N-CSRS 1 secsemi.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4118

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

November 30

Date of reporting period:

May 31, 2006

Item 1. Reports to Stockholders

 

Fidelity® Advisor

Aggressive Growth

Fund - Class A, Class T, Class B and Class C

Semiannual Report May 31, 2006

Contents         
 
Chairman’s Message    3    Ned Johnson’s message to shareholders. 
Shareholder Expense    4    An example of shareholder expenses. 
Example         
Investment Changes    6    A summary of major shifts in the fund’s 
        investments over the past six months. 
Investments    7    A complete list of the fund’s investments 
        with their market values. 
Financial Statements    13    Statements of assets and liabilities, 
        operations, and changes in net assets, 
        as well as financial highlights. 
Notes    22    Notes to the financial statements. 
Proxy Voting Results    30     
Board Approval of    31     
Investment Advisory         
Contracts and         
Management Fees         

To view a fund’s proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

Other third party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report 2

Chairman’s Message

(photograph of Edward C. Johnson 3d)
Dear Shareholder:

Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets’ inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets’ best days can significantly diminish investor returns. Patience also affords the benefits of compounding — of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn’t eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio’s long-term success. The right mix of stocks, bonds and cash —aligned to your particular risk tolerance and investment objective — is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities — which historically have been the best performing asset class over time — is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle — investing regularly — can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won’t pay for all your shares at market highs. This strategy — known as dollar cost averaging — also reduces unconstruc-tive “emotion” from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

 

Sincerely,

/s/Edward C. Johnson 3d
Edward C. Johnson 3d

3 Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2005 to May 31, 2006).

Actual Expenses

The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Semiannual Report 4

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

                    Expenses Paid 
    Beginning        Ending    During Period* 
    Account Value        Account Value    December 1, 2005 
    December 1, 2005        May 31, 2006    to May 31, 2006 
Class A                         
Actual        $1,000.00        $1,000.00        $6.48 
HypotheticalA        $1,000.00        $1,018.45        $6.54 
Class T                         
Actual        $1,000.00        $998.90        $7.72 
HypotheticalA        $1,000.00        $1,017.20        $7.80 
Class B                         
Actual        $1,000.00        $996.70        $10.21 
HypotheticalA        $1,000.00        $1,014.71        $10.30 
Class C                         
Actual        $1,000.00        $996.70        $10.21 
HypotheticalA        $1,000.00        $1,014.71        $10.30 
Institutional Class                         
Actual        $1,000.00        $1,001.00        $5.24 
HypotheticalA        $1,000.00        $1,019.70        $5.29 
 
A 5% return per year before expenses                 

* Expenses are equal to each Class’ annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

    Annualized 
    Expense Ratio 
Class A    1.30% 
Class T    1.55% 
Class B    2.05% 
Class C    2.05% 
Institutional Class    1.05% 

5 Semiannual Report

Investment Changes         
 
 
 Top Ten Stocks as of May 31, 2006         
    % of fund’s    % of fund’s net assets 
    net assets    6 months ago 
St. Jude Medical, Inc.    3.1    3.2 
Allergan, Inc.    3.1    1.3 
IntercontinentalExchange, Inc.    2.3    0.5 
Ventana Medical Systems, Inc.    2.2    1.4 
Monsanto Co.    2.1    2.0 
Comverse Technology, Inc.    2.0    1.5 
Potash Corp. of Saskatchewan, Inc.    2.0    2.5 
Broadcom Corp. Class A    2.0    0.0 
Chicago Mercantile Exchange Holdings, Inc.         
    Class A    2.0    0.0 
Humana, Inc.    1.8    1.5 
    22.6     
 Top Five Market Sectors as of May 31, 2006     
    % of fund’s    % of fund’s net assets 
    net assets    6 months ago 
Health Care    28.4    31.4 
Information Technology    27.7    20.2 
Industrials    11.4    7.3 
Energy    10.6    11.3 
Consumer Discretionary    7.2    15.4 


Semiannual Report 6

Investments May 31, 2006 (Unaudited) 
Showing Percentage of Net Assets             
 
 Common Stocks — 100.0%             
    Shares    Value (Note 1) 
 
CONSUMER DISCRETIONARY – 7.2%             
Hotels, Restaurants & Leisure – 2.0%             
Penn National Gaming, Inc. (a)    10,822        $415,889 
Starwood Hotels & Resorts Worldwide, Inc.    6,500        397,150 
            813,039 
Household Durables – 1.1%             
Harman International Industries, Inc.    5,100        432,123 
Internet & Catalog Retail – 1.0%             
Coldwater Creek, Inc. (a)    16,335        419,810 
Media – 1.1%             
Focus Media Holding Ltd. ADR    6,800        429,556 
Specialty Retail – 2.0%             
Abercrombie & Fitch Co. Class A    7,200        416,520 
Urban Outfitters, Inc. (a)    20,800        386,256 
Williams-Sonoma, Inc.    300        10,845 
            813,621 
 
   TOTAL CONSUMER DISCRETIONARY            2,908,149 
 
CONSUMER STAPLES – 0.1%             
Beverages – 0.1%             
Coca-Cola Enterprises, Inc.    1,000        19,660 
 
ENERGY – 10.6%             
Energy Equipment & Services – 1.3%             
FMC Technologies, Inc. (a)    6,100        407,114 
W-H Energy Services, Inc. (a)    1,880        105,919 
            513,033 
Oil, Gas & Consumable Fuels – 9.3%             
Arch Coal, Inc.    8,000        386,880 
Chesapeake Energy Corp.    14,200        434,378 
CONSOL Energy, Inc.    4,800        423,600 
EOG Resources, Inc.    5,900        387,394 
Peabody Energy Corp.    9,400        585,996 
Quicksilver Resources, Inc. (a)    7,500        263,025 
Range Resources Corp.    16,050        415,695 
Ultra Petroleum Corp. (a)    7,200        414,360 
XTO Energy, Inc.    10,200        420,444 
            3,731,772 
 
    TOTAL ENERGY            4,244,805 
 
 
See accompanying notes which are an integral part of the financial statements.         

7 Semiannual Report

Investments (Unaudited) - continued             
 
 
 Common Stocks – continued             
    Shares    Value (Note 1) 
 
FINANCIALS – 6.6%             
Capital Markets – 2.1%             
Daiwa Securities Group, Inc.    17,000        $210,627 
Greenhill & Co., Inc.    2,000        118,800 
Indiabulls Financial Services Ltd.    21,204        136,163 
Indiabulls Financial Services Ltd. GDR (e)    11,268        72,257 
Jefferies Group, Inc.    3,600        105,264 
Nikko Cordial Corp.    13,500        198,457 
            841,568 
Diversified Financial Services – 4.3%             
Chicago Mercantile Exchange Holdings, Inc. Class A    1,800        794,340 
IntercontinentalExchange, Inc.    16,700        930,190 
            1,724,530 
Real Estate Investment Trusts – 0.2%             
Host Hotels & Resorts Inc.    4,224        84,776 
 
    TOTAL FINANCIALS            2,650,874 
 
HEALTH CARE – 28.4%             
Biotechnology – 3.9%             
Alnylam Pharmaceuticals, Inc. (a)    19,800        292,842 
Celgene Corp. (a)    10,080        417,816 
PDL BioPharma, Inc. (a)    21,770        440,843 
Telik, Inc. (a)    14,500        231,710 
Theravance, Inc. (a)    7,500        179,400 
            1,562,611 
Health Care Equipment & Supplies – 12.5%             
Advanced Medical Optics, Inc. (a)    13,400        607,288 
American Medical Systems Holdings, Inc. (a)    31,800        628,686 
Cyberonics, Inc. (a)    26,200        654,738 
Cytyc Corp. (a)    8,076        212,237 
Mentor Corp.    11,600        468,524 
NeuroMetrix, Inc. (a)    6,806        198,327 
Northstar Neuroscience, Inc.    6,700        91,522 
NuVasive, Inc. (a)    25,900        425,537 
Palomar Medical Technologies, Inc. (a)    3,000        133,890 
Somanetics Corp. (a)    9,496        148,612 
St. Jude Medical, Inc. (a)    36,700        1,251,468 
Varian Medical Systems, Inc. (a)    4,500        211,050 
            5,031,879 
 
 
See accompanying notes which are an integral part of the financial statements.         

Semiannual Report 8

 Common Stocks – continued             
    Shares    Value (Note 1) 
 
HEALTH CARE – continued             
Health Care Providers & Services – 2.0%             
Humana, Inc. (a)    14,050        $711,352 
Sierra Health Services, Inc. (a)    2,500        103,000 
            814,352 
Health Care Technology – 1.1%             
Eclipsys Corp. (a)    6,600        128,304 
Merge Technologies, Inc. (a)    23,875        303,451 
            431,755 
Life Sciences Tools & Services – 2.2%             
Ventana Medical Systems, Inc. (a)    18,320        869,467 
Pharmaceuticals – 6.7%             
Allergan, Inc.    13,021        1,234,651 
Elan Corp. PLC sponsored ADR (a)    22,000        413,820 
Medicis Pharmaceutical Corp. Class A    20,500        611,310 
Sepracor, Inc. (a)    8,100        419,337 
            2,679,118 
 
    TOTAL HEALTH CARE            11,389,182 
 
INDUSTRIALS – 11.4%             
Aerospace & Defense – 1.0%             
Ceradyne, Inc. (a)    9,378        409,537 
Air Freight & Logistics – 1.0%             
UTI Worldwide, Inc.    14,943        406,898 
Commercial Services & Supplies – 0.7%             
Monster Worldwide, Inc. (a)    6,078        297,032 
Construction & Engineering – 2.0%             
Infrasource Services, Inc. (a)    21,500        395,600 
Quanta Services, Inc. (a)    23,900        397,935 
            793,535 
Electrical Equipment – 4.6%             
AMETEK, Inc.    8,700        396,981 
Energy Conversion Devices, Inc. (a)    15,200        604,200 
Rockwell Automation, Inc.    6,200        423,336 
Suntech Power Holdings Co. Ltd. sponsored ADR    14,900        419,882 
            1,844,399 
Industrial Conglomerates – 1.0%             
McDermott International, Inc. (a)    6,000        393,660 
Machinery – 1.0%             
Deere & Co.    4,700        402,320 
See accompanying notes which are an integral part of the financial statements.         

