(fidelity_logo)(Registered Trademark)
Fidelity® Advisor
Aggressive Growth
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
May 31, 2002
(2_fidelity_logos) (Registered_Trademark)
Contents
|
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 Changes |
A summary of major shifts in the fund's investments over the past six months. |
|
|
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. |
|
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Notes |
Notes to the financial statements. |
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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.
Semiannual Report
President's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Disappointing earnings reports and growing concerns about corporate accounting standards overwhelmed good news on the economic front, resulting in negative returns for most popular benchmarks of U.S. stock performance through the first five months of 2002. As is typical when equities are in turmoil, investors retreated to the fixed-income markets, which explains the positive performance of nearly every bond category year to date.
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
Semiannual Report
Fidelity Advisor Aggressive Growth Fund - Class A
Performance: The Bottom Line
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 one year and life of fund total returns would have been lower.
Cumulative Total Returns
|
Periods ended May 31, 2002 |
Past 6 |
Past 1 |
Life of |
|
Fidelity® Adv Aggressive Growth - CL A |
-3.09% |
-20.02% |
-21.62% |
|
Fidelity Adv Aggressive Growth - CL A |
-8.67% |
-24.62% |
-26.12% |
|
Russell Midcap® Growth |
-6.31% |
-17.15% |
-33.95% |
|
Mid-Cap Funds Average |
0.02% |
-10.85% |
n/a * |
Cumulative total returns show Class A's performance in percentage terms over a set period - in this case, six months, one year or 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 medium capitalization growth-oriented stocks of U.S. domiciled corporations. To measure how the fund's performance stacked up against its peers, you can compare it to the mid-cap funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six month average represents a peer group of 703 mutual funds. These benchmarks include reinvested dividends and capital gains, if any. Lipper has created additional comparison categories that group funds according to portfolio characteristics and capitalization, as well as by capitalization only. These averages are listed on page <Click Here> of this report.(dagger)
Average Annual Total Returns
|
Periods ended May 31, 2002 |
|
|
Past 1 |
Life of |
|
Fidelity Adv Aggressive Growth - CL A |
|
|
-20.02% |
-14.58% |
|
Fidelity Adv Aggressive Growth - CL A |
|
|
-24.62% |
-17.80% |
|
Russell Midcap Growth |
|
|
-17.15% |
-23.55% |
|
Mid-Cap Funds Average |
|
|
-10.85% |
n/a * |
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.
* Not available
Semiannual Report
Fidelity Advisor Aggressive Growth Fund - Class A
Performance - continued
$10,000 Over Life of Fund
$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity® Advisor Aggressive Growth Fund - Class A on November 13, 2000, when the fund started, and the current 5.75% sales charge was paid. As the chart shows, by May 31, 2002 the value of the investment would have been $7,388 - a 26.12% decrease on the initial investment. For comparison, look at how the Russell Midcap Growth Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 investment would have been $6,605 - a 33.95% decrease.
Understanding
Performance
How a fund did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the share price and return of a fund that invests in stocks will vary. That means if you sell your shares during a market downturn, you might lose money. But if you can ride out the market's ups and downs, you may have a gain.
3(dagger) The Lipper mid-cap growth funds average reflects the performance (excluding sales charges) of mutual funds with similar portfolio characteristics and capitalization. The Lipper mid-cap supergroup average reflects the performance (excluding sales charges) of mutual funds with similar capitalization. As of May 31, 2002, the six month and one year cumulative total returns for the mid-cap growth funds average were -5.26% and -18.68%, respectively; and the one year average annual total return was -18.68%. The six month and one year cumulative total returns for the mid-cap supergroup average were 0.38% and -10.27%, respectively; and the one year average annual total return was -10.27%.
Semiannual Report
Fidelity Advisor Aggressive Growth Fund - Class T
Performance: The Bottom Line
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 one year and life of fund total returns would have been lower.
Cumulative Total Returns
|
Periods ended May 31, 2002 |
Past 6 |
Past 1 |
Life of |
|
Fidelity Adv Aggressive Growth - CL T |
-3.23% |
-20.16% |
-21.92% |
|
Fidelity Adv Aggressive Growth - CL T |
-6.61% |
-22.96% |
-24.65% |
|
Russell Midcap Growth |
-6.31% |
-17.15% |
-33.95% |
|
Mid-Cap Funds Average |
0.02% |
-10.85% |
n/a * |
Cumulative total returns show Class T's performance in percentage terms over a set period - in this case, six months, one year or 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 medium capitalization growth-oriented stocks of U.S. domiciled corporations. To measure how the fund's performance stacked up against its peers, you can compare it to the mid-cap funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six month average represents a peer group of 703 mutual funds. These benchmarks include reinvested dividends and capital gains, if any. Lipper has created additional comparison categories that group funds according to portfolio characteristics and capitalization, as well as by capitalization only. These averages are listed on page <Click Here> of this report.(dagger)
Average Annual Total Returns
|
Periods ended May 31, 2002 |
|
|
Past 1 |
Life of |
|
Fidelity Adv Aggressive Growth - CL T |
|
|
-20.16% |
-14.80% |
|
Fidelity Adv Aggressive Growth - CL T |
|
|
-22.96% |
-16.74% |
|
Russell Midcap Growth |
|
|
-17.15% |
-23.55% |
|
Mid-Cap Funds Average |
|
|
-10.85% |
n/a * |
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.
* Not available
Semiannual Report
Fidelity Advisor Aggressive Growth Fund - Class T
Performance - continued
$10,000 Over Life of Fund
$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Aggressive Growth Fund - Class T on November 13, 2000, when the fund started, and the current 3.50% sales charge was paid. As the chart shows, by May 31, 2002 the value of the investment would have been $7,535 - a 24.65% decrease on the initial investment. For comparison, look at how the Russell Midcap Growth Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 investment would have been $6,605 - a 33.95% decrease.
Understanding
Performance
How a fund did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the share price and return of a fund that invests in stocks will vary. That means if you sell your shares during a market downturn, you might lose money. But if you can ride out the market's ups and downs, you may have a gain.
3(dagger) The Lipper mid-cap growth funds average reflects the performance (excluding sales charges) of mutual funds with similar portfolio characteristics and capitalization. The Lipper mid-cap supergroup average reflects the performance (excluding sales charges) of mutual funds with similar capitalization. As of May 31, 2002, the six month and one year cumulative total returns for the mid-cap growth funds average were -5.26% and -18.68%, respectively; and the one year average annual total return was -18.68%. The six month and one year cumulative total returns for the mid-cap supergroup average were 0.38% and -10.27%, respectively; and the one year average annual total return was -10.27%.
Semiannual Report
Fidelity Advisor Aggressive Growth Fund - Class B
Performance: The Bottom Line
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 charges included in the past six months, past one year and the life of fund total return are 5%, 5% and 4%, respectively. If Fidelity had not reimbursed certain class expenses, the one year and life of fund total returns would have been lower.
Cumulative Total Returns
|
Periods ended May 31, 2002 |
Past 6 |
Past 1 |
Life of |
|
|
Fidelity Adv Aggressive Growth - CL B |
-3.49% |
-20.70% |
-22.52% |
|
|
Fidelity Adv Aggressive Growth - CL B |
-8.32% |
-24.66% |
-25.61% |
|
|
Russell Midcap Growth |
-6.31% |
-17.15% |
-33.95% |
|
|
Mid-Cap Funds Average |
0.02% |
-10.85% |
n/a * |
|
Cumulative total returns show Class B's performance in percentage terms over a set period - in this case, six months, one year or 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 medium capitalization growth-oriented stocks of U.S. domiciled corporations. To measure how the fund's performance stacked up against its peers, you can compare it to the mid-cap funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six month average represents a peer group of 703 mutual funds. These benchmarks include reinvested dividends and capital gains, if any. Lipper has created additional comparison categories that group funds according to portfolio characteristics and capitalization, as well as by capitalization only. These averages are listed on page <Click Here> of this report.(dagger)
Average Annual Total Returns
|
Periods ended May 31, 2002 |
|
|
Past 1 |
Life of |
|
Fidelity Adv Aggressive Growth - CL B |
|
|
-20.70% |
-15.22% |
|
Fidelity Adv Aggressive Growth - CL B |
|
|
-24.66% |
-17.43% |
|
Russell Midcap Growth |
|
|
-17.15% |
-23.55% |
|
Mid-Cap Funds Average |
|
|
-10.85% |
n/a * |
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.
* Not available
Semiannual Report
Fidelity Advisor Aggressive Growth Fund - Class B
Performance - continued
$10,000 Over Life of Fund
$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Aggressive Growth Fund - Class B on November 13, 2000, when the fund started. As the chart shows, by May 31, 2002 the value of the investment, including the effect of the applicable contingent deferred sales charge, would have been $7,439 - a 25.61% decrease on the initial investment. For comparison, look at how the Russell Midcap Growth Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 investment would have been $6,605 - a 33.95% decrease.
Understanding
Performance
How a fund did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the share price and return of a fund that invests in stocks will vary. That means if you sell your shares during a market downturn, you might lose money. But if you can ride out the market's ups and downs, you may have a gain.
3(dagger) The Lipper mid-cap growth funds average reflects the performance (excluding sales charges) of mutual funds with similar portfolio characteristics and capitalization. The Lipper mid-cap supergroup average reflects the performance (excluding sales charges) of mutual funds with similar capitalization. As of May 31, 2002, the six month and one year cumulative total returns for the mid-cap growth funds average were -5.26% and -18.68%, respectively; and the one year average annual total return was -18.68%. The six month and one year cumulative total returns for the mid-cap supergroup average were 0.38% and -10.27%, respectively; and the one year average annual total return was -10.27%.
Semiannual Report
Fidelity Advisor Aggressive Growth Fund - Class C
Performance: The Bottom Line
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 charges included in the past six months, past one year and the life of fund total return are 1%, 1% and 0%, respectively. If Fidelity had not reimbursed certain class expenses, the one year and life of fund total returns would have been lower.
Cumulative Total Returns
|
Periods ended May 31, 2002 |
Past 6 |
Past 1 |
Life of |
|
Fidelity Adv Aggressive Growth - CL C |
-3.36% |
-20.49% |
-22.32% |
|
Fidelity Adv Aggressive Growth - CL C |
-4.33% |
-21.29% |
-22.32% |
|
Russell Midcap Growth |
-6.31% |
-17.15% |
-33.95% |
|
Mid-Cap Funds Average |
0.02% |
-10.85% |
n/a * |
Cumulative total returns show Class C's performance in percentage terms over a set period - in this case, six months, one year or 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 medium capitalization growth-oriented stocks of U.S. domiciled corporations. To measure how the fund's performance stacked up against its peers, you can compare it to the mid-cap funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six month average represents a peer group of 703 mutual funds. These benchmarks include reinvested dividends and capital gains, if any. Lipper has created additional comparison categories that group funds according to portfolio characteristics and capitalization, as well as by capitalization only. These averages are listed on page <Click Here> of this report.(dagger)
Average Annual Total Returns
|
Periods ended May 31, 2002 |
|
Past 1 |
Life of |
|
Fidelity Adv Aggressive Growth - CL C |
|
-20.49% |
-15.08% |
|
Fidelity Adv Aggressive Growth - CL C |
|
-21.29% |
-15.08% |
|
Russell Midcap Growth |
|
-17.15% |
-23.55% |
|
Mid-Cap Funds Average |
|
-10.85% |
n/a * |
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.
* Not available
Semiannual Report
Fidelity Advisor Aggressive Growth Fund - Class C
Performance - continued
$10,000 Over Life of Fund
$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Advisor Aggressive Growth Fund - Class C on November 13, 2000, when the fund started. As the chart shows, by May 31, 2002 the value of the investment would have been $7,768 - a 22.32% decrease on the initial investment. For comparison, look at how the Russell Midcap Growth Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 investment would have been $6,605 - a 33.95% decrease.
Understanding
Performance
How a fund did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the share price and return of a fund that invests in stocks will vary. That means if you sell your shares during a market downturn, you might lose money. But if you can ride out the market's ups and downs, you may have a gain.
3(dagger) The Lipper mid-cap growth funds average reflects the performance (excluding sales charges) of mutual funds with similar portfolio characteristics and capitalization. The Lipper mid-cap supergroup average reflects the performance (excluding sales charges) of mutual funds with similar capitalization. As of May 31, 2002, the six month and one year cumulative total returns for the mid-cap growth funds average were -5.26% and -18.68%, respectively; and the one year average annual total return was -18.68%. The six month and one year cumulative total returns for the mid-cap supergroup average were 0.38% and -10.27%, respectively; and the one year average annual total return was -10.27%.
Semiannual Report
Fund Talk: The Manager's Overview
Market Recap
When the six-month period ending May 31, 2002, began, investors had very good reasons to believe that the equity markets and U.S. economy were on the mend. Growth in gross domestic product was strong for two consecutive quarters, signaling an end to the brief recession; interest rates were at 40-year lows; consumer spending was solid; and, in the first three months of this year, productivity had its highest quarterly increase in 19 years. So why, almost halfway through 2002, is the U.S. stock market potentially facing its third consecutive year of negative returns? You could sum it up in two words: corporate earnings. There's a fairly well-known adage in this business that says "stock prices follow earnings." That's been particularly true of late, as companies that announced earnings misses could only watch as investors - already in a foul mood given the recent spate of corporate accounting irregularities - sold off their stocks in droves. Despite this backdrop, the blue-chip bellwether Dow Jones Industrial AverageSM held up relatively well, gaining 1.68% for the period. Reflecting continued weakness in the technology and telecommunications sectors, the NASDAQ Composite® Index declined 16.17% during the past six months, and the large-cap weighted Standard & Poor's 500SM Index suffered a loss of 5.68%.
(Portfolio Manager photograph)
An interview with Rajiv Kaul, Portfolio Manager of Fidelity Advisor Aggressive Growth Fund
Q. How did the fund perform, Rajiv?
A. The environment continued to be challenging for growth investors. For the six months ending May 31, 2002, the fund's Class A, Class T, Class B and Class C shares fell 3.09%, 3.23%, 3.49% and 3.36%, respectively. During the same period, the Russell Midcap Growth Index declined 6.31%, while the mid-cap funds average tracked by Lipper Inc. managed a 0.02% gain. For the 12 months ending May 31, 2002, the fund's Class A, Class T, Class B and Class C shares lost 20.02%, 20.16%, 20.70% and 20.49%, respectively, while the Russell index declined 17.15% and the Lipper average fell 10.85%.
