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(fidelity_logo)(Registered Trademark)
Fidelity® Advisor
Fund - Class A, Class T, Class B and Class C
Annual Report
November 30, 2000
(2_fidelity_logos)(registered trademark)
President's Message
Ned Johnson on investing strategies.
Performance
How the fund has done over time.
Fund Talk
The manager's review of fund
performance, strategy and outlook.
Investment Summary
A summary of the fund's investments.
Investments
A complete list of the fund's investments
with their market values.
Financial Statements
Statements of assets and liabilities,
operations, and changes in net assets,
as well as financial highlights.
Notes
Notes to the financial statements.
Report of Independent
Accountants
The auditors' opinion.
Distributions
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 Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
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.
Mutual fund shares are not deposits or obligations of, or guaranteed
by, any depository institution. Shares are not insured by the FDIC,
Federal Reserve Board or any other agency, and are subject to
investment risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity Advisor fund, including charges and expenses, contact your
investment professional for a free prospectus. Read it carefully before you invest or send money.
Aggressive Growth
Contents
Annual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
For the first time since 1990, the taxable bond market, as measured by the Lehman Brothers Aggregate Bond Index, appeared nearly certain to outperform the U.S. stock market, as measured by the S&P 500®. The former was up nearly 10% year to date through November, while the S&P 500 was down by approximately the same amount. Disappointing corporate earnings and uncertainty concerning a president-elect toppled the stock market late in the period.
While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.
First, investors are encouraged to take a long-term view of their portfolios. If you can afford to leave your money invested through the inevitable up and down cycles of the financial markets, you will greatly reduce your vulnerability to any single decline. We know from experience, for example, that stock prices have gone up over longer periods of time, have significantly outperformed other types of investments and have stayed ahead of inflation.
Second, you can further manage your investing risk through diversification. A stock mutual fund, for instance, is already diversified, because it invests in many different companies. You can increase your diversification further by investing in a number of different stock funds, or in such other investment categories as bonds. If you have a short investment time horizon, you might want to consider moving some of your investment into a money market fund, which seeks income and a stable share price by investing in high-quality, short-term investments. Of course, it's important to remember that an investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these types of funds.
Finally, no matter what your time horizon or portfolio diversity, it makes good sense to follow a regular investment plan, investing a certain amount of money in a fund at the same time each month or quarter and periodically reviewing your overall portfolio. By doing so, you won't get caught up in the excitement of a rapidly rising market, nor will you buy all your shares at market highs. While this strategy - known as dollar cost averaging - won't assure a profit or protect you from a loss in a declining market, it should help you lower the average cost of your purchases. Of course, you should consider your financial ability to continue your purchases through periods of low price levels before undertaking such a strategy.
Remember to contact your investment professional if you need help with your investments.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Annual Report
Fidelity Advisor Aggressive Growth Fund - Class A
There are several ways to evaluate historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value). If Fidelity had not reimbursed certain class expenses, the total returns would have been lower.
Cumulative Total Returns
Period ended November 30, 2000 |
|
|
Life of |
Fidelity Adv Aggressive Growth - CL A |
|
|
-9.50% |
Fidelity Adv Aggressive Growth - CL A |
|
|
-14.70% |
Russell Midcap Growth |
|
|
-12.94% |
Cumulative total returns show Class A's performance in percentage terms over a set period - in this case, since the fund started on November 13, 2000. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class A's returns to the performance of the Russell Midcap Growth Index - a market capitalization-weighted index of U.S. domiciled medium capitalization growth-oriented stocks of U.S. corporations. This benchmark includes reinvested dividends and capital gains, if any.
Average Annual Total Returns
Average annual total returns take Class A shares' cumulative return and show you what would have happened if Class A shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old. In addition, the growth of a hypothetical $10,000 investment in the fund will appear in the fund's next report six months from now.
Annual Report
Fidelity Advisor Aggressive Growth Fund - Class T
There are several ways to evaluate historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value). If Fidelity had not reimbursed certain class expenses, the total returns would have been lower.
Cumulative Total Returns
Period ended November 30, 2000 |
|
|
Life of |
Fidelity Adv Aggressive Growth - CL T |
|
|
-9.50% |
Fidelity Adv Aggressive Growth - CL T |
|
|
-12.67% |
Russell Midcap Growth |
|
|
-12.94% |
Cumulative total returns show Class T's performance in percentage terms over a set period - in this case, since the fund started on November 13, 2000. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class T's returns to the performance of the Russell Midcap Growth Index - a market capitalization-weighted index of U.S. domiciled medium capitalization growth-oriented stocks of U.S. corporations. This benchmark includes reinvested dividends and capital gains, if any.
Average Annual Total Returns
Average annual total returns take Class T shares' cumulative return and show you what would have happened if Class T shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old. In addition, the growth of a hypothetical $10,000 investment in the fund will appear in the fund's next report six months from now.
Annual Report
Fidelity Advisor Aggressive Growth Fund - Class B
There are several ways to evaluate historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value). Class B shares' contingent deferred sales charge included in the life of fund total return is 5%. If Fidelity had not reimbursed certain class expenses, the total returns would have been lower.
Cumulative Total Returns
Period ended November 30, 2000 |
|
|
Life of |
|
Fidelity Adv Aggressive Growth - CL B |
|
|
-9.50% |
|
Fidelity Adv Aggressive Growth - CL B |
|
|
-14.03% |
|
Russell Midcap Growth |
|
|
-12.94% |
Cumulative total returns show Class B's performance in percentage terms over a set period - in this case, since the fund started on November 13, 2000. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class B's returns to the performance of the Russell Midcap Growth Index - a market capitalization-weighted index of U.S. domiciled medium capitalization growth-oriented stocks of U.S. corporations. This benchmark includes reinvested dividends and capital gains, if any.
Average Annual Total Returns
Average annual total returns take Class B shares' cumulative return and show you what would have happened if Class B shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old. In addition, the growth of a hypothetical $10,000 investment in the fund will appear in the fund's next report six months from now.
Annual Report
Fidelity Advisor Aggressive Growth Fund - Class C
There are several ways to evaluate historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value). Class C shares' contingent deferred sales charge included in the life of fund total return is 1%. If Fidelity had not reimbursed certain class expenses, the total returns would have been lower.
Cumulative Total Returns
Period ended November 30, 2000 |
|
|
Life of |
Fidelity Adv Aggressive Growth - CL C |
|
|
-9.50% |
Fidelity Adv Aggressive Growth - CL C |
|
|
-10.40% |
Russell Midcap Growth |
|
|
-12.94% |
Cumulative total returns show Class C's performance in percentage terms over a set period - in this case, since the fund started on November 13, 2000. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Class C's returns to the performance of the Russell Midcap Growth Index - a market capitalization-weighted index of U.S. domiciled medium capitalization growth-oriented stocks of U.S. corporations. This benchmark includes reinvested dividends and capital gains, if any.
Average Annual Total Returns
Average annual total returns take Class C shares' cumulative return and show you what would have happened if Class C shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old. In addition, the growth of a hypothetical $10,000 investment in the fund will appear in the fund's next report six months from now.
Annual Report
Market Recap
After a promising beginning, U.S. equity markets were hammered by a convergence of adverse conditions during the remainder of the 12-month period ending November 30, 2000. The tech-heavy NASDAQ Composite Index was particularly hard hit. After successfully weathering the Federal Reserve Board's campaign to calm surging economic growth, the technology sector's grip on market leadership finally weakened in mid-March, when analysts warned that valuations were overinflated. Then, in May, the markets were rocked by a 0.50% Fed interest-rate hike, and signs soon emerged that clearly indicated a slowdown ahead. Escalating oil prices put additional strain on corporate profits, and disappointing earnings announcements began to pile up. Any hopes for a late season rally were broadsided by the uncertainty stemming from the presidential election in November. The resulting anxiety weighed the markets down to their lowest point of the year. For the overall period, the Standard & Poor's 500SM Index fell 4.22%, the Dow Jones Industrial Average sank 2.77% and the NASDAQ plunged 21.99%. Investors should keep in mind, however, that the last two times the NASDAQ had negative calendar year returns, in 1990 and 1994, the index responded with gains of 59.01% and 41.40% in 1991 and 1995, respectively. Of course, past performance is no guarantee of future results.
(Portfolio Manager photograph)
An interview with Beso Sikharulidze, Portfolio Manager of Fidelity Advisor Aggressive Growth Fund
Q. How did the fund perform, Beso?
A. From its inception on November 13, 2000, through November 30, 2000, the fund's Class A, Class T, Class B and Class C shares returned -9.50%, -9.50%, -9.50% and - -9.50%, respectively, while the Russell Midcap Growth Index returned -12.94%. Going forward, we will look at the fund's performance at six- and 12-month intervals and compare it to its Lipper peer group.
Q. What was the market environment like during this very abbreviated period?
A. The fund launched during an indiscriminate sell-off in the marketplace spawned by concerns about an economic deceleration, the Federal Reserve Board's stance on interest rates and an unresolved U.S. presidential election. The technology-laden NASDAQ Composite Index felt the brunt of the storm, plunging more than 14% during this abbreviated period and more than 22% for the month of November as a whole. So, although the timing of the fund's launch dampened short-term performance, the sell-off actually helped improve our long-term prospects by allowing us to pick up several good stocks at bargain prices.
Annual Report
Fund Talk: The Manager's Overview - continued
Q. How would you define the fund's objective?
A. As its name implies, it's an aggressively managed fund that seeks capital appreciation by investing primarily in common stocks. The fund is designed to uncover companies that offer the potential for accelerated earnings or revenue growth. To me, this means a company that has strong growth potential and a sustainable competitive advantage. Oftentimes, this means investing in companies that are launching new products or technology, and those that are trying to grow their earnings faster than their competition. It's important to recognize that there are risks associated with this approach. Investors should be aware of the potential for short-term volatility in the fund's share price and should have a high tolerance to ride out the ups and downs. If they do, there's also a lot of potential for superior returns over the long term.
Q. What can you tell us about your investment style?
A. I follow a bottom-up research process, and my goal is to try to know better than anyone else the companies in which I invest, or in which I will consider investing. In analyzing a company, I look for a strong competitive position, a strong balance sheet and ample free cash-flow generation. In keeping with this strategy, some of the criteria for me to sell - or avoid - a company include deteriorating fundamentals, weakening prospects and seemingly overstretched stock valuations.
Q. Where have you found investment opportunities since the fund opened?
A. I focused the fund's investments in what I consider to be the fastest growing segments of the market, namely technology, telecommunications and biotechnology. In fact, over 68% of the fund's net assets resided in technology alone at the close of the period. Within tech and telecom, I honed in on those firms expected to benefit the most in the long term from the continued evolution of the Internet and next-generation communications networks. Among the companies receiving significant initial investments were data storage players EMC and Storage Networks, Internet software providers Veritas, Critical Path, Micromuse and BEA Systems, and networking plays Ciena and Sonus Networks. Switching gears, historic advances in gene research are expected to drive innovative products and services, which attracted me to biotech holdings, namely IDEC Pharmaceuticals, Medarex and Enzo Biochem.
Q. What's your outlook?
A. My long-term outlook remains quite bullish. Despite a difficult period in the market of late, I firmly believe those sectors that have seen the sharpest growth during the past 12 months will continue to outpace the market. Tech-related spending, although slowing, remains strong and should continue to fuel productivity gains, which have the effect of lowering inflation and boosting corporate profits. I believe there are still a lot of good bargains out there given the recent sell-off, and I plan to take full advantage of them in the coming months. As a bottom-up investor, I'll focus my energy on individual security selection, since that's where we find the most value for the shareholder.
Annual Report
Fund Talk: The Manager's Overview - continued
The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fund Facts
Goal: seeks capital appreciation by investing primarily in common stocks
Start date: November 13, 2000
Size: as of November 30, 2000, more than $7 million
Manager: Beso Sikharulidze,
since inception; Fidelity Advisor
Focus Health Care Fund,
1997-1999; joined Fidelity
in 1992
Beso Sikharulidze discusses why his background is well-suited for an aggressive growth fund:
"I've managed two sector funds at Fidelity that required an aggressive investment style, the Advisor Focus Health Care Fund and the Select Health Care Portfolio. This particular experience provided me with some great insight into finding the quality stocks with strong product pipelines within the biotechnology industry, which has become one of the hottest areas of the aggressive growth market.
"I also draw upon my experience running the Fidelity Convertible Securities Fund, a diversified equity fund that I recently managed. Managing this fund gave me valuable exposure to top technology stocks and the many facets of the new economy. What many investors don't realize is that the market for convertible securities has changed dramatically in recent years to become a much more growth-oriented universe, with the rapid emergence of NASDAQ-type issuers from the tech and telecom spaces.
"I feel that my experience with these high-growth industries provides me with a solid foundation to run an aggressive growth fund."
