797,600

15,959,976

 

31,061,507

Diversified Financial Services - 5.6%

Bank of America Corp.

707,145

6,314,805

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Diversified Financial Services - continued

Citigroup, Inc.

568,000

$ 1,732,400

JPMorgan Chase & Co.

785,590

25,924,470

 

33,971,675

Insurance - 4.6%

ACE Ltd.

70,000

3,242,400

Axis Capital Holdings Ltd.

196,500

4,841,760

Endurance Specialty Holdings Ltd.

159,400

4,169,904

Everest Re Group Ltd.

114,300

8,531,352

RenaissanceRe Holdings Ltd.

64,200

3,123,972

The Travelers Companies, Inc.

78,500

3,229,490

Transatlantic Holdings, Inc.

13,600

515,848

 

27,654,726

Real Estate Investment Trusts - 0.7%

CBL & Associates Properties, Inc. (d)

391,003

3,104,564

Vornado Realty Trust

23,586

1,153,120

 

4,257,684

Real Estate Management & Development - 1.1%

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

507,400

3,805,500

Forestar Group, Inc. (a)

217,300

2,794,478

 

6,599,978

Thrifts & Mortgage Finance - 0.4%

Astoria Financial Corp.

300,100

2,478,826

TOTAL FINANCIALS

127,244,336

HEALTH CARE - 10.1%

Biotechnology - 1.2%

Amgen, Inc. (a)

116,500

5,646,755

Biogen Idec, Inc. (a)

39,600

1,914,264

 

7,561,019

Health Care Equipment & Supplies - 1.5%

Boston Scientific Corp. (a)

112,500

946,125

C.R. Bard, Inc.

32,500

2,327,975

Cooper Companies, Inc.

50,600

1,454,750

Covidien Ltd.

125,075

4,124,974

 

8,853,824

Health Care Providers & Services - 0.8%

AmerisourceBergen Corp.

55,900

1,880,476

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

Express Scripts, Inc. (a)

3,000

$ 191,910

Medco Health Solutions, Inc. (a)

57,381

2,498,943

 

4,571,329

Pharmaceuticals - 6.6%

Allergan, Inc.

85,000

3,966,100

Cadence Pharmaceuticals, Inc. (a)

61,500

622,380

Johnson & Johnson

171,000

8,953,560

Merck & Co., Inc.

209,500

5,078,280

Optimer Pharmaceuticals, Inc. (a)

45,800

639,826

Pfizer, Inc.

915,500

12,231,080

Teva Pharmaceutical Industries Ltd. sponsored ADR

62,400

2,738,736

Wyeth

138,100

5,855,440

 

40,085,402

TOTAL HEALTH CARE

61,071,574

INDUSTRIALS - 8.5%

Aerospace & Defense - 1.5%

Heico Corp. Class A

37,100

925,645

Honeywell International, Inc.

95,100

2,968,071

Lockheed Martin Corp.

21,300

1,672,689

Northrop Grumman Corp.

68,600

3,316,810

 

8,883,215

Airlines - 0.3%

AirTran Holdings, Inc. (a)

128,917

895,973

Delta Air Lines, Inc. (a)

136,275

840,817

 

1,736,790

Building Products - 1.0%

Masco Corp.

218,000

1,931,480

Owens Corning (a)

251,000

4,492,900

 

6,424,380

Commercial Services & Supplies - 0.9%

R.R. Donnelley & Sons Co.

125,600

1,463,240

Republic Services, Inc.

181,086

3,802,806

 

5,266,046

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Electrical Equipment - 0.9%

Regal-Beloit Corp.

48,800

$ 1,982,744

Rockwell Automation, Inc.

102,500

3,237,975

 

5,220,719

Industrial Conglomerates - 1.1%

General Electric Co.

442,300

5,595,095

Textron, Inc.

112,700

1,209,271

 

6,804,366

Machinery - 1.2%

Cummins, Inc.

124,300

4,226,200

Danaher Corp.

51,400

3,003,816

 

7,230,016

Professional Services - 0.3%

Equifax, Inc.

69,800

2,035,368

Road & Rail - 1.3%

Con-way, Inc.

157,491

3,902,627

Ryder System, Inc.

45,700

1,265,433

Union Pacific Corp.

52,900

2,599,506

 

7,767,566

TOTAL INDUSTRIALS

51,368,466

INFORMATION TECHNOLOGY - 12.0%

Communications Equipment - 1.6%

Cisco Systems, Inc. (a)

180,100

3,479,532

Juniper Networks, Inc. (a)

275,300

5,960,245

 

9,439,777

Computers & Peripherals - 0.7%

Hewlett-Packard Co.

53,400

1,921,332

NCR Corp. (a)

207,500

2,106,125

 

4,027,457

Electronic Equipment & Components - 3.5%

Agilent Technologies, Inc. (a)

28,300

516,758

Amphenol Corp. Class A

277,714

9,397,842

Arrow Electronics, Inc. (a)

156,100

3,549,714

Avnet, Inc. (a)

168,600

3,690,654

Flextronics International Ltd. (a)

251,300

975,044

Ingram Micro, Inc. Class A (a)

201,300

2,922,876

 

21,052,888

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

IT Services - 1.5%

Fidelity National Information Services, Inc.

102,500

$ 1,829,625

Lender Processing Services, Inc.

92,841

2,660,823

NCI, Inc. Class A (a)

137,537

3,350,401

The Western Union Co.

87,500

1,465,625

 

9,306,474

Semiconductors & Semiconductor Equipment - 4.1%

Analog Devices, Inc.

100,000

2,128,000

Applied Materials, Inc.

97,700

1,192,917

Atmel Corp. (a)

390,900

1,501,056

Fairchild Semiconductor International, Inc. (a)

337,956

2,081,809

Intel Corp.

243,400

3,840,852

KLA-Tencor Corp.

56,400

1,564,536

Micron Technology, Inc. (a)

110,300

538,264

ON Semiconductor Corp. (a)

949,351

5,145,482

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

261,910

2,768,389

Texas Instruments, Inc.

227,000

4,099,620

 

24,860,925

Software - 0.6%

BMC Software, Inc. (a)

110,100

3,817,167

TOTAL INFORMATION TECHNOLOGY

72,504,688

MATERIALS - 4.8%

Chemicals - 2.6%

Albemarle Corp.

119,300

3,199,626

Arkema

36,700

846,302

Ashland, Inc.

66,200

1,453,752

Celanese Corp. Class A

180,840

3,768,706

Cytec Industries, Inc.

68,500

1,360,410

FMC Corp.

38,900

1,895,597

Lubrizol Corp.

36,081

1,559,421

Solutia, Inc. (a)

224,565

844,364

Terra Industries, Inc.

41,700

1,105,050

 

16,033,228

Containers & Packaging - 1.5%

Pactiv Corp. (a)

89,400

1,954,284

Rock-Tenn Co. Class A

37,800

1,427,328

Temple-Inland, Inc.

471,225

5,626,427

 

9,008,039

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - 0.5%

Agnico-Eagle Mines Ltd. (Canada)

16,500

$ 729,415

Goldcorp, Inc.

25,100

686,161

Newcrest Mining Ltd.

35,628

775,599

Newmont Mining Corp.

18,800

756,512

 

2,947,687

Paper & Forest Products - 0.2%

Weyerhaeuser Co.

28,700

1,011,962

TOTAL MATERIALS

29,000,916

TELECOMMUNICATION SERVICES - 5.1%

Diversified Telecommunication Services - 4.6%

AT&T, Inc.

704,005

18,036,608

Verizon Communications, Inc.

330,500

10,027,370

 

28,063,978

Wireless Telecommunication Services - 0.5%

Sprint Nextel Corp. (a)

734,700

3,203,292

TOTAL TELECOMMUNICATION SERVICES

31,267,270

UTILITIES - 4.3%

Electric Utilities - 1.7%

Entergy Corp.

47,900

3,102,483

Exelon Corp.

74,500

3,436,685

FirstEnergy Corp.

85,700

3,505,130

 

10,044,298

Multi-Utilities - 2.6%

NiSource, Inc.

163,800

1,800,162

Sempra Energy

111,300

5,122,026

Wisconsin Energy Corp.

229,600

9,174,816

 

16,097,004

TOTAL UTILITIES

26,141,302

TOTAL COMMON STOCKS

(Cost $660,833,493)

601,034,392

Convertible Preferred Stocks - 0.7%

Shares

Value

FINANCIALS - 0.7%

Diversified Financial Services - 0.7%

Bank of America Corp. Series L, 7.25%

6,800

$ 3,927,000

Citigroup, Inc. Series T, 6.50%

21,100

665,969

 

4,592,969

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $4,291,967)

4,592,969

Money Market Funds - 1.0%

 

 

 

 

Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)
(Cost $6,059,416)

6,059,416

6,059,416

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $671,184,876)

611,686,777

NET OTHER ASSETS - (0.9)%

(5,634,462)

NET ASSETS - 100%

$ 606,052,315

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.

(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

$ 54,694

Fidelity Securities Lending Cash Central Fund

331,451

Total

$ 386,145

Other Information

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

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 611,686,777

$ 602,656,262

$ 9,030,515

$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $700,111,655. Net unrealized depreciation aggregated $88,424,878, of which $40,910,881 related to appreciated investment securities and $129,335,759 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.

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

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

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

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

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

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

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

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Low-Priced Stock Fund
Low-Priced Stock
Class K

April 30, 2009 

1.800342.105

LPS-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 89.4%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 25.1%

Auto Components - 1.4%

American Axle & Manufacturing Holdings, Inc.

2,400,000

$ 2,400

ASTI Corp. (e)

1,683,000

2,443

Drew Industries, Inc. (a)(d)

925,016

13,209

Exedy Corp.

190,000

3,535

FCC Co. Ltd.

565,000

7,161

Federal Screw Works (e)

150,000

180

Halla Climate Control Co.

250,000

1,718

Hi-Lex Corp.

46,000

307

INZI Controls Co. Ltd. (e)

1,175,310

3,039

Johnson Controls, Inc.

8,700,000

165,387

Motonic Corp.

1,366,380

6,714

Murakami Corp. (e)

800,000

2,834

Musashi Seimitsu Industry Co. Ltd.

900,000

11,384

Nippon Seiki Co. Ltd.

1,450,000

13,082

Nissin Kogyo Co. Ltd.

800,000

9,131

Nittan Valve Co. Ltd.

290,000

823

Nokian Tyres PLC

110,000

1,737

Piolax, Inc. (e)

960,000

11,913

Samsung Climate Control Co. Ltd.

330,050

1,562

Semperit AG Holding

750,000

16,921

Sewon Precision Industries Co. Ltd.

49,860

1,459

Strattec Security Corp. (e)

342,788

4,491

Tokai Rika Co. Ltd.