Q. Why did the fund outperform the Russell index but underperform the Lipper average during the six-month period?
A. Underweighting the weak information technology sector was one beneficial influence versus the Russell index. Stock selection in the fund's two largest sectors, health care and information technology, also was helpful to its relative performance. In both sectors, I tried to focus on companies with accelerating earnings growth and reasonable stock prices. In health care, my emphasis was on pharmaceutical and biotechnology companies with favorable new product stories. In general, I avoided the largest-cap pharmaceutical and biotech names because of the relative scarcity of promising drugs in their pipelines. Timely buying and selling in the technology sector also helped the fund's performance. Some tech companies saw their share prices surge on news of better-than-expected fourth-quarter earnings and, in a number of cases where I thought the upward progress of a stock was not sustainable, I liquidated the position. The fund underperformed the Lipper average in part because the average includes both value and growth funds, and value had a clear edge over growth during the period.
Semiannual Report
Fund Talk: The Manager's Overview - continued
Q. What other factors worked against the fund's relative performance?
A. Despite our favorable stock selection, my decision to overweight the weak pharmaceutical and biotechnology parts of the health care sector detracted from the fund's relative performance, as both of those industries performed poorly during the period. A sizable underweighting in financial stocks also hurt us, because that sector bucked the overall market downturn relatively well. I underweighted financials because of my concerns about skyrocketing consumer debt and the possibility of rising default rates on commercial and consumer loans. Furthermore, I felt that we were probably at or near the end of the downward trend in interest rates that helped many financial services companies during 2001.
Q. Which stocks helped the fund's performance?
A. Two telecommunications infrastructure plays, Redback Networks and Sonus Networks, made positive contributions to the fund's performance. Both reported better-than-expected earnings for the fourth quarter of 2001, and I reduced or eliminated our positions in these stocks, which then experienced sharp declines during the rest of the period. Another helpful stock was well-known retailer Saks. A turnaround story, Saks did a good job of improving its floor plans, selling off older inventory and reducing costs.
Q. Which stocks detracted from the fund's performance?
A. Security software maker RSA Security - no longer owned by the fund - dropped sharply in January on the news that the Securities and Exchange Commission was launching an investigation into how the company reported its revenue early in 2001. The stock sustained further damage later in the period when the company warned that its first-quarter results would fall short of expectations. King Pharmaceuticals and Salix Pharmaceuticals exemplified the kind of smaller-cap drug companies I was looking for, but both were hurt by the weak economy and a negative halo effect caused by alleged irregularities at Elan Pharmaceuticals and ImClone Systems, neither of which we held at the end of the period.
Q. What's your outlook, Rajiv?
A. I'll continue to monitor trends in capital spending to determine when to adopt a more aggressive stance on technology stocks. There are many who think that a meaningful economic recovery is imminent, but I'm not so certain. It's still unclear whether the recent improvement in industrial production and other measures of economic activity is due to inventory restocking or a genuine increase in demand. If there is no substantial recovery soon, stock prices could begin to look expensive to investors, especially in growth sectors such as technology. Low interest rates have historically been a positive factor for stock prices, but we might need more time for the excesses of the previous capital spending binge to be worked out of the system.
Semiannual Report
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
Start date: November 13, 2000
Size: as of May 31, 2002, more than $34 million
Manager: Rajiv Kaul, since 2001; joined Fidelity in 1996
3Rajiv Kaul on the pharmaceutical industry:
"The pharmaceutical industry has traditionally been a source of relatively stable growth during weak phases in the economy. However, the financial results of large-cap pharmaceutical companies have been disappointing during the past two years or so. I see this trend as the result of several causes. First, a greater-than-normal number of new ´blockbuster' drugs received regulatory approval in the mid-1990s, and the patent protection for many of these drugs has already expired or is about to do so. As a result, the industry as a whole is suffering from a cyclical lull in product development and earnings growth.
"Another factor has to do with the industry consolidation that has occurred during the past decade. As companies get larger, it takes a bigger blockbuster product to make a meaningful difference to their earnings. Furthermore, developing a blockbuster product is an inexact science, and it is difficult to know how to allocate funds for research and development over the long term, especially for larger companies. Their huge size forces them to spend aggressively on research and development, but the returns of R&D frequently do not justify the expense. That is why I have recently favored smaller drug and biotech companies for the fund."
Semiannual Report
Investment Changes
|
Top Ten Stocks as of May 31, 2002 |
||
|
|
% of fund's |
% of fund's net assets |
|
Salix Pharmaceuticals Ltd. |
3.5 |
0.0 |
|
Biogen, Inc. |
2.6 |
0.9 |
|
Limited Brands, Inc. |
2.5 |
0.0 |
|
Gilead Sciences, Inc. |
2.4 |
0.4 |
|
Big Lots, Inc. |
2.1 |
0.0 |
|
SLM Corp. |
1.9 |
0.0 |
|
AT&T Wireless Services, Inc. |
1.7 |
0.1 |
|
Lexmark International, Inc. Class A |
1.7 |
0.0 |
|
Anthem, Inc. |
1.7 |
0.0 |
|
Concord Communications, Inc. |
1.6 |
0.0 |
|
|
21.7 |
|
|
Top Five Market Sectors as of May 31, 2002 |
||
|
|
% of fund's |
% of fund's net assets |
|
Health Care |
27.8 |
35.0 |
|
Information Technology |
22.7 |
24.8 |
|
Consumer Discretionary |
21.1 |
8.9 |
|
Industrials |
11.8 |
12.2 |
|
Energy |
9.1 |
4.9 |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of May 31, 2002 * |
As of November 30, 2001 ** |
||||||
 |
Stocks 103.3% |
|
 |
Stocks 94.3% |
|
||
 |
Convertible |
|
 |
Convertible |
|
||
 |
Short-Term |
|
|
Short-Term |
|
||
|
* Foreign |
1.6% |
|
** Foreign investments |
4.6% |
|
||
A Short-term investments and net other assets are not included in the pie chart.
Semiannual Report
Investments May 31, 2002 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 103.3% |
|||
|
Shares |
Value (Note 1) |
||
|
CONSUMER DISCRETIONARY - 21.1% |
|||
|
Auto Components - 0.4% |
|||
|
American Axle & Manufacturing Holdings, Inc. (a) |
2,100 |
$ 63,420 |
|
|
Superior Industries International, Inc. |
1,600 |
73,216 |
|
|
|
136,636 |
||
|
Hotels, Restaurants & Leisure - 2.1% |
|||
|
Harrah's Entertainment, Inc. (a) |
8,300 |
395,495 |
|
|
International Game Technology (a) |
2,350 |
146,875 |
|
|
MGM Mirage, Inc. (a) |
160 |
6,030 |
|
|
Starbucks Corp. (a) |
7,620 |
185,014 |
|
|
|
733,414 |
||
|
Household Durables - 2.0% |
|||
|
Black & Decker Corp. |
2,400 |
114,696 |
|
|
Helen of Troy Corp. (a) |
5,500 |
72,541 |
|
|
Maytag Corp. |
2,100 |
94,059 |
|
|
Mohawk Industries, Inc. (a) |
6,152 |
403,079 |
|
|
|
684,375 |
||
|
Internet & Catalog Retail - 2.3% |
|||
|
Amazon.com, Inc. (a) |
12,500 |
227,875 |
|
|
Insight Enterprises, Inc. (a) |
11,900 |
314,755 |
|
|
USA Interactive (a) |
8,398 |
239,343 |
|
|
USA Interactive warrants 2/4/09 (a) |
211 |
2,078 |
|
|
|
784,051 |
||
|
Media - 1.6% |
|||
|
AOL Time Warner, Inc. (a) |
600 |
11,220 |
|
|
Clear Channel Communications, Inc. (a) |
1,500 |
79,845 |
|
|
Fox Entertainment Group, Inc. Class A (a) |
3,300 |
82,632 |
|
|
Knight-Ridder, Inc. |
600 |
39,498 |
|
|
Lamar Advertising Co. Class A (a) |
2,200 |
94,622 |
|
|
Univision Communications, Inc. Class A (a) |
5,900 |
236,000 |
|
|
|
543,817 |
||
|
Multiline Retail - 5.2% |
|||
|
Big Lots, Inc. (a) |
39,550 |
707,945 |
|
|
BJ's Wholesale Club, Inc. (a) |
1,670 |
72,228 |
|
|
Dollar General Corp. |
2,200 |
37,818 |
|
|
Dollar Tree Stores, Inc. (a) |
12,300 |
495,321 |
|
|
Family Dollar Stores, Inc. |
1,400 |
50,400 |
|
|
Saks, Inc. (a) |
28,700 |
400,652 |
|
|
|
1,764,364 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
CONSUMER DISCRETIONARY - continued |
|||
|
Specialty Retail - 7.5% |
|||
|
American Eagle Outfitters, Inc. (a) |
1,400 |
$ 31,080 |
|
|
AutoZone, Inc. (a) |
1,200 |
98,220 |
|
|
Bed Bath & Beyond, Inc. (a) |
8,400 |
288,120 |
|
|
Best Buy Co., Inc. (a) |
9,650 |
445,830 |
|
|
Hot Topic, Inc. (a) |
3,700 |
94,720 |
|
|
Lowe's Companies, Inc. |
3,000 |
141,480 |
|
|
Office Depot, Inc. (a) |
8,500 |
155,380 |
|
|
Staples, Inc. (a) |
4,700 |
99,076 |
|
|
Limited Brands, Inc. |
41,200 |
864,788 |
|
|
TJX Companies, Inc. |
10,000 |
210,900 |
|
|
Williams-Sonoma, Inc. (a) |
3,800 |
121,638 |
|
|
|
2,551,232 |
||
|
TOTAL CONSUMER DISCRETIONARY |
7,197,889 |
||
|
CONSUMER STAPLES - 3.7% |
|||
|
Beverages - 0.6% |
|||
|
Pepsi Bottling Group, Inc. |
6,500 |
214,630 |
|
|
Food & Drug Retailing - 0.4% |
|||
|
Rite Aid Corp. (a) |
8,960 |
30,195 |
|
|
Whole Foods Market, Inc. (a) |
2,200 |
112,574 |
|
|
|
142,769 |
||
|
Food Products - 1.7% |
|||
|
Dean Foods Co. (a) |
4,400 |
160,600 |
|
|
Hershey Foods Corp. |
1,800 |
120,114 |
|
|
Kellogg Co. |
2,800 |
102,760 |
|
|
McCormick & Co., Inc. (non-vtg.) |
1,800 |
47,268 |
|
|
Wm. Wrigley Jr. Co. |
2,400 |
137,544 |
|
|
|
568,286 |
||
|
Tobacco - 1.0% |
|||
|
RJ Reynolds Tobacco Holdings, Inc. |
3,200 |
226,240 |
|
|
UST, Inc. |
2,900 |
111,157 |
|
|
|
337,397 |
||
|
TOTAL CONSUMER STAPLES |
1,263,082 |
||
|
ENERGY - 9.1% |
|||
|
Energy Equipment & Services - 7.3% |
|||
|
BJ Services Co. (a) |
10,400 |
390,208 |
|
|
Cooper Cameron Corp. (a) |
4,450 |
250,402 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
ENERGY - continued |
|||
|
Energy Equipment & Services - continued |
|||
|
ENSCO International, Inc. |
5,500 |
$ 180,125 |
|
|
Input/Output, Inc. (a) |
2,560 |
23,040 |
|
|
Nabors Industries, Inc. (a) |
7,200 |
316,080 |
|
|
Noble Corp. (a) |
8,200 |
351,124 |
|
|
Patterson-UTI Energy, Inc. (a) |
2,800 |
85,568 |
|
|
Rowan Companies, Inc. |
2,000 |
51,400 |
|
|
Smith International, Inc. (a) |
5,690 |
417,532 |
|
|
Weatherford International, Inc. (a) |
8,280 |
416,898 |
|
|
|
2,482,377 |
||
|
Oil & Gas - 1.8% |
|||
|
Burlington Resources, Inc. |
4,900 |
198,940 |
|
|
EOG Resources, Inc. |
1,100 |
45,100 |
|
|
Murphy Oil Corp. |
1,300 |
120,172 |
|
|
Ocean Energy, Inc. |
2,100 |
46,683 |
|
|
Valero Energy Corp. |
4,900 |
193,550 |
|
|
|
604,445 |
||
|
TOTAL ENERGY |
3,086,822 |
||
|
FINANCIALS - 3.4% |
|||
|
Diversified Financials - 3.4% |
|||
|
AmeriCredit Corp. (a) |
2,900 |
101,790 |
|
|
E*TRADE Group, Inc. (a) |
6,670 |
41,354 |
|
|
Federated Investors, Inc. Class B (non-vtg.) |
3,270 |
109,218 |
|
|
Investment Technology Group, Inc. (a) |
1,500 |
54,600 |
|
|
LaBranche & Co., Inc. (a) |
2,000 |
52,800 |
|
|
SEI Investments Co. |
3,000 |
99,000 |
|
|
SLM Corp. |
6,700 |
646,416 |
|
|
Waddell & Reed Financial, Inc. Class A |
2,400 |
59,280 |
|
|
|
1,164,458 |
||
|
HEALTH CARE - 27.7% |
|||
|
Biotechnology - 10.0% |
|||
|
Affymetrix, Inc. (a) |
1,600 |
38,320 |
|
|
Biogen, Inc. (a) |
17,500 |
872,900 |
|
|
BioMarin Pharmaceutical, Inc. (a) |
10,100 |
58,479 |
|
|
Cephalon, Inc. (a) |
1,100 |
58,938 |
|
|
Enzon, Inc. (a) |
1,000 |
28,170 |
|
|
Genzyme Corp. - General Division (a) |
8,400 |
269,052 |
|
|
Gilead Sciences, Inc. (a) |
23,400 |
834,444 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
