Fidelity®

Low-Priced Stock Fund -
Class K

Semiannual Report

January 31, 2013

(Fidelity Cover Art)


Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Investment Changes

(Click Here)

A summary of major shifts in the fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

(Click Here)

Notes to the financial statements.

Report of Independent Registered Public Accounting Firm

(Click Here)

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2013 FMR LLC. All rights reserved.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report


Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2012 to January 31, 2013).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Semiannual Report

Shareholder Expense Example - continued

Annualized Expense Ratio

Beginning
Account Value
August 1, 2012

Ending
Account Value
January 31, 2013

Expenses Paid
During Period
*
August 1, 2012 to January 31, 2013

Low-Priced Stock

.77%

Actual

$ 1,000.00

$ 1,154.50

$ 4.18

HypotheticalA

$ 1,000.00

$ 1,021.32

$ 3.92

Class K

.66%

Actual

$ 1,000.00

$ 1,155.20

$ 3.59

HypotheticalA

$ 1,000.00

$ 1,021.88

$ 3.36

A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report


Investment Changes (Unaudited)

Top Ten Stocks as of January 31, 2013

% of fund's
net assets

% of fund's net assets
6 months ago

UnitedHealth Group, Inc.

3.5

3.6

Next PLC

2.9

2.6

Seagate Technology

2.8

2.9

Microsoft Corp.

2.5

3.0

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

1.8

1.8

Coventry Health Care, Inc.

1.7

1.4

Ross Stores, Inc.

1.6

2.0

ENI SpA

1.4

1.3

Oracle Corp.

1.3

1.2

Bed Bath & Beyond, Inc.

1.1

1.2

20.6

Top Five Market Sectors as of January 31, 2013

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

27.0

26.6

Information Technology

18.3

19.5

Health Care

9.8

13.0

Financials

9.5

8.1

Industrials

9.2

8.8

Asset Allocation (% of fund's net assets)

As of January 31, 2013 *

As of July 31, 2012 **

lpk703360

Stocks 91.9%

lpk703360

Stocks 94.2%

lpk703363

Convertible
Securities 0.0%

lpk703363

Convertible
Securities 0.0%

lpk703366

Short-Term Investments and Net Other Assets (Liabilities) 8.1%

lpk703366

Short-Term Investments and Net Other Assets (Liabilities) 5.8%

* Foreign investments

41.2%

** Foreign investments

40.7%

lpk703369

Amount represents less than 0.1%

Semiannual Report


Investments January 31, 2013

Showing Percentage of Net Assets

Common Stocks - 91.9%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 27.0%

Auto Components - 1.5%

ASTI Corp. (e)

1,250,000

$ 2,953

ATLASBX Co. Ltd.

320,000

8,662

Dorman Products, Inc.

350,000

12,121

FCC Co. Ltd.

200,000

4,300

Federal Screw Works (a)(e)

96,947

315

Hi-Lex Corp.

1,200,000

19,671

INZI Controls Co. Ltd. (e)

1,516,000

8,890

Johnson Controls, Inc.

9,160,000

284,784

Motonic Corp. (e)

3,299,900

34,273

Murakami Corp. (e)

700,000

9,454

Musashi Seimitsu Industry Co. Ltd.

1,000,000

20,362

Nippon Seiki Co. Ltd.

2,531,000

30,086

Nissin Kogyo Co. Ltd.

1,160,000

17,391

Piolax, Inc. (e)

1,010,000

24,255

Samsung Climate Control Co. Ltd. (e)

460,050

2,994

Sewon Precision Industries Co. Ltd. (e)

500,000

7,422

Shoei Co. Ltd.

625,000

3,711

SJM Co. Ltd. (e)

1,270,000

9,303

SJM Holdings Co. Ltd. (e)

1,332,974

5,103

Strattec Security Corp. (e)

330,000

8,877

Sungwoo Hitech Co. Ltd.

800,000

8,971

Yachiyo Industry Co. Ltd.

900,000

6,624

Yutaka Giken Co. Ltd. (e)

1,482,000

28,880

559,402

Distributors - 0.2%

Doshisha Co. Ltd.

770,000

20,908

Educational Development Corp. (e)

386,892

1,528

Nakayamafuku Co. Ltd.

100,000

741

SPK Corp.

165,000

2,827

Uni-Select, Inc. (e)

2,025,000

48,239

74,243

Diversified Consumer Services - 0.5%

Apollo Group, Inc. Class A (non-vtg.) (a)

20,000

404

Capella Education Co. (a)

120,000

3,278

Career Education Corp. (a)(e)

6,720,000

23,251

Clip Corp. (e)

328,600

3,482

Corinthian Colleges, Inc. (a)(d)

2,200,000

5,412

DeVry, Inc.

300,000

7,551

ITT Educational Services, Inc. (a)(d)

50,000

842

Matthews International Corp. Class A

550,648

18,039

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Diversified Consumer Services - continued

Meiko Network Japan Co. Ltd.

944,000

$ 10,468

Regis Corp.

605,000

10,739

Shingakukai Co. Ltd.

100,000

355

Shuei Yobiko Co. Ltd. (d)

125,000

498

Steiner Leisure Ltd. (a)(e)

1,650,000

74,333

Step Co. Ltd. (e)

1,300,000

10,591

YBM Sisa.com, Inc. (e)

950,000

4,540

173,783

Hotels, Restaurants & Leisure - 1.8%

Aeon Fantasy Co. Ltd.

475,000

7,288

Ambassadors Group, Inc. (d)(e)

1,770,356

8,728

ARK Restaurants Corp. (e)

224,895

3,947

Brinker International, Inc.

1,000,000

32,740

BRONCO BILLY Co. Ltd.

12,000

315

CEC Entertainment, Inc. (e)

2,000,000

65,920

Darden Restaurants, Inc.

2,000,000

93,000

Flanigan's Enterprises, Inc. (a)

50,357

388

Hiday Hidaka Corp. (e)

1,265,980

28,713

Ibersol SGPS SA

550,000

4,070

Intralot SA

1,250,000

3,513

Jack in the Box, Inc. (a)(e)

5,000,000

145,150

Kangwon Land, Inc.

25,000

718

Kura Corp. Ltd.

550,000

7,506

Monarch Casino & Resort, Inc. (a)(e)

1,248,100

12,930

Ohsho Food Service Corp.

180,000

4,764

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

1,789,651

100,399

Ruby Tuesday, Inc. (a)(e)

6,200,000

46,686

Ruth's Hospitality Group, Inc. (a)(e)

2,250,000

17,460

Shinsegae Food Co. Ltd.

17,000

1,544

Sonic Corp. (a)(e)

6,223,500

69,454

Sportscene Group, Inc. Class A (e)

400,000

3,128

St. Marc Holdings Co. Ltd.

480,000

18,949

Toridoll Corp.

10,000

124

677,434

Household Durables - 3.4%

Abbey PLC (e)

2,150,000

20,873

Barratt Developments PLC (a)(e)

84,000,199

289,896

Bellway PLC (e)

7,500,000

132,035

Blyth, Inc. (d)(e)

950,000

13,310

D.R. Horton, Inc.

7,800,000

184,548

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Household Durables - continued

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

3,250,000

$ 129,622

Emak SpA

3,300,000

2,543

First Juken Co. Ltd. (e)

1,690,000

20,422

Helen of Troy Ltd. (a)(e)

3,173,000

114,863

Henry Boot PLC (e)

9,600,000

23,447

HTL International Holdings Ltd. (e)

29,000,500

7,967

Jarden Corp.

250,000

14,710

Maruzen Co., Ltd. (e)

1,918,000

14,703

NACCO Industries, Inc. Class A

310,000

20,200

P&F Industries, Inc. Class A (a)(e)

361,038

3,069

Sanei Architecture Planning Co. Ltd. (d)

1,050,000

9,944

Stanley Furniture Co., Inc. (a)(e)

1,289,638

5,997

Steinhoff International Holdings Ltd.

3,102,497

9,417

Tempur-Pedic International, Inc. (a)(e)

4,251,000

165,619

Token Corp. (e)

1,050,000

58,560

1,241,745

Internet & Catalog Retail - 0.2%

Belluna Co. Ltd. (e)

5,100,000

38,203

Liberty Media Corp. Interactive Series A (a)

650,000

13,819

N Brown Group PLC

725,000

4,241

NutriSystem, Inc.

575,000

5,192

PetMed Express, Inc. (d)(e)

2,425,100

31,623

93,078

Leisure Equipment & Products - 0.3%

Accell Group NV (e)

2,386,300

45,961

Fenix Outdoor AB

35,000

1,002

Giant Manufacturing Co. Ltd.

3,000,555

15,953

JAKKS Pacific, Inc. (d)(e)

2,120,000

27,687

Kabe Husvagnar AB (B Shares)

150,000

2,465

Marine Products Corp.

12,088

76

Mars Engineering Corp.

300,000

6,223

Miroku Corp.

700,000

1,531

Trigano SA (a)

85,000

1,270

102,168

Media - 1.3%

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

2,700,000

126,906

Chime Communications PLC (e)

4,700,000

17,722

Cinderella Media Group Ltd.

10,158,000

3,261

DISH Network Corp. Class A

1,600,000

59,632

DreamWorks Animation SKG, Inc. Class A (a)(d)

5,480,000

95,407

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - continued

Gannett Co., Inc.

750,000

$ 14,723

GFK AG

175,000

10,130

Harte-Hanks, Inc. (e)

3,360,000

27,518

Intage, Inc. (e)

1,040,000

24,713

Omnicom Group, Inc.

500,010

27,141

Pico Far East Holdings Ltd.

19,004,000

5,219

Proto Corp.

320,000

5,424

RKB Mainichi Broadcasting Corp.

50,000

330

Saga Communications, Inc. Class A

499,435

23,473

Starz - Liberty Capital Series A (a)

350,000

5,579

STW Group Ltd.

3,000,000

4,067

Tow Co. Ltd. (e)

1,223,000

7,075

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

2,000,400

19,154

477,474

Multiline Retail - 3.5%

Don Quijote Co. Ltd.

3,100,000

123,397

Hanwha Timeworld Co. Ltd. (e)

338,450

7,388

Harvey Norman Holdings Ltd. (d)

22,050,000

45,068

Next PLC (e)

16,650,000

1,071,592

Tuesday Morning Corp. (a)(e)

4,310,697

36,210

Watts Co. Ltd. (e)

665,000

9,708

Zakkaya Bulldog Co. Ltd.

400,000

949

1,294,312

Specialty Retail - 11.6%

Aarons, Inc. Class A

700,000

20,755

ABC-Mart, Inc. (d)

135,000

5,138

Abercrombie & Fitch Co. Class A (e)

6,400,000

320,000

Aeropostale, Inc. (a)(e)

8,177,100

110,636

Ascena Retail Group, Inc. (a)

1,950,000

33,053

AT-Group Co. Ltd.

823,000

12,150

AutoZone, Inc. (a)

900,000

332,730

Bed Bath & Beyond, Inc. (a)

6,600,000

387,420

Best Buy Co., Inc. (e)

22,140,000

359,996

Big 5 Sporting Goods Corp. (e)

2,199,000

30,500

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

5,600,000

78,885

Cash Converters International Ltd. (e)

24,000,000

28,531

Chico's FAS, Inc.

820,000

14,703

Citi Trends, Inc. (a)(e)

1,325,000

17,146

Destination Maternity Corp.