350,000

4,599

Yutaka Giken Co. Ltd. (e)

1,062,900

9,401

 

295,430

Automobiles - 0.1%

Glendale International Corp. (a)

370,300

78

Thor Industries, Inc.

500,000

11,495

Yachiyo Industry Co. Ltd.

450,000

2,971

 

14,544

Distributors - 0.2%

Doshisha Co. Ltd.

400,000

4,835

Educational Development Corp. (e)

372,892

2,088

Goodfellow, Inc. (e)

857,000

5,027

SPK Corp.

125,000

1,274

Strongco Income Fund (e)

731,062

1,624

Uni-Select, Inc. (e)

1,470,000

34,186

 

49,034

Diversified Consumer Services - 1.1%

Career Education Corp. (a)(e)

6,270,400

138,200

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Diversified Consumer Services - continued

Clip Corp. (e)

279,800

$ 1,599

Hillenbrand, Inc.

375,014

6,818

Jackson Hewitt Tax Service, Inc. (e)

2,120,050

10,367

Kyoshin Co. Ltd.

130,000

236

Matthews International Corp. Class A

185,000

5,794

Meiko Network Japan Co. Ltd.

405,000

1,618

Noah Education Holdings Ltd. ADR

441,800

1,387

Regis Corp.

300,000

5,742

Shingakukai Co. Ltd.

200,000

495

Shuei Yobiko Co. Ltd.

125,000

405

Steiner Leisure Ltd. (a)(e)

1,680,000

53,155

Step Co. Ltd.

413,000

1,826

Up, Inc. (e)

780,000

3,880

Waseda Academy Co. Ltd.

3,300

22

 

231,544

Hotels, Restaurants & Leisure - 3.8%

Aeon Fantasy Co. Ltd.

50,000

380

ARK Restaurants Corp. (e)

348,104

3,986

Benihana, Inc. (a)

519,780

2,807

Benihana, Inc. Class A (sub. vtg.) (a)

94,600

495

Brazil Fast Food Corp.

5,000

14

Brinker International, Inc. (e)

8,650,000

153,278

Carnival Corp. unit

125,000

3,360

CEC Entertainment, Inc. (a)(e)

2,275,011

69,297

Chimney Co. Ltd. (e)

787,200

11,722

Darden Restaurants, Inc.

2,000,000

73,940

Flanigan's Enterprises, Inc. (a)

50,357

234

Flight Centre LTD

208,023

920

Jack in the Box, Inc. (a)(e)

6,569,000

161,532

McCormick & Schmick's Seafood Restaurants (a)(e)

1,084,777

7,680

Monarch Casino & Resort, Inc. (a)(e)

924,980

9,453

O'Charleys, Inc.

20,000

139

Papa John's International, Inc. (a)(e)

2,774,998

73,648

Plenus Co. Ltd. (e)

2,600,000

35,787

Red Robin Gourmet Burgers, Inc. (a)

660,000

16,203

Royal Caribbean Cruises Ltd.

2,500,000

36,825

Ruby Tuesday, Inc. (a)(e)

6,372,030

48,937

Ruth's Chris Steak House, Inc. (a)(d)(e)

1,379,311

4,993

Sonic Corp. (a)(e)

6,000,000

65,520

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Hotels, Restaurants & Leisure - continued

Sportscene Group, Inc. Class A (e)

400,000

$ 4,106

St. Marc Holdings Co. Ltd. (d)

245,000

6,192

 

791,448

Household Durables - 3.2%

Abbey PLC (e)

3,400,000

18,408

Barratt Developments PLC (d)(e)

24,700,099

50,410

Bellway PLC (e)

7,525,000

79,249

Blyth, Inc. (e)

888,900

39,183

Chromcraft Revington, Inc. (a)

217,146

119

Craftmade International, Inc. (e)

570,026

1,174

D.R. Horton, Inc. (e)

24,300,000

317,115

Decorator Industries, Inc. (e)

243,515

246

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

80,000

1,525

Ethan Allen Interiors, Inc.

258,000

3,470

First Juken Co. Ltd.

305,000

545

Helen of Troy Ltd. (a)(e)

3,014,500

48,081

Henry Boot PLC (e)

10,750,000

11,600

Hooker Furniture Corp.

150,000

1,758

HTL International Holdings Ltd. (a)(e)

26,512,500

2,507

Intelligent Digital Integrated Security Co., Ltd.

485,000

6,489

M/I Homes, Inc. (e)

1,730,000

26,417

Maruzen Co., Ltd.

757,000

2,586

Ngai Lik Industrial Holdings Ltd. (a)(e)

52,404,000

633

P&F Industries, Inc. Class A (a)(e)

361,038

379

Pulte Homes, Inc.

100,000

1,151

Stanley Furniture Co., Inc. (e)

1,075,000

11,030

Tempur-Pedic International, Inc.

2,000,000

25,720

 

649,795

Internet & Catalog Retail - 0.3%

Belluna Co. Ltd. (d)(e)

4,012,150

12,506

PetMed Express, Inc. (a)(e)

2,425,000

39,431

YES24 Co. Ltd.

60,000

311

 

52,248

Leisure Equipment & Products - 0.4%

Accell Group NV

50,000

1,438

Arctic Cat, Inc. (e)

1,220,380

4,882

Brunswick Corp.

149,992

897

JAKKS Pacific, Inc. (a)(e)

2,793,139

35,333

Jumbo SA

2,750,000

23,469

Marine Products Corp.

1,499,975

6,975

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Leisure Equipment & Products - continued

Polaris Industries, Inc.

10,000

$ 335

Pool Corp.

10,000

179

Trigano SA

5,000

39

 

73,547

Media - 1.5%

Ascent Media Corp. (a)

553,809

14,266

Astral Media, Inc. Class A (non-vtg.)

2,375,000

62,736

Carrere Group (a)

55,000

0*

Chime Communications PLC

2,700,000

3,383

Cossette, Inc. (sub. vtg.) (a)

1,037,800

2,766

Hearst-Argyle Television, Inc.

64,756

291

Intage, Inc. (e)

955,000

14,074

Johnston Press PLC

5,900,000

1,062

New Frontier Media, Inc. (e)

1,404,600

2,753

Omnicom Group, Inc.

6,100,000

191,967

Saga Communications, Inc. Class A (a)

375,077

3,492

STW Group Ltd.

200,000

73

Tow Co. Ltd.

230,000

1,230

TVA Group, Inc. Class B (non-vtg.)

1,200,000

8,106

 

306,199

Multiline Retail - 2.1%

Canadian Tire Ltd. Class A (non-vtg.) (d)

175,000

7,406

Dollar Tree, Inc. (a)

2,000,000

84,680

Don Quijote Co. Ltd. (d)

3,000,000

45,594

Harvey Norman Holdings Ltd. (d)

19,100,000

41,385

Izumi Co. Ltd.

10,000

115

NEXT PLC (e)

10,000,000

239,094

Tuesday Morning Corp. (a)

1,500,000

5,115

 

423,389

Specialty Retail - 8.5%

Abercrombie & Fitch Co. Class A (d)(e)

8,703,740

235,523

Aeropostale, Inc. (a)

760,000

25,817

AutoZone, Inc. (a)

925,000

153,911

bebe Stores, Inc.

645,000

5,934

Bed Bath & Beyond, Inc. (a)(e)

18,750,000

570,375

BMTC Group, Inc. Class A (sub. vtg.)

2,984,800

47,527

Brown Shoe Co., Inc.

525,012

3,376

Camaieu SA

7,000

1,222

Charlotte Russe Holding, Inc. (a)

174,997

2,196

Christopher & Banks Corp.

200,100

1,113

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Esprit Holdings Ltd.

50,000

$ 306

Footstar, Inc. (e)

2,016,000

5,846

Friedmans, Inc. Class A (a)

1,500,000

0*

Glentel, Inc. (e)

650,000

4,685

Group 1 Automotive, Inc. (d)(e)

1,460,000

31,098

Gulliver International Co. Ltd. (d)(e)

1,068,880

21,104

Honeys Co. Ltd. (d)

100,000

591

Hot Topic, Inc. (a)

1,650,000

20,196

Jos. A. Bank Clothiers, Inc. (a)(d)(e)

1,825,000

73,803

K'S Denki Corp.

25,000

451

Kyoto Kimono Yuzen Co. Ltd.

123,800

806

Le Chateau, Inc. Class A (sub. vtg.)

1,700,000

14,318

Lithia Motors, Inc. Class A (sub. vtg.) (d)

1,597,105

4,664

MarineMax, Inc. (a)(e)

995,546

4,530

Mr. Bricolage SA

250,000

4,123

Nafco Co. Ltd.

785,000

7,605

Nishimatsuya Chain Co. Ltd. (e)

4,400,000

35,301

OSIM International Ltd. warrants 6/23/11 (a)

40,626,503

686

Pal Co. Ltd. (e)

601,000

9,201

Point, Inc.

35,000

1,560

Pomeroy IT Solutions, Inc. (a)(e)

1,226,889

4,331

Reitmans (Canada) Ltd. Class A (non-vtg.)

125,000

1,273

Rent-A-Center, Inc. (a)

10,000

193

Rex Stores Corp. (a)(e)

1,375,000

16,363

Right On Co. Ltd.

50,000

345

RONA, Inc. (a)

400,000

4,428

Ross Stores, Inc.

6,300,000

239,022

SAZABY, Inc.

260,000

2,779

ScS Upholstery PLC (a)

2,400,000

0*

Second Chance Properties Ltd.

7,700,000

988

Second Chance Properties Ltd. warrants 9/27/13 (a)

3,062,500

0*

Shimamura Co. Ltd.

2,000

139

Shoe Carnival, Inc. (a)

17,000

198

Sonic Automotive, Inc. Class A (sub. vtg.) (d)

2,839,000

14,649

Staples, Inc.

100,000

2,062

The Men's Wearhouse, Inc.

1,276,000

23,785

Tsutsumi Jewelry Co. Ltd.

17,000

279

Tween Brands, Inc. (a)

590,517

1,724

United Arrows Ltd.

35,000

213

Urban Outfitters, Inc. (a)

5,000

97

USS Co. Ltd. (e)

2,110,000

95,641

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Williams-Sonoma, Inc.

3,000,000

$ 42,000

Workman Co. Ltd.

743,800

7,329

 

1,745,706

Textiles, Apparel & Luxury Goods - 2.5%

Arts Optical International Holdings Ltd.

8,508,000

2,185

Bijou Brigitte Modische Accessoires AG

45,000

4,717

Cherokee, Inc. (d)

293,784

5,367

Coach, Inc.