HEALTH CARE - continued |
|||
|
Biotechnology - continued |
|||
|
IDEC Pharmaceuticals Corp. (a) |
2,810 |
$ 120,521 |
|
|
MedImmune, Inc. (a) |
10,585 |
344,224 |
|
|
Millennium Pharmaceuticals, Inc. (a) |
7,272 |
109,734 |
|
|
Neurocrine Biosciences, Inc. (a) |
500 |
16,215 |
|
|
QLT, Inc. (a) |
5,800 |
73,274 |
|
|
Sangstat Medical Corp. (a) |
7,100 |
156,200 |
|
|
Trimeris, Inc. (a) |
8,600 |
419,336 |
|
|
|
3,399,807 |
||
|
Health Care Equipment & Supplies - 4.5% |
|||
|
Advanced Neuromodulation Systems, Inc. (a) |
3,600 |
114,984 |
|
|
Biomet, Inc. |
8,300 |
234,309 |
|
|
Boston Scientific Corp. (a) |
7,300 |
203,305 |
|
|
DENTSPLY International, Inc. |
1,950 |
78,117 |
|
|
Guidant Corp. (a) |
2,000 |
80,000 |
|
|
Kensey Nash Corp. (a) |
3,900 |
72,150 |
|
|
Medical Action Industries, Inc. (a) |
34,800 |
443,700 |
|
|
Resmed, Inc. (a) |
2,600 |
71,370 |
|
|
St. Jude Medical, Inc. (a) |
1,500 |
126,600 |
|
|
Stryker Corp. |
1,900 |
103,664 |
|
|
Therasense, Inc. |
600 |
10,800 |
|
|
|
1,538,999 |
||
|
Health Care Providers & Services - 8.1% |
|||
|
AdvancePCS Class A (a) |
1,200 |
28,560 |
|
|
AmeriPath, Inc. (a) |
3,200 |
94,400 |
|
|
Anthem, Inc. |
8,000 |
567,200 |
|
|
Caremark Rx, Inc. (a) |
7,600 |
146,984 |
|
|
Community Health Systems, Inc. (a) |
1,200 |
35,328 |
|
|
HCA, Inc. |
2,300 |
112,999 |
|
|
Health Management Associates, Inc. Class A (a) |
5,340 |
109,951 |
|
|
Laboratory Corp. of America Holdings (a) |
4,600 |
225,630 |
|
|
Lincare Holdings, Inc. (a) |
2,200 |
65,296 |
|
|
Manor Care, Inc. (a) |
2,500 |
64,750 |
|
|
McKesson Corp. |
2,100 |
78,750 |
|
|
Oxford Health Plans, Inc. (a) |
2,400 |
115,680 |
|
|
Quest Diagnostics, Inc. (a) |
2,700 |
236,034 |
|
|
Tenet Healthcare Corp. (a) |
2,600 |
193,700 |
|
|
Trigon Healthcare, Inc. (a) |
1,700 |
176,035 |
|
|
UnitedHealth Group, Inc. |
1,000 |
90,800 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
HEALTH CARE - continued |
|||
|
Health Care Providers & Services - continued |
|||
|
Universal Health Services, Inc. Class B (a) |
2,220 |
$ 110,156 |
|
|
Wellpoint Health Networks, Inc. (a) |
4,200 |
311,472 |
|
|
|
2,763,725 |
||
|
Pharmaceuticals - 5.1% |
|||
|
Atrix Laboratories, Inc. (a) |
9,200 |
229,356 |
|
|
CIMA Labs, Inc. (a) |
1,880 |
53,317 |
|
|
InKine Pharmaceutical, Inc. (a) |
29,400 |
33,810 |
|
|
Johnson & Johnson |
600 |
36,810 |
|
|
King Pharmaceuticals, Inc. (a) |
2,600 |
70,330 |
|
|
Medicines Co. (a) |
12,000 |
108,000 |
|
|
Salix Pharmaceuticals Ltd. (a) |
79,500 |
1,208,398 |
|
|
|
1,740,021 |
||
|
TOTAL HEALTH CARE |
9,442,552 |
||
|
INDUSTRIALS - 11.4% |
|||
|
Aerospace & Defense - 2.0% |
|||
|
General Dynamics Corp. |
400 |
40,240 |
|
|
L-3 Communications Holdings, Inc. (a) |
1,800 |
113,580 |
|
|
Lockheed Martin Corp. |
1,800 |
111,690 |
|
|
Mercury Computer Systems, Inc. (a) |
1,200 |
32,844 |
|
|
Northrop Grumman Corp. |
3,200 |
388,192 |
|
|
|
686,546 |
||
|
Airlines - 1.0% |
|||
|
AMR Corp. (a) |
5,300 |
111,035 |
|
|
Continental Airlines, Inc. Class B (a) |
600 |
13,362 |
|
|
Delta Air Lines, Inc. |
3,100 |
81,375 |
|
|
Northwest Airlines Corp. (a) |
3,000 |
50,160 |
|
|
UAL Corp. |
8,300 |
101,177 |
|
|
|
357,109 |
||
|
Building Products - 0.8% |
|||
|
American Standard Companies, Inc. (a) |
2,400 |
181,200 |
|
|
York International Corp. |
2,100 |
74,445 |
|
|
|
255,645 |
||
|
Commercial Services & Supplies - 6.3% |
|||
|
Apollo Group, Inc. Class A (a) |
5,250 |
181,020 |
|
|
Cendant Corp. (a) |
6,490 |
118,637 |
|
|
Certegy, Inc. (a) |
2,700 |
116,100 |
|
|
ChoicePoint, Inc. (a) |
1,500 |
89,415 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
INDUSTRIALS - continued |
|||
|
Commercial Services & Supplies - continued |
|||
|
Convergys Corp. (a) |
2,500 |
$ 65,600 |
|
|
DST Systems, Inc. (a) |
3,900 |
192,699 |
|
|
Equifax, Inc. |
3,200 |
88,416 |
|
|
First Data Corp. |
1,800 |
142,560 |
|
|
H&R Block, Inc. |
600 |
26,940 |
|
|
Herman Miller, Inc. |
2,700 |
63,342 |
|
|
InterCept, Inc. (a) |
5,530 |
138,914 |
|
|
Labor Ready, Inc. (a) |
10,800 |
95,904 |
|
|
Paychex, Inc. |
10,700 |
370,755 |
|
|
Robert Half International, Inc. (a) |
5,100 |
125,868 |
|
|
Sabre Holdings Corp. Class A (a) |
7,200 |
283,680 |
|
|
Total System Services, Inc. |
1,700 |
38,913 |
|
|
|
2,138,763 |
||
|
Machinery - 0.7% |
|||
|
Danaher Corp. |
2,600 |
181,012 |
|
|
Eaton Corp. |
900 |
72,738 |
|
|
|
253,750 |
||
|
Trading Companies & Distributors - 0.6% |
|||
|
Fastenal Co. |
4,800 |
189,648 |
|
|
TOTAL INDUSTRIALS |
3,881,461 |
||
|
INFORMATION TECHNOLOGY - 22.7% |
|||
|
Communications Equipment - 2.9% |
|||
|
Brocade Communications System, Inc. (a) |
14,700 |
288,855 |
|
|
Comverse Technology, Inc. (a) |
5,800 |
68,730 |
|
|
Finisar Corp. (a) |
40,000 |
104,040 |
|
|
JDS Uniphase Corp. (a) |
19,300 |
67,743 |
|
|
McDATA Corp. Class B (a) |
19,500 |
174,915 |
|
|
Motorola, Inc. |
10,400 |
166,296 |
|
|
QUALCOMM, Inc. (a) |
3,000 |
94,920 |
|
|
Redback Networks, Inc. (a) |
8,600 |
17,802 |
|
|
|
983,301 |
||
|
Computers & Peripherals - 2.7% |
|||
|
Apple Computer, Inc. (a) |
8,400 |
195,720 |
|
|
EMC Corp. (a) |
12,400 |
89,900 |
|
|
Lexmark International, Inc. Class A (a) |
9,100 |
568,295 |
|
|
Network Appliance, Inc. (a) |
5,100 |
66,351 |
|
|
|
920,266 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
Electronic Equipment & Instruments - 0.5% |
|||
|
Benchmark Electronics, Inc. (a) |
700 |
$ 21,000 |
|
|
Millipore Corp. |
1,300 |
51,454 |
|
|
PerkinElmer, Inc. |
3,740 |
52,248 |
|
|
Tech Data Corp. (a) |
900 |
36,243 |
|
|
|
160,945 |
||
|
Internet Software & Services - 1.0% |
|||
|
Retek, Inc. (a) |
1,700 |
41,463 |
|
|
Yahoo!, Inc. (a) |
18,400 |
294,768 |
|
|
|
336,231 |
||
|
IT Consulting & Services - 1.3% |
|||
|
Affiliated Computer Services, Inc. Class A (a) |
2,200 |
122,408 |
|
|
SunGard Data Systems, Inc. (a) |
11,310 |
318,037 |
|
|
|
440,445 |
||
|
Semiconductor Equipment & Products - 8.9% |
|||
|
Advanced Micro Devices, Inc. (a) |
26,900 |
307,467 |
|
|
Altera Corp. (a) |
8,900 |
160,467 |
|
|
Amkor Technology, Inc. (a) |
2,900 |
43,123 |
|
|
Analog Devices, Inc. (a) |
10,400 |
380,848 |
|
|
Atmel Corp. (a) |
11,700 |
96,174 |
|
|
Broadcom Corp. Class A (a) |
3,400 |
76,670 |
|
|
ChipPAC, Inc. (a) |
8,200 |
71,176 |
|
|
Conexant Systems, Inc. (a) |
37,400 |
267,410 |
|
|
Fairchild Semiconductor International, Inc. Class A (a) |
8,500 |
213,775 |
|
|
Integrated Device Technology, Inc. (a) |
4,700 |
119,568 |
|
|
International Rectifier Corp. (a) |
1,600 |
75,152 |
|
|
Intersil Corp. Class A (a) |
4,000 |
96,080 |
|
|
LAM Research Corp. (a) |
4,000 |
90,960 |
|
|
Lattice Semiconductor Corp. (a) |
3,500 |
37,450 |
|
|
Marvell Technology Group Ltd. (a) |
4,700 |
147,956 |
|
|
Micron Technology, Inc. (a) |
1,600 |
37,728 |
|
|
Mykrolis Corp. |
879 |
11,867 |
|
|
National Semiconductor Corp. (a) |
4,800 |
147,360 |
|
|
NVIDIA Corp. (a) |
2,000 |
66,920 |
|
|
Oak Technology, Inc. (a) |
6,900 |
89,286 |
|
|
Photronics, Inc. (a) |
7,100 |
162,377 |
|
|
Semtech Corp. (a) |
4,000 |
131,520 |
|
|
Silicon Laboratories, Inc. (a) |
200 |
4,776 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
Semiconductor Equipment & Products - continued |
|||
|
Teradyne, Inc. (a) |
5,800 |
$ 157,064 |
|
|
Vitesse Semiconductor Corp. (a) |
6,300 |
31,683 |
|
|
|
3,024,857 |
||
|
Software - 5.4% |
|||
|
Adobe Systems, Inc. |
10,900 |
393,490 |
|
|
Aspen Technology, Inc. (a) |
3,300 |
36,993 |
|
|
Cadence Design Systems, Inc. (a) |
2,700 |
52,002 |
|
|
Compuware Corp. (a) |
7,940 |
58,518 |
|
|
Concord Communications, Inc. (a) |
36,400 |
547,820 |
|
|
Electronic Arts, Inc. (a) |
3,600 |
230,400 |
|
|
Intuit, Inc. (a) |
4,400 |
192,412 |
|
|
Legato Systems, Inc. (a) |
4,940 |
30,924 |
|
|
Network Associates, Inc. (a) |
11,310 |
218,849 |
|
|
Quest Software, Inc. (a) |
7,400 |
103,600 |
|
|
|
1,865,008 |
||
|
TOTAL INFORMATION TECHNOLOGY |
7,731,053 |
||
|
MATERIALS - 1.8% |
|||
|
Chemicals - 0.3% |
|||
|
Ferro Corp. |
1,700 |
49,963 |
|
|
OM Group, Inc. |
500 |
32,800 |
|
|
|
82,763 |
||
|
Construction Materials - 0.1% |
|||
|
Lafarge North America, Inc. |
1,100 |
46,090 |
|
|
Containers & Packaging - 0.9% |
|||
|
Owens-Illinois, Inc. (a) |
5,000 |
87,500 |
|
|
Sealed Air Corp. |
5,000 |
223,750 |
|
|
|
311,250 |
||
|
Metals & Mining - 0.5% |
|||
|
Massey Energy Corp. |
4,800 |
62,880 |
|
|
Newmont Mining Corp. Holding Co. |
3,370 |
105,178 |
|
|
|
168,058 |
||
|
TOTAL MATERIALS |
608,161 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
TELECOMMUNICATION SERVICES - 2.4% |
|||
|
Wireless Telecommunication Services - 2.4% |
|||
|
AT&T Wireless Services, Inc. (a) |
72,000 |
$ 583,920 |
|
|
Sprint Corp. - PCS Group Series 1 (a) |
24,000 |
250,560 |
|
|
|
834,480 |
||
|
TOTAL COMMON STOCKS (Cost $34,079,872) |
35,209,958 |
||
|
Convertible Preferred Stocks - 0.0% |
|||
|
|
|
|
|
|
CONSUMER DISCRETIONARY - 0.0% |
|||
|
Internet & Catalog Retail - 0.0% |
|||
|
USA Interactive Series A, $0.995 |
190 |
10,925 |
|
|
Convertible Bonds - 0.5% |
|||||
|
Ratings |
Principal |
|
|||
|
HEALTH CARE - 0.1% |
|||||
|
Biotechnology - 0.1% |
|||||
|
CV Therapeutics, Inc. 4.75% 3/7/07 |
- |
|
$ 52,500 |
37,826 |
|
|
INDUSTRIALS - 0.4% |
|||||
|
Commercial Services & Supplies - 0.4% |
|||||
|
Ogden Corp. 5.75% 10/20/02 (b) |
Ca |
|
430,000 |
129,000 |
|
|
TOTAL CONVERTIBLE BONDS (Cost $294,848) |
166,826 |
||||
|
TOTAL INVESTMENT PORTFOLIO - 103.8% (Cost $34,386,793) |
35,387,709 |
||
|
NET OTHER ASSETS - (3.8)% |
(1,300,601) |
||
|
NET ASSETS - 100% |
$ 34,087,108 |
||
|
Legend |
|
(a) Non-income producing |
|
(b) Non-income producing - issuer filed for bankruptcy or is in default of interest payments. |
|
(c) For certain securities not individually rated by a nationally recognized rating agency, the ratings listed have been assigned by Fidelity. |
|
Other Information |
|
Purchases and sales of securities, other than short-term securities, aggregated $103,572,643 and $100,513,617, respectively. |
|
The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $21,933 for the period. |
|
Income Tax Information |
|
At May 31, 2002, the aggregate cost of investment securities for income tax purposes was $35,032,448. Net unrealized appreciation aggregated $355,261, of which $3,187,760 related to appreciated investment securities and $2,832,499 related to depreciated investment securities. |
|
At November 30, 2001, the fund had a capital loss carryforward of approximately $10,015,000 all of which will expire on November 30, 2009. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
|
|
May 31, 2002 (Unaudited) |
|
|
Assets |
|
|
|
Investment in securities, at value (cost $34,386,793) - See accompanying schedule |
|
$ 35,387,709 |
|
Receivable for investments sold |
|
1,539,885 |
|
Receivable for fund shares sold |
|
53,322 |
|
Dividends receivable |
|
5,429 |
|
Interest receivable |
|
1,416 |
|
Total assets |
|
36,987,761 |
|
Liabilities |
|
|
|
Payable to custodian bank |
$ 966,147 |
|
|
Payable for investments purchased |
1,789,768 |
|
|
Payable for fund shares redeemed |
81,254 |
|
|
Accrued management fee |
19,360 |
|
|
Distribution fees payable |
20,699 |
|
|
Other payables and accrued expenses |
23,425 |
|
|
Total liabilities |
|
2,900,653 |
|
Net Assets |
|
$ 34,087,108 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 45,314,741 |
|
Accumulated net investment (loss) |
|
(302,777) |
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
(11,925,772) |
|
Net unrealized appreciation (depreciation) on investments |
|
1,000,916 |
|
Net Assets |
|
$ 34,087,108 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
|
|
May 31, 2002 (Unaudited) |
|
|
Calculation of Maximum Offering Price |
|
$ 7.83 |
|
Maximum offering price per share (100/94.25 of $7.83) |
|
$ 8.31 |
|
Class T: |
|
$ 7.80 |
|
Maximum offering price per share (100/96.50 of $7.80) |
|
$ 8.08 |
|
Class B: |
|
$ 7.74 |
|
Class C: |
|
$ 7.76 |
|
Institutional Class: |
|
$ 7.88 |
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.
