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)

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

November 30

Date of reporting period:

February 28, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Advisor Aggressive
Growth Fund
Class A
Class T
Class B
Class C
Institutional Class

February 28, 2006

AAG-QTLY-0406

1.797931.102

Investments February 28, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%

Shares

Value

CONSUMER DISCRETIONARY - 13.0%

Hotels, Restaurants & Leisure - 3.0%

Kerzner International Ltd. (a)

5,500

$370,095

Penn National Gaming, Inc. (a)

13,867

480,908

Royal Caribbean Cruises Ltd.

9,900

436,194

1,287,197

Household Durables - 2.7%

Harman International Industries, Inc.

2,700

297,945

KB Home

12,800

857,984

1,155,929

Internet & Catalog Retail - 0.3%

Coldwater Creek, Inc. (a)

6,200

139,314

Media - 2.0%

Focus Media Holding Ltd. ADR

7,900

412,775

Getty Images, Inc. (a)

5,580

452,147

864,922

Specialty Retail - 5.0%

Abercrombie & Fitch Co. Class A

12,600

848,232

Tiffany & Co., Inc.

12,300

456,699

Urban Outfitters, Inc. (a)

30,500

857,050

2,161,981

TOTAL CONSUMER DISCRETIONARY

5,609,343

CONSUMER STAPLES - 0.5%

Food & Staples Retailing - 0.5%

Whole Foods Market, Inc.

3,551

226,838

ENERGY - 6.6%

Energy Equipment & Services - 0.4%

Halliburton Co.

2,500

170,000

Oil, Gas & Consumable Fuels - 6.2%

Arch Coal, Inc.

5,800

424,038

Chesapeake Energy Corp.

14,500

430,505

EOG Resources, Inc.

6,700

451,580

Peabody Energy Corp.

12,800

617,856

Range Resources Corp.

15,850

379,291

Ultra Petroleum Corp. (a)

6,800

353,872

2,657,142

TOTAL ENERGY

2,827,142

Common Stocks - continued

Shares

Value

FINANCIALS - 5.1%

Capital Markets - 3.1%

Daiwa Securities Group, Inc.

42,000

$500,858

Indiabulls Financial Services Ltd.

10,682

45,153

Indiabulls Financial Services Ltd. GDR (c)

11,268

47,506

Nikko Cordial Corp.

32,000

507,536

TD Ameritrade Holding Corp.

11,124

242,058

1,343,111

Diversified Financial Services - 2.0%

IntercontinentalExchange, Inc.

15,700

859,575

TOTAL FINANCIALS

2,202,686

HEALTH CARE - 29.2%

Biotechnology - 5.4%

Alnylam Pharmaceuticals, Inc. (a)

18,300

294,264

Celgene Corp. (a)

17,780

675,640

Martek Biosciences (a)

16,500

562,320

PDL BioPharma, Inc. (a)

14,270

446,794

Telik, Inc. (a)

6,600

145,992

Theravance, Inc. (a)

7,000

196,420

2,321,430

Health Care Equipment & Supplies - 15.0%

Advanced Medical Optics, Inc. (a)

9,900

440,352

American Medical Systems Holdings, Inc. (a)

40,500

877,635

Cyberonics, Inc. (a)

24,800

673,816

INAMED Corp. (a)

9,956

880,409

Intermagnetics General Corp. (a)

7,650

225,063

Intuitive Surgical, Inc. (a)

2,197

198,169

Mentor Corp.

10,900

469,136

NeuroMetrix, Inc. (a)

6,406

230,104

NuVasive, Inc. (a)

22,800

421,572

Somanetics Corp. (a)

5,796

146,755

St. Jude Medical, Inc. (a)

28,000

1,276,799

Ventana Medical Systems, Inc. (a)

16,620

602,807

6,442,617

Health Care Providers & Services - 3.7%

Covance, Inc. (a)

6,500

366,925

Humana, Inc. (a)

15,350

793,135

Sierra Health Services, Inc. (a)

9,900

412,731

1,572,791

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - 5.1%

Allergan, Inc.

8,150

$882,319

Medicis Pharmaceutical Corp. Class A

29,600

841,824

Sepracor, Inc. (a)

8,550

490,001

2,214,144

TOTAL HEALTH CARE

12,550,982

INDUSTRIALS - 9.4%

Air Freight & Logistics - 2.1%

Expeditors International of Washington, Inc.