Annual Report
Top Ten Stocks as of November 30, 2000 |
|
|
% of fund's |
VERITAS Software Corp. |
4.1 |
Critical Path, Inc. |
3.7 |
Six Flags, Inc. $4.05 PIES |
3.6 |
Check Point Software Technologies Ltd. |
3.5 |
Micromuse, Inc. |
3.4 |
Sonus Networks, Inc. |
2.8 |
BEA Systems, Inc. |
2.6 |
Enzo Biochem, Inc. |
2.2 |
Mercury Interactive Corp. |
1.9 |
Ciena Corp. |
1.8 |
|
29.6 |
Top Five Market Sectors as of November 30, 2000 |
|
|
% of fund's |
Technology |
68.5 |
Health |
11.3 |
Media & Leisure |
5.9 |
Finance |
2.3 |
Utilities |
2.1 |
Asset Allocation (% of fund's net assets) |
|||
As of November 30, 2000 * |
|||
![]() |
Stocks 90.0% |
|
|
![]() |
Convertible Securities 6.9% |
|
|
![]() |
Short-Term Investments |
|
* Foreign investments 7.3% |
|
![]() |
Annual Report
Showing Percentage of Net Assets
Common Stocks - 90.0% |
|||
Shares |
Value (Note 1) |
||
BASIC INDUSTRIES - 0.5% |
|||
Chemicals & Plastics - 0.1% |
|||
Sealed Air Corp. (a) |
100 |
$ 3,181 |
|
Metals & Mining - 0.4% |
|||
CommScope, Inc. (a) |
1,900 |
32,181 |
|
TOTAL BASIC INDUSTRIES |
35,362 |
||
DURABLES - 0.4% |
|||
Consumer Electronics - 0.4% |
|||
Gemstar-TV Guide International, Inc. (a) |
700 |
28,481 |
|
ENERGY - 1.5% |
|||
Energy Services - 1.1% |
|||
Baker Hughes, Inc. |
140 |
4,629 |
|
ENSCO International, Inc. |
160 |
3,890 |
|
Global Industries Ltd. (a) |
490 |
4,961 |
|
Global Marine, Inc. (a) |
190 |
4,168 |
|
Hanover Compressor Co. (a) |
150 |
4,603 |
|
Marine Drilling Companies, Inc. (a) |
220 |
4,400 |
|
Nabors Industries, Inc. (a) |
100 |
4,394 |
|
Pride International, Inc. (a) |
210 |
3,977 |
|
R&B Falcon Corp. (a) |
200 |
3,800 |
|
Rowan Companies, Inc. (a) |
210 |
4,174 |
|
SEACOR SMIT, Inc. (a) |
116 |
4,872 |
|
Smith International, Inc. (a) |
70 |
4,064 |
|
Tidewater, Inc. |
110 |
4,455 |
|
Trican Well Service Ltd. (a) |
1,700 |
14,666 |
|
Varco International, Inc. (a) |
275 |
4,348 |
|
W-H Energy Services, Inc. |
333 |
4,412 |
|
Weatherford International, Inc. |
130 |
4,331 |
|
|
84,144 |
||
Oil & Gas - 0.4% |
|||
Anadarko Petroleum Corp. |
80 |
4,760 |
|
Apache Corp. |
90 |
4,703 |
|
Cooper Cameron Corp. (a) |
90 |
4,883 |
|
Devon Energy Corp. |
100 |
4,925 |
|
Grant Prideco, Inc. (a) |
290 |
4,096 |
|
Common Stocks - continued |
|||
Shares |
Value (Note 1) |
||
ENERGY - continued |
|||
Oil & Gas - continued |
|||
Murphy Oil Corp. |
90 |
$ 4,928 |
|
Newfield Exploration Co. (a) |
130 |
4,745 |
|
|
33,040 |
||
TOTAL ENERGY |
117,184 |
||
FINANCE - 0.8% |
|||
Banks - 0.1% |
|||
Synovus Finanical Corp. |
230 |
5,089 |
|
Credit & Other Finance - 0.5% |
|||
Providian Financial Corp. |
400 |
36,000 |
|
Insurance - 0.2% |
|||
Kingsway Financial Services, Inc. (a) |
2,900 |
13,783 |
|
Securities Industry - 0.0% |
|||
Federated Investors, Inc. Class B (non-vtg.) |
170 |
4,803 |
|
TOTAL FINANCE |
59,675 |
||
HEALTH - 11.3% |
|||
Drugs & Pharmaceuticals - 10.7% |
|||
Abgenix, Inc. (a) |
660 |
32,216 |
|
Alkermes, Inc. (a) |
130 |
3,884 |
|
Allergan, Inc. |
310 |
28,772 |
|
Applera Corp. - Celera Genomics Group (a) |
600 |
24,975 |
|
Celgene Corp. (a) |
80 |
4,565 |
|
Cephalon, Inc. (a) |
490 |
22,663 |
|
CuraGen Corp. (a) |
2,890 |
98,079 |
|
Enzo Biochem, Inc. (a) |
5,920 |
168,720 |
|
Human Genome Sciences, Inc. (a) |
360 |
22,388 |
|
IDEC Pharmaceuticals Corp. (a) |
430 |
74,847 |
|
ImClone Systems, Inc. (a) |
2,460 |
109,163 |
|
Immunex Corp. (a) |
320 |
11,900 |
|
King Pharmaceuticals, Inc. (a) |
100 |
4,875 |
|
Medarex, Inc. (a) |
1,790 |
64,888 |
|
Medicis Pharmaceutical Corp. Class A (a) |
300 |
19,050 |
|
Medimmune, Inc. (a) |
300 |
15,956 |
|
Millennium Pharmaceuticals, Inc. (a) |
1,070 |
51,962 |
|
Protein Design Labs, Inc. (a) |
240 |
18,540 |
|
Vertex Pharmaceuticals, Inc. (a) |
1,010 |
56,434 |
|
|
833,877 |
||
Common Stocks - continued |
|||
Shares |
Value (Note 1) |
||
HEALTH - continued |
|||
Medical Equipment & Supplies - 0.3% |
|||
Biomet, Inc. |
130 |
$ 4,810 |
|
Patterson Dental Co. (a) |
170 |
5,058 |
|
St. Jude Medical, Inc. (a) |
90 |
5,361 |
|
Stryker Corp. |
100 |
5,331 |
|
|
20,560 |
||
Medical Facilities Management - 0.3% |
|||
Express Scripts, Inc. Class A (a) |
70 |
5,241 |
|
Health Management Associates, Inc. Class A (a) |
240 |
5,115 |
|
Oxford Health Plans, Inc. (a) |
130 |
5,273 |
|
Quest Diagnostics, Inc. (a) |
40 |
4,495 |
|
Universal Health Services, Inc. Class B (a) |
60 |
6,146 |
|
|
26,270 |
||
TOTAL HEALTH |
880,707 |
||
INDUSTRIAL MACHINERY & EQUIPMENT - 1.7% |
|||
Electrical Equipment - 1.7% |
|||
Alcatel SA sponsored ADR |
590 |
29,795 |
|
Scientific-Atlanta, Inc. |
2,600 |
104,975 |
|
|
134,770 |
||
MEDIA & LEISURE - 2.1% |
|||
Broadcasting - 1.2% |
|||
American Tower Corp. Class A (a) |
130 |
3,916 |
|
EchoStar Communications Corp. Class A (a) |
330 |
9,632 |
|
Entercom Communications Corp. Class A (a) |
160 |
4,720 |
|
Radio One, Inc. Class D (non-vtg.) (a) |
6,400 |
67,200 |
|
UnitedGlobalCom, Inc. Class A (a) |
190 |
2,874 |
|
Univision Communications, Inc. Class A (a) |
140 |
4,900 |
|
|
93,242 |
||
Entertainment - 0.1% |
|||
MGM Mirage, Inc. |
160 |
4,580 |
|
Leisure Durables & Toys - 0.6% |
|||
Harley-Davidson, Inc. |
1,110 |
50,436 |
|
Lodging & Gaming - 0.1% |
|||
International Game Technology (a) |
130 |
5,801 |
|
Common Stocks - continued |
|||
Shares |
Value (Note 1) |
||
MEDIA & LEISURE - continued |
|||
Restaurants - 0.1% |
|||
Outback Steakhouse, Inc. (a) |
190 |
$ 5,166 |
|
Starbucks Corp. (a) |
110 |
5,012 |
|
|
10,178 |
||
TOTAL MEDIA & LEISURE |
164,237 |
||
NONDURABLES - 0.6% |
|||
Beverages - 0.2% |
|||
Companhia de Bebidas das Americas (AmBev) sponsored ADR |
600 |
12,675 |
|
Household Products - 0.4% |
|||
Avon Products, Inc. |
600 |
24,975 |
|
Estee Lauder Companies, Inc. Class A |
110 |
4,764 |
|
|
29,739 |
||
TOTAL NONDURABLES |
42,414 |
||
PRECIOUS METALS - 0.4% |
|||
Newmont Mining Corp. |
2,170 |
33,906 |
|
RETAIL & WHOLESALE - 0.7% |
|||
Apparel Stores - 0.4% |
|||
AnnTaylor Stores Corp. (a) |
1,050 |
21,788 |
|
Talbots, Inc. |
220 |
11,619 |
|
|
33,407 |
||
General Merchandise Stores - 0.2% |
|||
BJ's Wholesale Club, Inc. (a) |
170 |
5,706 |
|
Costco Wholesale Corp. (a) |
400 |
13,050 |
|
|
18,756 |
||
Retail & Wholesale, Miscellaneous - 0.1% |
|||
Bed Bath & Beyond, Inc. (a) |
220 |
4,579 |
|
TOTAL RETAIL & WHOLESALE |
56,742 |
||
SERVICES - 0.9% |
|||
Advertising - 0.5% |
|||
Lamar Advertising Co. Class A (a) |
110 |
4,290 |
|
TMP Worldwide, Inc. (a) |
580 |
34,039 |
|
|
38,329 |
||
Services - 0.4% |
|||
Cendant Corp. (a) |
420 |
3,859 |
|
Common Stocks - continued |
|||
Shares |
Value (Note 1) |
||
SERVICES - continued |
|||
Services - continued |
|||
Cintas Corp. |
110 |
$ 5,603 |
|
Ecolab, Inc. |
130 |
5,647 |
|
FreeMarkets, Inc. |
130 |
4,168 |
|
Manpower, Inc. |
150 |
4,866 |
|
Robert Half International, Inc. (a) |
170 |
5,079 |
|
True North Communications |
130 |
4,639 |
|
|
33,861 |
||
TOTAL SERVICES |
72,190 |
||
TECHNOLOGY - 67.1% |
|||
Communications Equipment - 7.9% |
|||
ADC Telecommunications, Inc. (a) |
5,300 |
106,994 |
|
Andrew Corp. (a) |
230 |
4,183 |
|
Avanex Corp. |
56 |
2,604 |
|
Ciena Corp. (a) |
1,860 |
141,244 |
|
Comverse Technology, Inc. (a) |
700 |
60,331 |
|
Corning, Inc. |
1,770 |
103,545 |
|
Ditech Communications Corp. (a) |
660 |
10,354 |
|
Natural MicroSystems Corp. (a) |
1,980 |
32,423 |
|
Nokia AB sponsored ADR |
800 |
34,200 |
|
ONI Systems Corp. |
880 |
38,280 |
|
Tekelec (a) |
740 |
22,940 |
|
Tellabs, Inc. (a) |
1,100 |
58,300 |
|
|
615,398 |
||
Computer Services & Software - 42.1% |
|||
Activcard SA sponsored ADR |
500 |
9,281 |
|
Aether Systems, Inc. (a) |
2,125 |
120,328 |
|
Affiliated Computer Services, Inc. Class A (a) |
90 |
5,063 |
|
Affymetrix, Inc. (a) |
60 |
3,540 |
|
Agile Software Corp. (a) |
500 |
23,070 |
|
Amdocs Ltd. (a) |
1,060 |
57,373 |
|
America Online, Inc. (a) |
300 |
12,183 |
|
Ariba, Inc. (a) |
300 |
18,675 |
|
Art Technology Group, Inc. (a) |
200 |
5,738 |
|
AsiaInfo Holdings, Inc. |
370 |
2,891 |
|
Autodesk, Inc. |
900 |
23,231 |
|
BEA Systems, Inc. (a) |
3,490 |
204,383 |
|
BMC Software, Inc. (a) |
250 |
4,328 |
|
BroadVision, Inc. (a) |
400 |
9,050 |
|
Common Stocks - continued |
|||
Shares |
Value (Note 1) |
||
TECHNOLOGY - continued |
|||
Computer Services & Software - continued |
|||
Ceridian Corp. (a) |
210 |
$ 4,817 |
|
Check Point Software Technologies Ltd. (a) |
2,670 |
274,009 |
|
Citrix Systems, Inc. (a) |
210 |
5,001 |
|
CNET Networks, Inc. (a) |
200 |
4,275 |
|
Computer Associates International, Inc. |
1,900 |
49,638 |
|
Critical Path, Inc. (a) |
13,700 |
289,413 |
|
Foundry Networks, Inc. |
280 |
10,325 |
|
Homestore.com, Inc. (a) |
180 |
4,410 |
|
i2 Technologies, Inc. (a) |
100 |
9,650 |
|
IMS Health, Inc. |
200 |
5,600 |
|
Inet Technologies, Inc. (a) |
700 |
21,700 |
|
Informatica Corp. (a) |
800 |
55,900 |
|
Internet Security Systems, Inc. (a) |
350 |
25,856 |
|
Liberate Technologies (a) |
290 |
3,081 |
|
Macromedia, Inc. (a) |
170 |
10,880 |
|
Manugistics Group, Inc. (a) |
1,150 |
87,113 |
|
Mercury Interactive Corp. (a) |
2,200 |
148,088 |
|
Micromuse, Inc. (a) |
3,040 |
267,140 |
|
National Instrument Corp. (a) |
530 |
21,134 |
|
Netegrity, Inc. (a) |
200 |
9,238 |
|
Networks Associates, Inc. (a) |
800 |
10,400 |
|
Numerical Technologies, Inc. |
2,600 |
40,625 |
|
Openwave Systems, Inc. (a) |
1,325 |
60,453 |
|
Polycom, Inc. (a) |
1,410 |
47,676 |
|
Precise Software Solutions Ltd. |
1,300 |
36,400 |
|
Rational Software Corp. (a) |
3,620 |
114,030 |
|
Redback Networks, Inc. (a) |
1,185 |
82,728 |
|
Siebel Systems, Inc. (a) |
900 |
62,888 |
