N-Q 1 sec.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4118

Fidelity Securities Fund
 (Exact name of registrant as specified in charter)

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

November 30

 

 

Date of reporting period:

February 29, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity Advisor® Growth
Strategies Fund

Class A
Class T
Class B
Class C
Institutional Class

February 29, 2012 

1.797931.108

AAG-QTLY-0412

Investments February 29, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%

Shares

Value

CONSUMER DISCRETIONARY - 18.0%

Automobiles - 0.8%

Tesla Motors, Inc. (a)

8,219

$ 274,597

Diversified Consumer Services - 0.5%

Weight Watchers International, Inc.

2,315

180,524

Hotels, Restaurants & Leisure - 2.3%

BJ's Restaurants, Inc. (a)

3,489

173,229

Buffalo Wild Wings, Inc. (a)

2,500

216,225

Panera Bread Co. Class A (a)

1,429

220,895

Texas Roadhouse, Inc. Class A

11,300

189,049

 

799,398

Media - 1.1%

Discovery Communications, Inc. (a)

7,987

372,594

Multiline Retail - 1.1%

Dollar Tree, Inc. (a)

4,324

382,717

Specialty Retail - 4.7%

Abercrombie & Fitch Co. Class A

4,973

227,714

Body Central Corp. (a)

13,011

362,226

Limited Brands, Inc.

9,635

448,317

Tractor Supply Co.

4,338

370,769

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

2,700

224,748

 

1,633,774

Textiles, Apparel & Luxury Goods - 7.5%

Liz Claiborne, Inc. (a)(d)

43,867

429,019

Michael Kors Holdings Ltd.

8,900

384,925

PVH Corp.

5,248

446,132

Ralph Lauren Corp.

3,194

554,894

Under Armour, Inc. Class A (sub. vtg.) (a)

4,624

412,646

Warnaco Group, Inc. (a)

6,400

375,744

 

2,603,360

TOTAL CONSUMER DISCRETIONARY

6,246,964

CONSUMER STAPLES - 4.9%

Beverages - 1.9%

Dr Pepper Snapple Group, Inc.

8,700

331,035

Monster Beverage Corp. (a)

5,434

310,770

 

641,805

Food & Staples Retailing - 1.0%

Whole Foods Market, Inc.

4,321

348,878

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - 1.5%

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

6,081

$ 395,083

Origin Agritech Ltd. (a)

46,686

112,980

 

508,063

Tobacco - 0.5%

Lorillard, Inc.

1,431

187,575

TOTAL CONSUMER STAPLES

1,686,321

ENERGY - 15.6%

Energy Equipment & Services - 4.7%

Cameron International Corp. (a)

6,100

339,831

Dresser-Rand Group, Inc. (a)

3,367

176,835

Heckmann Corp. (a)(d)

146,530

747,303

Rowan Companies, Inc. (a)

9,900

365,013

 

1,628,982

Oil, Gas & Consumable Fuels - 10.9%

Alpha Natural Resources, Inc. (a)

9,534

176,951

Amyris, Inc. (a)(d)

11,864

63,828

Bumi PLC

22,183

275,958

Cabot Oil & Gas Corp.

10,916

380,750

Cobalt International Energy, Inc. (a)

14,100

423,846

EV Energy Partners LP

5,438

386,859

EXCO Resources, Inc. (d)

27,418

195,490

Genel Energy PLC

5,500

70,695

Oasis Petroleum, Inc. (a)

11,766

377,336

Plains Exploration & Production Co. (a)

8,250

363,578

QEP Resources, Inc.

11,900

406,266

Range Resources Corp.

4,700

299,296

SM Energy Co.

2,200

173,184

Solazyme, Inc. (d)

13,546

186,664

 

3,780,701

TOTAL ENERGY

5,409,683

FINANCIALS - 1.2%

Real Estate Management & Development - 1.2%

Altisource Portfolio Solutions SA (a)

6,635

427,559

Common Stocks - continued

Shares

Value

HEALTH CARE - 16.5%

Biotechnology - 8.1%

Alexion Pharmaceuticals, Inc. (a)

4,749

$ 397,634

Human Genome Sciences, Inc. (a)(d)

46,738

368,295

Idenix Pharmaceuticals, Inc. (a)(d)

61,365

722,266

InterMune, Inc. (a)

19,600

263,032

Theravance, Inc. (a)

11,250

210,375

Threshold Pharmaceuticals, Inc. (a)

24,900

129,231

United Therapeutics Corp. (a)

7,500

357,975

Vertex Pharmaceuticals, Inc. (a)

9,100

354,172

 

2,802,980

Health Care Equipment & Supplies - 7.0%

ArthroCare Corp. (a)

21,530

561,933

Cyberonics, Inc. (a)

20,973

780,824

Insulet Corp. (a)

9,888

194,991

NuVasive, Inc. (a)

29,743

466,668

Zeltiq Aesthetics, Inc.