9 Semiannual Report

Investments (Unaudited) - continued             
 
 
 Common Stocks – continued             
    Shares    Value (Note 1) 
 
INDUSTRIALS – continued             
Marine – 0.1%             
Diana Shipping, Inc.    3,900        $42,783 
 
    TOTAL INDUSTRIALS            4,590,164 
 
INFORMATION TECHNOLOGY – 27.7%             
Communications Equipment – 3.4%             
ADC Telecommunications, Inc. (a)(d)    20,600        369,152 
Comverse Technology, Inc. (a)    35,973        810,112 
Foundry Networks, Inc. (a)    14,900        191,614 
            1,370,878 
Internet Software & Services – 2.1%             
Bankrate, Inc. (a)    9,400        428,170 
VeriSign, Inc. (a)    18,400        413,080 
            841,250 
IT Services – 1.1%             
Paychex, Inc.    11,400        418,494 
Semiconductors & Semiconductor Equipment – 10.7%             
Altera Corp. (a)    21,387        418,330 
ARM Holdings PLC sponsored ADR    60,700        400,620 
ASML Holding NV (NY Shares) (a)    29,600        602,064 
Broadcom Corp. Class A (a)    23,700        801,297 
Marvell Technology Group Ltd. (a)    8,100        386,127 
Microchip Technology, Inc.    11,870        407,141 
PMC-Sierra, Inc. (a)    41,930        404,205 
Renewable Energy Corp. AS    31,600        485,922 
Xilinx, Inc.    15,200        395,200 
            4,300,906 
Software – 10.4%             
Activision, Inc. (a)    32,510        424,906 
Adobe Systems, Inc. (a)    14,600        417,998 
Autodesk, Inc. (a)    10,700        389,373 
BEA Systems, Inc. (a)    31,000        420,360 
Cognos, Inc. (a)    12,700        389,117 
Hyperion Solutions Corp. (a)    13,398        384,657 
Informatica Corp. (a)    14,600        205,276 
NAVTEQ Corp. (a)    10,300        430,025 
Nintendo Co. Ltd.    2,500        423,933 
 
 
 
See accompanying notes which are an integral part of the financial statements.         

Semiannual Report 10

 Common Stocks – continued             
    Shares    Value (Note 1) 
 
INFORMATION TECHNOLOGY – continued             
Software – continued             
Quality Systems, Inc.    8,900        $295,658 
Wind River Systems, Inc. (a)    42,919        405,585 
            4,186,888 
 
   TOTAL INFORMATION TECHNOLOGY            11,118,416 
 
MATERIALS – 6.0%             
Chemicals – 6.0%             
Agrium, Inc.    15,500        379,882 
Monsanto Co.    9,800        824,768 
Mosaic Co. (a)    25,300        393,668 
Potash Corp. of Saskatchewan, Inc.    8,800        802,893 
            2,401,211 
 
TELECOMMUNICATION SERVICES – 1.0%             
Wireless Telecommunication Services – 1.0%             
American Tower Corp. Class A (a)    12,700        393,319 
UTILITIES – 1.0%             
Independent Power Producers & Energy Traders – 1.0%             
Ormat Technologies, Inc.    11,026        410,939 
TOTAL COMMON STOCKS             
 (Cost $42,145,945)        40,126,719 
 
 Money Market Funds — 1.9%             
 
Fidelity Cash Central Fund, 5.03% (b)    466,881        $466,881 
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)    292,100        292,100 
TOTAL MONEY MARKET FUNDS             
 (Cost $758,981)            758,981 
 
TOTAL INVESTMENT PORTFOLIO – 101.9%             
 (Cost $42,904,926)        40,885,700 
 
NET OTHER ASSETS – (1.9)%            (764,795) 
NET ASSETS – 100%        $40,120,905 
 
 
 
See accompanying notes which are an integral part of the financial statements.         

11 Semiannual Report

Investments (Unaudited) - continued     
 
 
Legend            (c)    Investment made with cash collateral 
(a) Non-income producing                received from securities on loan. 
(b) Affiliated fund that is available only to    (d)    Security or a portion of the security is on 
     investment companies and other            loan at period end.     
     accounts managed by Fidelity        (e)    Security exempt from registration under 
     Investments. The rate quoted is the            Rule 144A of the Securities Act of 1933. 
     annualized seven-day yield of the fund        These securities may be resold in 
     at period end. A complete unaudited        transactions exempt from registration, 
     listing of the fund’s holdings as of its        normally to qualified institutional buyers. 
     most recent quarter end is available        At the period end, the value of these 
     upon request.                securities amounted to $72,257 or 0.2% 
                of net assets.     
Affiliated Central Funds                 
Information regarding fiscal year to date income earned by the fund from the affiliated Central 
funds is as follows:                     
 
Fund                    Income earned 
Fidelity Cash Central Fund                    $14,893 
Fidelity Securities Lending Cash Central Fund            1,142 
Total                    $16,035 
 
Other Information            Income Tax Information 
Distribution of investments by country of    At November 30, 2005, the fund had a 
issue, as a percentage of total net assets, is    capital loss carryforward of approximately 
as follows:            $4,868,687 all of which will expire on 
            November 30, 2010.     
United States of America  82.7%
Canada        4.9%             
Japan        2.0%             
Netherlands        1.5%             
Norway        1.2%             
China        1.1%             
Cayman Islands        1.0%             
Ireland        1.0%             
British Virgin Islands        1.0%             
United Kingdom        1.0%             
Panama        1.0%             
Bermuda        1.0%             
Others (individually less than 1%)    0.6%             
    100.0%             
 
 
 
See accompanying notes which are an integral part of the financial statements.     

Semiannual Report 12

Financial Statements             
 
 Statement of Assets and Liabilities             
        May 31, 2006 (Unaudited) 
 
Assets             
Investment in securities, at value (including securities             
   loaned of $227,584) — See accompanying schedule:             
   Unaffiliated issuers (cost $42,145,945)        $40,126,719     
   Affiliated Central Funds (cost $758,981)        758,981     
Total Investments (cost $42,904,926)            $40,885,700 
Cash            5 
Receivable for investments sold            562,281 
Receivable for fund shares sold            19,973 
Dividends receivable            18,965 
Interest receivable            2,502 
Prepaid expenses            103 
Receivable from investment adviser for expense             
   reductions            10,729 
Other receivables            382 
   Total assets            41,500,640 
Liabilities             
Payable for investments purchased        $932,543     
Payable for fund shares redeemed        66,383     
Accrued management fee        21,470     
Distribution fees payable        22,176     
Other affiliated payables        13,924     
Other payables and accrued expenses        31,139     
Collateral on securities loaned, at value        292,100     
   Total liabilities            1,379,735 
Net Assets            $40,120,905 
Net Assets consist of:             
Paid in capital            $43,368,651 
Accumulated net investment loss            (151,121) 
Accumulated undistributed net realized gain (loss) on             
   investments and foreign currency transactions            (1,075,969) 
Net unrealized appreciation (depreciation) on             
   investments and assets and liabilities in foreign             
   currencies            (2,020,656) 
Net Assets            $40,120,905 

13 Semiannual Report

Financial Statements - continued             
 
 
 Statement of Assets and Liabilities - continued         
    May 31, 2006 (Unaudited) 
 
Calculation of Maximum Offering Price             
   Class A:             
   Net Asset Value and redemption price per share             
       ($8,274,353 ÷ 878,533 shares)            $9.42 
Maximum offering price per share (100/94.25 of $9.42)            $9.99 
 Class T:             
 Net Asset Value and redemption price per share             
       ($15,551,789 ÷ 1,675,611 shares)            $9.28 
Maximum offering price per share (100/96.50 of $9.28)            $9.62 
 Class B:             
 Net Asset Value and offering price per share             
       ($8,589,426 ÷ 950,356 shares)A            $9.04 
 Class C:             
 Net Asset Value and offering price per share             
       ($7,048,652 ÷ 778,640 shares)A            $9.05 
 Institutional Class:             
 Net Asset Value, offering price and redemption price per         
       share ($656,685 ÷ 68,551 shares)            $9.58 
 
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 14

 Statement of Operations             
    Six months ended May 31, 2006 (Unaudited) 
 
Investment Income             
Dividends            $88,994 
Special dividends            101,520 
Interest            40 
Income from affiliated Central Funds            16,035 
   Total income            206,589 
 
Expenses             
Management fee          $132,096     
Transfer agent fees        83,594     
Distribution fees        138,369     
Accounting and security lending fees        9,240     
Independent trustees’ compensation        85     
Custodian fees and expenses        11,583     
Registration fees        27,793     
Audit        23,050     
Legal        1,963     
Miscellaneous        8,976     
   Total expenses before reductions        436,749     
   Expense reductions        (79,039)    357,710 
 
Net investment income (loss)            (151,121) 
Realized and Unrealized Gain (Loss)             
Net realized gain (loss) on:             
   Investment securities:             
   Unaffiliated issuers        3,935,238     
   Foreign currency transactions        4,185     
Total net realized gain (loss)            3,939,423 
Change in net unrealized appreciation (depreciation) on:         
   Investment securities (net of increase in deferred             
foreign taxes of $1,939)        (3,792,180)     
   Assets and liabilities in foreign currencies        503     
Total change in net unrealized appreciation             
   (depreciation)            (3,791,677) 
Net gain (loss)            147,746 
Net increase (decrease) in net assets resulting from             
   operations            $(3,375) 
 
 
 
 
See accompanying notes which are an integral part of the financial statements.     