Semiannual Report
Statement of Operations
|
|
Six months ended May 31, 2002 (Unaudited) |
|
|
Investment Income |
|
|
|
Dividends |
|
$ 36,522 |
|
Interest |
|
23,790 |
|
Total income |
|
60,312 |
|
Expenses |
|
|
|
Management fee |
$ 117,915 |
|
|
Transfer agent fees |
80,950 |
|
|
Distribution fees |
129,887 |
|
|
Accounting fees and expenses |
30,049 |
|
|
Non-interested trustees' compensation |
60 |
|
|
Custodian fees and expenses |
8,229 |
|
|
Registration fees |
13,974 |
|
|
Audit |
2,016 |
|
|
Legal |
1,623 |
|
|
Miscellaneous |
329 |
|
|
Total expenses before reductions |
385,032 |
|
|
Expense reductions |
(21,943) |
363,089 |
|
Net investment income (loss) |
|
(302,777) |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities |
(1,133,562) |
|
|
Foreign currency transactions |
(1,860) |
|
|
Total net realized gain (loss) |
|
(1,135,422) |
|
Change in net unrealized appreciation (depreciation) on investment securities |
|
100,987 |
|
Net gain (loss) |
|
(1,034,435) |
|
Net increase (decrease) in net assets resulting from operations |
|
$ (1,337,212) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
|
Six months ended |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ (302,777) |
$ (193,523) |
|
Net realized gain (loss) |
(1,135,422) |
(10,633,685) |
|
Change in net unrealized appreciation (depreciation) |
100,987 |
1,723,136 |
|
Net increase (decrease) in net assets resulting |
(1,337,212) |
(9,104,072) |
|
Distributions to shareholders from net realized gain |
- |
(22,418) |
|
Share transactions - net increase (decrease) |
608,680 |
36,177,370 |
|
Total increase (decrease) in net assets |
(728,532) |
27,050,880 |
|
Net Assets |
|
|
|
Beginning of period |
34,815,640 |
7,764,760 |
|
End of period (including accumulated net investment loss of $302,777 and $0, respectively) |
$ 34,087,108 |
$ 34,815,640 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
|
Six months ended |
Years ended |
|
|
|
(Unaudited) |
2001 |
2000 F |
|
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 8.08 |
$ 9.05 |
$ 10.00 |
|
Income from Investment Operations |
|
|
|
|
Net investment income (loss) E |
(.05) |
(.01) |
- |
|
Net realized and unrealized gain (loss) |
(.20) |
(.95) |
(.95) |
|
Total from investment operations |
(.25) |
(.96) |
(.95) |
|
Distributions from net realized gain |
- |
(.01) |
- |
|
Net asset value, end of period |
$ 7.83 |
$ 8.08 |
$ 9.05 |
|
Total Return B, C, D |
(3.09)% |
(10.62)% |
(9.50)% |
|
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
1.71% A |
2.06% |
31.94% A |
|
Expenses net of voluntary waivers, if any |
1.71% A |
1.75% |
1.75% A |
|
Expenses net of all reductions |
1.59% A |
1.71% |
1.75% A |
|
Net investment income (loss) |
(1.27)% A |
(.14)% |
.99% A |
|
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) |
$ 3,163 |
$ 3,320 |
$ 1,789 |
|
Portfolio turnover rate |
559% A |
481% |
139% A |
|
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F For the period November 13, 2000 (commencement of operations) to November 30, 2000. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
|||
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
|
Six months ended |
Years ended |
|
|
|
(Unaudited) |
2001 |
2000 F |
|
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 8.06 |
$ 9.05 |
$ 10.00 |
|
Income from Investment Operations |
|
|
|
|
Net investment income (loss) E |
(.06) |
(.03) |
- |
|
Net realized and unrealized gain (loss) |
(.20) |
(.95) |
(.95) |
|
Total from investment operations |
(.26) |
(.98) |
(.95) |
|
Distributions from net realized gain |
- |
(.01) |
- |
|
Net asset value, end of period |
$ 7.80 |
$ 8.06 |
$ 9.05 |
|
Total Return B, C, D |
(3.23)% |
(10.84)% |
(9.50)% |
|
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
1.84% A |
2.30% |
32.36% A |
|
Expenses net of voluntary waivers, if any |
1.84% A |
2.00% |
2.00% A |
|
Expenses net of all reductions |
1.73% A |
1.96% |
2.00% A |
|
Net investment income (loss) |
(1.40)% A |
(.39)% |
.74% A |
|
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) |
$ 13,771 |
$ 14,165 |
$ 2,767 |
|
Portfolio turnover rate |
559% A |
481% |
139% A |
|
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F For the period November 13, 2000 (commencement of operations) to November 30, 2000. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
|||
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
|
Six months ended |
Years ended |
|
|
|
(Unaudited) |
2001 |
2000 F |
|
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 8.02 |
$ 9.05 |
$ 10.00 |
|
Income from Investment Operations |
|
|
|
|
Net investment income (loss) E |
(.08) |
(.08) |
- |
|
Net realized and unrealized gain (loss) |
(.20) |
(.94) |
(.95) |
|
Total from investment operations |
(.28) |
(1.02) |
(.95) |
|
Distributions from net realized gain |
- |
(.01) |
- |
|
Net asset value, end of period |
$ 7.74 |
$ 8.02 |
$ 9.05 |
|
Total Return B,C,D |
(3.49)% |
(11.29)% |
(9.50)% |
|
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
2.43% A |
2.86% |
32.87% A |
|
Expenses net of voluntary waivers, if any |
2.43% A |
2.50% |
2.50% A |
|
Expenses net of all reductions |
2.31% A |
2.46% |
2.50% A |
|
Net investment income (loss) |
(1.99)% A |
(.89)% |
.24% A |
|
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) |
$ 7,949 |
$ 8,038 |
$ 1,659 |
|
Portfolio turnover rate |
559% A |
481% |
139% A |
|
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based
on average shares outstanding during the period. F For the period November 13, 2000 (commencement of operations) to November 30, 2000. |
|||
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
|
Six months ended |
Years ended |
|
|
|
(Unaudited) |
2001 |
2000 F |
|
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 8.03 |
$ 9.05 |
$ 10.00 |
|
Income from Investment Operations |
|
|
|
|
Net investment income (loss) E |
(.08) |
(.08) |
- |
|
Net realized and unrealized gain (loss) |
(.19) |
(.93) |
(.95) |
|
Total from investment operations |
(.27) |
(1.01) |
(.95) |
|
Distributions from net realized gain |
- |
(.01) |
- |
|
Net asset value, end of period |
$ 7.76 |
$ 8.03 |
$ 9.05 |
|
Total Return B,C,D |
(3.36)% |
(11.18)% |
(9.50)% |
|
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
2.31% A |
2.79% |
32.69% A |
|
Expenses net of voluntary waivers, if any |
2.31% A |
2.50% |
2.50% A |
|
Expenses net of all reductions |
2.20% A |
2.46% |
2.50% A |
|
Net investment income (loss) |
(1.87)% A |
(.89)% |
.24% A |
|
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) |
$ 8,414 |
$ 8,532 |
$ 1,224 |
|
Portfolio turnover rate |
559% A |
481% |
139% A |
|
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based
on average shares outstanding during the period. F For the period November 13, 2000 (commencement of operations) to November 30, 2000. |
|||
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
|
Six months ended |
Years ended |
|
|
|
(Unaudited) |
2001 |
2000 E |
|
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 8.11 |
$ 9.06 |
$ 10.00 |
|
Income from Investment Operations |
|
|
|
|
Net investment income (loss)D |
(.03) |
.01 |
.01 |
|
Net realized and unrealized gain (loss) |
(.20) |
(.95) |
(.95) |
|
Total from investment operations |
(.23) |
(.94) |
(.94) |
|
Distributions from net realized gain |
- |
(.01) |
- |
|
Net asset value, end of period |
$ 7.88 |
$ 8.11 |
$ 9.06 |
|
Total Return B, C |
(2.84)% |
(10.39)% |
(9.40)% |
|
Ratios to Average Net Assets F |
|
|
|
|
Expenses before expense reductions |
1.19% A |
1.73% |
31.51% A |
|
Expenses net of voluntary waivers, if any |
1.19% A |
1.50% |
1.50% A |
|
Expenses net of all reductions |
1.07% A |
1.46% |
1.50% A |
|
Net investment income (loss) |
(.75)% A |
.11% |
1.24% A |
|
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) |
$ 790 |
$ 761 |
$ 325 |
|
Portfolio turnover rate |
559% A |
481% |
139% A |
|
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E For the period November 13, 2000 (commencement of operations) to November 30, 2000. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
|||
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2002 (Unaudited)
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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America 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. Net asset value per share is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Securities for which 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. Price movements in futures contracts and ADR's, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Securities (including restricted securities) for which 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. Investments in open-end investment companies are valued at their net asset value each business day.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Income Taxes. As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the fund is not subject to income taxes to the extent that it distributes all of its taxable income for its fiscal year. The Schedule of Investments includes information regarding income taxes, if any, under the caption "Income Tax Information."
Investment Income. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, 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.
Distributions to Shareholders. Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class.
Semiannual Report
1. Significant Accounting Policies - continued
Distributions to Shareholders - continued
Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments for foreign currency transactions, passive foreign investment companies (PFIC), market discount, capital loss carryforwards, and losses deferred due to wash sales.
Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax basis differences will reverse in a subsequent period.
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.
Change in Accounting Principle. Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. The cumulative effect of this accounting change had no impact on total net assets of the fund, but resulted in a $3,235 increase to the cost of securities held and a corresponding increase to accumulated net undistributed realized gain (loss), based on securities held by the fund on December 1, 2001.
2. Operating Policies.
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.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.
The management fee is the sum of an individual fund fee rate of .35% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .63% of the fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
|
|
Distribution |
Service |
Paid to |
Retained |
|
Class A |
0% |
.25% |
$ 4,194 |
$ 63 |
|
Class T |
.25% |
.25% |
40,958 |
252 |
|
Class B |
.75% |
.25% |
40,210 |
30,176 |
|
Class C |
.75% |
.25% |
44,525 |
14,916 |
|
|
|
|
$ 129,887 |
$ 45,407 |
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 A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.
For the period, sales charge amounts paid to and retained by FDC were as follows:
|
|
Paid to |
Retained |
|
Class A |
$ 18,208 |
$ 5,692 |
|
Class T |
27,484 |
5,518 |
|
Class B |
14,261 |
14,261* |
|
Class C |
2,133 |
2,133* |
|
|
$ 62,086 |
$ 27,604 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
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 |
% of |
|
Class A |
$ 8,880 |
.53* |
|
Class T |
33,854 |
.41* |
|
Class B |
20,098 |
.50* |
|
Class C |
17,055 |
.38* |
|
Institutional Class |
1,063 |
.26* |
|
|
$ 80,950 |
|
* Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), 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.
Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $14,365 for the period.
Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Expense Reductions.
