-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H6G0HcsSyvDUECevwisbD9qP56x68XPQdLYQAiqNJ4A0CxZvQpnOsXbkHh01ayKR jJF8qtUknlt95wr4uh9pNQ== 0000754510-09-000012.txt : 20090723 0000754510-09-000012.hdr.sgml : 20090723 20090723135608 ACCESSION NUMBER: 0000754510-09-000012 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20090531 FILED AS OF DATE: 20090723 DATE AS OF CHANGE: 20090723 EFFECTIVENESS DATE: 20090723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SECURITIES FUND CENTRAL INDEX KEY: 0000754510 IRS NUMBER: 000000000 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04118 FILM NUMBER: 09958976 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391706 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 0000754510 S000007190 Advisor Growth Strategies Fund C000019674 Class A FGVAX C000019675 Class B FGVBX C000019676 Class C FGECX C000019677 Class T FGVTX C000019678 Institutional Class FRVIX N-CSRS 1 main.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)

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

November 30

 

 

Date of reporting period:

May 31, 2009

Item 1. Reports to Stockholders

(Fidelity Investment logo)(registered trademark)
Fidelity® Advisor
Growth Strategies
Fund - Class A, Class T, Class B
and Class C

(formerly Fidelity Advisor Aggressive
Growth Fund)

Semiannual Report

May 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

The Chairman's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

Investment Changes

<Click Here>

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

Investments

<Click Here>

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

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC 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 holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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

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, 2008 to May 31, 2009).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Semiannual Report

Shareholder Expense Example - continued

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.

 

Annualized
Expense Ratio

Beginning
Account Value
December 1, 2008

Ending
Account Value
May 31, 2009

Expenses Paid
During Period*
December 1, 2008
to May 31, 2009

Class A

1.30%

 

 

 

Actual

 

$ 1,000.00

$ 1,169.20

$ 7.03

HypotheticalA

 

$ 1,000.00

$ 1,018.45

$ 6.54

Class T

1.55%

 

 

 

Actual

 

$ 1,000.00

$ 1,168.90

$ 8.38

HypotheticalA

 

$ 1,000.00

$ 1,017.20

$ 7.80

Class B

2.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,167.30

$ 11.08

HypotheticalA

 

$ 1,000.00

$ 1,014.71

$ 10.30

Class C

2.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,165.00

$ 11.07

HypotheticalA

 

$ 1,000.00

$ 1,014.71

$ 10.30

Institutional Class

1.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,172.80

$ 5.69

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, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2009

 

% of fund's
net assets

% of fund's net assets
6 months ago

AMAG Pharmaceuticals, Inc.

3.4

3.6

Juniper Networks, Inc.

2.2

2.0

IHS, Inc. Class A

2.1

1.1

Starbucks Corp.

2.1

0.0

IntercontinentalExchange, Inc.

2.1

0.0

Broadcom Corp. Class A

2.0

0.0

St. Jude Medical, Inc.

2.0

2.4

Heckmann Corp.

1.8

2.1

Coach, Inc.

1.6

0.0

First Solar, Inc.

1.6

0.0

 

20.9

 

Top Five Market Sectors as of May 31, 2009

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

21.1

22.2

Consumer Discretionary

17.6

16.4

Industrials

17.3

9.8

Health Care

17.1

33.8

Energy

8.6

1.7

Asset Allocation (% of fund's net assets)

As of May 31, 2009*

As of November 30, 2008**

fid341

Stocks 98.1%

 

fid341

Stocks 97.2%

 

fid344

Short-Term
Investments and
Net Other Assets 1.9%

 

fid344

Short-Term
Investments and
Net Other Assets 2.8%

 

* Foreign investments

18.0%

 

** Foreign investments

7.0%

 

fid347

Semiannual Report

Investments May 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%

Shares

Value

CONSUMER DISCRETIONARY - 17.6%

Auto Components - 1.0%

Johnson Controls, Inc.

15,400

$ 306,922

Hotels, Restaurants & Leisure - 5.6%

Royal Caribbean Cruises Ltd.

20,250

304,965

Starbucks Corp. (a)

42,145

606,467

Starwood Hotels & Resorts Worldwide, Inc.

18,622

455,680

Wendy's/Arby's Group, Inc.

68,855

289,191

 

1,656,303

Household Durables - 2.1%

Black & Decker Corp.

8,400

269,388

Mohawk Industries, Inc. (a)

9,048

346,267

 

615,655

Internet & Catalog Retail - 1.0%

Amazon.com, Inc.

3,700

288,563

Multiline Retail - 1.0%

Kohl's Corp. (a)

6,600

280,302

Specialty Retail - 2.9%

Abercrombie & Fitch Co. Class A

10,180

306,520

Urban Outfitters, Inc. (a)

16,200

330,804

Zumiez, Inc. (a)

25,088

223,785

 

861,109

Textiles, Apparel & Luxury Goods - 4.0%

Coach, Inc.

17,800

467,606

Hanesbrands, Inc. (a)

19,407

327,978

Polo Ralph Lauren Corp. Class A

7,000

376,740

 

1,172,324

TOTAL CONSUMER DISCRETIONARY

5,181,178

CONSUMER STAPLES - 2.8%

Beverages - 1.8%

Heckmann Corp. (a)(d)

129,400

530,540

Food Products - 1.0%

Bunge Ltd.

4,900

310,023

TOTAL CONSUMER STAPLES

840,563

ENERGY - 8.6%

Energy Equipment & Services - 6.0%

Dril-Quip, Inc. (a)

7,400

305,768

Common Stocks - continued

Shares

Value

ENERGY - continued

Energy Equipment & Services - continued

Helmerich & Payne, Inc.

8,800

$ 307,736

Noble Corp.

8,700

299,019

Smith International, Inc.

8,300

242,277

Transocean Ltd. (a)

3,800

302,024

Weatherford International Ltd. (a)

15,000

310,500

 

1,767,324

Oil, Gas & Consumable Fuels - 2.6%

Continental Resources, Inc. (a)(d)

6,100

180,621

Denbury Resources, Inc. (a)

16,997

292,178

Marathon Oil Corp.

9,370

298,716

 

771,515

TOTAL ENERGY

2,538,839

FINANCIALS - 7.5%

Capital Markets - 2.5%

Greenhill & Co., Inc. (d)

3,900

286,650

Morgan Stanley

14,900

451,768

 

738,418

Commercial Banks - 1.4%

BB&T Corp.

6,500

145,730

Regions Financial Corp.

31,300

131,147

SunTrust Banks, Inc.

10,200

134,334

 

411,211

Diversified Financial Services - 3.1%

BM&F BOVESPA SA

52,800

302,826

IntercontinentalExchange, Inc. (a)

5,600

603,624

 

906,450

Real Estate Management & Development - 0.5%

China Overseas Land & Investment Ltd.