15 Semiannual Report

Financial Statements - continued                 
 
 
 Statement of Changes in Net Assets                 
    Six months ended         Year ended 
    May 31, 2006        November 30, 
    (Unaudited)        2005 
Increase (Decrease) in Net Assets                 
Operations                 
   Net investment income (loss)        $(151,121)        $(419,489) 
   Net realized gain (loss)        3,939,423        6,395,351 
   Change in net unrealized appreciation (depreciation) .        (3,791,677)        (2,534,892) 
   Net increase (decrease) in net assets resulting                 
       from operations        (3,375)        3,440,970 
Share transactions -- net increase (decrease)        (962,543)        (3,060,326) 
   Total increase (decrease) in net assets        (965,918)        380,644 
 
Net Assets                 
   Beginning of period        41,086,823        40,706,179 
   End of period (including accumulated net investment                 
       loss of $151,121 and $0, respectively)        $40,120,905        $41,086,823 
 
 
 
 
See accompanying notes which are an integral part of the financial statements.         

Semiannual Report 16

 Financial Highlights — Class A                                     
 
        Six months ended                                         
        May 31, 2006                Years ended November 30,         
        (Unaudited)        2005        2004        2003        2002        2001 
Selected Per-Share Data                                                 
Net asset value,                                                 
   beginning of period .            $9.42        $8.61        $8.02        $6.47        $8.08        $9.05 
Income from Investment                                                 
   Operations                                                 
   Net investment in-                                                 
    come (loss)E        (.02)F        (.06)G        (.09)        (.06)        (.08)        (.01) 
   Net realized and un-                                                 
    realized gain (loss)        .02        .87        .68        1.61        (1.53)        (.95) 
Total from investment                                                 
   operations        —        .81        .59        1.55        (1.61)        (.96) 
Distributions from net                                                 
   realized gain        —        —        —        —        —        (.01) 
Net asset value, end of                                                 
   period             $9.42        $9.42        $8.61        $8.02      $6.47        $8.08 
Total ReturnB,C,D        —%        9.41%        7.36%    23.96%    (19.93)%    (10.62)% 
Ratios to Average Net AssetsH                                             
   Expenses before                                                 
    reductions        1.62%A        1.60%        1.90%        2.25%        2.05%        2.06% 
   Expenses net of fee                                                 
    waivers, if any        1.30%A        1.33%        1.50%        1.54%        1.69%        1.75% 
   Expenses net of all                                                 
    reductions        1.27%A        1.25%        1.45%        1.47%        1.49%        1.71% 
   Net investment in-                                                 
    come (loss)    (.31)%A,F        (.63)%G    (1.03)%        (.89)%    (1.07)%        (.14)% 
Supplemental Data                                                 
   Net assets, end of                                                 
    period (000                                                 
    omitted)            $8,274        $7,206        $6,227    $4,177        $2,620    $3,320 
   Portfolio turnover                                                 
    rate        185%A        213%        94%        158%        473%        481% 
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    Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (.78)%.                                 
G    Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (.69)%.                                 
H    Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 
    reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during 
    periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 
    prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net 
    expenses paid by the class.                                                 
See accompanying notes which are an integral part of the financial statements.                 

17 Semiannual Report

 Financial Highlights — Class T                                         
 
        Six months ended                                         
        May 31, 2006                Years ended November 30,         
        (Unaudited)        2005        2004        2003        2002        2001 
Selected Per-Share Data                                                 
Net asset value,                                                 
   beginning of period .            $9.29        $8.52        $7.95        $6.43        $8.06        $9.05 
Income from Investment                                                 
   Operations                                                 
   Net investment                                                 
    income (loss)E        (.03)F        (.08)G        (.11)        (.08)        (.10)        (.03) 
   Net realized and un-                                                 
    realized gain (loss)        .02        .85        .68        1.60        (1.53)        (.95) 
Total from investment                                                 
   operations        (.01)        .77        .57        1.52        (1.63)        (.98) 
Distributions from net                                                 
   realized gain        —        —        —        —        —        (.01) 
Net asset value, end of                                                 
   period           $9.28        $9.29        $8.52        $7.95        $6.43        $8.06 
Total ReturnB,C,D        (.11)%        9.04%        7.17%    23.64%    (20.22)%    (10.84)% 
Ratios to Average Net AssetsH                                             
   Expenses before                                                 
    reductions        1.94%A        1.93%        2.25%        2.47%        2.16%        2.30% 
   Expenses net of fee                                                 
    waivers, if any        1.55%A        1.58%        1.75%        1.79%        1.92%        2.00% 
   Expenses net of all                                                 
    reductions        1.53%A        1.50%        1.71%        1.72%        1.72%        1.96% 
   Net investment in-                                                 
    come (loss)    (.56)%A,F        (.88)%G    (1.28)%    (1.14)%    (1.29)%        (.39)% 
Supplemental Data                                                 
   Net assets, end of                                                 
    period (000                                                 
    omitted)    $15,552    $16,331    $15,101    $12,458    $10,511    $14,165 
   Portfolio turnover                                                 
    rate        185%A        213%        94%        158%        473%        481% 
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    Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (1.04)%.                                 
G    Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (.94)%.                                 
H    Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 
    reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during 
    periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 
    prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net 
    expenses paid by the class.                                                 
See accompanying notes which are an integral part of the financial statements.                 

Semiannual Report 18

 Financial Highlights — Class B                                     
 
        Six months ended                                         
        May 31, 2006                Years ended November 30,         
        (Unaudited)        2005        2004        2003        2002        2001 
Selected Per-Share Data                                                 
Net asset value,                                                 
   beginning of period .      $9.07        $8.36        $7.84        $6.37        $8.02        $9.05 
Income from Investment                                                 
   Operations                                                 
   Net investment                                                 
    income (loss)E        (.05)F        (.12)G        (.14)        (.11)        (.13)        (.08) 
   Net realized and un-                                                 
    realized gain (loss)        .02        .83        .66        1.58        (1.52)        (.94) 
Total from investment                                                 
   operations        (.03)        .71        .52        1.47        (1.65)        (1.02) 
Distributions from net                                                 
   realized gain        —        —        —        —        —        (.01) 
Net asset value, end of                                                 
   period        $9.04        $9.07        $8.36      $7.84        $6.37        $8.02 
Total ReturnB,C,D        (.33)%        8.49%        6.63%    23.08%    (20.57)%    (11.29)% 
Ratios to Average Net AssetsH                                             
   Expenses before                                                 
    reductions        2.36%A        2.35%        2.67%        2.92%        2.73%        2.86% 
   Expenses net of fee                                                 
    waivers, if any        2.05%A        2.09%        2.25%        2.25%        2.43%        2.50% 
   Expenses net of all                                                 
    reductions        2.02%A        2.00%        2.21%        2.18%        2.23%        2.46% 
   Net investment in-                                                 
    come (loss)    (1.06)%A,F    (1.38)%G    (1.78)%    (1.60)%    (1.81)%        (.89)% 
Supplemental Data                                                 
   Net assets, end of                                                 
    period (000                                                 
    omitted)        $8,589    $    $9,237    $9,593    $8,422        $6,262    $8,038 
   Portfolio turnover                                                 
    rate        185%A        213%        94%        158%        473%        481% 
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    Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (1.53)%.                                 
G    Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (1.44)%.                                 
H    Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 
    reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during 
    periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 
    prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net 
    expenses paid by the class.                                                 
See accompanying notes which are an integral part of the financial statements.                 

19 Semiannual Report

 Financial Highlights — Class C                                     
 
        Six months ended                                         
        May 31, 2006                Years ended November 30,         
        (Unaudited)        2005        2004        2003        2002        2001 
Selected Per-Share Data                                                 
Net asset value,                                                 
   beginning of period .        $9.08        $8.37        $7.85        $6.38      $8.03        $9.05 
Income from Investment                                                 
   Operations                                                 
   Net investment in-                                                 
    come (loss)E        (.05)F        (.12)G        (.14)        (.11)        (.13)        (.08) 
   Net realized and un-                                                 
    realized gain (loss)        .02        .83        .66        1.58        (1.52)        (.93) 
Total from investment                                                 
   operations        (.03)        .71        .52        1.47        (1.65)        (1.01) 
Distributions from net                                                 
   realized gain        —        —        —        —        —        (.01) 
Net asset value, end of                                                 
   period        $9.05        $9.08        $8.37        $7.85        $6.38        $8.03 
Total ReturnB,C,D        (.33)%        8.48%        6.62%    23.04%    (20.55)%    (11.18)% 
Ratios to Average Net AssetsH                                             
   Expenses before                                                 
    reductions        2.36%A        2.34%        2.52%        2.77%        2.58%        2.79% 
   Expenses net of fee                                                 
    waivers, if any        2.05%A        2.09%        2.25%        2.25%        2.36%        2.50% 
   Expenses net of all                                                 
    reductions        2.02%A        2.01%        2.21%        2.18%        2.16%        2.46% 
   Net investment in-                                                 
    come (loss)    (1.06)%A,F    (1.38)%G    (1.78)%    (1.61)%    (1.74)%        (.89)% 
Supplemental Data                                                 
   Net assets, end of                                                 
    period (000                                                 
    omitted)        $7,049    $    $7,791     $9,136    $8,427        $6,636    $8,532 
   Portfolio turnover                                                 
    rate        185%A        213%        94%        158%        473%        481% 
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    Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (1.53)%.                                 
G    Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (1.44)%.                                 
H    Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 
    reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during 
    periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 
    prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net 
    expenses paid by the class.                                                 
See accompanying notes which are an integral part of the financial statements.                 