|
SilverStream Software, Inc. (a) |
2,670 |
48,394 |
|
Software AG |
380 |
20,042 |
|
Sonus Networks, Inc. |
8,880 |
215,895 |
|
StorageNetworks, Inc. |
2,300 |
67,563 |
|
Synopsys, Inc. (a) |
140 |
5,460 |
|
The BISYS Group, Inc. (a) |
110 |
4,730 |
|
TIBCO Software, Inc. (a) |
3,530 |
122,226 |
|
VeriSign, Inc. (a) |
100 |
8,669 |
|
VERITAS Software Corp. (a) |
3,240 |
316,084 |
|
Vignette Corp. (a) |
3,330 |
52,448 |
|
WatchGuard Technologies, Inc. (a) |
1,700 |
38,675 |
|
Common Stocks - continued |
|||
Shares |
Value (Note 1) |
||
TECHNOLOGY - continued |
|||
Computer Services & Software - continued |
|||
webMethods, Inc. |
1,060 |
$ 66,714 |
|
Wind River Systems, Inc. (a) |
900 |
36,000 |
|
|
3,264,502 |
||
Computers & Office Equipment - 11.3% |
|||
Brocade Communications Systems, Inc. (a) |
320 |
53,740 |
|
CacheFlow, Inc. |
750 |
30,469 |
|
Computer Network Technology Corp. (a) |
1,300 |
30,550 |
|
EMC Corp. (a) |
1,660 |
123,463 |
|
Emulex Corp. (a) |
430 |
49,988 |
|
Extreme Networks, Inc. (a) |
60 |
3,083 |
|
Finisar Corp. |
1,000 |
23,313 |
|
Juniper Networks, Inc. (a) |
830 |
103,439 |
|
Lexmark International Group, Inc. Class A (a) |
800 |
36,800 |
|
MRV Communications, Inc. (a) |
8,750 |
127,969 |
|
Network Appliance, Inc. (a) |
700 |
34,563 |
|
Palm, Inc. |
1,000 |
36,188 |
|
RSA Security, Inc. (a) |
2,830 |
121,690 |
|
Sun Microsystems, Inc. (a) |
1,256 |
95,535 |
|
Symbol Technologies, Inc. |
130 |
5,208 |
|
|
875,998 |
||
Electronic Instruments - 0.9% |
|||
Agilent Technologies, Inc. |
300 |
15,656 |
|
Anadigics, Inc. (a) |
250 |
3,969 |
|
Applera Corp. - Applied Biosystems Group |
300 |
24,788 |
|
PerkinElmer, Inc. |
50 |
4,453 |
|
Varian, Inc. (a) |
160 |
5,080 |
|
Waters Corp. (a) |
280 |
18,008 |
|
|
71,954 |
||
Electronics - 4.9% |
|||
Analog Devices, Inc. (a) |
110 |
5,459 |
|
Applied Micro Circuits Corp. (a) |
600 |
29,063 |
|
Bookham Technology PLC sponsored ADR |
1,200 |
14,925 |
|
Broadcom Corp. Class A (a) |
300 |
29,250 |
|
Celestica, Inc. (sub. vtg.) (a) |
590 |
31,038 |
|
Conexant Systems, Inc. (a) |
500 |
10,156 |
|
GlobeSpan, Inc. (a) |
90 |
2,818 |
|
Insilicon Corp. |
430 |
2,473 |
|
Integrated Device Technology, Inc. (a) |
450 |
13,388 |
|
International Rectifier Corp. (a) |
140 |
4,235 |
|
Pericom Semiconductor Corp. (a) |
600 |
9,375 |
|
Common Stocks - continued |
|||
Shares |
Value (Note 1) |
||
TECHNOLOGY - continued |
|||
Electronics - continued |
|||
Power-One, Inc. (a) |
580 |
$ 24,541 |
|
RF Micro Devices, Inc. (a) |
2,450 |
46,550 |
|
Sanmina Corp. (a) |
50 |
3,813 |
|
SDL, Inc. (a) |
300 |
54,525 |
|
Stratos Lightwave, Inc. |
1,600 |
25,300 |
|
Texas Instruments, Inc. |
700 |
26,119 |
|
Vitesse Semiconductor Corp. (a) |
1,100 |
47,438 |
|
|
380,466 |
||
TOTAL TECHNOLOGY |
5,208,318 |
||
TRANSPORTATION - 0.1% |
|||
Air Transportation - 0.1% |
|||
Northwest Airlines Corp. Class A (a) |
190 |
4,786 |
|
UTILITIES - 1.9% |
|||
Cellular - 1.3% |
|||
Microcell Telecommunications, Inc. Class B (non-vtg.) (a) |
500 |
11,654 |
|
QUALCOMM, Inc. (a) |
800 |
64,200 |
|
SBA Communications Corp. Class A (a) |
500 |
18,625 |
|
Sprint Corp. - PCS Group Series 1 (a) |
200 |
4,538 |
|
|
99,017 |
||
Electric Utility - 0.6% |
|||
AES Corp. (a) |
80 |
4,150 |
|
Calpine Corp. (a) |
1,120 |
39,760 |
|
|
43,910 |
||
Gas - 0.0% |
|||
Dynegy, Inc. Class A |
100 |
4,425 |
|
TOTAL UTILITIES |
147,352 |
||
TOTAL COMMON STOCKS (Cost $7,764,661) |
6,986,124 |
||
Convertible Preferred Stocks - 5.5% |
|||
|
|
|
|
FINANCE - 1.5% |
|||
Credit & Other Finance - 1.5% |
|||
DECS Trust VI (Metromedia Fiber Network, Inc.) $2.46 |
5,000 |
120,000 |
|
Convertible Preferred Stocks - continued |
|||
Shares |
Value (Note 1) |
||
MEDIA & LEISURE - 3.8% |
|||
Broadcasting - 0.2% |
|||
Pegasus Communications Corp. $6.50 |
200 |
$ 11,300 |
|
Entertainment - 3.6% |
|||
Six Flags, Inc. $4.05 PIES |
9,300 |
281,325 |
|
TOTAL MEDIA & LEISURE |
292,625 |
||
UTILITIES - 0.2% |
|||
Cellular - 0.2% |
|||
Crown Castle International Corp. $3.125 PIERS (a) |
300 |
12,525 |
|
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $458,366) |
425,150 |
Convertible Bonds - 1.4% |
|||||
Moody's Ratings (unaudited) (b) |
Principal Amount |
|
|||
TECHNOLOGY - 1.4% |
|||||
Computer Services & Software - 1.4% |
|||||
USinternetworking, Inc. 7% 11/1/04 |
CCC |
|
$ 270,000 |
113,400 |
Cash Equivalents - 16.2% |
|||
Maturity Amount |
|
||
Investments in repurchase agreements (U.S. Treasury Obligations), in a joint trading account at 6.5%, dated 11/30/00 due 12/1/00 |
$ 1,261,228 |
1,261,000 |
|
TOTAL INVESTMENT PORTFOLIO - 113.1% (Cost $9,605,527) |
8,785,674 |
||
NET OTHER ASSETS - (13.1)% |
(1,020,914) |
||
NET ASSETS - 100% |
$ 7,764,760 |
Security Type Abbreviations |
||
DECS |
- |
Dividend Enhanced Convertible Stock/Debt Exchangeable for |
PIERS |
- |
Preferred Income Equity Redeemable Securities |
PIES |
- |
Premium Income |
Legend |
(a) Non-income producing |
(b) S&P credit ratings are used in the absence of a rating by Moody's Investors Service, Inc. |
Income Tax Information |
At November 30, 2000, the aggregate cost of investment securities for income tax purposes was $9,672,115. Net unrealized depreciation aggregated $886,441, of which $144,609 related to appreciated investment securities and $1,031,050 related to depreciated investment securities. |
The fund intends to elect to defer to its fiscal year ending November 30, 2001 approximately $10,000 of losses recognized during the period November 1, 2000 to November 30, 2000. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Assets and Liabilities
|
November 30, 2000 |
|
Assets |
|
|
Investment in securities, at value (including repurchase agreements of $1,261,000) (cost $9,605,527) - |
|
$ 8,785,674 |
Cash |
|
28,353 |
Receivable for investments sold |
|
6,492 |
Receivable for fund shares sold |
|
1,133,624 |
Dividends receivable |
|
77 |
Interest receivable |
|
2,408 |
Prepaid expenses |
|
82,029 |
Receivable from investment adviser for expense reductions |
|
59,838 |
Total assets |
|
10,098,495 |
Liabilities |
|
|
Payable for investments purchased |
$ 2,172,257 |
|
Payable for fund shares redeemed |
16,611 |
|
Distribution fees payable |
1,232 |
|
Other payables and accrued expenses |
143,635 |
|
Total liabilities |
|
2,333,735 |
Net Assets |
|
$ 7,764,760 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 8,616,476 |
Undistributed net investment income |
|
1,289 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
(33,033) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
(819,972) |
Net Assets |
|
$ 7,764,760 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
|
November 30, 2000 |
|
Calculation of Maximum Offering Price |
|
$9.05 |
Maximum offering price per share (100/94.25 of $9.05) |
|
$9.60 |
Class T: |
|
$9.05 |
Maximum offering price per share (100/96.50 of $9.05) |
|
$9.38 |
Class B: |
|
$9.05 |
Class C: |
|
$9.05 |
Institutional Class: |
|
$9.06 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Operations
|
November 13, 2000 (commencement of operations) to November 30, 2000 |
|
Investment Income Dividends |
|
$ 77 |
Interest |
|
5,456 |
Total income |
|
5,533 |
Expenses |
|
|
Management fee |
$ 1,273 |
|
Transfer agent fees |
1,313 |
|
Distribution fees |
1,232 |
|
Accounting fees and expenses |
2,857 |
|
Custodian fees and expenses |
150 |
|
Registration fees |
37,286 |
|
Audit |
20,000 |
|
Miscellaneous |
1,250 |
|
Total expenses before reductions |
65,361 |
|
Expense reductions |
(61,111) |
4,250 |
Net investment income |
|
1,283 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities |
(33,033) |
|
Foreign currency transactions |
6 |
(33,027) |
Change in net unrealized appreciation (depreciation) on: |
|
|
Investment securities |
(819,853) |
|
Assets and liabilities in foreign currencies |
(119) |
(819,972) |
Net gain (loss) |
|
(852,999) |
Net increase (decrease) in net assets resulting |
|
$ (851,716) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
November 13, 2000
(commencement |
Increase (Decrease) in Net Assets |
|
Operations |
$ 1,283 |
Net realized gain (loss) |
(33,027) |
Change in net unrealized appreciation (depreciation) |
(819,972) |
Net increase (decrease) in net assets resulting from operations |
(851,716) |
Share transactions - net increase (decrease) |
8,616,476 |
Total increase (decrease) in net assets |
7,764,760 |
Net Assets |
|
Beginning of period |
- |
End of period (including undistributed net investment income of $1,289) |
$ 7,764,760 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class A
Year ended November 30, |
2000 E |
Selected Per-Share Data |
|
Net asset value, beginning of period |
$ 10.00 |
Income from Investment Operations |
|
Net investment income D |
.00 |
Net realized and unrealized gain (loss) |
(.95) |
Total from investment operations |
(.95) |
Net asset value, end of period |
$ 9.05 |
Total ReturnB, C |
(9.50)% |
Ratios and Supplemental Data |
|
Net assets, end of period (000 omitted) |
$ 1,789 |
Ratio of expenses to average net assets |
1.75% A, F |
Ratio of net investment income to average net assets |
.99% A |
Portfolio turnover rate |
139% A |
A Annualized
B The total return would have been lower had certain expenses not been reduced during the period shown.
C Total returns do not include the one time sales charge and for periods of less than one year are not annualized.
D Net investment income per share has been calculated based on average shares outstanding during the period.
E For the period November 13, 2000 (commencement of operations) to November 30, 2000.