520,000

11,840

Express, Inc. (a)

1,440,000

26,467

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Folli Follie Group (a)(e)

4,301,500

$ 80,016

Fourlis Holdings SA (a)

200,000

646

GameStop Corp. Class A (d)(e)

8,250,000

191,400

Glentel, Inc. (e)

1,950,000

34,214

Guess?, Inc. (e)

8,518,100

230,755

Gulliver International Co. Ltd. (e)

1,011,500

42,918

Halfords Group PLC

900,000

4,862

I A Group Corp. (e)

875,000

5,904

John David Group PLC

350,000

4,135

Jos. A. Bank Clothiers, Inc. (a)(e)

2,737,500

110,978

Jumbo SA (e)

11,139,100

96,798

K'S Denki Corp. (d)

2,810,000

76,546

Ku Holdings Co. Ltd.

20,400

127

Kyoto Kimono Yuzen Co. Ltd. (e)

1,719,000

19,738

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

2,022,600

8,091

Leon's Furniture Ltd.

560,000

7,625

Lowe's Companies, Inc.

90,000

3,437

Macintosh Retail Group NV

200,000

2,335

MarineMax, Inc. (a)

899,988

10,512

Mr. Bricolage SA (e)

827,676

11,294

Nafco Co. Ltd. (e)

2,059,900

31,424

NEC Mobiling Ltd.

300,000

13,680

Nishimatsuya Chain Co. Ltd. (e)

6,950,000

56,317

Pal Co. Ltd. (e)

810,000

35,564

Penske Automotive Group, Inc.

600,000

19,752

Pier 1 Imports, Inc.

600,000

13,014

Point, Inc.

635,150

21,879

Right On Co. Ltd.

400,000

3,163

RONA, Inc.

100,000

1,214

Ross Stores, Inc.

10,000,000

597,000

Second Chance Properties Ltd.

10,000,000

3,272

Second Chance Properties Ltd.:

warrants 9/27/13 (a)

2,500,000

182

warrants 7/24/17 (a)

12,489,130

494

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

1,200,000

29,124

Staples, Inc.

26,200,000

353,176

Super Cheap Auto Group Ltd.

60,000

668

The Buckle, Inc. (d)

850,000

39,763

The Men's Wearhouse, Inc.

350,000

10,623

The Stanley Gibbons Group PLC

1,300,000

5,464

USS Co. Ltd. (e)

2,000,000

224,397

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

WH Smith PLC (d)

1,190,000

$ 12,570

Williams-Sonoma, Inc.

400,000

17,600

Workman Co. Ltd. (e)

1,471,700

41,522

4,264,143

Textiles, Apparel & Luxury Goods - 2.7%

Adolfo Dominguez SA (a)

350,000

2,186

Bijou Brigitte Modische Accessoires AG

45,000

4,460

Cherokee, Inc.

160,000

2,261

Deckers Outdoor Corp. (a)(d)

1,100,000

43,945

Delta Apparel, Inc. (a)

218,131

3,152

F&F Co. Ltd.

758,090

4,215

Fossil, Inc. (a)

2,350,000

248,113

Geox SpA (d)

3,250,000

11,412

Gildan Activewear, Inc. (d)(e)

8,810,000

324,258

Hampshire Group Ltd. (a)(e)

920,000

2,990

Handsome Co. Ltd. (e)

2,436,150

56,761

Iconix Brand Group, Inc. (a)

570,000

13,709

JLM Couture, Inc. (a)(e)

197,100

313

K-Swiss, Inc. Class A (a)

2,510,000

11,822

Li Ning Co. Ltd. (a)

500,000

335

Rocky Brands, Inc. (a)(e)

638,825

9,020

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

1,800,000

34,200

Steven Madden Ltd. (a)

390,000

17,971

Sun Hing Vision Group Holdings Ltd. (e)

23,939,000

8,458

Ted Baker PLC

100,000

1,910

Texwinca Holdings Ltd.

56,300,000

52,994

True Religion Apparel, Inc.

150,000

3,557

Tungtex Holdings Co. Ltd. (e)

22,000,000

2,298

Van de Velde

75,000

3,666

Vera Bradley, Inc. (a)

5,000

126

Victory City International Holdings Ltd.

63,079,356

7,808

Youngone Corp.

650,000

22,642

Youngone Holdings Co. Ltd. (e)

929,000

57,379

Yue Yuen Industrial (Holdings) Ltd.

9,000,000

30,173

982,134

TOTAL CONSUMER DISCRETIONARY

9,939,916

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 8.1%

Beverages - 1.2%

Baron de Ley SA (a)

200,000

$ 13,059

Britvic PLC

5,850,000

41,640

C&C Group PLC

1,111,938

7,247

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

7,000,000

226,520

Monster Beverage Corp. (a)

2,700,000

129,330

Muhak Co. Ltd. (e)

2,588,646

32,715

450,511

Food & Staples Retailing - 5.2%

Alimentation Couche-Tard, Inc. Class A (multi-vtg.)

25,000

1,215

Aoki Super Co. Ltd.

100,000

933

Belc Co. Ltd. (e)

2,086,000

31,776

Cosmos Pharmaceutical Corp. (e)

1,900,000

203,412

Create SD Holdings Co. Ltd. (e)

2,227,000

71,648

Daikokutenbussan Co. Ltd.

630,000

15,666

Dong Suh Companies, Inc.

2,620,000

45,151

Fyffes PLC (Ireland) (e)

29,000,000

23,626

Genky Stores, Inc. (d)(e)

240,000

5,491

Greggs PLC

1,425,000

10,803

Halows Co. Ltd. (e)

1,401,500

11,449

Ingles Markets, Inc. Class A

50,000

960

Kroger Co.

650,000

18,005

Kusuri No Aoki Co. Ltd. (d)

275,000

14,435

Majestic Wine PLC

300,000

2,027

MARR SpA

133,366

1,494

Marukyu Co. Ltd.

100,000

968

Maxvalu Nishinihon Co. Ltd.

25,000

382

Metro, Inc. Class A (sub. vtg.) (e)

10,925,833

678,291

Safeway, Inc. (d)(e)

12,650,000

243,513

San-A Co. Ltd.

375,000

15,276

Shoppers Drug Mart Corp. (d)

5,000,000

207,540

Sligro Food Group NV (d)

1,910,000

61,515

Sundrug Co. Ltd.

2,610,000

98,184

Tesco PLC

9,000,000

50,858

Total Produce PLC

10,000,000

8,147

Walgreen Co.

1,410,000

56,344

Welcia Holdings Co. Ltd.

340,987

12,548

Yaoko Co. Ltd.

986,400

39,534

1,931,191

Food Products - 1.5%

Archer Daniels Midland Co.

510,000

14,550

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food Products - continued

Aryzta AG

1,850,000

$ 103,981

Cranswick PLC

582,932

8,875

Darling International, Inc. (a)

600,000

10,122

Dean Foods Co. (a)

6,600,000

120,846

Dutch Lady Milk Industries Bhd

100,000

1,362

Food Empire Holdings Ltd. (e)

52,900,000

27,996

Fresh Del Monte Produce, Inc. (e)

6,300,000

166,005

Hilton Food Group PLC

812,773

4,069

Iwatsuka Confectionary Co. Ltd.

13,200

599

Nam Yang Dairy Products

11,000

9,706

Pacific Andes International Holdings Ltd.

82,489,308

4,574

Pacific Andes Resources Development Ltd.

129,316,774

16,091

President Rice Products PCL

1,000,000

2,012

Rocky Mountain Chocolate Factory, Inc. (e)

496,882

6,057

Samyang Genex Co. Ltd.

145,795

8,281

Select Harvests Ltd. (e)

5,331,997

9,591

Sunjin Co. Ltd. (e)

813,630

10,769

Synear Food Holdings Ltd. (a)

39,000,000

5,861

United Food Holdings Ltd.

22,400,000

977

532,324

Personal Products - 0.2%

Atrium Innovations, Inc. (a)

1,400,000

18,037

Nutraceutical International Corp. (e)

1,143,504

20,103

Sarantis SA (a)

1,349,952

8,047

USANA Health Sciences, Inc. (a)(d)

420,000

14,889

61,076

Tobacco - 0.0%

Karelia Tobacco Co., Inc.

2,452

393

TOTAL CONSUMER STAPLES

2,975,495

ENERGY - 5.9%

Energy Equipment & Services - 2.2%

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

1,777,000

19,919

Boustead Singapore Ltd.

100,000

91

BW Offshore Ltd.

3,200,000

3,298

Cal Dive International, Inc. (a)(d)(e)

6,624,500

12,587

Cathedral Energy Services Ltd.

508,800

2,821

Divestco, Inc. (a)(e)

3,586,000

557

Farstad Shipping ASA (e)

3,200,000

80,836

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Forum Energy Technologies, Inc.

450,000

$ 11,480

Fugro NV (Certificaten Van Aandelen)

1,600,027

96,970

Gulfmark Offshore, Inc. Class A

150,000

5,214

Helix Energy Solutions Group, Inc. (a)

550,000

13,046

Oil States International, Inc. (a)

2,000,000

155,160

Patterson-UTI Energy, Inc.

605,000

12,306

Precision Drilling Corp.

5,400,000

49,485

ProSafe ASA

7,900,000

75,198

Rowan Companies PLC (a)

1,004,700

34,642

Shinko Plantech Co. Ltd.

50,000

409

Solstad Offshore ASA

1,150,000

22,104

Total Energy Services, Inc. (e)

2,500,000

38,099

Unit Corp. (a)(e)

4,069,174

195,849

830,071

Oil, Gas & Consumable Fuels - 3.7%

Adams Resources & Energy, Inc.

158,951

5,673

AOC Holdings, Inc. (e)

6,050,000

25,736

Beach Energy Ltd.

15,182,924

22,562

ENI SpA

20,000,000

499,551

Great Eastern Shipping Co. Ltd.

4,360,000

20,038

Hankook Shell Oil Co. Ltd. (e)

68,000

15,687

HollyFrontier Corp.

658,256

34,374

Kanto Natural Gas Development

10,000

55

Marathon Oil Corp.

4,965,000

166,874

Michang Oil Industrial Co. Ltd. (e)

173,900

8,663

Newfield Exploration Co. (a)

950,000

28,025

Peabody Energy Corp.

1,500,000

37,725

Petrominerales Ltd.

100,000

890

Platino Energy Corp. (a)

25,000

35

Stone Energy Corp. (a)

936,900

21,080

Swift Energy Co. (a)(e)

2,500,000

37,675

Tesoro Corp.

4,600,000

223,974

The Williams Companies, Inc.

310,300

10,876

Tsakos Energy Navigation Ltd.

25,000

106

Uehara Sei Shoji Co. Ltd.

975,000

4,094

Ultra Petroleum Corp. (a)(d)

250,000

4,555

W&T Offshore, Inc. (e)

4,600,000

80,960

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

World Fuel Services Corp.

2,280,022

$ 98,292

WPX Energy, Inc. (a)

890,000

13,377

1,360,877

TOTAL ENERGY

2,190,948

FINANCIALS - 9.5%

Capital Markets - 0.2%

AllianceBernstein Holding LP

510,000

10,384

Federated Investors, Inc. Class B (non-vtg.) (d)

610,000

14,433

GFI Group, Inc.

500,000

1,700

Kyokuto Securities Co. Ltd.

10,000

125

State Street Corp.

460,000

25,599

Tullett Prebon PLC

1,650,000

6,281

58,522

Commercial Banks - 1.3%

Bank of Ireland (a)

603,500,040

116,303

Bank of the Ozarks, Inc.

25,000

908

BBCN Bancorp, Inc.

2,500,000

30,225

Camden National Corp.