Semiannual Report 20

 Financial Highlights — Institutional Class                         
 
        Six months ended                                         
        May 31, 2006                Years ended November 30,         
        (Unaudited)        2005        2004        2003        2002        2001 
Selected Per-Share Data                                                 
Net asset value,                                                 
   beginning of period .      $9.57        $8.73        $8.10        $6.52        $8.11        $9.06 
Income from Investment                                                 
   Operations                                                 
   Net investment in-                                                 
    come (loss)D        —E,H        (.03)F        (.07)        (.04)        (.05)        .01 
   Net realized and un-                                                 
    realized gain (loss)        .01        .87        .70        1.62        (1.54)        (.95) 
Total from investment                                                 
   operations        .01        .84        .63        1.58        (1.59)        (.94) 
Distributions from net                                                 
   realized gain        —        —        —        —        —        (.01) 
Net asset value, end of                                                 
   period        $9.58        $9.57        $8.73        $8.10        $6.52        $8.11 
Total ReturnB,C        .10%        9.62%        7.78%    24.23%    (19.61)%    (10.39)% 
Ratios to Average Net AssetsG                                             
   Expenses before                                                 
    reductions        1.28%A        1.28%        1.35%        1.61%        1.43%        1.73% 
   Expenses net of fee                                                 
    waivers, if any        1.05%A        1.09%        1.25%        1.25%        1.27%        1.50% 
   Expenses net of all                                                 
    reductions        1.02%A        1.01%        1.20%        1.18%        1.07%        1.46% 
   Net investment in-                                                 
    come (loss)    (.06)%A,E        (.38)%F        (.78)%        (.61)%        (.64)%        .11% 
Supplemental Data                                                 
   Net assets, end of                                                 
    period (000                                                 
    omitted)        $657        $522        $648        $579        $513        $761 
   Portfolio turnover                                                 
    rate        185%A        213%        94%        158%        473%        481% 
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    Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (.53)%.                                 
F    Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (.44)%.                                 
G    Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 
    reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during 
    periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 
    prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net 
    expenses paid by the class.                                                 
H    Amount represents less than $.01 per share.                                         
See accompanying notes which are an integral part of the financial statements.                 

21 Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2006 (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 fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. 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. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a

Semiannual Report 22

1. Significant Accounting Policies - continued

Security Valuation - continued market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund’s utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

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.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the fund are presented separately on the Statement of Operations as “Special Dividends” and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of

23 Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Investment Transactions and Income - continued discount on debt securities. 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 each fund in the trust.

Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on the fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, net operating losses, capital loss carryforwards and losses deferred due to wash sales.

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

Unrealized appreciation        $2,286,354 
Unrealized depreciation        (4,401,513) 
Net unrealized appreciation (depreciation)        $(2,115,159) 
Cost for federal income tax purposes        $43,000,859 
 
2. Operating Policies.         

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default

Semiannual Report 24

2. Operating Policies - continued

Repurchase Agreements - continued of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the fund’s Schedule of Investments.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $38,472,051 and $38,613,577, respectively.

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 that is based on an annual rate of .35% of the fund’s average net assets and a group fee rate that averaged .27% 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 .62% 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

25 Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

    Distribution    Service        Paid to        Retained 
    Fee    Fee        FDC        by FDC 
Class A    0%    .25%        $10,135        $136 
Class T    25%    .25%        42,558        199 
Class B    75%    .25%        46,474        34,915 
Class C    75%    .25%        39,202        3,894 
                $138,369        v39,144 

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, some of which is paid to financial intermediaries for selling 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, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:     
        Retained 
        by FDC 
Class A        $8,927 
Class T        6,870 
Class B*        13,166 
Class C*        594 
        $29,557 

* 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.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. FIIOC pays for typesetting, printing and mailing of

Semiannual Report 26

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued shareholder reports, except proxy statements. For the period the total transfer agent fees paid by each class to FIIOC, were as follows:

            % of 
            Average 
        Amount    Net Assets 
Class A      $14,847    .37* 
Class T        37,468    .44* 
Class B        16,392    .35* 
Class C        14,064    .36* 
Institutional Class        823    .28* 
      $83,594     
* Annualized             

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

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

The Money Market Central Funds do not pay a management fee.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $966 for the period.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $4.2 billion credit facility (the “line of credit”) to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounts to $63 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

27 Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the fund’s Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from affiliated central funds. Net income from lending portfolio securities during the period amounted to $1,142.

7. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:         
    Expense        Reimbursement 
    Limitations        from adviser 
Class A    1.30%        $12,916 
Class T    1.55%        33,260 
Class B    2.05%        14,174 
Class C    2.05%        12,312 
Institutional Class    1.05%        686 
            $73,348 

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $5,619 for the period. In addition, through arrangements with the each class’ transfer agent, credits realized as a result of

Semiannual Report 28

7. Expense Reductions - continued uninvested cash balances were used to reduce the fund’s expenses. During the period, credits reduced each class’ transfer agent expense as noted in the table below.

        Transfer Agent 
        expense reduction 
 
Class B        70 
Institutional Class        2 
        $72 

8. Other.

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

9. Share Transactions.

Transactions for each class of shares were as follows:

                           Shares        Dollars 
    Six months en-    Year ended    Six months en-        Year ended 
    ded May 31,    November 30,    ded May 31,        November 30, 
    2006    2005    2006        2005 
Class A                         
Shares sold    197,549    270,002        $1,969,409        $2,351,220 
Shares redeemed    (84,396)    (227,735)        (834,110)        (2,008,944) 
Net increase (decrease)    113,153    42,267        $1,135,299        $342,276 
Class T                         
Shares sold    251,081    613,840        $2,462,320      $5,303,116 
Shares redeemed    (333,291)    (628,481)        (3,286,768)        (5,486,557) 
Net increase (decrease)    (82,210)    (14,641)        $(824,448)        $(183,441) 
Class B                         
Shares sold    89,179    183,867        $850,052        $1,559,053 
Shares redeemed    (157,220)    (313,200)        (1,503,351)        (2,654,466) 
Net increase (decrease)    (68,041)    (129,333)        $(653,299)        $(1,095,413) 
Class C                         
Shares sold    79,303    159,513        $758,042        $1,357,035 
Shares redeemed    (158,269)    (393,180)        (1,520,572)        (3,315,155) 
Net increase (decrease)    (78,966)    (233,667)        $(762,530)        $(1,958,120) 
Institutional Class                         
Shares sold    17,071    10,062        $173,654        $90,084 
Shares redeemed    (3,066)    (29,827)        (31,219)        (255,712) 
Net increase (decrease)    14,005    (19,765)        $142,435        (165,628) 

29 Semiannual Report

Proxy Voting Results

A special meeting of the fund’s shareholders was held on May 17, 2006. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1        Ned C. Lautenbach     
To elect a Board of Trustees.A        Affirmative    43,082,185,255.05    95.372 
    # of    % of    Withheld    2,090,721,879.16    4.628 
    Votes    Votes       TOTAL    45,172,907,134.21    100.000 
 
Dennis J. Dirks        William O. McCoy     
Affirmative    43,119,905,166.54    95.455    Affirmative    42,960,162,066.32    95.102 
Withheld    2,053,001,967.67    4.545    Withheld    2,212,745,067.89    4.898 
   TOTAL    45,172,907,134.21    100.000       TOTAL    45,172,907,134.21    100.000 
 
Albert R. Gamper, Jr.        Robert L. Reynolds     
Affirmative    43,068,780,128.62    95.342    Affirmative    43,087,560,419.66    95.384 
Withheld    2,104,127,005.59    4.658    Withheld    2,085,346,714.55    4.616 
   TOTAL    45,172,907,134.21    100.000       TOTAL    45,172,907,134.21    100.000 
 
Robert M. Gates        Cornelia M. Small     
Affirmative    43,032,117,662.60    95.261    Affirmative    43,092,070,014.53    95.394 
Withheld    2,140,789,471.61    4.739    Withheld    2,080,837,119.68    4.606 
   TOTAL    45,172,907,134.21    100.000       TOTAL    45,172,907,134.21    100.000 
 
George H. Heilmeier        William S. Stavropoulos     
Affirmative    43,023,368,882.30    95.242    Affirmative    43,002,032,676.43    95.194 
Withheld    2,149,538,251.91    4.758    Withheld    2,170,874,457.78    4.806 
   TOTAL    45,172,907,134.21    100.000       TOTAL    45,172,907,134.21    100.000 
 
Edward C. Johnson 3d        Kenneth L. Wolfe     
Affirmative    42,881,915,819.70    94.928    Affirmative    43,047,241,852.81    95.294 
Withheld    2,290,991,314.51    5.072    Withheld    2,125,665,281.40    4.706 
   TOTAL    45,172,907,134.21    100.000       TOTAL    45,172,907,134.21    100.000 
Stephen P. Jonas        Abstain    503,291,649.48    4.447 
            Broker         
Affirmative    43,081,912,066.37    95.371    Non-Votes .    163,474,631.25    1.445 
Withheld    2,090,995,067.84    4.629       TOTAL    11,316,706,049.75    100.000 
   TOTAL    45,172,907,134.21    100.000             
 
James H. KeyesB        A Denotes trust-wide proposal and voting results. 
Affirmative    43,049,050,093.79    95.298    B Effective on or about January 1, 2007.     
Withheld    2,123,857,040.42    4.702             
   TOTAL    45,172,907,134.21    100.000             
 
Marie L. Knowles                 
Affirmative    43,090,434,696.02    95.390             
Withheld    2,082,472,438.19    4.610             
   TOTAL    45,172,907,134.21    100.000             

Semiannual Report 30

Board Approval of Investment Advisory Contracts and Management Fees

Advisor Aggressive Growth Fund

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees’ counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund’s management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund’s assets; (iii) the nature or level of services provided under the fund’s management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund’s management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund’s portfolio manager would not change, it did not consider the fund’s investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund’s management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund’s management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have

31 Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund’s Agreement is fair and reasonable, and that the fund’s Agreement should be approved.

