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:	November 30, 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

Annual Report

November 30, 2009

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	The Chairman's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
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.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

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/proxyvotingresults 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.

Annual Report

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.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We've seen a strong upswing in the global equity markets since last March, as signs of improvement in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - - that suggest the road back to economic health could still be a bumpy ride. 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

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow. Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.

Average Annual Total Returns

Periods ended November 30, 2009	Past 1 year	Past 5 years	Life of fund ^A
Class A (incl. 5.75% sales charge)	27.20%	-2.56%	-3.02%
Class T (incl. 3.50% sales charge)	30.02%	-2.34%	-3.02%
Class B (incl. contingent deferred sales charge) ^B	29.26%	-2.48%	-2.95%
Class C (incl. contingent deferred sales charge) ^C	33.00%	-2.12%	-3.09%

^A From November 13, 2000.

^B Class B shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 5%, 2%, and 0%, respectively.

^C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.

Annual Report

Performance - continued

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Advisor Growth Strategies Fund - Class A on November 13, 2000, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Growth Index performed over the same period.

fid46

Annual Report

Management's Discussion of Fund Performance

Market Recap: After a dismal three-month start, U.S. stocks saw marked improvement for the remainder of the 12-month period ending November 30, 2009. Early in the period, domestic equities were hampered by the effects of the subprime mortgage crisis, near-frozen credit markets, sagging employment rates and bleak corporate earnings reports. By March, however, U.S. equities reached a bottom and, encouraged by the government's actions and improving economic indicators, investors began to favor riskier assets, reversing the flight to quality seen earlier in the period. During this time, corporate profits, though still weak, began to stabilize and valuations started to return to normal trading ranges. By November 30, the Standard & Poor's 500^SM Index had returned 25.39% for the year, including a 20% gain in the final half of the period. Additionally, all 10 S&P 500® market sectors managed to produce positive results, with most sectors posting solid double-digit gains. The technology-heavy Nasdaq Composite® Index soared 41.07% for the year, boasting the best return among the major domestic equity indexes. Meanwhile, the Dow Jones U.S. Total Stock Market Index^SM - the broadest overall gauge of U.S. stocks - climbed 27.19%, and the blue-chip-laden Dow Jones Industrial Average^SM rose 21.05%.

Comments from Steven Calhoun, Portfolio Manager of Fidelity® Advisor Growth Strategies Fund: During the past year, the fund's Class A, Class T, Class B and Class C shares returned 34.96%, 34.74%, 34.26% and 34.00%, respectively (excluding sales charges), versus 42.83% for the Russell Midcap® Growth Index. Weak stock selection in consumer staples, consumer discretionary and health care, among other sectors, weighed on performance. Additionally, the fund's focus on quality growth stocks worked against it, as did our positioning in stocks with capitalizations of $5 billion or less. A sizable position in Heckmann, a U.S.-based company that operates a bottled water business in China, was hampered by falling revenues and problems with customer payments. Also detracting were carpet maker Mohawk Industries and Intrepid Potash, a producer of fertilizer components. Conversely, performance was aided by strong picks in financials, information technology and telecommunication services. China-based BYD Company, a maker of batteries for electric and hybrid cars, benefited from the expanding market for rechargeable auto batteries and robust growth in China overall. Hotelier Starwood Hotels & Resorts Worldwide and investment bank Morgan Stanley contributed as well. Most of the stocks I've mentioned were out-of-index holdings, and some were sold by period end.

Comments from Steven Calhoun, Portfolio Manager of Fidelity® Advisor Growth Strategies Fund: During the past year, the fund's Institutional Class shares returned 35.48%, versus 42.83% for the Russell Midcap® Growth Index. Weak stock selection in consumer staples, consumer discretionary and health care, among other sectors, weighed on performance. Additionally, the fund's focus on quality growth stocks worked against it, as did our positioning in stocks with capitalizations of $5 billion or less. A sizable position in Heckmann, a U.S.-based company that operates a bottled water business in China, was hampered by falling revenues and problems with customer payments. Also detracting were carpet maker Mohawk Industries and Intrepid Potash, a producer of fertilizer components. Conversely, performance was aided by strong picks in financials, information technology and telecommunication services. China-based BYD Company, a maker of batteries for electric and hybrid cars, benefited from the expanding market for rechargeable auto batteries and robust growth in China overall. Hotelier Starwood Hotels & Resorts Worldwide and investment bank Morgan Stanley contributed as well. Most of the stocks I've mentioned were out-of-index holdings, and some were sold by period end.

Annual Report

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual 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 (June 1, 2009 to November 30, 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.

