Fund

Income earned

Fidelity Cash Central Fund

$ 769

Fidelity Securities Lending Cash Central Fund

3,074

Total

$ 3,843

Common Stocks - 97.6%

Shares

Value

CONSUMER DISCRETIONARY - 14.2%

Auto Components - 0.7%

Delphi Automotive PLC (a)

12,000

$ 463,920

Hotels, Restaurants & Leisure - 1.0%

Icahn Enterprises LP rights

35,400

0

Sonic Corp. (a)

66,400

741,024

Internet & Catalog Retail - 1.0%

HSN, Inc.

12,100

721,160

Media - 4.9%

CBS Corp. Class B

19,800

826,056

DIRECTV (a)

14,100

721,074

Lions Gate Entertainment Corp. (a)(d)

21,700

397,544

Time Warner, Inc.

15,000

757,800

Virgin Media, Inc. (d)

21,600

850,824

3,553,298

Specialty Retail - 3.4%

American Eagle Outfitters, Inc.

68,000

1,374,280

Conn's, Inc. (a)

1,400

39,816

Guess?, Inc.

11,100

300,699

Urban Outfitters, Inc. (a)

17,000

727,430

2,442,225

Textiles, Apparel & Luxury Goods - 3.2%

G-III Apparel Group Ltd. (a)

10,400

373,256

PVH Corp.

16,600

1,973,242

2,346,498

TOTAL CONSUMER DISCRETIONARY

10,268,125

CONSUMER STAPLES - 6.4%

Beverages - 1.9%

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

41,200

1,333,232

Food & Staples Retailing - 3.2%

CVS Caremark Corp.

28,600

1,464,320

Kroger Co.

31,600

875,320

2,339,640

Food Products - 0.5%

Ingredion, Inc.

5,400

356,778

Tobacco - 0.8%

Imperial Tobacco Group PLC

15,779

586,848

TOTAL CONSUMER STAPLES

4,616,498

Common Stocks - continued

Shares

Value

ENERGY - 11.3%

Energy Equipment & Services - 6.8%

Ensco PLC Class A

25,000

$ 1,589,250

Halliburton Co.

36,000

1,464,480

Helix Energy Solutions Group, Inc. (a)

31,700

751,924

Transocean Ltd. (United States)

13,200

748,572

Vantage Drilling Co. (a)

205,900

385,033

4,939,259

Oil, Gas & Consumable Fuels - 4.5%

EPL Oil & Gas, Inc. (a)

20,100

491,646

Marathon Petroleum Corp.

22,900

1,699,409

Phillips 66

17,700

1,072,089

3,263,144

TOTAL ENERGY

8,202,403

FINANCIALS - 12.2%

Capital Markets - 2.1%

KKR & Co. LP

44,600

752,848

The Blackstone Group LP

40,200

743,700

1,496,548

Commercial Banks - 0.5%

CapitalSource, Inc.

44,100

357,651

Consumer Finance - 1.8%

Discover Financial Services

33,500

1,286,065

Diversified Financial Services - 1.0%

KKR Financial Holdings LLC

68,400

751,716

Insurance - 5.4%

Allied World Assurance Co. Holdings Ltd.

4,300

364,769

Axis Capital Holdings Ltd.

19,200

734,784

Hartford Financial Services Group, Inc.

63,600

1,577,280

Lincoln National Corp.

30,000

869,400

The Travelers Companies, Inc.

4,800

376,608

3,922,841

Real Estate Management & Development - 0.9%

Altisource Portfolio Solutions SA (a)

7,600

667,812

Thrifts & Mortgage Finance - 0.5%

Ocwen Financial Corp. (a)

9,900

385,803

TOTAL FINANCIALS

8,868,436

Common Stocks - continued

Shares

Value

HEALTH CARE - 19.0%

Biotechnology - 5.2%

Amgen, Inc.

25,600

$ 2,187,776

PDL BioPharma, Inc. (d)

121,100

833,168

United Therapeutics Corp. (a)

13,500

727,515

3,748,459

Health Care Equipment & Supplies - 2.7%

Boston Scientific Corp. (a)

117,500

877,725

Covidien PLC

11,900

741,846

Natus Medical, Inc. (a)

28,200

347,424

1,966,995

Health Care Providers & Services - 5.2%

AmerisourceBergen Corp.

16,100

730,457

CIGNA Corp.

26,800

1,563,512

McKesson Corp.

14,400

1,515,312

3,809,281

Pharmaceuticals - 5.9%

Actavis, Inc. (a)

17,400

1,503,186

Eli Lilly & Co.

26,800

1,438,892

Mylan, Inc. (a)

31,300

884,851

Warner Chilcott PLC

29,400

416,598

Zoetis, Inc. Class A

600

15,600

4,259,127

TOTAL HEALTH CARE

13,783,862

INDUSTRIALS - 9.5%

Aerospace & Defense - 2.1%

Ducommun, Inc. (a)

12,600

201,978

General Dynamics Corp.