5,000

123

Columbia Sportswear Co. (d)

450,025

13,825

Delta Apparel, Inc. (a)(e)

859,700

5,150

Folli Follie SA

785,000

9,933

Fossil, Inc. (a)(e)

6,661,171

134,289

Gildan Activewear, Inc. (a)(e)

12,050,900

137,955

Hampshire Group Ltd. (a)(e)

920,000

2,668

Handsome Co. Ltd. (e)

2,436,150

17,976

Il Jeong Industrial Co. Ltd.

10,000

107

JLM Couture, Inc. (a)(e)

197,100

148

K-Swiss, Inc. Class A

2,679,006

26,897

Kenneth Cole Productions, Inc. Class A (sub. vtg.)

125,000

865

Liz Claiborne, Inc.

1,300,000

6,162

Marimekko Oyj

100,000

1,195

Movado Group, Inc. (e)

1,776,500

16,291

Polo Ralph Lauren Corp. Class A

250,000

13,460

Quiksilver, Inc. (a)

2,000,000

3,300

Rocky Brands, Inc. (a)(d)(e)

500,022

1,825

Sanei-International Co. Ltd.

180,000

1,133

Skechers U.S.A., Inc. Class A (sub. vtg.) (a)

3,331,650

38,980

Ted Baker PLC

250,000

1,364

Texwinca Holdings Ltd.

11,400,000

6,938

Timberland Co. Class A (a)

3,499,962

56,839

Van de Velde

75,000

2,471

Victory City International Holdings Ltd.

1,000,000

67

Volcom, Inc. (a)

500,000

6,745

Youngone Corp.

110,000

846

 

519,821

TOTAL CONSUMER DISCRETIONARY

5,152,705

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 10.3%

Beverages - 1.7%

Baron de Ley SA (a)

219,063

$ 7,877

C&C Group PLC

1,400,000

3,250

Constellation Brands, Inc. Class A (sub. vtg.) (a)

14,800,000

171,532

Dr Pepper Snapple Group, Inc. (a)

200,000

4,142

Dynasty Fine Wines Group Ltd.

4,000,000

693

Guinness Anchor Bhd

10,000

16

Hansen Natural Corp. (a)

1,500,000

61,140

PepsiAmericas, Inc.

4,100,000

100,737

 

349,387

Food & Staples Retailing - 6.4%

Belc Co. Ltd. (d)(e)

1,355,400

11,088

Cosmos Pharmaceutical Corp. (d)

525,000

6,846

Create SD Holdings Co. Ltd.

895,000

14,555

CVS Caremark Corp.

1,600,000

50,848

Daikokutenbussan Co. Ltd.

600,000

9,015

Growell Holdings Co. Ltd.

259,989

3,255

Halows Co. Ltd.

822,700

4,761

Ingles Markets, Inc. Class A

729,860

11,393

Majestic Wine PLC (d)

425,016

1,129

Metro, Inc. Class A (sub. vtg.) (e)

10,900,000

337,984

Ozeki Co. Ltd. (e)

1,124,600

28,006

Safeway, Inc. (e)

25,100,000

495,725

San-A Co. Ltd.

391,300

10,940

Shinsegae Food Co. Ltd.

17,000

580

Sligro Food Group NV

1,645,000

37,411

Sundrug Co. Ltd.

5,000

77

Tsuruha Holdings, Inc.

140,000

3,498

United Natural Foods, Inc. (a)

1,300,000

29,614

Village Super Market, Inc. Class A

161,104

4,991

Walgreen Co.

7,950,000

249,869

Yaoko Co. Ltd.

410,000

11,100

 

1,322,685

Food Products - 1.5%

American Italian Pasta Co. Class A (a)

1,000,000

31,440

ARYZTA AG (a)

1,825,000

52,844

Chiquita Brands International, Inc. (a)

1,050,000

7,949

Food Empire Holdings Ltd. (e)

37,014,000

5,750

Fresh Del Monte Produce, Inc. (a)(e)

6,334,000

91,970

Fukushima Foods Co., Ltd.

135,000

2,074

Global Bio-Chem Technology Group Co. Ltd.

10,000,000

1,358

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food Products - continued

Greggs PLC

75,000

$ 3,819

Industrias Bachoco SA de CV sponsored ADR

2,325,000

34,596

Kerry Group PLC Class A

100,000

2,049

Nam Yang Dairy Products

11,000

4,407

Pacific Andes (Holdings) Ltd.

30,797,000

4,472

Pacific Andes International Holdings Ltd.

24,500,000

2,574

People's Food Holdings Ltd.

21,000,000

7,021

President Rice Products PCL

29,100

85

Rocky Mountain Chocolate Factory, Inc. (e)

592,669

3,669

Samyang Genex Co. Ltd.

145,795

6,571

Saputo, Inc.

5,000

91

Select Harvests Ltd.

1,413,525

3,392

Smithfield Foods, Inc. (a)(d)

3,100,030

26,784

Sunjin Co. Ltd. (e)

219,900

3,854

Synear Food Holdings Ltd.

1,900,000

250

Timbercorp Ltd.

254,947

8

United Food Holdings Ltd.

22,400,000

681

Yutaka Foods Corp.

253,400

2,947

 

300,655

Personal Products - 0.7%

Beauty China Holdings Ltd.

200,000

18

CCA Industries, Inc.

97,700

283

Inter Parfums, Inc. (e)

2,118,117

16,437

NBTY, Inc. (a)(e)

4,625,019

119,834

Nutraceutical International Corp. (a)(e)

1,143,504

9,400

Physicians Formula Holdings, Inc. (a)(e)

1,107,492

2,713

Prestige Brands Holdings, Inc. (a)

300,000

1,938

 

150,623

Tobacco - 0.0%

Karelia Tobacco Co., Inc.

2,452

214

TOTAL CONSUMER STAPLES

2,123,564

ENERGY - 6.9%

Energy Equipment & Services - 2.6%

AKITA Drilling Ltd. Class A (non-vtg.)

1,777,000

11,541

Basic Energy Services, Inc. (a)(e)

4,050,000

41,310

Bristow Group, Inc. (a)(d)(e)

2,600,000

59,176

CE Franklin Ltd. (a)

575,000

3,161

Dawson Geophysical Co. (a)

85,000

1,671

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Divestco, Inc. (a)(e)

3,577,000

$ 1,709

Enerflex Systems Income Fund (d)

500,000

4,241

Ensign Energy Services, Inc.

1,000,000

11,523

Farstad Shipping ASA (e)

2,500,000

37,400

Fugro NV (Certificaten Van Aandelen) unit

1,700,027

60,848

Global Industries Ltd. (a)

4,700,000

30,409

Gulf Island Fabrication, Inc.

117,600

1,522

Hercules Offshore, Inc. (a)

1,350,000

4,320

Oil States International, Inc. (a)(e)

4,984,108

94,200

Pason Systems, Inc.

800,000

6,805

ProSafe ASA (a)

7,900,000

32,453

Prosafe Production Public Ltd. (a)

7,500,000

13,460

Solstad Offshore ASA

1,250,000

14,555

Total Energy Services Trust (e)

2,945,000

10,070

Unit Corp. (a)(e)

3,500,047

95,516

 

535,890

Oil, Gas & Consumable Fuels - 4.3%

Adams Resources & Energy, Inc. (e)

421,700

6,220

AOC Holdings, Inc. (d)(e)

5,800,000

35,254

Berry Petroleum Co. Class A

70,000

1,154

Cimarex Energy Co.

3,025,000

81,373

Edge Petroleum Corp. (a)(e)

2,864,976

573

ENI SpA

9,050,000

194,154

Frontier Oil Corp.

25,000

318

Gulfport Energy Corp. (a)

275,000

817

Hankook Shell Oil Co. Ltd. (e)

75,000

4,531

Holly Corp.

100,000

2,096

Mariner Energy, Inc. (a)(f)

1,831,700

20,845

Mariner Energy, Inc. (a)

2,100,000

23,898

Michang Oil Industrial Co. Ltd. (e)

173,900

4,626

National Energy Group, Inc. (a)

548,313

1,974

Oil Search Ltd.

16,500,463

61,547

Pebercan, Inc. (a)

1,150,000

964

Penn Virginia Corp.

275,000

3,869

Petro-Canada

5,500,000

173,585

Petroleum Development Corp. (a)

199,957

3,241

Swift Energy Co. (a)(e)

3,085,515

33,385

Tesoro Corp.

3,500,000

53,375

Tsakos Energy Navigation Ltd.

232,600

3,643

USEC, Inc. (a)(d)(e)

8,600,000

53,234

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

W&T Offshore, Inc. (d)(e)

6,125,000

$ 56,840

World Fuel Services Corp.

1,400,000

53,382

 

874,898

TOTAL ENERGY

1,410,788

FINANCIALS - 5.3%

Capital Markets - 0.1%

GFI Group, Inc.

300,000

1,224

Massachusetts Financial Corp. Class A (a)

33,494

164

TradeStation Group, Inc. (a)

1,250,000

10,138

 

11,526

Commercial Banks - 0.6%

Anglo Irish Bank Corp. PLC

9,500,373

1,330

Bank of the Ozarks, Inc.

449,967

11,173

Cathay General Bancorp (d)

2,400,040

26,928

Center Financial Corp., California

9,998

25

Dimeco, Inc.

16,140

537

East West Bancorp, Inc.

650,000

4,440

EuroBancshares, Inc. (a)(e)

1,071,513

1,104

First Bancorp, Puerto Rico (d)(e)

7,300,000

40,223

Hanmi Financial Corp.

1,554,996

2,410

Intervest Bancshares Corp. Class A

13,229

52

Nara Bancorp, Inc.

10,000

37

Oriental Financial Group, Inc.

1,150,000

10,684

Pacific Premier Bancorp, Inc. (a)

100,000

407

S.Y. Bancorp, Inc.

4,688

118

Smithtown Bancorp, Inc.

8,738

117

Sparebanken More (primary capital certificate)

76,674

1,844

Sparebanken Rogaland (primary capital certificate)

960,000

3,458

Tamalpais Bancorp

144,661

796

The First Bancorp, Inc.

9,711

169

Vestjysk Bank AS (Reg.) (a)

105,600

1,226

W Holding Co., Inc. (d)(e)

213,050

4,936

Wilshire Bancorp, Inc.

5,000

20

 

112,034

Consumer Finance - 0.0%

Aeon Credit Service (Asia) Co. Ltd.

11,906,000

5,502

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Consumer Finance - continued

First Cash Financial Services, Inc. (a)

100,000

$ 1,644

Nicholas Financial, Inc. (a)

182,570

553

 

7,699

Diversified Financial Services - 0.1%

CIT Group, Inc. (d)

7,750,009

17,205

Newship Ltd. (a)

2,500

148

Ricoh Leasing Co. Ltd.

1,000

15

 

17,368

Insurance - 4.4%

Assurant, Inc.

4,550,000

111,202

Axis Capital Holdings Ltd. (e)

7,505,005

184,923

Employers Holdings, Inc.