5,000

169

Cathay General Bancorp (e)

4,125,000

80,066

Codorus Valley Bancorp, Inc.

159,022

2,505

Dimeco, Inc.

29,140

1,166

East West Bancorp, Inc.

4,000,000

93,800

First Bancorp, Puerto Rico (a)

7,428,572

38,109

North Valley Bancorp (a)(e)

527,500

8,741

Norwood Financial Corp.

31,801

975

Oriental Financial Group, Inc. (e)

2,504,542

35,990

Pacific Premier Bancorp, Inc. (a)(e)

950,000

10,954

Popular, Inc. (a)

1,800,000

48,312

SpareBank 1 SR-Bank ASA (primary capital certificate)

1,250,000

9,610

Sparebanken More (primary capital certificate)

80,000

2,636

Sterling Financial Corp.

396,699

8,565

489,034

Consumer Finance - 0.2%

Aeon Credit Service (Asia) Co. Ltd.

12,000,000

12,301

Albemarle & Bond Holdings PLC

1,850,000

6,030

EZCORP, Inc. (non-vtg.) Class A (a)

325,000

7,215

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Consumer Finance - continued

Green Dot Corp. Class A (a)(d)

3,000,000

$ 40,200

Nicholas Financial, Inc.

210,827

2,756

68,502

Diversified Financial Services - 0.1%

Newship Ltd. (a)

2,500

793

NICE Holdings Co. Ltd.

56,147

3,421

NICE Information Service Co. Ltd.

1,276,670

6,219

Ricoh Leasing Co. Ltd.

60,000

1,647

The NASDAQ Stock Market, Inc.

400,000

11,328

23,408

Insurance - 7.0%

Admiral Group PLC

600,000

11,638

AEGON NV

40,000,000

267,053

AFLAC, Inc.

360,000

19,102

Amlin PLC

2,100,000

12,776

APRIL (e)

2,419,142

51,471

Assurant, Inc. (e)

5,350,000

204,584

Axis Capital Holdings Ltd. (e)

8,000,000

306,160

CNO Financial Group, Inc.

941,576

9,670

Employers Holdings, Inc.

548,532

11,689

Endurance Specialty Holdings Ltd. (e)

2,600,000

111,592

FBD Holdings PLC

175,000

2,590

Genworth Financial, Inc. Class A (a)

20,000,000

183,400

Hartford Financial Services Group, Inc.

8,200,000

203,360

HCC Insurance Holdings, Inc.

650,000

25,142

Lincoln National Corp.

8,350,000

241,983

MetLife, Inc.

650,000

24,271

National Interstate Corp. (e)

1,000,000

30,500

National Western Life Insurance Co. Class A

148,870

24,325

Primerica, Inc.

600,000

19,728

Progressive Corp.

600,000

13,494

Protective Life Corp.

2,475,300

78,318

RenaissanceRe Holdings Ltd. (e)

3,100,000

265,484

Torchmark Corp.

595,000

33,147

Unum Group (e)

16,200,000

377,622

Validus Holdings Ltd.

1,900,000

69,179

2,598,278

Real Estate Investment Trusts - 0.1%

American Realty Capital Properties, Inc. (d)(e)

800,000

10,736

Cedar Shopping Centers, Inc.

2,000,000

11,020

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Investment Trusts - continued

Nieuwe Steen Investments NV

90,000

$ 782

Tanger Factory Outlet Centers, Inc.

350,000

12,397

34,935

Real Estate Management & Development - 0.2%

Airport Facilities Co. Ltd.

260,000

1,314

Devine Ltd.

2,125,000

2,017

Relo Holdings Corp. (e)

1,405,700

51,804

Tejon Ranch Co. (a)

150,000

4,584

59,719

Thrifts & Mortgage Finance - 0.4%

BofI Holding, Inc. (a)

214,276

6,848

Genworth MI Canada, Inc. (e)

5,650,000

136,577

New Hampshire Thrift Bancshare

4,900

63

Provident New York Bancorp

1,200,000

10,716

154,204

TOTAL FINANCIALS

3,486,602

HEALTH CARE - 9.8%

Biotechnology - 0.7%

Amgen, Inc.

3,000,000

256,380

Apex Biotechnology Corp.

153,768

400

256,780

Health Care Equipment & Supplies - 1.2%

Arts Optical International Holdings Ltd. (e)

33,970,640

9,549

Atrion Corp.

10,000

2,005

Audika SA

287,874

3,577

CareFusion Corp. (a)

400,000

12,416

DiaSorin S.p.A.

5,000

195

Exactech, Inc. (a)

100,000

1,919

Hoshiiryou Sanki Co. Ltd. (e)

296,500

7,519

Huvitz Co. Ltd. (e)

970,000

15,513

Mani, Inc.

300,000

10,629

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

1,634,280

7,534

Microlife Corp.

2,484,000

5,224

Nakanishi, Inc.

271,300

31,448

Prim SA (e)

1,650,000

11,560

ResMed, Inc.

350,000

15,330

Smith & Nephew PLC

100,000

1,153

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Span-America Medical System, Inc. (e)

269,900

$ 5,187

St. Jude Medical, Inc.

2,500,000

101,750

St. Shine Optical Co. Ltd.

400,200

6,193

Techno Medica Co. Ltd.

86

497

Theragenics Corp. (a)(e)

2,629,506

4,076

Top Glove Corp. Bhd

1,000,000

1,683

Utah Medical Products, Inc. (e)

438,418

17,624

Value Added Technologies Co. Ltd.

100,000

988

Young Innovations, Inc. (e)

530,000

20,935

Zimmer Holdings, Inc.

2,000,000

149,200

443,704

Health Care Providers & Services - 6.8%

A/S One Corp.

160,000

3,240

Advocat, Inc. (e)

351,269

1,816

Almost Family, Inc. (e)

936,814

18,755

Amedisys, Inc. (a)(e)

2,917,000

32,437

AmSurg Corp. (a)

735,344

22,950

Centene Corp. (a)

300,000

12,948

Corvel Corp. (a)

100,054

4,582

Coventry Health Care, Inc. (e)

13,331,494

610,982

DVx, Inc. (e)

421,200

6,223

Grupo Casa Saba SA de CV sponsored ADR

1,263,900

8,531

Hanger, Inc. (a)

400,000

11,492

Healthways, Inc. (a)(e)

1,747,900

18,388

LHC Group, Inc. (a)(e)

1,895,000

40,477

LifePoint Hospitals, Inc. (a)

750,000

32,783

Medica Sur SA de CV

325,500

653

MEDNAX, Inc. (a)

100,000

8,556

National Healthcare Corp.

6,700

322

Patterson Companies, Inc.

1,100,000

39,743

Pelion SA (e)

650,000

8,159

Psychemedics Corp.

93,977

1,121

The Ensign Group, Inc.

550,000

15,708

Triple-S Management Corp. (a)(e)

1,957,734

35,376

Tsukui Corp. (d)

600,000

12,237

U.S. Physical Therapy, Inc.

450,000

11,070

United Drug PLC (United Kingdom)

10,533,719

45,943

UnitedHealth Group, Inc.

23,000,000

1,269,814

Universal American Spin Corp.

1,106,590

10,369

VCA Antech, Inc. (a)

965,000

20,844

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - continued

Wellcare Health Plans, Inc. (a)

825,000

$ 41,836

WellPoint, Inc.

2,250,000

145,845

Win International Co., Ltd. (e)

1,230,300

10,790

2,503,990

Health Care Technology - 0.0%

Arrhythmia Research Technology, Inc. (e)

271,041

713

Quality Systems, Inc.

500,000

9,120

9,833

Pharmaceuticals - 1.1%

AbbVie, Inc.

250,000

9,173

Daewon Pharmaceutical Co. Ltd. (e)

1,560,350

14,700

Dawnrays Pharmaceutical Holdings Ltd.

1,000,000

227

DongKook Pharmaceutical Co. Ltd. (e)

449,972

10,401

Endo Pharmaceuticals Holdings, Inc. (a)

4,295,000

135,980

Forest Laboratories, Inc. (a)

1,350,000

49,005

Fuji Pharma Co. Ltd.

160,000

2,803

Hi-Tech Pharmacal Co., Inc.

113,450

4,152

Hospira, Inc. (a)

700,000

23,884

Ildong Pharmaceutical Co. Ltd. (e)

2,505,065

27,169

Jeil Pharmaceutical Co. (e)

1,484,800

18,696

Kaken Pharmaceutical Co. Ltd.

110,000

1,806

Kwang Dong Pharmaceutical Co. Ltd.

425,000

2,727

Mylan, Inc. (a)

450,000

12,722

Pacific Pharmaceutical Co. Ltd.

85,000

2,105

Recordati SpA

5,950,000

60,875

Torii Pharmaceutical Co. Ltd.

600,000

14,822

Tsumura & Co.

100,000

3,292

Whanin Pharmaceutical Co. Ltd. (e)

1,860,000

19,489

Yuyu Pharma, Inc.

240,000

1,482

415,510

TOTAL HEALTH CARE

3,629,817

INDUSTRIALS - 9.2%

Aerospace & Defense - 0.2%

CAE, Inc.

2,000,000

21,596

Ducommun, Inc. (a)

100,000

1,603

Magellan Aerospace Corp. (a)

555,000

1,892

Moog, Inc. Class A (a)

1,000,000

43,800

68,891

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Air Freight & Logistics - 0.2%

Air T, Inc. (e)

244,600

$ 2,126

Hub Group, Inc. Class A (a)

316,008

11,632

Kintetsu World Express, Inc.

500,000

16,403

Pacer International, Inc. (a)(e)

2,000,001

8,140

Sinwa Ltd. (e)

22,957,000

2,189

Yusen Logistics Co. Ltd. (e)

4,221,500

41,271

81,761

Airlines - 0.1%

Republic Airways Holdings, Inc. (a)

1,000,000

8,390

SkyWest, Inc.

1,939,663

24,517

32,907

Building Products - 0.1%

Insteel Industries, Inc. (e)

1,108,517

16,805

Kingspan Group PLC (Ireland)

1,400,000

16,253

Kondotec, Inc. (e)

1,625,000

9,418

Owens Corning (a)

198,800

8,284

50,760

Commercial Services & Supplies - 2.1%

Aeon Delight Co. Ltd.

475,000

8,893

AJIS Co. Ltd. (e)

538,500

6,342

Asia File Corp. Bhd

800,000

914

Avery Dennison Corp. (e)

8,945,800

344,503

Corrections Corp. of America

298,800

11,322

Fursys, Inc. (e)

824,994

19,942

Industrial Services of America, Inc. (a)(d)

84,200

262

Knoll, Inc. (e)

4,500,000

74,610

May Gurney Integrated Services PLC

2,400,000

6,647

Mears Group PLC

2,700,000

15,630

Mitie Group PLC (e)

24,025,000

107,414

Moshi Moshi Hotline, Inc.

630,000

9,197

Multi-Color Corp.

616,500

14,771

NICE e-Banking Services (e)

2,599,700

5,161

Prestige International, Inc.

401,000

3,653

Republic Services, Inc.

338,500

10,795

RPS Group PLC

2,541,256

9,314

Sykes Enterprises, Inc. (a)

206,526

3,325

Teems, Inc. (e)

124,950

1,878

The Geo Group, Inc.

187,898

6,129

TMS International Corp. (a)

12,402

173

United Stationers, Inc. (e)

2,431,544

81,068

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Commercial Services & Supplies - continued

VICOM Ltd.

3,246,000

$ 13,271

Waste Management, Inc.

