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)

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

July 31

Date of reporting period:

April 30, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Low-Priced Stock Fund

April 30, 2007

1.800342.103

LPS-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 89.9%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 24.4%

Auto Components - 1.7%

American Axle & Manufacturing Holdings, Inc. (e)

5,016,300

$ 140,206

ArvinMeritor, Inc. (e)

7,057,100

145,729

Drew Industries, Inc. (a)(e)

1,825,400

52,517

FCC Co. Ltd. (d)

650,000

13,071

Federal Screw Works (e)

156,250

1,969

Halla Climate Control Co.

315,000

3,246

INZI Controls Co. Ltd. (e)

919,357

6,457

Johnson Controls, Inc.

2,200,000

225,126

Motonic Corp.

88,310

5,610

Murakami Corp. (e)

739,000

5,196

Musashi Seimitsu Industry Co. Ltd. (d)

200,000

5,215

Owari Precise Products Co. Ltd.

52,000

196

Piolax, Inc. (e)

800,000

15,638

Samsung Climate Control Co. Ltd.

330,050

2,917

Sewon Precision Industries Co. Ltd.

49,860

2,524

Stoneridge, Inc. (a)(e)

1,364,738

15,845

Strattec Security Corp. (a)(e)

500,000

23,690

Tachi-S Co. Ltd.

500,800

4,789

Toyota Auto Body Co. Ltd.

150,000

2,688

Yutaka Giken Co. Ltd.

418,600

11,478

684,107

Automobiles - 0.0%

Glendale International Corp. (a)

370,300

1,234

Monaco Coach Corp.

1,300,000

19,929

21,163

Distributors - 0.2%

Compania de Distribucion Integral Logista SA

500,000

39,778

Computerlinks AG

10,000

222

Educational Development Corp. (e)

372,892

2,964

Goodfellow, Inc. (e)

790,000

12,107

Strongco Income Fund (d)

400,000

3,842

Uni-Select, Inc.

878,500

24,189

83,102

Diversified Consumer Services - 1.1%

Career Education Corp. (a)(d)(e)

9,818,386

290,035

Corinthian Colleges, Inc. (a)

3,300,000

45,639

Johnan Academic Preparatory Institute, Inc.

100,000

228

Kyoshin Co. Ltd.

130,000

410

Matthews International Corp. Class A

902,466

38,048

Meiko Network Japan Co. Ltd.

250,000

1,350

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Diversified Consumer Services - continued

Shingakukai Co. Ltd.

200,000

$ 1,179

Shuei Yobiko Co. Ltd.

75,000

1,013

Steiner Leisure Ltd. (a)(e)

1,670,000

80,962

Up, Inc. (e)

660,000

4,051

Wao Corp.

100,000

337

463,252

Hotels, Restaurants & Leisure - 3.1%

Applebee's International, Inc. (e)

7,500,000

203,850

ARK Restaurants Corp.

121,891

4,266

Brinker International, Inc. (e)

6,300,000

195,930

CEC Entertainment, Inc. (a)(e)

3,700,000

154,179

Domino's Pizza, Inc.

1,375,000

44,344

Enterprise Inns PLC

2,000,000

25,633

Flanigan's Enterprises, Inc.

56,200

634

Jack in the Box, Inc. (a)(e)

3,284,500

218,813

Monarch Casino & Resort, Inc. (a)

828,598

22,099

Multimedia Games, Inc. (a)(d)

757,978

8,489

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

2,650,000

81,382

Punch Taverns Ltd.

350,000

9,125

Red Robin Gourmet Burgers, Inc. (a)

100,000

3,960

Ruby Tuesday, Inc. (e)

6,372,030

170,516

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

100,000

1,985

Sonic Corp. (a)(e)

5,000,000

112,200

Sportscene Group, Inc. Class A (e)

406,500

5,677

1,263,082

Household Durables - 5.6%

Abbey PLC (e)

3,400,000

51,036

Barratt Developments PLC (e)

23,900,099

518,967

Beazer Homes USA, Inc. (e)

2,000,000

66,760

Bellway PLC (e)

8,700,000

264,233

Blyth, Inc. (e)

4,000,000

104,400

Chitaly Holdings Ltd.

1,634,000

278

Chromcraft Revington, Inc. (a)(e)

957,300

8,616

Craftmade International, Inc. (e)

435,876

6,926

D.R. Horton, Inc. (d)(e)

31,347,552

695,289

Decorator Industries, Inc. (e)

243,515

1,619

Dominion Homes, Inc. (a)(d)(e)

820,000

4,346

Helen of Troy Ltd. (a)(e)

3,000,200

68,105

Henry Boot PLC (e)

2,515,000

64,743

Hovnanian Enterprises, Inc. Class A (d)

6,172,200

148,071

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Household Durables - continued

HTL International Holdings Ltd. (e)

26,512,500

$ 15,445

Lenox Group, Inc. (a)(e)

1,390,500

10,985

Libbey, Inc. (e)

1,404,800

26,200

M/I Homes, Inc. (d)(e)

1,730,000

51,433

Meritage Homes Corp. (a)(d)

1,050,000

36,551

MITY Enterprises, Inc. (a)

77,123

1,545

Ngai Lik Industrial Holdings Ltd. (e)

52,404,000

4,153

P&F Industries, Inc. Class A (a)(e)

358,249

5,012

Standard Pacific Corp.

2,866,400

59,764

Stanley Furniture Co., Inc. (e)

1,300,000

28,132

Techtronic Industries Co. Ltd.

18,000,000

24,069

Tempur-Pedic International, Inc.

120,000

3,116

Toso Co. Ltd.

300,000

888

2,270,682

Internet & Catalog Retail - 0.1%

Belluna Co. Ltd. (d)

952,700

12,000

PetMed Express, Inc. (a)

843,389

9,303

21,303

Leisure Equipment & Products - 0.5%

Asia Optical Co., Inc.

1,617,011

6,892

JAKKS Pacific, Inc. (a)(e)

1,771,063

42,559

Johnson Health Tech Co. Ltd.

1,366,365

9,433

Jumbo SA

1,320,120

41,433

Marine Products Corp. (e)

3,882,300

34,203

MarineMax, Inc. (a)

890,100

17,651

Pool Corp. (d)

1,296,311

52,021

Trigano SA

100,000

5,697

Western Metals Corp. (a)(e)

459,000

207

210,096

Media - 0.8%

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

270,000

10,533

Carrere Group (a)

55,000

1,486

CBS Corp. Class B

1,000,000

31,770

Championship Auto Racing Teams, Inc. (a)(e)

1,471,600

0

Chime Communications PLC (e)

13,500,000

15,723

Cossette Communication Group, Inc. (sub. vtg.) (a)

390,500

3,729

Idearc, Inc.

1,300,000

45,175

Johnston Press PLC

13,750,000

128,046

Saga Communications, Inc. Class A (a)(e)

1,809,800

18,098

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - continued

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

2,086,100

$ 28,569

Westwood One, Inc. (e)

5,053,774

34,416

317,545

Multiline Retail - 3.9%

Daiwa Co. Ltd.

289,000

672

Dollar General Corp. (e)

31,175,000

665,586

Dollar Tree Stores, Inc. (a)(e)

5,000,000

196,600

Don Quijote Co. Ltd. (d)

250,000

4,512

Gifi (a)(d)

70,000

3,857

Harvey Norman Holdings Ltd.

12,000,000

51,222

Next PLC (e)

14,100,000

662,236

Thanks Japan Corp.

235,000

1,324

Tuesday Morning Corp.

1,049,600

14,652

1,600,661

Specialty Retail - 4.4%

ARB Corp. Ltd.

500,000

1,798

AutoZone, Inc. (a)

955,400

127,106

Bed Bath & Beyond, Inc. (a)

9,800,000

399,252

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

3,150,000

58,181

Bricorama SA

30,000

1,965

Camaieu SA (d)

10,000

3,957

Claire's Stores, Inc.

1,800,000

58,626

Clinton Cards PLC

5,000,000

6,848

Conn's, Inc. (a)(d)

725,568

18,828

Finlay Enterprises, Inc. (a)(e)

988,722

5,843

Footstar, Inc. (e)

2,016,000

17,680

French Connection Group PLC

4,000,000

19,275

Friedmans, Inc. Class A (a)(e)

1,500,000

0

Genesco, Inc. (e)

1,931,737

97,900

Glentel, Inc.

90,200

610

Group 1 Automotive, Inc.

300,000

12,300

Hot Topic, Inc. (a)(e)

2,500,009

28,225

JJB Sports PLC

1,400,000

7,789

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

1,266,876

48,952

Komplett ASA (e)

994,950

19,400

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

332,300

18,637

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

1,200,000

32,340

Lowe's Companies, Inc.

2,500,000

76,400

Monro Muffler Brake, Inc.

714,505

25,008

Monsoon PLC (a)

4,000,000

31,231

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Mothers Work, Inc. (a)(e)

416,541

$ 14,579

Mr. Bricolage SA

299,961

9,537

Nishimatsuya Chain Co. Ltd.

100,000

1,799

O'Reilly Automotive, Inc. (a)

377,500

13,439

Osim International Ltd.

10,000,720

5,036

Pacific Sunwear of California, Inc. (a)(e)

7,549,800

158,017

Pomeroy IT Solutions, Inc. (a)(e)

1,290,645

11,693

Rent-A-Center, Inc. (a)(d)

1,199,966

33,407

Rex Stores Corp. (a)(e)

1,400,000

23,366

RONA, Inc. (a)

375,000

8,143

Ross Stores, Inc.

5,000,000

165,750

ScS Upholstery PLC (e)

2,438,000

16,233

Sincere Watch Ltd.

1,787,715

1,341

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

2,683,152

76,711

The Cato Corp. Class A (sub. vtg.)

1,105,660

23,893

Topps Tiles PLC

3,037,500

16,580

Williams-Sonoma, Inc.

2,250,000

79,245

1,776,920

Textiles, Apparel & Luxury Goods - 3.0%

Bijou Brigitte Modische Accessoires AG

30,000

6,079

Billabong International Ltd.

1,000,000

13,702

Cherokee, Inc. (e)

495,558

22,756

Delta Apparel, Inc. (e)

859,700

14,838

Folli Follie SA

700,000

28,370

Fossil, Inc. (a)(e)

7,000,000

197,190

Gildan Activewear, Inc. Class A (a)(e)

4,200,000

266,402

Hampshire Group Ltd. (a)(e)

939,557

16,207

Handsome Co. Ltd.

1,485,000

25,603

Iconix Brand Group, Inc. (a)

10,000

201

Il Jeong Industrial Co. Ltd.

10,000

279

JLM Couture, Inc. (a)(e)

197,100

503

K-Swiss, Inc. Class A (e)

2,650,263

76,540

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

1,211,100

30,653

Liz Claiborne, Inc.

4,269,300

190,923

Marimekko Oyj

200,000

4,277

Movado Group, Inc.