Certain security trades were directed to brokers who paid $21,943 of the fund's expenses.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
From net realized gain |
Six months ended |
Year ended |
|
Class A |
$ - |
$ 3,027 |
|
Class T |
- |
9,442 |
|
Class B |
- |
4,873 |
|
Class C |
- |
4,440 |
|
Institutional Class |
- |
636 |
|
Total |
$ - |
$ 22,418 |
Semiannual Report
8. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares |
Dollars |
||
|
|
Six months ended |
Year ended November 30, |
Six months ended |
Year ended November 30, |
|
|
2002 |
2001 |
2002 |
2001 |
|
Class A |
97,686 |
444,403 |
$ 799,426 |
$ 4,306,002 |
|
Reinvestment of distributions |
- |
207 |
- |
1,935 |
|
Shares redeemed |
(104,510) |
(231,476) |
(861,321) |
(2,054,651) |
|
Net increase (decrease) |
(6,824) |
213,134 |
$ (61,895) |
$ 2,253,286 |
|
Class T |
621,314 |
2,239,199 |
$ 5,136,074 |
$ 21,822,601 |
|
Reinvestment of distributions |
- |
938 |
- |
8,749 |
|
Shares redeemed |
(613,872) |
(788,246) |
(4,889,653) |
(6,792,125) |
|
Net increase (decrease) |
7,442 |
1,451,891 |
$ 246,421 |
$ 15,039,225 |
|
Class B |
206,633 |
1,146,833 |
$ 1,669,965 |
$ 11,147,186 |
|
Reinvestment of distributions |
- |
459 |
- |
4,280 |
|
Shares redeemed |
(182,076) |
(328,386) |
(1,506,670) |
(2,750,504) |
|
Net increase (decrease) |
24,557 |
818,906 |
$ 163,295 |
$ 8,400,962 |
|
Class C |
256,669 |
1,236,726 |
$ 2,111,630 |
$ 12,477,205 |
|
Reinvestment of distributions |
- |
436 |
- |
4,074 |
|
Shares redeemed |
(234,251) |
(309,914) |
(1,904,571) |
(2,603,523) |
|
Net increase (decrease) |
22,418 |
927,248 |
$ 207,059 |
$ 9,877,756 |
|
Institutional Class |
24,492 |
97,418 |
$ 201,939 |
$ 957,774 |
|
Reinvestment of distributions |
- |
57 |
- |
532 |
|
Shares redeemed |
(17,978) |
(39,613) |
(148,139) |
(352,165) |
|
Net increase (decrease) |
6,514 |
57,862 |
$ 53,800 |
$ 606,141 |
Semiannual Report
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Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Far East) Inc.
Fidelity Investments Japan Limited
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
Semiannual Report
|
Fidelity Advisor Aggressive Growth Fund |
|
Fidelity Advisor Asset Allocation Fund |
|
Fidelity Advisor Balanced Fund |
|
Fidelity Advisor Biotechnology Fund |
|
Fidelity Advisor Consumer Industries Fund |
|
Fidelity Advisor Cyclical Industries Fund |
|
Fidelity Advisor Developing Communications Fund |
|
Fidelity Advisor Diversified International Fund |
|
Fidelity Advisor Dividend Growth Fund |
|
Fidelity Advisor Dynamic Capital Appreciation Fund |
|
Fidelity Advisor Electronics Fund |
|
Fidelity Advisor Emerging Asia Fund |
|
Fidelity Advisor Emerging Markets Income Fund |
|
Fidelity Advisor Equity Growth Fund |
|
Fidelity Advisor Equity Income Fund |
|
Fidelity Advisor Equity Value Fund |
|
Fidelity Advisor Europe Capital Appreciation Fund |
|
Fidelity Advisor Fifty Fund |
|
Fidelity Advisor Financial Services Fund |
|
Fidelity Advisor Floating Rate High Income Fund |
|
Fidelity Advisor Global Equity Fund |
|
Fidelity Advisor Government Investment Fund |
|
Fidelity Advisor Growth & Income Fund |
|
Fidelity Advisor Growth Opportunities |
|
Fidelity Advisor Health Care Fund |
|
Fidelity Advisor High Income Fund |
|
Fidelity Advisor High Income |
|
Fidelity Advisor Intermediate Bond Fund |
|
Fidelity Advisor International Capital Appreciation Fund |
|
Fidelity Advisor Japan Fund |
|
Fidelity Advisor Korea Fund |
|
Fidelity Advisor Large Cap Fund |
|
Fidelity Advisor Latin America Fund |
|
Fidelity Advisor Leveraged Company Stock Fund |
|
Fidelity Advisor Mid Cap Fund |
|
Fidelity Advisor Mortgage Securities Fund |
|
Fidelity Advisor Municipal Income Fund |
|
Fidelity Advisor Natural Resources Fund |
|
Fidelity Advisor Overseas Fund |
|
Fidelity Advisor Short Fixed-Income Fund |
|
Fidelity Advisor Small Cap Fund |
|
Fidelity Advisor Strategic Growth Fund |
|
Fidelity Advisor Strategic Income Fund |
|
Fidelity Advisor Tax Managed |
|
Fidelity Advisor Technology Fund |
|
Fidelity Advisor Telecommunications & Utilities Growth Fund |
|
Fidelity Advisor Value Strategies Fund |
|
Prime Fund |
|
Tax-Exempt Fund |
|
Treasury Fund |
AAG-SANN-0702 157391
1.759110.101
(Fidelity Investment logo)(registered trademark)
(fidelity_logo)(Registered Trademark)
Fidelity® Advisor
Aggressive Growth
Fund - Institutional Class
Semiannual Report
May 31, 2002
(2_fidelity_logos) (Registered_Trademark)
Contents
|
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 Changes |
A summary of major shifts in the fund's investments over the past six months. |
|
|
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. |
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.
Semiannual Report
President's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Disappointing earnings reports and growing concerns about corporate accounting standards overwhelmed good news on the economic front, resulting in negative returns for most popular benchmarks of U.S. stock performance through the first five months of 2002. As is typical when equities are in turmoil, investors retreated to the fixed-income markets, which explains the positive performance of nearly every bond category year to date.
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
Semiannual Report
Fidelity Advisor Aggressive Growth Fund - Institutional Class
Performance: The Bottom Line
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 one year and life of fund total returns would have been lower.
Cumulative Total Returns
|
Periods ended May 31, 2002 |
Past 6 |
Past 1 |
Life of |
|
Fidelity® Adv Aggressive Growth - Institutional Class |
-2.84% |
-19.76% |
-21.12% |
|
Russell Midcap® Growth |
-6.31% |
-17.15% |
-33.95% |
|
Mid-Cap Funds Average |
0.02% |
-10.85% |
n/a * |
Cumulative total returns show Institutional Class' performance in percentage terms over a set period - in this case, six months, one year or 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 medium capitalization growth-oriented stocks of U.S. domiciled corporations. To measure how the fund's performance stacked up against its peers, you can compare it to the mid-cap funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six month average represents a peer group of 703 mutual funds. These benchmarks include reinvested dividends and capital gains, if any. Lipper has created additional comparison categories that group funds according to portfolio characteristics and capitalization, as well as by capitalization only. These averages are listed on page <Click Here> of this report.(dagger)
Average Annual Total Returns
|
Periods ended May 31, 2002 |
|
Past 1 |
Life of |
|
Fidelity Adv Aggressive Growth - Institutional Class |
|
-19.76% |
-14.23% |
|
Russell Midcap Growth |
|
-17.15% |
-23.55% |
|
Mid-Cap Funds Average |
|
-10.85% |
n/a * |
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.
* Not available
Semiannual Report
Fidelity Advisor Aggressive Growth Fund - Institutional Class
Performance - continued
$10,000 Over Life of Fund
$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity® Advisor Aggressive Growth Fund - Institutional Class on November 13, 2000, when the fund started. As the chart shows, by May 31, 2002 the value of the investment would have been $7,888 - a 21.12% decrease on the initial investment. For comparison, look at how the Russell Midcap Growth Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 investment would have been $6,605 - a 33.95% decrease.
Understanding
Performance
How a fund did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the share price and return of a fund that invests in stocks will vary. That means if you sell your shares during a market downturn, you might lose money. But if you can ride out the market's ups and downs, you may have a gain.
3(dagger) The Lipper mid-cap growth funds average reflects the performance (excluding sales charges) of mutual funds with similar portfolio characteristics and capitalization. The Lipper mid-cap supergroup average reflects the performance (excluding sales charges) of mutual funds with similar capitalization. As of May 31, 2002, the six month and one year cumulative total returns for the mid-cap growth funds average were -5.26% and -18.68%, respectively; and the one year average annual total return was -18.68%. The six month and one year cumulative total returns for the mid-cap supergroup average were 0.38% and -10.27%, respectively; and the one year average annual total return was -10.27%.
Semiannual Report
Fund Talk: The Manager's Overview
Market Recap
When the six-month period ending May 31, 2002, began, investors had very good reasons to believe that the equity markets and U.S. economy were on the mend. Growth in gross domestic product was strong for two consecutive quarters, signaling an end to the brief recession; interest rates were at 40-year lows; consumer spending was solid; and, in the first three months of this year, productivity had its highest quarterly increase in 19 years. So why, almost halfway through 2002, is the U.S. stock market potentially facing its third consecutive year of negative returns? You could sum it up in two words: corporate earnings. There's a fairly well-known adage in this business that says "stock prices follow earnings." That's been particularly true of late, as companies that announced earnings misses could only watch as investors - already in a foul mood given the recent spate of corporate accounting irregularities - sold off their stocks in droves. Despite this backdrop, the blue-chip bellwether Dow Jones Industrial AverageSM held up relatively well, gaining 1.68% for the period. Reflecting continued weakness in the technology and telecommunications sectors, the NASDAQ Composite® Index declined 16.17% during the past six months, and the large-cap weighted Standard & Poor's 500SM Index suffered a loss of 5.68%.
(Portfolio Manager photograph)
An interview with Rajiv Kaul, Portfolio Manager of Fidelity Advisor Aggressive Growth Fund
Q. How did the fund perform, Rajiv?
A. The environment continued to be challenging for growth investors. For the six months ending May 31, 2002, the fund's Institutional Class shares fell 2.84%. During the same period, the Russell Midcap Growth Index declined 6.31%, while the mid-cap funds average tracked by Lipper Inc. managed a small 0.02% gain. For the 12 months ending May 31, 2002, the fund's Institutional Class shares lost 19.76%, while the Russell index declined 17.15% and the Lipper average fell 10.85%.
Q. Why did the fund outperform the Russell index but underperform the Lipper average during the six-month period?
A. Underweighting the weak information technology sector was one beneficial influence versus the Russell index. Stock selection in the fund's two largest sectors, health care and information technology, also was helpful to its relative performance. In both sectors, I tried to focus on companies with accelerating earnings growth and reasonable stock prices. In health care, my emphasis was on pharmaceutical and biotechnology companies with favorable new product stories. In general, I avoided the largest-cap pharmaceutical and biotech names because of the relative scarcity of promising drugs in their pipelines. Timely buying and selling in the technology sector also helped the fund's performance. Some tech companies saw their share prices surge on news of better-than-expected fourth-quarter earnings and, in a number of cases where I thought the upward progress of a stock was not sustainable, I liquidated the position. The fund underperformed the Lipper average in part because the average includes both value and growth funds, and value had a clear edge over growth during the period.
Semiannual Report
Fund Talk: The Manager's Overview - continued
Q. What other factors worked against the fund's relative performance?
A. Despite our favorable stock selection, my decision to overweight the weak pharmaceutical and biotechnology parts of the health care sector detracted from the fund's relative performance, as both of those industries performed poorly during the period. A sizable underweighting in financial stocks also hurt us, because that sector bucked the overall market downturn relatively well. I underweighted financials because of my concerns about skyrocketing consumer debt and the possibility of rising default rates on commercial and consumer loans. Furthermore, I felt that we were probably at or near the end of the downward trend in interest rates that helped many financial services companies during 2001.
Q. Which stocks helped the fund's performance?
A. Two telecommunications infrastructure plays, Redback Networks and Sonus Networks, made positive contributions to the fund's performance. Both reported better-than-expected earnings for the fourth quarter of 2001, and I reduced or eliminated our positions in these stocks, which then experienced sharp declines during the rest of the period. Another helpful stock was well-known retailer Saks. A turnaround story, Saks did a good job of improving its floor plans, selling off older inventory and reducing costs.
Q. Which stocks detracted from the fund's performance?
A. Security software maker RSA Security - no longer owned by the fund - dropped sharply in January on the news that the Securities and Exchange Commission was launching an investigation into how the company reported its revenue early in 2001. The stock sustained further damage later in the period when the company warned that its first-quarter results would fall short of expectations. King Pharmaceuticals and Salix Pharmaceuticals exemplified the kind of smaller-cap drug companies I was looking for, but both were hurt by the weak economy and a negative halo effect caused by alleged irregularities at Elan Pharmaceuticals and ImClone Systems, neither of which we held at the end of the period.
Q. What's your outlook, Rajiv?
A. I'll continue to monitor trends in capital spending to determine when to adopt a more aggressive stance on technology stocks. There are many who think that a meaningful economic recovery is imminent, but I'm not so certain. It's still unclear whether the recent improvement in industrial production and other measures of economic activity is due to inventory restocking or a genuine increase in demand. If there is no substantial recovery soon, stock prices could begin to look expensive to investors, especially in growth sectors such as technology. Low interest rates have historically been a positive factor for stock prices, but we might need more time for the excesses of the previous capital spending binge to be worked out of the system.
Semiannual Report
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
Start date: November 13, 2000
Size: as of May 31, 2002, more than $34 million
Manager: Rajiv Kaul, since 2001; joined Fidelity in 1996
3Rajiv Kaul on the pharmaceutical industry:
"The pharmaceutical industry has traditionally been a source of relatively stable growth during weak phases in the economy. However, the financial results of large-cap pharmaceutical companies have been disappointing during the past two years or so. I see this trend as the result of several causes. First, a greater-than-normal number of new ´blockbuster' drugs received regulatory approval in the mid-1990s, and the patent protection for many of these drugs has already expired or is about to do so. As a result, the industry as a whole is suffering from a cyclical lull in product development and earnings growth.
"Another factor has to do with the industry consolidation that has occurred during the past decade. As companies get larger, it takes a bigger blockbuster product to make a meaningful difference to their earnings. Furthermore, developing a blockbuster product is an inexact science, and it is difficult to know how to allocate funds for research and development over the long term, especially for larger companies. Their huge size forces them to spend aggressively on research and development, but the returns of R&D frequently do not justify the expense. That is why I have recently favored smaller drug and biotech companies for the fund."