72,000

154,152

TOTAL FINANCIALS

2,210,231

HEALTH CARE - 17.1%

Biotechnology - 3.3%

Alnylam Pharmaceuticals, Inc. (a)

5,000

101,800

Dendreon Corp. (a)(d)

13,952

316,292

Isis Pharmaceuticals, Inc. (a)

10,666

147,191

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

RXi Pharmaceuticals Corp. (a)

16,782

$ 87,938

Vertex Pharmaceuticals, Inc. (a)

10,390

309,726

 

962,947

Health Care Equipment & Supplies - 7.6%

ArthroCare Corp. (a)

45,872

447,252

Cyberonics, Inc. (a)

23,674

343,036

Edwards Lifesciences Corp. (a)

4,755

303,559

Masimo Corp. (a)

5,621

134,567

NuVasive, Inc. (a)

7,318

264,326

St. Jude Medical, Inc. (a)

14,994

585,066

Wright Medical Group, Inc. (a)

10,600

165,360

 

2,243,166

Life Sciences Tools & Services - 5.0%

AMAG Pharmaceuticals, Inc. (a)

19,348

1,017,704

Illumina, Inc. (a)

7,774

285,384

QIAGEN NV (a)

9,400

165,440

 

1,468,528

Pharmaceuticals - 1.2%

Allergan, Inc.

6,487

286,271

Cadence Pharmaceuticals, Inc. (a)

6,500

68,900

 

355,171

TOTAL HEALTH CARE

5,029,812

INDUSTRIALS - 17.3%

Aerospace & Defense - 1.4%

Precision Castparts Corp.

4,900

404,593

Air Freight & Logistics - 2.3%

C.H. Robinson Worldwide, Inc.

7,700

391,314

Expeditors International of Washington, Inc.

9,200

301,852

 

693,166

Construction & Engineering - 1.0%

Quanta Services, Inc. (a)

12,600

287,406

Electrical Equipment - 4.2%

Cooper Industries Ltd. Class A

8,100

265,842

First Solar, Inc. (a)

2,400

456,000

Ocean Power Technologies, Inc. (a)

17,348

126,293

Rockwell Automation, Inc.

12,500

383,625

 

1,231,760

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - 4.6%

AGCO Corp. (a)

11,400

$ 329,004

Cummins, Inc.

8,900

288,627

Energy Recovery, Inc. (d)

18,108

144,502

Navistar International Corp. (a)

7,300

290,613

Toro Co.

9,600

295,680

 

1,348,426

Marine - 0.7%

Ultrapetrol (Bahamas) Ltd. (a)

45,157

217,657

Professional Services - 2.1%

IHS, Inc. Class A (a)

12,902

619,296

Road & Rail - 1.0%

Knight Transportation, Inc.

17,026

302,041

TOTAL INDUSTRIALS

5,104,345

INFORMATION TECHNOLOGY - 21.1%

Communications Equipment - 2.5%

Infinera Corp. (a)(d)

11,500

98,440

Juniper Networks, Inc. (a)

26,050

644,217

 

742,657

Electronic Equipment & Components - 1.1%

BYD Co. Ltd. (H Shares) (a)

81,500

328,424

Internet Software & Services - 4.4%

Baidu.com, Inc. sponsored ADR (a)

1,200

316,740

Equinix, Inc. (a)

4,334

322,450

NetEase.com, Inc. sponsored ADR (a)

9,700

335,426

Tencent Holdings Ltd.

29,000

325,706

 

1,300,322

Semiconductors & Semiconductor Equipment - 7.2%

ASML Holding NV (NY Shares)

15,000

310,500

Broadcom Corp. Class A (a)

23,300

593,684

Marvell Technology Group Ltd. (a)

37,380

427,253

MEMC Electronic Materials, Inc. (a)

22,026

424,882

National Semiconductor Corp.

24,600

341,448

 

2,097,767

Software - 5.9%

Activision Blizzard, Inc. (a)

27,600

333,408

ANSYS, Inc. (a)

10,691

319,233

Autonomy Corp. PLC (a)

13,819

346,249

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

BMC Software, Inc. (a)

12,000

$ 409,200

Electronic Arts, Inc. (a)

14,600

335,654

 

1,743,744

TOTAL INFORMATION TECHNOLOGY

6,212,914

MATERIALS - 5.1%

Chemicals - 3.9%

Intrepid Potash, Inc. (a)

9,200

299,920

Rockwood Holdings, Inc. (a)

15,544

231,916

Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (d)

8,033

292,080

Terra Industries, Inc.

12,000

333,480

 

1,157,396

Metals & Mining - 1.2%

Freeport-McMoRan Copper & Gold, Inc. Class B

6,500

353,795

TOTAL MATERIALS

1,511,191

TELECOMMUNICATION SERVICES - 1.0%

Wireless Telecommunication Services - 1.0%

Sprint Nextel Corp. (a)

54,717

281,793

TOTAL COMMON STOCKS

(Cost $29,137,922)

28,910,866

Money Market Funds - 4.0%

 

 

 

 

Fidelity Cash Central Fund, 0.53% (b)

423,256

423,256

Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)

750,000

750,000

TOTAL MONEY MARKET FUNDS

(Cost $1,173,256)

1,173,256

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $30,311,178)

30,084,122

NET OTHER ASSETS - (2.1)%

(626,309)

NET ASSETS - 100%

$ 29,457,813

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.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 1,550

Fidelity Securities Lending Cash Central Fund

15,560

Total

$ 17,110

Other Information

The following is a summary of the inputs used, as of May 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 30,084,122

$ 28,929,591

$ 1,154,531

$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America

82.0%

China

4.4%

Bermuda

3.4%

Switzerland

3.1%

Netherlands

1.7%

United Kingdom

1.2%

Liberia

1.0%

Brazil

1.0%

Chile

1.0%

Others (individually less than 1%)

1.2%

 

100.0%

Income Tax Information

At November 30, 2008, the fund had a capital loss carryforward of approximately $13,020,263 all of which will expire on November 30, 2016.

The fund intends to elect to defer to its fiscal year ending November 30, 2009 approximately $1,166,788 of losses recognized during the period November 1, 2008 to November 30, 2008.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

  

May 31, 2009 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $739,231) - See accompanying schedule:

Unaffiliated issuers (cost $29,137,922)

$ 28,910,866

 

Fidelity Central Funds (cost $1,173,256)

1,173,256

 

Total Investments (cost $30,311,178)

 

$ 30,084,122

Foreign currency held at value (cost $785)

785

Receivable for investments sold

1,668,199

Receivable for fund shares sold

15,533

Dividends receivable

23,214

Distributions receivable from Fidelity Central Funds

859

Prepaid expenses

172

Receivable from investment adviser for expense reductions

6,956

Other receivables

464

Total assets

31,800,304

 

 

 

Liabilities

Payable for investments purchased

$ 1,469,764

Payable for fund shares redeemed

59,636

Accrued management fee

11,149

Distribution fees payable

12,453

Other affiliated payables

8,685

Other payables and accrued expenses

30,804

Collateral on securities loaned, at value

750,000

Total liabilities

2,342,491

 

 

 

Net Assets

$ 29,457,813

Net Assets consist of:

 

Paid in capital

$ 47,364,616

Accumulated net investment loss

(104,117)

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

(17,575,042)

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

(227,644)

Net Assets

$ 29,457,813

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

Semiannual Report

Statement of Assets and Liabilities - continued

  

May 31, 2009 (Unaudited)

 

 

 

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($10,814,136 ÷ 1,737,642 shares)

$ 6.22

 

 

 

Maximum offering price per share (100/94.25 of $6.22)

$ 6.60

Class T:
Net Asset Value and redemption price per share ($10,929,505 ÷ 1,794,257 shares)

$ 6.09

 

 

 

Maximum offering price per share (100/96.50 of $6.09)

$ 6.31

Class B:
Net Asset Value and offering price per share ($3,182,046 ÷ 543,147 shares)A

$ 5.86

 

 

 

Class C:
Net Asset Value and offering price per share ($4,081,988 ÷ 696,512 shares)A