700,000

23,044

Quiksilver, Inc. (a)(d)(e)

11,983,000

159,374

Rocky Brands, Inc. (a)(e)

538,458

6,031

Ted Baker PLC

350,000

4,321

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

Timberland Co. Class A (a)(e)

4,439,000

$ 114,571

Van de Velde (d)

150,000

7,705

1,209,569

TOTAL CONSUMER DISCRETIONARY

9,921,482

CONSUMER STAPLES - 7.2%

Beverages - 1.6%

Baron de Ley SA (a)

180,000

11,913

C&C Group PLC

2,900,000

48,952

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

17,400,300

389,941

Hansen Natural Corp. (a)(d)

3,300,000

126,060

PepsiAmericas, Inc.

2,575,008

62,161

639,027

Food & Staples Retailing - 3.9%

BJ's Wholesale Club, Inc. (a)(e)

6,700,000

231,351

CVS Corp.

4,500,000

163,080

Majestic Wine PLC

50,016

377

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

9,687,700

338,227

Ozeki Co. Ltd.

540,000

13,544

President Chain Store Corp.

4,000,600

10,279

Safeway, Inc.

20,600,100

747,784

San-A Co. Ltd.

100,000

3,180

Sligro Food Group NV

1,385,526

57,099

Sundrug Co. Ltd. (d)

900,000

19,144

Tsuruha Holdings, Inc.

55,000

2,043

Village Super Market, Inc. Class A

75,552

3,329

Welcia Kanto Co. Ltd. (d)

7,590

215

Yaoko Co. Ltd.

100,000

2,498

1,592,150

Food Products - 1.2%

American Italian Pasta Co. Class A (a)(d)(e)

1,843,000

19,720

Cagle's, Inc. Class A (a)(e)

384,193

3,035

Chiquita Brands International, Inc.

1,010,010

14,978

Diamond Foods, Inc.

250,039

4,018

Food Empire Holdings Ltd.

3,608,000

2,565

Fresh Del Monte Produce, Inc. (e)

5,803,800

118,223

Greggs PLC

125,000

12,806

IAWS Group PLC (Ireland)

4,000,000

99,343

Industrias Bachoco SA de CV sponsored ADR

2,515,000

77,034

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food Products - continued

Interstate Bakeries Corp. (a)(e)

2,552,816

$ 9,318

Kerry Group PLC Class A

700,000

20,957

People's Food Holdings Ltd.

10,000,000

12,902

President Rice Products PCL

10,000

32

Robert Wiseman Dairies PLC

100,000

912

Samyang Genex Co. Ltd.

120,000

11,883

Select Harvests Ltd.

100,318

841

Singapore Food Industries Ltd.

3,500,000

2,212

Smithfield Foods, Inc. (a)

1,750,000

53,498

Sunjin Co. Ltd. (e)

219,400

8,494

United Food Holdings Ltd.

22,400,000

2,801

Want Want Holdings Ltd.

13,000,000

26,130

501,702

Personal Products - 0.0%

Nature's Sunshine Products, Inc.

639,203

7,415

Physicians Formula Holdings, Inc.

100,000

2,102

Prestige Brands Holdings, Inc. (a)

5,000

65

Sarantis SA (Reg.)

100,000

1,105

10,687

Tobacco - 0.5%

Loews Corp. - Carolina Group

2,600,000

198,978

TOTAL CONSUMER STAPLES

2,942,544

ENERGY - 10.3%

Energy Equipment & Services - 2.6%

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

1,777,000

26,898

Basic Energy Services, Inc. (a)(e)

2,425,239

62,692

Bristow Group, Inc. (a)(d)(e)

2,343,000

88,097

Calfrac Well Services Ltd.

144,800

2,761

CCS Income Trust (d)

2,000,000

65,501

CHC Helicopter Corp. Class A (sub. vtg.)

700,000

14,600

Enerflex Systems Income Fund

1,050,000

10,974

Ensign Energy Services, Inc.

3,700,000

62,339

Farstad Shipping ASA (d)(e)

2,500,000

65,134

Fugro NV (Certificaten Van Aandelen) unit

2,300,000

125,575

Lufkin Industries, Inc.

200,390

12,468

Oil States International, Inc. (a)(e)

4,484,030

152,143

Pason Systems, Inc. (e)

5,000,000

70,232

Patterson-UTI Energy, Inc.

1,800,000

43,902

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

PHI, Inc. (a)

209,500

$ 5,657

ProSafe ASA (d)

10,500,000

163,607

Solstad Offshore ASA (d)

1,250,000

33,933

Total Energy Services Trust (d)(e)

2,600,800

29,619

Wenzel Downhole Tools Ltd. (a)

580,500

795

1,036,927

Oil, Gas & Consumable Fuels - 7.7%

Adams Resources & Energy, Inc. (e)

413,200

15,516

Alpha Natural Resources, Inc. (a)

460,000

7,990

Callon Petroleum Co. (a)

341,500

4,713

Chesapeake Energy Corp.

8,750,000

295,313

Cimarex Energy Co. (d)

1,165,500

45,921

CNPC (Hong Kong) Ltd.

25,000,000

11,122

ConocoPhillips

4,000,000

277,400

Encore Acquisition Co. (a)

1,881,956

50,267

ENI Spa

2,500,000

82,800

Euronav NV (d)

500,000

16,860

Hankook Shell Oil Co. Ltd. (e)

77,730

5,282

Harvest Natural Resources, Inc. (a)(d)

1,350,000

13,568

Holly Corp.

100,000

6,360

Mariner Energy, Inc. (a)

1,831,700

41,305

Mariner Energy, Inc. (a)

1,700,000

38,335

Michang Oil Industrial Co. Ltd. (e)

173,900

4,334

National Energy Group, Inc.

548,313

2,939

Occidental Petroleum Corp.

1,875,000

95,063

Oil Search Ltd.

23,000,463

68,381

Petrohawk Energy Corp. (a)

6,400,000

92,480

Petroleo Brasileiro SA Petrobras sponsored ADR

9,800,000

992,047

Petroleum Development Corp. (a)(e)

1,275,000

66,300

Statoil ASA sponsored ADR

1,950,000

54,737

Swift Energy Co. (a)

900,000

36,585

Tap Oil NL (a)(e)

9,100,000

11,336

Teekay Shipping Corp. (e)

4,100,000

244,565

Tesoro Corp.

1,000,000

121,200

Tsakos Energy Navigation Ltd.

370,000

21,146

USEC, Inc. (a)(e)

8,500,000

171,445

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

W&T Offshore, Inc. (d)(e)

6,800,000

$ 206,380

World Fuel Services Corp.

1,000,000

46,210

3,147,900

TOTAL ENERGY

4,184,827

FINANCIALS - 11.3%

Capital Markets - 0.4%

Investors Financial Services Corp.

2,349,986

145,417

Massachusetts Financial Corp. Class A (a)(e)

763,800

2,406

Norvestia Oyj (B Shares)

675,000

7,682

TradeStation Group, Inc. (a)

88,700

1,080

156,585

Commercial Banks - 3.0%

Anglo Irish Bank Corp. PLC

14,954,373

337,732

Bank of the Ozarks, Inc. (e)

1,674,465

49,346

BOK Financial Corp.

995,969

51,123

Cascade Financial Corp.

158,552

2,583

Cathay General Bancorp (e)

4,036,184

132,346

Columbia Bancorp, Oregon (d)

124,387

2,565

East West Bancorp, Inc.

201,830

8,045

Epic Bancorp (e)

272,812

4,024

First Bancorp, Puerto Rico (d)(e)

8,024,000

100,621

First National Lincoln Corp., Maine

162,104

2,616

Great Southern Bancorp, Inc.

302,708

8,288

Hanmi Financial Corp.

1,789,952

29,373

International Bancshares Corp.

1,500,049

43,126

Merrill Merchants Bancshares, Inc.

142,478

4,303

Nara Bancorp, Inc.

1,131,048

18,674

National City Corp.

499,960

18,274

Northrim Bancorp, Inc. (e)

404,896

11,422

Oriental Financial Group, Inc. (e)

1,495,276

17,300

OTP Bank Ltd.

100,000

5,124

OTP Bank Ltd. unit

200,000

20,440

Popular, Inc. (d)

6,100,012

102,541

Prosperity Bancshares, Inc.

99,965

3,468

R&G Financial Corp. Class B (e)

1,860,500

7,833

Ringerikes Sparebank (e)

49,950

1,259

Ringkjoebing Bank (Reg.)

75,000

13,737

S.Y. Bancorp, Inc. (e)

800,694

18,864

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

Smithtown Bancorp, Inc. (d)

409,101

$ 9,295

Southwest Bancorp, Inc., Oklahoma

699,969

17,149

Sparebanken More (primary capital certificate)

70,000

3,000

Sparebanken Rogaland (primary capital certificate) (d)

338,333

9,867

Sterling Bancorp, New York

331,857

5,744

Sterling Financial Corp., Washington

215,953

6,366

Sydbank AS

1,500,000

84,618

UCBH Holdings, Inc.

50,005

898

W Holding Co., Inc. (d)(e)

10,402,548

50,348

1,202,312

Consumer Finance - 0.4%

Aeon Credit Service (Asia) Co. Ltd.

12,100,000

10,518

Cattles PLC

17,000,000

136,048

JCG Holdings Ltd.

14,500,000

10,992

Nicholas Financial, Inc. (a)(e)

500,048

6,216

163,774

Diversified Financial Services - 0.1%

Newship Ltd. (a)

2,500

722

OKO Bank (A Shares) (d)

1,000,000

19,104

19,826

Insurance - 5.5%

Assurant, Inc.

4,000,000

230,120

Axis Capital Holdings Ltd.

4,800,000

178,080

Commerce Group, Inc., Massachusetts (e)

3,394,696

110,701

Employers Holdings, Inc.

400,000

7,932

Endurance Specialty Holdings Ltd.

907,700

33,966

Fidelity National Financial, Inc. Class A

2,900,001

73,921

Financial Industries Corp. (a)(e)

1,294,465

8,349

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

8,250,030

301,044

IPC Holdings Ltd. (e)

3,750,000

112,425

National Interstate Corp.

277,401

6,647

National Western Life Insurance Co. Class A (e)

233,238

62,438

Nationwide Financial Services, Inc. Class A (sub. vtg.)

2,738,500

156,451

Old Republic International Corp.

2,800,014

59,556

Philadelphia Consolidated Holdings Corp. (a)

3,450,000

149,730

Protective Life Corp.

1,900,000

89,110

RenaissanceRe Holdings Ltd.

3,100,000

167,865

Universal American Financial Corp. (a)

1,209,997

22,458

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - continued

UnumProvident Corp. (d)(e)

18,000,000

$ 447,840

UnumProvident Corp. unit

900,000

33,372

2,252,005

Real Estate Investment Trusts - 0.0%

Equity Residential (SBI)

350,000

16,251

VastNed Offices/Industrial NV

75,000

3,081

19,332

Real Estate Management & Development - 0.1%

Housevalues, Inc. (a)(d)

931,052

4,525

Tejon Ranch Co. (a)(e)

980,300

48,839

53,364

Thrifts & Mortgage Finance - 1.8%

Farmer Mac Class C (non-vtg.)