Semiannual Report 32

33 Semiannual Report

Semiannual Report 34

35 Semiannual Report

Semiannual Report 36

37 Semiannual Report

Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
(formerly Fidelity Management & Research
(Far East) Inc.)
Fidelity International Investment Advisors
Fidelity Investments Japan Limited
Fidelity International Investment Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA


AAG-USAN-0706 1.786773.103



Fidelity® Advisor

Aggressive Growth

Fund - Institutional Class

Semiannual Report May 31, 2006


Contents         
 
Chairman’s Message    3    Ned Johnson’s message to shareholders. 
Shareholder Expense    4    An example of shareholder expenses. 
Example         
Investment Changes    6    A summary of major shifts in the fund’s 
        investments over the past six months. 
Investments    7    A complete list of the fund’s investments 
        with their market values. 
Financial Statements    13    Statements of assets and liabilities, 
        operations, and changes in net assets, 
        as well as financial highlights. 
Notes    22    Notes to the financial statements. 
Proxy Voting Results    30     
Board Approval of    31     
Investment Advisory         
Contracts and         
Management Fees         

To view a fund’s proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

Other third party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report 2

Chairman’s Message

(photograph of Edward C. Johnson 3d)
Dear Shareholder:

Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets’ inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets’ best days can significantly diminish investor returns. Patience also affords the benefits of compounding — of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn’t eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio’s long-term success. The right mix of stocks, bonds and cash —aligned to your particular risk tolerance and investment objective — is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities — which historically have been the best performing asset class over time — is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle — investing regularly — can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won’t pay for all your shares at market highs. This strategy — known as dollar cost averaging — also reduces unconstruc-tive “emotion” from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

 

Sincerely,

/s/Edward C. Johnson 3d
Edward C. Johnson 3d

3 Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2005 to May 31, 2006).

Actual Expenses

The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Semiannual Report 4

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

                    Expenses Paid 
    Beginning        Ending    During Period* 
    Account Value        Account Value    December 1, 2005 
    December 1, 2005        May 31, 2006     to May 31, 2006 
Class A                         
Actual        $1,000.00        $1,000.00        $6.48 
HypotheticalA        $1,000.00        $1,018.45        $6.54 
Class T                         
Actual        $1,000.00        $998.90        $7.72 
HypotheticalA        $1,000.00        $1,017.20        $7.80 
Class B                         
Actual        $1,000.00        $996.70        $10.21 
HypotheticalA        $1,000.00        $1,014.71        $10.30 
Class C                         
Actual        $1,000.00        $996.70        $10.21 
HypotheticalA        $1,000.00        $1,014.71        $10.30 
Institutional Class                         
Actual      $1,000.00        v1,001.00        $5.24 
HypotheticalA        $1,000.00        $1,019.70        $5.29 
 
A 5% return per year before expenses                 

* Expenses are equal to each Class’ annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

    Annualized 
    Expense Ratio 
Class A    1.30% 
Class T    1.55% 
Class B    2.05% 
Class C    2.05% 
Institutional Class    1.05% 

5 Semiannual Report

 
Investment Changes         
 
 
 Top Ten Stocks as of May 31, 2006         
    % of fund’s    % of fund’s net assets 
    net assets    6 months ago 
St. Jude Medical, Inc.    3.1    3.2 
Allergan, Inc.    3.1    1.3 
IntercontinentalExchange, Inc.    2.3    0.5 
Ventana Medical Systems, Inc.    2.2    1.4 
Monsanto Co.    2.1    2.0 
Comverse Technology, Inc.    2.0    1.5 
Potash Corp. of Saskatchewan, Inc.    2.0    2.5 
Broadcom Corp. Class A    2.0    0.0 
Chicago Mercantile Exchange Holdings, Inc.         
    Class A    2.0    0.0 
Humana, Inc.    1.8    1.5 
    22.6     
 Top Five Market Sectors as of May 31, 2006     
    % of fund’s    % of fund’s net assets 
    net assets    6 months ago 
Health Care    28.4    31.4 
Information Technology    27.7    20.2 
Industrials    11.4    7.3 
Energy    10.6    11.3 
Consumer Discretionary    7.2    15.4 

 


Semiannual Report 6

Investments May 31, 2006 (Unaudited) 
Showing Percentage of Net Assets             
 
 Common Stocks — 100.0%             
    Shares    Value (Note 1) 
 
CONSUMER DISCRETIONARY – 7.2%             
Hotels, Restaurants & Leisure – 2.0%             
Penn National Gaming, Inc. (a)    10,822        $415,889 
Starwood Hotels & Resorts Worldwide, Inc.    6,500        397,150 
            813,039 
Household Durables – 1.1%             
Harman International Industries, Inc.    5,100        432,123 
Internet & Catalog Retail – 1.0%             
Coldwater Creek, Inc. (a)    16,335        419,810 
Media – 1.1%             
Focus Media Holding Ltd. ADR    6,800        429,556 
Specialty Retail – 2.0%             
Abercrombie & Fitch Co. Class A    7,200        416,520 
Urban Outfitters, Inc. (a)    20,800        386,256 
Williams-Sonoma, Inc.    300        10,845 
            813,621 
 
   TOTAL CONSUMER DISCRETIONARY            2,908,149 
 
CONSUMER STAPLES – 0.1%             
Beverages – 0.1%             
Coca-Cola Enterprises, Inc.    1,000        19,660 
 
ENERGY – 10.6%             
Energy Equipment & Services – 1.3%             
FMC Technologies, Inc. (a)    6,100        407,114 
W-H Energy Services, Inc. (a)    1,880        105,919 
            513,033 
Oil, Gas & Consumable Fuels – 9.3%             
Arch Coal, Inc.    8,000        386,880 
Chesapeake Energy Corp.    14,200        434,378 
CONSOL Energy, Inc.    4,800        423,600 
EOG Resources, Inc.    5,900        387,394 
Peabody Energy Corp.    9,400        585,996 
Quicksilver Resources, Inc. (a)    7,500        263,025 
Range Resources Corp.    16,050        415,695 
Ultra Petroleum Corp. (a)    7,200        414,360 
XTO Energy, Inc.    10,200        420,444 
            3,731,772 
 
    TOTAL ENERGY            4,244,805 
 
 
See accompanying notes which are an integral part of the financial statements.         

7 Semiannual Report

Investments (Unaudited) - continued             
 
 
 Common Stocks – continued             
    Shares    Value (Note 1) 
 
FINANCIALS – 6.6%             
Capital Markets – 2.1%             
Daiwa Securities Group, Inc.    17,000        $210,627 
Greenhill & Co., Inc.    2,000        118,800 
Indiabulls Financial Services Ltd.    21,204        136,163 
Indiabulls Financial Services Ltd. GDR (e)    11,268        72,257 
Jefferies Group, Inc.    3,600        105,264 
Nikko Cordial Corp.    13,500        198,457 
            841,568 
Diversified Financial Services – 4.3%             
Chicago Mercantile Exchange Holdings, Inc. Class A    1,800        794,340 
IntercontinentalExchange, Inc.    16,700        930,190 
            1,724,530 
Real Estate Investment Trusts – 0.2%             
Host Hotels & Resorts Inc.    4,224        84,776 
 
    TOTAL FINANCIALS            2,650,874 
 
HEALTH CARE – 28.4%             
Biotechnology – 3.9%             
Alnylam Pharmaceuticals, Inc. (a)    19,800        292,842 
Celgene Corp. (a)    10,080        417,816 
PDL BioPharma, Inc. (a)    21,770        440,843 
Telik, Inc. (a)    14,500        231,710 
Theravance, Inc. (a)    7,500        179,400 
            1,562,611 
Health Care Equipment & Supplies – 12.5%             
Advanced Medical Optics, Inc. (a)    13,400        607,288 
American Medical Systems Holdings, Inc. (a)    31,800        628,686 
Cyberonics, Inc. (a)    26,200        654,738 
Cytyc Corp. (a)    8,076        212,237 
Mentor Corp.    11,600        468,524 
NeuroMetrix, Inc. (a)    6,806        198,327 
Northstar Neuroscience, Inc.    6,700        91,522 
NuVasive, Inc. (a)    25,900        425,537 
Palomar Medical Technologies, Inc. (a)    3,000        133,890 
Somanetics Corp. (a)    9,496        148,612 
St. Jude Medical, Inc. (a)    36,700        1,251,468 
Varian Medical Systems, Inc. (a)    4,500        211,050 
            5,031,879 
 
 
See accompanying notes which are an integral part of the financial statements.         

Semiannual Report 8

 Common Stocks – continued             
    Shares    Value (Note 1) 
 
HEALTH CARE – continued             
Health Care Providers & Services – 2.0%             
Humana, Inc. (a)    14,050        $711,352 
Sierra Health Services, Inc. (a)    2,500        103,000 
            814,352 
Health Care Technology – 1.1%             
Eclipsys Corp. (a)    6,600        128,304 
Merge Technologies, Inc. (a)    23,875        303,451 
            431,755 
Life Sciences Tools & Services – 2.2%             
Ventana Medical Systems, Inc. (a)    18,320        869,467 
Pharmaceuticals – 6.7%             
Allergan, Inc.    13,021        1,234,651 
Elan Corp. PLC sponsored ADR (a)    22,000        413,820 
Medicis Pharmaceutical Corp. Class A    20,500        611,310 
Sepracor, Inc. (a)    8,100        419,337 
            2,679,118 
 
    TOTAL HEALTH CARE            11,389,182 
 
INDUSTRIALS – 11.4%             
Aerospace & Defense – 1.0%             
Ceradyne, Inc. (a)    9,378        409,537 
Air Freight & Logistics – 1.0%             
UTI Worldwide, Inc.    14,943        406,898 
Commercial Services & Supplies – 0.7%             
Monster Worldwide, Inc. (a)    6,078        297,032 
Construction & Engineering – 2.0%             
Infrasource Services, Inc. (a)    21,500        395,600 
Quanta Services, Inc. (a)    23,900        397,935 
            793,535 
Electrical Equipment – 4.6%             
AMETEK, Inc.    8,700        396,981 
Energy Conversion Devices, Inc. (a)    15,200        604,200 
Rockwell Automation, Inc.    6,200        423,336 
Suntech Power Holdings Co. Ltd. sponsored ADR    14,900        419,882 
            1,844,399 
Industrial Conglomerates – 1.0%             
McDermott International, Inc. (a)    6,000        393,660 
Machinery – 1.0%             
Deere & Co.    4,700        402,320 
See accompanying notes which are an integral part of the financial statements.         