$ 5.86

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($450,138 ÷ 70,587 shares)

$ 6.38

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

Financial Statements - continued

Statement of Operations

Six months ended May 31, 2009 (Unaudited)

 

  

  

Investment Income

  

  

Dividends

 

$ 72,576

Income from Fidelity Central Funds (including $15,560 from security lending)

 

17,110

Total income

 

89,686

 

 

 

Expenses

Management fee
Basic fee

$ 75,233

Performance adjustment

(14,253)

Transfer agent fees

45,203

Distribution fees

67,230

Accounting and security lending fees

8,135

Custodian fees and expenses

16,433

Independent trustees' compensation

93

Registration fees

26,504

Audit

34,942

Legal

106

Miscellaneous

263

Total expenses before reductions

259,889

Expense reductions

(66,086)

193,803

Net investment income (loss)

(104,117)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

(2,489,334)

Foreign currency transactions

5,774

Total net realized gain (loss)

 

(2,483,560)

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $72)

6,703,830

Assets and liabilities in foreign currencies

(528)

Total change in net unrealized appreciation (depreciation)

 

6,703,302

Net gain (loss)

4,219,742

Net increase (decrease) in net assets resulting from operations

$ 4,115,625

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

Semiannual Report

Statement of Changes in Net Assets

  

Six months ended May 31, 2009
(Unaudited)

Year ended
November 30, 2008

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ (104,117)

$ (212,883)

Net realized gain (loss)

(2,483,560)

(14,794,290)

Change in net unrealized appreciation (depreciation)

6,703,302

(9,523,925)

Net increase (decrease) in net assets resulting
from operations

4,115,625

(24,531,098)

Distributions to shareholders from net realized gain

-

(5,293,324)

Share transactions - net increase (decrease)

2,218,837

2,828,485

Total increase (decrease) in net assets

6,334,462

(26,995,937)

 

 

 

Net Assets

Beginning of period

23,123,351

50,119,288

End of period (including accumulated net investment loss of $104,117 and $0, respectively)

$ 29,457,813

$ 23,123,351

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended
May 31, 2009
Years ended November 30,
 
(Unaudited)
2008
2007
2006
2005
2004

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 5.32

$ 12.05

$ 10.53

$ 9.42

$ 8.61

$ 8.02

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss)E

  (.02)

  (.02)H

  (.10)

  (.05)I

  (.06)J

  (.09)

Net realized and unrealized gain (loss)

  .92

  (5.44)

  1.62

  1.16

  .87

  .68

Total from investment operations

  .90

  (5.46)

  1.52

  1.11

  .81

  .59

Distributions from net realized gain

  -

  (1.27)

  -

  -

  -

  -

Net asset value, end of period

$ 6.22

$ 5.32

$ 12.05

$ 10.53

$ 9.42

$ 8.61

Total Return B, C, D

  16.92%

  (50.65)%

  14.43%

  11.78%

  9.41%

  7.36%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.77% A

  1.63%

  1.53%

  1.62%

  1.60%

  1.90%

Expenses net of fee waivers, if any

  1.30% A

  1.30%

  1.30%

  1.30%

  1.33%

  1.50%

Expenses net of all reductions

  1.29% A

  1.28%

  1.29%

  1.28%

  1.25%

  1.45%

Net investment income (loss)

  (.55)% A

  (.21)% H

  (.85)%

  (.56)% I

  (.63)% J

  (1.03)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 10,814

$ 6,492

$ 12,665

$ 10,123

$ 7,206

$ 6,227

Portfolio turnover rate G

  350% A

  276%

  177%

  173%

  213%

  94%

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

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

H 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 (.34)%.

I 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 (.81)%.

J 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)%.

K 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

Financial Highlights - Class T

 

Six months ended
May 31, 2009
Years ended November 30,
 
(Unaudited)
2008
2007
2006
2005
2004

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 5.21

$ 11.83

$ 10.36

$ 9.29

$ 8.52

$ 7.95

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.02)

  (.04) H

  (.12)

  (.08) I

  (.08) J

  (.11)

Net realized and unrealized gain (loss)

  .90

  (5.34)

  1.59

  1.15

  .85

  .68

Total from investment operations

  .88

  (5.38)

  1.47

  1.07

  .77

  .57

Distributions from net realized gain

  -

  (1.24)

  -

  -

  -

  -

Net asset value, end of period

$ 6.09

$ 5.21

$ 11.83

$ 10.36

$ 9.29

$ 8.52

Total Return B, C, D

  16.89%

  (50.81)%

  14.19%

  11.52%

  9.04%

  7.17%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  2.15% A

  1.94%

  1.88%

  1.95%

  1.93%

  2.25%

Expenses net of fee waivers, if any

  1.55% A

  1.55%

  1.55%

  1.55%

  1.58%

  1.75%

Expenses net of all reductions

  1.54% A

  1.53%

  1.54%

  1.53%

  1.50%

  1.71%

Net investment income (loss)

  (.80)% A

  (.46)% H

  (1.10)%

  (.81)% I

  (.88)% J

  (1.28)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 10,930

$ 9,388

$ 19,144

$ 16,957

$ 16,331

$ 15,101

Portfolio turnover rate G

  350% A

  276%

  177%

  173%

  213%

  94%

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

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

H 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 (.59)%.

I 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 (1.06)%.

J 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)%.

K 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

Financial Highlights - Class B

 

Six months ended
May 31, 2009
Years ended November 30,
 
(Unaudited)
2008
2007
2006
2005
2004

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 5.02

$ 11.44

$ 10.06

$ 9.07

$ 8.36

$ 7.84

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.03)

  (.08) H

  (.17)

  (.12) I

  (.12) J

  (.14)

Net realized and unrealized gain (loss)

  .87

  (5.17)

  1.55

  1.11

  .83

  .66

Total from investment operations

  .84

  (5.25)

  1.38

  .99

  .71

  .52

Distributions from net realized gain

  -

  (1.17)

  -

  -

  -

  -

Net asset value, end of period

$ 5.86

$ 5.02

$ 11.44

$ 10.06

$ 9.07

$ 8.36

Total Return B, C, D

  16.73%

  (51.11)%

  13.72%

  10.92%

  8.49%

  6.63%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  2.56% A

  2.39%

  2.28%

  2.36%

  2.35%

  2.67%

Expenses net of fee waivers, if any

  2.05% A

  2.05%

  2.05%

  2.05%

  2.09%

  2.25%

Expenses net of all reductions

  2.04% A

  2.04%

  2.04%

  2.03%

  2.00%

  2.21%

Net investment income (loss)

  (1.30)% A

  (.96)% H

  (1.60)%

  (1.31)% I

  (1.38)% J

  (1.78)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 3,182

$ 3,203

$ 9,082

$ 9,106

$ 9,237

$ 9,593

Portfoli o turnover rate G

  350% A

  276%

  177%

  173%

  213%

  94%

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

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

H 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 (1.09)%.

I 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 (1.56)%.

J 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)%.

K 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

Financial Highlights - Class C

 

Six months ended
May 31, 2009
Years ended November 30,
 
(Unaudited)
2008
2007
2006
2005
2004

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 5.03

$ 11.45

$ 10.08

$ 9.08

$ 8.37

$ 7.85

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.03)

  (.08) H

  (.18)

  (.12) I

  (.12) J

  (.14)

Net realized and unrealized gain (loss)

  .86

  (5.15)

  1.55

  1.12

  .83

  .66

Total from investment operations

  .83

  (5.23)

  1.37

  1.00

  .71

  .52

Distributions from net realized gain

  -

  (1.19)

  -

  -

  -

  -

Net asset value, end of period

$ 5.86

$ 5.03

$ 11.45

$ 10.08

$ 9.08

$ 8.37

Total Return B, C, D

  16.50%

  (50.99)%

  13.59%

  11.01%

  8.48%

  6.62%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  2.56% A

  2.38%

  2.28%

  2.36%

  2.34%

  2.52%

Expenses net of fee waivers, if any

  2.05% A

  2.05%

  2.05%

  2.05%

  2.09%

  2.25%

Expenses net of all reductions

  2.04% A

  2.04%

  2.04%

  2.03%

  2.01%

  2.21%

Net investment income (loss)

  (1.30)% A

  (.96)% H

  (1.60)%

  (1.31)% I

  (1.38)% J

  (1.78)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 4,082

$ 3,703

$ 8,270

$ 7,039

$ 7,791

$ 9,136

Portfolio turnover rate G

  350% A

  276%

  177%

  173%

  213%

  94%

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

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

H 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 (1.09)%.

I 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 (1.56)%.

J 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)%.

K 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

Financial Highlights - Institutional Class

 

Six months ended
May 31, 2009
Years ended November 30,
 
(Unaudited)
2008
2007
2006
2005
2004

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 5.44

$ 12.31

$ 10.72

$ 9.57

$ 8.73

$ 8.10

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  (.01)

  - G, K

  (.07)

  (.03) H

  (.03) I

  (.07)

Net realized and unrealized gain (loss)

  .95

  (5.57)

  1.66

  1.18

  .87

  .70

Total from investment operations

  .94

  (5.57)

  1.59

  1.15

  .84

  .63

Distributions from net realized gain

  -

  (1.30)

  -

  -

  -

  -

Net asset value, end of period

$ 6.38

$ 5.44

$ 12.31

$ 10.72

$ 9.57

$ 8.73

Total Return B, C

  17.28%

  (50.59)%

  14.83%

  12.02%

  9.62%

  7.78%

Ratios to Average Net Assets E, J

 

 

 

 

 

Expenses before reductions

  1.56% A

  1.33%

  1.20%

  1.27%

  1.28%

  1.35%

Expenses net of fee waivers, if any

  1.05% A

  1.05%

  1.05%

  1.05%

  1.09%

  1.25%

Expenses net of all reductions

  1.04% A

  1.03%

  1.04%

  1.04%

  1.01%

  1.20%

Net investment income (loss)

  (.30)% A

  .04% G

  (.60)%

  (.31)% H

  (.38)% I

  (.78)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 450

$ 338

$ 959

$ 785

$ 522

$ 648

Portfolio turnover rate F

  350% A

  276%

  177%

  173%

  213%

  94%

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

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

G 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 (.09)%.

H 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 (.56)%.

I 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)%.

J 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.

K Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2009 (Unaudited)

1. Organization.

Fidelity Advisor Growth Strategies Fund (the Fund) (formerly Fidelity Advisor Aggressive Growth 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's investments in emerging markets can be subject to social, economic, regulatory and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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, including the Fidelity Central 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1

Quoted prices in active markets for identical securities.

Level 2

Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3

Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of May 31, 2009, for the Fund's investments, is included at the end of the Fund's Schedule of Investments.

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. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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. The Fund may be subject to a tax imposed on net realized gains on securities of certain foreign countries. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of on the valuation date.

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, certain foreign taxes, passive foreign investment companies (PFIC), net operating losses, and losses deferred due to wash sales and excise tax regulations.

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

Unrealized appreciation

$ 3,314,203

Unrealized depreciation

(4,303,830)

Net unrealized appreciation (depreciation)

$ (989,627)

Cost for federal income tax purposes

$ 31,073,749

Semiannual Report

4. 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 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $44,936,772 and $42,716,481, respectively.

6. 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. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over the performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to an appropriate benchmark index. The Fund's performance period began on July 1, 2007 and subsequent months will be added until the performance period includes 36 months. The Fund's performance adjustment took effect in June 2008. For the period, the total annualized management fee rate, including the performance adjustment, was .50% 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

 

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Class A

0%

.25%

$ 9,649

$ 38

Class T

.25%

.25%

23,836

74

Class B

.75%

.25%

15,153

11,371

Class C

.75%

.25%

18,592

1,597

 

 

 

$ 67,230

$ 13,080

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 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

$ 1,980

Class T

4,158

Class B*

2,664

Class C*

348

 

$ 9,150

* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:

 

Amount

% of
Average
Net Assets*

Class A

$ 12,719

.33

Class T

20,582

.43

Class B

5,002

.33

Class C

6,231

.34

Institutional Class

669

.33

 

$ 45,203

 

* 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.

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 $1,089 for the period.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $72 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Security Lending - continued

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 Fidelity Central Funds.

9. 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, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 

Expense
Limitations

Reimbursement
from adviser

Class A

1.30%

$ 18,092

Class T

1.55%

28,512

Class B

2.05%

7,737

Class C

2.05%

9,486

Institutional Class

1.05%

1,030

 

 

$ 64,857

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 $1,229 for the period.

Semiannual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
May 31,
2009

Year ended
November 30,
2008

From net realized gain

 

 

Class A

$ -

$ 1,377,006

Class T

-

2,027,940

Class B

-

921,660

Class C

-

865,938

Institutional Class

-

100,780

Total

$ -

$ 5,293,324

11. Share Transactions.

Transactions for each class of shares were as follows:

 

Shares

Dollars

Six months ended May 31,
2009

Year ended
November 30,
2008

Six months ended May 31,
2009

Year ended
November 30,
2008

Class A

 

 

 

 

Shares sold

690,408

477,197

$ 3,810,936

$ 4,284,076

Reinvestment of distributions

-

121,435

-

1,322,682

Shares redeemed

(173,678)

(428,543)

(941,349)

(3,741,811)

Net increase (decrease)

516,730

170,089

$ 2,869,587

$ 1,864,947

Class T

 

 

 

 

Shares sold

276,992

424,552

$ 1,478,003

$ 3,574,876

Reinvestment of distributions

-

187,828

-

2,010,170

Shares redeemed

(284,115)

(428,954)

(1,504,414)

(3,651,188)

Net increase (decrease)

(7,123)

183,426

$ (26,411)

$ 1,933,858

Class B

 

 

 

 

Shares sold

44,340

101,670

$ 225,830

$ 840,022

Reinvestment of distributions

-

85,200

-

883,599

Shares redeemed

(138,686)

(343,428)

(699,033)

(2,879,026)

Net increase (decrease)

(94,346)

(156,558)

$ (473,203)

$ (1,155,405)

Class C

 

 

 

 

Shares sold

60,807

211,443

$ 309,827

$ 1,826,178

Reinvestment of distributions

-

76,869

-

797,160

Shares redeemed

(100,961)

(273,585)

(508,069)

(2,277,101)

Net increase (decrease)

(40,154)

14,727

$ (198,242)

$ 346,237

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions - continued

Transactions for each class of shares were as follows: - continued

 

Shares

Dollars

Six months ended May 31,
2009

Year ended
November 30,
2008

Six months ended May 31,
2009

Year ended
November 30,
2008

Institutional Class

 

 

 

 

Shares sold

19,654

23,099

$ 109,663

$ 176,956

Reinvestment of distributions

-

7,047

-

78,484

Shares redeemed

(11,173)

(45,964)

(62,557)

(416,592)

Net increase (decrease)

8,481

(15,818)

$ 47,106

$ (161,152)

12. Other.

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

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

Fidelity Research & Analysis Company

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors (U.K.) Ltd.