Annual Report

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 June 1, 2009	Ending Account Value November 30, 2009	Expenses Paid During Period* June 1, 2009 to November 30, 2009
Class A	1.30%
Actual		$ 1,000.00	$ 1,154.30	$ 7.02
Hypothetical ^A		$ 1,000.00	$ 1,018.55	$ 6.58
Class T	1.55%
Actual		$ 1,000.00	$ 1,152.70	$ 8.36
Hypothetical ^A		$ 1,000.00	$ 1,017.30	$ 7.84
Class B	2.05%
Actual		$ 1,000.00	$ 1,150.20	$ 11.05
Hypothetical ^A		$ 1,000.00	$ 1,014.79	$ 10.35
Class C	2.05%
Actual		$ 1,000.00	$ 1,150.20	$ 11.05
Hypothetical ^A		$ 1,000.00	$ 1,014.79	$ 10.35
Institutional Class	1.05%
Actual		$ 1,000.00	$ 1,155.20	$ 5.67
Hypothetical ^A		$ 1,000.00	$ 1,019.80	$ 5.32

^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 183/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of November 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
ArthroCare Corp.	3.1	1.5
The Mosaic Co.	2.9	0.0
Cyberonics, Inc.	2.3	1.2
Agilent Technologies, Inc.	2.2	0.0
TJX Companies, Inc.	2.1	0.0
Urban Outfitters, Inc.	2.1	1.1
Starbucks Corp.	2.0	2.1
Precision Castparts Corp.	2.0	1.4
Heckmann Corp.	2.0	1.8
Juniper Networks, Inc.	2.0	2.2
	22.7
Top Five Market Sectors as of November 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	25.9	21.1
Consumer Discretionary	19.8	17.6
Health Care	18.0	17.1
Industrials	12.9	17.3
Energy	6.3	8.6

Asset Allocation (% of fund's net assets)
As of November 30, 2009 *			As of May 31, 2009 **
	Stocks 99.1%			Stocks 98.1%
	Short-Term Investments and Net Other Assets 0.9%			Short-Term Investments and Net Other Assets 1.9%
* Foreign investments		14.7%	** Foreign investments		18.0%