Semiannual Report
Investment Changes
|
Top Ten Stocks as of May 31, 2002 |
||
|
|
% of fund's |
% of fund's net assets |
|
Salix Pharmaceuticals Ltd. |
3.5 |
0.0 |
|
Biogen, Inc. |
2.6 |
0.9 |
|
Limited Brands, Inc. |
2.5 |
0.0 |
|
Gilead Sciences, Inc. |
2.4 |
0.4 |
|
Big Lots, Inc. |
2.1 |
0.0 |
|
SLM Corp. |
1.9 |
0.0 |
|
AT&T Wireless Services, Inc. |
1.7 |
0.1 |
|
Lexmark International, Inc. Class A |
1.7 |
0.0 |
|
Anthem, Inc. |
1.7 |
0.0 |
|
Concord Communications, Inc. |
1.6 |
0.0 |
|
|
21.7 |
|
|
Top Five Market Sectors as of May 31, 2002 |
||
|
|
% of fund's |
% of fund's net assets |
|
Health Care |
27.8 |
35.0 |
|
Information Technology |
22.7 |
24.8 |
|
Consumer Discretionary |
21.1 |
8.9 |
|
Industrials |
11.8 |
12.2 |
|
Energy |
9.1 |
4.9 |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of May 31, 2002 * |
As of November 30, 2001 ** |
||||||
|
Stocks 103.3% |
|
|
Stocks 94.3% |
|
||
|
Convertible |
|
|
Convertible |
|
||
|
Short-Term |
|
|
Short-Term |
|
||
|
* Foreign |
1.6% |
|
** Foreign investments |
4.6% |
|
||
A Short-term investments and net other assets are not included in the pie chart.
Semiannual Report
Investments May 31, 2002 (Unaudited)
Showing Percentage of Net Assets
|
Common Stocks - 103.3% |
|||
|
Shares |
Value (Note 1) |
||
|
CONSUMER DISCRETIONARY - 21.1% |
|||
|
Auto Components - 0.4% |
|||
|
American Axle & Manufacturing Holdings, Inc. (a) |
2,100 |
$ 63,420 |
|
|
Superior Industries International, Inc. |
1,600 |
73,216 |
|
|
|
136,636 |
||
|
Hotels, Restaurants & Leisure - 2.1% |
|||
|
Harrah's Entertainment, Inc. (a) |
8,300 |
395,495 |
|
|
International Game Technology (a) |
2,350 |
146,875 |
|
|
MGM Mirage, Inc. (a) |
160 |
6,030 |
|
|
Starbucks Corp. (a) |
7,620 |
185,014 |
|
|
|
733,414 |
||
|
Household Durables - 2.0% |
|||
|
Black & Decker Corp. |
2,400 |
114,696 |
|
|
Helen of Troy Corp. (a) |
5,500 |
72,541 |
|
|
Maytag Corp. |
2,100 |
94,059 |
|
|
Mohawk Industries, Inc. (a) |
6,152 |
403,079 |
|
|
|
684,375 |
||
|
Internet & Catalog Retail - 2.3% |
|||
|
Amazon.com, Inc. (a) |
12,500 |
227,875 |
|
|
Insight Enterprises, Inc. (a) |
11,900 |
314,755 |
|
|
USA Interactive (a) |
8,398 |
239,343 |
|
|
USA Interactive warrants 2/4/09 (a) |
211 |
2,078 |
|
|
|
784,051 |
||
|
Media - 1.6% |
|||
|
AOL Time Warner, Inc. (a) |
600 |
11,220 |
|
|
Clear Channel Communications, Inc. (a) |
1,500 |
79,845 |
|
|
Fox Entertainment Group, Inc. Class A (a) |
3,300 |
82,632 |
|
|
Knight-Ridder, Inc. |
600 |
39,498 |
|
|
Lamar Advertising Co. Class A (a) |
2,200 |
94,622 |
|
|
Univision Communications, Inc. Class A (a) |
5,900 |
236,000 |
|
|
|
543,817 |
||
|
Multiline Retail - 5.2% |
|||
|
Big Lots, Inc. (a) |
39,550 |
707,945 |
|
|
BJ's Wholesale Club, Inc. (a) |
1,670 |
72,228 |
|
|
Dollar General Corp. |
2,200 |
37,818 |
|
|
Dollar Tree Stores, Inc. (a) |
12,300 |
495,321 |
|
|
Family Dollar Stores, Inc. |
1,400 |
50,400 |
|
|
Saks, Inc. (a) |
28,700 |
400,652 |
|
|
|
1,764,364 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
CONSUMER DISCRETIONARY - continued |
|||
|
Specialty Retail - 7.5% |
|||
|
American Eagle Outfitters, Inc. (a) |
1,400 |
$ 31,080 |
|
|
AutoZone, Inc. (a) |
1,200 |
98,220 |
|
|
Bed Bath & Beyond, Inc. (a) |
8,400 |
288,120 |
|
|
Best Buy Co., Inc. (a) |
9,650 |
445,830 |
|
|
Hot Topic, Inc. (a) |
3,700 |
94,720 |
|
|
Lowe's Companies, Inc. |
3,000 |
141,480 |
|
|
Office Depot, Inc. (a) |
8,500 |
155,380 |
|
|
Staples, Inc. (a) |
4,700 |
99,076 |
|
|
Limited Brands, Inc. |
41,200 |
864,788 |
|
|
TJX Companies, Inc. |
10,000 |
210,900 |
|
|
Williams-Sonoma, Inc. (a) |
3,800 |
121,638 |
|
|
|
2,551,232 |
||
|
TOTAL CONSUMER DISCRETIONARY |
7,197,889 |
||
|
CONSUMER STAPLES - 3.7% |
|||
|
Beverages - 0.6% |
|||
|
Pepsi Bottling Group, Inc. |
6,500 |
214,630 |
|
|
Food & Drug Retailing - 0.4% |
|||
|
Rite Aid Corp. (a) |
8,960 |
30,195 |
|
|
Whole Foods Market, Inc. (a) |
2,200 |
112,574 |
|
|
|
142,769 |
||
|
Food Products - 1.7% |
|||
|
Dean Foods Co. (a) |
4,400 |
160,600 |
|
|
Hershey Foods Corp. |
1,800 |
120,114 |
|
|
Kellogg Co. |
2,800 |
102,760 |
|
|
McCormick & Co., Inc. (non-vtg.) |
1,800 |
47,268 |
|
|
Wm. Wrigley Jr. Co. |
2,400 |
137,544 |
|
|
|
568,286 |
||
|
Tobacco - 1.0% |
|||
|
RJ Reynolds Tobacco Holdings, Inc. |
3,200 |
226,240 |
|
|
UST, Inc. |
2,900 |
111,157 |
|
|
|
337,397 |
||
|
TOTAL CONSUMER STAPLES |
1,263,082 |
||
|
ENERGY - 9.1% |
|||
|
Energy Equipment & Services - 7.3% |
|||
|
BJ Services Co. (a) |
10,400 |
390,208 |
|
|
Cooper Cameron Corp. (a) |
4,450 |
250,402 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
ENERGY - continued |
|||
|
Energy Equipment & Services - continued |
|||
|
ENSCO International, Inc. |
5,500 |
$ 180,125 |
|
|
Input/Output, Inc. (a) |
2,560 |
23,040 |
|
|
Nabors Industries, Inc. (a) |
7,200 |
316,080 |
|
|
Noble Corp. (a) |
8,200 |
351,124 |
|
|
Patterson-UTI Energy, Inc. (a) |
2,800 |
85,568 |
|
|
Rowan Companies, Inc. |
2,000 |
51,400 |
|
|
Smith International, Inc. (a) |
5,690 |
417,532 |
|
|
Weatherford International, Inc. (a) |
8,280 |
416,898 |
|
|
|
2,482,377 |
||
|
Oil & Gas - 1.8% |
|||
|
Burlington Resources, Inc. |
4,900 |
198,940 |
|
|
EOG Resources, Inc. |
1,100 |
45,100 |
|
|
Murphy Oil Corp. |
1,300 |
120,172 |
|
|
Ocean Energy, Inc. |
2,100 |
46,683 |
|
|
Valero Energy Corp. |
4,900 |
193,550 |
|
|
|
604,445 |
||
|
TOTAL ENERGY |
3,086,822 |
||
|
FINANCIALS - 3.4% |
|||
|
Diversified Financials - 3.4% |
|||
|
AmeriCredit Corp. (a) |
2,900 |
101,790 |
|
|
E*TRADE Group, Inc. (a) |
6,670 |
41,354 |
|
|
Federated Investors, Inc. Class B (non-vtg.) |
3,270 |
109,218 |
|
|
Investment Technology Group, Inc. (a) |
1,500 |
54,600 |
|
|
LaBranche & Co., Inc. (a) |
2,000 |
52,800 |
|
|
SEI Investments Co. |
3,000 |
99,000 |
|
|
SLM Corp. |
6,700 |
646,416 |
|
|
Waddell & Reed Financial, Inc. Class A |
2,400 |
59,280 |
|
|
|
1,164,458 |
||
|
HEALTH CARE - 27.7% |
|||
|
Biotechnology - 10.0% |
|||
|
Affymetrix, Inc. (a) |
1,600 |
38,320 |
|
|
Biogen, Inc. (a) |
17,500 |
872,900 |
|
|
BioMarin Pharmaceutical, Inc. (a) |
10,100 |
58,479 |
|
|
Cephalon, Inc. (a) |
1,100 |
58,938 |
|
|
Enzon, Inc. (a) |
1,000 |
28,170 |
|
|
Genzyme Corp. - General Division (a) |
8,400 |
269,052 |
|
|
Gilead Sciences, Inc. (a) |
23,400 |
834,444 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
HEALTH CARE - continued |
|||
|
Biotechnology - continued |
|||
|
IDEC Pharmaceuticals Corp. (a) |
2,810 |
$ 120,521 |
|
|
MedImmune, Inc. (a) |
10,585 |
344,224 |
|
|
Millennium Pharmaceuticals, Inc. (a) |
7,272 |
109,734 |
|
|
Neurocrine Biosciences, Inc. (a) |
500 |
16,215 |
|
|
QLT, Inc. (a) |
5,800 |
73,274 |
|
|
Sangstat Medical Corp. (a) |
7,100 |
156,200 |
|
|
Trimeris, Inc. (a) |
8,600 |
419,336 |
|
|
|
3,399,807 |
||
|
Health Care Equipment & Supplies - 4.5% |
|||
|
Advanced Neuromodulation Systems, Inc. (a) |
3,600 |
114,984 |
|
|
Biomet, Inc. |
8,300 |
234,309 |
|
|
Boston Scientific Corp. (a) |
7,300 |
203,305 |
|
|
DENTSPLY International, Inc. |
1,950 |
78,117 |
|
|
Guidant Corp. (a) |
2,000 |
80,000 |
|
|
Kensey Nash Corp. (a) |
3,900 |
72,150 |
|
|
Medical Action Industries, Inc. (a) |
34,800 |
443,700 |
|
|
Resmed, Inc. (a) |
2,600 |
71,370 |
|
|
St. Jude Medical, Inc. (a) |
1,500 |
126,600 |
|
|
Stryker Corp. |
1,900 |
103,664 |
|
|
Therasense, Inc. |
600 |
10,800 |
|
|
|
1,538,999 |
||
|
Health Care Providers & Services - 8.1% |
|||
|
AdvancePCS Class A (a) |
1,200 |
28,560 |
|
|
AmeriPath, Inc. (a) |
3,200 |
94,400 |
|
|
Anthem, Inc. |
8,000 |
567,200 |
|
|
Caremark Rx, Inc. (a) |
7,600 |
146,984 |
|
|
Community Health Systems, Inc. (a) |
1,200 |
35,328 |
|
|
HCA, Inc. |
2,300 |
112,999 |
|
|
Health Management Associates, Inc. Class A (a) |
5,340 |
109,951 |
|
|
Laboratory Corp. of America Holdings (a) |
4,600 |
225,630 |
|
|
Lincare Holdings, Inc. (a) |
2,200 |
65,296 |
|
|
Manor Care, Inc. (a) |
2,500 |
64,750 |
|
|
McKesson Corp. |
2,100 |
78,750 |
|
|
Oxford Health Plans, Inc. (a) |
2,400 |
115,680 |
|
|
Quest Diagnostics, Inc. (a) |
2,700 |
236,034 |
|
|
Tenet Healthcare Corp. (a) |
2,600 |
193,700 |
|
|
Trigon Healthcare, Inc. (a) |
1,700 |
176,035 |
|
|
UnitedHealth Group, Inc. |
1,000 |
90,800 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
HEALTH CARE - continued |
|||
|
Health Care Providers & Services - continued |
|||
|
Universal Health Services, Inc. Class B (a) |
2,220 |
$ 110,156 |
|
|
Wellpoint Health Networks, Inc. (a) |
4,200 |
311,472 |
|
|
|
2,763,725 |
||
|
Pharmaceuticals - 5.1% |
|||
|
Atrix Laboratories, Inc. (a) |
9,200 |
229,356 |
|
|
CIMA Labs, Inc. (a) |
1,880 |
53,317 |
|
|
InKine Pharmaceutical, Inc. (a) |
29,400 |
33,810 |
|
|
Johnson & Johnson |
600 |
36,810 |
|
|
King Pharmaceuticals, Inc. (a) |
2,600 |
70,330 |
|
|
Medicines Co. (a) |
12,000 |
108,000 |
|
|
Salix Pharmaceuticals Ltd. (a) |
79,500 |
1,208,398 |
|
|
|
1,740,021 |
||
|
TOTAL HEALTH CARE |
9,442,552 |
||
|
INDUSTRIALS - 11.4% |
|||
|
Aerospace & Defense - 2.0% |
|||
|
General Dynamics Corp. |
400 |
40,240 |
|
|
L-3 Communications Holdings, Inc. (a) |
1,800 |
113,580 |
|
|
Lockheed Martin Corp. |
1,800 |
111,690 |
|
|
Mercury Computer Systems, Inc. (a) |
1,200 |
32,844 |
|
|
Northrop Grumman Corp. |
3,200 |
388,192 |
|
|
|
686,546 |
||
|
Airlines - 1.0% |
|||
|
AMR Corp. (a) |
5,300 |
111,035 |
|
|
Continental Airlines, Inc. Class B (a) |
600 |
13,362 |
|
|
Delta Air Lines, Inc. |
3,100 |
81,375 |
|
|
Northwest Airlines Corp. (a) |
3,000 |
50,160 |
|
|
UAL Corp. |
8,300 |
101,177 |
|
|
|
357,109 |
||
|
Building Products - 0.8% |
|||
|
American Standard Companies, Inc. (a) |
2,400 |
181,200 |
|
|
York International Corp. |
2,100 |
74,445 |
|
|
|
255,645 |
||
|
Commercial Services & Supplies - 6.3% |
|||
|
Apollo Group, Inc. Class A (a) |
5,250 |
181,020 |
|
|
Cendant Corp. (a) |
6,490 |
118,637 |
|
|
Certegy, Inc. (a) |
2,700 |
116,100 |
|
|
ChoicePoint, Inc. (a) |
1,500 |
89,415 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
INDUSTRIALS - continued |
|||
|
Commercial Services & Supplies - continued |
|||
|
Convergys Corp. (a) |
2,500 |
$ 65,600 |
|
|
DST Systems, Inc. (a) |
3,900 |
192,699 |
|
|
Equifax, Inc. |
3,200 |
88,416 |
|
|
First Data Corp. |
1,800 |
142,560 |
|
|
H&R Block, Inc. |
600 |
26,940 |
|
|
Herman Miller, Inc. |
2,700 |
63,342 |
|
|
InterCept, Inc. (a) |
5,530 |
138,914 |
|
|
Labor Ready, Inc. (a) |
10,800 |
95,904 |
|
|
Paychex, Inc. |
10,700 |
370,755 |
|
|
Robert Half International, Inc. (a) |
5,100 |
125,868 |
|
|
Sabre Holdings Corp. Class A (a) |
7,200 |
283,680 |
|
|
Total System Services, Inc. |
1,700 |
38,913 |
|
|
|
2,138,763 |
||
|
Machinery - 0.7% |
|||
|
Danaher Corp. |
2,600 |
181,012 |
|
|
Eaton Corp. |
900 |
72,738 |
|
|
|
253,750 |
||
|
Trading Companies & Distributors - 0.6% |
|||
|
Fastenal Co. |
4,800 |
189,648 |
|
|
TOTAL INDUSTRIALS |
3,881,461 |
||
|
INFORMATION TECHNOLOGY - 22.7% |
|||
|
Communications Equipment - 2.9% |
|||
|
Brocade Communications System, Inc. (a) |
14,700 |
288,855 |
|
|
Comverse Technology, Inc. (a) |
5,800 |
68,730 |
|
|
Finisar Corp. (a) |
40,000 |
104,040 |
|
|
JDS Uniphase Corp. (a) |
19,300 |
67,743 |
|
|
McDATA Corp. Class B (a) |
19,500 |
174,915 |
|
|
Motorola, Inc. |
10,400 |
166,296 |
|
|
QUALCOMM, Inc. (a) |
3,000 |
94,920 |
|
|
Redback Networks, Inc. (a) |
8,600 |
17,802 |
|
|
|
983,301 |
||
|
Computers & Peripherals - 2.7% |
|||
|
Apple Computer, Inc. (a) |
8,400 |
195,720 |
|
|
EMC Corp. (a) |
12,400 |
89,900 |
|
|
Lexmark International, Inc. Class A (a) |
9,100 |
568,295 |
|
|
Network Appliance, Inc. (a) |
5,100 |
66,351 |
|
|
|
920,266 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
Electronic Equipment & Instruments - 0.5% |
|||
|
Benchmark Electronics, Inc. (a) |
700 |
$ 21,000 |
|
|
Millipore Corp. |
1,300 |
51,454 |
|
|
PerkinElmer, Inc. |
3,740 |
52,248 |
|
|
Tech Data Corp. (a) |
900 |
36,243 |
|
|
|
160,945 |
||
|
Internet Software & Services - 1.0% |
|||
|
Retek, Inc. (a) |
1,700 |
41,463 |
|
|
Yahoo!, Inc. (a) |
18,400 |
294,768 |
|
|
|
336,231 |
||
|
IT Consulting & Services - 1.3% |
|||
|
Affiliated Computer Services, Inc. Class A (a) |
2,200 |
122,408 |
|
|
SunGard Data Systems, Inc. (a) |
11,310 |
318,037 |
|
|
|
440,445 |
||
|
Semiconductor Equipment & Products - 8.9% |
|||
|
Advanced Micro Devices, Inc. (a) |
26,900 |
307,467 |
|
|
Altera Corp. (a) |
8,900 |
160,467 |
|
|
Amkor Technology, Inc. (a) |
2,900 |
43,123 |
|
|
Analog Devices, Inc. (a) |
10,400 |
380,848 |
|
|
Atmel Corp. (a) |
11,700 |
96,174 |
|
|
Broadcom Corp. Class A (a) |
3,400 |
76,670 |
|
|
ChipPAC, Inc. (a) |
8,200 |
71,176 |
|
|
Conexant Systems, Inc. (a) |
37,400 |
267,410 |
|
|
Fairchild Semiconductor International, Inc. Class A (a) |
8,500 |
213,775 |
|
|
Integrated Device Technology, Inc. (a) |
4,700 |
119,568 |
|
|
International Rectifier Corp. (a) |
1,600 |
75,152 |
|
|
Intersil Corp. Class A (a) |
4,000 |
96,080 |
|
|
LAM Research Corp. (a) |
4,000 |
90,960 |
|
|
Lattice Semiconductor Corp. (a) |
3,500 |
37,450 |
|
|
Marvell Technology Group Ltd. (a) |
4,700 |
147,956 |
|
|
Micron Technology, Inc. (a) |
1,600 |
37,728 |
|
|
Mykrolis Corp. |
879 |
11,867 |
|
|
National Semiconductor Corp. (a) |
4,800 |
147,360 |
|
|
NVIDIA Corp. (a) |
2,000 |
66,920 |
|
|
Oak Technology, Inc. (a) |
6,900 |
89,286 |
|
|
Photronics, Inc. (a) |
7,100 |
162,377 |
|
|
Semtech Corp. (a) |
4,000 |
131,520 |
|
|
Silicon Laboratories, Inc. (a) |
200 |
4,776 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
INFORMATION TECHNOLOGY - continued |
|||
|
Semiconductor Equipment & Products - continued |
|||
|
Teradyne, Inc. (a) |
5,800 |
$ 157,064 |
|
|
Vitesse Semiconductor Corp. (a) |
6,300 |
31,683 |
|
|
|
3,024,857 |
||
|
Software - 5.4% |
|||
|
Adobe Systems, Inc. |
10,900 |
393,490 |
|
|
Aspen Technology, Inc. (a) |
3,300 |
36,993 |
|
|
Cadence Design Systems, Inc. (a) |
2,700 |
52,002 |
|
|
Compuware Corp. (a) |
7,940 |
58,518 |
|
|
Concord Communications, Inc. (a) |
36,400 |
547,820 |
|
|
Electronic Arts, Inc. (a) |
3,600 |
230,400 |
|
|
Intuit, Inc. (a) |
4,400 |
192,412 |
|
|
Legato Systems, Inc. (a) |
4,940 |
30,924 |
|
|
Network Associates, Inc. (a) |
11,310 |
218,849 |
|
|
Quest Software, Inc. (a) |
7,400 |
103,600 |
|
|
|
1,865,008 |
||
|
TOTAL INFORMATION TECHNOLOGY |
7,731,053 |
||
|
MATERIALS - 1.8% |
|||
|
Chemicals - 0.3% |
|||
|
Ferro Corp. |
1,700 |
49,963 |
|
|
OM Group, Inc. |
500 |
32,800 |
|
|
|
82,763 |
||
|
Construction Materials - 0.1% |
|||
|
Lafarge North America, Inc. |
1,100 |
46,090 |
|
|
Containers & Packaging - 0.9% |
|||
|
Owens-Illinois, Inc. (a) |
5,000 |
87,500 |
|
|
Sealed Air Corp. |
5,000 |
223,750 |
|
|
|
311,250 |
||
|
Metals & Mining - 0.5% |
|||
|
Massey Energy Corp. |
4,800 |
62,880 |
|
|
Newmont Mining Corp. Holding Co. |
3,370 |
105,178 |
|
|
|
168,058 |
||
|
TOTAL MATERIALS |
608,161 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value (Note 1) |
||
|
TELECOMMUNICATION SERVICES - 2.4% |
|||
|
Wireless Telecommunication Services - 2.4% |
|||
|
AT&T Wireless Services, Inc. (a) |
72,000 |
$ 583,920 |
|
|
Sprint Corp. - PCS Group Series 1 (a) |
24,000 |
250,560 |
|
|
|
834,480 |
||
|
TOTAL COMMON STOCKS (Cost $34,079,872) |
35,209,958 |
||
|
Convertible Preferred Stocks - 0.0% |
|||
|
|
|
|
|
|
CONSUMER DISCRETIONARY - 0.0% |
|||
|
Internet & Catalog Retail - 0.0% |
|||
|
USA Interactive Series A, $0.995 |
190 |
10,925 |
|
|
Convertible Bonds - 0.5% |
|||||
|
Ratings |
Principal |
|
|||
|
HEALTH CARE - 0.1% |
|||||
|
Biotechnology - 0.1% |
|||||
|
CV Therapeutics, Inc. 4.75% 3/7/07 |
- |
|
$ 52,500 |
37,826 |
|
|
INDUSTRIALS - 0.4% |
|||||
|
Commercial Services & Supplies - 0.4% |
|||||
|
Ogden Corp. 5.75% 10/20/02 (b) |
Ca |
|
430,000 |
129,000 |
|
|
TOTAL CONVERTIBLE BONDS (Cost $294,848) |
166,826 |
||||
|
TOTAL INVESTMENT PORTFOLIO - 103.8% (Cost $34,386,793) |
35,387,709 |
||
|
NET OTHER ASSETS - (3.8)% |
(1,300,601) |
||
|
NET ASSETS - 100% |
$ 34,087,108 |
||
|
Legend |
|
(a) Non-income producing |
|
(b) Non-income producing - issuer filed for bankruptcy or is in default of interest payments. |
|
(c) For certain securities not individually rated by a nationally recognized rating agency, the ratings listed have been assigned by Fidelity. |
|
Other Information |
|
Purchases and sales of securities, other than short-term securities, aggregated $103,572,643 and $100,513,617, respectively. |
|
The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $21,933 for the period. |
|
Income Tax Information |
|
At May 31, 2002, the aggregate cost of investment securities for income tax purposes was $35,032,448. Net unrealized appreciation aggregated $355,261, of which $3,187,760 related to appreciated investment securities and $2,832,499 related to depreciated investment securities. |
|
At November 30, 2001, the fund had a capital loss carryforward of approximately $10,015,000 all of which will expire on November 30, 2009. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
|
|
May 31, 2002 (Unaudited) |
|
|
Assets |
|
|
|
Investment in securities, at value (cost $34,386,793) - See accompanying schedule |
|
$ 35,387,709 |
|
Receivable for investments sold |
|
1,539,885 |
|
Receivable for fund shares sold |
|
53,322 |
|
Dividends receivable |
|
5,429 |
|
Interest receivable |
|
1,416 |
|
Total assets |
|
36,987,761 |
|
Liabilities |
|
|
|
Payable to custodian bank |
$ 966,147 |
|
|
Payable for investments purchased |
1,789,768 |
|
|
Payable for fund shares redeemed |
81,254 |
|
|
Accrued management fee |
19,360 |
|
|
Distribution fees payable |
20,699 |
|
|
Other payables and accrued expenses |
23,425 |
|
|
Total liabilities |
|
2,900,653 |
|
Net Assets |
|
$ 34,087,108 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 45,314,741 |
|
Accumulated net investment (loss) |
|
(302,777) |
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
(11,925,772) |
|
Net unrealized appreciation (depreciation) on investments |
|
1,000,916 |
|
Net Assets |
|
$ 34,087,108 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
|
|
May 31, 2002 (Unaudited) |
|
|
Calculation of Maximum Offering Price |
|
$ 7.83 |
|
Maximum offering price per share (100/94.25 of $7.83) |
|
$ 8.31 |
|
Class T: |
|
$ 7.80 |
|
Maximum offering price per share (100/96.50 of $7.80) |
|
$ 8.08 |
|
Class B: |
|
$ 7.74 |
|
Class C: |
|
$ 7.76 |
|
Institutional Class: |
|
$ 7.88 |
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.