384,600

13,992

769,206

Construction & Engineering - 1.9%

AECOM Technology Corp. (a)(e)

8,029,360

205,311

Arcadis NV

1,275,000

33,542

Astaldi SpA (d)

275,000

2,067

Badger Daylighting Ltd.

420,000

14,380

Daiichi Kensetsu Corp. (e)

1,900,000

18,243

Dongyang Engineering & Construction Corp.

72,375

324

EPCO Co. Ltd.

150,000

2,059

Foster Wheeler AG (a)

428,800

11,196

Geumhwa PSC Co. Ltd.

25,000

460

Heijmans NV (Certificaten Van Aandelen)

10,000

107

Imtech NV

1,525,768

40,284

Jacobs Engineering Group, Inc. (a)

5,056,143

243,251

Kier Group PLC

620,000

13,226

Koninklijke BAM Groep NV (d)

1,250,000

5,228

Kyeryong Construction Industrial Co. Ltd. (e)

893,000

7,814

Meisei Industrial Co. Ltd.

1,275,000

4,950

Mirait Holdings Corp.

2,000,000

16,622

Sanyo Engineering & Construction, Inc.

665,000

2,123

Severfield-Rowen PLC

1,000,000

1,197

Shinnihon Corp.

1,800,000

4,862

Shinsegae Engineering & Construction Co. Ltd. (e)

314,469

3,208

ShoLodge, Inc. (a)(e)

500,627

50

Sterling Construction Co., Inc. (a)(e)

1,630,000

16,708

Tutor Perini Corp. (a)

1,690,000

28,037

United Integration Services Co. Ltd.

6,000,000

5,019

URS Corp.

416,772

17,288

Vianini Lavori SpA

675,000

3,199

700,755

Electrical Equipment - 0.4%

Aichi Electric Co. Ltd.

1,000,000

2,876

Aros Quality Group AB

875,000

6,331

AZZ, Inc. (e)

1,600,000

68,464

Chiyoda Integre Co. Ltd.

500,500

5,293

Deswell Industries, Inc.

200,000

498

Dynapack International Technology Corp.

200,000

762

EnerSys (a)

300,000

12,279

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Electrical Equipment - continued

FW Thorpe PLC

504,300

$ 8,798

GrafTech International Ltd. (a)

18,000

173

Graphite India Ltd.

2,200,000

3,483

I-Sheng Electric Wire & Cable Co. Ltd. (e)

12,000,000

17,169

Jinpan International Ltd.

382,640

2,284

Korea Electric Terminal Co. Ltd. (e)

700,000

17,854

PK Cables OY

250,000

5,676

Servotronics, Inc.

60,000

498

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

241,255

1,001

153,439

Industrial Conglomerates - 1.1%

DCC PLC (Ireland) (e)

8,310,000

271,928

Harim Holdings Co. Ltd. (a)

1,530,963

2,406

Reunert Ltd.

1,425,000

11,884

Seaboard Corp.

47,600

128,678

414,896

Machinery - 1.7%

Aalberts Industries NV (e)

9,500,000

213,545

Actuant Corp. Class A

800,000

23,584

ASL Marine Holdings Ltd.

17,500,000

10,251

CKD Corp. (e)

5,525,000

33,593

Foremost Income Fund (e)

2,141,103

17,603

Gencor Industries, Inc. (a)

391,000

2,889

Harsco Corp.

603,872

15,393

Hurco Companies, Inc. (a)(e)

633,500

18,802

Hwacheon Machine Tool Co. Ltd. (e)

219,900

9,701

Hyster-Yale Materials Handling:

Class A

310,000

15,556

Class B

310,000

15,556

Ihara Science Corp. (e)

985,600

5,411

Jaya Holdings Ltd. (a)(e)

74,670,000

42,836

Kyowakogyosyo Co.,Ltd.

140,000

995

Metka SA

500,000

7,604

Mirle Automation Corp.

3,708,000

2,587

Nadex Co. Ltd. (e)

700,000

3,521

Nitta Corp.

75,000

1,285

Oshkosh Truck Corp. (a)

3,418,000

133,917

S&T Holdings Co. Ltd.

700,020

6,363

Semperit AG Holding

574,137

24,946

SIMPAC, Inc.

275,000

1,529

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Takamatsu Machinery Co., Ltd.

105,000

$ 646

Takeuchi Manufacturing Co. Ltd.

200,000

3,488

Techno Smart Corp. (e)

1,082,000

3,751

Terex Corp. (a)

9,100

295

Tocalo Co. Ltd.

560,000

8,641

Trifast PLC

1,550,000

1,269

Trinity Industrial Corp.

665,000

2,240

Young Poong Precision Corp. (e)

988,011

9,762

637,559

Marine - 0.0%

DryShips, Inc. (a)(d)

2,552,500

5,513

Tokyo Kisen Co. Ltd. (e)

1,000,000

5,085

10,598

Professional Services - 0.6%

Akka Technologies SA

550,000

16,795

Boardroom Ltd.

3,000,000

1,333

Clarius Group Ltd.

4,245,812

1,461

CRA International, Inc. (a)(e)

910,000

16,917

en-japan, Inc.

6,100

6,264

FTI Consulting, Inc. (a)

304,600

9,900

Hyder Consulting PLC

650,000

4,892

Manpower, Inc.

231,900

11,943

SmartPros Ltd.

125,000

175

Sporton International, Inc. (e)

7,973,340

17,983

Stantec, Inc. (e)

2,400,000

98,320

Synergie SA

225,000

2,615

VSE Corp. (e)

527,700

12,670

201,268

Road & Rail - 0.4%

Alps Logistics Co. Ltd. (e)

1,723,700

17,342

Con-way, Inc.

335,000

10,512

Hamakyorex Co. Ltd. (e)

750,000

24,154

Hutech Norin Co. Ltd. (e)

1,043,700

9,701

Quality Distribution, Inc. (a)

1,178,608

8,733

Roadrunner Transportation Systems, Inc. (a)

700,000

14,077

Sakai Moving Service Co. Ltd. (e)

778,000

17,679

Trancom Co. Ltd. (d)(e)

1,032,400

27,999

Universal Truckload Services, Inc.

300,000

5,382

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Road & Rail - continued

Vitran Corp., Inc. (a)

683,894

$ 4,491

140,070

Trading Companies & Distributors - 0.3%

AddTech AB (B Shares)

500,000

15,217

Goodfellow, Inc. (e)

857,000

7,733

Grafton Group PLC unit

4,000,000

23,419

Hanwa Co. Ltd.

650,000

2,495

Houston Wire & Cable Co. (e)

1,264,600

15,112

KS Energy Services Ltd. (a)

12,045,000

7,494

Otec Corp.

150,000

1,010

Parker Corp. (e)

2,400,000

5,512

Richelieu Hardware Ltd.

350,000

13,861

Senshu Electric Co. Ltd. (e)

1,080,000

12,247

Strongco Corp. (a)(e)

1,025,288

5,736

Tanaka Co. Ltd.

44,000

230

TECHNO ASSOCIE CO., LTD.

180,000

1,435

Totech Corp.

200,000

997

Wakita & Co. Ltd.

275,000

2,436

114,934

Transportation Infrastructure - 0.1%

Isewan Terminal Service Co. Ltd. (e)

1,500,000

8,776

Meiko Transportation Co. Ltd.

925,000

7,910

16,686

TOTAL INDUSTRIALS

3,393,730

INFORMATION TECHNOLOGY - 18.3%

Communications Equipment - 0.8%

Aastra Technologies Ltd. (e)

875,000

15,791

ADTRAN, Inc.

704,600

14,233

Bel Fuse, Inc. Class A

289,278

4,770

Black Box Corp. (e)

1,800,840

42,194

Brocade Communications Systems, Inc. (a)

2,208,100

12,630

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

1,110,000

1,299

Cisco Systems, Inc.

600,000

12,342

ClearOne, Inc. (a)(e)

671,627

4,668

Comtech Telecommunications Corp.

348,500

9,235

Finisar Corp. (a)

845,800

13,110

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Nera Telecommunications Ltd.

5,000,000

$ 2,222

NETGEAR, Inc. (a)

1,300,000

45,643

Optical Cable Corp.

100,000

417

Parrot SA (a)

142,500

5,514

Polycom, Inc. (a)

925,000

10,203

Tessco Technologies, Inc.

70,000

1,565

TKH Group NV unit (e)

3,000,000

81,875

277,711

Computers & Peripherals - 3.9%

Compal Electronics, Inc.

153,500,000

111,499

EMC Corp. (a)

1,034,900

25,469

Lexmark International, Inc. Class A (d)

2,300,000

55,338

Logitech International SA (Reg.) (d)

7,600,000

51,109

Pinnacle Technology Holdings Ltd.

8,000,000

17,440

Quantum Corp. (a)

6,619,000

9,002

Rimage Corp. (e)

966,192

6,705

Roland DG Corp.

210,000

2,795

Seagate Technology (e)

30,400,000

1,032,992

Super Micro Computer, Inc. (a)(e)

3,246,900

40,197

Synaptics, Inc. (a)

209,600

7,353

TPV Technology Ltd.

58,500,000

18,330

Western Digital Corp.

700,000

32,900

Xyratex Ltd. (e)

1,579,865

14,693

1,425,822

Electronic Equipment & Components - 3.3%

A&D Co. Ltd. (e)

1,650,000

6,802

Arrow Electronics, Inc. (a)

287,500

11,046

Beijer Electronics AB

175,000

1,817

Corning, Inc.

1,200,000

14,400

Delta Electronics PCL (For. Reg.)

23,000,000

27,381

DigiTech Systems Co., Ltd. (a)

280,000

2,303

Dolby Laboratories, Inc. Class A (d)

400,000

12,924

Elec & Eltek International Co. Ltd.

1,800,000

4,050

Elematec Corp.

660,000

8,805

Excel Co. Ltd. (e)

909,800

7,929

Fabrinet (a)

661,000

9,677

FLIR Systems, Inc.

800,000

19,016

Hana Microelectronics Co. (For. Reg.)

17,000,000

13,340

Hi-P International Ltd.

20,002,000

11,313

Hon Hai Precision Industry Co. Ltd. (Foxconn)

127,600,000

364,695

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Components - continued

Huan Hsin Holdings Ltd. (a)

7,200,000

$ 332

Image Sensing Systems, Inc. (a)(e)

365,685

1,883

Insight Enterprises, Inc. (a)

1,600,127

31,362

Intelligent Digital Integrated Security Co. Ltd. (e)

691,242

9,276

Intelligent Digital Integrated Security Co. Ltd. (e)

310,558

21,265

INTOPS Co. Ltd. (e)

859,900

20,984

Isra Vision AG (e)

438,100

16,525

Jurong Technologies Industrial Corp. Ltd. (a)

29,873,347

0*

Kingboard Chemical Holdings Ltd. (e)

43,500,000

143,590

Kingboard Laminates Holdings Ltd.

9,000,000

4,526

KITAGAWA INDUSTRIES CO., LTD.

100,000

980

Lumax International Corp. Ltd.

110,000

250

Mesa Laboratories, Inc. (e)

317,500

16,507

Multi-Fineline Electronix, Inc. (a)

506,466

8,091

Muramoto Electronic Thailand PCL (For. Reg.) (e)

1,600,000

9,819

Nippo Ltd. (e)

797,600

4,326

Orbotech Ltd. (a)(e)

3,100,000

29,233

Posiflex Technologies, Inc.