F FMR agreed to reimburse a portion of the class' expenses during the period. Without this reimbursement, the class' expense ratio would have been higher.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Year ended November 30, |
2000 E |
Selected Per-Share Data |
|
Net asset value, beginning of period |
$ 10.00 |
Income from Investment Operations |
|
Net investment income D |
.00 |
Net realized and unrealized gain (loss) |
(.95) |
Total from investment operations |
(.95) |
Net asset value, end of period |
$ 9.05 |
Total ReturnB, C |
(9.50)% |
Ratios and Supplemental Data |
|
Net assets, end of period (000 omitted) |
$ 2,767 |
Ratio of expenses to average net assets |
2.00% A, F |
Ratio of net investment income to average net assets |
.74% A |
Portfolio turnover rate |
139% A |
A Annualized
B The total return would have been lower had certain expenses not been reduced during the period shown.
C Total returns do not include the one time sales charge and for periods of less than one year are not annualized.
D Net investment income per share has been calculated based on average shares outstanding during the period.
E For the period November 13, 2000 (commencement of operations) to November 30, 2000.
F FMR agreed to reimburse a portion of the class' expenses during the period. Without this reimbursement, the class' expense ratio would have been higher.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class B
Year ended November 30, |
2000 E |
Selected Per-Share Data |
|
Net asset value, beginning of period |
$ 10.00 |
Income from Investment Operations |
|
Net investment income D |
.00 |
Net realized and unrealized gain (loss) |
(.95) |
Total from investment operations |
(.95) |
Net asset value, end of period |
$ 9.05 |
Total ReturnB, C |
(9.50)% |
Ratios and Supplemental Data |
|
Net assets, end of period (000 omitted) |
$ 1,659 |
Ratio of expenses to average net assets |
2.50% A, F |
Ratio of net investment income to average net assets |
.24% A |
Portfolio turnover rate |
139% A |
A Annualized
B The total return would have been lower had certain expenses not been reduced during the period shown.
C Total returns do not reflect the contingent deferred sales charge and for periods of less than one year are not annualized.
D Net investment income per share has been calculated based on average shares outstanding during the period.
E For the period November 13, 2000 (commencement of operations) to November 30, 2000.
F FMR agreed to reimburse a portion of the class' expenses during the period. Without this reimbursement, the class' expense ratio would have been higher.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Year ended November 30, |
2000 E |
Selected Per-Share Data |
|
Net asset value, beginning of period |
$ 10.00 |
Income from Investment Operations |
|
Net investment income D |
.00 |
Net realized and unrealized gain (loss) |
(.95) |
Total from investment operations |
(.95) |
Net asset value, end of period |
$ 9.05 |
Total Return B, C |
(9.50)% |
Ratios and Supplemental Data |
|
Net assets, end of period (000 omitted) |
$ 1,224 |
Ratio of expenses to average net assets |
2.50% A, F |
Ratio of net investment income to average net assets |
.24% A |
Portfolio turnover rate |
139% A |
A Annualized
B The total return would have been lower had certain expenses not been reduced during the period shown.
C Total returns do not reflect the contingent deferred sales charge and for periods of less than one year are not annualized.
D Net investment income per share has been calculated based on average shares outstanding during the period.
E For the period November 13, 2000 (commencement of operations) to November 30, 2000.
F FMR agreed to reimburse a portion of the class' expenses during the period. Without this reimbursement, the class' expense ratio would have been higher.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Institutional Class
Year ended November 30, |
2000 E |
Selected Per-Share Data |
|
Net asset value, beginning of period |
$ 10.00 |
Income from Investment Operations |
|
Net investment income D |
.01 |
Net realized and unrealized gain (loss) |
(.95) |
Total from investment operations |
(.94) |
Net asset value, end of period |
$ 9.06 |
Total ReturnB, C |
(9.40)% |
Ratios and Supplemental Data |
|
Net assets, end of period (000 omitted) |
$ 325 |
Ratio of expenses to average net assets |
1.50% A, F |
Ratio of net investment income to average net assets |
1.24% A |
Portfolio turnover rate |
139% A |
A Annualized
B The total return would have been lower had certain expenses not been reduced during the period shown.
C Total returns for periods of less than one year are not annualized.
D Net investment income per share has been calculated based on average shares outstanding during the period.
E For the period November 13, 2000 (commencement of operations) to November 30, 2000.
F FMR agreed to reimburse a portion of the class' expenses during the period. Without this reimbursement, the class' expense ratio would have been higher.
See accompanying notes which are an integral part of the financial statements.
Annual Report
For the period ended November 30, 2000
1. Significant Accounting Policies.
Fidelity Advisor Aggressive Growth Fund(the fund) is a fund of Fidelity Securities Fund (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 Class A, Class T, Class B, Class C, and Institutional Class 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 of shares differs in its respective distribution, transfer agent, and certain other class-specific fees, expenses, and expense reductions.
The financial statements have been prepared in conformity with generally accepted accounting principles which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Securities for which exchange quotations are readily available are valued at the last sale price, or if no sale price, at the closing bid price. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If trading or events occurring in other markets after the close of the principal market in which foreign securities are traded, and before the close of business of the fund, are expected to materially affect the value of those securities, then they are valued at their fair value taking this trading or these events into account. Fair value is determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Securities for which exchange quotations are not readily available (and in certain cases debt securities which trade on an exchange) are valued primarily using dealer-supplied valuations or at their fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost or original cost plus accrued interest, both of which approximate current value. Investments in open-end investment companies are valued at their net asset value each business day.
Foreign Currency Translation. The accounting records of the fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
Net realized gains and losses on foreign currency transactions represent net gains and losses from sales and maturities of foreign currency contracts, disposition of foreign
Annual Report
Notes to Financial Statements - continued
1. Significant Accounting Policies - continued
Foreign Currency Translation - continued
currencies, the difference between the amount of net investment income accrued and the U.S. dollar amount actually received, and gains and losses between trade and settlement date on purchases and sales of securities. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.
Income Taxes. The fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. By so qualifying, the fund will not be subject to income taxes to the extent that it distributes substantially all of its taxable income for its fiscal year. The schedule of investments includes information regarding income taxes under the caption "Income Tax Information."
Investment Income. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, 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. Interest income is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Prepaid Expenses. Fidelity Management & Research Company (FMR) bears all organizational expenses of the funds except for the cost of registering and qualifying shares of the funds for distribution under federal and state securities law. These registration expenses are borne by the funds and amortized over one year.
Distributions to Shareholders. Distributions are 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 generally accepted accounting principles. These differences may result in distribution reclassifications.
Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Undistributed net investment income and accumulated undistributed net realized gain (loss) on investments and foreign currency transactions may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or gain remaining at fiscal year end is distributed in the following year.
Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost.
Annual Report
Notes to Financial Statements - continued
2. Operating Policies.
Foreign Currency Contracts. The fund generally uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. The U.S. dollar value of foreign currency contracts is determined using contractual currency exchange rates established at the time of each trade.
Joint Trading Account. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the fund, along with other affiliated entities of FMR, may transfer uninvested cash balances into one or more joint trading accounts. These balances are invested in one or more repurchase agreements for U.S. Treasury or Federal Agency obligations.
Repurchase Agreements. The underlying U.S. Treasury, Federal Agency, or other obligations found to be satisfactory by FMR are transferred to an account of the fund, or to the Joint Trading Account, at a custodian bank. The securities are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). FMR, the fund's investment adviser, is responsible for determining that the value of the underlying securities remains in accordance with the market value requirements stated above.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $8,633,744 and $256,184, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. As the fund's investment adviser, FMR receives a monthly fee that is calculated on the basis of a group fee rate plus a fixed individual fund fee rate applied to the average net assets of the fund. The group fee rate is the weighted average of a series of rates and is based on the monthly average net assets of all the mutual funds advised by FMR. The rates ranged from .2167% to .5200% for the period. The annual individual fund fee rate is .35%. In the event that these rates were lower than the contractual rates in effect during the period, FMR voluntarily implemented the above rates, as they resulted in the same or a lower management fee. For the period, the management fee was equivalent to an annualized rate of .63% of average net assets.
Sub-Adviser Fee. Beginning January 1, 2001, FMR Co.(FMRC) will serve as sub-adviser for the fund. FMRC is a wholly owned subsidiary of FMR and will receive a fee from FMR of 50% of the management fee payable to FMR with respect to that portion of the fund's assets that will be managed by FMRC.
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Board of Trustees have adopted separate Distribution and Service Plans with respect to each class of shares (collectively referred to as "the Plans"). Under certain of the Plans, the class pays Fidelity Distributors Corporation (FDC), an affiliate of FMR, a 12b-1 fee. A portion of this fee may be reallowed to securities dealers, banks and other financial institutions for the distribution of each class of shares and providing shareholder support services. For the period, this fee was based on the following annual rates of the average net assets of each applicable class:
Class A |
.25% |
Class T |
.50% |
Class B |
1.00%* |
Class C |
1.00%* |
* .75% represents a distribution fee and .25% represents a shareholder service fee.
For the period, each class paid FDC the following amounts, a portion of which was retained by FDC:
|
Paid to |
Retained |
Class A |
$ 99 |
$ 9 |
Class T |
367 |
- |
Class B |
417 |
313 |
Class C |
349 |
288 |
|
$ 1,232 |
$ 610 |
Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class B share redemptions occurring within six years of purchase and Class C share redemptions occurring within one year of purchase. Contingent deferred sales charges are based on declining rates ranging from 5% to 1% for Class B and 1% for Class C, of the lesser of the cost of shares at the initial date of purchase or the net asset value of the redeemed shares, excluding any reinvested dividends and capital gains. In addition, purchases of Class A and Class T shares that were subject to a finder's fee bear a contingent deferred sales charge on assets that do not remain in the fund for at least one year. The Class A and Class T contingent deferred sales charge is based on 0.25% of the lesser of the cost of shares at the initial date of purchase or the net asset value of the redeemed shares, excluding any reinvested dividends and capital gains. A portion of the sales charges paid to FDC is paid to securities dealers, banks and other financial institutions.
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts paid to and retained by FDC were as follows:
|
Paid to |
Retained |
Class A |
$ 3,922 |
$ - |
Class T |
4,143 |
1,933 |
|
$ 8,065 |
$ 1,933 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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 the respective classes of the fund. FIIOC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the following amounts were paid to FIIOC:
|
Amount |
Class A |
$ 221 |
Class T |
536 |
Class B |
307 |
Class C |
195 |
Institutional Class |
54 |
|
$ 1,313 |
Accounting Fees. Fidelity Service Company, Inc., an affiliate of FMR, maintains the fund's accounting records. The fee is based on the level of average net assets for the month plus out-of-pocket expenses.
Annual Report
Notes to Financial Statements - continued
5. Expense Reductions.
FMR voluntarily agreed to reimburse operating expenses (excluding interest, taxes, certain securities lending fees, brokerage commissions and extraordinary expenses, if any) above the following annual rates or range of annual rates of average net assets for each of the following classes:
|
FMR |
Reimbursement |
Class A |
1.75% |
$ 11,804 |
Class T |
2.00% |
22,111 |
Class B |
2.50% |
12,578 |
Class C |
2.50% |
10,476 |
Institutional Class |
1.50% |
4,142 |
|
|
$ 61,111 |
6. Beneficial Interest.
At the end of the period, FMR and its affiliates were record owners of approximately 12% of the total outstanding shares of the fund.
Annual Report
Notes to Financial Statements - continued
7. Share Transactions.
Transactions for each class of shares were as follows:
|
Shares |
Dollars |
|
Year ended November 30, |
Year ended November 30, |
|
2000 A |
2000 A |
|
|
|
Class A |
197,642 |
$ 1,962,030 |
Net increase (decrease) |
197,642 |
$ 1,962,030 |
Class T |
307,686 |
$ 3,118,405 |
Shares redeemed |
(1,842) |
(16,611) |
Net increase (decrease) |
305,844 |
$ 3,101,794 |
Class B |
183,283 |
$ 1,825,785 |
Net increase (decrease) |
183,283 |
$ 1,825,785 |
Class C |
135,281 |
$ 1,363,696 |
Shares redeemed |
(84) |
(796) |
Net increase (decrease) |
135,197 |
$ 1,362,900 |
Institutional Class |
35,858 |
$ 363,967 |
Net increase (decrease) |
35,858 |
$ 363,967 |
A Share transactions are for the period November 13, 2000 (commencement of operations) to November 30, 2000
Annual Report
To the Trustees of Fidelity Securities Fund and the Shareholders of Fidelity Advisor Aggressive Growth 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 Advisor Aggressive Growth Fund (a fund of Fidelity Securities Fund) at November 30, 2000, and the results of its operations, the changes in its net assets and the financial highlights for the period 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 Advisor Aggressive Growth Fund's management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with auditing standards generally accepted in the United States of America which 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 audit, which included confirmation of securities at November 30, 2000 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
January 10, 2001
Annual Report
The Board of Trustees of Fidelity Advisor Aggressive Growth Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
|
\\\\\\\\\\ |
Pay Date |
\\\\\\\\\\ |
Record Date |
\\\\\\\\\\ |
Dividends |
\\\\\\\\\\ |
Capital Gains |
Class A |
|
1/8/01 |
|
1/5/01 |
|
- |
|
$.01 |
Class T |
|
1/8/01 |
|
1/5/01 |
|
- |
|
$.01 |
Class B |
|
1/8/01 |
|
1/5/01 |
|
- |
|
$.01 |
Class C |
|
1/8/01 |
|
1/5/01 |
|
- |
|
$.01 |
Annual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Far East) Inc.