5,349

59,267

Zoll Medical Corp. (a)

4,852

354,924

 

2,418,607

Health Care Technology - 0.9%

Merge Healthcare, Inc. (a)

47,672

311,298

Life Sciences Tools & Services - 0.5%

Illumina, Inc. (a)

3,600

184,500

TOTAL HEALTH CARE

5,717,385

INDUSTRIALS - 12.2%

Aerospace & Defense - 1.0%

BE Aerospace, Inc. (a)

7,500

343,800

Building Products - 2.4%

Lennox International, Inc.

9,680

378,778

Owens Corning (a)

14,000

443,100

 

821,878

Construction & Engineering - 1.0%

Fluor Corp.

5,700

344,736

Electrical Equipment - 2.2%

Cooper Industries PLC Class A

7,200

440,784

Roper Industries, Inc.

3,500

320,320

 

761,104

Machinery - 4.8%

CNH Global NV (a)

13,926

597,565

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - continued

IDEX Corp.

5,900

$ 246,620

Ingersoll-Rand PLC

14,447

576,146

WABCO Holdings, Inc. (a)

3,990

237,365

 

1,657,696

Marine - 0.8%

DryShips, Inc. (a)

49,000

170,520

Ultrapetrol (Bahamas) Ltd. (a)

45,157

125,085

 

295,605

TOTAL INDUSTRIALS

4,224,819

INFORMATION TECHNOLOGY - 22.0%

Communications Equipment - 1.6%

Polycom, Inc. (a)

19,377

400,135

Riverbed Technology, Inc. (a)

5,100

145,197

 

545,332

Computers & Peripherals - 1.0%

SanDisk Corp. (a)

7,300

361,058

Electronic Equipment & Components - 1.5%

Aeroflex Holding Corp. (a)

15,101

165,658

Maxwell Technologies, Inc. (a)

19,449

353,777

 

519,435

Internet Software & Services - 2.5%

Blinkx PLC (a)

74,691

94,461

Rackspace Hosting, Inc. (a)

5,186

270,917

Velti PLC (a)

12,443

123,310

VeriSign, Inc.

10,600

391,670

 

880,358

IT Services - 1.5%

Cognizant Technology Solutions Corp. Class A (a)

7,261

515,168

Semiconductors & Semiconductor Equipment - 5.7%

ASML Holding NV

8,300

378,065

Ceva, Inc. (a)

10,338

254,832

Freescale Semiconductor Holdings I Ltd. (d)

12,500

201,625

KLA-Tencor Corp.

7,100

343,640

NVIDIA Corp. (a)

23,600

357,540

NXP Semiconductors NV (a)

10,100

250,480

ON Semiconductor Corp. (a)

18,800

170,516

 

1,956,698

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - 8.2%

ANSYS, Inc. (a)

5,279

$ 333,527

Ariba, Inc. (a)

6,500

204,555

Autodesk, Inc. (a)

10,900

412,565

Check Point Software Technologies Ltd. (a)

5,800

337,328

Citrix Systems, Inc. (a)

8,735

652,853

Informatica Corp. (a)

7,703

378,679

Intuit, Inc.

6,043

349,527

Nuance Communications, Inc. (a)

6,814

176,619

 

2,845,653

TOTAL INFORMATION TECHNOLOGY

7,623,702

MATERIALS - 8.4%

Chemicals - 6.6%

CF Industries Holdings, Inc.

3,807

708,102

CVR Partners LP

11,987

321,971

Monsanto Co.

4,300

332,734

Potash Corp. of Saskatchewan, Inc.

7,600

353,487

Rentech Nitrogen Partners LP

9,000

222,660

The Mosaic Co.

6,331

365,615

 

2,304,569

Metals & Mining - 1.8%

First Quantum Minerals Ltd.

11,500

263,083

Ivanhoe Mines Ltd. (a)

10,300

178,701

Walter Energy, Inc.

2,700

175,041

 

616,825

TOTAL MATERIALS

2,921,394

TOTAL COMMON STOCKS

(Cost $33,766,097)


34,257,827

Money Market Funds - 10.2%

Shares

Value

Fidelity Cash Central Fund, 0.12% (b)

525,529

$ 525,529

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

3,020,852

3,020,852

TOTAL MONEY MARKET FUNDS

(Cost $3,546,381)


3,546,381

TOTAL INVESTMENT PORTFOLIO - 109.0%

(Cost $37,312,478)

37,804,208

NET OTHER ASSETS (LIABILITIES) - (9.0)%

(3,130,752)

NET ASSETS - 100%

$ 34,673,456

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 234

Fidelity Securities Lending Cash Central Fund

3,385

Total

$ 3,619

Other Information

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

Income Tax Information

At February 29, 2012, the cost of investment securities for income tax purposes was $37,663,493. Net unrealized appreciation aggregated $140,715, of which $4,132,894 related to appreciated investment securities and $3,992,179 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Securities Fund

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

April 30, 2012

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

April 30, 2012

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

April 30, 2012