245,353

2,046

Endurance Specialty Holdings Ltd.

2,552,987

66,786

First Mercury Financial Corp. (a)

245,000

3,239

Genworth Financial, Inc. Class A (non-vtg.)

11,000,000

25,960

IPC Holdings Ltd. (e)

3,099,494

80,711

National Interstate Corp.

350,485

5,660

National Western Life Insurance Co. Class A

148,870

16,955

RenaissanceRe Holdings Ltd.

3,100,000

150,846

Transatlantic Holdings, Inc.

363,000

13,769

Unum Group

15,200,000

248,368

 

910,465

Real Estate Investment Trusts - 0.0%

VastNed Offices/Industrial NV

100,000

1,152

Real Estate Management & Development - 0.1%

Airport Facilities Co. Ltd.

195,000

997

Forestar Group, Inc. (a)

200,000

2,572

Jones Lang LaSalle, Inc.

5,000

161

Relo Holdings Corp.

205,000

1,571

Tejon Ranch Co. (a)

746,775

17,325

 

22,626

Thrifts & Mortgage Finance - 0.0%

First Financial Service Corp.

104,073

1,665

North Central Bancshares, Inc. (e)

133,861

1,667

The PMI Group, Inc. (e)

8,925,000

5,623

WSB Holdings, Inc.

15,564

39

 

8,994

TOTAL FINANCIALS

1,091,864

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - 13.5%

Biotechnology - 0.7%

Amgen, Inc. (a)

3,000,000

$ 145,410

Biogen Idec, Inc. (a)

250,000

12,085

Vital BioTech Holdings Ltd. (a)

5,000,000

121

 

157,616

Health Care Equipment & Supplies - 1.4%

Anika Therapeutics, Inc. (a)

40,000

225

Atrion Corp.

10,000

896

COLTENE Holding AG

4,500

153

Cooper Companies, Inc.

725,012

20,844

Corin Group PLC

210,000

182

Exactech, Inc. (a)(e)

707,500

9,374

Golden Meditech Co. Ltd. (a)

11,000,000

1,485

Kinetic Concepts, Inc. (a)

2,350,000

58,186

Mani, Inc.

175,000

9,352

Medical Action Industries, Inc. (a)(e)

1,568,250

15,212

Nakanishi, Inc.

271,300

16,869

National Dentex Corp. (a)(e)

565,449

2,793

Orthofix International NV (a)

152,831

2,606

Prim SA

10,000

78

Span-America Medical System, Inc.

100,758

1,118

Stryker Corp.

50,000

1,936

Syneron Medical Ltd. (a)(e)

2,020,000

13,675

Techno Medica Co. Ltd.

86

197

Theragenics Corp. (a)(e)

3,304,620

4,098

Top Glove Corp. Bhd

750,000

1,169

Utah Medical Products, Inc. (e)

460,000

10,083

Varian Medical Systems, Inc. (a)

20,000

667

Young Innovations, Inc. (e)

835,991

12,958

Zimmer Holdings, Inc. (a)

2,400,000

105,576

 

289,732

Health Care Providers & Services - 9.4%

Advocat, Inc. (a)(e)

345,254

1,001

American HomePatient, Inc. (a)(e)

1,735,000

451

AMERIGROUP Corp. (a)(e)

4,694,967

140,239

AmSurg Corp. (a)(e)

2,353,000

48,331

AS One Corp.

100,000

1,647

Bio-Reference Laboratories, Inc. (a)

50,000

1,284

Centene Corp. (a)

600,000

11,022

CML Healthcare Income Fund (d)

500,000

5,489

Corvel Corp. (a)

491,916

11,068

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - continued

Coventry Health Care, Inc. (a)(e)

14,374,006

$ 228,690

Grupo Casa Saba SA de CV sponsored ADR

431,500

6,365

Health Grades, Inc. (a)

684,300

2,190

Health Net, Inc. (a)

3,300,000

47,652

Healthspring, Inc. (a)

2,600,011

23,998

Healthways, Inc. (a)

1,350,047

14,081

Henry Schein, Inc. (a)

175,000

7,182

Hoshiiryou Sanki Co. Ltd.

35,000

568

InVentiv Health, Inc. (a)

30,000

333

Japan Medical Dynamic Marketing, Inc. (d)

100,000

175

LifePoint Hospitals, Inc. (a)(e)

5,675,920

146,723

Lincare Holdings, Inc. (a)(e)

9,550,000

230,442

MEDNAX, Inc. (a)

100,000

3,590

Molina Healthcare, Inc. (a)(d)

1,325,000

28,686

Patterson Companies, Inc. (a)(e)

7,850,000

160,611

ResCare, Inc. (a)

1,200,000

19,224

Triple-S Management Corp. (a)

449,983

5,769

U.S. Physical Therapy, Inc. (a)

25,000

292

United Drug PLC:

(Ireland)

3,725,000

10,440

(United Kingdom)

499,993

1,392

UnitedHealth Group, Inc.

26,800,700

630,344

Universal American Financial Corp. (a)

1,474,107

15,228

VCA Antech, Inc. (a)

150,000

3,753

Wellcare Health Plans, Inc. (a)

1,997,000

29,975

WellPoint, Inc. (a)

2,250,000

96,210

 

1,934,445

Health Care Technology - 0.6%

Arrhythmia Research Technology, Inc. (a)(e)

271,041

683

IMS Health, Inc. (e)

9,550,000

119,948

 

120,631

Life Sciences Tools & Services - 0.8%

Affymetrix, Inc. (a)

25,000

117

Charles River Laboratories International, Inc. (a)

3,000,000

82,950

Covance, Inc. (a)

50,000

1,964

eResearchTechnology, Inc. (a)

10,000

51

Harvard Bioscience, Inc. (a)

100,000

290

ICON PLC sponsored ADR

2,000,000

31,680

Medtox Scientific, Inc. (a)

283,643

2,300

SeraCare Life Sciences, Inc. (a)

116,125

74

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Life Sciences Tools & Services - continued

Thermo Fisher Scientific, Inc. (a)

1,200,000

$ 42,096

Varian, Inc. (a)

10,000

330

Waters Corp. (a)

100,000

4,417

 

166,269

Pharmaceuticals - 0.6%

Endo Pharmaceuticals Holdings, Inc. (a)

2,900,000

47,966

Forest Laboratories, Inc. (a)

1,525,000

33,077

Fornix Biosciences NV (e)

465,022

3,906

Hisamitsu Pharmaceutical Co., Inc.

10,000

282

Ildong Pharmaceutical Co. Ltd. (e)

255,013

8,151

KunWha Pharmaceutical Co., Ltd. (e)

245,000

2,885

KV Pharmaceutical Co. Class A (a)

2,475,200

3,465

Medicis Pharmaceutical Corp. Class A

10,000

161

Obagi Medical Products, Inc. (a)

10,000

60

Torii Pharmaceutical Co. Ltd.

620,000

8,215

Whanin Pharmaceutical Co. Ltd. (e)

719,790

7,885

Yuyu Pharma, Inc.

255,000

1,477

 

117,530

TOTAL HEALTH CARE

2,786,223

INDUSTRIALS - 7.7%

Aerospace & Defense - 0.9%

Alabama Aircraft Industries, Inc. (a)(e)

245,280

307

CAE, Inc. (e)

13,500,400

85,986

Esterline Technologies Corp. (a)

10,000

264

Moog, Inc. Class A (a)

3,899,958

104,441

 

190,998

Air Freight & Logistics - 0.3%

Air T, Inc.

40,587

289

Atlas Air Worldwide Holdings, Inc. (a)

10,000

266

Dynamex, Inc. (a)

129,283

1,902

Forward Air Corp.

20,000

333

Kintetsu World Express, Inc.

500,000

10,149

Pacer International, Inc.

1,700,031

7,208

Sinwa Ltd.

7,500,000

709

UTI Worldwide, Inc.

5,000

67

Yusen Air & Sea Service Co. Ltd. (d)(e)

4,035,000

46,649

 

67,572

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Airlines - 0.1%

MAIR Holdings, Inc. (a)(e)

2,000,026

$ 0

Pinnacle Airlines Corp. (a)

599,953

1,248

Republic Airways Holdings, Inc. (a)

1,500,000

10,740

Ryanair Holdings PLC sponsored ADR (a)

25,000

684

SkyWest, Inc.

5,000

60

 

12,732

Building Products - 0.2%

Aaon, Inc.

360,000

7,013

Gibraltar Industries, Inc.

10,000

67

Insteel Industries, Inc.

300,000

2,235

Kingspan Group PLC (Ireland)

2,625,000

13,572

Kondotec, Inc.

443,800

2,639

NCI Building Systems, Inc. (a)(d)(e)

2,007,400

7,929

Simpson Manufacturing Co. Ltd.

5,000

111

 

33,566

Commercial Services & Supplies - 0.8%

AJIS Co. Ltd. (e)

424,900

8,449

Cintas Corp.

3,375,000

86,603

Fursys, Inc.

145,000

2,644

HNI Corp. (d)

300,000

4,650

Knoll, Inc.

745,000

5,275

Mitie Group PLC

5,250,000

16,163

Moshi Moshi Hotline, Inc. (d)

45,000

771

Secom Techno Service Co. Ltd. (e)

823,000

17,302

United Stationers, Inc. (a)

991,402

32,449

Viad Corp.

15,000

286

VICOM Ltd.

1,171,000

1,273

 

175,865

Construction & Engineering - 0.5%

Arcadis NV

1,245,000

18,340

Chodai Co. Ltd.

100,000

293

Commuture Corp.

550,000

3,430

Daiichi Kensetsu Corp. (e)

1,300,000

8,290

Dongyang Express & Construction Corp.

65,000

1,139

Dongyang Express & Construction Corp. rights 5/29/09 (a)

20,799

121

Hanil Construction Co. Ltd.

50,000

311

Hibiya Engineering Ltd. (d)

900,000

7,656

Hyder Consulting PLC

153,350

254

Imtech NV

900,000

14,043

Kaneshita Construction Co. Ltd.

925,000

1,977

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Construction & Engineering - continued

KHD Humboldt Wedag International Ltd. (a)

220,000

$ 1,907

Koninklijke BAM Groep NV (d)

900,000

8,845

Kyeryong Construction Industrial Co. Ltd. (e)

655,040

14,172

Michael Baker Corp. (a)

10,000

336

Sanyo Engineering & Construction, Inc.

1,000,000

3,068

Shinsegae Engineering & Construction Co. Ltd. (e)

314,469

3,716

ShoLodge, Inc. (a)(e)

500,627

290

URS Corp. (a)

250,000

11,015

Vianini Lavori SpA

100,000

562

 

99,765

Electrical Equipment - 0.6%

Aichi Electric Co. Ltd.