369,406

10,114

First Financial Service Corp.

140,000

3,962

First Mutual Bancshares, Inc. (e)

666,400

14,727

Fremont General Corp. (d)(e)

6,250,000

47,188

HMN Financial, Inc.

43,004

1,464

Logansport Financial Corp.

35,000

586

North Central Bancshares, Inc. (e)

136,328

5,542

Northern Rock PLC

1,900,000

40,915

People's United Financial, Inc.

625,000

12,444

Radian Group, Inc.

2,400,000

139,464

Severn Bancorp, Inc.

460,084

8,525

The PMI Group, Inc. (e)

8,925,000

432,595

Washington Savings Bank Fsb (e)

462,150

3,951

721,477

TOTAL FINANCIALS

4,588,675

HEALTH CARE - 7.8%

Biotechnology - 0.0%

Vital BioTech Holdings Ltd.

5,000,000

160

Health Care Equipment & Supplies - 1.1%

Candela Corp. (a)

327,100

3,781

Cantel Medical Corp. (a)(e)

949,500

17,395

Cochlear Ltd.

500,000

26,346

Cooper Companies, Inc. (e)

2,500,012

127,751

Escalon Medical Corp. (a)(d)(e)

585,100

2,358

Exactech, Inc. (a)(e)

1,133,700

18,910

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Golden Meditech Co. Ltd. (a)

12,384,000

$ 5,351

Home Diagnostics, Inc.

250,000

2,828

Kensey Nash Corp. (a)

299,950

7,715

Lifecore Biomedical, Inc. (a)

100,000

1,852

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

1,568,250

35,725

Merit Medical Systems, Inc. (a)(e)

2,450,000

28,249

Nakanishi, Inc.

220,000

25,825

National Dentex Corp. (a)(e)

526,549

7,282

Neogen Corp. (a)

83,335

2,088

Nutraceutical International Corp. (a)(e)

1,143,504

18,662

Orthofix International NV (a)(e)

1,400,000

73,780

Theragenics Corp. (a)(e)

2,950,000

17,759

Utah Medical Products, Inc. (e)

473,300

15,415

Young Innovations, Inc. (e)

860,776

23,491

462,563

Health Care Providers & Services - 4.9%

American HomePatient, Inc. (a)(e)

1,735,000

4,754

AMERIGROUP Corp. (a)

2,100,000

59,073

AmSurg Corp. (a)(e)

2,550,012

58,523

Apria Healthcare Group, Inc. (a)(e)

4,350,000

138,069

Bio-Reference Laboratories, Inc. (a)

349,979

9,439

Centene Corp. (a)

1,600,000

33,296

CML Healthcare Income Fund (d)

3,234,400

43,333

Community Health Systems, Inc. (a)

2,650,000

97,520

Corvel Corp. (a)

290,033

7,886

Coventry Health Care, Inc. (a)

400,000

23,132

Grupo Casa Saba SA de CV sponsored ADR

192,400

6,542

Health Management Associates, Inc. Class A (e)

24,718,900

264,245

Healthspring, Inc. (a)

600,000

14,112

Horizon Health Corp. (a)(e)

875,000

16,949

Japan Medical Dynamic Marketing, Inc. (d)

100,000

259

LHC Group, Inc. (a)

10,000

261

LifePoint Hospitals, Inc. (a)(e)

3,500,000

127,785

Lincare Holdings, Inc. (a)(e)

9,562,000

377,125

Magellan Health Services, Inc. (a)

335,000

14,372

National Healthcare Corp.

537,185

27,563

Odyssey Healthcare, Inc. (a)(e)

2,838,000

37,859

Omnicare, Inc.

958,700

31,800

Option Care, Inc. (e)

3,415,694

46,658

Patterson Companies, Inc. (a)

4,300,036

155,059

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - continued

RehabCare Group, Inc. (a)(e)

1,220,000

$ 19,984

ResCare, Inc. (a)(e)

1,541,824

27,599

United Drug PLC:

(Ireland)

2,629,050

14,458

(United Kingdom)

906,695

4,936

UnitedHealth Group, Inc.

6,000,000

318,360

1,980,951

Health Care Technology - 0.1%

Arrhythmia Research Technology, Inc.

22,500

519

Computer Programs & Systems, Inc.

60,000

1,911

IMS Health, Inc.

2,000,000

58,660

61,090

Life Sciences Tools & Services - 0.2%

ICON PLC sponsored ADR

1,830,000

85,882

PRA International (a)

75,839

1,723

Seracare Life Sciences, Inc. (a)

259,491

1,946

89,551

Pharmaceuticals - 1.5%

Fornix Biosciences NV

112,922

3,466

Il Dong Pharmaceutical Co. Ltd.

182,013

8,006

Merck & Co., Inc.

5,000,000

257,200

Par Pharmaceutical Companies, Inc. (a)

100,000

2,693

Pfizer, Inc.

11,500,000

304,290

Sciele Pharma, Inc. (a)(d)

509,000

12,582

Tong Ren Tang Technologies Co. Ltd. (H Shares)

400,000

782

Torii Pharmaceutical Co. Ltd.

107,600

1,726

Whanin Pharmaceutical Co. Ltd.

280,000

4,248

594,993

TOTAL HEALTH CARE

3,189,308

INDUSTRIALS - 10.9%

Aerospace & Defense - 1.0%

Astronics Corp. (a)

11,416

226

CAE, Inc. (e)

15,200,000

176,528

Cobham PLC

6,000,000

25,043

Ducommun, Inc. (a)(e)

653,100

18,626

Moog, Inc. Class A (a)(e)

3,752,700

159,565

Pemco Aviation Group, Inc. (a)(e)

245,280

2,396

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

The Allied Defense Group, Inc. (a)(e)

355,288

$ 2,924

Triumph Group, Inc.

500,000

30,405

415,713

Air Freight & Logistics - 0.1%

AirNet Systems, Inc. (a)(e)

593,400

2,095

Baltrans Holdings Ltd.

5,000,000

3,055

Forward Air Corp.

436,407

13,315

18,465

Airlines - 0.3%

ExpressJet Holdings, Inc. Class A (a)(e)

5,414,206

32,323

MAIR Holdings, Inc. (a)(e)

2,000,026

14,060

Pinnacle Airlines Corp. (a)(d)

568,353

9,304

Republic Airways Holdings, Inc. (a)

1,539,687

32,734

Ryanair Holdings PLC sponsored ADR (a)

900,000

42,003

130,424

Building Products - 1.7%

Aaon, Inc.

375,252

9,280

Chosun Refractories Co.

118,000

7,998

Dynasty Ceramic PCL (For. Reg.)

500,000

211

Insteel Industries, Inc.

509,150

8,498

Kingspan Group PLC (Ireland)

3,200,000

89,954

Kondotec, Inc.

200,000

1,619

NCI Building Systems, Inc. (a)(d)(e)

1,999,950

99,938

Permasteelisa Spa

375,000

10,142

Simpson Manufacturing Co. Ltd. (d)(e)

4,810,736

154,761

USG Corp. (a)(d)(e)

6,400,000

295,360

677,761

Commercial Services & Supplies - 0.3%

AJIS Co. Ltd.

30,000

702

GFK AG

63,600

2,933

Labor Ready, Inc. (a)(e)

2,399,989

52,080

Mitie Group PLC

5,400,000

25,562

Navigant Consulting, Inc. (a)

1,200,346

23,023

RCM Technologies, Inc. (a)(e)

1,140,063

8,436

Roto Smeets de Boer NV

110,000

6,440

Schawk, Inc. Class A

580,885

10,473

Spherion Corp. (a)

845,091

7,226

Wesco, Inc.

300,000

926

137,801

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Construction & Engineering - 2.5%

Abengoa SA

250,000

$ 10,074

Actividades de Construccion y Servicios SA (ACS)

1,900,000

118,618

Aoki Marine Co. Ltd.

116,000

404

Arcadis NV

415,000

28,893

Chodai Co. Ltd.

100,000

402

Dongyang Express & Construction Corp.

20,650

992

Heijmans NV (e)

1,875,000

116,443

Hibiya Engineering Ltd.

1,200,000

9,988

Imtech NV

400,000

32,232

Jacobs Engineering Group, Inc. (a)

3,600,000

181,548

Kaneshita Construction Co. Ltd.

815,000

3,885

Keller Group PLC

150,000

3,022

KHD Humboldt Wedag International Ltd. (a)(e)

763,800

37,052

Kier Group PLC

500,000

24,673

Koninklijke BAM Groep NV

2,800,000

74,622

Kyeryong Construction Industrial Co. Ltd.

215,000

9,978

Matsui Construction Co. Ltd.

350,000

1,671

Sanyo Engineering & Construction, Inc.

1,000,000

6,435

Shaw Group, Inc. (a)(e)

6,239,953

202,362

Shinsegae Engineering & Construction Co. Ltd. (e)

314,469

14,129

ShoLodge, Inc. (a)(e)

500,627

2,628

Stantec, Inc. (a)(e)

3,786,600

112,755

Takada Kiko Co. Ltd.

34,000

130

Takigami Steel Construction Co. Ltd.

200,000

935

URS Corp. (a)

730,100

31,905

Yurtec Corp.

1,150,000

5,894

1,031,670

Electrical Equipment - 2.0%

Acbel Polytech, Inc.

558,985

239

Aichi Electric Co. Ltd.

900,000

3,042

AZZ, Inc. (a)(e)

544,100

31,068

Belden CDT, Inc.

1,500,000

83,820

BYD Co. Ltd. (H Shares) (a)

1,500,000

9,338

C&D Technologies, Inc. (d)(e)

1,797,386

9,041

Chase Corp. (e)

404,700

11,477

Deswell Industries, Inc. (e)

907,214

11,150

Dewey Electronics Corp. (a)

61,200

188

Draka Holding NV (a)(d)(e)

3,332,396

128,373

Encore Wire Corp. (d)(e)

2,319,200

64,242

EnerSys (a)

614,391

10,008

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Electrical Equipment - continued

Genlyte Group, Inc. (a)(e)

2,650,000

$ 206,727

GrafTech International Ltd. (a)(e)

7,541,498

75,264

Koito Industries Ltd.

650,000

2,385

Korea Electric Terminal Co. Ltd. (e)

610,000

12,484

Nexans SA (d)

425,000

63,169

Power Logics Co. Ltd. (a)

525,000

3,534

Superior Essex, Inc. (a)(e)

1,685,040

60,156

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

241,255

7,479

793,184

Industrial Conglomerates - 0.8%

DCC plc (Ireland) (e)

8,300,000

278,624

Teleflex, Inc.

700,000

50,281

328,905

Machinery - 1.0%

A.S.V., Inc. (a)(d)

350,000

5,313

Aalberts Industries NV (d)

143,414

15,306

Briggs & Stratton Corp.

187,600

5,566

Cascade Corp. (e)

1,216,700

75,399

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

1,096,553

27,151

Donaldson Co., Inc.

70,000

2,514

First Engineering Ltd.