9 Semiannual Report

Investments (Unaudited) - continued             
 
 
 Common Stocks – continued             
    Shares    Value (Note 1) 
 
INDUSTRIALS – continued             
Marine – 0.1%             
Diana Shipping, Inc.    3,900        $42,783 
 
    TOTAL INDUSTRIALS            4,590,164 
 
INFORMATION TECHNOLOGY – 27.7%             
Communications Equipment – 3.4%             
ADC Telecommunications, Inc. (a)(d)    20,600        369,152 
Comverse Technology, Inc. (a)    35,973        810,112 
Foundry Networks, Inc. (a)    14,900        191,614 
            1,370,878 
Internet Software & Services – 2.1%             
Bankrate, Inc. (a)    9,400        428,170 
VeriSign, Inc. (a)    18,400        413,080 
            841,250 
IT Services – 1.1%             
Paychex, Inc.    11,400        418,494 
Semiconductors & Semiconductor Equipment – 10.7%             
Altera Corp. (a)    21,387        418,330 
ARM Holdings PLC sponsored ADR    60,700        400,620 
ASML Holding NV (NY Shares) (a)    29,600        602,064 
Broadcom Corp. Class A (a)    23,700        801,297 
Marvell Technology Group Ltd. (a)    8,100        386,127 
Microchip Technology, Inc.    11,870        407,141 
PMC-Sierra, Inc. (a)    41,930        404,205 
Renewable Energy Corp. AS    31,600        485,922 
Xilinx, Inc.    15,200        395,200 
            4,300,906 
Software – 10.4%             
Activision, Inc. (a)    32,510        424,906 
Adobe Systems, Inc. (a)    14,600        417,998 
Autodesk, Inc. (a)    10,700        389,373 
BEA Systems, Inc. (a)    31,000        420,360 
Cognos, Inc. (a)    12,700        389,117 
Hyperion Solutions Corp. (a)    13,398        384,657 
Informatica Corp. (a)    14,600        205,276 
NAVTEQ Corp. (a)    10,300        430,025 
Nintendo Co. Ltd.    2,500        423,933 
 
 
 
See accompanying notes which are an integral part of the financial statements.         

Semiannual Report 10

 Common Stocks – continued             
    Shares    Value (Note 1) 
 
INFORMATION TECHNOLOGY – continued             
Software – continued             
Quality Systems, Inc.    8,900        $295,658 
Wind River Systems, Inc. (a)    42,919        405,585 
            4,186,888 
 
   TOTAL INFORMATION TECHNOLOGY            11,118,416 
 
MATERIALS – 6.0%             
Chemicals – 6.0%             
Agrium, Inc.    15,500        379,882 
Monsanto Co.    9,800        824,768 
Mosaic Co. (a)    25,300        393,668 
Potash Corp. of Saskatchewan, Inc.    8,800        802,893 
            2,401,211 
 
TELECOMMUNICATION SERVICES – 1.0%             
Wireless Telecommunication Services – 1.0%             
American Tower Corp. Class A (a)    12,700        393,319 
UTILITIES – 1.0%             
Independent Power Producers & Energy Traders – 1.0%             
Ormat Technologies, Inc.    11,026        410,939 
TOTAL COMMON STOCKS             
 (Cost $42,145,945)        40,126,719 
 
 Money Market Funds — 1.9%             
 
Fidelity Cash Central Fund, 5.03% (b)    466,881         $466,881 
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)    292,100        292,100 
TOTAL MONEY MARKET FUNDS             
 (Cost $758,981)            758,981 
 
TOTAL INVESTMENT PORTFOLIO – 101.9%             
 (Cost $42,904,926)        40,885,700 
 
NET OTHER ASSETS – (1.9)%            (764,795) 
NET ASSETS – 100%        $40,120,905 
 
 
 
See accompanying notes which are an integral part of the financial statements.         

11 Semiannual Report

Investments (Unaudited) - continued

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request.

(c) Investment made with cash collateral received from securities on loan. (d) Security or a portion of the security is on loan at period end.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933.

These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $72,257 or 0.2% of net assets.

  Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund            Income earned 
Fidelity Cash Central Fund                                                       $14,893 
Fidelity Securities Lending Cash Central Fund        1,142 
Total                                                       $16,035 
 
Other Information        Income Tax Information 
Distribution of investments by country of    At November 30, 2005, the fund had a 
issue, as a percentage of total net assets, is    capital loss carryforward of approximately 
as follows:        $4,868,687 all of which will expire on 
        November 30, 2010.     
United States of America    82.7%         
Canada    4.9%         
Japan    2.0%         
Netherlands    1.5%         
Norway    1.2%         
China    1.1%         
Cayman Islands    1.0%         
Ireland    1.0%         
British Virgin Islands    1.0%         
United Kingdom    1.0%         
Panama    1.0%         
Bermuda    1.0%         
Others (individually less than 1%) .    0.6%         
    100.0%         
 
 
 
See accompanying notes which are an integral part of the financial statements.     

Semiannual Report 12

Financial Statements             
 
 Statement of Assets and Liabilities             
        May 31, 2006 (Unaudited) 
 
Assets             
Investment in securities, at value (including securities             
   loaned of $227,584) — See accompanying schedule:             
   Unaffiliated issuers (cost $42,145,945)        $40,126,719     
   Affiliated Central Funds (cost $758,981)        758,981     
Total Investments (cost $42,904,926)            $40,885,700 
Cash            5 
Receivable for investments sold            562,281 
Receivable for fund shares sold            19,973 
Dividends receivable            18,965 
Interest receivable            2,502 
Prepaid expenses            103 
Receivable from investment adviser for expense             
   reductions            10,729 
Other receivables            382 
   Total assets            41,500,640 
Liabilities             
Payable for investments purchased        $932,543     
Payable for fund shares redeemed        66,383     
Accrued management fee        21,470     
Distribution fees payable        22,176     
Other affiliated payables        13,924     
Other payables and accrued expenses        31,139     
Collateral on securities loaned, at value        292,100     
   Total liabilities            1,379,735 
Net Assets            $40,120,905 
Net Assets consist of:             
Paid in capital            $43,368,651 
Accumulated net investment loss            (151,121) 
Accumulated undistributed net realized gain (loss) on             
   investments and foreign currency transactions            (1,075,969) 
Net unrealized appreciation (depreciation) on             
   investments and assets and liabilities in foreign             
   currencies            (2,020,656) 
Net Assets            $40,120,905 
 
 
 
 
See accompanying notes which are an integral part of the financial statements.     

13 Semiannual Report

Financial Statements - continued             
 
 
 Statement of Assets and Liabilities - continued         
    May 31, 2006 (Unaudited) 
 
Calculation of Maximum Offering Price             
   Class A:             
   Net Asset Value and redemption price per share             
       ($8,274,353 ÷ 878,533 shares)            $9.42 
Maximum offering price per share (100/94.25 of $9.42)            $9.99 
 Class T:             
 Net Asset Value and redemption price per share             
       ($15,551,789 ÷ 1,675,611 shares)            $9.28 
Maximum offering price per share (100/96.50 of $9.28)            $9.62 
 Class B:             
 Net Asset Value and offering price per share             
       ($8,589,426 ÷ 950,356 shares)A            $9.04 
 Class C:             
 Net Asset Value and offering price per share             
       ($7,048,652 ÷ 778,640 shares)A            $9.05 
 Institutional Class:             
 Net Asset Value, offering price and redemption price per         
       share ($656,685 ÷ 68,551 shares)            $9.58 
 
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 14

 Statement of Operations             
    Six months ended May 31, 2006 (Unaudited) 
 
Investment Income             
Dividends            $88,994 
Special dividends            101,520 
Interest            40 
Income from affiliated Central Funds            16,035 
   Total income            206,589 
 
Expenses             
Management fee          $132,096     
Transfer agent fees        83,594     
Distribution fees        138,369     
Accounting and security lending fees        9,240     
Independent trustees’ compensation        85     
Custodian fees and expenses        11,583     
Registration fees        27,793     
Audit        23,050     
Legal        1,963     
Miscellaneous        8,976     
   Total expenses before reductions        436,749     
   Expense reductions        (79,039)    357,710 
 
Net investment income (loss)            (151,121) 
Realized and Unrealized Gain (Loss)             
Net realized gain (loss) on:             
   Investment securities:             
   Unaffiliated issuers        3,935,238     
   Foreign currency transactions        4,185     
Total net realized gain (loss)            3,939,423 
Change in net unrealized appreciation (depreciation) on:         
   Investment securities (net of increase in deferred             
foreign taxes of $1,939)        (3,792,180)     
   Assets and liabilities in foreign currencies        503     
Total change in net unrealized appreciation             
   (depreciation)            (3,791,677) 
Net gain (loss)            147,746 
Net increase (decrease) in net assets resulting from             
   operations            $(3,375) 
 
 
 
 
See accompanying notes which are an integral part of the financial statements.     