5,700

443,403

UTI Worldwide, Inc.

4,281

447,921

891,324

Commercial Services & Supplies - 1.1%

Monster Worldwide, Inc. (a)

9,178

449,355

Construction & Engineering - 1.1%

Quanta Services, Inc. (a)

35,700

488,733

Electrical Equipment - 4.1%

AMETEK, Inc.

10,400

445,536

Energy Conversion Devices, Inc. (a)

8,400

393,540

Rockwell Automation, Inc.

6,700

456,739

Suntech Power Holdings Co. Ltd. sponsored ADR

12,300

461,988

1,757,803

Machinery - 1.0%

Deere & Co.

5,800

442,366

TOTAL INDUSTRIALS

4,029,581

INFORMATION TECHNOLOGY - 23.1%

Communications Equipment - 5.5%

ADC Telecommunications, Inc. (a)

24,800

627,936

Comverse Technology, Inc. (a)

30,073

864,899

Ixia (a)

35,596

429,288

Juniper Networks, Inc. (a)

24,100

443,199

2,365,322

Computers & Peripherals - 1.0%

Sun Microsystems, Inc. (a)

102,100

425,757

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 1.9%

Google, Inc. Class A (sub. vtg.) (a)

1,100

$398,882

VeriSign, Inc. (a)

17,700

418,782

817,664

Semiconductors & Semiconductor Equipment - 8.8%

Advanced Micro Devices, Inc. (a)

10,400

402,168

Altera Corp. (a)

22,187

444,627

ARM Holdings PLC sponsored ADR

92,000

662,400

ASML Holding NV (NY Shares) (a)

38,900

804,452

Microchip Technology, Inc.

12,270

431,904

NVIDIA Corp. (a)

4,800

226,224

PMC-Sierra, Inc. (a)

35,730

364,803

Xilinx, Inc.

16,000

436,480

3,773,058

Software - 5.9%

Activision, Inc. (a)

33,710

421,375

Adobe Systems, Inc.

1,100

42,482

BEA Systems, Inc. (a)

33,000

378,510

Citrix Systems, Inc. (a)

11,270

364,697

Cognos, Inc. (a)

11,800

453,555

Hyperion Solutions Corp. (a)

12,698

426,018

NAVTEQ Corp. (a)

9,700

449,207

Wind River Systems, Inc. (a)

800

12,376

2,548,220

TOTAL INFORMATION TECHNOLOGY

9,930,021

MATERIALS - 8.4%

Chemicals - 7.3%

Agrium, Inc.

42,400

1,056,128

Monsanto Co.

11,500

964,620

Potash Corp. of Saskatchewan

11,500

1,103,186

3,123,934

Metals & Mining - 1.1%

Allegheny Technologies, Inc.

9,700

489,947

TOTAL MATERIALS

3,613,881

TELECOMMUNICATION SERVICES - 1.5%

Wireless Telecommunication Services - 1.5%

American Tower Corp. Class A (a)

20,100

639,783

Common Stocks - continued

Shares

Value

UTILITIES - 1.1%

Independent Power Producers & Energy Traders - 1.1%

Ormat Technologies, Inc.

12,130

$466,156

TOTAL COMMON STOCKS

(Cost $39,891,531)

42,096,413

Money Market Funds - 1.7%

Fidelity Cash Central Fund, 4.57% (b)
(Cost $720,074)

720,074

720,074

Cash Equivalents - 0.1%

Maturity Amount

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 4.54%, dated 2/28/06 due 3/1/06)
(Cost $30,000)

$30,004

30,000

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $40,641,605)

42,846,487

NET OTHER ASSETS - 0.3%

125,158

NET ASSETS - 100%

$42,971,645

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)Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $47,506 or 0.1% of net assets.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$8,116

Fidelity Securities Lending Cash Central Fund

1,105

Total

$9,221

Income Tax Information

At February 28, 2006, the aggregate cost of investment securities for income tax purposes was $40,700,406. Net unrealized appreciation aggregated $2,146,081, of which $3,845,571 related to appreciated investment securities and $1,699,490 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. 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 are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. 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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

April 17, 2006

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

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

April 17, 2006

By:

/s/Paul M. Murphy

Paul M. Murphy

Chief Financial Officer

Date:

April 17, 2006