fid54

Annual Report

Investments November 30, 2009

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
CONSUMER DISCRETIONARY - 19.8%
Auto Components - 1.1%
Johnson Controls, Inc.	11,700		$ 316,485
Hotels, Restaurants & Leisure - 2.6%
Starbucks Corp. (a)	28,045		614,186
Starwood Hotels & Resorts Worldwide, Inc.	5,122		164,006
			778,192
Household Durables - 1.6%
Harman International Industries, Inc.	12,987		488,441
Internet & Catalog Retail - 1.1%
Expedia, Inc. (a)	12,685		323,214
Media - 2.2%
Discovery Communications, Inc. (a)	7,566		241,734
Focus Media Holding Ltd. ADR (a)(c)	23,300		292,648
VisionChina Media, Inc. ADR (a)	15,200		140,144
			674,526
Specialty Retail - 8.3%
Abercrombie & Fitch Co. Class A	13,504		539,215
Ross Stores, Inc.	9,381		412,576
TJX Companies, Inc.	16,371		628,319
Urban Outfitters, Inc. (a)	19,700		623,308
Zumiez, Inc. (a)(c)	25,479		278,485
			2,481,903
Textiles, Apparel & Luxury Goods - 2.9%
Hanesbrands, Inc. (a)	21,007		504,378
Polo Ralph Lauren Corp. Class A	4,900		376,565
			880,943
TOTAL CONSUMER DISCRETIONARY			5,943,704
CONSUMER STAPLES - 4.2%
Beverages - 2.0%
Heckmann Corp. (a)	139,449		603,814
Food Products - 2.2%
Bunge Ltd.	7,523		465,674
Origin Agritech Ltd. (a)	15,300		206,856
			672,530
TOTAL CONSUMER STAPLES			1,276,344
Common Stocks - continued
	Shares		Value
ENERGY - 6.3%
Energy Equipment & Services - 3.2%
Exterran Holdings, Inc. (a)	6,700		$ 140,365
Helmerich & Payne, Inc.	7,853		294,880
Smith International, Inc.	9,500		258,210
Weatherford International Ltd. (a)	15,136		252,771
			946,226
Oil, Gas & Consumable Fuels - 3.1%
Alpha Natural Resources, Inc. (a)	8,300		307,100
Arch Coal, Inc.	8,600		179,396
CONSOL Energy, Inc.	6,800		312,256
Denbury Resources, Inc. (a)	10,797		143,276
			942,028
TOTAL ENERGY			1,888,254
FINANCIALS - 6.2%
Capital Markets - 2.1%
Charles Schwab Corp.	16,300		298,779
Greenhill & Co., Inc.	4,001		326,682
			625,461
Commercial Banks - 0.6%
SunTrust Banks, Inc.	7,667		181,171
Diversified Financial Services - 2.6%
CME Group, Inc.	1,353		444,095
MSCI, Inc. Class A (a)	11,414		347,785
			791,880
Real Estate Management & Development - 0.9%
Indiabulls Real Estate Ltd. (a)	56,985		253,430
TOTAL FINANCIALS			1,851,942
HEALTH CARE - 18.0%
Biotechnology - 4.9%
Alexion Pharmaceuticals, Inc. (a)	5,615		254,640
Alnylam Pharmaceuticals, Inc. (a)(c)	5,500		92,455
AMAG Pharmaceuticals, Inc. (a)	8,560		320,058
Dendreon Corp. (a)	10,852		296,694
Human Genome Sciences, Inc. (a)	8,700		242,034
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
Isis Pharmaceuticals, Inc. (a)	11,066		$ 118,517
Vertex Pharmaceuticals, Inc. (a)	3,820		148,292
			1,472,690
Health Care Equipment & Supplies - 8.1%
ArthroCare Corp. (a)	41,972		919,189
Cyberonics, Inc. (a)	38,362		690,516
Edwards Lifesciences Corp. (a)	6,755		555,801
NuVasive, Inc. (a)	7,918		256,939
			2,422,445
Health Care Providers & Services - 3.5%
Aetna, Inc.	9,900		288,189
CIGNA Corp.	10,000		320,800
Community Health Systems, Inc. (a)	8,800		268,488
Humana, Inc. (a)	4,600		190,946
			1,068,423
Health Care Technology - 1.0%
Cerner Corp. (a)	3,991		300,482
Life Sciences Tools & Services - 0.5%
QIAGEN NV (a)	7,300		161,330
TOTAL HEALTH CARE			5,425,370
INDUSTRIALS - 12.9%
Aerospace & Defense - 2.0%
Precision Castparts Corp.	5,900		611,712
Building Products - 1.1%
Lennox International, Inc.	8,400		311,808
Construction & Engineering - 1.0%
Fluor Corp.	6,900		293,112
Electrical Equipment - 1.0%
Cooper Industries PLC Class A	7,100		303,099
Machinery - 5.2%
AGCO Corp. (a)	11,200		339,472
Bucyrus International, Inc. Class A	4,500		233,055
Cummins, Inc.	6,600		296,340
Flowserve Corp.	2,900		288,434
IDEX Corp.	5,300		157,039
Joy Global, Inc.	4,700		251,638
			1,565,978
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Marine - 0.7%
Ultrapetrol (Bahamas) Ltd. (a)	45,157		$ 208,625
Road & Rail - 1.9%
CSX Corp.	12,200		579,256
TOTAL INDUSTRIALS			3,873,590
INFORMATION TECHNOLOGY - 25.9%
Communications Equipment - 2.0%
Juniper Networks, Inc. (a)	22,695		593,020
Computers & Peripherals - 2.2%
SanDisk Corp. (a)	16,700		329,324
Western Digital Corp. (a)	8,700		320,508
			649,832
Electronic Equipment & Components - 3.7%
Agilent Technologies, Inc. (a)	23,258		672,621
Avnet, Inc. (a)	12,200		332,450
Maxwell Technologies, Inc. (a)(c)	6,900		113,436
			1,118,507
IT Services - 1.0%
MasterCard, Inc. Class A	1,300		313,118
Semiconductors & Semiconductor Equipment - 9.8%
Altera Corp.	15,007		315,597
ASM International NV (NASDAQ) (a)(c)	7,000		159,600
ASML Holding NV (NY Shares)	10,600		328,494
Broadcom Corp. Class A (a)	11,200		327,040
KLA-Tencor Corp.	8,466		264,478
Marvell Technology Group Ltd. (a)	30,780		474,628
National Semiconductor Corp.	22,300		325,580
NVIDIA Corp. (a)	33,400		436,204
Xilinx, Inc.	13,700		310,168
			2,941,789
Software - 7.2%
Activision Blizzard, Inc. (a)	26,600		302,974
ANSYS, Inc. (a)	7,464		290,648
Autonomy Corp. PLC (a)	13,964		327,334
BMC Software, Inc. (a)	12,900		499,617
Citrix Systems, Inc. (a)	7,700		293,986
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Informatica Corp. (a)	13,442		$ 301,773
VMware, Inc. Class A (a)	3,847		161,497
			2,177,829
TOTAL INFORMATION TECHNOLOGY			7,794,095
MATERIALS - 5.8%
Chemicals - 4.5%
Fertilizantes Fosfatados SA (PN) (a)	15,000		139,789
Potash Corp. of Saskatchewan, Inc.	3,000		335,102
The Mosaic Co.	16,098		876,536
			1,351,427
Metals & Mining - 1.3%
AngloGold Ashanti Ltd. sponsored ADR	4,000		176,160
Randgold Resources Ltd. sponsored ADR	1,800		152,532
Sino Gold Mining Ltd. (a)	11,183		80,903
			409,595
TOTAL MATERIALS			1,761,022
TOTAL COMMON STOCKS (Cost $29,529,117)		29,814,321
Money Market Funds - 1.8%

Fidelity Securities Lending Cash Central Fund, 0.17% (b)(d) (Cost $537,400)	537,400		537,400
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $30,066,517)			30,351,721
NET OTHER ASSETS - (0.9)%			(282,374)
NET ASSETS - 100%		$ 30,069,347

Legend

(a) Non-income producing

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

(d) 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.