1,855,677

3,896

Rofin-Sinar Technologies, Inc. (a)

500,000

12,815

ScanSource, Inc. (a)(e)

2,000,000

58,120

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

465,000

1,121

Shibaura Electronics Co. Ltd. (e)

777,800

9,918

Sigmatron International, Inc. (a)(e)

381,880

1,967

Store Electronic Systems SA

21,950

325

SYNNEX Corp. (a)(e)

3,505,000

126,005

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

320,000

326

Tomen Devices Corp. (e)

680,100

13,647

Tomen Electronics Corp. (e)

1,492,400

18,980

Tripod Technology Corp.

300,000

604

Venture Corp. Ltd.

11,035,000

75,698

VST Holdings Ltd. (e)

105,836,000

26,202

Wireless Telecom Group, Inc. (a)(e)

1,300,000

1,677

XAC Automation Corp. (e)

9,430,000

8,574

1,194,322

Internet Software & Services - 0.4%

Bankrate, Inc. (a)

661,900

8,188

DeNA Co. Ltd.

400,000

12,650

Gabia, Inc.

100,000

377

Gurunavi, Inc.

400,000

4,444

j2 Global, Inc. (d)

1,500,000

47,730

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Meetic (a)(e)

1,665,000

$ 29,955

Melbourne IT Ltd. (e)

8,185,000

17,071

Monster Worldwide, Inc. (a)(d)

500,000

2,900

NetGem SA

1,000,000

3,340

Rentabiliweb Group SA

110,000

693

Softbank Technology Corp.

375,000

3,838

Stamps.com, Inc. (a)

208,798

5,635

UANGEL Corp. (e)

750,000

3,050

ValueClick, Inc. (a)

900,000

18,423

158,294

IT Services - 3.5%

ALTEN

1,035,000

39,771

Amdocs Ltd. (e)

8,528,300

304,375

Argo Graphics, Inc. (e)

526,500

7,519

ATOSS Software AG

15,000

513

Calian Technologies Ltd. (e)

778,500

17,062

CGI Group, Inc. Class A (sub. vtg.) (a)

600,000

16,098

Computer Sciences Corp.

4,950,000

206,910

Computer Services, Inc.

190,600

5,716

CSE Global Ltd. (e)

47,361,000

33,101

Data#3 Ltd.

1,400,000

2,000

EOH Holdings Ltd. (e)

8,322,000

38,238

EPAM Systems, Inc.

200,000

4,144

Genpact Ltd.

600,000

10,050

Groupe Steria SCA

25,667

477

Heartland Payment Systems, Inc. (e)

2,000,017

63,521

HIQ International AB

900,000

5,464

Indra Sistemas (d)(e)

16,413,000

214,588

Jack Henry & Associates, Inc.

1,000,000

41,480

Know IT AB (e)

1,727,000

13,527

ManTech International Corp. Class A (d)

850,000

20,970

Mastek Ltd. (a)(e)

2,025,000

6,112

Matsushita Electric Works Information Systems Co. Ltd.

500,000

11,089

NCI, Inc. Class A (a)(e)

888,530

4,674

NeuStar, Inc. Class A (a)

357,447

16,135

Rolta India Ltd. (a)

2,699,942

3,185

SAIC, Inc.

3,350,000

40,535

Sapient Corp. (a)

1,290,600

15,629

Societe Pour L'Informatique Industrielle SA (e)

1,518,422

8,474

Softcreate Co., Ltd.

110,500

1,788

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

The Western Union Co.

8,100,000

$ 115,263

Total System Services, Inc.

1,000,000

23,250

1,291,658

Office Electronics - 0.2%

Xerox Corp.

10,000,000

80,100

Semiconductors & Semiconductor Equipment - 0.7%

Alpha & Omega Semiconductor Ltd. (a)(e)

1,850,000

15,004

Axell Corp. (e)

925,000

21,434

Diodes, Inc. (a)

2,057,785

39,139

Entegris, Inc. (a)

843,771

8,320

Lasertec Corp.

362,000

6,136

Leeno Industrial, Inc.

125,000

3,791

Melexis NV (e)

3,350,000

63,544

Miraial Co. Ltd.

216,900

4,241

Nextchip Co. Ltd. (e)

1,070,110

6,442

Omnivision Technologies, Inc. (a)

800,000

12,296

Powertech Technology, Inc.

9,460,000

14,224

Skyworks Solutions, Inc. (a)

481,200

11,520

Telechips, Inc. (e)

1,058,800

4,116

Tessera Technologies, Inc.

705,110

12,375

Trio-Tech International (a)(e)

322,543

642

UKC Holdings Corp. (e)

1,570,000

32,707

Varitronix International Ltd. (e)

16,500,000

8,510

Y. A. C. Co., Ltd.

300,000

1,627

266,068

Software - 5.5%

AdaptIT Holdings Ltd.

4,100,000

715

ANSYS, Inc. (a)(e)

5,000,000

368,000

Axway Software SA

15,000

346

Cybernet Systems Co. Ltd. (e)

20,500

5,844

Ebix, Inc. (d)(e)

2,200,000

35,948

Exact Holdings NV

725,000

15,869

Geodesic Ltd. (a)(e)

4,873,000

1,422

ICT Automatisering NV (e)

874,000

3,756

IGE + XAO SA

40,000

2,363

Infomedia Ltd. (e)

16,200,000

6,251

init innovation in traffic systems AG (d)

10,000

316

Jorudan Co. Ltd. (e)

525,000

2,899

KSK Co., Ltd. (e)

625,000

3,725

Mentor Graphics Corp. (a)

110,789

1,898

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

MICROS Systems, Inc. (a)

25,000

$ 1,151

Microsoft Corp.

33,233,500

912,924

Net 1 UEPS Technologies, Inc. (a)

725,000

4,154

NIIT Technologies Ltd.

1,600,000

7,927

NSD Co. Ltd.

250,000

2,316

Nucleus Software Exports Ltd. (a)

1,350,000

1,836

Oracle Corp.

13,350,000

474,059

Parametric Technology Corp. (a)

691,800

16,036

Pro-Ship, Inc.

152,200

2,780

Shanda Games Ltd. sponsored ADR

200,000

620

Software AG (Bearer)

2,900,000

111,691

SWORD Group (e)

571,130

10,539

Synopsys, Inc. (a)

350,000

11,704

Vasco Data Security International, Inc. (a)(e)

3,000,000

24,300

Vitec Software Group AB (d)

35,000

429

Zensar Technologies Ltd.

350,000

1,666

2,033,484

TOTAL INFORMATION TECHNOLOGY

6,727,459

MATERIALS - 3.7%

Chemicals - 2.5%

Aditya Birla Chemicals India Ltd. (a)(e)

2,338,600

4,322

C. Uyemura & Co. Ltd. (e)

653,800

21,370

Chase Corp. (e)

904,986

17,032

Core Molding Technologies, Inc. (a)

314,306

2,216

Deepak Fertilisers and Petrochemicals Corp. Ltd. (a)(e)

7,569,000

15,969

Deepak Nitrite Ltd. (a)(e)

625,000

3,049

EcoGreen Fine Chemical Group Ltd. (e)

45,112,000

8,842

FMC Corp.

3,600,000

221,292

Fujikura Kasei Co., Ltd. (e)

3,271,600

13,774

Gujarat Narmada Valley Fertilizers Co. (a)

5,750,000

8,974

Gujarat State Fertilizers & Chemicals Ltd. (a)

18,822,250

23,459

Honshu Chemical Industry Co., Ltd. (e)

800,000

4,217

Innospec, Inc.

1,145,629

46,112

KPC Holdings Corp.

43,478

1,584

KPX Chemical Co. Ltd.

163,083

6,805

Kraton Performance Polymers, Inc. (a)

1,000,000

26,250

LyondellBasell Industries NV Class A

325,000

20,612

Mexichem SAB de CV

3,467,037

19,611

Miwon Chemicals Co. Ltd. (a)

55,095

1,256

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

Miwon Commercial Co. Ltd.

13,552

$ 1,906

Muto Seiko Co. Ltd.

139,000

1,018

Nano Chem Tech, Inc. (a)

25,000

82

Nuplex Industries Ltd.

2,982,621

8,260

OM Group, Inc. (a)(e)

3,235,000

89,351

PolyOne Corp.

800,000

17,472

RPM International, Inc.

400,000

12,484

SK Kaken Co. Ltd.

390,000

18,851

Soda Aromatic Co. Ltd.

85,000

615

Soken Chemical & Engineer Co. Ltd. (e)

805,000

8,002

T&K Toka Co. Ltd. (e)

800,000

13,490

Thai Carbon Black PCL (For. Reg.)

11,600,000

11,962

Thai Rayon PCL (For. Reg.)

3,200,000

5,526

Yara International ASA

4,750,000

253,460

Yip's Chemical Holdings Ltd. (e)

31,002,000

25,424

934,649

Construction Materials - 0.1%

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

850,700

5,263

Mitani Sekisan Co. Ltd. (e)

1,535,000

13,446

Titan Cement Co. SA (Reg.) (a)

450,000

8,053

26,762

Containers & Packaging - 0.5%

Ball Corp.

314,130

13,985

Chuoh Pack Industry Co. Ltd. (e)

510,000

5,917

Kohsoku Corp. (e)

2,097,300

18,348

Silgan Holdings, Inc.

2,600,000

111,540

Starlite Holdings Ltd.

3,000,000

135

The Pack Corp. (e)

1,990,000

32,621

Vidrala SA

110,000

3,555

186,101

Metals & Mining - 0.5%

Alconix Corp. (e)

635,000

11,062

Blue Earth Refineries, Inc.

274,309

0*

Chubu Steel Plate Co. Ltd.

500,000

1,941

Compania de Minas Buenaventura SA sponsored ADR

2,200,000

65,098

Fortescue Metals Group Ltd. (d)

1,490,203

7,273

Hill & Smith Holdings PLC

1,700,600

12,609

Horsehead Holding Corp. (a)

120,200

1,197

Korea Steel Shapes Co. Ltd.

34,000

1,175

Orosur Mining, Inc. (a)

3,100,000

1,554

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - continued

Orvana Minerals Corp. (a)(d)

900,000

$ 866

Pacific Metals Co. Ltd.

4,025,000

20,951

Sherritt International Corp.

2,900,000

17,096

SunCoke Energy, Inc. (a)

1,850,000

30,673

Tohoku Steel Co. Ltd. (e)

755,000

7,026

Tokyo Kohtetsu Co. Ltd.

125,000

599

Tokyo Tekko Co. Ltd. (e)

4,600,000

19,568

Webco Industries, Inc. (a)

9,122

1,123

Yamato Kogyo Co. Ltd.

285,000

8,156

207,967

Paper & Forest Products - 0.1%

Schweitzer-Mauduit International, Inc.

350,000

14,259

Stella-Jones, Inc. (a)

150,000

11,356

25,615

TOTAL MATERIALS

1,381,094

TELECOMMUNICATION SERVICES - 0.2%

Diversified Telecommunication Services - 0.1%

Atlantic Tele-Network, Inc.

715,672

30,974

Wireless Telecommunication Services - 0.1%

NII Holdings, Inc. (a)

830,000

5,810

SK Telecom Co. Ltd. sponsored ADR

1,900,000

32,205

38,015

TOTAL TELECOMMUNICATION SERVICES

68,989

UTILITIES - 0.2%

Electric Utilities - 0.0%

Great Plains Energy, Inc.

524,100

11,216

Gas Utilities - 0.1%

Hokuriku Gas Co.

1,600,000

3,972

Keiyo Gas Co. Ltd.

606,000

2,684

KyungDong City Gas Co. Ltd.