Fidelity Investments Japan Limited
Officers
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Robert A. Lawrence, Vice President
Beso Sikharulidze, Vice President
Eric D. Roiter, Secretary
Robert A. Dwight, Treasurer
Maria F. Dwyer, Deputy Treasurer
John H. Costello, Assistant Treasurer
Thomas J. Simpson, Assistant Treasurer
Board of Trustees
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
Donald J. Kirk *
Ned C. Lautenbach *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
* Independent trustees
Advisory Board
J. Michael Cook
Marie L. Knowles
William S. Stavropoulos
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
AAG-ANN-0101 122051
1.750680.100
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
(fidelity_logo)(Registered Trademark)
Fidelity® Advisor
Fund - Institutional Class
Annual Report
November 30, 2000
(2_fidelity_logos)(Registered_Trademark)
President's Message |
Ned Johnson on investing strategies. |
|
Performance |
How the fund has done over time. |
|
Fund Talk |
The manager's review of fund performance, strategy and outlook. |
|
Investment Summary |
A summary of the fund's investments. |
|
Investments |
A complete list of the fund's investments with their market values. |
|
Financial Statements |
Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
|
Notes |
Notes to the financial statements. |
|
Report of Independent Accountants |
The auditors' opinion. |
|
Distributions |
|
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 Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
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.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.
Annual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
For the first time since 1990, the taxable bond market, as measured by the Lehman Brothers Aggregate Bond Index, appeared nearly certain to outperform the U.S. stock market, as measured by the S&P 500®. The former was up nearly 10% year to date through November, while the S&P 500 was down by approximately the same amount. Disappointing corporate earnings and uncertainty concerning a president-elect toppled the stock market late in the period.
While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.
First, investors are encouraged to take a long-term view of their portfolios. If you can afford to leave your money invested through the inevitable up and down cycles of the financial markets, you will greatly reduce your vulnerability to any single decline. We know from experience, for example, that stock prices have gone up over longer periods of time, have significantly outperformed other types of investments and have stayed ahead of inflation.
Second, you can further manage your investing risk through diversification. A stock mutual fund, for instance, is already diversified, because it invests in many different companies. You can increase your diversification further by investing in a number of different stock funds, or in such other investment categories as bonds. If you have a short investment time horizon, you might want to consider moving some of your investment into a money market fund, which seeks income and a stable share price by investing in high-quality, short-term investments. Of course, it's important to remember that an investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these types of funds.
Finally, no matter what your time horizon or portfolio diversity, it makes good sense to follow a regular investment plan, investing a certain amount of money in a fund at the same time each month or quarter and periodically reviewing your overall portfolio. By doing so, you won't get caught up in the excitement of a rapidly rising market, nor will you buy all your shares at market highs. While this strategy - known as dollar cost averaging - won't assure a profit or protect you from a loss in a declining market, it should help you lower the average cost of your purchases. Of course, you should consider your financial ability to continue your purchases through periods of low price levels before undertaking such a strategy.
Remember to contact your investment professional if you need help with your investments.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Annual Report
Fidelity Advisor Aggressive Growth Fund - Institutional Class
There are several ways to evaluate historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value). If Fidelity had not reimbursed certain class expenses, the total returns would have been lower.
Cumulative Total Returns
Period ended November 30, 2000 |
|
|
Life of |
Fidelity Adv Aggressive Growth - Institutional Class |
|
|
-9.40% |
Russell Midcap Growth |
|
|
-12.94% |
Cumulative total returns show Institutional Class ' performance in percentage terms over a set period - in this case, since the fund started on November 13, 2000. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare Institutional Class' returns to the performance of the Russell Midcap Growth Index - a market capitalization-weighted index of U.S. domiciled medium capitalization growth-oriented stocks of U.S. corporations. This benchmark includes reinvested dividends and capital gains, if any.
Average Annual Total Returns
Average annual total returns take Institutional Class' shares' cumulative return and show you what would have happened if Institutional Class' shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old. In addition, the growth of a hypothetical $10,000 investment in the fund will appear in the fund's next report six months from now.
Annual Report
Market Recap
After a promising beginning, U.S. equity markets were hammered by a convergence of adverse conditions during the remainder of the 12-month period ending November 30, 2000. The tech-heavy NASDAQ Composite Index was particularly hard hit. After successfully weathering the Federal Reserve Board's campaign to calm surging economic growth, the technology sector's grip on market leadership finally weakened in mid-March, when analysts warned that valuations were overinflated. Then, in May, the markets were rocked by a 0.50% Fed interest-rate hike, and signs soon emerged that clearly indicated a slowdown ahead. Escalating oil prices put additional strain on corporate profits, and disappointing earnings announcements began to pile up. Any hopes for a late season rally were broadsided by the uncertainty stemming from the presidential election in November. The resulting anxiety weighed the markets down to their lowest point of the year. For the overall period, the Standard & Poor's 500SM Index fell 4.22%, the Dow Jones Industrial Average sank 2.77% and the NASDAQ plunged 21.99%. Investors should keep in mind, however, that the last two times the NASDAQ had negative calendar year returns, in 1990 and 1994, the index responded with gains of 59.01% and 41.40% in 1991 and 1995, respectively. Of course, past performance is no guarantee of future results.
(Portfolio Manager photograph)
An interview with Beso Sikharulidze, Portfolio Manager of Fidelity Advisor Aggressive Growth Fund
Q. How did the fund perform, Beso?
A. From its inception on November 13, 2000, through November 30, 2000, the fund's Institutional Class shares returned -9.40%, while the Russell Midcap Growth Index returned -12.94%. Going forward, we will look at the fund's performance at six- and 12-month intervals and compare it to its Lipper peer group.
Q. What was the market environment like during this very abbreviated period?
A. The fund launched during an indiscriminate sell-off in the marketplace spawned by concerns about an economic deceleration, the Federal Reserve Board's stance on interest rates and an unresolved U.S. presidential election. The technology-laden NASDAQ Composite Index felt the brunt of the storm, plunging more than 14% during this abbreviated period and more than 22% for the month of November as a whole. So, although the timing of the fund's launch dampened short-term performance, the sell-off actually helped improve our long-term prospects by allowing us to pick up several good stocks at bargain prices.
Annual Report
Fund Talk: The Manager's Overview - continued
Q. How would you define the fund's objective?
A. As its name implies, it's an aggressively managed fund that seeks capital appreciation by investing primarily in common stocks. The fund is designed to uncover companies that offer the potential for accelerated earnings or revenue growth. To me, this means a company that has strong growth potential and a sustainable competitive advantage. Oftentimes, this means investing in companies that are launching new products or technology, and those that are trying to grow their earnings faster than their competition. It's important to recognize that there are risks associated with this approach. Investors should be aware of the potential for short-term volatility in the fund's share price and should have a high tolerance to ride out the ups and downs. If they do, there's also a lot of potential for superior returns over the long term.
Q. What can you tell us about your investment style?
A. I follow a bottom-up research process, and my goal is to try to know better than anyone else the companies in which I invest, or in which I will consider investing. In analyzing a company, I look for a strong competitive position, a strong balance sheet and ample free cash-flow generation. In keeping with this strategy, some of the criteria for me to sell - or avoid - a company include deteriorating fundamentals, weakening prospects and seemingly overstretched stock valuations.
Q. Where have you found investment opportunities since the fund opened?
A. I focused the fund's investments in what I consider to be the fastest growing segments of the market, namely technology, telecommunications and biotechnology. In fact, over 68% of the fund's net assets resided in technology alone at the close of the period. Within tech and telecom, I honed in on those firms expected to benefit the most in the long term from the continued evolution of the Internet and next-generation communications networks. Among the companies receiving significant initial investments were data storage players EMC and Storage Networks, Internet software providers Veritas, Critical Path, Micromuse and BEA Systems, and networking plays Ciena and Sonus Networks. Switching gears, historic advances in gene research are expected to drive innovative products and services, which attracted me to biotech holdings, namely IDEC Pharmaceuticals, Medarex and Enzo Biochem.
Annual Report
Fund Talk: The Manager's Overview - continued
Q. What's your outlook?
A. My long-term outlook remains quite bullish. Despite a difficult period in the market of late, I firmly believe those sectors that have seen the sharpest growth during the past 12 months will continue to outpace the market. Tech-related spending, although slowing, remains strong and should continue to fuel productivity gains, which have the effect of lowering inflation and boosting corporate profits. I believe there are still a lot of good bargains out there given the recent sell-off, and I plan to take full advantage of them in the coming months. As a bottom-up investor, I'll focus my energy on individual security selection, since that's where we find the most value for the shareholder.
The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fund Facts
Goal: seeks capital appreciation by investing primarily in common stocks
Start date: November 13, 2000
Size: as of November 30, 2000, more than $7 million
Manager: Beso Sikharulidze,
since inception; Fidelity Advisor
Focus Health Care Fund,
1997-1999; joined Fidelity
in 1992
Beso Sikharulidze discusses why his background is well-suited for an aggressive growth fund:
"I've managed two sector funds at Fidelity that required an aggressive investment style, the Advisor Focus Health Care Fund and the Select Health Care Portfolio. This particular experience provided me with some great insight into finding the quality stocks with strong product pipelines within the biotechnology industry, which has become one of the hottest areas of the aggressive growth market.
"I also draw upon my experience running the Fidelity Convertible Securities Fund, a diversified equity fund that I recently managed. Managing this fund gave me valuable exposure to top technology stocks and the many facets of the new economy. What many investors don't realize is that the market for convertible securities has changed dramatically in recent years to become a much more growth-oriented universe, with the rapid emergence of NASDAQ-type issuers from the tech and telecom spaces.
"I feel that my experience with these high-growth industries provides me with a solid foundation to run an aggressive growth fund."