1,000,000

1,676

AZZ, Inc. (a)(e)

1,110,000

34,332

Belden, Inc.

300,041

4,837

Chase Corp. (e)

853,155

8,148

Cooper Industries Ltd. Class A

50,000

1,640

Deswell Industries, Inc.

723,965

1,766

Draka Holding NV (d)

1,200,000

12,818

GrafTech International Ltd. (a)

600,036

5,274

Hubbell, Inc. Class B

375,000

12,450

JA Solar Holdings Co. Ltd. ADR (a)

35,000

123

Koito Industries Ltd.

470,000

1,127

Korea Electric Terminal Co. Ltd. (e)

700,000

9,202

Nexans SA

425,000

19,685

PK Cables OY

310,000

1,468

Power Logics Co. Ltd. (a)

525,000

2,970

Prysmian SpA

600,000

7,294

Rockwell Automation, Inc.

200,000

6,318

Solarfun Power Holdings Co. Ltd. ADR (a)

10,000

43

Thomas & Betts Corp. (a)

85,000

2,645

Universal Security Instruments, Inc. (a)(e)

241,255

1,025

 

134,841

Industrial Conglomerates - 1.1%

DCC PLC (Ireland) (e)

8,250,000

149,117

Raven Industries, Inc.

10,000

239

Seaboard Corp.

61,673

57,664

Textron, Inc.

983,700

10,555

 

217,575

Machinery - 1.0%

Aalberts Industries NV (d)

1,250,000

9,540

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

American Railcar Industries, Inc.

10,000

$ 91

Cascade Corp. (e)

1,084,952

26,223

CKD Corp. (e)

5,950,000

21,930

Columbus McKinnon Corp. (NY Shares) (a)(e)

1,146,553

14,859

Dover Corp.

150,000

4,617

Foremost Income Fund (e)

1,600,000

6,007

Gardner Denver, Inc. (a)

1,000,000

26,620

Gencor Industries, Inc. (a)

165,011

1,376

Greenbrier Companies, Inc. (e)

1,475,000

12,552

Hardinge, Inc.

309,969

1,488

Hi-P International Ltd.

5,000,000

1,756

Hurco Companies, Inc. (a)(e)

641,998

9,842

Hwacheon Machine Tool Co. Ltd.

5,000

123

Ihara Science Corp.

441,000

1,582

Inoue Kinzoku Kogyo Co. Ltd. (e)

1,080,000

4,314

Jaya Holdings Ltd. (e)

67,030,000

14,488

Kyowakogyosyo Co.,Ltd.

60,000

233

Lincoln Electric Holdings, Inc.

120,000

5,344

Miller Industries, Inc. (a)

150,000

1,200

Mueller Industries, Inc.

5,000

110

NACCO Industries, Inc. Class A

607,289

23,229

Nadex Co. Ltd.

430,000

1,309

Nippon Thompson Co. Ltd.

5,000

22

Nitta Corp.

50,000

575

NN, Inc.

127,474

167

S&T Holdings Co. Ltd.

200,020

1,917

Singamas Container Holdings Ltd.

10,000,000

611

Spirax-Sarco Engineering PLC

10,000

126

Takamatsu Machinery Co., Ltd.

60,000

141

Takeuchi Manufacturing Co. Ltd.

125,000

885

Tocalo Co. Ltd.

110,000

1,161

Toro Co.

28,371

862

Trifast PLC (e)

6,845,000

1,956

Trinity Industrial Corp.

220,000

689

Twin Disc, Inc.

360,011

2,455

Wolverine Tube, Inc. (a)(e)

3,309,825

662

 

201,062

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Marine - 0.0%

Kirby Corp. (a)

20,000

$ 617

Tokyo Kisen Co. Ltd. (e)

660,000

3,702

 

4,319

Professional Services - 1.3%

51job, Inc. sponsored ADR (a)

60,556

485

CDI Corp.

465,200

5,559

Clarius Group Ltd.

1,165,811

331

Corporate Executive Board Co.

600,000

10,368

CRA International, Inc. (a)

500,000

11,670

en-japan, Inc. (d)

6,100

4,627

Equifax, Inc.

4,700,000

137,052

GFK AG

100,000

2,321

LECG Corp. (a)

612,802

1,783

Manpower, Inc.

200,000

8,618

Monster Worldwide, Inc. (a)

1,050,047

14,491

MPS Group, Inc. (a)

510,000

4,100

RCM Technologies, Inc. (a)(e)

1,275,663

1,697

Robert Half International, Inc.

10,000

240

SmartPros Ltd. (a)

50,000

153

Stantec, Inc. (a)(e)

2,800,000

61,315

Synergie SA

53,199

931

Temp Holdings Co., Ltd.

165,000

986

TrueBlue, Inc. (a)

100,023

971

Wesco, Inc.

300,000

325

 

268,023

Road & Rail - 0.4%

Alps Logistics Co. Ltd. (e)

1,325,000

9,701

Hutech Norin Co. Ltd. (e)

1,043,700

4,990

Japan Logistic Systems Corp.

300,000

752

Old Dominion Freight Lines, Inc. (a)

1,200,000

33,780

Sakai Moving Service Co. Ltd. (e)

778,000

16,046

Trancom Co. Ltd. (e)

1,032,400

10,361

Universal Truckload Services, Inc.

474,513

5,846

US 1 Industries, Inc. (a)

573,444

579

 

82,055

Trading Companies & Distributors - 0.4%

AddTech AB (B Shares)

330,000

3,502

ERIKS Group NV (Certificaten Van Aandelen) unit

305,000

10,283

Grafton Group PLC unit

5,042,017

17,807

Hanwa Co. Ltd.

350,000

991

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Trading Companies & Distributors - continued

Misumi Group, Inc.

585,000

$ 7,901

MSC Industrial Direct Co., Inc. Class A

10,000

409

Parker Corp.

675,000

1,178

Richelieu Hardware Ltd. (e)

1,135,000

14,506

Senshu Electric Co. Ltd. (e)

1,031,200

10,128

TECHNO ASSOCIE CO., LTD.

75,000

374

Uehara Sei Shoji Co. Ltd.

1,125,000

3,921

Wakita & Co. Ltd.

650,000

2,395

 

73,395

Transportation Infrastructure - 0.1%

Isewan Terminal Service Co. Ltd. (e)

1,557,000

6,295

Meiko Transportation Co. Ltd.

860,000

6,648

 

12,943

TOTAL INDUSTRIALS

1,574,711

INFORMATION TECHNOLOGY - 15.7%

Communications Equipment - 0.9%

Bel Fuse, Inc.:

Class A

372,293

5,398

Class B (non-vtg.)

100,033

1,619

Black Box Corp. (e)

1,981,025

54,221

Blonder Tongue Laboratories, Inc. (a)

152,040

198

BYD Electronic International Co. Ltd.

2,750,000

1,396

China TechFaith Wireless Communication Technology Ltd. sponsored ADR (a)(d)

2,700,000

4,239

ClearOne Communications, Inc. (a)(e)

1,000,503

2,891

Cogo Group, Inc. (a)

650,000

5,317

Comtech Telecommunications Corp. (a)

50,000

1,674

Ditech Networks, Inc. (a)(e)

3,234,000

3,170

Nera Telecommunications Ltd.

9,000,000

1,581

NETGEAR, Inc. (a)(e)

3,534,317

56,584

Optical Cable Corp. (a)(e)

537,002

1,402

Plantronics, Inc.

27,275

347

Sierra Wireless, Inc. (a)

100,000

567

TKH Group NV unit

3,000,000

37,610

 

178,214

Computers & Peripherals - 1.4%

ASUSTeK Computer, Inc.

11,000,510

14,594

Datapulse Technology Ltd.

500,000

49

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

Dataram Corp. (a)(e)

858,800

$ 1,134

Logitech International SA (a)

535,000

7,126

Logitech International SA (Reg.) (a)

7,300,000

97,533

Rimage Corp. (a)(e)

934,473

13,755

Roland DG Corp. (d)

90,000

1,215

Seagate Technology

11,550,000

94,248

Super Micro Computer, Inc. (a)(e)

2,724,950

14,224

TPV Technology Ltd.

51,500,000

17,011

Western Digital Corp. (a)

1,000,000

23,520

Xyratex Ltd. (a)(e)

2,923,900

9,795

 

294,204

Electronic Equipment & Components - 4.0%

A&D Co. Ltd. (d)(e)

1,752,100

4,271

Amphenol Corp. Class A

10,000

338

Benchmark Electronics, Inc. (a)

75,000

910

BYD Co. Ltd. (H Shares)

100,000

263

CPI International, Inc. (a)

725,993

7,950

CyberOptics Corp. (a)

50,000

233

Daktronics, Inc. (d)

1,350,000

12,204

Delta Electronics PCL (For. Reg.)

30,000,000

10,118

Diploma PLC

100,000

162

Domino Printing Sciences PLC

100,000

364

Excel Co. Ltd. (e)

909,800

7,418

Halma PLC

5,000

13

Hon Hai Precision Industry Co. Ltd. (Foxconn)

87,099,994

251,374

Huan Hsin Holdings Ltd.

7,200,000

973

Ingram Micro, Inc. Class A (a)

1,310,000

19,021

Insight Enterprises, Inc. (a)

1,725,049

9,867

INTOPS Co. Ltd. (e)

830,000

16,171

Japan Aviation Electronics Industry Ltd.

10,000

53

Jurong Technologies Industrial Corp. Ltd.

29,873,347

504

Kingboard Chemical Holdings Ltd.

40,000,000

96,965

Kingboard Laminates Holdings Ltd.

7,500,000

2,969

KITAGAWA INDUSTRIES CO., LTD.

70,000

753

Measurement Specialties, Inc. (a)

209,997

1,426

Mesa Laboratories, Inc. (e)

317,500

6,350

Methode Electronics, Inc. Class A

1,115,918

6,718

Multi-Fineline Electronix, Inc. (a)

25,044

503

Muramoto Electronic Thailand PCL (For. Reg.)

1,275,000

3,903

Nippo Ltd.

348,800

800

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Components - continued

Orbotech Ltd. (a)(e)

2,449,985

$ 12,495

Renishaw PLC

300,000

1,716

Rofin-Sinar Technologies, Inc. (a)

110,000

2,344

ScanSource, Inc. (a)(e)

2,640,600

65,249

SED International Holdings, Inc. (a)(e)

480,000

408

Shibaura Electronics Co. Ltd.

364,000

3,087

Sigmatron International, Inc. (a)(e)

381,880

573

Sinotronics Holdings Ltd.

15,300,000

434

SMART Modular Technologies (WWH), Inc. (a)(e)

6,164,900

15,166

Spectrum Control, Inc. (a)(e)

1,281,630

9,061

SYNNEX Corp. (a)(e)

3,207,670

69,061

Taitron Components, Inc. Class A (sub. vtg.)