153,670

10,409

Otaki Gas Co. Ltd.

831,000

4,780

21,845

Independent Power Producers & Energy Traders - 0.0%

Mega First Corp. Bhd (e)

22,662,000

11,670

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Multi-Utilities - 0.1%

CMS Energy Corp.

775,800

$ 19,938

TOTAL UTILITIES

64,669

TOTAL COMMON STOCKS

(Cost $21,698,637)


33,858,719

Preferred Stocks - 0.0%

Convertible Preferred Stocks - 0.0%

FINANCIALS - 0.0%

Commercial Banks - 0.0%

East West Bancorp, Inc. Series A, 8.00%

3,195

5,026

Nonconvertible Preferred Stocks - 0.0%

CONSUMER STAPLES - 0.0%

Food Products - 0.0%

Nam Yang Dairy Products

4,917

1,098

HEALTH CARE - 0.0%

Pharmaceuticals - 0.0%

Pacific Pharmaceutical Co. Ltd.

15,000

234

MATERIALS - 0.0%

Construction Materials - 0.0%

Buzzi Unicem SpA (Risparmio Shares)

1,250,000

8,995

TOTAL NONCONVERTIBLE PREFERRED STOCKS

10,327

TOTAL PREFERRED STOCKS

(Cost $12,977)


15,353

Convertible Bonds - 0.0%

Principal Amount (000s)

ENERGY - 0.0%

Oil, Gas & Consumable Fuels - 0.0%

USEC, Inc. 3% 10/1/14

(Cost $35,850)

$ 37,150


15,038

Money Market Funds - 9.6%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.16% (b)

2,902,217,213

$ 2,902,217

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

636,776,886

636,777

TOTAL MONEY MARKET FUNDS

(Cost $3,538,994)


3,538,994

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $25,286,458)

37,428,104

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(570,743)

NET ASSETS - 100%

$ 36,857,361

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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

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

(e) Affiliated company

* Amount represents less than $1,000.

Affiliated Central Funds

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

Fund

Income earned
(Amount in thousands)

Fidelity Cash Central Fund

$ 2,207

Fidelity Securities Lending Cash Central Fund

8,614

Total

$ 10,821

Other Affiliated Issuers

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

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

A&D Co. Ltd.

$ 6,098

$ -

$ -

$ -

$ 6,802

Aalberts Industries NV

151,267

157

1,235

-

213,545

Aastra Technologies Ltd.

14,833

-

-

149

15,791

Abbey PLC

24,096

-

10,452

139

20,873

Abercrombie & Fitch Co. Class A

219,700

-

5,005

2,275

320,000

Accell Group NV

39,946

-

-

-

45,961

Aditya Birla Chemicals India Ltd.

3,039

-

-

-

4,322

Advocat, Inc.

2,188

-

-

39

1,816

AECOM Technology Corp.

137,524

2,310

12,838

-

205,311

Aeropostale, Inc.

161,252

-

-

-

110,636

Air T, Inc.

2,079

-

-

-

2,126

AJIS Co. Ltd.

7,719

-

-

-

6,342

Alconix Corp.

12,057

-

-

228

11,062

Almost Family, Inc.

20,619

-

-

1,874

18,755

Alpha & Omega Semiconductor Ltd.

10,370

4,407

-

-

15,004

Alps Logistics Co. Ltd.

17,279

-

-

361

17,342

Ambassadors Group, Inc.

9,666

-

-

1,098

8,728

Amdocs Ltd.

255,553

-

2,025

2,217

304,375

Amedisys, Inc.

35,558

-

-

-

32,437

American Realty Capital Properties, Inc.

-

10,476

-

35

10,736

AMERIGROUP Corp.

435,918

-

445,162

-

-

ANSYS, Inc.

305,796

-

6,826

-

368,000

AOC Holdings, Inc.

19,777

-

-

-

25,736

APRIL

33,248

1,592

-

-

51,471

Argo Graphics, Inc.

7,024

-

-

-

7,519

ARK Restaurants Corp.

3,353

-

-

112

3,947

Arrhythmia Research Technology, Inc.

786

-

-

-

713

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Arts Optical International Holdings Ltd.

$ 9,418

$ -

$ -

$ 175

$ 9,549

Assurant, Inc.

193,724

-

-

2,247

204,584

ASTI Corp.

3,713

-

463

87

2,953

Atlantic Tele-Network, Inc.

41,018

-

18,227

391

-

Avery Dennison Corp.

309,249

-

34,674

4,924

344,503

Axell Corp.

19,811

-

-

332

21,434

Axis Capital Holdings Ltd.

262,880

-

-

3,920

306,160

AZZ, Inc.

68,176

-

22,449

479

68,464

Barratt Developments PLC

174,107

-

-

-

289,896

Belc Co. Ltd.

29,659

-

-

445

31,776

Belluna Co. Ltd.

40,722

-

-

457

38,203

Bellway PLC

94,680

-

345

1,691

132,035

Best Buy Co., Inc.

364,613

31,679

1,452

6,843

359,996

Big 5 Sporting Goods Corp.

16,580

-

-

330

30,500

Black Box Corp.

47,974

-

-

288

42,194

Blyth, Inc.

-

20,899

-

-

13,310

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

100,650

-

124

1,157

78,885

C. Uyemura & Co. Ltd.

24,403

-

-

-

21,370

Cal Dive International, Inc.

10,732

-

-

-

12,587

Calian Technologies Ltd.

16,224

-

-

374

17,062

Career Education Corp.

31,651

-

-

-

23,251

Cash Converters International Ltd.

18,841

-

950

453

28,531

Cathay General Bancorp

66,784

-

-

83

80,066

CEC Entertainment, Inc.

68,920

-

-

920

65,920

Chase Corp.

13,991

-

-

362

17,032

Chime Communications PLC

13,338

-

-

160

17,722

Chuoh Pack Industry Co. Ltd.

6,073

446

-

116

5,917

Citi Trends, Inc.

15,030

4,070

346

-

17,146

CKD Corp.

34,555

-

-

330

33,593

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

ClearOne, Inc. (formerly ClearOne Communications, Inc.)

$ 1,781

$ 1,459

$ -

$ -

$ 4,668

Clip Corp.

3,741

-

-

-

3,482

Cosmos Pharmaceutical Corp.

154,513

-

-

429

203,412

Coventry Health Care, Inc.

476,619

-

40,588

3,333

610,982

CRA International, Inc.

9,681

4,628

-

-

16,917

Create SD Holdings Co. Ltd.

61,339

-

-

503

71,648

CSE Global Ltd.

32,495

45

-

580

33,101

Cybernet Systems Co. Ltd.

5,648

-

-

127

5,844

Daewon Pharmaceutical Co. Ltd.

6,963

-

-

55

14,700

Daiichi Kensetsu Corp.

17,709

65

-

-

18,243

DCC PLC (Ireland)

206,435

-

-

3,112

271,928

Dean Foods Co.

117,515

277

49,139

-

-

Deepak Fertilisers and Petrochemicals Corp. Ltd.

17,513

-

-

-

15,969

Deepak Nitrite Ltd.

1,879

-

97

-

3,049

Delta Apparel, Inc.

6,011

-

3,054

-

-

Diodes, Inc.

60,608

-

21,548

-

-

Divestco, Inc.

787

-

-

-

557

DongKook Pharmaceutical Co. Ltd.

5,890

-

-

133

10,401

DVx, Inc.

3,996

-

-

-

6,223

Ebix, Inc.

46,417

1,669

953

212

35,948

EcoGreen Fine Chemical Group Ltd.

7,446

-

-

58

8,842

Educational Development Corp.

1,586

-

-

93

1,528

Endurance Specialty Holdings Ltd.

90,142

-

-

1,612

111,592

EOH Holdings Ltd.

35,961

-

-

572

38,238

Excel Co. Ltd.

8,426

-

-

163

7,929

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Farstad Shipping ASA

$ 80,165

$ -

$ -

$ -

$ 80,836

Federal Screw Works

938

-

246

-

315

First Juken Co. Ltd.

14,934

-

-

335

20,422

Folli Follie Group

26,144

1,384

-

-

80,016

Food Empire Holdings Ltd.

18,279

-

-

-

27,996

Foremost Income Fund

18,148

-

-

1,291

17,603

Fresh Del Monte Produce, Inc.

154,350

-

-

1,260

166,005

Fujikura Kasei Co., Ltd.

15,407

-

-

274

13,774

Fursys, Inc.

20,686

-

-

449

19,942

Fyffes PLC (Ireland)

16,021

-

-

242

23,626

GameStop Corp.
Class A

136,489

30

6,640

4,183

191,400

Genky Stores, Inc.

6,073

-

-

66

5,491

Genworth MI Canada, Inc.

95,664

-

-

2,943

136,577

Geodesic Ltd.

3,245

-

-

177

1,422

Gildan Activewear, Inc.

313,016

-

72,554

1,369

324,258

Glentel, Inc.

21,097

-

-

463

34,214

Goodfellow, Inc.

6,674

-

-

182

7,733

Guess?, Inc.

150,952

91,501

313

13,061

230,755

Gulliver International Co. Ltd.

30,802

-

-

491

42,918

Halows Co. Ltd.

13,384

-

-

-

11,449

Hamakyorex Co. Ltd.

25,287

-

-

179

24,154

Hampshire Group Ltd.

3,211

-

-

-

2,990

Handsome Co. Ltd.

48,155

-

-

891

56,761

Hankook Shell Oil Co. Ltd.

13,111

-

-

793

15,687

Hanwha Timeworld Co. Ltd.

5,046

523

-

184

7,388

Harte-Hanks, Inc.

21,168

-

-

857

27,518

Healthways, Inc.

19,594

-

-

-

18,388

Heartland Payment Systems, Inc.

63,401

-

-

240

63,521

Helen of Troy Ltd.

95,188

1,455

-

-

114,863

Henry Boot PLC

18,038

-

325

283

23,447

Hiday Hidaka Corp.

20,701

-

-

240

28,713

Honshu Chemical Industry Co., Ltd.

4,113

-

-

57

4,217

Horsehead Holding Corp.

20,769

-

21,014

-

-

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Hoshiiryou Sanki Co. Ltd.

$ 8,339

$ 49

$ -

$ 71

$ 7,519

Houston Wire & Cable Co.

12,595

1,840

-

199

15,112

HTL International Holdings Ltd.

8,060

-

133

-

7,967

Hurco Companies, Inc.

12,923

-

-

-

18,802

Hutech Norin Co. Ltd.

10,655

-

-

187

9,701

Huvitz Co. Ltd.

9,051

-

-

113

15,513

Hwacheon Machine Tool Co. Ltd.

8,334

-

-

214

9,701

I A Group Corp.

6,501

44

-

126

5,904

I-Sheng Electric Wire & Cable Co. Ltd.

15,711

-

-

-

17,169

ICT Automatisering NV

2,956

-

-

-

3,756

Ihara Science Corp.

7,292

83

-

-

5,411

Ildong Pharmaceutical Co. Ltd.

14,977

-

-

351

27,169

Image Sensing Systems, Inc.

1,858

-

-

-

1,883

Indra Sistemas

145,663

-

-

-

214,588

Infomedia Ltd.

3,575

-

-

230

6,251

Insteel Industries, Inc.

12,025

-

1,213

365

16,805

Intage, Inc.

22,065

-

-

-

24,713

Intelligent Digital Integrated Security Co. Ltd.

5,716

-

-

108

9,276

Intelligent Digital Integrated Security Co. Ltd.