Semiannual Report
Statement of Operations
|
|
Six months ended May 31, 2002 (Unaudited) |
|
|
Investment Income |
|
|
|
Dividends |
|
$ 36,522 |
|
Interest |
|
23,790 |
|
Total income |
|
60,312 |
|
Expenses |
|
|
|
Management fee |
$ 117,915 |
|
|
Transfer agent fees |
80,950 |
|
|
Distribution fees |
129,887 |
|
|
Accounting fees and expenses |
30,049 |
|
|
Non-interested trustees' compensation |
60 |
|
|
Custodian fees and expenses |
8,229 |
|
|
Registration fees |
13,974 |
|
|
Audit |
2,016 |
|
|
Legal |
1,623 |
|
|
Miscellaneous |
329 |
|
|
Total expenses before reductions |
385,032 |
|
|
Expense reductions |
(21,943) |
363,089 |
|
Net investment income (loss) |
|
(302,777) |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities |
(1,133,562) |
|
|
Foreign currency transactions |
(1,860) |
|
|
Total net realized gain (loss) |
|
(1,135,422) |
|
Change in net unrealized appreciation (depreciation) on investment securities |
|
100,987 |
|
Net gain (loss) |
|
(1,034,435) |
|
Net increase (decrease) in net assets resulting from operations |
|
$ (1,337,212) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
|
Six months ended |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ (302,777) |
$ (193,523) |
|
Net realized gain (loss) |
(1,135,422) |
(10,633,685) |
|
Change in net unrealized appreciation (depreciation) |
100,987 |
1,723,136 |
|
Net increase (decrease) in net assets resulting |
(1,337,212) |
(9,104,072) |
|
Distributions to shareholders from net realized gain |
- |
(22,418) |
|
Share transactions - net increase (decrease) |
608,680 |
36,177,370 |
|
Total increase (decrease) in net assets |
(728,532) |
27,050,880 |
|
Net Assets |
|
|
|
Beginning of period |
34,815,640 |
7,764,760 |
|
End of period (including accumulated net investment loss of $302,777 and $0, respectively) |
$ 34,087,108 |
$ 34,815,640 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
|
Six months ended |
Years ended |
|
|
|
(Unaudited) |
2001 |
2000 F |
|
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 8.08 |
$ 9.05 |
$ 10.00 |
|
Income from Investment Operations |
|
|
|
|
Net investment income (loss) E |
(.05) |
(.01) |
- |
|
Net realized and unrealized gain (loss) |
(.20) |
(.95) |
(.95) |
|
Total from investment operations |
(.25) |
(.96) |
(.95) |
|
Distributions from net realized gain |
- |
(.01) |
- |
|
Net asset value, end of period |
$ 7.83 |
$ 8.08 |
$ 9.05 |
|
Total Return B, C, D |
(3.09)% |
(10.62)% |
(9.50)% |
|
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
1.71% A |
2.06% |
31.94% A |
|
Expenses net of voluntary waivers, if any |
1.71% A |
1.75% |
1.75% A |
|
Expenses net of all reductions |
1.59% A |
1.71% |
1.75% A |
|
Net investment income (loss) |
(1.27)% A |
(.14)% |
.99% A |
|
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) |
$ 3,163 |
$ 3,320 |
$ 1,789 |
|
Portfolio turnover rate |
559% A |
481% |
139% A |
|
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F For the period November 13, 2000 (commencement of operations) to November 30, 2000. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
|||
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
|
Six months ended |
Years ended |
|
|
|
(Unaudited) |
2001 |
2000 F |
|
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 8.06 |
$ 9.05 |
$ 10.00 |
|
Income from Investment Operations |
|
|
|
|
Net investment income (loss) E |
(.06) |
(.03) |
- |
|
Net realized and unrealized gain (loss) |
(.20) |
(.95) |
(.95) |
|
Total from investment operations |
(.26) |
(.98) |
(.95) |
|
Distributions from net realized gain |
- |
(.01) |
- |
|
Net asset value, end of period |
$ 7.80 |
$ 8.06 |
$ 9.05 |
|
Total Return B, C, D |
(3.23)% |
(10.84)% |
(9.50)% |
|
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
1.84% A |
2.30% |
32.36% A |
|
Expenses net of voluntary waivers, if any |
1.84% A |
2.00% |
2.00% A |
|
Expenses net of all reductions |
1.73% A |
1.96% |
2.00% A |
|
Net investment income (loss) |
(1.40)% A |
(.39)% |
.74% A |
|
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) |
$ 13,771 |
$ 14,165 |
$ 2,767 |
|
Portfolio turnover rate |
559% A |
481% |
139% A |
|
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F For the period November 13, 2000 (commencement of operations) to November 30, 2000. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
|||
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
|
Six months ended |
Years ended |
|
|
|
(Unaudited) |
2001 |
2000 F |
|
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 8.02 |
$ 9.05 |
$ 10.00 |
|
Income from Investment Operations |
|
|
|
|
Net investment income (loss) E |
(.08) |
(.08) |
- |
|
Net realized and unrealized gain (loss) |
(.20) |
(.94) |
(.95) |
|
Total from investment operations |
(.28) |
(1.02) |
(.95) |
|
Distributions from net realized gain |
- |
(.01) |
- |
|
Net asset value, end of period |
$ 7.74 |
$ 8.02 |
$ 9.05 |
|
Total Return B,C,D |
(3.49)% |
(11.29)% |
(9.50)% |
|
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
2.43% A |
2.86% |
32.87% A |
|
Expenses net of voluntary waivers, if any |
2.43% A |
2.50% |
2.50% A |
|
Expenses net of all reductions |
2.31% A |
2.46% |
2.50% A |
|
Net investment income (loss) |
(1.99)% A |
(.89)% |
.24% A |
|
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) |
$ 7,949 |
$ 8,038 |
$ 1,659 |
|
Portfolio turnover rate |
559% A |
481% |
139% A |
|
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based
on average shares outstanding during the period. F For the period November 13, 2000 (commencement of operations) to November 30, 2000. |
|||
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
|
Six months ended |
Years ended |
|
|
|
(Unaudited) |
2001 |
2000 F |
|
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 8.03 |
$ 9.05 |
$ 10.00 |
|
Income from Investment Operations |
|
|
|
|
Net investment income (loss) E |
(.08) |
(.08) |
- |
|
Net realized and unrealized gain (loss) |
(.19) |
(.93) |
(.95) |
|
Total from investment operations |
(.27) |
(1.01) |
(.95) |
|
Distributions from net realized gain |
- |
(.01) |
- |
|
Net asset value, end of period |
$ 7.76 |
$ 8.03 |
$ 9.05 |
|
Total Return B,C,D |
(3.36)% |
(11.18)% |
(9.50)% |
|
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
2.31% A |
2.79% |
32.69% A |
|
Expenses net of voluntary waivers, if any |
2.31% A |
2.50% |
2.50% A |
|
Expenses net of all reductions |
2.20% A |
2.46% |
2.50% A |
|
Net investment income (loss) |
(1.87)% A |
(.89)% |
.24% A |
|
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) |
$ 8,414 |
$ 8,532 |
$ 1,224 |
|
Portfolio turnover rate |
559% A |
481% |
139% A |
|
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based
on average shares outstanding during the period. F For the period November 13, 2000 (commencement of operations) to November 30, 2000. |
|||
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
|
Six months ended |
Years ended |
|
|
|
(Unaudited) |
2001 |
2000 E |
|
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 8.11 |
$ 9.06 |
$ 10.00 |
|
Income from Investment Operations |
|
|
|
|
Net investment income (loss)D |
(.03) |
.01 |
.01 |
|
Net realized and unrealized gain (loss) |
(.20) |
(.95) |
(.95) |
|
Total from investment operations |
(.23) |
(.94) |
(.94) |
|
Distributions from net realized gain |
- |
(.01) |
- |
|
Net asset value, end of period |
$ 7.88 |
$ 8.11 |
$ 9.06 |
|
Total Return B, C |
(2.84)% |
(10.39)% |
(9.40)% |
|
Ratios to Average Net Assets F |
|
|
|
|
Expenses before expense reductions |
1.19% A |
1.73% |
31.51% A |
|
Expenses net of voluntary waivers, if any |
1.19% A |
1.50% |
1.50% A |
|
Expenses net of all reductions |
1.07% A |
1.46% |
1.50% A |
|
Net investment income (loss) |
(.75)% A |
.11% |
1.24% A |
|
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) |
$ 790 |
$ 761 |
$ 325 |
|
Portfolio turnover rate |
559% A |
481% |
139% A |
|
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E For the period November 13, 2000 (commencement of operations) to November 30, 2000. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
|||
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2002 (Unaudited)
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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America 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. Net asset value per share is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Securities for which 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. Price movements in futures contracts and ADR's, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Securities (including restricted securities) for which 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. Investments in open-end investment companies are valued at their net asset value each business day.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Income Taxes. As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the fund is not subject to income taxes to the extent that it distributes all of its taxable income for its fiscal year. The Schedule of Investments includes information regarding income taxes, if any, under the caption "Income Tax Information."
Investment Income. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, 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.
Distributions to Shareholders. Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class.
Semiannual Report
1. Significant Accounting Policies - continued
Distributions to Shareholders - continued
Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments for foreign currency transactions, passive foreign investment companies (PFIC), market discount, capital loss carryforwards, and losses deferred due to wash sales.
Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax basis differences will reverse in a subsequent period.
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.
Change in Accounting Principle. Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. The cumulative effect of this accounting change had no impact on total net assets of the fund, but resulted in a $3,235 increase to the cost of securities held and a corresponding increase to accumulated net undistributed realized gain (loss), based on securities held by the fund on December 1, 2001.
2. Operating Policies.
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.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.
The management fee is the sum of an individual fund fee rate of .35% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .63% of the fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
|
|
Distribution |
Service |
Paid to |
Retained |
|
Class A |
0% |
.25% |
$ 4,194 |
$ 63 |
|
Class T |
.25% |
.25% |
40,958 |
252 |
|
Class B |
.75% |
.25% |
40,210 |
30,176 |
|
Class C |
.75% |
.25% |
44,525 |
14,916 |
|
|
|
|
$ 129,887 |
$ 45,407 |
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 A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.
For the period, sales charge amounts paid to and retained by FDC were as follows:
|
|
Paid to |
Retained |
|
Class A |
$ 18,208 |
$ 5,692 |
|
Class T |
27,484 |
5,518 |
|
Class B |
14,261 |
14,261* |
|
Class C |
2,133 |
2,133* |
|
|
$ 62,086 |
$ 27,604 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
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 |
% of |
|
Class A |
$ 8,880 |
.53* |
|
Class T |
33,854 |
.41* |
|
Class B |
20,098 |
.50* |
|
Class C |
17,055 |
.38* |
|
Institutional Class |
1,063 |
.26* |
|
|
$ 80,950 |
|
* Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), 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.
Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $14,365 for the period.
Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Expense Reductions.
Certain security trades were directed to brokers who paid $21,943 of the fund's expenses.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
From net realized gain |
Six months ended |
Year ended |
|
Class A |
$ - |
$ 3,027 |
|
Class T |
- |
9,442 |
|
Class B |
- |
4,873 |
|
Class C |
- |
4,440 |
|
Institutional Class |
- |
636 |
|
Total |
$ - |
$ 22,418 |
Semiannual Report
8. Share Transactions.
Transactions for each class of shares were as follows:
|
|
Shares |
Dollars |
||
|
|
Six months ended |
Year ended November 30, |
Six months ended |
Year ended November 30, |
|
|
2002 |
2001 |
2002 |
2001 |
|
Class A |
97,686 |
444,403 |
$ 799,426 |
$ 4,306,002 |
|
Reinvestment of distributions |
- |
207 |
- |
1,935 |
|
Shares redeemed |
(104,510) |
(231,476) |
(861,321) |
(2,054,651) |
|
Net increase (decrease) |
(6,824) |
213,134 |
$ (61,895) |
$ 2,253,286 |
|
Class T |
621,314 |
2,239,199 |
$ 5,136,074 |
$ 21,822,601 |
|
Reinvestment of distributions |
- |
938 |
- |
8,749 |
|
Shares redeemed |
(613,872) |
(788,246) |
(4,889,653) |
(6,792,125) |
|
Net increase (decrease) |
7,442 |
1,451,891 |
$ 246,421 |
$ 15,039,225 |
|
Class B |
206,633 |
1,146,833 |
$ 1,669,965 |
$ 11,147,186 |
|
Reinvestment of distributions |
- |
459 |
- |
4,280 |
|
Shares redeemed |
(182,076) |
(328,386) |
(1,506,670) |
(2,750,504) |
|
Net increase (decrease) |
24,557 |
818,906 |
$ 163,295 |
$ 8,400,962 |
|
Class C |
256,669 |
1,236,726 |
$ 2,111,630 |
$ 12,477,205 |
|
Reinvestment of distributions |
- |
436 |
- |
4,074 |
|
Shares redeemed |
(234,251) |
(309,914) |
(1,904,571) |
(2,603,523) |
|
Net increase (decrease) |
22,418 |
927,248 |
$ 207,059 |
$ 9,877,756 |
|
Institutional Class |
24,492 |
97,418 |
$ 201,939 |
$ 957,774 |
|
Reinvestment of distributions |
- |
57 |
- |
532 |
|
Shares redeemed |
(17,978) |
(39,613) |
(148,139) |
(352,165) |
|
Net increase (decrease) |
6,514 |
57,862 |
$ 53,800 |
$ 606,141 |
Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Far East) Inc.
Fidelity Investments Japan Limited
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
Semiannual Report
|
Fidelity Advisor Aggressive Growth Fund |
|
Fidelity Advisor Asset Allocation Fund |
|
Fidelity Advisor Balanced Fund |
|
Fidelity Advisor Biotechnology Fund |
|
Fidelity Advisor Consumer Industries Fund |
|
Fidelity Advisor Cyclical Industries Fund |
|
Fidelity Advisor Developing Communications Fund |
|
Fidelity Advisor Diversified International Fund |
|
Fidelity Advisor Dividend Growth Fund |
|
Fidelity Advisor Dynamic Capital Appreciation Fund |
|
Fidelity Advisor Electronics Fund |
|
Fidelity Advisor Emerging Asia Fund |
|
Fidelity Advisor Emerging Markets Income Fund |
|
Fidelity Advisor Equity Growth Fund |
|
Fidelity Advisor Equity Income Fund |
|
Fidelity Advisor Equity Value Fund |
|
Fidelity Advisor Europe Capital Appreciation Fund |
|
Fidelity Advisor Fifty Fund |
|
Fidelity Advisor Financial Services Fund |
|
Fidelity Advisor Floating Rate High Income Fund |
|
Fidelity Advisor Global Equity Fund |
|
Fidelity Advisor Government Investment Fund |
|
Fidelity Advisor Growth & Income Fund |
|
Fidelity Advisor Growth Opportunities |
|
Fidelity Advisor Health Care Fund |
|
Fidelity Advisor High Income Fund |
|
Fidelity Advisor High Income |
|
Fidelity Advisor Intermediate Bond Fund |
|
Fidelity Advisor International Capital Appreciation Fund |
|
Fidelity Advisor Japan Fund |
|
Fidelity Advisor Korea Fund |
|
Fidelity Advisor Large Cap Fund |
|
Fidelity Advisor Latin America Fund |
|
Fidelity Advisor Leveraged Company Stock Fund |
|
Fidelity Advisor Mid Cap Fund |
|
Fidelity Advisor Mortgage Securities Fund |
|
Fidelity Advisor Municipal Income Fund |
|
Fidelity Advisor Natural Resources Fund |
|
Fidelity Advisor Overseas Fund |
|
Fidelity Advisor Short Fixed-Income Fund |
|
Fidelity Advisor Small Cap Fund |
|
Fidelity Advisor Strategic Growth Fund |
|
Fidelity Advisor Strategic Income Fund |
|
Fidelity Advisor Tax Managed |
|
Fidelity Advisor Technology Fund |
|
Fidelity Advisor Telecommunications & Utilities Growth Fund |
|
Fidelity Advisor Value Strategies Fund |
|
Prime Fund |
|
Tax-Exempt Fund |
|
Treasury Fund |
AAGI-SANN-0702 157392
1.759109.101
(Fidelity Investment logo)(registered trademark)