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	$ 2,467
Fidelity Securities Lending Cash Central Fund	17,826
Total	$ 20,293

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

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

United States of America	85.3%
Bermuda	3.1%
Netherlands	2.1%
Canada	1.1%
United Kingdom	1.1%
Ireland	1.0%
China	1.0%
Others (individually less than 1%)	5.3%
	100.0%

Income Tax Information

At November 30, 2009, the fund had a capital loss carryforward of approximately $13,275,370 of which $13,020,263 and $255,107 will expire on November 30, 2016 and 2017, respectively.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	November 30, 2009

Assets
Investment in securities, at value (including securities loaned of $516,844 - See accompanying schedule: Unaffiliated issuers (cost $29,529,117)	$ 29,814,321
Fidelity Central Funds (cost $537,400)	537,400
Total Investments (cost $30,066,517)		$ 30,351,721
Receivable for investments sold		471,117
Receivable for fund shares sold		19,234
Dividends receivable		40,319
Distributions receivable from Fidelity Central Funds		552
Prepaid expenses		170
Receivable from investment adviser for expense reductions		7,475
Other receivables		11,639
Total assets		30,902,227

Liabilities
Payable to custodian bank	$ 134,973
Payable for fund shares redeemed	77,985
Accrued management fee	10,252
Distribution fees payable	13,750
Other affiliated payables	9,633
Other payables and accrued expenses	48,887
Collateral on securities loaned, at value	537,400
Total liabilities		832,880

Net Assets		$ 30,069,347
Net Assets consist of:
Paid in capital		$ 43,405,435
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(13,619,983)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		283,895
Net Assets		$ 30,069,347

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

Annual Report

Statement of Assets and Liabilities - continued

	November 30, 2009

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($9,369,212 ÷ 1,304,124 shares)		$ 7.18

Maximum offering price per share (100/94.25 of $7.18)		$ 7.62
Class T: Net Asset Value and redemption price per share ($12,462,183 ÷ 1,774,423 shares)		$ 7.02

Maximum offering price per share (100/96.50 of $7.02)		$ 7.27
Class B: Net Asset Value and offering price per share ($3,272,089 ÷ 485,620 shares) ^A		$ 6.74

Class C: Net Asset Value and offering price per share ($4,603,493 ÷ 682,980 shares) ^A		$ 6.74


Institutional Class: Net Asset Value, offering price and redemption price per share ($362,370 ÷ 49,162 shares)		$ 7.37

^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.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended November 30, 2009

Investment Income
Dividends		$ 148,142
Special dividends		23,397
Interest		1
Income from Fidelity Central Funds (including $17,826 from security lending)		20,293
Total income		191,833

Expenses
Management fee Basic fee	$ 167,716
Performance adjustment	(42,275)
Transfer agent fees	103,566
Distribution fees	148,320
Accounting and security lending fees	14,124
Custodian fees and expenses	35,731
Independent trustees' compensation	193
Registration fees	53,834
Audit	73,861
Legal	228
Miscellaneous	114
Total expenses before reductions	555,412
Expense reductions	(125,019)	430,393
Net investment income (loss)		(238,560)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,497,721
Foreign currency transactions	10,272
Total net realized gain (loss)		1,507,993
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $673)	7,215,489
Assets and liabilities in foreign currencies	(648)
Total change in net unrealized appreciation (depreciation)		7,214,841
Net gain (loss)		8,722,834
Net increase (decrease) in net assets resulting from operations		$ 8,484,274

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

Annual Report

Statement of Changes in Net Assets

	Year ended November 30, 2009	Year ended November 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (238,560)	$ (212,883)
Net realized gain (loss)	1,507,993	(14,794,290)
Change in net unrealized appreciation (depreciation)	7,214,841	(9,523,925)
Net increase (decrease) in net assets resulting from operations	8,484,274	(24,531,098)
Distributions to shareholders from net realized gain	-	(5,293,324)
Share transactions - net increase (decrease)	(1,538,278)	2,828,485
Total increase (decrease) in net assets	6,945,996	(26,995,937)

Net Assets
Beginning of period	23,123,351	50,119,288
End of period	$ 30,069,347	$ 23,123,351

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

Annual Report

Financial Highlights - Class A

Years ended November 30,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.32	$ 12.05	$ 10.53	$ 9.42	$ 8.61
Income from Investment Operations
Net investment income (loss) ^C	(.04) ^F	(.02) ^G	(.10)	(.05) ^H	(.06) ^I
Net realized and unrealized gain (loss)	1.90	(5.44)	1.62	1.16	.87
Total from investment operations	1.86	(5.46)	1.52	1.11	.81
Distributions from net realized gain	-	(1.27)	-	-	-
Net asset value, end of period	$ 7.18	$ 5.32	$ 12.05	$ 10.53	$ 9.42
Total Return ^A,B	34.96%	(50.65)%	14.43%	11.78%	9.41%
Ratios to Average Net Assets ^D,J
Expenses before reductions	1.68%	1.63%	1.53%	1.62%	1.60%
Expenses net of fee waivers, if any	1.30%	1.30%	1.30%	1.30%	1.33%
Expenses net of all reductions	1.28%	1.28%	1.29%	1.28%	1.25%
Net investment income (loss)	(.58)% ^F	(.21)%^G	(.85)%	(.56)% ^H	(.63)% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,369	$ 6,492	$ 12,665	$ 10,123	$ 7,206
Portfolio turnover rate ^E	301%	276%	177%	173%	213%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

^D 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.

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

^F Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.66)%.

^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 (.34)%.

^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 (.81)%.

^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 (.69)%.

^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.

