N-Q 1 main.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:

February 28, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Advisor Growth
Strategies Fund
(formerly Fidelity Advisor Aggressive
Growth Fund)

Class A
Class T
Class B
Class C
Institutional Class

February 28, 2009 

1.797931.105

AAG-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%

Shares

Value

CONSUMER DISCRETIONARY - 17.8%

Diversified Consumer Services - 3.8%

DeVry, Inc.

11,255

$ 584,697

Strayer Education, Inc.

1,300

220,675

 

805,372

Hotels, Restaurants & Leisure - 3.7%

Buffalo Wild Wings, Inc. (a)

5,222

161,203

Burger King Holdings, Inc.

12,900

277,221

Chipotle Mexican Grill, Inc. Class B (a)

2,400

120,384

Krispy Kreme Doughnuts, Inc. warrants 3/2/12 (a)

101

10

Wendy's/Arby's Group, Inc.

45,655

206,817

 

765,635

Household Durables - 1.0%

Mohawk Industries, Inc. (a)

9,200

207,828

Media - 2.0%

The DIRECTV Group, Inc. (a)

21,414

426,995

Specialty Retail - 7.3%

Abercrombie & Fitch Co. Class A

11,500

252,885

Advance Auto Parts, Inc.

7,686

293,990

Best Buy Co., Inc.

16,279

469,161

Lowe's Companies, Inc.

13,900

220,176

O'Reilly Automotive, Inc. (a)

8,800

293,568

 

1,529,780

TOTAL CONSUMER DISCRETIONARY

3,735,610

CONSUMER STAPLES - 3.2%

Beverages - 2.1%

Heckmann Corp. (a)(d)

87,700

435,869

Food & Staples Retailing - 1.1%

Costco Wholesale Corp.

5,615

237,739

TOTAL CONSUMER STAPLES

673,608

ENERGY - 10.0%

Energy Equipment & Services - 6.8%

Cameron International Corp. (a)

10,400

200,512

FMC Technologies, Inc. (a)

4,100

108,609

IHS, Inc. Class A (a)

11,902

484,768

Common Stocks - continued

Shares

Value

ENERGY - continued

Energy Equipment & Services - continued

National Oilwell Varco, Inc. (a)

12,600

$ 336,798

Noble Corp.

12,300

302,457

 

1,433,144

Oil, Gas & Consumable Fuels - 3.2%

Denbury Resources, Inc. (a)

14,497

186,721

Hess Corp.

8,700

475,803

 

662,524

TOTAL ENERGY

2,095,668

FINANCIALS - 5.8%

Capital Markets - 2.0%

Greenhill & Co., Inc.

3,400

219,640

Morgan Stanley

9,858

192,625

 

412,265

Diversified Financial Services - 1.0%

BM&F BOVESPA SA

83,900

210,985

Insurance - 1.1%

Validus Holdings Ltd.

9,941

237,988

Real Estate Investment Trusts - 1.2%

Chimera Investment Corp.

85,068

254,353

Real Estate Management & Development - 0.5%

China Overseas Land & Investment Ltd.

82,000

107,099

TOTAL FINANCIALS

1,222,690

HEALTH CARE - 25.5%

Biotechnology - 5.9%

Alnylam Pharmaceuticals, Inc. (a)

5,000

92,200

Amylin Pharmaceuticals, Inc. (a)

10,459

95,491

Cephalon, Inc. (a)

4,500

295,155

Isis Pharmaceuticals, Inc. (a)

11,086

142,566

Myriad Genetics, Inc. (a)

2,895

228,271

OSI Pharmaceuticals, Inc. (a)

3,292

112,257

RXi Pharmaceuticals Corp.

15,782

63,996

Vertex Pharmaceuticals, Inc. (a)

7,351

222,221

 

1,252,157

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - 9.4%

ArthroCare Corp. (a)

40,672

$ 148,453

Conceptus, Inc. (a)

7,900

88,717

Cyberonics, Inc. (a)

32,538

437,636

Edwards Lifesciences Corp. (a)

4,255

236,621

Masimo Corp. (a)

4,441

110,981

NuVasive, Inc. (a)

12,003

340,285

St. Jude Medical, Inc. (a)

13,022

431,810

TranS1, Inc. (a)

30,041

184,151

 

1,978,654

Health Care Providers & Services - 3.4%

athenahealth, Inc. (a)

6,809

173,493

CardioNet, Inc.

5,000

125,000

Express Scripts, Inc. (a)

8,095

407,179

 

705,672

Life Sciences Tools & Services - 4.7%

AMAG Pharmaceuticals, Inc. (a)

23,524

636,323

Illumina, Inc. (a)

4,874

152,702

QIAGEN NV (a)

13,000

208,260

 

997,285

Pharmaceuticals - 2.1%

Allergan, Inc.