3,500,000

2,235

FKI PLC

2,200,000

5,323

Foremost Income Fund (e)

1,440,000

21,667

Gardner Denver, Inc. (a)

1,000,000

37,800

Gehl Co. (a)

426,987

12,498

Greenbrier Companies, Inc. (e)

1,584,500

36,348

Hardinge, Inc. (e)

884,287

24,592

Ingersoll-Rand Co. Ltd. Class A

1,600,000

71,440

Quipp, Inc. (e)

141,500

1,132

S&T Corp.

226,666

8,047

Seksun Corp. Ltd. (e)

28,500,000

10,506

The Weir Group PLC

500,000

6,483

Trifast PLC (e)

7,142,858

11,997

Twin Disc, Inc.

104,776

6,345

Velan, Inc. (sub. vtg.) (a)

421,900

6,531

Wolverine Tube, Inc. (a)(d)(e)

1,276,181

2,744

396,937

Marine - 0.0%

Tokyo Kisen Co. Ltd. (e)

550,000

4,143

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Road & Rail - 0.8%

Dongyang Express Bus Corp.

10,660

$ 199

Heartland Express, Inc.

2,650,017

45,660

Hutech Norin Co. Ltd.

140,000

1,210

Japan Logistic Systems Corp.

300,000

953

Knight Transportation, Inc. (d)

1,920,000

37,382

Marten Transport Ltd. (a)(e)

1,250,021

22,563

Old Dominion Freight Lines, Inc. (a)(e)

3,315,103

97,994

P.A.M. Transportation Services, Inc. (a)(e)

604,575

11,529

Quality Distribution, Inc. (a)

5,000

45

Sakai Moving Service Co. Ltd.

228,900

7,074

Swift Transportation Co., Inc. (a)

334,000

10,448

Trancom Co. Ltd.

300,000

4,922

Universal Truckload Services, Inc. (a)

482,136

11,239

YRC Worldwide, Inc. (a)

1,950,000

77,591

328,809

Trading Companies & Distributors - 0.4%

AddTech AB (B Shares)

275,000

6,670

Beacon Roofing Supply, Inc. (a)

82,100

1,291

Brammer PLC

1,900,000

12,954

Grafton Group PLC unit

4,500,017

66,934

Richelieu Hardware Ltd.

845,200

18,505

SIG PLC

1,350,000

34,470

Uehara Sei Shoji Co. Ltd.

1,100,000

4,961

Wakita & Co. Ltd.

650,000

5,101

150,886

Transportation Infrastructure - 0.0%

Isewan Terminal Service Co. Ltd.

832,000

5,123

Meiko Transportation Co. Ltd.

400,000

4,623

9,746

TOTAL INDUSTRIALS

4,424,444

INFORMATION TECHNOLOGY - 12.3%

Communications Equipment - 1.5%

Adtran, Inc.

1,779,400

45,286

Applied Innovation, Inc. (a)(e)

1,027,232

3,523

Bel Fuse, Inc. Class A

451,427

15,845

Black Box Corp. (e)

1,981,025

72,189

Blonder Tongue Laboratories, Inc. (a)(e)

329,783

574

ClearOne Communications, Inc. (a)(e)

940,503

6,170

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Comba Telecom Systems Holdings Ltd.

1,000,000

$ 435

Communications Systems, Inc. (e)

688,881

7,819

Ditech Networks, Inc. (a)(e)

3,234,000

28,136

ECI Telecom Ltd. (a)

2,999,996

25,080

Gemtek Technology Corp.

499,988

1,288

Intracom Holdings SA (Reg.) (a)

5,984,000

34,133

Nera Telecommunications Ltd.

9,000,000

2,547

NETGEAR, Inc. (a)(e)

3,340,057

112,259

Optical Cable Corp. (a)(e)

601,700

3,171

Packeteer, Inc. (a)(e)

3,595,746

34,160

Plantronics, Inc. (d)(e)

4,755,400

119,408

Sunrise Telecom, Inc. (a)

668,758

2,234

TKH Group NV unit

800,000

85,096

599,353

Computers & Peripherals - 1.3%

ASUSTeK Computer, Inc.

1,331,000

3,052

Chicony Electronics Co. Ltd.

1,000,000

1,501

Datapulse Technology Ltd.

3,550,000

561

Dataram Corp. (e)

858,800

3,624

High Tech Computer Corp.

129,600

1,945

Komag, Inc. (a)(e)

3,115,730

85,714

Logitech International SA (Reg.) (a)

5,600,000

150,696

Neoware, Inc. (a)(d)(e)

1,450,000

17,168

Overland Storage, Inc. (a)(e)

1,005,799

3,752

Qualstar Corp. (a)(e)

1,112,703

3,338

Seagate Technology

7,500,000

166,125

Supermicro Computer, Inc.

400,000

4,164

TPV Technology Ltd.

28,000,000

18,863

Unisteel Technology Ltd.

15,843,750

25,342

Xyratex Ltd. (a)(e)

2,407,620

53,883

539,728

Electronic Equipment & Instruments - 3.5%

CPI International, Inc. (e)

1,059,900

20,541

CTS Corp.

1,314,125

17,189

Delta Electronics, Inc.

15,409,098

48,333

Delta Electronics PCL (For. Reg.)

31,326,800

13,963

Global Imaging Systems, Inc. (a)(e)

4,999,980

144,449

Hon Hai Precision Industry Co. Ltd. (Foxconn)

62,586,953

416,113

Huan Hsin Holdings Ltd.

2,500,000

971

Ingram Micro, Inc. Class A (a)

2,389,200

46,876

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

Insight Enterprises, Inc. (a)

1,193,578

$ 23,657

INTOPS Co. Ltd.

100,000

3,156

Jabil Circuit, Inc.

8,000,015

186,400

Jurong Technologies Industrial Corp. Ltd.

14,300,000

8,660

Kingboard Chemical Holdings Ltd.

34,980,000

164,111

Kingboard Laminates Holdings Ltd.

1,590,000

1,492

Mercury Computer Systems, Inc. (a)(e)

1,277,670

17,338

Mesa Laboratories, Inc. (e)

230,760

4,401

Micronetics, Inc. (a)(e)

387,672

3,160

MOCON, Inc. (e)

331,401

4,404

Multi-Fineline Electronix, Inc. (a)(d)

1,000,000

16,030

Muramoto Electronic Thailand PCL (For. Reg.)

1,141,800

6,895

Orbotech Ltd. (a)(e)

2,999,985

68,790

Samsung SDI Co. Ltd. GDR (f)

200,000

2,945

ScanSource, Inc. (a)(e)

2,572,500

73,882

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

480,000

480

Sigmatron International, Inc. (a)(e)

371,880

3,503

Sinotronics Holdings Ltd.

13,000,000

1,861

Spectrum Control, Inc. (a)(e)

973,381

13,257

SYNNEX Corp. (a)(e)

2,458,100

48,056

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

387,982

1,048

Tomen Electronics Corp. (d)

70,000

1,069

Transportation-Lux Corp.

64,100

436

TT electronics PLC (e)

8,130,000

38,200

Varitronix International Ltd.

11,000,000

7,368

Winland Electronics, Inc. (a)(e)

356,100

1,300

Wireless Telecom Group, Inc. (a)(e)

1,717,712

5,205

1,415,539

Internet Software & Services - 0.0%

Internet Gold Golden Lines Ltd. (a)

548,100

7,794

j2 Global Communications, Inc. (a)

20,000

575

YP Corp. (a)

1,517,300

1,077

9,446

IT Services - 1.7%

Affiliated Computer Services, Inc. Class A (a)

2,000,000

119,820

Cass Information Systems, Inc.

72,958

2,392

Computer Sciences Corp. (a)

3,400,000

188,836

CSE Global Ltd.

8,000,000

9,268

Daitec Holding

7,896

3,249

Euronet Worldwide, Inc. (a)(d)

300,000

8,355

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Fidelity National Information Services, Inc.

671,762

$ 33,944

Fiserv, Inc. (a)

1,125,000

59,816

Global Payments, Inc.

200,000

7,596

Indra Sistemas SA

1,300,000

32,198

infoUSA, Inc.

1,280,952

12,028

Mastercard, Inc. Class A

341,800

38,172

MoneyGram International, Inc.

429,500

12,211

TALX Corp.

821,318

28,327

The BISYS Group, Inc. (a)

3,915,900

45,307

The Western Union Co.

2,950,000

62,098

Total System Services, Inc. (d)

500,000

15,530

Wright Express Corp. (a)

350,000

11,029

690,176

Office Electronics - 0.0%

Zebra Technologies Corp. Class A (a)

114,800

4,568

Semiconductors & Semiconductor Equipment - 1.4%

Aviza Technology, Inc. (a)

750,299

6,453

Axcelis Technologies, Inc. (a)(e)

9,000,004

68,850

BE Semiconductor Industries NV (NY Shares) (a)

1,700,000

11,274

Catalyst Semiconductor, Inc. (a)(e)

1,727,985

6,549

Cree, Inc. (a)

351,200

7,164

Eagle Test Systems, Inc. (e)

1,378,685

23,810

Fujitsu Devices, Inc.

65,000

944

Integrated Device Technology, Inc. (a)

160,000

2,397

Intest Corp. (a)(e)

909,300

4,192

KEC Corp. (a)(e)

5,587,500

5,789

KEC Holdings Co. Ltd. (e)

1,862,499

3,069

Leadis Technology, Inc. (a)

424,983

1,470

Maxim Integrated Products, Inc.

7,700,000

244,244

MediaTek, Inc.

4,235,000

53,135

Melexis NV (e)

3,045,000

58,879

Omnivision Technologies, Inc. (a)(d)(e)

3,025,000

40,898

Semtech Corp. (a)

1,100,000

15,862

SigmaTel, Inc. (a)(e)

3,349,500

12,896

Taiwan Mask Corp.

5,250,000

3,167

571,042

Software - 2.9%

Ansoft Corp. (a)

17,500

565

Ansys, Inc. (a)(e)

2,869,972

146,943

Catapult Communications Corp. (a)(e)

1,482,532

14,647

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Dynamics Research Corp. (a)

244,961

$ 2,998

ebix.com, Inc. (a)

59,775

1,814

ECtel Ltd. (a)(e)

1,750,025

6,143

Epicor Software Corp. (a)

875,000

12,688

EPIQ Systems, Inc. (a)

317,710

7,507

Exact Holdings NV

1,150,000

40,284

FactSet Research Systems, Inc.

414,500

25,496

Fair, Isaac & Co., Inc. (e)

2,999,989

107,130

ICT Automatisering NV (d)(e)

440,001

9,066

Infomedia Ltd.

600,000

314

Jack Henry & Associates, Inc. (e)

6,200,000

147,250

Kronos, Inc. (a)

1,000,117

54,576

MacDonald Dettwiler & Associates Ltd. (a)

300,000

13,385

Oracle Corp. (a)

24,000,000

451,200

Pervasive Software, Inc. (a)(e)

2,314,844

9,537

Progress Software Corp. (a)(e)

2,382,878

71,796

Sonic Solutions, Inc. (a)

50,000

652

Springsoft, Inc.