359,023

316

Takachiho Electric Co. Ltd. (e)

1,175,000

8,832

Tomen Electronics Corp. (e)

1,492,400

14,336

Tyco Electronics Ltd.

5,300,000

92,432

Venture Corp. Ltd. (e)

13,905,000

55,977

Winland Electronics, Inc. (a)(e)

337,600

243

Wireless Telecom Group, Inc. (a)(e)

1,767,712

884

XAC Automation Corp.

1,250,000

531

 

815,739

Internet Software & Services - 1.2%

AhnLab, Inc.

320,000

3,092

DivX, Inc. (a)(e)

2,100,000

10,773

eBay, Inc. (a)

7,800,007

128,466

j2 Global Communications, Inc. (a)(e)

3,677,163

88,215

Jorudan Co. Ltd.

18,300

97

LoopNet, Inc. (a)

550,048

4,725

NetEase.com, Inc. sponsored ADR (a)

100,000

3,018

Perficient, Inc. (a)

1,310,099

9,131

Softbank Technology Corp.

500,000

2,836

UANGEL Corp.

100,000

509

United Internet AG

75,000

778

 

251,640

IT Services - 1.6%

Accenture Ltd. Class A

15,000

441

Affiliated Computer Services, Inc. Class A (a)

2,000,000

96,760

Argo Graphics, Inc.

115,000

1,057

Broadridge Financial Solutions, Inc.

10,000

194

Calian Technologies Ltd. (e)

610,000

8,430

Cass Information Systems, Inc.

35,000

1,181

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Computer Services, Inc.

47,092

$ 1,224

CSE Global Ltd. (e)

29,419,500

8,346

Heartland Payment Systems, Inc.

1,560,000

12,542

HIQ International AB

50,000

153

Hitachi Systems & Services Ltd. (e)

1,292,700

13,523

Indra Sistemas SA

1,050,000

20,762

infoGROUP, Inc. (a)

1,433,041

5,804

Matsushita Electric Works Information Systems Co. Ltd.

200,000

3,278

NeuStar, Inc. Class A (a)

350,000

6,654

Patni Computer Systems Ltd. sponsored ADR

1,950,000

15,210

SinoCom Software Group Ltd. (e)

66,200,000

6,892

Softcreate Co., Ltd.

55,000

362

SRA International, Inc. Class A (a)

5,000

77

Syntel, Inc.

25,000

693

Total System Services, Inc.

9,600,000

119,712

Wirecard AG

15,000

123

Wright Express Corp. (a)

200,028

4,577

 

327,995

Office Electronics - 0.6%

Canon Finetech, Inc.

620,000

5,806

Canon, Inc.

4,000,000

119,733

Zebra Technologies Corp. Class A (a)

99,987

2,125

 

127,664

Semiconductors & Semiconductor Equipment - 1.2%

Axcelis Technologies, Inc. (a)(e)

9,244,957

4,345

Diodes, Inc. (a)(e)

4,085,000

60,785

Gennum Corp.

1,128,000

4,963

Intersil Corp. Class A

300,000

3,480

Intest Corp. (a)(e)

909,300

173

KEC Corp. (a)

2,500,000

1,526

KEC Holdings Co. Ltd. (e)

1,799,999

1,408

Kontron AG

25,000

272

Lasertec Corp.

277,900

1,451

Leeno Industrial, Inc.

60,000

545

Maxim Integrated Products, Inc.

3,700,000

50,135

Melexis NV (e)

3,110,048

18,359

Miraial Co. Ltd.

155,000

2,282

NVIDIA Corp. (a)

2,000,000

22,960

Omnivision Technologies, Inc. (a)(e)

5,535,000

52,638

Pericom Semiconductor Corp. (a)

18,473

165

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Photronics, Inc. (a)

1,050,010

$ 1,754

Trio-Tech International (a)(e)

322,543

581

USC Corp.

365,000

2,986

Varitronix International Ltd. (e)

32,340,000

6,397

Y. A. C. Co., Ltd.

200,000

843

Zoran Corp. (a)

500,000

4,470

 

242,518

Software - 4.8%

Adobe Systems, Inc. (a)

250,000

6,838

Amdocs Ltd. (a)

7,725,000

161,684

Ansys, Inc. (a)(e)

5,450,000

150,529

Aveva Group PLC

25,000

208

Bitstream, Inc. Class A (a)

5,000

22

Cybernet Systems Co. Ltd. (e)

20,500

5,778

DMX Technologies Group Ltd. (a)

1,000,000

84

DTS Corp.

45,000

323

ebix.com, Inc. (a)

415,005

11,537

Epicor Software Corp. (a)

1,521,328

8,398

Exact Holdings NV

625,000

12,388

Fair Isaac Corp.

7,446

125

ICT Automatisering NV (e)

874,000

4,404

Infomedia Ltd.

600,000

131

Jack Henry & Associates, Inc.

2,300,004

41,446

KSK Co., Ltd.

91,800

505

MICROS Systems, Inc. (a)

500,000

10,490

Microsoft Corp.

1,400,000

28,364

MicroStrategy, Inc. Class A (a)

60,000

2,335

Net 1 UEPS Technologies, Inc. (a)

400,000

6,600

NSD Co. Ltd.

385,000

3,031

Nucleus Software Exports Ltd.

50,000

62

Oracle Corp.

24,050,000

465,127

Pervasive Software, Inc. (a)(e)

1,842,792

9,048

Progress Software Corp. (a)(e)

2,450,000

51,916

PROS Holdings, Inc. (a)

175,000

1,131

Radiant Systems, Inc. (a)

10,000

74

Springsoft, Inc.

6,899,922

4,658

Vasco Data Security International, Inc. (a)

250,000

1,730

 

988,966

TOTAL INFORMATION TECHNOLOGY

3,226,940

Common Stocks - continued

Shares

Value (000s)

MATERIALS - 4.2%

Chemicals - 2.5%

Aronkasei Co. Ltd.

500,000

$ 1,402

C. Uyemura & Co. Ltd.

423,900

8,511

Celanese Corp. Class A

10,000

208

Core Molding Technologies, Inc. (a)

20,944

49

Cytec Industries, Inc. (e)

4,512,700

89,622

Deepak Fertilisers and Petrochemicals Corp. Ltd.

500,000

692

Dongbu Fine Chemical Co. Ltd.

100,000

1,060

EcoGreen Fine Chemical Group Ltd.

15,500,000

2,311

Fertilizantes Fosfatados SA (PN)

50,000

380

FMC Corp.

2,200,000

107,206

Fujikura Kasei Co., Ltd. (e)

2,418,900

9,191

Honshu Chemical Industry Co., Ltd.

250,000

978

Innospec, Inc. (e)

2,160,038

16,978

KPC Holdings Corp.

43,478

1,284

Kpx Chemical Co. Ltd.

154,994

5,251

Methanex Corp.

125,000

1,439

Mitsubishi Gas Chemical Co., Inc.

50,000

234

Mitsui Chemicals, Inc.

371,925

1,111

Miwon Commercial Co. Ltd.

20,850

928

OM Group, Inc. (a)(e)

2,215,600

61,727

Sigma Aldrich Corp.

100,000

4,384

SK Kaken Co. Ltd.

200,000

3,716

Soken Chemical & Engineer Co. Ltd. (e)

805,000

4,429

T&K Toka Co. Ltd.

111,200

649

Thai Carbon Black PCL (For. Reg.)

2,733,500

999

Thai Rayon PCL

25,000

17

Thai Rayon PCL (For. Reg.)

1,269,800

882

Tokyo Printing Ink Manufacturing Co. Ltd.

298,000

425

Yara International ASA (d)

6,500,000

174,178

Yip's Chemical Holdings Ltd. (e)

28,164,000

10,058

 

510,299

Construction Materials - 0.0%

Brampton Brick Ltd. Class A (sub. vtg.)

850,700

3,208

Mitani Sekisan Co. Ltd.

452,700

2,072

Titan Cement Co. SA (Reg.)

125,000

3,186

 

8,466

Containers & Packaging - 0.3%

Chuoh Pack Industry Co. Ltd.

30,000

120

Kohsoku Corp. (e)

1,050,000

5,556

Silgan Holdings, Inc.

1,300,000

60,437

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Containers & Packaging - continued

Starlite Holdings Ltd.

1,800,000

$ 77

The Pack Corp.

320,000

4,078

 

70,268

Metals & Mining - 1.4%

Alcoa, Inc.

5,000

45

Anvil Mining Ltd. (a)

50,000

41

Avocet Mining PLC (a)(d)

800,000

925

Blue Earth Refineries, Inc. (a)

274,309

200

Carpenter Technology Corp.

500,000

10,335

Compania de Minas Buenaventura SA sponsored ADR

4,800,000

101,568

Gerdau SA sponsored ADR

7,400,000

52,540

Horsehead Holding Corp. (a)(e)

2,900,000

20,706

HudBay Minerals, Inc. (a)

7,250,000

48,668

Industrias Penoles SA de CV

2,760,000

30,082

Korea Steel Shapes Co. Ltd.

42,000

2,218

Pacific Metals Co. Ltd.

1,100,000

7,065

Synalloy Corp. (d)

190,383

1,148

Tohoku Steel Co. Ltd. (e)

595,000

4,460

Troy Resources NL

250,000

243

Universal Stainless & Alloy Products, Inc. (a)

100,756

1,350

Uruguay Mineral Exploration, Inc.

1,515,000

419

Webco Industries, Inc. (a)

8,922

348

Yamato Kogyo Co. Ltd.

35,000

795

 

283,156

TOTAL MATERIALS

872,189

TELECOMMUNICATION SERVICES - 0.4%

Diversified Telecommunication Services - 0.1%

Atlantic Tele-Network, Inc. (e)

1,338,800

29,561

Wireless Telecommunication Services - 0.3%

MobileOne Ltd.

22,000,000

21,844

Okinawa Cellular Telephone Co.

209

335

SK Telecom Co. Ltd. sponsored ADR (d)

1,900,000

29,773

 

51,952

TOTAL TELECOMMUNICATION SERVICES

81,513

Common Stocks - continued

Shares

Value (000s)

UTILITIES - 0.3%

Electric Utilities - 0.0%

Maine & Maritimes Corp. (e)

116,008

$ 4,060

Gas Utilities - 0.1%

Hokuriku Gas Co.

1,700,000

4,649

Keiyo Gas Co. Ltd.

425,000

1,596

KyungDong City Gas Co. Ltd.

139,700

5,378

Otaki Gas Co. Ltd.

664,000

4,243

 

15,866

Independent Power Producers & Energy Traders - 0.2%

Constellation Energy Group, Inc.