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

Annual Report

Financial Highlights - Class T

Years ended November 30,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.21	$ 11.83	$ 10.36	$ 9.29	$ 8.52
Income from Investment Operations
Net investment income (loss) ^C	(.05) ^F	(.04) ^G	(.12)	(.08) ^H	(.08) ^I
Net realized and unrealized gain (loss)	1.86	(5.34)	1.59	1.15	.85
Total from investment operations	1.81	(5.38)	1.47	1.07	.77
Distributions from net realized gain	-	(1.24)	-	-	-
Net asset value, end of period	$ 7.02	$ 5.21	$ 11.83	$ 10.36	$ 9.29
Total Return ^A,B	34.74%	(50.81)%	14.19%	11.52%	9.04%
Ratios to Average Net Assets ^D,J
Expenses before reductions	2.04%	1.94%	1.88%	1.95%	1.93%
Expenses net of fee waivers, if any	1.55%	1.55%	1.55%	1.55%	1.58%
Expenses net of all reductions	1.53%	1.53%	1.54%	1.53%	1.50%
Net investment income (loss)	(.83)% ^F	(.46)%^G	(1.10)%	(.81)% ^H	(.88)% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$ 12,462	$ 9,388	$ 19,144	$ 16,957	$ 16,331
Portfolio turnover rate ^E	301%	276%	177%	173%	213%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

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

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

Annual Report

Financial Highlights - Class B

Years ended November 30,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.02	$ 11.44	$ 10.06	$ 9.07	$ 8.36
Income from Investment Operations
Net investment income (loss) ^C	(.08) ^F	(.08) ^G	(.17)	(.12) ^H	(.12) ^I
Net realized and unrealized gain (loss)	1.80	(5.17)	1.55	1.11	.83
Total from investment operations	1.72	(5.25)	1.38	.99	.71
Distributions from net realized gain	-	(1.17)	-	-	-
Net asset value, end of period	$ 6.74	$ 5.02	$ 11.44	$ 10.06	$ 9.07
Total Return ^A,B	34.26%	(51.11)%	13.72%	10.92%	8.49%
Ratios to Average Net Assets ^D,J
Expenses before reductions	2.47%	2.39%	2.28%	2.36%	2.35%
Expenses net of fee waivers, if any	2.05%	2.05%	2.05%	2.05%	2.09%
Expenses net of all reductions	2.03%	2.04%	2.04%	2.03%	2.00%
Net investment income (loss)	(1.33)% ^F	(.96)%^G	(1.60)%	(1.31)% ^H	(1.38)% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,272	$ 3,203	$ 9,082	$ 9,106	$ 9,237
Portfolio turnover rate ^E	301%	276%	177%	173%	213%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

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

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

Annual Report

Financial Highlights - Class C

Years ended November 30,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.03	$ 11.45	$ 10.08	$ 9.08	$ 8.37
Income from Investment Operations
Net investment income (loss) ^C	(.08) ^F	(.08) ^G	(.18)	(.12) ^H	(.12) ^I
Net realized and unrealized gain (loss)	1.79	(5.15)	1.55	1.12	.83
Total from investment operations	1.71	(5.23)	1.37	1.00	.71
Distributions from net realized gain	-	(1.19)	-	-	-
Net asset value, end of period	$ 6.74	$ 5.03	$ 11.45	$ 10.08	$ 9.08
Total Return ^A,B	34.00%	(50.99)%	13.59%	11.01%	8.48%
Ratios to Average Net Assets ^D,J
Expenses before reductions	2.47%	2.38%	2.28%	2.36%	2.34%
Expenses net of fee waivers, if any	2.05%	2.05%	2.05%	2.05%	2.09%
Expenses net of all reductions	2.03%	2.04%	2.04%	2.03%	2.01%
Net investment income (loss)	(1.33)% ^F	(.96)%^G	(1.60)%	(1.31)% ^H	(1.38)% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,603	$ 3,703	$ 8,270	$ 7,039	$ 7,791
Portfolio turnover rate ^E	301%	276%	177%	173%	213%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

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

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

Annual Report

Financial Highlights - Institutional Class

Years ended November 30,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.44	$ 12.31	$ 10.72	$ 9.57	$ 8.73
Income from Investment Operations
Net investment income (loss) ^B	(.02) ^E	- ^{F, J}	(.07)	(.03) ^G	(.03) ^H
Net realized and unrealized gain (loss)	1.95	(5.57)	1.66	1.18	.87
Total from investment operations	1.93	(5.57)	1.59	1.15	.84
Distributions from net realized gain	-	(1.30)	-	-	-
Net asset value, end of period	$ 7.37	$ 5.44	$ 12.31	$ 10.72	$ 9.57
Total Return ^A	35.48%	(50.59)%	14.83%	12.02%	9.62%
Ratios to Average Net Assets ^C,I
Expenses before reductions	1.43%	1.33%	1.20%	1.27%	1.28%
Expenses net of fee waivers, if any	1.05%	1.05%	1.05%	1.05%	1.09%
Expenses net of all reductions	1.03%	1.03%	1.04%	1.04%	1.01%
Net investment income (loss)	(.33)% ^E	.04% ^F	(.60)%	(.31)% ^G	(.38)% ^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 362	$ 338	$ 959	$ 785	$ 522
Portfolio turnover rate ^D	301%	276%	177%	173%	213%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Calculated based on average shares outstanding during the period.