19,600

1,299,480

1,501,458

Airlines - 1.2%

US Airways Group, Inc. (a)(d)

58,600

836,808

Building Products - 0.7%

A.O. Smith Corp.

6,900

478,032

Construction & Engineering - 2.4%

Jacobs Engineering Group, Inc. (a)

16,400

789,004

MasTec, Inc. (a)

20,000

566,000

URS Corp.

9,900

410,652

1,765,656

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Electrical Equipment - 0.2%

Brady Corp. Class A

5,300

$ 184,917

Machinery - 1.8%

Ingersoll-Rand PLC

8,600

441,954

Oshkosh Truck Corp. (a)

6,700

262,506

Terex Corp. (a)

18,100

586,078

1,290,538

Professional Services - 0.5%

Equifax, Inc.

6,500

381,550

Trading Companies & Distributors - 0.6%

AerCap Holdings NV (a)

30,800

449,988

TOTAL INDUSTRIALS

6,888,947

INFORMATION TECHNOLOGY - 13.6%

Communications Equipment - 1.0%

Motorola Solutions, Inc.

12,900

753,231

Computers & Peripherals - 2.8%

NCR Corp. (a)

14,000

388,780

SanDisk Corp. (a)

14,800

739,852

Seagate Technology

11,900

404,362

Western Digital Corp.

9,800

460,600

1,993,594

Electronic Equipment & Components - 0.6%

Flextronics International Ltd. (a)

63,900

396,819

Internet Software & Services - 0.5%

Yahoo!, Inc. (a)

18,600

365,118

IT Services - 6.1%

Alliance Data Systems Corp. (a)

5,300

835,280

Computer Sciences Corp.

9,700

405,460

Fidelity National Information Services, Inc.

41,700

1,547,487

Maximus, Inc.

10,900

747,413

WNS Holdings Ltd. sponsored ADR (a)

71,000

903,830

4,439,470

Semiconductors & Semiconductor Equipment - 1.5%

Cirrus Logic, Inc. (a)

25,600

722,688

Spreadtrum Communications, Inc. ADR

21,100

327,050

1,049,738

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - 1.1%

Symantec Corp. (a)

37,800

$ 822,906

TOTAL INFORMATION TECHNOLOGY

9,820,876

MATERIALS - 5.9%

Chemicals - 2.7%

Ashland, Inc.

5,300

416,103

Axiall Corp.

7,600

426,968

Cytec Industries, Inc.

5,100

373,830

Eastman Chemical Co.

6,900

490,935

Innospec, Inc.

5,800

233,450

1,941,286

Containers & Packaging - 1.1%

Rock-Tenn Co. Class A

10,200

805,290

Metals & Mining - 1.6%

Commercial Metals Co.

23,200

386,280

Reliance Steel & Aluminum Co.

11,900

770,168

1,156,448

Paper & Forest Products - 0.5%

International Paper Co.

8,800

364,496

TOTAL MATERIALS

4,267,520

TELECOMMUNICATION SERVICES - 1.4%

Diversified Telecommunication Services - 0.5%

Nippon Telegraph & Telephone Corp. sponsored ADR

14,900

313,794

Wireless Telecommunication Services - 0.9%

MetroPCS Communications, Inc. (a)

67,100

673,013

TOTAL TELECOMMUNICATION SERVICES

986,807

UTILITIES - 4.1%

Electric Utilities - 4.1%

Edison International

15,300

737,307

ITC Holdings Corp.

4,500

364,500

NextEra Energy, Inc.

8,200

590,810

Common Stocks - continued

Shares

Value

UTILITIES - continued

Electric Utilities - continued

PNM Resources, Inc.

42,200

$ 901,392

UNS Energy Corp.

8,600

389,494

2,983,503

TOTAL COMMON STOCKS

(Cost $62,916,912)

70,686,977

Money Market Funds - 2.7%

Fidelity Cash Central Fund, 0.16% (b)

23,576

23,576

Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c)

1,897,233

1,897,233

TOTAL MONEY MARKET FUNDS

(Cost $1,920,809)

1,920,809

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $64,837,721)

72,607,786

NET OTHER ASSETS (LIABILITIES) - (0.3)%

(193,656 )

NET ASSETS - 100%

$ 72,414,130

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

Affiliated Central Funds

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

Other Information

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

Income Tax Information

At January 31, 2013, the cost of investment securities for income tax purposes was $64,921,049. Net unrealized appreciation aggregated $7,686,737, of which $8,206,496 related to appreciated investment securities and $519,759 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

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

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

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

or an affiliate.

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.

By:

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

Date:

April 1, 2013

By:

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

Date:

April 1, 2013

By:

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer

Date:

April 1, 2013