15 Semiannual Report

Financial Statements - continued                 
 
 
 Statement of Changes in Net Assets                 
    Six months ended        Year ended 
    May 31, 2006        November 30, 
    (Unaudited)        2005 
Increase (Decrease) in Net Assets                 
Operations                 
   Net investment income (loss)        $(151,121)        $(419,489) 
   Net realized gain (loss)        3,939,423        6,395,351 
   Change in net unrealized appreciation (depreciation) .        (3,791,677)        (2,534,892) 
   Net increase (decrease) in net assets resulting                 
       from operations        (3,375)        3,440,970 
Share transactions -- net increase (decrease)        (962,543)        (3,060,326) 
   Total increase (decrease) in net assets        (965,918)        380,644 
 
Net Assets                 
   Beginning of period        41,086,823        40,706,179 
   End of period (including accumulated net investment                 
       loss of $151,121 and $0, respectively)        $40,120,905        $41,086,823 
 
 
 
 
See accompanying notes which are an integral part of the financial statements.         

Semiannual Report 16

 Financial Highlights — Class A                                     
 
        Six months ended                                         
        May 31, 2006                Years ended November 30,         
        (Unaudited)        2005        2004        2003        2002        2001 
Selected Per-Share Data                                                 
Net asset value,                                                 
   beginning of period .             $9.42        $8.61        $8.02        $6.47        $8.08        $9.05 
Income from Investment                                                 
   Operations                                                 
   Net investment in-                                                 
    come (loss)E        (.02)F        (.06)G        (.09)        (.06)        (.08)        (.01) 
   Net realized and un-                                                 
    realized gain (loss)        .02        .87        .68        1.61        (1.53)        (.95) 
Total from investment                                                 
   operations        —        .81        .59        1.55        (1.61)        (.96) 
Distributions from net                                                 
   realized gain        —        —        —        —        —        (.01) 
Net asset value, end of                                                 
   period             $9.42        $9.42        $8.61        $8.02        $6.47        $8.08 
Total ReturnB,C,D        —%        9.41%        7.36%    23.96%    (19.93)%    (10.62)% 
Ratios to Average Net AssetsH                                             
   Expenses before                                                 
    reductions        1.62%A        1.60%        1.90%        2.25%        2.05%        2.06% 
   Expenses net of fee                                                 
    waivers, if any        1.30%A        1.33%        1.50%        1.54%        1.69%        1.75% 
   Expenses net of all                                                 
    reductions        1.27%A        1.25%        1.45%        1.47%        1.49%        1.71% 
   Net investment in-                                                 
    come (loss)    (.31)%A,F        (.63)%G    (1.03)%        (.89)%    (1.07)%        (.14)% 
Supplemental Data                                                 
   Net assets, end of                                                 
    period (000                                                 
    omitted)            $8,274        $7,206        $6,227    $4,177        $2,620    $3,320 
   Portfolio turnover                                                 
    rate        185%A        213%        94%        158%        473%        481% 
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    Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (.78)%.                                 
G    Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (.69)%.                                 
H    Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 
    reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during 
    periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 
    prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net 
    expenses paid by the class.                                                 
See accompanying notes which are an integral part of the financial statements.                 

17 Semiannual Report

 Financial Highlights — Class T                                         
 
        Six months ended                                         
        May 31, 2006                Years ended November 30,         
        (Unaudited)        2005        2004        2003        2002        2001 
Selected Per-Share Data                                                 
Net asset value,                                                 
   beginning of period .             $9.29        $8.52        $7.95        $6.43        $8.06        $9.05 
Income from Investment                                                 
   Operations                                                 
   Net investment                                                 
    income (loss)E        (.03)F        (.08)G        (.11)        (.08)        (.10)        (.03) 
   Net realized and un-                                                 
    realized gain (loss)        .02        .85        .68        1.60        (1.53)        (.95) 
Total from investment                                                 
   operations        (.01)        .77        .57        1.52        (1.63)        (.98) 
Distributions from net                                                 
   realized gain        —        —        —        —        —        (.01) 
Net asset value, end of                                                 
   period            $9.28        $9.29        $8.52        $7.95        $6.43        $8.06 
Total ReturnB,C,D        (.11)%        9.04%        7.17%    23.64%    (20.22)%    (10.84)% 
Ratios to Average Net AssetsH                                             
   Expenses before                                                 
    reductions        1.94%A        1.93%        2.25%        2.47%        2.16%        2.30% 
   Expenses net of fee                                                 
    waivers, if any        1.55%A        1.58%        1.75%        1.79%        1.92%        2.00% 
   Expenses net of all                                                 
    reductions        1.53%A        1.50%        1.71%        1.72%        1.72%        1.96% 
   Net investment in-                                                 
    come (loss)    (.56)%A,F        (.88)%G    (1.28)%    (1.14)%    (1.29)%        (.39)% 
Supplemental Data                                                 
   Net assets, end of                                                 
    period (000                                                 
    omitted)    $15,552    $16,331    $15,101    $12,458    $10,511    $14,165 
   Portfolio turnover                                                 
    rate        185%A        213%        94%        158%        473%        481% 
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    Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (1.04)%.                                 
G    Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (.94)%.                                 
H    Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 
    reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during 
    periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 
    prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net 
    expenses paid by the class.                                                 
See accompanying notes which are an integral part of the financial statements.                 

Semiannual Report 18

 Financial Highlights — Class B                                     
 
        Six months ended                                         
        May 31, 2006                Years ended November 30,         
        (Unaudited)        2005        2004        2003        2002        2001 
Selected Per-Share Data                                                 
Net asset value,                                                 
   beginning of period .        $9.07        $8.36        $7.84        $6.37        $8.02        $9.05 
Income from Investment                                                 
   Operations                                                 
   Net investment                                                 
    income (loss)E        (.05)F        (.12)G        (.14)        (.11)        (.13)        (.08) 
   Net realized and un-                                                 
    realized gain (loss)        .02        .83        .66        1.58        (1.52)        (.94) 
Total from investment                                                 
   operations        (.03)        .71        .52        1.47        (1.65)        (1.02) 
Distributions from net                                                 
   realized gain        —        —        —        —        —        (.01) 
Net asset value, end of                                                 
   period        $9.04        $9.07        $8.36        $7.84        $6.37        $8.02 
Total ReturnB,C,D        (.33)%        8.49%        6.63%    23.08%    (20.57)%    (11.29)% 
Ratios to Average Net AssetsH                                             
   Expenses before                                                 
    reductions        2.36%A        2.35%        2.67%        2.92%        2.73%        2.86% 
   Expenses net of fee                                                 
    waivers, if any        2.05%A        2.09%        2.25%        2.25%        2.43%        2.50% 
   Expenses net of all                                                 
    reductions        2.02%A        2.00%        2.21%        2.18%        2.23%        2.46% 
   Net investment in-                                                 
    come (loss)    (1.06)%A,F    (1.38)%G    (1.78)%    (1.60)%    (1.81)%        (.89)% 
Supplemental Data                                                 
   Net assets, end of                                                 
    period (000                                                 
    omitted)        $8,589        $9,237    $9,593    $8,422        $6,262    $8,038 
   Portfolio turnover                                                 
    rate        185%A        213%        94%        158%        473%        481% 
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    Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (1.53)%.                                 
G    Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (1.44)%.                                 
H    Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 
    reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during 
    periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 
    prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net 
    expenses paid by the class.                                                 
See accompanying notes which are an integral part of the financial statements.                 

19 Semiannual Report

 Financial Highlights — Class C                                     
 
        Six months ended                                         
        May 31, 2006                Years ended November 30,         
        (Unaudited)        2005        2004        2003        2002        2001 
Selected Per-Share Data                                                 
Net asset value,                                                 
   beginning of period .        $9.08        $8.37        $7.85        $6.38      $8.03        $9.05 
Income from Investment                                                 
   Operations                                                 
   Net investment in-                                                 
    come (loss)E        (.05)F        (.12)G        (.14)        (.11)        (.13)        (.08) 
   Net realized and un-                                                 
    realized gain (loss)        .02        .83        .66        1.58        (1.52)        (.93) 
Total from investment                                                 
   operations        (.03)        .71        .52        1.47        (1.65)        (1.01) 
Distributions from net                                                 
   realized gain        —        —        —        —        —        (.01) 
Net asset value, end of                                                 
   period        $9.05        $9.08        $8.37        $7.85      $6.38        $8.03 
Total ReturnB,C,D        (.33)%        8.48%        6.62%    23.04%    (20.55)%    (11.18)% 
Ratios to Average Net AssetsH                                             
   Expenses before                                                 
    reductions        2.36%A        2.34%        2.52%        2.77%        2.58%        2.79% 
   Expenses net of fee                                                 
    waivers, if any        2.05%A        2.09%        2.25%        2.25%        2.36%        2.50% 
   Expenses net of all                                                 
    reductions        2.02%A        2.01%        2.21%        2.18%        2.16%        2.46% 
   Net investment in-                                                 
    come (loss)    (1.06)%A,F    (1.38)%G    (1.78)%    (1.61)%    (1.74)%        (.89)% 
Supplemental Data                                                 
   Net assets, end of                                                 
    period (000                                                 
    omitted)        $7,049        $7,791    $9,136    $8,427        $6,636    $8,532 
   Portfolio turnover                                                 
    rate        185%A        213%        94%        158%        473%        481% 
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    Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (1.53)%.                                 
G    Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (1.44)%.                                 
H    Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 
    reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during 
    periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 
    prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net 
    expenses paid by the class.                                                 
See accompanying notes which are an integral part of the financial statements.                 