^C 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.

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

^E 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 (.42)%.

^G 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)%.

^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 (.44)%.

^I 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.

^J Amount represents less than $.01 per share.

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

Annual Report

Notes to Financial Statements

For the period ended November 30, 2009

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 Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

Annual Report

Notes to Financial Statements - continued

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. Events or transactions occurring after period end through the date that the financial statements were issued, January 19, 2010, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. 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 November 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments 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 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.

Annual Report

3. Significant Accounting Policies - continued

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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income 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.

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.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

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. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. 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.

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

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

Gross unrealized appreciation	$ 3,140,859
Gross unrealized depreciation	(3,141,377)
Net unrealized appreciation (depreciation)	$ (518)

Tax Cost	$ 30,352,239

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$ (13,275,370)
Net unrealized appreciation (depreciation)	$ (1,827)

The tax character of distributions paid was as follows:

	November 30, 2009	November 30, 2008
Ordinary Income	$ -	$ 2,439,675
Long-term Capital Gains	-	2,853,649
Total	$ -	$ 5,293,324

Annual Report

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $80,684,301 and $82,024,866, respectively.

5. 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 .26% 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 a 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 annual management fee rate, including the performance adjustment, was .46% of the Fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the 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	-%	.25%	$ 22,380	$ 153
Class T	.25%	.25%	53,794	162
Class B	.75%	.25%	31,570	23,714
Class C	.75%	.25%	40,576	3,409
			$ 148,320	$ 27,438

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

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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	$ 4,920
Class T	8,499
Class B*	6,874
Class C*	565
	$ 20,858

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder 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	$ 30,736	.34
Class T	46,573	.43
Class B	10,838	.34
Class C	14,039	.35
Institutional Class	1,380	.31
	$ 103,566

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.

Annual Report

5. Fees and Other Transactions with Affiliates - continued

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 $1,923 for the period.

6. 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 $137 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

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

8. 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.

Annual Report

Notes to Financial Statements - continued

8. Expense Reductions - continued

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.30%	$ 34,268
Class T	1.55%	53,271
Class B	2.05%	13,263
Class C	2.05%	16,886
Institutional Class	1.05%	1,679
		$ 119,367

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $5,652 for the period.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended November 30,	2009	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

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended November 30,	2009	2008	2009	2008
Class A
Shares sold	919,629	477,197	$ 5,364,593	$ 4,284,076
Reinvestment of distributions	-	121,435	-	1,322,682
Shares redeemed	(836,417)	(428,543)	(5,478,370)	(3,741,811)
Net increase (decrease)	83,212	170,089	$ (113,777)	$ 1,864,947
Class T
Shares sold	499,135	424,552	$ 2,905,838	$ 3,574,876
Reinvestment of distributions	-	187,828	-	2,010,170
Shares redeemed	(526,092)	(428,954)	(3,087,818)	(3,651,188)
Net increase (decrease)	(26,957)	183,426	$ (181,980)	$ 1,933,858

Annual Report

10. Share Transactions - continued

	Shares		Dollars
Years ended November 30,	2009	2008	2009	2008
Class B
Shares sold	74,281	101,670	$ 415,963	$ 840,022
Reinvestment of distributions	-	85,200	-	883,599
Shares redeemed	(226,154)	(343,428)	(1,258,027)	(2,879,026)
Net increase (decrease)	(151,873)	(156,558)	$ (842,064)	$ (1,155,405)
Class C
Shares sold	121,963	211,443	$ 694,512	$ 1,826,178
Reinvestment of distributions	-	76,869	-	797,160
Shares redeemed	(175,649)	(273,585)	(983,972)	(2,277,101)
Net increase (decrease)	(53,686)	14,727	$ (289,460)	$ 346,237
Institutional Class
Shares sold	35,462	23,099	$ 217,841	$ 176,956
Reinvestment of distributions	-	7,047	-	78,484
Shares redeemed	(48,406)	(45,964)	(328,838)	(416,592)
Net increase (decrease)	(12,944)	(15,818)	$ (110,997)	$ (161,152)

11. 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.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Securities Fund and the Shareholders of Fidelity Advisor Growth Strategies Fund (formerly Fidelity Advisor Aggressive Growth Fund):

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Advisor Growth Strategies Fund (formerly Fidelity Advisor Aggressive Growth Fund)(a fund of Fidelity Securities Fund) at November 30, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Advisor Growth Strategies Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

January 19, 2010

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 223 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1984 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2002 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Bruce T. Herring (44)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Group Chief Investments Officer of FMR. Previously, Mr. Herring served as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc.(2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Advisor Growth Strategies Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.

The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.

At its July 2009 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. The Board's decision to renew the Advisory Contracts was not based on any single factor noted above, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

Annual Report

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. In response to last year's financial crisis, FMR took a number of actions intended to cut costs and improve efficiency without weakening the investment teams or resources. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure and broaden the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) contractually agreeing to reduce the management fee on Fidelity U.S. Bond Index Fund; and (iv) expanding Class A and Class T load waiver categories to increase rollover retention opportunities and create consistent policies across the classes.