6,612,441

11,035

Unit 4 Agresso NV (a)

550,000

14,853

1,149,879

TOTAL INFORMATION TECHNOLOGY

4,979,731

MATERIALS - 4.9%

Chemicals - 1.6%

American Vanguard Corp. (d)

133,005

1,966

Aronkasei Co. Ltd.

700,000

3,149

Dongbu Fine Chemical Co. Ltd.

135,080

1,995

FMC Corp. (e)

2,875,000

221,174

Innospec, Inc. (e)

1,234,683

66,290

Kendrion NV (a)

50,000

1,432

Korea Polyol Co. Ltd.

111,450

6,870

KPC Holdings Corp.

43,478

2,105

Miwon Commercial Co. Ltd.

16,530

575

OM Group, Inc. (a)(e)

2,600,000

136,578

Rockwood Holdings, Inc. (a)

248,000

7,614

Tokyo Printing Ink Manufacturing Co. Ltd.

400,000

1,028

Yara International ASA (d)

7,000,000

206,201

656,977

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Construction Materials - 0.4%

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

827,000

$ 10,990

Cemex SA de CV sponsored ADR

3,085,010

100,263

Eagle Materials, Inc.

22,178

989

Titan Cement Co. SA (Reg.)

700,000

40,119

152,361

Containers & Packaging - 0.3%

Peak International Ltd. (a)(e)

997,600

3,083

Silgan Holdings, Inc.

1,804,908

103,566

Starlite Holdings Ltd.

1,000,000

65

106,714

Metals & Mining - 2.1%

Algoma Steel, Inc. (a)

650,000

32,251

Arcelor Mittal

1,500,000

80,130

Blue Earth Refineries, Inc.

439,200

1,006

Claymont Steel Holdings, Inc.

250,000

5,780

Compania de Minas Buenaventura SA sponsored ADR

3,433,600

111,867

Croesus Mining NL (a)

1,100,000

0

Equigold NL

2,950,000

4,520

Equigold NL warrants 5/31/07 (a)

737,500

276

Gerdau SA sponsored ADR (d)

5,400,000

108,162

Gibraltar Industries, Inc.

249,585

5,566

Grupo Imsa SA de CV

4,500,000

27,528

Hanil Iron & Steel Co.

55,000

1,570

Industrias Penoles SA de CV

3,500,000

43,177

Keystone Consolidated Industries, Inc. (a)

10,500

237

Korea Steel Shapes Co. Ltd.

45,960

2,480

POSCO sponsored ADR

4,000,000

418,960

Reliance Steel & Aluminum Co.

65,000

3,861

Samuel Manu-Tech, Inc.

250,000

3,030

Tohoku Steel Co. Ltd.

275,000

2,927

Verzatec SA de CV (a)

4,500,000

3,164

Webco Industries, Inc. (a)

15,963

1,516

Wheeling Pittsburgh Corp. (a)

679,375

16,400

874,408

Paper & Forest Products - 0.5%

Buckeye Technologies, Inc. (a)(e)

2,271,615

28,781

Gunns Ltd.

2,129,867

6,102

Sino-Forest Corp. (a)(e)

8,400,000

102,171

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Paper & Forest Products - continued

Sino-Forest Corp. (a)(e)(f)

4,400,000

$ 53,518

Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)

1,200,000

23,976

214,548

TOTAL MATERIALS

2,005,008

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.2%

Atlantic Tele-Network, Inc. (e)

1,200,300

30,296

Prysmian SPA

606,300

12,410

PT Telkomunikasi Indonesia Tbk sponsored ADR

750,000

34,448

XETA Technologies, Inc. (a)(e)

897,469

3,392

80,546

Wireless Telecommunication Services - 0.3%

Cosmote Mobile Telecommunications SA

1,700,000

53,681

SK Telecom Co. Ltd. sponsored ADR

2,400,000

59,592

113,273

TOTAL TELECOMMUNICATION SERVICES

193,819

UTILITIES - 0.3%

Electric Utilities - 0.2%

Korea Electric Power Corp. sponsored ADR

4,400,000

90,992

Maine & Maritimes Corp. (a)(e)

151,838

3,539

94,531

Gas Utilities - 0.1%

E1 Corp.

5,000

378

Hokuriku Gas Co.

1,700,000

5,189

Keiyo Gas Co. Ltd.

223,000

1,168

KyungDong City Gas Co. Ltd.

140,000

6,222

Otaki Gas Co. Ltd.

654,000

3,452

Shinnihon Gas Corp.

31,000

122

16,531

Independent Power Producers & Energy Traders - 0.0%

Mega First Corp. BHD

713,000

333

TOTAL UTILITIES

111,395

TOTAL COMMON STOCKS

(Cost $20,716,274)

36,541,233

Nonconvertible Preferred Stocks - 0.0%

Shares

Value (000s)

HEALTH CARE - 0.0%

Health Care Providers & Services - 0.0%

Impath Bankruptcy Liquidating Trust Class A

1,665,000

$ 1,832

MATERIALS - 0.0%

Construction Materials - 0.0%

Buzzi Unicem Spa (Risp)

300,000

7,068

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $19,102)

8,900

Money Market Funds - 13.2%

Fidelity Cash Central Fund, 5.29% (b)

4,048,234,009

4,048,234

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

1,309,831,218

1,309,831

TOTAL MONEY MARKET FUNDS

(Cost $5,358,065)

5,358,065

TOTAL INVESTMENT PORTFOLIO - 103.1%

(Cost $26,093,441)

41,908,198

NET OTHER ASSETS - (3.1)%

(1,253,578)

NET ASSETS - 100%

$ 40,654,620

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 $56,463,000 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

$ 142,296

Fidelity Securities Lending Cash Central Fund

7,994

Total

$ 150,290

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

Abbey PLC

$ 37,862

$ -

$ 104

$ 1,564

$ 51,036

ACE Cash Express, Inc.

37,275

-

37,946

-

-

Adams Resources & Energy, Inc.

17,024

27

356

177

15,516

Advanced Marketing Services, Inc.

7,323

-

324

-

-

AirNet Systems, Inc.

1,780

-

-

-

2,095

American Axle & Manufacturing Holdings, Inc.

82,167

-

-

2,257

140,206

American HomePatient, Inc.

2,394

-

-

-

4,754

American Italian Pasta Co. Class A

15,315

-

-

-

19,720

AMERIGROUP Corp.

98,940

-

42,719

-

-

AmSurg Corp.

53,873

5,211

3,112

-

58,523

Ansys, Inc.

131,703

-

-

-

146,943

Applebee's International, Inc.

146,520

-

19,279

1,760

203,850

Applied Innovation, Inc.

3,349

-

-

-

3,523

Apria Healthcare Group, Inc.

78,509

-

4,301

-

138,069

ArvinMeritor, Inc.

115,584

531

-

2,114

145,729

Astronics Corp.

7,840

-

10,067

-

-

Atlantic Tele-Network, Inc.

22,302

-

-

504

30,296

Axcelis Technologies, Inc.

49,770

-

-

-

68,850

AZZ, Inc.

16,323

-

-

-

31,068

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Bairnco Corp.

$ 5,177

$ -

$ 5,667

$ 65

$ -

Bank of the Ozarks, Inc.

51,013

2,474

-

485

49,346

Barratt Developments PLC

433,675

-

1,349

14,802

518,967

Basic Energy Services, Inc.

22,950

36,094

-

-

62,692

Beazer Homes USA, Inc.

56,282

27,338

-

535

66,760

Bellway PLC

208,344

-

19,967

3,582

264,233

BJ's Wholesale Club, Inc.

199,531

-

9,736

-

231,351

Black Box Corp.

81,440

-

-

357

72,189

Blonder Tongue Laboratories, Inc.

709

-

206

-

574

Blyth, Inc.

71,604

-

2,498

2,160

104,400

Brinker International, Inc.

150,242

-

21,321

1,666

195,930

Bristow Group, Inc.

79,157

240

-

-

88,097

Buckeye Technologies, Inc.

28,080

-

18,406

-

28,781

C&D Technologies, Inc.

18,125

-

3,919

-

9,041

CAE, Inc.

120,779

-

5,701

342

176,528

Cagle's, Inc. Class A

2,963

-

694

-

3,035

Cantel Medical Corp.

22,255

-

9,267

-

17,395

Career Education Corp.

279,431

-

-

-

290,035

Cascade Corp.

46,435

-

2,391

389

75,399

Catalyst Semiconductor, Inc.

5,616

-

-

-

6,549

Catapult Communications Corp.

14,875

48

-

-

14,647

Cathay General Bancorp

131,610

17,346

1,841

1,096

132,346

Cattles PLC

109,024

-

4,073

5,890

-

CEC Entertainment, Inc.

109,261

-

-

-

154,179

Championship Auto Racing Teams, Inc.

-

-

-

-

-

Chase Corp.

6,378

-

-

162

11,477

Cherokee, Inc.

21,970

-

2,747

1,156

22,756

Chime Communications PLC

10,091

-

1,215

48

15,723

Chromcraft Revington, Inc.

11,248

-

-

-

8,616

ClearOne Communications, Inc.

2,884

488

-

-

6,170

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Columbus McKinnon Corp. (NY Shares)

$ 16,897

$ 4,333

$ -

$ -

$ 27,151

Commerce Group, Inc., Massachusetts

16,712

83,375

-

1,344

110,701

Communications Systems, Inc.

6,544

-

-

200

7,819

Cooper Companies, Inc.

110,501

-

-

75

127,751

Corinthian Colleges, Inc.

93,940

-

45,592

-

-

Corvel Corp.

22,443

-

38,717

-

-

CPAC, Inc.

3,348

-

4,993

81

-

CPI International, Inc.

16,791

-

1,999

-

20,541

Craftmade International, Inc.

-

7,655

-

126

6,926

CTS Corp.

32,225

-

14,249

170

-

D.R. Horton, Inc.

670,089

1,838

-

14,083

695,289

Dataram Corp.

4,019

-

-

155

3,624

DCC plc (Ireland)

199,318

-

-

1,906

278,624

Decorator Industries, Inc.

2,094

-

-

22

1,619

Delta Apparel, Inc.

14,854

156

-

129

14,838

Deswell Industries, Inc.

8,931

-

868

474

11,150

Direct General Corp.

35,109

-

44,971

169

-

Ditech Networks, Inc.

26,260

-

-

-

28,136

Dollar General Corp.

396,165

22,502

434

4,677

665,586

Dollar Tree Stores, Inc.

149,822

-

23,657

-

196,600

Dominion Homes, Inc.

6,339

-

-

-

4,346

Doral Financial Corp.

37,376

-

14,925

-

-

Draka Holding NV

60,444

-

-

-

128,373

Drew Industries, Inc.

43,035

-

571

-

52,517

DSG International Ltd.

-

-

2,484

-

-

Ducommun, Inc.

18,091

318

9,305

-

18,626

Eagle Test Systems, Inc.

11,238

18,114

8,797

-

23,810

ECtel Ltd.

7,508

-

-

-

6,143

Educational Development Corp.

2,592

-

-

-

2,964

Encore Acquisition Co.

80,436

-

19,148

-

-

Encore Wire Corp.

-

58,388

-

93

64,242

Epic Bancorp

3,761

-

-

20

4,024

Escalon Medical Corp.

2,838

-

-

-

2,358

ESS Technology, Inc.

6,766

-

3,996

-

-

Exact Holdings NV

36,404

-

2,933

1,888

-

Exactech, Inc.

15,815

-

-

-

18,910

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

ExpressJet Holdings, Inc. Class A

$ 37,375

$ -

$ 328

$ -

$ 32,323

Fair, Isaac & Co., Inc.

93,249

8,226

-

179

107,130

Farstad Shipping ASA

50,368

-

-

-

65,134

Federal Screw Works

2,422

-

-

47

1,969

Financial Industries Corp.

11,071

-

64

-

8,349

Finlay Enterprises, Inc.

7,742

-

-

-

5,843

First Bancorp, Puerto Rico

75,313

877

-

1,511

100,621

First Mutual Bancshares, Inc.

14,204

578

312

179

14,727

FMC Corp.

178,901

-

1,702

1,557

221,174

Footstar, Inc.

8,971

-

-

-

17,680

Foremost Income Fund

24,305

-

-

1,285

21,667

Fossil, Inc.

129,190

-

3,221

-

197,190

Fremont General Corp.

90,525

16,837

-

1,233

47,188

Fresh Del Monte Produce, Inc.

97,462

40

-

580

118,223

Friedmans, Inc. Class A

-

-

-

-

-

Gehl Co.

19,334

-

7,690

-

-

Genesco, Inc.

63,038

-

20,125

-

97,900

Genlyte Group, Inc.

184,308

-

-

-

206,727

Gildan Activewear, Inc. Class A

179,417

-

-

-

266,402

Global Imaging Systems, Inc.

98,195

11,765

5,329

-

144,449

Goodfellow, Inc.

9,477

-

151

451

12,107

GrafTech International Ltd.

33,162

7,926

-

-

75,264

Greenbrier Companies, Inc.

44,017

-

-

380

36,348

Hampshire Group Ltd.

15,512

-

-

-

16,207

Hankook Shell Oil Co. Ltd.

4,744

-

-

384

5,282

Hardinge, Inc.

12,263

-

-

115

24,592

Harris Steel Group, Inc.

43,714

-

64,831

247

-

Health Management Associates, Inc.
Class A

502,535

-

-

250,155

264,245

Heijmans NV

100,655

-

5,124

3,144

116,443

Helen of Troy Ltd.

53,794

-

-

-

68,105

Henry Boot PLC

38,995

-

-

252

64,743

Horizon Health Corp.

10,874

641

-

-

16,949

Hot Topic, Inc.

66,083

-

20,916

-

28,225

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

HTL International Holdings Ltd.

$ 19,647

$ -

$ -

$ 786

$ 15,445

ICT Automatisering NV

10,027

-

1,091

-

9,066

InFocus Corp.

10,281

-

9,800

-

-

Innospec, Inc.

33,711

-

7,384

231

66,290

Interstate Bakeries Corp.

18,944

-

807

-

9,318

Intest Corp.

3,855

-

-

-

4,192

Intracom Holdings SA (Reg.)

43,604

-

4,895

-

-

INZI Controls Co. Ltd.

8,605

-

-

165

6,457

IPC Holdings Ltd.

114,960

-

7,567

1,990

112,425

Jack Henry & Associates, Inc.

111,193

7,216

1,979

1,090

147,250

Jack in the Box, Inc.

140,012

-

16,220

-

218,813

JAKKS Pacific, Inc.

22,508

6,783

-

-

42,559

JLM Couture, Inc.

493

-

-

-

503

Jos. A. Bank Clothiers, Inc.

7,310

27,288

-

-

48,952

K-Swiss, Inc. Class A

17,833

58,194

-

230

76,540

KEC Corp.

-

-

-

-

5,789

KEC Holdings Co. Ltd.

11,154

-

-

59

3,069

KHD Humboldt Wedag International Ltd.

22,143

-

-

-

37,052

Komag, Inc.

-

102,015

-

-

85,714

Komplett ASA

13,741

-

-

222

19,400

Korea Electric Terminal Co. Ltd.

9,101

-

-

110

12,484

Labor Ready, Inc.

-

39,689

-

-

52,080

Lenox Group, Inc.

9,678

-

-

-

10,985

Libbey, Inc.

11,140

-

-

105

26,200

LifePoint Hospitals, Inc.

113,704

11,691

8,220

-

127,785

Lincare Holdings, Inc.

327,214

5,649

-

-

377,125

M/I Homes, Inc.

55,741

-

-

130

51,433

Maine & Maritimes Corp.

1,822

635

-

-

3,539

MAIR Holdings, Inc.

11,100

-

-

-

14,060

Marine Products Corp.

33,232

-

-

621

34,203

Marten Transport Ltd.

14,402

5,634

812

-

22,563

Massachusetts Financial Corp. Class A

1,146

-

-

-

2,406

Medical Action Industries, Inc.

23,179

-

-

-

35,725

Melexis NV

48,425

-

-

1,647

58,879

Mercury Computer Systems, Inc.

18,180

609

1,702

-

17,338

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Merit Medical Systems, Inc.

$ 39,505

$ 651

$ 4,517

$ -

$ 28,249

Mesa Laboratories, Inc.

3,369

64

-

76

4,401

Metro One Telecommunications, Inc.

1,408

-

1,422

-

-

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

255,548

-

-

2,345

338,227

Michang Oil Industrial Co. Ltd.

2,804

-

-

109

4,334

Micronetics, Inc.

-

3,000

-

-

3,160

MOCON, Inc.

2,983

-

-

75

4,404

Monaco Coach Corp.

17,730

-

5,214

281

-

Monro Muffler Brake, Inc.

24,808

-

2,805

152

-

Monterey Gourmet Foods, Inc.

6,249

-

4,855

-

-

Moog, Inc. Class A

110,918

18,000

-

-

159,565

Mothers Work, Inc.

18,195

-

5,118

-

14,579

Multimedia Games, Inc.

20,950

906

16,722

-

-

Murakami Corp.

6,247

-

84

48

5,196

National Dentex Corp.

11,260

735

-

-

7,282

National Healthcare Corp.

46,190

-

24,854

452

-

National Western Life Insurance Co.
Class A

53,645

-

-

84

62,438

NCI Building Systems, Inc.

98,154

-

5,896

-

99,938

Neoware, Inc.

7,316

16,252

6,397

-

17,168

NETGEAR, Inc.

63,740

913

-

-

112,259

Netsmart Technologies, Inc.

5,558

-

6,154

-

-

Newship Ltd.

675

-

-

-

-

Next PLC

459,451

-

11,672

4,212

662,236

Ngai Lik Industrial Holdings Ltd.

5,058

-

-

67

4,153

Nicholas Financial, Inc.

7,580

-

454

-

6,216

North Central Bancshares, Inc.

5,653

-

200

142

5,542

Northrim Bancorp, Inc.

3,474

6,561

-

146

11,422

Northwest Pipe Co.

18,410

-

24,047

-

-

Nutraceutical International Corp.

16,146

-

-

-

18,662

Odyssey Healthcare, Inc.

51,112

-

-

-

37,859

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Oil States International, Inc.

$ 136,906

$ 6,203

$ -

$ -

$ 152,143

Old Dominion Freight Lines, Inc.

-

91,125

-

-

97,994

OM Group, Inc.

91,312

-

-

-

136,578

Omnivision Technologies, Inc.

4,750

41,740

-

-

40,898

On Assignment, Inc.

15,757

-

17,285

-

-

Optical Cable Corp.

2,347

-

-

-

3,171

Option Care, Inc.

36,157

2,679

-

204

46,658

Orbotech Ltd.

64,680

-

-

-

68,790

Oriental Financial Group, Inc.

16,763

1,991

-

545

17,300

Orthofix International NV

55,680

-

607

-

73,780

Overland Storage, Inc.

10,080

-

2,846

-

3,752

P&F Industries, Inc. Class A

3,815

-

-

-

5,012

P.A.M. Transportation Services, Inc.

17,206

-

-

-

11,529

Pacific Sunwear of California, Inc.

125,931

-

-

-

158,017

Packeteer, Inc.

31,769

1,201

-

-

34,160

Papa John's International, Inc.

93,206

-

8,419

-

81,382

Pason Systems, Inc.

71,801

-

-

277

70,232

Peak International Ltd.

2,594

-

-

-

3,083

Pemco Aviation Group, Inc.

2,453

-

-

-

2,396

Pericom Semiconductor Corp.

21,840

-

25,889

-

-

Perry Ellis International, Inc.

15,361

-

15,438

-

-

Pervasive Software, Inc.

9,189

91

-

-

9,537

Petroleum Development Corp.

56,789

-

-

-

66,300

Piolax, Inc.

17,617

-

1,831

163

15,638

Plantronics, Inc.

73,994

-

-

713

119,408

Pomeroy IT Solutions, Inc.

9,164

-

-

-

11,693

Progress Software Corp.

52,001

1,920

-

-

71,796

ProSafe ASA

130,469

-

6,233

5,703

-

Qualstar Corp.

3,808

-

450

-

3,338

Quiksilver, Inc.

155,180

-

-

-

159,374

Quipp, Inc.

1,090

-

-

21

1,132

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

R&G Financial Corp. Class B

$ 15,442

$ -

$ -

$ -

$ 7,833

RCM Technologies, Inc.

5,779

-

-

-

8,436

RehabCare Group, Inc.

24,031

-

1,010

-

19,984

Reliability, Inc.

153

-

162

-

-

ResCare, Inc.

19,020

9,365

-

-

27,599

Rex Stores Corp.

19,586

-

-

-

23,366

Ringerikes Sparebank

1,461

-

-

66

1,259

Rocky Brands, Inc.

5,961

-

-

-

6,031

Ruby Tuesday, Inc.

139,930

-

-

1,593

170,516

Ryan's Restaurant Group, Inc.

61,825

-

63,747

-

-

S.Y. Bancorp, Inc.

25,163

-

1,436

360

18,864

Safeway, Inc.

702,025

-

150,436

4,011

-

Saga Communications, Inc. Class A

13,754

-

-

-

18,098

ScanSource, Inc.

72,543

3,555

-

-

73,882

ScS Upholstery PLC

21,314

-

-

580

16,233

SED International Holdings, Inc.

408

-

-

-

480

Seksun Corp. Ltd.

6,408

-

-

116

10,506

Shaw Group, Inc.

129,105

-

-

-

202,362

Shinsegae Engineering & Construction Co. Ltd.

12,227

371

-

282

14,129

ShoLodge, Inc.

2,753

-

-

-

2,628

SigmaTel, Inc.

16,480

-

-

-

12,896

Sigmatron International, Inc.

3,198

7

-

-

3,503

Simpson Manufacturing Co. Ltd.

120,911

14,050

-

1,251

154,761

Sino-Forest Corp.

45,119

-

6,004

-

102,171

Sino-Forest Corp.

22,163

-

-

-

53,518

Sonic Corp.

177,120

-

91,895

-

112,200

Southern Energy Homes, Inc.

9,633

-

11,901

-

-

SpectraLink Corp.

12,326

87

15,236

-

-

Spectrum Control, Inc.

12,774

-

3,429

-

13,257

Spherion Corp.

21,944

-

17,437

-

-

Sportscene Group, Inc. Class A

5,299

-

-

88

5,677

Stanley Furniture Co., Inc.

29,432

-

-

338

28,132

Stantec, Inc.

64,080

-

-

-

112,755

Steiner Leisure Ltd.

67,101

-

-

-

80,962

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Sterling Bancorp, New York

$ 26,548

$ -

$ 18,269

$ 545

$ -

Stoneridge, Inc.

21,418

-

8,440

-

15,845

Strattec Security Corp.

20,025

-

-

-

23,690

Summa Industries, Inc.

4,331

-

6,563

26

-

Sunjin Co. Ltd.

8,442

-

-

148

8,494

Superior Essex, Inc.

55,619

-

4,725

-

60,156

SYNNEX Corp.

47,334

3,171

39

-

48,056

Tap Oil NL

13,771

-

-

-

11,336

TB Wood's Corp.

1,991

471

5,830

59

-

Technology Solutions Co.

1,731

-

1,526

-

-

Teekay Shipping Corp.

178,284

-

2,916

2,957

244,565

Tejon Ranch Co.

40,006

-

-

-

48,839

The Allied Defense Group, Inc.

1,101

4,391

-

-

2,924

The BISYS Group, Inc.

93,206

-

42,923

-

-

The PMI Group, Inc.

378,956

-

-

1,406

432,595

Theragenics Corp.

9,254

-

89

-

17,759

Timberland Co.
Class A

75,378

41,816

-

-

114,571

Tokyo Kisen Co. Ltd.

3,526

-

-

87

4,143

Total Energy Services Trust

40,117

-

1,947

1,900

29,619

Tower Automotive, Inc.

344

-

289

-

-

Trifast PLC

7,239

-

-

109

11,997

TT electronics PLC

33,686

-

8,819

690

38,200

TTI Team Telecom International Ltd.

4,092

-

3,846

-

-

Universal Security Instruments, Inc.

-

4,973

-

-

7,479

UnumProvident Corp.

308,370

1,645

25,554

4,223

447,840

UnumProvident Corp. unit

20,832

2,687

-

1,392

-

Up, Inc.

4,548

-

-

84

4,051

URS Corp.

118,800

-

92,332

-

-

USEC, Inc.

90,748

-

1,893

-

171,445

USG Corp.

305,976

-

9,825

-

295,360

Utah Medical Products, Inc.

14,171

-

-

298

15,415

W Holding Co., Inc.

53,309

1,652

-

1,323

50,348

W&T Offshore, Inc.

208,788

23,937

3,600

615

206,380

Washington Savings Bank Fsb

3,720

-

-

37

3,951

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Western Metals Corp.

$ 257

$ -

$ 111

$ -

$ 207

Westwood One, Inc.

29,772

4,593

-

649

34,416

Wheeling Pittsburgh Corp.

18,648

-

4,017

-

-

Winland Electronics, Inc.

1,261

-

-

-

1,300

Wireless Telecom Group, Inc.

3,831

272

-

-

5,205

Wolverine Tube, Inc.

6,569

-

300

-

2,744

XETA Technologies, Inc.

2,457

-

281

-

3,392

Xyratex Ltd.

34,744

17,527

-

-

53,883

Yankee Candle Co., Inc.

110,367

-

157,273

568

-

Young Innovations, Inc.

29,202

948

-

102

23,491

Total

$ 15,988,089

$ 928,319

$ 1,620,624

$ 377,526

$ 17,183,022

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $26,096,811,000. Net unrealized appreciation aggregated $15,811,387,000, of which $17,006,906,000 related to appreciated investment securities and $1,195,519,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Value Discovery Fund

April 30, 2007

1.800366.103

FVD-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%

Shares

Value

CONSUMER DISCRETIONARY - 9.8%

Automobiles - 0.4%

Renault SA

22,000

$ 2,873,629

Winnebago Industries, Inc.

59,327

1,902,024

4,775,653

Diversified Consumer Services - 0.7%

Service Corp. International

478,000

5,807,700

Stewart Enterprises, Inc. Class A

310,400

2,334,208

8,141,908

Hotels, Restaurants & Leisure - 1.6%

Accor SA

32,300

3,062,441

Aristocrat Leisure Ltd.

267,600

3,688,992

Chipotle Mexican Grill, Inc. Class B (a)

1

60

Greek Organization of Football Prognostics SA

16,400

624,386

Jollibee Food Corp.

637,800

665,776

McDonald's Corp.

144,433

6,973,225

Minor International PCL (For. Reg.)

1,688,900

548,801

WMS Industries, Inc. (a)

91,265

3,637,823

19,201,504

Household Durables - 2.0%

Bassett Furniture Industries, Inc.

111,261

1,575,456

Beazer Homes USA, Inc.

30,800

1,028,104

Black & Decker Corp.

38,400

3,483,648

Cyrela Brazil Realty SA

47,200

507,901

KB Home

50,600

2,231,966

La-Z-Boy, Inc. (d)

128,200

1,498,658

The Stanley Works

60,300

3,514,284

Urbi, Desarrollos Urbanos, SA de CV (a)

334,800

1,398,834

Whirlpool Corp.

78,400

8,312,752

23,551,603

Internet & Catalog Retail - 0.1%

FTD Group, Inc.

45,100

805,035

Leisure Equipment & Products - 0.6%

Brunswick Corp.

98,800

3,236,688

Eastman Kodak Co.

153,500

3,823,685

MarineMax, Inc. (a)

22,700

450,141

7,510,514

Media - 1.4%

CKX, Inc. (a)

132,009

1,376,854

Getty Images, Inc. (a)

66,300

3,447,600

Grupo Televisa SA de CV (CPO) sponsored ADR

31,100

872,355

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - continued

News Corp.:

Class A

119,152

$ 2,667,813

Class B

12,500

300,000

R.H. Donnelley Corp.

68,400

5,341,356

Viacom, Inc. Class B (non-vtg.) (a)

57,500

2,371,875

16,377,853

Multiline Retail - 1.0%

JCPenney Co., Inc.

50,300

3,978,227

Retail Ventures, Inc. (a)

54,733

1,115,459

Sears Holdings Corp. (a)

22,300

4,257,293

Tuesday Morning Corp.

135,282

1,888,537

11,239,516

Specialty Retail - 1.1%

AutoZone, Inc. (a)

8,900

1,184,056

OfficeMax, Inc.

189,100

9,307,502

Truworths International Ltd.

120,400

671,121

Williams-Sonoma, Inc.

63,800

2,247,036

13,409,715

Textiles, Apparel & Luxury Goods - 0.9%

G-III Apparel Group Ltd. (a)

114,800

2,027,368

Liz Claiborne, Inc.

124,527

5,568,847

VF Corp.

30,300

2,660,643

10,256,858

TOTAL CONSUMER DISCRETIONARY

115,270,159

CONSUMER STAPLES - 6.5%

Beverages - 0.5%

Anadolu Efes Biracilk Ve Malt Sanyii AS

18,000

614,346

Fomento Economico Mexicano SA de CV sponsored ADR

11,700

1,259,973

Pernod Ricard SA

6,600

1,411,747

Remy Cointreau SA

33,400

2,449,798

5,735,864

Food & Staples Retailing - 1.1%

Rite Aid Corp. (d)

522,700

3,209,378

Safeway, Inc.

211,744

7,686,307

Wal-Mart de Mexico SA de CV Series V

396,082

1,553,256

12,448,941

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - 2.4%

BioMar Holding AS

67,650

$ 4,101,277

Bunge Ltd.

41,200

3,121,312

Cermaq ASA

196,700

3,471,585

Chaoda Modern Agriculture (Holdings) Ltd.

1,158,000

962,218

Chiquita Brands International, Inc. (d)

341,800

5,068,894

Kraft Foods, Inc. Class A

95,084

3,182,461

Marine Harvest ASA (a)

2,997,000

3,244,193

Tyson Foods, Inc. Class A

217,200

4,552,512

27,704,452

Household Products - 0.2%

Central Garden & Pet Co.

149,300

2,211,133

Personal Products - 1.2%

Avon Products, Inc.

202,200

8,047,560

Playtex Products, Inc. (a)

429,049

6,530,126

14,577,686

Tobacco - 1.1%

Altria Group, Inc.

137,400

9,469,608

Japan Tobacco, Inc.

680

3,321,733

12,791,341

TOTAL CONSUMER STAPLES

75,469,417

ENERGY - 13.6%

Energy Equipment & Services - 5.3%

Diamond Offshore Drilling, Inc.

214,100

18,326,960

National Oilwell Varco, Inc. (a)

290,947

24,686,853

Transocean, Inc. (a)

218,000

18,791,600

61,805,413

Oil, Gas & Consumable Fuels - 8.3%

Cabot Oil & Gas Corp.

337,200

12,280,824

Canadian Natural Resources Ltd.

141,500

8,432,120

Chesapeake Energy Corp.

76,700

2,588,625

CONSOL Energy, Inc.

151,000

6,322,370

EOG Resources, Inc.

92,600

6,800,544

Noble Energy, Inc.

92,600

5,445,806

Peabody Energy Corp.

132,400

6,352,552

Plains Exploration & Production Co. (a)

266,500

12,522,835

Range Resources Corp.

176,000

6,432,800

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Spectra Energy Corp.

2,608

$ 68,069

Valero Energy Corp.

429,700

30,177,831

97,424,376

TOTAL ENERGY

159,229,789

FINANCIALS - 23.5%

Capital Markets - 2.9%

Ares Capital Corp.

178,100

3,198,676

Bank of New York Co., Inc.

101,000

4,088,480

Franklin Resources, Inc.

24,200

3,177,702

Janus Capital Group, Inc.

134,300

3,360,186

Merrill Lynch & Co., Inc.

103,210

9,312,638

Morgan Stanley

132,900

11,164,929

34,302,611

Commercial Banks - 2.8%

Cathay General Bancorp

85,243

2,795,118

Commerce Bancorp, Inc.

102,000

3,410,880

East West Bancorp, Inc.

94,100

3,750,826

Hanmi Financial Corp.

212,300

3,483,843

PNC Financial Services Group, Inc.

46,000

3,408,600

UCBH Holdings, Inc.

176,892

3,176,980

Wachovia Corp.

127,253

7,067,632

Wells Fargo & Co.

159,400

5,720,866

32,814,745

Consumer Finance - 0.2%

Advance America Cash Advance Centers, Inc.

136,500

2,339,610

Diversified Financial Services - 4.6%

Bank of America Corp.

370,400

18,853,360

JPMorgan Chase & Co.