12,635

-

-

109

21,265

INTOPS Co. Ltd.

13,043

-

-

187

20,984

INZI Controls Co. Ltd.

9,386

-

-

118

8,890

Isewan Terminal Service Co. Ltd.

9,641

-

296

179

8,776

Isra Vision AG

9,959

-

-

-

16,525

j2 Global, Inc.

107,748

-

64,748

1,328

-

Jack in the Box, Inc.

161,940

-

25,979

-

145,150

JAKKS Pacific, Inc.

34,452

-

380

427

27,687

Jaya Holdings Ltd.

33,603

-

-

-

42,836

Jeil Pharmaceutical Co.

27,446

-

-

104

18,696

JLM Couture, Inc.

246

-

-

-

313

Jorudan Co. Ltd.

3,368

-

-

50

2,899

Jos. A. Bank Clothiers, Inc.

115,687

-

-

-

110,978

Jumbo SA

41,528

-

-

2,956

96,798

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Kingboard Chemical Holdings Ltd.

$ 89,976

$ -

$ -

$ 561

$ 143,590

Knoll, Inc.

61,263

350

-

1,077

74,610

Know IT AB

13,396

-

-

-

13,527

Kohsoku Corp.

18,360

-

-

251

18,348

Kondotec, Inc.

9,391

-

274

126

9,418

Korea Electric Terminal Co. Ltd.

13,435

-

-

109

17,854

KSK Co., Ltd.

3,655

-

-

-

3,725

KunWha Pharmaceutical Co., Ltd.

3,228

-

11,273

-

-

Kyeryong Construction Industrial Co. Ltd.

7,519

-

-

69

7,814

Kyoto Kimono Yuzen Co. Ltd.

20,106

-

-

247

19,738

LHC Group, Inc.

33,902

-

-

-

40,477

Lincare Holdings, Inc.

513,360

-

514,600

-

-

Maruzen Co., Ltd.

13,301

-

-

182

14,703

Mastek Ltd.

4,253

-

-

-

6,112

Medical Action Industries, Inc.

5,687

-

-

-

7,534

Meetic

24,850

-

-

-

29,955

Mega First Corp. Bhd

12,330

-

-

222

11,670

Melbourne IT Ltd.

15,311

-

-

599

17,071

Melexis NV

50,122

-

-

2,410

63,544

Mesa Laboratories, Inc.

14,700

-

-

86

16,507

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

606,295

-

-

4,009

678,291

Michang Oil Industrial Co. Ltd.

7,183

-

-

271

8,663

Mitani Sekisan Co. Ltd.

13,716

-

-

101

13,446

Mitie Group PLC

102,230

-

-

1,780

107,414

Monarch Casino & Resort, Inc.

10,085

-

1,020

-

12,930

Motonic Corp.

20,692

-

-

642

34,273

Mr. Bricolage SA

8,571

203

-

-

11,294

Muhak Co. Ltd.

24,467

1,736

-

99

32,715

Murakami Corp.

8,337

-

-

84

9,454

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Muramoto Electronic Thailand PCL (For. Reg.)

$ 9,473

$ -

$ 166

$ -

$ 9,819

Nadex Co. Ltd.

2,883

-

-

49

3,521

Nafco Co. Ltd.

36,224

292

-

443

31,424

National Interstate Corp.

26,190

-

-

2,200

30,500

NCI, Inc. Class A

5,269

-

-

-

4,674

New Frontier Media, Inc.

3,002

-

3,889

-

-

Next PLC

840,310

-

-

8,220

1,071,592

Nextchip Co. Ltd.

6,407

-

-

67

6,442

NICE e-Banking Services

4,242

-

-

162

5,161

Nippo Ltd.

4,716

-

-

-

4,326

Nishimatsuya Chain Co. Ltd.

59,117

-

-

737

56,317

North Valley Bancorp

6,858

-

-

-

8,741

Nutraceutical International Corp.

17,050

-

-

1,144

20,103

OM Group, Inc.

43,725

11,824

-

-

89,351

Orbotech Ltd.

24,800

-

-

-

29,233

Oriental Financial Group, Inc.

25,997

-

-

270

35,990

P&F Industries, Inc. Class A

1,812

-

-

-

3,069

Pacer International, Inc.

8,400

-

-

-

8,140

Pacific Premier Bancorp, Inc.

8,465

-

-

-

10,954

Pal Co. Ltd.

44,479

-

-

-

35,564

Papa John's International, Inc.

102,020

-

11,036

-

100,399

Parker Corp.

5,740

-

-

72

5,512

Pelion SA

4,960

682

-

-

8,159

PetMed Express, Inc.

23,572

-

-

3,153

31,623

Piolax, Inc.

21,394

-

-

211

24,255

Prim SA

7,593

-

-

93

11,560

Relo Holdings Corp.

46,469

2,336

-

-

51,804

RenaissanceRe Holdings Ltd.

229,369

-

-

1,674

265,484

Rimage Corp.

6,715

-

-

164

6,705

Rocky Brands, Inc.

7,372

-

-

-

9,020

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Rocky Mountain Chocolate Factory, Inc.

$ 6,077

$ -

$ -

$ 109

$ 6,057

Ruby Tuesday, Inc.

40,845

-

1,266

-

46,686

Ruth's Hospitality Group, Inc.

15,960

-

779

-

17,460

Safeway, Inc.

196,708

-

-

4,428

243,513

Sakai Moving Service Co. Ltd.

15,915

-

-

279

17,679

Samsung Climate Control Co. Ltd.

3,202

-

-

23

2,994

ScanSource, Inc.

57,740

-

-

-

58,120

Seagate Technology

944,129

-

32,169

31,344

1,032,992

SED International Holdings, Inc.

1,021

-

21

-

1,121

Select Harvests Ltd.

7,099

159

-

159

9,591

Senshu Electric Co. Ltd.

13,236

-

-

202

12,247

Sewon Precision Industries Co. Ltd.

4,842

-

-

-

7,422

Shibaura Electronics Co. Ltd.

12,591

-

-

-

9,918

Shinsegae Engineering & Construction Co. Ltd.

3,630

-

-

122

3,208

ShoLodge, Inc.

50

-

-

-

50

Sigmatron International, Inc.

1,333

-

-

-

1,967

Sinwa Ltd.

2,202

12

-

-

2,189

SJM Co. Ltd.

8,806

-

-

198

9,303

SJM Holdings Co. Ltd.

4,262

-

-

156

5,103

Societe Pour L'Informatique Industrielle SA

6,856

704

-

117

8,474

Soken Chemical & Engineer Co. Ltd.

7,266

-

-

-

8,002

Sonic Corp.

61,613

-

-

-

69,454

Span-America Medical System, Inc.

4,588

-

-

337

5,187

Sporton International, Inc.

18,198

-

-

1,002

17,983

Sportscene Group, Inc. Class A

3,195

-

-

-

3,128

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Stanley Furniture Co., Inc.

$ 5,275

$ -

$ -

$ -

$ 5,997

Stantec, Inc.

68,947

-

-

620

98,320

Steiner Leisure Ltd.

68,805

-

-

-

74,333

Step Co. Ltd.

9,589

93

-

186

10,591

Sterling Construction Co., Inc.

16,186

-

-

-

16,708

Strattec Security Corp.

7,428

-

-

132

8,877

Strongco Corp.

5,419

-

-

-

5,736

Sun Hing Vision Group Holdings Ltd.

8,057

-

-

571

8,458

Sunjin Co. Ltd.

5,649

-

-

32

10,769

Sunjin Holdings Co. Ltd.

2,481

-

-

-

-

Super Micro Computer, Inc.

34,918

5,348

-

-

40,197

Swift Energy Co.

13,083

27,873

-

-

37,675

SWORD Group

8,397

-

-

419

10,539

SYNNEX Corp.

118,574

-

-

-

126,005

T&K Toka Co. Ltd.

10,425

-

-

124

13,490

Techno Smart Corp. (formerly Inoue Kinzoku Kogyo Co. Ltd.)

4,846

-

-

52

3,751

Teems, Inc.

1,221

-

-

19

1,878

Telechips, Inc.

4,200

-

-

66

4,116

Tempur-Pedic International, Inc.

121,111

-

-

-

165,619

The Pack Corp.

33,722

-

-

546

32,621

The Stanley Gibbons Group PLC

4,204

171

-

54

-

Theragenics Corp.

4,838

-

-

-

4,076

TKH Group NV unit

60,628

-

-

-

81,875

Tohoku Steel Co. Ltd.

8,672

-

-

54

7,026

Token Corp.

45,816

-

-

-

58,560

Tokyo Kisen Co. Ltd.

5,411

-

-

-

5,085

Tokyo Tekko Co. Ltd.

14,707

-

-

110

19,568

Tomen Devices Corp.

16,632

-

-

-

13,647

Tomen Electronics Corp.

19,648

-

-

357

18,980

Total Energy Services, Inc.

35,399

-

-

215

38,099

Tow Co. Ltd.

7,884

-

-

188

7,075

Trancom Co. Ltd.

21,122

-

-

-

27,999

Trio-Tech International

458

-

-

-

642

Triple-S Management Corp.

35,670

-

-

-

35,376

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Tuesday Morning Corp.

$ 21,812

$ -

$ -

$ -

$ 36,210

Tungtex Holdings Co. Ltd.

2,156

-

-

85

2,298

UANGEL Corp.

5,211

-

2,696

88

3,050

UKC Holdings Corp.

19,138

-

-

-

32,707

Uni-Select, Inc.

55,168

380

-

453

48,239

Unit Corp.

161,790

-

-

-

195,849

United Stationers, Inc.

61,299

-

-

657

81,068

Universal Security Instruments, Inc.

1,158

-

-

-

1,001

Unum Group

302,240

4,540

-

4,186

377,622

USS Co. Ltd.

215,233

-

-

3,861

224,397

Utah Medical Products, Inc.

14,845

-

-

213

17,624

Varitronix International Ltd.

5,490

-

-

170

8,510

Vasco Data Security International, Inc.

11,655

12,683

-

-

24,300

Venture Corp. Ltd.

109,238

-

46,393

-

-

VSE Corp.

12,116

-

-

42

12,670

VST Holdings Ltd.

16,514

-

-

-

26,202

W&T Offshore, Inc.

84,130

875

-

4,323

80,960

Watts Co. Ltd.

8,097

-

-

236

9,708

Whanin Pharmaceutical Co. Ltd.

10,495

-

-

362

19,489

Win International Co., Ltd.

9,504

-

-

-

10,790

Winland Electronics, Inc.

134

-

167

-

-

Wireless Telecom Group, Inc.

1,625

-

-

-

1,677

Workman Co. Ltd.

36,077

1,098

-

-

41,522

XAC Automation Corp.

8,756

-

-

-

8,574

Xyratex Ltd.

23,660

-

4,993

1,922

14,693

YBM Sisa.com, Inc.

5,117

-

-

296

4,540

Yip's Chemical Holdings Ltd.

20,149

-

-

400

25,424

Young Innovations, Inc.

20,238

-

1,126

44

20,935

Young Poong Precision Corp.

9,219

-

-

61

9,762

Youngone Holdings Co. Ltd.

49,298

-

-

361

57,379

Yusen Logistics Co. Ltd.

48,109

-

-

454

41,271

Yutaka Giken Co. Ltd.