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, the cumulative total returns of Institutional Class (Class I) and Class B of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The returns of Institutional Class (Class I) and Class B show the performance of the highest and lowest performing classes, respectively (based on five-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.

Annual Report

Advisor Growth Strategies Fund

fid56

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Institutional Class (Class I) of the fund was in the fourth quartile for all the periods shown. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group and benchmark. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders.

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. The Board reviewed the year-to-date performance of Class A through May 31, 2009 and stated that it was lower than the fund's benchmark.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in 2008, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 17% means that 83% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Annual Report

Advisor Growth Strategies Fund

fid58

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's negative performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for 2008 represents calculations for performance periods that differ from the periods shown in the performance charts above.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses, as well as the impact of the fund's performance adjustment. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expenses of each class ranked above its competitive median for 2008. The Board considered that the total expenses for Class T were above the median primarily because its 12b-1 fee is higher than the typical front-end load class. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expenses of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that the total expenses of each class of the fund were reasonable, although in all cases above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

Annual Report

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

In February 2009, the Board created an Ad Hoc Committee (the "Committee") to analyze economies of scale. The Committee was formed to consider whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's compensation structure for portfolio managers and key personnel, including performance benchmarks used by Fidelity in evaluating incentive compensation for portfolio managers and research analysts; (iv) the structure and process of equity research and actions taken by FMR to improve the quality of research; (v) the selection of and compensation paid by FMR to fund sub-advisers; (vi) Fidelity's fee structures and rationale for recommending different fees among categories of funds; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; (viii) Fidelity's rationale for recommending which funds should have a performance adjustment component as part of their management fees; and (ix) explanations for the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Annual 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

FIL 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-UANN-0110
1.786669.106

fid60

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

Annual Report

November 30, 2009

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	The Chairman's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
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.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

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.

Annual Report

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

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

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended November 30, 2009	Past 1 year	Past 5 years	Life of fund ^A
Institutional Class	35.48%	-1.15%	-2.10%

^A From November 13, 2000.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Advisor Growth Strategies Fund - Institutional Class on November 13, 2000, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Growth Index performed over the same period.

fid73

Annual Report

Management's Discussion of Fund Performance

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2009 to November 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value June 1, 2009	Ending Account Value November 30, 2009	Expenses Paid During Period* June 1, 2009 to November 30, 2009
Class A	1.30%
Actual		$ 1,000.00	$ 1,154.30	$ 7.02
Hypothetical ^A		$ 1,000.00	$ 1,018.55	$ 6.58
Class T	1.55%
Actual		$ 1,000.00	$ 1,152.70	$ 8.36
Hypothetical ^A		$ 1,000.00	$ 1,017.30	$ 7.84
Class B	2.05%
Actual		$ 1,000.00	$ 1,150.20	$ 11.05
Hypothetical ^A		$ 1,000.00	$ 1,014.79	$ 10.35
Class C	2.05%
Actual		$ 1,000.00	$ 1,150.20	$ 11.05
Hypothetical ^A		$ 1,000.00	$ 1,014.79	$ 10.35
Institutional Class	1.05%
Actual		$ 1,000.00	$ 1,155.20	$ 5.67
Hypothetical ^A		$ 1,000.00	$ 1,019.80	$ 5.32

^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 183/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of November 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
ArthroCare Corp.	3.1	1.5
The Mosaic Co.	2.9	0.0
Cyberonics, Inc.	2.3	1.2
Agilent Technologies, Inc.	2.2	0.0
TJX Companies, Inc.	2.1	0.0
Urban Outfitters, Inc.	2.1	1.1
Starbucks Corp.	2.0	2.1
Precision Castparts Corp.	2.0	1.4
Heckmann Corp.	2.0	1.8
Juniper Networks, Inc.	2.0	2.2
	22.7
Top Five Market Sectors as of November 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	25.9	21.1
Consumer Discretionary	19.8	17.6
Health Care	18.0	17.1
Industrials	12.9	17.3
Energy	6.3	8.6

Asset Allocation (% of fund's net assets)
As of November 30, 2009 *			As of May 31, 2009 **
	Stocks 99.1%			Stocks 98.1%
	Short-Term Investments and Net Other Assets 0.9%			Short-Term Investments and Net Other Assets 1.9%
* Foreign investments		14.7%	** Foreign investments		18.0%