Semiannual Report 20

 Financial Highlights — Institutional Class                         
 
        Six months ended                                         
        May 31, 2006                Years ended November 30,         
        (Unaudited)        2005        2004        2003        2002        2001 
Selected Per-Share Data                                                 
Net asset value,                                                 
   beginning of period .        $9.57        $8.73        $8.10        $6.52        $8.11        $9.06 
Income from Investment                                                 
   Operations                                                 
   Net investment in-                                                 
    come (loss)D        —E,H        (.03)F        (.07)        (.04)        (.05)        .01 
   Net realized and un-                                                 
    realized gain (loss)        .01        .87        .70        1.62        (1.54)        (.95) 
Total from investment                                                 
   operations        01        .84        .63        1.58        (1.59)        (.94) 
Distributions from net                                                 
   realized gain        —        —        —        —        —        (.01) 
Net asset value, end of                                                 
   period        $9.58        $9.57        $8.73        $8.10        $6.52        $8.11 
Total ReturnB,C        10%        9.62%        7.78%    24.23%    (19.61)%    (10.39)% 
Ratios to Average Net AssetsG                                             
   Expenses before                                                 
    reductions        1.28%A        1.28%        1.35%        1.61%        1.43%        1.73% 
   Expenses net of fee                                                 
    waivers, if any        1.05%A        1.09%        1.25%        1.25%        1.27%        1.50% 
   Expenses net of all                                                 
    reductions        1.02%A        1.01%        1.20%        1.18%        1.07%        1.46% 
   Net investment in-                                                 
    come (loss)    (.06)%A,E        (.38)%F        (.78)%        (.61)%        (.64)%        .11% 
Supplemental Data                                                 
   Net assets, end of                                                 
    period (000                                                 
    omitted)        $657        $522        $648        $579        $513        $761 
   Portfolio turnover                                                 
    rate        185%A        213%        94%        158%        473%        481% 
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    Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (.53)%.                                 
F    Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net 
    investment income (loss) to average net assets would have been (.44)%.                                 
G    Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 
    reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during 
    periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 
    prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net 
    expenses paid by the class.                                                 
H    Amount represents less than $.01 per share.                                         
See accompanying notes which are an integral part of the financial statements.                 

21 Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2006 (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 fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. 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. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a

Semiannual Report 22

1. Significant Accounting Policies - continued

Security Valuation - continued market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund’s utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

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.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the fund are presented separately on the Statement of Operations as “Special Dividends” and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of

23 Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Investment Transactions and Income - continued discount on debt securities. 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 each fund in the trust.

Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on the fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, net operating losses, capital loss carryforwards and losses deferred due to wash sales.

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

Unrealized appreciation        $2,286,354 
Unrealized depreciation        (4,401,513) 
Net unrealized appreciation (depreciation)        $(2,115,159) 
Cost for federal income tax purposes        $43,000,859 
 
2. Operating Policies.         

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default

Semiannual Report 24

2. Operating Policies - continued

Repurchase Agreements - continued of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the fund’s Schedule of Investments.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $38,472,051 and $38,613,577, respectively.

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 that is based on an annual rate of .35% of the fund’s average net assets and a group fee rate that averaged .27% 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 .62% 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

25 Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

    Distribution    Service        Paid to        Retained 
    Fee    Fee        FDC        by FDC 
Class A    0%    .25%        $10,135        $136 
Class T    25%    .25%        42,558        199 
Class B    75%    .25%        46,474        34,915 
Class C    75%    .25%        39,202        3,894 
                $138,369      $39,144 

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, some of which is paid to financial intermediaries for selling 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, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:     
        Retained 
        by FDC 
Class A        $8,927 
Class T        6,870 
Class B*        13,166 
Class C*        594 
        $29,557 

* 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.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. FIIOC pays for typesetting, printing and mailing of

Semiannual Report 26

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued shareholder reports, except proxy statements. For the period the total transfer agent fees paid by each class to FIIOC, were as follows:

            % of 
            Average 
        Amount    Net Assets 
Class A      $14,847    .37* 
Class T        37,468    .44* 
Class B        16,392    .35* 
Class C        14,064    .36* 
Institutional Class        823    .28* 
        $83,594     
* Annualized             

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

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

The Money Market Central Funds do not pay a management fee.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $966 for the period.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $4.2 billion credit facility (the “line of credit”) to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounts to $63 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

27 Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the fund’s Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from affiliated central funds. Net income from lending portfolio securities during the period amounted to $1,142.

7. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:         
    Expense        Reimbursement 
    Limitations        from adviser 
Class A    1.30%        $12,916 
Class T    1.55%        33,260 
Class B    2.05%        14,174 
Class C    2.05%        12,312 
Institutional Class    1.05%        686 
            $73,348 

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $5,619 for the period. In addition, through arrangements with the each class’ transfer agent, credits realized as a result of

Semiannual Report 28

7. Expense Reductions - continued uninvested cash balances were used to reduce the fund’s expenses. During the period, credits reduced each class’ transfer agent expense as noted in the table below.

        Transfer Agent 
        expense reduction 
 
Class B        70 
Institutional Class        2 
        $72 

8. Other.

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

9. Share Transactions.

Transactions for each class of shares were as follows:

                           Shares        Dollars 
    Six months en-    Year ended    Six months en-        Year ended 
    ded May 31,    November 30,    ded May 31,        November 30, 
    2006    2005    2006        2005 
Class A                         
Shares sold    197,549    270,002        $1,969,409        $2,351,220 
Shares redeemed    (84,396)    (227,735)        (834,110)        (2,008,944) 
Net increase (decrease)    113,153    42,267        $1,135,299        $342,276 
Class T                         
Shares sold    251,081    613,840      $2,462,320        $5,303,116 
Shares redeemed    (333,291)    (628,481)        (3,286,768)        (5,486,557) 
Net increase (decrease)    (82,210)    (14,641)        $(824,448)        $(183,441) 
Class B                         
Shares sold    89,179    183,867        $850,052        $1,559,053 
Shares redeemed    (157,220)    (313,200)        (1,503,351)        (2,654,466) 
Net increase (decrease)    (68,041)    (129,333)        $(653,299)        $(1,095,413) 
Class C                         
Shares sold    79,303    159,513      $758,042        $1,357,035 
Shares redeemed    (158,269)    (393,180)        (1,520,572)        (3,315,155) 
Net increase (decrease)    (78,966)    (233,667)      $(762,530)        $(1,958,120) 
Institutional Class                         
Shares sold    17,071    10,062      $173,654        $90,084 
Shares redeemed    (3,066)    (29,827)        (31,219)        (255,712) 
Net increase (decrease)    14,005    (19,765)        $142,435        $(165,628) 

29 Semiannual Report

Proxy Voting Results

A special meeting of the fund’s shareholders was held on May 17, 2006. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1        Ned C. Lautenbach     
To elect a Board of Trustees.A  Affirmative 43,082,185,255.05  95.372
    # of    % of    Withheld    2,090,721,879.16    4.628 
    Votes    Votes       TOTAL    45,172,907,134.21    100.000 
 
Dennis J. Dirks        William O. McCoy     
Affirmative    43,119,905,166.54    95.455    Affirmative    42,960,162,066.32    95.102 
Withheld    2,053,001,967.67    4.545    Withheld    2,212,745,067.89    4.898 
   TOTAL    45,172,907,134.21    100.000       TOTAL    45,172,907,134.21    100.000 
 
Albert R. Gamper, Jr.        Robert L. Reynolds     
Affirmative    43,068,780,128.62    95.342    Affirmative    43,087,560,419.66    95.384 
Withheld    2,104,127,005.59    4.658    Withheld    2,085,346,714.55    4.616 
   TOTAL    45,172,907,134.21    100.000       TOTAL    45,172,907,134.21    100.000 
 
Robert M. Gates        Cornelia M. Small     
Affirmative    43,032,117,662.60    95.261    Affirmative    43,092,070,014.53    95.394 
Withheld    2,140,789,471.61    4.739    Withheld    2,080,837,119.68    4.606 
   TOTAL    45,172,907,134.21    100.000       TOTAL    45,172,907,134.21    100.000 
 
George H. Heilmeier        William S. Stavropoulos     
Affirmative    43,023,368,882.30    95.242    Affirmative    43,002,032,676.43    95.194 
Withheld    2,149,538,251.91    4.758    Withheld    2,170,874,457.78    4.806 
   TOTAL    45,172,907,134.21    100.000       TOTAL    45,172,907,134.21    100.000 
 
Edward C. Johnson 3d        Kenneth L. Wolfe     
Affirmative    42,881,915,819.70    94.928    Affirmative    43,047,241,852.81    95.294 
Withheld    2,290,991,314.51    5.072    Withheld    2,125,665,281.40    4.706 
   TOTAL    45,172,907,134.21    100.000       TOTAL    45,172,907,134.21    100.000 
Stephen P. Jonas        Abstain    503,291,649.48    4.447 
            Broker         
Affirmative    43,081,912,066.37    95.371    Non-Votes .    163,474,631.25    1.445 
Withheld    2,090,995,067.84    4.629       TOTAL    11,316,706,049.75    100.000 
   TOTAL    45,172,907,134.21    100.000             
 
James H. KeyesB        A Denotes trust-wide proposal and voting results 
Affirmative    43,049,050,093.79    95.298    B Effective on or about January 1, 2007.     
Withheld    2,123,857,040.42    4.702             
   TOTAL    45,172,907,134.21    100.000             
 
Marie L. Knowles                 
Affirmative    43,090,434,696.02    95.390             
Withheld    2,082,472,438.19    4.610             
   TOTAL    45,172,907,134.21    100.000             

Semiannual Report 30

Board Approval of Investment Advisory Contracts and Management Fees

Advisor Aggressive Growth Fund

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees’ counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund’s management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund’s assets; (iii) the nature or level of services provided under the fund’s management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund’s management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund’s portfolio manager would not change, it did not consider the fund’s investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund’s management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund’s management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have

31 Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund’s Agreement is fair and reasonable, and that the fund’s Agreement should be approved.

Semiannual Report 32

33 Semiannual Report

Semiannual Report 34

35 Semiannual Report

Semiannual Report 36

37 Semiannual Report

Semiannual Report 38

39 Semiannual Report

Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
(formerly Fidelity Management & Research
(Far East) Inc.)
Fidelity International Investment Advisors
Fidelity Investments Japan Limited
Fidelity International Investment Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA


AAGI-USAN-0706 1.786774.103

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Securities Fund's Board of Trustees.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Fidelity Securities Fund

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

July 19, 2006

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

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

July 19, 2006

By:

/s/Paul M. Murphy

Paul M. Murphy

Chief Financial Officer

Date:

July 19, 2006