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-0709
1.786773.106

fid349

(Fidelity Investment logo)(registered trademark)
Fidelity® Advisor
Growth Strategies
Fund - Institutional Class

(formerly Fidelity Advisor Aggressive
Growth Fund)

Semiannual Report

May 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

The Chairman's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

Investment Changes

<Click Here>

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

Investments

<Click Here>

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

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC 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 holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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

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, 2008 to May 31, 2009).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Semiannual Report

Shareholder Expense Example - continued

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.

 

Annualized
Expense Ratio

Beginning
Account Value
December 1, 2008

Ending
Account Value
May 31, 2009

Expenses Paid
During Period*
December 1, 2008
to May 31, 2009

Class A

1.30%

 

 

 

Actual

 

$ 1,000.00

$ 1,169.20

$ 7.03

HypotheticalA

 

$ 1,000.00

$ 1,018.45

$ 6.54

Class T

1.55%

 

 

 

Actual

 

$ 1,000.00

$ 1,168.90

$ 8.38

HypotheticalA

 

$ 1,000.00

$ 1,017.20

$ 7.80

Class B

2.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,167.30

$ 11.08

HypotheticalA

 

$ 1,000.00

$ 1,014.71

$ 10.30

Class C

2.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,165.00

$ 11.07

HypotheticalA

 

$ 1,000.00

$ 1,014.71

$ 10.30

Institutional Class

1.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,172.80

$ 5.69

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, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2009

 

% of fund's
net assets

% of fund's net assets
6 months ago

AMAG Pharmaceuticals, Inc.

3.4

3.6

Juniper Networks, Inc.

2.2

2.0

IHS, Inc. Class A

2.1

1.1

Starbucks Corp.

2.1

0.0

IntercontinentalExchange, Inc.

2.1

0.0

Broadcom Corp. Class A

2.0

0.0

St. Jude Medical, Inc.

2.0

2.4

Heckmann Corp.

1.8

2.1

Coach, Inc.

1.6

0.0

First Solar, Inc.

1.6

0.0

 

20.9

 

Top Five Market Sectors as of May 31, 2009

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

21.1

22.2

Consumer Discretionary

17.6

16.4

Industrials

17.3

9.8

Health Care

17.1

33.8

Energy

8.6

1.7

Asset Allocation (% of fund's net assets)

As of May 31, 2009*

As of November 30, 2008**

fid341

Stocks 98.1%

 

fid341

Stocks 97.2%

 

fid344

Short-Term
Investments and
Net Other Assets 1.9%

 

fid344

Short-Term
Investments and
Net Other Assets 2.8%

 

* Foreign investments

18.0%

 

** Foreign investments

7.0%

 

fid361

Semiannual Report

Investments May 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%

Shares

Value

CONSUMER DISCRETIONARY - 17.6%

Auto Components - 1.0%

Johnson Controls, Inc.

15,400

$ 306,922

Hotels, Restaurants & Leisure - 5.6%

Royal Caribbean Cruises Ltd.

20,250

304,965

Starbucks Corp. (a)

42,145

606,467

Starwood Hotels & Resorts Worldwide, Inc.

18,622

455,680

Wendy's/Arby's Group, Inc.

68,855

289,191

 

1,656,303

Household Durables - 2.1%

Black & Decker Corp.

8,400

269,388

Mohawk Industries, Inc. (a)

9,048

346,267

 

615,655

Internet & Catalog Retail - 1.0%

Amazon.com, Inc.

3,700

288,563

Multiline Retail - 1.0%

Kohl's Corp. (a)

6,600

280,302

Specialty Retail - 2.9%

Abercrombie & Fitch Co. Class A

10,180

306,520

Urban Outfitters, Inc. (a)

16,200

330,804

Zumiez, Inc. (a)

25,088

223,785

 

861,109

Textiles, Apparel & Luxury Goods - 4.0%

Coach, Inc.

17,800

467,606

Hanesbrands, Inc. (a)

19,407

327,978

Polo Ralph Lauren Corp. Class A

7,000

376,740

 

1,172,324

TOTAL CONSUMER DISCRETIONARY

5,181,178

CONSUMER STAPLES - 2.8%

Beverages - 1.8%

Heckmann Corp. (a)(d)

129,400

530,540

Food Products - 1.0%

Bunge Ltd.

4,900

310,023

TOTAL CONSUMER STAPLES

840,563

ENERGY - 8.6%

Energy Equipment & Services - 6.0%

Dril-Quip, Inc. (a)

7,400

305,768

Common Stocks - continued

Shares

Value

ENERGY - continued

Energy Equipment & Services - continued

Helmerich & Payne, Inc.

8,800

$ 307,736

Noble Corp.

8,700

299,019

Smith International, Inc.

8,300

242,277

Transocean Ltd. (a)

3,800

302,024

Weatherford International Ltd. (a)

15,000

310,500

 

1,767,324

Oil, Gas & Consumable Fuels - 2.6%

Continental Resources, Inc. (a)(d)

6,100

180,621

Denbury Resources, Inc. (a)

16,997

292,178

Marathon Oil Corp.

9,370

298,716

 

771,515

TOTAL ENERGY

2,538,839

FINANCIALS - 7.5%

Capital Markets - 2.5%

Greenhill & Co., Inc. (d)

3,900

286,650

Morgan Stanley

14,900

451,768

 

738,418

Commercial Banks - 1.4%

BB&T Corp.

6,500

145,730

Regions Financial Corp.

31,300

131,147

SunTrust Banks, Inc.

10,200

134,334

 

411,211

Diversified Financial Services - 3.1%

BM&F BOVESPA SA

52,800

302,826

IntercontinentalExchange, Inc. (a)

5,600

603,624

 

906,450

Real Estate Management & Development - 0.5%

China Overseas Land & Investment Ltd.

72,000

154,152

TOTAL FINANCIALS

2,210,231

HEALTH CARE - 17.1%

Biotechnology - 3.3%

Alnylam Pharmaceuticals, Inc. (a)

5,000

101,800

Dendreon Corp. (a)(d)

13,952

316,292

Isis Pharmaceuticals, Inc. (a)

10,666

147,191

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

RXi Pharmaceuticals Corp. (a)

16,782

$ 87,938

Vertex Pharmaceuticals, Inc. (a)

10,390

309,726

 

962,947

Health Care Equipment & Supplies - 7.6%

ArthroCare Corp. (a)

45,872

447,252

Cyberonics, Inc. (a)

23,674

343,036

Edwards Lifesciences Corp. (a)

4,755

303,559

Masimo Corp. (a)

5,621

134,567

NuVasive, Inc. (a)

7,318

264,326

St. Jude Medical, Inc. (a)

14,994

585,066

Wright Medical Group, Inc. (a)

10,600

165,360

 

2,243,166

Life Sciences Tools & Services - 5.0%

AMAG Pharmaceuticals, Inc. (a)

19,348

1,017,704

Illumina, Inc. (a)

7,774

285,384

QIAGEN NV (a)

9,400

165,440

 

1,468,528

Pharmaceuticals - 1.2%

Allergan, Inc.

6,487

286,271

Cadence Pharmaceuticals, Inc. (a)

6,500

68,900

 

355,171

TOTAL HEALTH CARE

5,029,812

INDUSTRIALS - 17.3%

Aerospace & Defense - 1.4%

Precision Castparts Corp.

4,900

404,593

Air Freight & Logistics - 2.3%

C.H. Robinson Worldwide, Inc.

7,700

391,314

Expeditors International of Washington, Inc.

9,200

301,852

 

693,166

Construction & Engineering - 1.0%

Quanta Services, Inc. (a)

12,600

287,406

Electrical Equipment - 4.2%

Cooper Industries Ltd. Class A

8,100

265,842

First Solar, Inc. (a)

2,400

456,000

Ocean Power Technologies, Inc. (a)

17,348

126,293

Rockwell Automation, Inc.

12,500

383,625

 

1,231,760

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - 4.6%

AGCO Corp. (a)

11,400

$ 329,004

Cummins, Inc.

8,900

288,627

Energy Recovery, Inc. (d)

18,108

144,502

Navistar International Corp. (a)

7,300

290,613

Toro Co.

9,600

295,680

 

1,348,426

Marine - 0.7%

Ultrapetrol (Bahamas) Ltd. (a)

45,157

217,657

Professional Services - 2.1%

IHS, Inc. Class A (a)

12,902

619,296

Road & Rail - 1.0%

Knight Transportation, Inc.

17,026

302,041

TOTAL INDUSTRIALS

5,104,345

INFORMATION TECHNOLOGY - 21.1%

Communications Equipment - 2.5%

Infinera Corp. (a)(d)

11,500

98,440

Juniper Networks, Inc. (a)

26,050

644,217

 

742,657

Electronic Equipment & Components - 1.1%

BYD Co. Ltd. (H Shares) (a)

81,500

328,424

Internet Software & Services - 4.4%

Baidu.com, Inc. sponsored ADR (a)

1,200

316,740

Equinix, Inc. (a)

4,334

322,450

NetEase.com, Inc. sponsored ADR (a)

9,700

335,426

Tencent Holdings Ltd.

29,000

325,706

 

1,300,322

Semiconductors & Semiconductor Equipment - 7.2%

ASML Holding NV (NY Shares)

15,000

310,500

Broadcom Corp. Class A (a)

23,300

593,684

Marvell Technology Group Ltd. (a)

37,380

427,253

MEMC Electronic Materials, Inc. (a)

22,026

424,882

National Semiconductor Corp.

24,600

341,448

 

2,097,767

Software - 5.9%

Activision Blizzard, Inc. (a)

27,600

333,408

ANSYS, Inc. (a)

10,691

319,233

Autonomy Corp. PLC (a)

13,819

346,249

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

BMC Software, Inc. (a)

12,000

$ 409,200

Electronic Arts, Inc. (a)

14,600

335,654

 

1,743,744

TOTAL INFORMATION TECHNOLOGY

6,212,914

MATERIALS - 5.1%

Chemicals - 3.9%

Intrepid Potash, Inc. (a)

9,200

299,920

Rockwood Holdings, Inc. (a)

15,544

231,916

Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (d)

8,033

292,080

Terra Industries, Inc.

12,000

333,480

 

1,157,396

Metals & Mining - 1.2%

Freeport-McMoRan Copper & Gold, Inc. Class B

6,500

353,795

TOTAL MATERIALS

1,511,191

TELECOMMUNICATION SERVICES - 1.0%

Wireless Telecommunication Services - 1.0%

Sprint Nextel Corp. (a)

54,717

281,793

TOTAL COMMON STOCKS

(Cost $29,137,922)

28,910,866

Money Market Funds - 4.0%

 

 

 

 

Fidelity Cash Central Fund, 0.53% (b)

423,256

423,256

Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)

750,000

750,000

TOTAL MONEY MARKET FUNDS

(Cost $1,173,256)

1,173,256

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $30,311,178)

30,084,122

NET OTHER ASSETS - (2.1)%

(626,309)

NET ASSETS - 100%

$ 29,457,813

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.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 1,550

Fidelity Securities Lending Cash Central Fund

15,560

Total

$ 17,110

Other Information

The following is a summary of the inputs used, as of May 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 30,084,122

$ 28,929,591

$ 1,154,531

$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America

82.0%

China

4.4%

Bermuda

3.4%

Switzerland

3.1%

Netherlands

1.7%

United Kingdom

1.2%

Liberia

1.0%

Brazil

1.0%

Chile

1.0%

Others (individually less than 1%)

1.2%

 

100.0%

Income Tax Information

At November 30, 2008, the fund had a capital loss carryforward of approximately $13,020,263 all of which will expire on November 30, 2016.

The fund intends to elect to defer to its fiscal year ending November 30, 2009 approximately $1,166,788 of losses recognized during the period November 1, 2008 to November 30, 2008.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

  

May 31, 2009 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $739,231) - See accompanying schedule:

Unaffiliated issuers (cost $29,137,922)

$ 28,910,866

 

Fidelity Central Funds (cost $1,173,256)

1,173,256

 

Total Investments (cost $30,311,178)

 

$ 30,084,122

Foreign currency held at value (cost $785)

785

Receivable for investments sold

1,668,199

Receivable for fund shares sold

15,533

Dividends receivable

23,214

Distributions receivable from Fidelity Central Funds

859

Prepaid expenses

172

Receivable from investment adviser for expense reductions

6,956

Other receivables

464

Total assets

31,800,304

 

 

 

Liabilities

Payable for investments purchased

$ 1,469,764

Payable for fund shares redeemed

59,636

Accrued management fee

11,149

Distribution fees payable

12,453

Other affiliated payables

8,685

Other payables and accrued expenses

30,804

Collateral on securities loaned, at value

750,000

Total liabilities

2,342,491

 

 

 

Net Assets

$ 29,457,813

Net Assets consist of:

 

Paid in capital

$ 47,364,616

Accumulated net investment loss

(104,117)

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

(17,575,042)

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

(227,644)

Net Assets

$ 29,457,813

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

Semiannual Report

Statement of Assets and Liabilities - continued

  

May 31, 2009 (Unaudited)

 

 

 

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($10,814,136 ÷ 1,737,642 shares)

$ 6.22

 

 

 

Maximum offering price per share (100/94.25 of $6.22)

$ 6.60

Class T:
Net Asset Value and redemption price per share ($10,929,505 ÷ 1,794,257 shares)

$ 6.09

 

 

 

Maximum offering price per share (100/96.50 of $6.09)

$ 6.31

Class B:
Net Asset Value and offering price per share ($3,182,046 ÷ 543,147 shares)A

$ 5.86

 

 

 

Class C:
Net Asset Value and offering price per share ($4,081,988 ÷ 696,512 shares)A

$ 5.86

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($450,138 ÷ 70,587 shares)

$ 6.38

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

Financial Statements - continued

Statement of Operations

Six months ended May 31, 2009 (Unaudited)

 

  

  

Investment Income

  

  

Dividends

 

$ 72,576

Income from Fidelity Central Funds (including $15,560 from security lending)

 

17,110

Total income

 

89,686

 

 

 

Expenses

Management fee
Basic fee

$ 75,233

Performance adjustment

(14,253)

Transfer agent fees

45,203

Distribution fees

67,230

Accounting and security lending fees

8,135

Custodian fees and expenses

16,433

Independent trustees' compensation

93

Registration fees

26,504

Audit

34,942

Legal

106

Miscellaneous

263

Total expenses before reductions

259,889

Expense reductions

(66,086)

193,803

Net investment income (loss)

(104,117)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

(2,489,334)

Foreign currency transactions

5,774

Total net realized gain (loss)

 

(2,483,560)

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $72)

6,703,830

Assets and liabilities in foreign currencies

(528)

Total change in net unrealized appreciation (depreciation)

 

6,703,302

Net gain (loss)

4,219,742

Net increase (decrease) in net assets resulting from operations

$ 4,115,625

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

Semiannual Report

Statement of Changes in Net Assets

  

Six months ended May 31, 2009
(Unaudited)

Year ended
November 30, 2008

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ (104,117)

$ (212,883)

Net realized gain (loss)

(2,483,560)

(14,794,290)

Change in net unrealized appreciation (depreciation)

6,703,302

(9,523,925)

Net increase (decrease) in net assets resulting
from operations

4,115,625

(24,531,098)

Distributions to shareholders from net realized gain

-

(5,293,324)

Share transactions - net increase (decrease)

2,218,837

2,828,485

Total increase (decrease) in net assets

6,334,462

(26,995,937)

 

 

 

Net Assets

Beginning of period

23,123,351

50,119,288

End of period (including accumulated net investment loss of $104,117 and $0, respectively)

$ 29,457,813

$ 23,123,351

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended
May 31, 2009
Years ended November 30,
 
(Unaudited)
2008
2007
2006
2005
2004

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 5.32

$ 12.05

$ 10.53

$ 9.42

$ 8.61

$ 8.02

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss)E

  (.02)

  (.02)H

  (.10)

  (.05)I

  (.06)J

  (.09)

Net realized and unrealized gain (loss)

  .92

  (5.44)

  1.62

  1.16

  .87

  .68

Total from investment operations

  .90

  (5.46)

  1.52

  1.11

  .81

  .59

Distributions from net realized gain

  -

  (1.27)

  -

  -

  -

  -

Net asset value, end of period

$ 6.22

$ 5.32

$ 12.05

$ 10.53

$ 9.42

$ 8.61

Total Return B, C, D

  16.92%

  (50.65)%

  14.43%

  11.78%

  9.41%

  7.36%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.77% A

  1.63%

  1.53%

  1.62%

  1.60%

  1.90%

Expenses net of fee waivers, if any

  1.30% A

  1.30%

  1.30%

  1.30%

  1.33%

  1.50%

Expenses net of all reductions

  1.29% A

  1.28%

  1.29%

  1.28%

  1.25%

  1.45%

Net investment income (loss)

  (.55)% A

  (.21)% H

  (.85)%

  (.56)% I

  (.63)% J

  (1.03)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 10,814

$ 6,492

$ 12,665

$ 10,123

$ 7,206

$ 6,227

Portfolio turnover rate G

  350% A

  276%

  177%

  173%

  213%

  94%

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

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

H 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 (.34)%.

I 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 (.81)%.

J 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)%.

K 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

Financial Highlights - Class T

 

Six months ended
May 31, 2009
Years ended November 30,
 
(Unaudited)
2008
2007
2006
2005
2004

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 5.21

$ 11.83

$ 10.36

$ 9.29

$ 8.52

$ 7.95

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.02)

  (.04) H

  (.12)

  (.08) I

  (.08) J

  (.11)

Net realized and unrealized gain (loss)

  .90

  (5.34)

  1.59

  1.15

  .85

  .68

Total from investment operations

  .88

  (5.38)

  1.47

  1.07

  .77

  .57

Distributions from net realized gain

  -

  (1.24)

  -

  -

  -

  -

Net asset value, end of period

$ 6.09

$ 5.21

$ 11.83

$ 10.36

$ 9.29

$ 8.52

Total Return B, C, D

  16.89%

  (50.81)%

  14.19%

  11.52%

  9.04%

  7.17%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  2.15% A

  1.94%

  1.88%

  1.95%

  1.93%

  2.25%

Expenses net of fee waivers, if any

  1.55% A

  1.55%

  1.55%

  1.55%

  1.58%

  1.75%

Expenses net of all reductions

  1.54% A

  1.53%

  1.54%

  1.53%

  1.50%

  1.71%

Net investment income (loss)

  (.80)% A

  (.46)% H

  (1.10)%

  (.81)% I

  (.88)% J

  (1.28)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 10,930

$ 9,388

$ 19,144

$ 16,957

$ 16,331

$ 15,101

Portfolio turnover rate G

  350% A

  276%

  177%

  173%

  213%

  94%

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

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

H 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 (.59)%.

I 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 (1.06)%.

J 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)%.

K 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

Financial Highlights - Class B

 

Six months ended
May 31, 2009
Years ended November 30,
 
(Unaudited)
2008
2007
2006
2005
2004

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 5.02

$ 11.44

$ 10.06

$ 9.07

$ 8.36

$ 7.84

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.03)

  (.08) H

  (.17)

  (.12) I

  (.12) J

  (.14)

Net realized and unrealized gain (loss)

  .87

  (5.17)

  1.55

  1.11

  .83

  .66

Total from investment operations

  .84

  (5.25)

  1.38

  .99

  .71

  .52

Distributions from net realized gain

  -

  (1.17)

  -

  -

  -

  -

Net asset value, end of period

$ 5.86

$ 5.02

$ 11.44

$ 10.06

$ 9.07

$ 8.36

Total Return B, C, D

  16.73%

  (51.11)%

  13.72%

  10.92%

  8.49%

  6.63%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  2.56% A

  2.39%

  2.28%

  2.36%

  2.35%

  2.67%

Expenses net of fee waivers, if any

  2.05% A

  2.05%

  2.05%

  2.05%

  2.09%

  2.25%

Expenses net of all reductions

  2.04% A

  2.04%

  2.04%

  2.03%

  2.00%

  2.21%

Net investment income (loss)

  (1.30)% A

  (.96)% H

  (1.60)%

  (1.31)% I

  (1.38)% J

  (1.78)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 3,182

$ 3,203

$ 9,082

$ 9,106

$ 9,237

$ 9,593

Portfoli o turnover rate G

  350% A

  276%

  177%

  173%

  213%

  94%

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

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

H 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 (1.09)%.

I 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 (1.56)%.

J 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)%.

K 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

Financial Highlights - Class C

 

Six months ended
May 31, 2009
Years ended November 30,
 
(Unaudited)
2008
2007
2006
2005
2004

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 5.03

$ 11.45

$ 10.08

$ 9.08

$ 8.37

$ 7.85

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.03)

  (.08) H

  (.18)

  (.12) I

  (.12) J

  (.14)

Net realized and unrealized gain (loss)

  .86

  (5.15)

  1.55

  1.12

  .83

  .66

Total from investment operations

  .83

  (5.23)

  1.37

  1.00

  .71

  .52

Distributions from net realized gain

  -

  (1.19)

  -

  -

  -

  -

Net asset value, end of period

$ 5.86

$ 5.03

$ 11.45

$ 10.08

$ 9.08

$ 8.37

Total Return B, C, D

  16.50%

  (50.99)%

  13.59%

  11.01%

  8.48%

  6.62%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  2.56% A

  2.38%

  2.28%

  2.36%

  2.34%

  2.52%

Expenses net of fee waivers, if any

  2.05% A

  2.05%

  2.05%

  2.05%

  2.09%

  2.25%

Expenses net of all reductions

  2.04% A

  2.04%

  2.04%

  2.03%

  2.01%

  2.21%

Net investment income (loss)

  (1.30)% A

  (.96)% H

  (1.60)%

  (1.31)% I

  (1.38)% J

  (1.78)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 4,082

$ 3,703

$ 8,270

$ 7,039

$ 7,791

$ 9,136

Portfolio turnover rate G

  350% A

  276%

  177%

  173%

  213%

  94%

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

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

H 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 (1.09)%.