Annual Report
Top Ten Stocks as of November 30, 2000 |
|
|
% of fund's |
VERITAS Software Corp. |
4.1 |
Critical Path, Inc. |
3.7 |
Six Flags, Inc. $4.05 PIES |
3.6 |
Check Point Software Technologies Ltd. |
3.5 |
Micromuse, Inc. |
3.4 |
Sonus Networks, Inc. |
2.8 |
BEA Systems, Inc. |
2.6 |
Enzo Biochem, Inc. |
2.2 |
Mercury Interactive Corp. |
1.9 |
Ciena Corp. |
1.8 |
|
29.6 |
Top Five Market Sectors as of November 30, 2000 |
|
|
% of fund's |
Technology |
68.5 |
Health |
11.3 |
Media & Leisure |
5.9 |
Finance |
2.3 |
Utilities |
2.1 |
Asset Allocation (% of fund's net assets) |
|||
As of November 30, 2000 * |
|||
![]() |
Stocks 90.0% |
|
|
![]() |
Convertible Securities 6.9% |
|
|
![]() |
Short-Term Investments |
|
* Foreign investments 7.3% |
|
![]() |
Annual Report
Showing Percentage of Net Assets
Common Stocks - 90.0% |
|||
Shares |
Value (Note 1) |
||
BASIC INDUSTRIES - 0.5% |
|||
Chemicals & Plastics - 0.1% |
|||
Sealed Air Corp. (a) |
100 |
$ 3,181 |
|
Metals & Mining - 0.4% |
|||
CommScope, Inc. (a) |
1,900 |
32,181 |
|
TOTAL BASIC INDUSTRIES |
35,362 |
||
DURABLES - 0.4% |
|||
Consumer Electronics - 0.4% |
|||
Gemstar-TV Guide International, Inc. (a) |
700 |
28,481 |
|
ENERGY - 1.5% |
|||
Energy Services - 1.1% |
|||
Baker Hughes, Inc. |
140 |
4,629 |
|
ENSCO International, Inc. |
160 |
3,890 |
|
Global Industries Ltd. (a) |
490 |
4,961 |
|
Global Marine, Inc. (a) |
190 |
4,168 |
|
Hanover Compressor Co. (a) |
150 |
4,603 |
|
Marine Drilling Companies, Inc. (a) |
220 |
4,400 |
|
Nabors Industries, Inc. (a) |
100 |
4,394 |
|
Pride International, Inc. (a) |
210 |
3,977 |
|
R&B Falcon Corp. (a) |
200 |
3,800 |
|
Rowan Companies, Inc. (a) |
210 |
4,174 |
|
SEACOR SMIT, Inc. (a) |
116 |
4,872 |
|
Smith International, Inc. (a) |
70 |
4,064 |
|
Tidewater, Inc. |
110 |
4,455 |
|
Trican Well Service Ltd. (a) |
1,700 |
14,666 |
|
Varco International, Inc. (a) |
275 |
4,348 |
|
W-H Energy Services, Inc. |
333 |
4,412 |
|
Weatherford International, Inc. |
130 |
4,331 |
|
|
84,144 |
||
Oil & Gas - 0.4% |
|||
Anadarko Petroleum Corp. |
80 |
4,760 |
|
Apache Corp. |
90 |
4,703 |
|
Cooper Cameron Corp. (a) |
90 |
4,883 |
|
Devon Energy Corp. |
100 |
4,925 |
|
Grant Prideco, Inc. (a) |
290 |
4,096 |
|
Common Stocks - continued |
|||
Shares |
Value (Note 1) |
||
ENERGY - continued |
|||
Oil & Gas - continued |
|||
Murphy Oil Corp. |
90 |
$ 4,928 |
|
Newfield Exploration Co. (a) |
130 |
4,745 |
|
|
33,040 |
||
TOTAL ENERGY |
117,184 |
||
FINANCE - 0.8% |
|||
Banks - 0.1% |
|||
Synovus Finanical Corp. |
230 |
5,089 |
|
Credit & Other Finance - 0.5% |
|||
Providian Financial Corp. |
400 |
36,000 |
|
Insurance - 0.2% |
|||
Kingsway Financial Services, Inc. (a) |
2,900 |
13,783 |
|
Securities Industry - 0.0% |
|||
Federated Investors, Inc. Class B (non-vtg.) |
170 |
4,803 |
|
TOTAL FINANCE |
59,675 |
||
HEALTH - 11.3% |
|||
Drugs & Pharmaceuticals - 10.7% |
|||
Abgenix, Inc. (a) |
660 |
32,216 |
|
Alkermes, Inc. (a) |
130 |
3,884 |
|
Allergan, Inc. |
310 |
28,772 |
|
Applera Corp. - Celera Genomics Group (a) |
600 |
24,975 |
|
Celgene Corp. (a) |
80 |
4,565 |
|
Cephalon, Inc. (a) |
490 |
22,663 |
|
CuraGen Corp. (a) |
2,890 |
98,079 |
|
Enzo Biochem, Inc. (a) |
5,920 |
168,720 |
|
Human Genome Sciences, Inc. (a) |
360 |
22,388 |
|
IDEC Pharmaceuticals Corp. (a) |
430 |
74,847 |
|
ImClone Systems, Inc. (a) |
2,460 |
109,163 |
|
Immunex Corp. (a) |
320 |
11,900 |
|
King Pharmaceuticals, Inc. (a) |
100 |
4,875 |
|
Medarex, Inc. (a) |
1,790 |
64,888 |
|
Medicis Pharmaceutical Corp. Class A (a) |
300 |
19,050 |
|
Medimmune, Inc. (a) |
300 |
15,956 |
|
Millennium Pharmaceuticals, Inc. (a) |
1,070 |
51,962 |
|
Protein Design Labs, Inc. (a) |
240 |
18,540 |
|
Vertex Pharmaceuticals, Inc. (a) |
1,010 |
56,434 |
|
|
833,877 |
||
Common Stocks - continued |
|||
Shares |
Value (Note 1) |
||
HEALTH - continued |
|||
Medical Equipment & Supplies - 0.3% |
|||
Biomet, Inc. |
130 |
$ 4,810 |
|
Patterson Dental Co. (a) |
170 |
5,058 |
|
St. Jude Medical, Inc. (a) |
90 |
5,361 |
|
Stryker Corp. |
100 |
5,331 |
|
|
20,560 |
||
Medical Facilities Management - 0.3% |
|||
Express Scripts, Inc. Class A (a) |
70 |
5,241 |
|
Health Management Associates, Inc. Class A (a) |
240 |
5,115 |
|
Oxford Health Plans, Inc. (a) |
130 |
5,273 |
|
Quest Diagnostics, Inc. (a) |
40 |
4,495 |
|
Universal Health Services, Inc. Class B (a) |
60 |
6,146 |
|
|
26,270 |
||
TOTAL HEALTH |
880,707 |
||
INDUSTRIAL MACHINERY & EQUIPMENT - 1.7% |
|||
Electrical Equipment - 1.7% |
|||
Alcatel SA sponsored ADR |
590 |
29,795 |
|
Scientific-Atlanta, Inc. |
2,600 |
104,975 |
|
|
134,770 |
||
MEDIA & LEISURE - 2.1% |
|||
Broadcasting - 1.2% |
|||
American Tower Corp. Class A (a) |
130 |
3,916 |
|
EchoStar Communications Corp. Class A (a) |
330 |
9,632 |
|
Entercom Communications Corp. Class A (a) |
160 |
4,720 |
|
Radio One, Inc. Class D (non-vtg.) (a) |
6,400 |
67,200 |
|
UnitedGlobalCom, Inc. Class A (a) |
190 |
2,874 |
|
Univision Communications, Inc. Class A (a) |
140 |
4,900 |
|
|
93,242 |
||
Entertainment - 0.1% |
|||
MGM Mirage, Inc. |
160 |
4,580 |
|
Leisure Durables & Toys - 0.6% |
|||
Harley-Davidson, Inc. |
1,110 |
50,436 |
|
Lodging & Gaming - 0.1% |
|||
International Game Technology (a) |
130 |
5,801 |
|
Common Stocks - continued |
|||
Shares |
Value (Note 1) |
||
MEDIA & LEISURE - continued |
|||
Restaurants - 0.1% |
|||
Outback Steakhouse, Inc. (a) |
190 |
$ 5,166 |
|
Starbucks Corp. (a) |
110 |
5,012 |
|
|
10,178 |
||
TOTAL MEDIA & LEISURE |
164,237 |
||
NONDURABLES - 0.6% |
|||
Beverages - 0.2% |
|||
Companhia de Bebidas das Americas (AmBev) sponsored ADR |
600 |
12,675 |
|
Household Products - 0.4% |
|||
Avon Products, Inc. |
600 |
24,975 |
|
Estee Lauder Companies, Inc. Class A |
110 |
4,764 |
|
|
29,739 |
||
TOTAL NONDURABLES |
42,414 |
||
PRECIOUS METALS - 0.4% |
|||
Newmont Mining Corp. |
2,170 |
33,906 |
|
RETAIL & WHOLESALE - 0.7% |
|||
Apparel Stores - 0.4% |
|||
AnnTaylor Stores Corp. (a) |
1,050 |
21,788 |
|
Talbots, Inc. |
220 |
11,619 |
|
|
33,407 |
||
General Merchandise Stores - 0.2% |
|||
BJ's Wholesale Club, Inc. (a) |
170 |
5,706 |
|
Costco Wholesale Corp. (a) |
400 |
13,050 |
|
|
18,756 |
||
Retail & Wholesale, Miscellaneous - 0.1% |
|||
Bed Bath & Beyond, Inc. (a) |
220 |
4,579 |
|
TOTAL RETAIL & WHOLESALE |
56,742 |
||
SERVICES - 0.9% |
|||
Advertising - 0.5% |
|||
Lamar Advertising Co. Class A (a) |
110 |
4,290 |
|
TMP Worldwide, Inc. (a) |
580 |
34,039 |
|
|
38,329 |
||
Services - 0.4% |
|||
Cendant Corp. (a) |
420 |
3,859 |
|
Common Stocks - continued |
|||
Shares |
Value (Note 1) |
||
SERVICES - continued |
|||
Services - continued |
|||
Cintas Corp. |
110 |
$ 5,603 |
|
Ecolab, Inc. |
130 |
5,647 |
|
FreeMarkets, Inc. |
130 |
4,168 |
|
Manpower, Inc. |
150 |
4,866 |
|
Robert Half International, Inc. (a) |
170 |
5,079 |
|
True North Communications |
130 |
4,639 |
|
|
33,861 |
||
TOTAL SERVICES |
72,190 |
||
TECHNOLOGY - 67.1% |
|||
Communications Equipment - 7.9% |
|||
ADC Telecommunications, Inc. (a) |
5,300 |
106,994 |
|
Andrew Corp. (a) |
230 |
4,183 |
|
Avanex Corp. |
56 |
2,604 |
|
Ciena Corp. (a) |
1,860 |
141,244 |
|
Comverse Technology, Inc. (a) |
700 |
60,331 |
|
Corning, Inc. |
1,770 |
103,545 |
|
Ditech Communications Corp. (a) |
660 |
10,354 |
|
Natural MicroSystems Corp. (a) |
1,980 |
32,423 |
|
Nokia AB sponsored ADR |
800 |
34,200 |
|
ONI Systems Corp. |
880 |
38,280 |
|
Tekelec (a) |
740 |
22,940 |
|
Tellabs, Inc. (a) |
1,100 |
58,300 |
|
|
615,398 |
||
Computer Services & Software - 42.1% |
|||
Activcard SA sponsored ADR |
500 |
9,281 |
|
Aether Systems, Inc. (a) |
2,125 |
120,328 |
|
Affiliated Computer Services, Inc. Class A (a) |
90 |
5,063 |
|
Affymetrix, Inc. (a) |
60 |
3,540 |
|
Agile Software Corp. (a) |
500 |
23,070 |
|
Amdocs Ltd. (a) |
1,060 |
57,373 |
|
America Online, Inc. (a) |
300 |
12,183 |
|
Ariba, Inc. (a) |
300 |
18,675 |
|
Art Technology Group, Inc. (a) |
200 |
5,738 |
|
AsiaInfo Holdings, Inc. |
370 |
2,891 |
|
Autodesk, Inc. |
900 |
23,231 |
|
BEA Systems, Inc. (a) |
3,490 |
204,383 |
|
BMC Software, Inc. (a) |
250 |
4,328 |
|
BroadVision, Inc. (a) |
400 |
9,050 |
|
Common Stocks - continued |
|||
Shares |
Value (Note 1) |
||
TECHNOLOGY - continued |
|||
Computer Services & Software - continued |
|||
Ceridian Corp. (a) |
210 |
$ 4,817 |
|
Check Point Software Technologies Ltd. (a) |
2,670 |
274,009 |
|
Citrix Systems, Inc. (a) |
210 |
5,001 |
|
CNET Networks, Inc. (a) |
200 |
4,275 |
|
Computer Associates International, Inc. |
1,900 |
49,638 |
|
Critical Path, Inc. (a) |
13,700 |
289,413 |
|
Foundry Networks, Inc. |
280 |
10,325 |
|
Homestore.com, Inc. (a) |
180 |
4,410 |
|
i2 Technologies, Inc. (a) |
100 |
9,650 |
|
IMS Health, Inc. |
200 |
5,600 |
|
Inet Technologies, Inc. (a) |
700 |
21,700 |
|
Informatica Corp. (a) |
800 |
55,900 |
|
Internet Security Systems, Inc. (a) |
350 |
25,856 |
|
Liberate Technologies (a) |
290 |
3,081 |
|
Macromedia, Inc. (a) |
170 |
10,880 |
|
Manugistics Group, Inc. (a) |
1,150 |
87,113 |
|
Mercury Interactive Corp. (a) |
2,200 |
148,088 |
|
Micromuse, Inc. (a) |
3,040 |
267,140 |
|
National Instrument Corp. (a) |
530 |
21,134 |
|
Netegrity, Inc. (a) |
200 |
9,238 |
|
Networks Associates, Inc. (a) |
800 |
10,400 |
|
Numerical Technologies, Inc. |
2,600 |
40,625 |
|
Openwave Systems, Inc. (a) |
1,325 |
60,453 |
|
Polycom, Inc. (a) |
1,410 |
47,676 |
|
Precise Software Solutions Ltd. |
1,300 |
36,400 |
|
Rational Software Corp. (a) |
3,620 |
114,030 |
|
Redback Networks, Inc. (a) |
1,185 |
82,728 |
|
Siebel Systems, Inc. (a) |
900 |
62,888 |
|
SilverStream Software, Inc. (a) |
2,670 |
48,394 |
|
Software AG |
380 |
20,042 |
|
Sonus Networks, Inc. |
8,880 |
215,895 |
|
StorageNetworks, Inc. |
2,300 |
67,563 |
|
Synopsys, Inc. (a) |
140 |
5,460 |
|
The BISYS Group, Inc. (a) |
110 |
4,730 |
|
TIBCO Software, Inc. (a) |
3,530 |
122,226 |
|
VeriSign, Inc. (a) |
100 |
8,669 |
|
VERITAS Software Corp. (a) |
3,240 |
316,084 |
|
Vignette Corp. (a) |
3,330 |
52,448 |
|
WatchGuard Technologies, Inc. (a) |
1,700 |
38,675 |
|
Common Stocks - continued |
|||
Shares |
Value (Note 1) |
||
TECHNOLOGY - continued |
|||
Computer Services & Software - continued |
|||
webMethods, Inc. |
1,060 |
$ 66,714 |
|
Wind River Systems, Inc. (a) |
900 |
36,000 |
|
|
3,264,502 |
||
Computers & Office Equipment - 11.3% |
|||
Brocade Communications Systems, Inc. (a) |
320 |
53,740 |
|
CacheFlow, Inc. |
750 |
30,469 |
|
Computer Network Technology Corp. (a) |
1,300 |
30,550 |
|
EMC Corp. (a) |
1,660 |
123,463 |
|
Emulex Corp. (a) |
430 |
49,988 |
|
Extreme Networks, Inc. (a) |
60 |
3,083 |
|
Finisar Corp. |
1,000 |
23,313 |
|
Juniper Networks, Inc. (a) |
830 |
103,439 |
|
Lexmark International Group, Inc. Class A (a) |
800 |
36,800 |
|
MRV Communications, Inc. (a) |
8,750 |
127,969 |
|
Network Appliance, Inc. (a) |
700 |
34,563 |
|
Palm, Inc. |
1,000 |
36,188 |
|
RSA Security, Inc. (a) |
2,830 |
121,690 |
|
Sun Microsystems, Inc. (a) |
1,256 |
95,535 |
|
Symbol Technologies, Inc. |
130 |
5,208 |
|
|
875,998 |
||
Electronic Instruments - 0.9% |
|||
Agilent Technologies, Inc. |
300 |
15,656 |
|
Anadigics, Inc. (a) |
250 |
3,969 |
|
Applera Corp. - Applied Biosystems Group |
300 |
24,788 |
|
PerkinElmer, Inc. |
50 |
4,453 |
|