1,600,000

38,528

Mega First Corp. Bhd

1,300,000

301

 

38,829

TOTAL UTILITIES

58,755

TOTAL COMMON STOCKS

(Cost $19,417,536)

18,379,252

Preferred Stocks - 0.6%

 

 

 

 

Convertible Preferred Stocks - 0.6%

CONSUMER DISCRETIONARY - 0.2%

Auto Components - 0.2%

Johnson Controls, Inc. 11.50%

500,000

48,148

FINANCIALS - 0.4%

Commercial Banks - 0.3%

East West Bancorp, Inc. Series A, 8.00%

58,600

26,013

Wells Fargo & Co. 7.50%

37,000

22,866

 

48,879

Diversified Financial Services - 0.0%

CIT Group, Inc. Series C, 8.75%

263,600

4,012

Insurance - 0.1%

American International Group, Inc. Series A, 8.50%

4,397,928

23,617

TOTAL FINANCIALS

76,508

TOTAL CONVERTIBLE PREFERRED STOCKS

124,656

Preferred Stocks - continued

Shares

Value (000s)

Nonconvertible Preferred Stocks - 0.0%

CONSUMER STAPLES - 0.0%

Food Products - 0.0%

Nam Yang Dairy Products

4,917

$ 800

TOTAL PREFERRED STOCKS

(Cost $286,870)

125,456

Convertible Bonds - 0.3%

 

Principal Amount (000s)

 

CONSUMER DISCRETIONARY - 0.1%

Auto Components - 0.1%

Johnson Controls, Inc. 6.5% 9/30/12

$ 14,190

25,529

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

USEC, Inc. 3% 10/1/14

37,150

25,901

INDUSTRIALS - 0.1%

Industrial Conglomerates - 0.1%

Textron, Inc. 4.5% 5/1/13

8,170

8,859

TOTAL CONVERTIBLE BONDS

(Cost $56,216)

60,289

Money Market Funds - 11.4%

Shares

 

Fidelity Cash Central Fund, 0.53% (b)

2,030,464,264

2,030,464

Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)

318,505,744

318,506

TOTAL MONEY MARKET FUNDS

(Cost $2,348,970)

2,348,970

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $22,109,592)

20,913,967

NET OTHER ASSETS - (1.7)%

(348,791)

NET ASSETS - 100%

$ 20,565,176

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.

(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 $20,845,000 or 0.1% of net assets.

* 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

$ 24,818

Fidelity Securities Lending Cash Central Fund

10,250

Total

$ 35,068

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

A&D Co. Ltd.

$ 16,139

$ 327

$ -

$ 108

$ 4,271

Abbey PLC

17,715

-

-

-

18,408

Abercrombie & Fitch Co. Class A

-

299,680

-

3,073

235,523

Adams Resources & Energy, Inc.

12,014

-

-

211

6,220

Advocat, Inc.

3,694

-

-

-

1,001

AJIS Co. Ltd.

7,750

2,628

-

177

8,449

Alabama Aircraft Industries, Inc.

439

-

-

-

307

Alps Logistics Co. Ltd.

7,297

5,401

-

324

9,701

American Axle & Manufacturing Holdings, Inc.

30,217

-

4,282

183

-

Affiliates
(Amounts in thousands)

Value,
beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

American HomePatient, Inc.

$ 1,215

$ -

$ -

$ -

$ 451

American Italian Pasta Co. Class A

20,182

980

28,207

-

-

AMERIGROUP Corp.

119,252

-

-

-

140,239

AmSurg Corp.

65,660

47

2,663

-

48,331

Ansys, Inc.

255,781

197

5,135

-

150,529

AOC Holdings, Inc.

47,956

8,184

2,445

830

35,254

Apria Healthcare Group, Inc.

83,986

-

91,812

-

-

Arctic Cat, Inc.

8,900

1,576

1,737

125

4,882

ARK Restaurants Corp.

2,131

2,819

-

72

3,986

Arrhythmia Research Technology, Inc.

1,610

-

-

-

683

ASTI Corp.

1,901

1,749

-

126

2,443

Atlantic Tele-Network, Inc.

36,717

2,692

-

682

29,561

Axcelis Technologies, Inc.

46,033

51

-

-

4,345

Axis Capital Holdings Ltd.

199,584

32,634

-

4,056

184,923

AZZ, Inc.

49,807

1,650

1,148

-

34,332

Bank of the Ozarks, Inc.

24,969

-

22,252

227

-

Barratt Developments PLC

46,250

3,084

3,084

-

50,410

Basic Energy Services, Inc.

107,680

503

-

-

41,310

Beazer Homes USA, Inc.

12,460

5,069

963

-

-

Bed Bath & Beyond, Inc.

677,667

18,270

187,625

-

570,375

Belc Co. Ltd.

1,681

10,834

-

131

11,088

Belluna Co. Ltd.

12,457

4,016

121

536

12,506

Bellway PLC

70,675

-

-

666

79,249

Black Box Corp.

58,836

-

-

357

54,221

Blyth, Inc.

49,019

2,356

4,231

926

39,183

Brinker International, Inc.

139,764

13,454

-

2,782

153,278

Bristow Group, Inc.

106,851

8,431

1,160

-

59,176

CAE, Inc.

145,836

-

-

862

85,986

Cagle's, Inc. Class A

1,487

-

607

-

-

Calian Technologies Ltd.

-

4,780

-

97

8,430

Career Education Corp.

180,069

1,834

71,355

-

138,200

Affiliates
(Amounts in thousands)

Value,
beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Cascade Corp.

$ 43,878

$ 1,756

$ -

$ 454

$ 26,223

Cathay General Bancorp

62,166

-

38,881

738

-

CEC Entertainment, Inc.

90,636

-

9,647

-

69,297

Chase Corp.

14,901

473

-

282

8,148

Chimney Co. Ltd.

6,071

4,462

-

83

11,722

Chromcraft Revington, Inc.

2,448

5

396

-

-

CKD Corp.

20,768

9,639

240

760

21,930

ClearOne Communications, Inc.

3,622

-

-

-

2,891

Clip Corp.

1,045

752

-

61

1,599

Columbus McKinnon Corp. (NY Shares)

29,478

-

-

-

14,859

Corvel Corp.

22,925

-

5,438

-

-

Coventry Health Care, Inc.

394,376

59,569

-

-

228,690

CPI International, Inc.

15,431

-

4,878

-

-

CRA International, Inc.

31,984

971

10,502

-

-

Craftmade International, Inc.

-

889

-

-

1,174

CSE Global Ltd.

19,582

1,589

-

187

8,346

Cybernet Systems Co. Ltd.

6,387

2,152

-

222

5,778

Cytec Industries, Inc.

-

90,461

-

465

89,622

D.R. Horton, Inc.

279,112

17,880

22,282

3,780

317,115

Daiichi Kensetsu Corp.

-

8,253

-

186

8,290

Daikokutenbussan Co. Ltd.

5,492

627

2,195

-

-

Dataram Corp.

2,018

-

-

-

1,134

DCC PLC (Ireland)

195,024

-

-

2,354

149,117

Decorator Industries, Inc.

548

-

-

-

246

Delta Apparel, Inc.

3,740

-

-

-

5,150

Diodes, Inc.

67,522

52,737

33,477

-

60,785

Ditech Networks, Inc.

6,403

-

-

-

3,170

Divestco, Inc.

6,876

22

-

-

1,709

DivX, Inc.

19,728

455

3,343

-

10,773

Eagle Test Systems, Inc.

19,925

-

24,693

-

-

Edge Petroleum Corp.

14,726

-

-

-

573

Educational Development Corp.

1,928

-

-

149

2,088

EuroBancshares, Inc.

2,239

-

-

-

1,104

Exactech, Inc.

23,019

1,285

4,028

-

9,374

Excel Co. Ltd.

9,314

11

-

250

7,418

Affiliates
(Amounts in thousands)

Value,
beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

ExpressJet Holdings, Inc. Class A

$ 1,522

$ -

$ 801

$ -

$ -

Fair Isaac Corp.

84,588

-

65,045

153

-

Farstad Shipping ASA

65,174

-

-

-

37,400

Federal Screw Works

780

-

-

15

180

First Bancorp, Puerto Rico

70,000

-

7,624

1,449

40,223

Food Empire Holdings Ltd.

7,111

5,025

-

-

5,750

Footstar, Inc.

7,963

-

-

2,016

5,846

Foremost Income Fund

13,596

-

-

698

6,007

FormFactor, Inc.

42,806

416

45,351

-

-

Fornix Biosciences NV

6,507

448

-

725

3,906

Fossil, Inc.

113,815

41,746

-

-

134,289

FreightCar America, Inc.

23,818

477

13,754

38

-

Fresh Del Monte Produce, Inc.

133,521

-

-

-

91,970

Fujikura Kasei Co., Ltd.

7,660

7,578

206

249

9,191

Gildan Activewear, Inc.

167,861

62,062

2,085

-

137,955

Glentel, Inc.

6,695

291

-

203

4,685

Goodfellow, Inc.

7,278

489

-

147

5,027

Greenbrier Companies, Inc.

31,395

-

54

180

12,552

Group 1 Automotive, Inc.

28,689

-

-

277

31,098

Gulliver International Co. Ltd.

26,601

370

370

373

21,104

Hampshire Group Ltd.

5,520

-

-

-

2,668

Handsome Co. Ltd.

11,391

8,126

-

190

17,976

Hankook Shell Oil Co. Ltd.

7,360

-

136

250

4,531

Helen of Troy Ltd.

63,121

161

1,595

-

48,081

Henry Boot PLC

13,697

3,119

-

176

11,600

Hitachi Systems & Services Ltd.

-

11,727

-

119

13,523

Horsehead Holding Corp.

-

8,648

53

-

20,706

HTL International Holdings Ltd.

5,817

-

-

-

2,507

Hurco Companies, Inc.

-

8,143

-

-

9,842

Hutech Norin Co. Ltd.

3,106

2,942

-

125

4,990

ICT Automatisering NV

4,502

2,717

-

-

4,404

Ildong Pharmaceutical Co. Ltd.

6,023

1,239

-

122

8,151

IMS Health, Inc.

156,750

35,709

-

824

119,948

Affiliates
(Amounts in thousands)

Value,
beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Ingles Markets, Inc. Class A

$ 17,142

$ 446

$ -

$ 357

$ -

Innospec, Inc.

37,786

663

1,497

206

16,978

Inoue Kinzoku Kogyo Co. Ltd.

3,062

2,403

-

128

4,314

Intage, Inc.

5,882

7,971

-

397

14,074

Inter Parfums, Inc.

5,618

10,491

-

101

16,437

Intest Corp.

1,455

-

-

-

173

INTOPS Co. Ltd.

1,892

7,993

-

148

16,171

INZI Controls Co. Ltd.

3,670

539

-

60

3,039

IPC Holdings Ltd.

99,494

-

-

2,046

80,711

Isewan Terminal Service Co. Ltd.