28,795

-

-

319

28,880

Total

$ 14,818,186

$ 252,447

$ 1,503,661

$ 176,343

$ 15,867,632

Other Information

The following is a summary of the inputs used, as of January 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 9,939,916

$ 9,939,916

$ -

$ -

Consumer Staples

2,976,593

2,976,593

-

-

Energy

2,190,948

1,691,397

499,551

-

Financials

3,491,628

3,102,453

388,382

793

Health Care

3,630,051

3,628,898

1,153

-

Industrials

3,393,730

3,360,521

-

33,209

Information Technology

6,727,459

6,727,459

-

-

Materials

1,390,089

1,390,089

-

-

Telecommunication Services

68,989

68,989

-

-

Utilities

64,669

64,669

-

-

Corporate Bonds

15,038

-

15,038

-

Money Market Funds

3,538,994

3,538,994

-

-

Total Investments in Securities:

$ 37,428,104

$ 36,489,978

$ 904,124

$ 34,002

The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers

Total (000s)

Level 1 to Level 2

$ 0

Level 2 to Level 1

$ 2,534,054

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows. (Unaudited)

United States of America

58.8%

Japan

7.0%

Canada

6.1%

United Kingdom

4.9%

Ireland

4.2%

Bermuda

2.9%

Netherlands

2.5%

Korea (South)

1.9%

Taiwan

1.7%

Italy

1.6%

Cayman Islands

1.1%

Norway

1.0%

Others (Individually Less Than 1%)

6.3%

100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report


Financial Statements

Statement of Assets and Liabilities

 Amounts in thousands (except per-share amounts)

January 31, 2013

Assets

Investment in securities, at value (including securities loaned of $611,242) - See accompanying schedule:

Unaffiliated issuers (cost $11,365,906)

$ 18,021,478

Fidelity Central Funds (cost $3,538,994)

3,538,994

Other affiliated issuers (cost $10,381,558)

15,867,632

Total Investments (cost $25,286,458)

$ 37,428,104

Cash

324

Receivable for investments sold

122,451

Receivable for fund shares sold

35,535

Dividends receivable

25,785

Interest receivable

372

Distributions receivable from Fidelity Central Funds

1,703

Prepaid expenses

78

Other receivables

3,694

Total assets

37,618,046

Liabilities

Payable for investments purchased

$ 64,646

Payable for fund shares redeemed

36,346

Accrued management fee

17,027

Other affiliated payables

3,892

Other payables and accrued expenses

1,997

Collateral on securities loaned, at value

636,777

Total liabilities

760,685

Net Assets

$ 36,857,361

Net Assets consist of:

Paid in capital

$ 24,099,560

Undistributed net investment income

322

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

616,303

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

12,141,176

Net Assets

$ 36,857,361

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

 Amounts in thousands (except per-share amounts)

January 31, 2013

Low-Priced Stock:
Net Asset Value
, offering price and redemption price per share ($24,545,415 ÷ 591,645 shares)

$ 41.49

Class K:
Net Asset Value
, offering price and redemption price per share ($12,311,946 ÷ 296,991 shares)

$ 41.46

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

 Amounts in thousands

Six months ended January 31, 2013

Investment Income

Dividends (including $176,343 earned from other affiliated issuers)

$ 356,272

Interest

904

Income from Fidelity Central Funds

10,821

Total income

367,997

Expenses

Management fee
Basic fee

$ 105,102

Performance adjustment

(2,438)

Transfer agent fees

22,268

Accounting and security lending fees

1,117

Custodian fees and expenses

1,036

Independent trustees' compensation

114

Registration fees

126

Audit

131

Legal

94

Miscellaneous

142

Total expenses before reductions

127,692

Expense reductions

(727)

126,965

Net investment income (loss)

241,032

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

413,326

Other affiliated issuers

810,782

Investments not meeting investment restrictions

59

Foreign currency transactions

(515)

Total net realized gain (loss)

1,223,652

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $6)

3,522,495

Assets and liabilities in foreign currencies

(266)

Total change in net unrealized appreciation (depreciation)

3,522,229

Net gain (loss)

4,745,881

Net increase (decrease) in net assets resulting from operations

$ 4,986,913

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

 Amounts in thousands

Six months ended January 31,
2013

Year ended
July 31,
2012

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 241,032

$ 341,319

Net realized gain (loss)

1,223,652

1,483,825

Change in net unrealized appreciation (depreciation)

3,522,229

(1,354,944)

Net increase (decrease) in net assets resulting
from operations

4,986,913

470,200

Distributions to shareholders from net investment income

(432,424)

(253,207)

Distributions to shareholders from net realized gain

(1,951,147)

(1,872,594)

Total distributions

(2,383,571)

(2,125,801)

Share transactions - net increase (decrease)

1,269,640

(158,107)

Redemption fees

983

3,844

Total increase (decrease) in net assets

3,873,965

(1,809,864)

Net Assets

Beginning of period

32,983,396

34,793,260

End of period (including undistributed net investment income of $322 and undistributed net investment income of $191,714, respectively)

$ 36,857,361

$ 32,983,396

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Low-Priced Stock

Six months ended January 31,

Years ended July 31,

2013

2012

2011

2010

2009

2008

Selected Per-Share Data

Net asset value, beginning of period

$ 38.52

$ 40.67

$ 33.07

$ 28.20

$ 37.19

$ 45.38

Income from Investment Operations

Net investment income (loss) D

  .27

  .37

  .23

  .07

  .17

  .28

Net realized and unrealized gain (loss)

  5.47

  (.03) G

  7.53

  5.00

  (4.88)

  (4.72)

Total from investment operations

  5.74

  .34

  7.76

  5.07

  (4.71)

  (4.44)

Distributions from net investment income

  (.49)

  (.28)

  (.15)

  (.12)

  (.17)

  (.57)

Distributions from net realized gain

  (2.28)

  (2.21)

  (.01)

  (.08)

  (4.11)

  (3.18)

Total distributions

  (2.77)

  (2.49)

  (.16)

  (.20)

  (4.28)

  (3.75)

Redemption fees added to paid in capital D,I

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 41.49

$ 38.52

$ 40.67

$ 33.07

$ 28.20

$ 37.19

Total Return B,C

  15.45%

  1.68%

  23.53%

  18.06%

  (13.90)%

  (10.50)%

Ratios to Average Net Assets E,H

Expenses before reductions

  .77% A

  .88%

  .83%

  .99%

  .99%

  .99%

Expenses net of fee waivers, if any

  .77% A

  .88%

  .83%

  .99%

  .99%

  .99%

Expenses net of all reductions

  .77% A

  .88%

  .83%

  .99%

  .98%

  .98%

Net investment income (loss)

  1.35% A

  1.00%

  .61%

  .21%

  .67%

  .68%

Supplemental Data

Net assets, end of period (in millions)

$ 24,545

$ 22,999

$ 26,762

$ 24,538

$ 21,792

$ 29,044

Portfolio turnover rate F

  8% A

  19%

  15%

  20%

  31%

  36%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

D Calculated based on average shares outstanding during the period.

E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class K

Six months ended January 31,

Years ended July 31,

2013

2012

2011

2010

2009

2008 H

Selected Per-Share Data

Net asset value, beginning of period

$ 38.52

$ 40.67

$ 33.11

$ 28.22

$ 37.20

$ 40.45

Income from Investment Operations

Net investment income (loss) D

  .29

  .42

  .28

  .11

  .20

  .08

Net realized and unrealized gain (loss)

  5.47

  (.03) G

  7.51

  5.01

  (4.86)

  (3.33)

Total from investment operations

  5.76

  .39

  7.79

  5.12

  (4.66)

  (3.25)

Distributions from net investment income

  (.54)

  (.33)

  (.23)

  (.15)

  (.21)

  -

Distributions from net realized gain

  (2.28)

  (2.21)

  (.01)

  (.08)

  (4.11)

  -

Total distributions

  (2.82)

  (2.54)

  (.23) K

  (.23)

  (4.32)

  -

Redemption fees added to paid in capital D,J

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 41.46

$ 38.52

$ 40.67

$ 33.11

$ 28.22

$ 37.20

Total Return B,C

  15.52%

  1.83%

  23.66%

  18.23%

  (13.74)%

  (8.03)%

Ratios to Average Net Assets E,I

Expenses before reductions

  .66% A

  .76%

  .71%

  .85%

  .81%

  .88% A

Expenses net of fee waivers, if any

  .66% A

  .76%

  .71%

  .85%

  .81%

  .88% A

Expenses net of all reductions

  .65% A

  .76%

  .70%

  .85%

  .81%

  .88% A

Net investment income (loss)

  1.47% A

  1.12%

  .74%

  .35%

  .84%

  .90% A

Supplemental Data

Net assets, end of period (in thousands)

$ 12,311,946

$ 9,984,747

$ 8,031,286

$ 4,356,602

$ 2,278,591

$ 92

Portfolio turnover rate F

  8% A

  19%

  15%

  20%

  31%

  36%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund. HFor the period May 9, 2008 (commencement of sale of shares) to July 31, 2008. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JAmount represents less than $.01 per share. KTotal distributions of $.23 per share is comprised of distributions from net investment income of $.226 and distributions from net realized gain of $.008 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report


Notes to Financial Statements

For the period ended January 31, 2013

(Amounts in thousands except percentages)

1. Organization.

Fidelity® Low-Priced Stock Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Low-Priced Stock and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. The fund's investments in emerging markets can be subject to social, economic, regulatory and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The 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 as shown below:

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)

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. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of January 31, 2013 including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, equity-debt classifications, deferred trustees compensation and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation

$ 14,242,491

Gross unrealized depreciation

(2,108,544)

Net unrealized appreciation (depreciation) on securities and other investments

$ 12,133,947

Tax cost

$ 25,294,157

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,232,342 and $3,166,990, respectively.

The Fund realized a gain on the sale of an investment not meeting the investment restrictions of the Fund.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Low-Priced Stock as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .59% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Low-Priced Stock. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

Amount

% of
Average
Net Assets
*

Low-Priced Stock

$ 19,548

.17

Class K

2,720

.05

$ 22,268

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $61 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $42 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $18,489. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $8,614, including $138 from securities loaned to FCM.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $727 for the period.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
January 31,
2013

Year ended
July 31,
2012

From net investment income

Low-Priced Stock

$ 284,865

$ 181,791

Class K

147,559

71,416

Total

$ 432,424

$ 253,207

From net realized gain

Low-Priced Stock

$ 1,338,103

$ 1,427,190

Class K

613,044

445,404

Total

$ 1,951,147

$ 1,872,594

Semiannual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended January 31,
2013

Year ended
July 31,
2012

Six months ended January 31,
2013

Year ended
July 31,
2012

Low-Priced Stock

Shares sold

37,011

90,208

$ 1,485,660

$ 3,389,719

Reinvestment of distributions

39,316

45,341

1,538,529

1,537,943

Shares redeemed

(81,759)

(196,560)

(3,227,756)

(7,327,114)

Net increase (decrease)

(5,432)

(61,011)

$ (203,567)

$ (2,399,452)

Class K

Shares sold

49,604

104,192

$ 1,948,087

$ 3,892,850

Reinvestment of distributions

19,455

15,233

760,603

516,820

Shares redeemed

(31,299)

(57,652)

(1,235,483)

(2,168,325)

Net increase (decrease)

37,760

61,773

$ 1,473,207

$ 2,241,345

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Semiannual Report


Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Puritan Trust and the Shareholders of Fidelity Low-Priced Stock Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Low-Priced Stock Fund (a fund of Fidelity Puritan Trust) at January 31, 2013, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Low-Priced Stock Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at January 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

March 20, 2013

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Research & Management
(Hong Kong) Limited

Fidelity Research & Management
(Japan.) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

LPS-K-USAN-0313
1.863397.104