5,887

228,062

BioMimetic Therapeutics, Inc. (a)

7,086

59,381

Vivus, Inc. (a)

11,519

46,422

XenoPort, Inc. (a)

4,870

101,734

 

435,599

TOTAL HEALTH CARE

5,369,367

INDUSTRIALS - 8.4%

Airlines - 1.2%

Allegiant Travel Co. (a)

7,007

240,480

Construction & Engineering - 0.5%

Quanta Services, Inc. (a)

6,300

110,880

Electrical Equipment - 0.8%

Ocean Power Technologies, Inc. (a)

14,848

75,873

Sunpower Corp. Class B (a)

4,024

99,634

 

175,507

Machinery - 3.4%

Cummins, Inc.

10,300

214,240

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - continued

Energy Recovery, Inc.

8,408

$ 53,054

Navistar International Corp. (a)

8,300

234,060

PACCAR, Inc.

8,500

213,095

 

714,449

Marine - 0.4%

Ultrapetrol (Bahamas) Ltd. (a)

45,157

93,023

Professional Services - 1.1%

FTI Consulting, Inc. (a)

6,100

222,894

Road & Rail - 1.0%

Old Dominion Freight Lines, Inc. (a)

9,528

207,615

TOTAL INDUSTRIALS

1,764,848

INFORMATION TECHNOLOGY - 19.6%

Communications Equipment - 5.0%

Corning, Inc.

22,800

240,540

Infinera Corp. (a)

11,500

82,800

Juniper Networks, Inc. (a)

36,350

516,534

QUALCOMM, Inc.

6,600

220,638

 

1,060,512

Electronic Equipment & Components - 1.0%

BYD Co. Ltd. (H Shares)

108,500

209,436

Internet Software & Services - 1.1%

Omniture, Inc. (a)

21,299

241,957

IT Services - 3.1%

Lender Processing Services, Inc.

7,869

206,089

MasterCard, Inc. Class A

2,800

442,484

 

648,573

Semiconductors & Semiconductor Equipment - 7.2%

Broadcom Corp. Class A (a)

17,000

279,650

Marvell Technology Group Ltd. (a)

35,380

265,704

MEMC Electronic Materials, Inc. (a)

27,500

412,775

NVIDIA Corp. (a)

38,377

317,762

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

30,694

231,433

 

1,507,324

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - 2.2%

Autonomy Corp. PLC (a)

14,019

$ 241,584

VMware, Inc. Class A (a)

10,377

215,427

 

457,011

TOTAL INFORMATION TECHNOLOGY

4,124,813

MATERIALS - 6.1%

Chemicals - 1.1%

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

8,100

233,442

Metals & Mining - 5.0%

Agnico-Eagle Mines Ltd.

4,100

206,104

Freeport-McMoRan Copper & Gold, Inc. Class B

8,500

258,570

Newcrest Mining Ltd.

11,296

222,118

Timminco Ltd. (a)

57,300

148,188

Yamana Gold, Inc.

25,200

220,276

 

1,055,256

TOTAL MATERIALS

1,288,698

TELECOMMUNICATION SERVICES - 2.8%

Wireless Telecommunication Services - 2.8%

Crown Castle International Corp. (a)

6,900

121,026

SBA Communications Corp. Class A (a)

11,100

230,658

Sprint Nextel Corp. (a)

68,617

225,750

 

577,434

TOTAL COMMON STOCKS

(Cost $27,994,734)

20,852,736

Money Market Funds - 3.1%

Shares

Value

Fidelity Cash Central Fund, 0.59% (b)

357,739

$ 357,739

Fidelity Securities Lending Cash Central Fund, 0.66% (b)(c)

293,500

293,500

TOTAL MONEY MARKET FUNDS

(Cost $651,239)

651,239

TOTAL INVESTMENT PORTFOLIO - 102.3%

(Cost $28,645,973)

21,503,975

NET OTHER ASSETS - (2.3)%

(477,069)

NET ASSETS - 100%

$ 21,026,906

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

$ 909

Fidelity Securities Lending Cash Central Fund

12,362

Total

$ 13,271

Other Information

The following is a summary of the inputs used, as of February 28, 2009, involving the Fund's assets 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 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

$ 21,503,975

$ 20,723,728

$ 780,247

$ -

Income Tax Information

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $29,482,157. Net unrealized depreciation aggregated $7,978,182, of which $602,324 related to appreciated investment securities and $8,580,506 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, 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. 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 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.

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

April 29, 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:

April 29, 2009

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

April 29, 2009