674,900

35,162,289

54,015,649

Insurance - 7.9%

AFLAC, Inc.

101,800

5,226,412

American International Group, Inc.

262,400

18,344,384

Aspen Insurance Holdings Ltd.

461,537

12,235,346

Axis Capital Holdings Ltd.

364,444

13,520,872

Endurance Specialty Holdings Ltd.

318,212

11,907,493

Hartford Financial Services Group, Inc.

52,400

5,302,880

MetLife, Inc.

68,000

4,467,600

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

Platinum Underwriters Holdings Ltd.

384,534

$ 13,158,753

Prudential Financial, Inc.

58,500

5,557,500

Universal American Financial Corp. (a)

141,800

2,631,808

92,353,048

Real Estate Investment Trusts - 2.8%

Corporate Office Properties Trust (SBI)

95,300

4,489,583

Developers Diversified Realty Corp.

110,100

7,167,510

Duke Realty LP

102,900

4,436,019

Equity Residential (SBI)

33,600

1,560,048

General Growth Properties, Inc.

87,290

5,573,467

Kimco Realty Corp.

93,900

4,513,773

UDR, Inc.

160,100

4,809,404

32,549,804

Real Estate Management & Development - 0.4%

Mitsubishi Estate Co. Ltd.

139,000

4,310,029

Thrifts & Mortgage Finance - 1.9%

Countrywide Financial Corp.

65,500

2,428,740

Fannie Mae

80,800

4,760,736

Hudson City Bancorp, Inc.

264,400

3,521,808

New York Community Bancorp, Inc. (d)

318,400

5,559,264

Radian Group, Inc.

99,412

5,776,831

22,047,379

TOTAL FINANCIALS

274,732,875

HEALTH CARE - 5.8%

Biotechnology - 0.2%

Amgen, Inc. (a)

33,900

2,174,346

Health Care Equipment & Supplies - 1.3%

Becton, Dickinson & Co.

98,800

7,774,572

C.R. Bard, Inc.

86,800

7,215,684

14,990,256

Health Care Providers & Services - 1.0%

Acibadem Saglik Hizmetleri AS

104,653

1,283,570

Brookdale Senior Living, Inc.

115,100

5,226,691

Bumrungrad Hospital PCL (For. Reg.)

491,500

678,418

DaVita, Inc. (a)

75,100

4,101,211

Henry Schein, Inc. (a)

1,300

67,769

11,357,659

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Technology - 0.3%

Cerner Corp. (a)

68,800

$ 3,662,912

Life Sciences Tools & Services - 0.0%

Thermo Fisher Scientific, Inc. (a)

14,000

728,840

Pharmaceuticals - 3.0%

Merck & Co., Inc.

344,800

17,736,512

MGI Pharma, Inc. (a)

159,000

3,501,180

Pfizer, Inc.

396,400

10,488,744

Wyeth

62,400

3,463,200

35,189,636

TOTAL HEALTH CARE

68,103,649

INDUSTRIALS - 9.0%

Aerospace & Defense - 2.7%

General Dynamics Corp.

58,800

4,615,800

Honeywell International, Inc.

241,800

13,100,724

Precision Castparts Corp.

34,124

3,552,650

United Technologies Corp.

146,700

9,847,971

31,117,145

Air Freight & Logistics - 0.3%

United Parcel Service, Inc. Class B

53,700

3,782,091

Building Products - 0.3%

Masco Corp.

114,200

3,107,382

Commercial Services & Supplies - 0.5%

Allied Waste Industries, Inc.

186,800

2,497,516

The Brink's Co.

19,400

1,231,900

Waste Management, Inc.

66,500

2,487,765

6,217,181

Construction & Engineering - 1.5%

Fluor Corp.

122,798

11,741,945

Shaw Group, Inc. (a)

179,968

5,836,362

17,578,307

Electrical Equipment - 0.2%

Cooper Industries Ltd. Class A

42,000

2,089,920

Industrial Conglomerates - 0.5%

Tyco International Ltd.

175,900

5,739,617

Machinery - 1.8%

Dover Corp.

44,400

2,136,528

Flowserve Corp.

75,930

4,632,489

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - continued

Oshkosh Truck Co.

58,100

$ 3,250,114

SPX Corp.

154,920

10,980,730

20,999,861

Road & Rail - 1.2%

Con-way, Inc.

108,200

5,910,966

Landstar System, Inc.

54,400

2,628,064

Union Pacific Corp.

51,600

5,895,300

14,434,330

TOTAL INDUSTRIALS

105,065,834

INFORMATION TECHNOLOGY - 18.3%

Communications Equipment - 1.3%

Alcatel-Lucent SA sponsored ADR

170,700

2,261,775

Comverse Technology, Inc. (a)

120,100

2,723,868

Motorola, Inc.

247,500

4,289,175

Nokia Corp. sponsored ADR

225,400

5,691,350

14,966,168

Computers & Peripherals - 2.7%

Dell, Inc. (a)

152,400

3,842,004

Hewlett-Packard Co.

144,500

6,089,230

Intermec, Inc. (a)

207,900

4,642,407

International Business Machines Corp.

91,100

9,311,331

NCR Corp. (a)

72,300

3,643,920

QLogic Corp. (a)

155,000

2,771,400

Sun Microsystems, Inc. (a)

196,500

1,025,730

31,326,022

Electronic Equipment & Instruments - 3.4%

Agilent Technologies, Inc. (a)

103,100

3,543,547

Amphenol Corp. Class A

306,057

10,745,661

Arrow Electronics, Inc. (a)

214,531

8,478,265

Avnet, Inc. (a)

165,699

6,777,089

Flextronics International Ltd. (a)

383,900

4,280,485

Ingram Micro, Inc. Class A (a)

119,600

2,346,552

Molex, Inc.

114,400

3,418,272

39,589,871

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 0.8%

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

11,200

$ 5,279,456

VeriSign, Inc. (a)

176,100

4,816,335

10,095,791

IT Services - 0.3%

Mastercard, Inc. Class A

33,400

3,730,112

Office Electronics - 0.3%

Xerox Corp. (a)

225,700

4,175,450

Semiconductors & Semiconductor Equipment - 7.6%

Advanced Micro Devices, Inc. (a)

256,994

3,551,657

Applied Materials, Inc.

270,400

5,197,088

ASML Holding NV (NY Shares) (a)

200,300

5,458,175

Atmel Corp. (a)

624,100

3,320,212

Axcelis Technologies, Inc. (a)

301,200

2,304,180

Broadcom Corp. Class A (a)

83,700

2,724,435

Brooks Automation, Inc. (a)

153,400

2,679,898

Cypress Semiconductor Corp. (a)

59,400

1,355,508

Fairchild Semiconductor International, Inc. (a)

182,200

3,206,720

FormFactor, Inc. (a)

100,900

4,166,161

Hittite Microwave Corp. (a)

53,400

2,412,612

Integrated Device Technology, Inc. (a)

369,200

5,530,616

Intel Corp.

217,400

4,674,100

Intersil Corp. Class A

108,200

3,223,278

Lam Research Corp. (a)

68,300

3,673,174

Linear Technology Corp.

99,600

3,727,032

Maxim Integrated Products, Inc.

121,100

3,841,292

Microchip Technology, Inc.

62,900

2,537,386

National Semiconductor Corp.

225,330

5,926,179

ON Semiconductor Corp. (a)

700,687

7,504,358

Saifun Semiconductors Ltd. (a)

198,500

2,139,830

Silicon Motion Technology Corp. sponsored ADR (a)

129,400

3,139,244

Teradyne, Inc. (a)

205,400

3,584,230

Volterra Semiconductor Corp. (a)(d)

197,800

3,127,218

89,004,583

Software - 1.9%

Business Objects SA sponsored ADR (a)

89,845

3,370,086

Microsoft Corp.

185,900

5,565,846

Nintendo Co. Ltd.

11,200

3,499,016

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Symantec Corp. (a)

178,500

$ 3,141,600

Ubisoft Entertainment SA (a)

126,896

6,320,423

21,896,971

TOTAL INFORMATION TECHNOLOGY

214,784,968

MATERIALS - 2.9%

Chemicals - 1.1%

Agrium, Inc.

89,800

3,480,670

Arkema (a)

31,700

1,905,507

Celanese Corp. Class A

88,340

2,930,238

Monsanto Co.

82,300

4,854,877

13,171,292

Metals & Mining - 1.6%

Alcoa, Inc.

153,900

5,461,911

Titanium Metals Corp.

365,600

12,624,168

18,086,079

Paper & Forest Products - 0.2%

Neenah Paper, Inc.

64,299

2,456,222

TOTAL MATERIALS

33,713,593

TELECOMMUNICATION SERVICES - 5.6%

Diversified Telecommunication Services - 4.3%

AT&T, Inc.

879,905

34,069,922

Verizon Communications, Inc.

437,100

16,688,478

50,758,400

Wireless Telecommunication Services - 1.3%

America Movil SA de CV Series L sponsored ADR

51,700

2,715,801

Bharti Airtel Ltd. (a)

33,797

669,301

Cellcom Israel Ltd.

32,300

645,031

MTN Group Ltd.

147,200

2,168,302

Orascom Telecom Holding SAE GDR

8,342

561,417

Partner Communications Co. Ltd. ADR (d)

46,000

749,800

SBA Communications Corp. Class A (a)

67,796

1,994,558

Sprint Nextel Corp.

289,700

5,802,691

15,306,901

TOTAL TELECOMMUNICATION SERVICES

66,065,301

Common Stocks - continued

Shares

Value

UTILITIES - 4.4%

Electric Utilities - 1.3%

Entergy Corp.

57,300

$ 6,482,922

Exelon Corp.

40,100

3,023,941

PPL Corp.

129,100

5,630,051

15,136,914

Independent Power Producers & Energy Traders - 2.2%

AES Corp. (a)

507,133

11,151,855

Constellation Energy Group, Inc.

141,780

12,635,434

Mirant Corp. (a)

54,600

2,449,902

26,237,191

Multi-Utilities - 0.9%

CMS Energy Corp.

376,567

6,974,021

Public Service Enterprise Group, Inc.

33,500

2,896,075

9,870,096

TOTAL UTILITIES

51,244,201

TOTAL COMMON STOCKS

(Cost $1,003,298,913)

1,163,679,786

Money Market Funds - 1.9%

Fidelity Cash Central Fund, 5.29% (b)

7,995,364

7,995,364

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

14,488,000

14,488,000

TOTAL MONEY MARKET FUNDS

(Cost $22,483,364)

22,483,364

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $1,025,782,277)

1,186,163,150

NET OTHER ASSETS - (1.3)%

(15,242,355)

NET ASSETS - 100%

$ 1,170,920,795

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

$ 817,456

Fidelity Securities Lending Cash Central Fund

67,273

Total

$ 884,729

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $1,029,962,241. Net unrealized appreciation aggregated $156,200,909, of which $164,616,859 related to appreciated investment securities and $8,415,950 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. 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/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

June 22, 2007

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/ Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

June 22, 2007

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

June 22, 2007