fid79

Annual Report

Investments November 30, 2009

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
CONSUMER DISCRETIONARY - 19.8%
Auto Components - 1.1%
Johnson Controls, Inc.	11,700		$ 316,485
Hotels, Restaurants & Leisure - 2.6%
Starbucks Corp. (a)	28,045		614,186
Starwood Hotels & Resorts Worldwide, Inc.	5,122		164,006
			778,192
Household Durables - 1.6%
Harman International Industries, Inc.	12,987		488,441
Internet & Catalog Retail - 1.1%
Expedia, Inc. (a)	12,685		323,214
Media - 2.2%
Discovery Communications, Inc. (a)	7,566		241,734
Focus Media Holding Ltd. ADR (a)(c)	23,300		292,648
VisionChina Media, Inc. ADR (a)	15,200		140,144
			674,526
Specialty Retail - 8.3%
Abercrombie & Fitch Co. Class A	13,504		539,215
Ross Stores, Inc.	9,381		412,576
TJX Companies, Inc.	16,371		628,319
Urban Outfitters, Inc. (a)	19,700		623,308
Zumiez, Inc. (a)(c)	25,479		278,485
			2,481,903
Textiles, Apparel & Luxury Goods - 2.9%
Hanesbrands, Inc. (a)	21,007		504,378
Polo Ralph Lauren Corp. Class A	4,900		376,565
			880,943
TOTAL CONSUMER DISCRETIONARY			5,943,704
CONSUMER STAPLES - 4.2%
Beverages - 2.0%
Heckmann Corp. (a)	139,449		603,814
Food Products - 2.2%
Bunge Ltd.	7,523		465,674
Origin Agritech Ltd. (a)	15,300		206,856
			672,530
TOTAL CONSUMER STAPLES			1,276,344
Common Stocks - continued
	Shares		Value
ENERGY - 6.3%
Energy Equipment & Services - 3.2%
Exterran Holdings, Inc. (a)	6,700		$ 140,365
Helmerich & Payne, Inc.	7,853		294,880
Smith International, Inc.	9,500		258,210
Weatherford International Ltd. (a)	15,136		252,771
			946,226
Oil, Gas & Consumable Fuels - 3.1%
Alpha Natural Resources, Inc. (a)	8,300		307,100
Arch Coal, Inc.	8,600		179,396
CONSOL Energy, Inc.	6,800		312,256
Denbury Resources, Inc. (a)	10,797		143,276
			942,028
TOTAL ENERGY			1,888,254
FINANCIALS - 6.2%
Capital Markets - 2.1%
Charles Schwab Corp.	16,300		298,779
Greenhill & Co., Inc.	4,001		326,682
			625,461
Commercial Banks - 0.6%
SunTrust Banks, Inc.	7,667		181,171
Diversified Financial Services - 2.6%
CME Group, Inc.	1,353		444,095
MSCI, Inc. Class A (a)	11,414		347,785
			791,880
Real Estate Management & Development - 0.9%
Indiabulls Real Estate Ltd. (a)	56,985		253,430
TOTAL FINANCIALS			1,851,942
HEALTH CARE - 18.0%
Biotechnology - 4.9%
Alexion Pharmaceuticals, Inc. (a)	5,615		254,640
Alnylam Pharmaceuticals, Inc. (a)(c)	5,500		92,455
AMAG Pharmaceuticals, Inc. (a)	8,560		320,058
Dendreon Corp. (a)	10,852		296,694
Human Genome Sciences, Inc. (a)	8,700		242,034
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
Isis Pharmaceuticals, Inc. (a)	11,066		$ 118,517
Vertex Pharmaceuticals, Inc. (a)	3,820		148,292
			1,472,690
Health Care Equipment & Supplies - 8.1%
ArthroCare Corp. (a)	41,972		919,189
Cyberonics, Inc. (a)	38,362		690,516
Edwards Lifesciences Corp. (a)	6,755		555,801
NuVasive, Inc. (a)	7,918		256,939
			2,422,445
Health Care Providers & Services - 3.5%
Aetna, Inc.	9,900		288,189
CIGNA Corp.	10,000		320,800
Community Health Systems, Inc. (a)	8,800		268,488
Humana, Inc. (a)	4,600		190,946
			1,068,423
Health Care Technology - 1.0%
Cerner Corp. (a)	3,991		300,482
Life Sciences Tools & Services - 0.5%
QIAGEN NV (a)	7,300		161,330
TOTAL HEALTH CARE			5,425,370
INDUSTRIALS - 12.9%
Aerospace & Defense - 2.0%
Precision Castparts Corp.	5,900		611,712
Building Products - 1.1%
Lennox International, Inc.	8,400		311,808
Construction & Engineering - 1.0%
Fluor Corp.	6,900		293,112
Electrical Equipment - 1.0%
Cooper Industries PLC Class A	7,100		303,099
Machinery - 5.2%
AGCO Corp. (a)	11,200		339,472
Bucyrus International, Inc. Class A	4,500		233,055
Cummins, Inc.	6,600		296,340
Flowserve Corp.	2,900		288,434
IDEX Corp.	5,300		157,039
Joy Global, Inc.	4,700		251,638
			1,565,978
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Marine - 0.7%
Ultrapetrol (Bahamas) Ltd. (a)	45,157		$ 208,625
Road & Rail - 1.9%
CSX Corp.	12,200		579,256
TOTAL INDUSTRIALS			3,873,590
INFORMATION TECHNOLOGY - 25.9%
Communications Equipment - 2.0%
Juniper Networks, Inc. (a)	22,695		593,020
Computers & Peripherals - 2.2%
SanDisk Corp. (a)	16,700		329,324
Western Digital Corp. (a)	8,700		320,508
			649,832
Electronic Equipment & Components - 3.7%
Agilent Technologies, Inc. (a)	23,258		672,621
Avnet, Inc. (a)	12,200		332,450
Maxwell Technologies, