N-Q 1 sec.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4118

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

November 30

 

 

Date of reporting period:

August 31, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity Advisor® Growth
Strategies Fund

Class A
Class T
Class B
Class C
Institutional Class

August 31, 2012 

1.805754.108

AAG-QTLY-1012

Investments August 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%

Shares

Value

CONSUMER DISCRETIONARY - 24.4%

Distributors - 1.4%

LKQ Corp. (a)

11,750

$ 443,445

Hotels, Restaurants & Leisure - 2.1%

BJ's Restaurants, Inc. (a)

2,029

83,290

Buffalo Wild Wings, Inc. (a)

1,540

118,241

Domino's Pizza, Inc.

3,260

115,534

Panera Bread Co. Class A (a)

2,370

367,113

 

684,178

Household Durables - 3.8%

Jarden Corp.

7,970

385,190

Newell Rubbermaid, Inc.

9,790

175,535

NVR, Inc. (a)

350

289,863

Ryland Group, Inc.

3,010

80,698

Tupperware Brands Corp.

5,410

289,327

 

1,220,613

Leisure Equipment & Products - 0.4%

Polaris Industries, Inc.

1,520

114,289

Multiline Retail - 1.1%

Dollar General Corp. (a)

3,250

165,978

Dollar Tree, Inc. (a)

3,588

172,834

 

338,812

Specialty Retail - 12.5%

Abercrombie & Fitch Co. Class A

1,892

68,093

Ascena Retail Group, Inc. (a)

12,660

250,668

CarMax, Inc. (a)

4,200

128,478

Dick's Sporting Goods, Inc.

9,620

478,691

Hibbett Sports, Inc. (a)

2,850

165,414

Limited Brands, Inc.

2,625

127,575

O'Reilly Automotive, Inc. (a)

1,620

137,619

PetSmart, Inc.

9,730

690,052

Ross Stores, Inc.

3,420

236,630

Sally Beauty Holdings, Inc. (a)

12,790

351,725

Signet Jewelers Ltd.

7,110

326,065

Tractor Supply Co.

6,098

582,237

Urban Outfitters, Inc. (a)

2,550

95,727

Vitamin Shoppe, Inc. (a)

2,800

150,108

Williams-Sonoma, Inc.

5,270

216,175

 

4,005,257

Textiles, Apparel & Luxury Goods - 3.1%

Hanesbrands, Inc. (a)

7,640

247,765

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

PVH Corp.

3,928

$ 368,839

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

6,608

384,652

 

1,001,256

TOTAL CONSUMER DISCRETIONARY

7,807,850

CONSUMER STAPLES - 8.0%

Beverages - 2.1%

Beam, Inc.

5,750

335,570

Dr Pepper Snapple Group, Inc.

3,900

174,759

Monster Beverage Corp. (a)

3,024

178,204

 

688,533

Food & Staples Retailing - 2.0%

United Natural Foods, Inc. (a)

6,100

350,628

Whole Foods Market, Inc.

2,831

273,899

 

624,527

Food Products - 1.4%

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

1,863

45,290

The J.M. Smucker Co.

1,920

163,142

TreeHouse Foods, Inc. (a)

4,620

240,009

 

448,441

Household Products - 2.5%

Church & Dwight Co., Inc.

14,660

802,486

TOTAL CONSUMER STAPLES

2,563,987

ENERGY - 5.5%

Energy Equipment & Services - 2.7%

Cameron International Corp. (a)

5,750

314,583

Dresser-Rand Group, Inc. (a)

2,980

150,848

Ensco PLC Class A

2,040

117,035

Helmerich & Payne, Inc.

1,980

90,367

Petrofac Ltd.

3,200

76,318

Rowan Companies PLC (a)

2,890

101,670

 

850,821

Oil, Gas & Consumable Fuels - 2.8%

Atlas Pipeline Partners, LP

2,360

81,986

Cabot Oil & Gas Corp.

6,956

288,048

HollyFrontier Corp.

1,320

53,183

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Pioneer Natural Resources Co.

2,950

$ 287,212

SM Energy Co.

1,960

92,571

WPX Energy, Inc.

6,090

95,004

 

898,004

TOTAL ENERGY

1,748,825

FINANCIALS - 6.9%

Capital Markets - 1.3%

Affiliated Managers Group, Inc. (a)

980

115,268

Invesco Ltd.

4,092

96,899

KKR & Co. LP

5,231

74,542

Monex Group, Inc.

231

40,647

TD Ameritrade Holding Corp.

5,575

95,388

 

422,744

Commercial Banks - 0.3%

CIT Group, Inc. (a)

2,715

102,518

Consumer Finance - 0.9%

Capital One Financial Corp.

2,993

169,194

SLM Corp.

6,555

103,241

 

272,435

Diversified Financial Services - 0.4%

Interactive Brokers Group, Inc.

9,825

135,782

Insurance - 0.1%

Brasil Insurance Participacoes e Administracao SA

1,600

15,370

Validus Holdings Ltd.