8,226

-

-

248

6,295

j2 Global Communications, Inc.

86,292

3,415

2,659

-

88,215

Jack Henry & Associates, Inc.

142,494

1,004

82,922

1,010

-

Jack in the Box, Inc.

141,759

-

-

-

161,532

Jackson Hewitt Tax Service, Inc.

31,863

1,241

1,548

738

10,367

JAKKS Pacific, Inc.

46,708

9,379

-

-

35,333

Jaya Holdings Ltd.

50,961

4,978

-

2,704

14,488

JLM Couture, Inc.

327

-

-

-

148

Jos. A. Bank Clothiers, Inc.

40,733

588

686

-

73,803

KEC Holdings Co. Ltd.

2,570

-

-

17

1,408

Kohsoku Corp.

4,152

1,275

-

145

5,556

Komplett ASA

10,754

-

4,069

-

-

Korea Electric Terminal Co. Ltd.

11,379

833

-

78

9,202

KunWha Pharmaceutical Co., Ltd.

-

2,185

-

39

2,885

Kyeryong Construction Industrial Co. Ltd.

4,997

4,863

-

231

14,172

LifePoint Hospitals, Inc.

162,502

-

-

-

146,723

Lincare Holdings, Inc.

307,701

-

-

-

230,442

M/I Homes, Inc.

32,784

-

-

-

26,417

Maine & Maritimes Corp.

5,742

-

508

12

4,060

MAIR Holdings, Inc.

8,000

-

-

-

-*

Marine Products Corp.

16,494

-

5,517

273

-

MarineMax, Inc.

5,857

841

-

-

4,530

McCormick & Schmick's Seafood Restaurants

2,988

2,356

-

-

7,680

Affiliates
(Amounts in thousands)

Value,
beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Medical Action Industries, Inc.

$ 15,588

$ -

$ -

$ -

$ 15,212

Melexis NV

49,123

91

37

2,010

18,359

Mesa Laboratories, Inc.

5,988

725

-

92

6,350

Metro, Inc. Class A (sub. vtg.)

275,476

-

15,534

3,138

337,984

Michang Oil Industrial Co. Ltd.

5,219

-

-

235

4,626

Molina Healthcare, Inc.

49,203

-

5,741

-

-

Monarch Casino & Resort, Inc.

12,374

953

3,135

-

9,453

Movado Group, Inc.

12,900

9,585

-

120

16,291

Murakami Corp.

5,561

-

-

73

2,834

National Dentex Corp.

5,582

34

-

-

2,793

NBTY, Inc.

129,338

15,632

-

-

119,834

NCI Building Systems, Inc.

75,197

-

-

-

7,929

NETGEAR, Inc.

53,545

-

-

-

56,584

New Frontier Media, Inc.

4,691

-

-

-

2,753

NEXT PLC

247,987

-

48,733

2,789

239,094

Ngai Lik Industrial Holdings Ltd.

1,746

-

-

-

633

Nishimatsuya Chain Co. Ltd.

32,440

10,502

-

552

35,301

North Central Bancshares, Inc.

2,811

-

-

4

1,667

Nutraceutical International Corp.

13,962

-

-

-

9,400

Oil States International, Inc.

252,448

17,499

-

-

94,200

Old Dominion Freight Lines, Inc.

106,430

2,539

60,588

-

-

OM Group, Inc.

60,997

12,537

-

-

61,727

Omnivision Technologies, Inc.

60,608

-

-

-

52,638

Optical Cable Corp.

3,593

-

52

-

1,402

Orbotech Ltd.

28,812

-

-

-

12,495

Orthofix International NV

30,944

-

18,822

-

-

Ozeki Co. Ltd.

30,170

1,962

-

491

28,006

P&F Industries, Inc. Class A

947

55

-

-

379

Pal Co. Ltd.

3,449

2,747

-

147

9,201

Papa John's International, Inc.

84,502

-

4,875

-

73,648

Affiliates
(Amounts in thousands)

Value,
beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Patterson Companies, Inc.

$ 157,712

$ 61,365

$ -

$ -

$ 160,611

Pervasive Software, Inc.

7,795

-

-

-

9,048

PetMed Express, Inc.

35,482

-

367

-

39,431

Philadelphia Consolidated Holdings Corp.

341,933

-

347,842

-

-

Physicians Formula Holdings, Inc.

7,746

1,281

-

-

2,713

Piolax, Inc.

16,809

905

-

99

11,913

Plantronics, Inc.

119,151

-

37,226

734

-

Plenus Co. Ltd.

47,023

1,486

3,140

1,316

35,787

Pomeroy IT Solutions, Inc.

4,375

-

160

-

4,331

Progress Software Corp.

72,104

-

-

-

51,916

RCM Technologies, Inc.

4,210

-

-

-

1,697

RenaissanceRe Holdings Ltd.

157,697

-

-

2,170

-

Rex Stores Corp.

16,871

-

-

-

16,363

Richelieu Hardware Ltd.

18,981

1,642

-

185

14,506

Rimage Corp.

7,367

5,716

-

-

13,755

Ringerikes Sparebank

1,142

-

805

-

-

Rocky Brands, Inc.

2,827

-

135

-

1,825

Rocky Mountain Chocolate Factory, Inc.

3,443

1,774

-

163

3,669

Ross Stores, Inc.

326,457

590

90,493

1,982

-

Ruby Tuesday, Inc.

43,840

896

896

-

48,937

Ruth's Chris Steak House, Inc.

6,540

177

136

-

4,993

Safeway, Inc.

565,128

85,572

-

5,777

495,725

Sakai Moving Service Co. Ltd.

12,186

3,439

-

346

16,046

ScanSource, Inc.

80,635

321

-

-

65,249

ScS Upholstery PLC

309

-

-

-

-

Secom Techno Service Co. Ltd.

14,726

7,853

-

750

17,302

SED International Holdings, Inc.

734

-

-

-

408

Senshu Electric Co. Ltd.

4,862

8,582

-

240

10,128

Shinsegae Engineering & Construction Co. Ltd.

7,284

-

-

101

3,716

ShoLodge, Inc.

1,006

-

-

-

290

Affiliates
(Amounts in thousands)

Value,
beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Sigmatron International, Inc.

$ 2,624

$ -

$ -

$ -

$ 573

Simpson Manufacturing Co. Ltd.

74,431

80

84,077

81

-

SinoCom Software Group Ltd.

5,241

2,212

-

-

6,892

SMART Modular Technologies (WWH), Inc.

13,001

10,735

-

-

15,166

Soken Chemical & Engineer Co. Ltd.

8,515

2,201

-

269

4,429

Sonic Corp.

78,468

10,089

-

-

65,520

Spectrum Control, Inc.

8,337

780

-

-

9,061

Sportscene Group, Inc. Class A

5,274

-

-

80

4,106

Stanley Furniture Co., Inc.

9,138

-

-

215

11,030

Stantec, Inc.

77,941

4,030

4,327

-

61,315

Steiner Leisure Ltd.

51,912

-

-

-

53,155

Strattec Security Corp.

11,378

-

55

103

4,491

Strongco Income Fund

3,392

-

-

-

1,624

Sunjin Co. Ltd.

5,820

7

-

-

3,854

Super Micro Computer, Inc.

17,451

4,123

3,122

-

14,224

Swift Energy Co.

50,820

68,756

-

-

33,385

Syneron Medical Ltd.

-

13,013

-

-

13,675

SYNNEX Corp.

74,814

77

-

-

69,061

Takachiho Electric Co. Ltd.

10,482

2,565

-

256

8,832

Tamalpais Bancorp

2,532

-

774

30

-

Tejon Ranch Co.

30,162

-

6,695

-

-

The PMI Group, Inc.

22,402

1,455

1,455

46

5,623

Theragenics Corp.

11,963

-

-

-

4,098

Tohoku Steel Co. Ltd.

8,169

423

-

87

4,460

Tokyo Kisen Co. Ltd.

3,670

-

-

94

3,702

Tomen Electronics Corp.

8,456

7,676

-

316

14,336

Total Energy Services Trust

22,752

-

-

570

10,070

Trancom Co. Ltd.

15,597

-

-

345

10,361

Triad Guaranty, Inc.

1,295

-

309

-

-

Trifast PLC

6,980

-

5

99

1,956

Trio-Tech International

1,066

558

-

-

581

Uni-Select, Inc.

25,655

5,186

-

329

34,186

Unit Corp.

-

86,167

-

-

95,516

Universal Security Instruments, Inc.

1,279

-

-

-

1,025

Affiliates
(Amounts in thousands)

Value,
beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Up, Inc.

$ 4,121

$ -

$ -

$ 134

$ 3,880

USEC, Inc.

44,892

-

-

-

53,234

USS Co. Ltd.

69,023

54,811

12,283

2,406

95,641

Utah Medical Products, Inc.

13,667

-

-

315

10,083

Varitronix International Ltd.

8,332

5,160

-

218

6,397

Venture Corp. Ltd.

78,119

12,457

-

4,683

55,977

W Holding Co., Inc.

8,738

95

-

230

4,936

W&T Offshore, Inc.

144,108

88,765

2,385

1,942

56,840

Whanin Pharmaceutical Co. Ltd.

3,655

3,960

-

132

7,885

Winland Electronics, Inc.

523

-

10

-

243

Wireless Telecom Group, Inc.

2,033

-

-

-

884

Wolverine Tube, Inc.

2,725

-

10

-

662

World Fuel Services Corp.

69,249

620

50,956

290

-

Xyratex Ltd.

26,851

4,788

-

-

9,795

Yip's Chemical Holdings Ltd.

16,297

656

-

768

10,058

Young Innovations, Inc.

18,304

-

85

100

12,958

YRC Worldwide, Inc.

49,471

-

16,193

-

-

Yusen Air & Sea Service Co. Ltd.

37,071

21,047

-

584

46,649

Yutaka Giken Co. Ltd.

13,522

3,736

-

237

9,401

Total

$ 11,550,668

$ 1,624,819

$ 1,646,765

$ 82,262

$ 8,309,821

Other Information

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

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 20,913,967

$ 17,564,973

$ 3,342,442

$ 6,552

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

(Value in thousands)

Investments in Securities

Beginning Balance

$ 1,333

Total Realized Gain (Loss)

(16,596)

Total Unrealized Gain (Loss)

(71,167)

Cost of Purchases

858

Proceeds of Sales

(10,269)

Amortization/Accretion

0

Transfer in/out of Level 3

102,393

Ending Balance

$ 6,552

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $22,112,993,000. Net unrealized depreciation aggregated $1,199,026,000, of which $4,230,625,000 related to appreciated investment securities and $5,429,651,000 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.

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

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

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

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

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

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

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

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Puritan Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Puritan Trust

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

June 29, 2009

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

June 29, 2009

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

June 29, 2009