Varian, Inc. (a) |
160 |
5,080 |
|
Waters Corp. (a) |
280 |
18,008 |
|
|
71,954 |
||
Electronics - 4.9% |
|||
Analog Devices, Inc. (a) |
110 |
5,459 |
|
Applied Micro Circuits Corp. (a) |
600 |
29,063 |
|
Bookham Technology PLC sponsored ADR |
1,200 |
14,925 |
|
Broadcom Corp. Class A (a) |
300 |
29,250 |
|
Celestica, Inc. (sub. vtg.) (a) |
590 |
31,038 |
|
Conexant Systems, Inc. (a) |
500 |
10,156 |
|
GlobeSpan, Inc. (a) |
90 |
2,818 |
|
Insilicon Corp. |
430 |
2,473 |
|
Integrated Device Technology, Inc. (a) |
450 |
13,388 |
|
International Rectifier Corp. (a) |
140 |
4,235 |
|
Pericom Semiconductor Corp. (a) |
600 |
9,375 |
|
Common Stocks - continued |
|||
Shares |
Value (Note 1) |
||
TECHNOLOGY - continued |
|||
Electronics - continued |
|||
Power-One, Inc. (a) |
580 |
$ 24,541 |
|
RF Micro Devices, Inc. (a) |
2,450 |
46,550 |
|
Sanmina Corp. (a) |
50 |
3,813 |
|
SDL, Inc. (a) |
300 |
54,525 |
|
Stratos Lightwave, Inc. |
1,600 |
25,300 |
|
Texas Instruments, Inc. |
700 |
26,119 |
|
Vitesse Semiconductor Corp. (a) |
1,100 |
47,438 |
|
|
380,466 |
||
TOTAL TECHNOLOGY |
5,208,318 |
||
TRANSPORTATION - 0.1% |
|||
Air Transportation - 0.1% |
|||
Northwest Airlines Corp. Class A (a) |
190 |
4,786 |
|
UTILITIES - 1.9% |
|||
Cellular - 1.3% |
|||
Microcell Telecommunications, Inc. Class B (non-vtg.) (a) |
500 |
11,654 |
|
QUALCOMM, Inc. (a) |
800 |
64,200 |
|
SBA Communications Corp. Class A (a) |
500 |
18,625 |
|
Sprint Corp. - PCS Group Series 1 (a) |
200 |
4,538 |
|
|
99,017 |
||
Electric Utility - 0.6% |
|||
AES Corp. (a) |
80 |
4,150 |
|
Calpine Corp. (a) |
1,120 |
39,760 |
|
|
43,910 |
||
Gas - 0.0% |
|||
Dynegy, Inc. Class A |
100 |
4,425 |
|
TOTAL UTILITIES |
147,352 |
||
TOTAL COMMON STOCKS (Cost $7,764,661) |
6,986,124 |
||
Convertible Preferred Stocks - 5.5% |
|||
|
|
|
|
FINANCE - 1.5% |
|||
Credit & Other Finance - 1.5% |
|||
DECS Trust VI (Metromedia Fiber Network, Inc.) $2.46 |
5,000 |
120,000 |
|
Convertible Preferred Stocks - continued |
|||
Shares |
Value (Note 1) |
||
MEDIA & LEISURE - 3.8% |
|||
Broadcasting - 0.2% |
|||
Pegasus Communications Corp. $6.50 |
200 |
$ 11,300 |
|
Entertainment - 3.6% |
|||
Six Flags, Inc. $4.05 PIES |
9,300 |
281,325 |
|
TOTAL MEDIA & LEISURE |
292,625 |
||
UTILITIES - 0.2% |
|||
Cellular - 0.2% |
|||
Crown Castle International Corp. $3.125 PIERS (a) |
300 |
12,525 |
|
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $458,366) |
425,150 |
Convertible Bonds - 1.4% |
|||||
Moody's Ratings (unaudited) (b) |
Principal Amount |
|
|||
TECHNOLOGY - 1.4% |
|||||
Computer Services & Software - 1.4% |
|||||
USinternetworking, Inc. 7% 11/1/04 |
CCC |
|
$ 270,000 |
113,400 |
Cash Equivalents - 16.2% |
|||
Maturity Amount |
|
||
Investments in repurchase agreements (U.S. Treasury Obligations), in a joint trading account at 6.5%, dated 11/30/00 due 12/1/00 |
$ 1,261,228 |
1,261,000 |
|
TOTAL INVESTMENT PORTFOLIO - 113.1% (Cost $9,605,527) |
8,785,674 |
||
NET OTHER ASSETS - (13.1)% |
(1,020,914) |
||
NET ASSETS - 100% |
$ 7,764,760 |
Security Type Abbreviations |
||
DECS |
- |
Dividend Enhanced Convertible Stock/Debt Exchangeable for |
PIERS |
- |
Preferred Income Equity Redeemable Securities |
PIES |
- |
Premium Income |
Legend |
(a) Non-income producing |
(b) S&P credit ratings are used in the absence of a rating by Moody's Investors Service, Inc. |
Income Tax Information |
At November 30, 2000, the aggregate cost of investment securities for income tax purposes was $9,672,115. Net unrealized depreciation aggregated $886,441, of which $144,609 related to appreciated investment securities and $1,031,050 related to depreciated investment securities. |
The fund intends to elect to defer to its fiscal year ending November 30, 2001 approximately $10,000 of losses recognized during the period November 1, 2000 to November 30, 2000. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Assets and Liabilities
|
November 30, 2000 |
|
Assets |
|
|
Investment in securities, at value (including repurchase agreements of $1,261,000) (cost $9,605,527) - |
|
$ 8,785,674 |
Cash |
|
28,353 |
Receivable for investments sold |
|
6,492 |
Receivable for fund shares sold |
|
1,133,624 |
Dividends receivable |
|
77 |
Interest receivable |
|
2,408 |
Prepaid expenses |
|
82,029 |
Receivable from investment adviser for expense reductions |
|
59,838 |
Total assets |
|
10,098,495 |
Liabilities |
|
|
Payable for investments purchased |
$ 2,172,257 |
|
Payable for fund shares redeemed |
16,611 |
|
Distribution fees payable |
1,232 |
|
Other payables and accrued expenses |
143,635 |
|
Total liabilities |
|
2,333,735 |
Net Assets |
|
$ 7,764,760 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 8,616,476 |
Undistributed net investment income |
|
1,289 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
(33,033) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
(819,972) |
Net Assets |
|
$ 7,764,760 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
|
November 30, 2000 |
|
Calculation of Maximum Offering Price |
|
$9.05 |
Maximum offering price per share (100/94.25 of $9.05) |
|
$9.60 |
Class T: |
|
$9.05 |
Maximum offering price per share (100/96.50 of $9.05) |
|
$9.38 |
Class B: |
|
$9.05 |
Class C: |
|
$9.05 |
Institutional Class: |
|
$9.06 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Operations
|
November 13, 2000 (commencement of operations) to November 30, 2000 |
|
Investment Income Dividends |
|
$ 77 |
Interest |
|
5,456 |
Total income |
|
5,533 |
Expenses |
|
|
Management fee |
$ 1,273 |
|
Transfer agent fees |
1,313 |
|
Distribution fees |
1,232 |
|
Accounting fees and expenses |
2,857 |
|
Custodian fees and expenses |
150 |
|
Registration fees |
37,286 |
|
Audit |
20,000 |
|
Miscellaneous |
1,250 |
|
Total expenses before reductions |
65,361 |
|
Expense reductions |
(61,111) |
4,250 |
Net investment income |
|
1,283 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities |
(33,033) |
|
Foreign currency transactions |
6 |
(33,027) |
Change in net unrealized appreciation (depreciation) on: |
|
|
Investment securities |
(819,853) |
|
Assets and liabilities in foreign currencies |
(119) |
(819,972) |
Net gain (loss) |
|
(852,999) |
Net increase (decrease) in net assets resulting |
|
$ (851,716) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
November 13, 2000
(commencement |
Increase (Decrease) in Net Assets |
|
Operations |
$ 1,283 |
Net realized gain (loss) |
(33,027) |
Change in net unrealized appreciation (depreciation) |
(819,972) |
Net increase (decrease) in net assets resulting from operations |
(851,716) |
Share transactions - net increase (decrease) |
8,616,476 |
Total increase (decrease) in net assets |
7,764,760 |
Net Assets |
|
Beginning of period |
- |
End of period (including undistributed net investment income of $1,289) |
$ 7,764,760 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class A
Year ended November 30, |
2000 E |
Selected Per-Share Data |
|
Net asset value, beginning of period |
$ 10.00 |
Income from Investment Operations |
|
Net investment income D |
.00 |
Net realized and unrealized gain (loss) |
(.95) |
Total from investment operations |
(.95) |
Net asset value, end of period |
$ 9.05 |
Total ReturnB, C |
(9.50)% |
Ratios and Supplemental Data |
|
Net assets, end of period (000 omitted) |
$ 1,789 |
Ratio of expenses to average net assets |
1.75% A, F |
Ratio of net investment income to average net assets |
.99% A |
Portfolio turnover rate |
139% A |
A Annualized
B The total return would have been lower had certain expenses not been reduced during the period shown.
C Total returns do not include the one time sales charge and for periods of less than one year are not annualized.
D Net investment income per share has been calculated based on average shares outstanding during the period.
E For the period November 13, 2000 (commencement of operations) to November 30, 2000.
F FMR agreed to reimburse a portion of the class' expenses during the period. Without this reimbursement, the class' expense ratio would have been higher.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Year ended November 30, |
2000 E |
Selected Per-Share Data |
|
Net asset value, beginning of period |
$ 10.00 |
Income from Investment Operations |
|
Net investment income D |
.00 |
Net realized and unrealized gain (loss) |
(.95) |
Total from investment operations |
(.95) |
Net asset value, end of period |
$ 9.05 |
Total ReturnB, C |
(9.50)% |
Ratios and Supplemental Data |
|
Net assets, end of period (000 omitted) |
$ 2,767 |
Ratio of expenses to average net assets |
2.00% A, F |
Ratio of net investment income to average net assets |
.74% A |
Portfolio turnover rate |
139% A |
A Annualized
B The total return would have been lower had certain expenses not been reduced during the period shown.
C Total returns do not include the one time sales charge and for periods of less than one year are not annualized.
D Net investment income per share has been calculated based on average shares outstanding during the period.
E For the period November 13, 2000 (commencement of operations) to November 30, 2000.
F FMR agreed to reimburse a portion of the class' expenses during the period. Without this reimbursement, the class' expense ratio would have been higher.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class B
Year ended November 30, |
2000 E |
Selected Per-Share Data |
|
Net asset value, beginning of period |
$ 10.00 |
Income from Investment Operations |
|
Net investment income D |
.00 |
Net realized and unrealized gain (loss) |
(.95) |
Total from investment operations |
(.95) |
Net asset value, end of period |
$ 9.05 |
Total ReturnB, C |
(9.50)% |
Ratios and Supplemental Data |
|
Net assets, end of period (000 omitted) |
$ 1,659 |
Ratio of expenses to average net assets |
2.50% A, F |
Ratio of net investment income to average net assets |
.24% A |
Portfolio turnover rate |
139% A |
A Annualized
B The total return would have been lower had certain expenses not been reduced during the period shown.
C Total returns do not reflect the contingent deferred sales charge and for periods of less than one year are not annualized.
D Net investment income per share has been calculated based on average shares outstanding during the period.
E For the period November 13, 2000 (commencement of operations) to November 30, 2000.
F FMR agreed to reimburse a portion of the class' expenses during the period. Without this reimbursement, the class' expense ratio would have been higher.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Year ended November 30, |
2000 E |
Selected Per-Share Data |
|
Net asset value, beginning of period |
$ 10.00 |
Income from Investment Operations |
|
Net investment income D |
.00 |
Net realized and unrealized gain (loss) |
(.95) |
Total from investment operations |
(.95) |
Net asset value, end of period |
$ 9.05 |
Total Return B, C |
(9.50)% |
Ratios and Supplemental Data |
|
Net assets, end of period (000 omitted) |
$ 1,224 |
Ratio of expenses to average net assets |
2.50% A, F |
Ratio of net investment income to average net assets |
.24% A |
Portfolio turnover rate |
139% A |
A Annualized
B The total return would have been lower had certain expenses not been reduced during the period shown.