100

3,351

 

18,721

Real Estate Investment Trusts - 3.2%

Apartment Investment & Management Co. Class A

6,064

160,575

Equity One, Inc.

9,011

191,033

Essex Property Trust, Inc.

1,165

177,057

Highwoods Properties, Inc. (SBI)

5,386

175,637

Rayonier, Inc.

5,043

247,057

Ventas, Inc.

893

58,483

 

1,009,842

Real Estate Management & Development - 0.4%

Altisource Portfolio Solutions SA (a)

569

47,961

CBRE Group, Inc. (a)

5,435

94,080

 

142,041

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Thrifts & Mortgage Finance - 0.3%

Ocwen Financial Corp. (a)

4,304

$ 110,742

TOTAL FINANCIALS

2,214,825

HEALTH CARE - 12.6%

Biotechnology - 4.9%

Alexion Pharmaceuticals, Inc. (a)

4,319

463,040

Amarin Corp. PLC ADR (a)

7,800

106,782

Biogen Idec, Inc. (a)

1,510

221,351

Medivation, Inc. (a)

1,040

109,054

Onyx Pharmaceuticals, Inc. (a)

3,510

252,439

Regeneron Pharmaceuticals, Inc. (a)

1,330

196,907

Seattle Genetics, Inc. (a)

7,520

199,581

 

1,549,154

Health Care Equipment & Supplies - 1.9%

IDEXX Laboratories, Inc. (a)

1,690

160,651

Sirona Dental Systems, Inc. (a)

2,150

114,251

The Cooper Companies, Inc.

3,920

328,692

 

603,594

Health Care Providers & Services - 4.3%

Aetna, Inc.

5,570

213,944

Catamaran Corp. (a)

3,011

261,345

HMS Holdings Corp. (a)

8,560

294,978

Humana, Inc.

2,350

164,688

MEDNAX, Inc. (a)

3,730

258,414

Wellcare Health Plans, Inc. (a)

3,360

190,478

 

1,383,847

Pharmaceuticals - 1.5%

Allergan, Inc.

2,050

176,567

Perrigo Co.

2,830

311,215

 

487,782

TOTAL HEALTH CARE

4,024,377

INDUSTRIALS - 13.8%

Aerospace & Defense - 2.4%

BE Aerospace, Inc. (a)

6,200

249,612

Esterline Technologies Corp. (a)

2,820

168,636

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

Precision Castparts Corp.

1,060

$ 170,745

TransDigm Group, Inc. (a)

1,420

196,840

 

785,833

Building Products - 1.3%

Armstrong World Industries, Inc.

3,870

170,164

Owens Corning (a)

7,060

235,522

 

405,686

Commercial Services & Supplies - 0.3%

Interface, Inc.

6,270

86,087

Electrical Equipment - 3.3%

AMETEK, Inc.

10,840

371,920

Hubbell, Inc. Class B

3,570

288,527

Roper Industries, Inc.

3,870

397,797

 

1,058,244

Machinery - 2.5%

Cummins, Inc.

2,120

205,873

Ingersoll-Rand PLC

8,417

393,579

WABCO Holdings, Inc. (a)

3,590

210,805

 

810,257

Professional Services - 0.8%

IHS, Inc. Class A (a)

2,160

246,326

Road & Rail - 0.9%

J.B. Hunt Transport Services, Inc.

5,250

275,310

Trading Companies & Distributors - 2.3%

W.W. Grainger, Inc.

2,100

432,516

Watsco, Inc.

4,000

301,840

 

734,356

TOTAL INDUSTRIALS

4,402,099

INFORMATION TECHNOLOGY - 16.8%

Communications Equipment - 1.9%

Acme Packet, Inc. (a)(d)

6,660

127,139

Brocade Communications Systems, Inc. (a)

21,800

126,440

Polycom, Inc. (a)

11,977

124,800

Riverbed Technology, Inc. (a)

11,850

236,882

 

615,261

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 1.1%

NetApp, Inc. (a)

5,800

$ 200,216

SanDisk Corp. (a)

3,800

156,636

 

356,852

Electronic Equipment & Components - 1.4%

Arrow Electronics, Inc. (a)

3,510

127,238

Flextronics International Ltd. (a)

24,100

162,193

Jabil Circuit, Inc.

6,570

149,665

 

439,096

Internet Software & Services - 1.5%

Akamai Technologies, Inc. (a)

4,430

166,169

Bankrate, Inc. (a)

2,662

45,733

Rackspace Hosting, Inc. (a)

3,246

194,695

Velti PLC (a)(d)

11,643

80,686

 

487,283

IT Services - 2.0%

Amdocs Ltd.

3,870

124,769

Cognizant Technology Solutions Corp. Class A (a)

1,920

123,418

SAIC, Inc.

6,560

80,098

Sapient Corp.

8,630

87,249

The Western Union Co.

12,720

223,999

 

639,533

Semiconductors & Semiconductor Equipment - 3.1%

Advanced Micro Devices, Inc. (a)

26,160

97,315

Avago Technologies Ltd.

6,710

245,385

Broadcom Corp. Class A

3,400

120,802

Marvell Technology Group Ltd.

8,320

84,698

NXP Semiconductors NV (a)

4,840

112,869

ON Semiconductor Corp. (a)

22,150

137,995

Skyworks Solutions, Inc. (a)

6,550

199,513

 

998,577

Software - 5.8%

ANSYS, Inc. (a)

3,209

223,667

BMC Software, Inc. (a)

5,070

209,898

BroadSoft, Inc. (a)(d)

2,300

83,283

Check Point Software Technologies Ltd. (a)

2,700

124,443

Citrix Systems, Inc. (a)

3,695

287,065

Informatica Corp. (a)

4,300

140,180

Intuit, Inc.

2,273

133,061

Nuance Communications, Inc. (a)

8,934

213,076

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Parametric Technology Corp. (a)

7,400

$ 157,250

Solera Holdings, Inc.

3,820

157,117

Synopsys, Inc. (a)

3,410

112,632

 

1,841,672

TOTAL INFORMATION TECHNOLOGY

5,378,274

MATERIALS - 5.8%

Chemicals - 4.8%

Airgas, Inc.

2,784

231,267

Albemarle Corp.

2,032

111,211

Eastman Chemical Co.

1,900

104,994

FMC Corp.

3,480

189,034

PPG Industries, Inc.

1,751

192,645

Sherwin-Williams Co.

1,881

269,133

Sigma Aldrich Corp.

2,646

187,945

Valspar Corp.

1,840

98,146

W.R. Grace & Co. (a)

2,517

145,382

 

1,529,757

Containers & Packaging - 0.8%

Aptargroup, Inc.

2,086

105,656

Ball Corp.

3,480

146,752

 

252,408

Metals & Mining - 0.2%

Reliance Steel & Aluminum Co.

1,675

86,145

TOTAL MATERIALS

1,868,310

TELECOMMUNICATION SERVICES - 1.7%

Wireless Telecommunication Services - 1.7%

Clearwire Corp. Class A (a)

48,420

77,472

Crown Castle International Corp. (a)

2,760

175,150

MetroPCS Communications, Inc. (a)

8,260

80,370

SBA Communications Corp. Class A (a)

3,380

202,056

 

535,048

Common Stocks - continued

Shares

Value

UTILITIES - 0.7%

Electric Utilities - 0.4%

ITC Holdings Corp.

920

$ 66,222

PNM Resources, Inc.

2,319

47,702

 

113,924

Gas Utilities - 0.2%

ONEOK, Inc.

1,700

75,701

Water Utilities - 0.1%

American Water Works Co., Inc.

900

33,183

TOTAL UTILITIES

222,808

TOTAL COMMON STOCKS

(Cost $29,849,768)


30,766,403

U.S. Treasury Obligations - 0.1%

 

Principal Amount

 

U.S. Treasury Bills, yield at date of purchase 0.08% to 0.09% 10/11/12 (e)
(Cost $39,996)

$ 40,000


39,997

Money Market Funds - 4.3%

Shares

 

Fidelity Cash Central Fund, 0.17% (b)

1,116,267

1,116,267

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

268,959

268,959

TOTAL MONEY MARKET FUNDS

(Cost $1,385,226)


1,385,226

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $31,274,990)

32,191,626

NET OTHER ASSETS (LIABILITIES) - (0.6)%

(187,148)

NET ASSETS - 100%

$ 32,004,478

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized
Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

4 CME E-mini S&P MidCap 400 Index Contracts

Sept. 2012

$ 388,320

$ 5,182

 

The face value of futures purchased as a percentage of net assets is 1.2%

Legend

(a) Non-income producing

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

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $39,997.

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

$ 1,151

Fidelity Securities Lending Cash Central Fund

9,560

Total

$ 10,711

Other Information

The following is a summary of the inputs used, as of August 31, 2012, involving the Fund's assets and liabilities carried at fair 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 Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 7,807,850

$ 7,807,850

$ -

$ -

Consumer Staples

2,563,987

2,563,987

-

-

Energy

1,748,825

1,748,825

-

-

Financials

2,214,825

2,174,178

40,647

-

Health Care

4,024,377

4,024,377

-

-

Industrials

4,402,099

4,402,099

-

-

Information Technology

5,378,274

5,378,274

-

-

Materials

1,868,310

1,868,310

-

-

Telecommunication Services

535,048

535,048

-

-

Utilities

222,808

222,808

-

-

U.S. Government and Government Agency Obligations

39,997

-

39,997

-

Money Market Funds

1,385,226

1,385,226

-

-

Total Investments in Securities:

$ 32,191,626

$ 32,110,982

$ 80,644

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 5,182

$ 5,182

$ -

$ -

Income Tax Information

At August 31, 2012, the cost of investment securities for income tax purposes was $31,303,176. Net unrealized appreciation aggregated $888,450, of which $2,499,608 related to appreciated investment securities and $1,611,158 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Securities Fund

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

October 30, 2012

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

October 30, 2012

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

October 30, 2012