I 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 (1.56)%.

J 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)%.

K 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

Financial Highlights - Institutional Class

 

Six months ended
May 31, 2009
Years ended November 30,
 
(Unaudited)
2008
2007
2006
2005
2004

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 5.44

$ 12.31

$ 10.72

$ 9.57

$ 8.73

$ 8.10

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  (.01)

  - G, K

  (.07)

  (.03) H

  (.03) I

  (.07)

Net realized and unrealized gain (loss)

  .95

  (5.57)

  1.66

  1.18

  .87

  .70

Total from investment operations

  .94

  (5.57)

  1.59

  1.15

  .84

  .63

Distributions from net realized gain

  -

  (1.30)

  -

  -

  -

  -

Net asset value, end of period

$ 6.38

$ 5.44

$ 12.31

$ 10.72

$ 9.57

$ 8.73

Total Return B, C

  17.28%

  (50.59)%

  14.83%

  12.02%

  9.62%

  7.78%

Ratios to Average Net Assets E, J

 

 

 

 

 

Expenses before reductions

  1.56% A

  1.33%

  1.20%

  1.27%

  1.28%

  1.35%

Expenses net of fee waivers, if any

  1.05% A

  1.05%

  1.05%

  1.05%

  1.09%

  1.25%

Expenses net of all reductions

  1.04% A

  1.03%

  1.04%

  1.04%

  1.01%

  1.20%

Net investment income (loss)

  (.30)% A

  .04% G

  (.60)%

  (.31)% H

  (.38)% I

  (.78)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 450

$ 338

$ 959

$ 785

$ 522

$ 648

Portfolio turnover rate F

  350% A

  276%

  177%

  173%

  213%

  94%

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

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

G 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 (.09)%.

H 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 (.56)%.

I 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)%.

J 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.

K Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2009 (Unaudited)

1. Organization.

Fidelity Advisor Growth Strategies Fund (the Fund) (formerly Fidelity Advisor Aggressive Growth 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's investments in emerging markets can be subject to social, economic, regulatory and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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, including the Fidelity Central 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1

Quoted prices in active markets for identical securities.

Level 2

Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3

Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of May 31, 2009, for the Fund's investments, is included at the end of the Fund's Schedule of Investments.

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. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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. The Fund may be subject to a tax imposed on net realized gains on securities of certain foreign countries. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of on the valuation date.

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, certain foreign taxes, passive foreign investment companies (PFIC), net operating losses, and losses deferred due to wash sales and excise tax regulations.

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

Unrealized appreciation

$ 3,314,203

Unrealized depreciation

(4,303,830)

Net unrealized appreciation (depreciation)

$ (989,627)

Cost for federal income tax purposes

$ 31,073,749

Semiannual Report

4. 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 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $44,936,772 and $42,716,481, respectively.

6. 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. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over the performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to an appropriate benchmark index. The Fund's performance period began on July 1, 2007 and subsequent months will be added until the performance period includes 36 months. The Fund's performance adjustment took effect in June 2008. For the period, the total annualized management fee rate, including the performance adjustment, was .50% 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

 

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Class A

0%

.25%

$ 9,649

$ 38

Class T

.25%

.25%

23,836

74

Class B

.75%

.25%

15,153

11,371

Class C

.75%

.25%

18,592

1,597

 

 

 

$ 67,230

$ 13,080

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 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

$ 1,980

Class T

4,158

Class B*

2,664

Class C*

348

 

$ 9,150

* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:

 

Amount

% of
Average
Net Assets*

Class A

$ 12,719

.33

Class T

20,582

.43

Class B

5,002

.33

Class C

6,231

.34

Institutional Class

669

.33

 

$ 45,203

 

* 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.

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 $1,089 for the period.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $72 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Security Lending - continued

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 Fidelity Central Funds.

9. 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, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 

Expense
Limitations

Reimbursement
from adviser

Class A

1.30%

$ 18,092

Class T

1.55%

28,512

Class B

2.05%

7,737

Class C

2.05%

9,486

Institutional Class

1.05%

1,030

 

 

$ 64,857

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 $1,229 for the period.

Semiannual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
May 31,
2009

Year ended
November 30,
2008

From net realized gain

 

 

Class A

$ -

$ 1,377,006

Class T

-

2,027,940

Class B

-

921,660

Class C

-

865,938

Institutional Class

-

100,780

Total

$ -

$ 5,293,324

11. Share Transactions.

Transactions for each class of shares were as follows:

 

Shares

Dollars

Six months ended May 31,
2009

Year ended
November 30,
2008

Six months ended May 31,
2009

Year ended
November 30,
2008

Class A

 

 

 

 

Shares sold

690,408

477,197

$ 3,810,936

$ 4,284,076

Reinvestment of distributions

-

121,435

-

1,322,682

Shares redeemed

(173,678)

(428,543)

(941,349)

(3,741,811)

Net increase (decrease)

516,730

170,089

$ 2,869,587

$ 1,864,947

Class T

 

 

 

 

Shares sold

276,992

424,552

$ 1,478,003

$ 3,574,876

Reinvestment of distributions

-

187,828

-

2,010,170

Shares redeemed

(284,115)

(428,954)

(1,504,414)

(3,651,188)

Net increase (decrease)

(7,123)

183,426

$ (26,411)

$ 1,933,858

Class B

 

 

 

 

Shares sold

44,340

101,670

$ 225,830

$ 840,022

Reinvestment of distributions

-

85,200

-

883,599

Shares redeemed

(138,686)

(343,428)

(699,033)

(2,879,026)

Net increase (decrease)

(94,346)

(156,558)

$ (473,203)

$ (1,155,405)

Class C

 

 

 

 

Shares sold

60,807

211,443

$ 309,827

$ 1,826,178

Reinvestment of distributions

-

76,869

-

797,160

Shares redeemed

(100,961)

(273,585)

(508,069)

(2,277,101)

Net increase (decrease)

(40,154)

14,727

$ (198,242)

$ 346,237

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions - continued

Transactions for each class of shares were as follows: - continued

 

Shares

Dollars

Six months ended May 31,
2009

Year ended
November 30,
2008

Six months ended May 31,
2009

Year ended
November 30,
2008

Institutional Class

 

 

 

 

Shares sold

19,654

23,099

$ 109,663

$ 176,956

Reinvestment of distributions

-

7,047

-

78,484

Shares redeemed

(11,173)

(45,964)

(62,557)

(416,592)

Net increase (decrease)

8,481

(15,818)

$ 47,106

$ (161,152)

12. Other.

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

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

Fidelity Research & Analysis Company

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors (U.K.) Ltd.

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-0709
1.786774.106

fid349

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. Investments

(a) Not applicable.

(b) 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/ Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

July 23, 2009

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

By:

/s/ Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

July 23, 2009

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

July 23, 2009

EX-99.CERT 2 sec99cert.htm

Exhibit EX-99.CERT

I, Kenneth B. Robins, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Securities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting 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 registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 23, 2009

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

I, Christine Reynolds, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Securities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting 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 registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 23, 2009

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer

EX-99.906 CERT 3 sec906cert.htm

Exhibit EX-99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of Fidelity Securities Fund (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: July 23, 2009

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

Dated: July 23, 2009

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

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