C Total returns do not reflect the contingent deferred sales charge and for periods of less than one year are not annualized.
D Net investment income per share has been calculated based on average shares outstanding during the period.
E For the period November 13, 2000 (commencement of operations) to November 30, 2000.
F FMR agreed to reimburse a portion of the class' expenses during the period. Without this reimbursement, the class' expense ratio would have been higher.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Institutional Class
Year ended November 30, |
2000 E |
Selected Per-Share Data |
|
Net asset value, beginning of period |
$ 10.00 |
Income from Investment Operations |
|
Net investment income D |
.01 |
Net realized and unrealized gain (loss) |
(.95) |
Total from investment operations |
(.94) |
Net asset value, end of period |
$ 9.06 |
Total ReturnB, C |
(9.40)% |
Ratios and Supplemental Data |
|
Net assets, end of period (000 omitted) |
$ 325 |
Ratio of expenses to average net assets |
1.50% A, F |
Ratio of net investment income to average net assets |
1.24% A |
Portfolio turnover rate |
139% A |
A Annualized
B The total return would have been lower had certain expenses not been reduced during the period shown.
C Total returns for periods of less than one year are not annualized.
D Net investment income per share has been calculated based on average shares outstanding during the period.
E For the period November 13, 2000 (commencement of operations) to November 30, 2000.
F FMR agreed to reimburse a portion of the class' expenses during the period. Without this reimbursement, the class' expense ratio would have been higher.
See accompanying notes which are an integral part of the financial statements.
Annual Report
For the period ended November 30, 2000
1. Significant Accounting Policies.
Fidelity Advisor Aggressive Growth Fund(the fund) is a fund of Fidelity Securities Fund (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 Class A, Class T, Class B, Class C, and Institutional Class 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 of shares differs in its respective distribution, transfer agent, and certain other class-specific fees, expenses, and expense reductions.
The financial statements have been prepared in conformity with generally accepted accounting principles which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Securities for which exchange quotations are readily available are valued at the last sale price, or if no sale price, at the closing bid price. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If trading or events occurring in other markets after the close of the principal market in which foreign securities are traded, and before the close of business of the fund, are expected to materially affect the value of those securities, then they are valued at their fair value taking this trading or these events into account. Fair value is determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Securities for which exchange quotations are not readily available (and in certain cases debt securities which trade on an exchange) are valued primarily using dealer-supplied valuations or at their fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost or original cost plus accrued interest, both of which approximate current value. Investments in open-end investment companies are valued at their net asset value each business day.
Foreign Currency Translation. The accounting records of the fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
Net realized gains and losses on foreign currency transactions represent net gains and losses from sales and maturities of foreign currency contracts, disposition of foreign
Annual Report
Notes to Financial Statements - continued
1. Significant Accounting Policies - continued
Foreign Currency Translation - continued
currencies, the difference between the amount of net investment income accrued and the U.S. dollar amount actually received, and gains and losses between trade and settlement date on purchases and sales of securities. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.
Income Taxes. The fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. By so qualifying, the fund will not be subject to income taxes to the extent that it distributes substantially all of its taxable income for its fiscal year. The schedule of investments includes information regarding income taxes under the caption "Income Tax Information."
Investment Income. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, 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. Interest income is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Prepaid Expenses. Fidelity Management & Research Company (FMR) bears all organizational expenses of the funds except for the cost of registering and qualifying shares of the funds for distribution under federal and state securities law. These registration expenses are borne by the funds and amortized over one year.
Distributions to Shareholders. Distributions are 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 generally accepted accounting principles. These differences may result in distribution reclassifications.
Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Undistributed net investment income and accumulated undistributed net realized gain (loss) on investments and foreign currency transactions may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or gain remaining at fiscal year end is distributed in the following year.
Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost.
Annual Report
Notes to Financial Statements - continued
2. Operating Policies.
Foreign Currency Contracts. The fund generally uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. The U.S. dollar value of foreign currency contracts is determined using contractual currency exchange rates established at the time of each trade.
Joint Trading Account. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the fund, along with other affiliated entities of FMR, may transfer uninvested cash balances into one or more joint trading accounts. These balances are invested in one or more repurchase agreements for U.S. Treasury or Federal Agency obligations.
Repurchase Agreements. The underlying U.S. Treasury, Federal Agency, or other obligations found to be satisfactory by FMR are transferred to an account of the fund, or to the Joint Trading Account, at a custodian bank. The securities are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). FMR, the fund's investment adviser, is responsible for determining that the value of the underlying securities remains in accordance with the market value requirements stated above.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $8,633,744 and $256,184, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. As the fund's investment adviser, FMR receives a monthly fee that is calculated on the basis of a group fee rate plus a fixed individual fund fee rate applied to the average net assets of the fund. The group fee rate is the weighted average of a series of rates and is based on the monthly average net assets of all the mutual funds advised by FMR. The rates ranged from .2167% to .5200% for the period. The annual individual fund fee rate is .35%. In the event that these rates were lower than the contractual rates in effect during the period, FMR voluntarily implemented the above rates, as they resulted in the same or a lower management fee. For the period, the management fee was equivalent to an annualized rate of .63% of average net assets.
Sub-Adviser Fee. Beginning January 1, 2001, FMR Co.(FMRC) will serve as sub-adviser for the fund. FMRC is a wholly owned subsidiary of FMR and will receive a fee from FMR of 50% of the management fee payable to FMR with respect to that portion of the fund's assets that will be managed by FMRC.
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Board of Trustees have adopted separate Distribution and Service Plans with respect to each class of shares (collectively referred to as "the Plans"). Under certain of the Plans, the class pays Fidelity Distributors Corporation (FDC), an affiliate of FMR, a 12b-1 fee. A portion of this fee may be reallowed to securities dealers, banks and other financial institutions for the distribution of each class of shares and providing shareholder support services. For the period, this fee was based on the following annual rates of the average net assets of each applicable class:
Class A |
.25% |
Class T |
.50% |
Class B |
1.00%* |
Class C |
1.00%* |
* .75% represents a distribution fee and .25% represents a shareholder service fee.
For the period, each class paid FDC the following amounts, a portion of which was retained by FDC:
|
Paid to |
Retained |
Class A |
$ 99 |
$ 9 |
Class T |
367 |
- |
Class B |
417 |
313 |
Class C |
349 |
288 |
|
$ 1,232 |
$ 610 |
Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class B share redemptions occurring within six years of purchase and Class C share redemptions occurring within one year of purchase. Contingent deferred sales charges are based on declining rates ranging from 5% to 1% for Class B and 1% for Class C, of the lesser of the cost of shares at the initial date of purchase or the net asset value of the redeemed shares, excluding any reinvested dividends and capital gains. In addition, purchases of Class A and Class T shares that were subject to a finder's fee bear a contingent deferred sales charge on assets that do not remain in the fund for at least one year. The Class A and Class T contingent deferred sales charge is based on 0.25% of the lesser of the cost of shares at the initial date of purchase or the net asset value of the redeemed shares, excluding any reinvested dividends and capital gains. A portion of the sales charges paid to FDC is paid to securities dealers, banks and other financial institutions.
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts paid to and retained by FDC were as follows:
|
Paid to |
Retained |
Class A |
$ 3,922 |
$ - |
Class T |
4,143 |
1,933 |
|
$ 8,065 |
$ 1,933 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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 the respective classes of the fund. FIIOC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the following amounts were paid to FIIOC:
|
Amount |
Class A |
$ 221 |
Class T |
536 |
Class B |
307 |
Class C |
195 |
Institutional Class |
54 |
|
$ 1,313 |
Accounting Fees. Fidelity Service Company, Inc., an affiliate of FMR, maintains the fund's accounting records. The fee is based on the level of average net assets for the month plus out-of-pocket expenses.
Annual Report
Notes to Financial Statements - continued
5. Expense Reductions.
FMR voluntarily agreed to reimburse operating expenses (excluding interest, taxes, certain securities lending fees, brokerage commissions and extraordinary expenses, if any) above the following annual rates or range of annual rates of average net assets for each of the following classes:
|
FMR |
Reimbursement |
Class A |
1.75% |
$ 11,804 |
Class T |
2.00% |
22,111 |
Class B |
2.50% |
12,578 |
Class C |
2.50% |
10,476 |
Institutional Class |
1.50% |
4,142 |
|
|
$ 61,111 |
6. Beneficial Interest.
At the end of the period, FMR and its affiliates were record owners of approximately 12% of the total outstanding shares of the fund.
Annual Report
Notes to Financial Statements - continued
7. Share Transactions.
Transactions for each class of shares were as follows:
|
Shares |
Dollars |
|
Year ended November 30, |
Year ended November 30, |
|
2000 A |
2000 A |
|
|
|
Class A |
197,642 |
$ 1,962,030 |
Net increase (decrease) |
197,642 |
$ 1,962,030 |
Class T |
307,686 |
$ 3,118,405 |
Shares redeemed |
(1,842) |
(16,611) |
Net increase (decrease) |
305,844 |
$ 3,101,794 |
Class B |
183,283 |
$ 1,825,785 |
Net increase (decrease) |
183,283 |
$ 1,825,785 |
Class C |
135,281 |
$ 1,363,696 |
Shares redeemed |
(84) |
(796) |
Net increase (decrease) |
135,197 |
$ 1,362,900 |
Institutional Class |
35,858 |
$ 363,967 |
Net increase (decrease) |
35,858 |
$ 363,967 |
A Share transactions are for the period November 13, 2000 (commencement of operations) to November 30, 2000
Annual Report
To the Trustees of Fidelity Securities Fund and the Shareholders of Fidelity Advisor Aggressive Growth 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 Advisor Aggressive Growth Fund (a fund of Fidelity Securities Fund) at November 30, 2000, and the results of its operations, the changes in its net assets and the financial highlights for the period 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 Advisor Aggressive Growth Fund's management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with auditing standards generally accepted in the United States of America which 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 audit, which included confirmation of securities at November 30, 2000 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
January 10, 2001
Annual Report
The Board of Trustees of Fidelity Advisor Aggressive Growth Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
|
\\\\\\\\\\ |
Pay Date |
\\\\\\\\\\ |
Record Date |
\\\\\\\\\\ |
Dividends |
\\\\\\\\\\ |
Capital Gains |
Institutional Class |
|
1/8/01 |
|
1/5/01 |
|
- |
|
$.01 |
Annual Report
Annual Report
Annual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Far East) Inc.
Fidelity Investments Japan Limited
Officers
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Robert A. Lawrence, Vice President
Beso Sikharulidze, Vice President
Eric D. Roiter, Secretary
Robert A. Dwight, Treasurer
Maria F. Dwyer, Deputy Treasurer
John H. Costello, Assistant Treasurer
Thomas J. Simpson, Assistant Treasurer
Board of Trustees
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
Donald J. Kirk *
Ned C. Lautenbach *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
Advisory Board
J. Michael Cook
Marie L. Knowles
William S. Stavropoulos
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
* Independent trustees
Annual Report
Fidelity Advisor Aggressive Growth Fund |
Fidelity Advisor Asset Allocation Fund |
Fidelity Advisor Balanced Fund |
Fidelity Advisor Consumer |
Fidelity Advisor Cyclical Industries Fund |
Fidelity Advisor Diversified |
Fidelity Advisor Dividend Growth Fund |
Fidelity Advisor Dynamic Capital |
Fidelity Advisor Emerging Asia Fund |
Fidelity Advisor Emerging Markets |
Fidelity Advisor Equity Growth Fund |
Fidelity Advisor Equity Income Fund |
Fidelity Advisor Europe Capital |
Fidelity Advisor Fifty Fund |
Fidelity Advisor Financial Services Fund |
Fidelity Advisor Floating Rate High |
Fidelity Advisor Global Equity Fund |
Fidelity Advisor Government |
Fidelity Advisor Growth & Income Fund |
Fidelity Advisor Growth Opportunities |
Fidelity Advisor Health Care Fund |
Fidelity Advisor High Income Fund |
Fidelity Advisor High Yield Fund |
Fidelity Advisor Intermediate |
Fidelity Advisor International Capital |
Fidelity Advisor Japan Fund |
Fidelity Advisor Korea Fund |
Fidelity Advisor Large Cap Fund |
Fidelity Advisor Latin America Fund |
Fidelity Advisor Mid Cap Fund |
Fidelity Advisor Mortgage |
Fidelity Advisor Municipal |
Fidelity Advisor Natural |
Fidelity Advisor Overseas Fund |
Fidelity Advisor Short Fixed-Income Fund |
Fidelity Advisor Small Cap Fund |
Fidelity Advisor Strategic Income Fund |
Fidelity Advisor Technology Fund |
Fidelity Advisor TechnoQuant® |
Fidelity Advisor Telecommunications & Utilities Growth Fund |
Fidelity Advisor Value Strategies Fund |
Prime Fund |
Tax-Exempt Fund |
Treasury Fund |
AAGI-ANN-0101 122052
1.750682.100
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
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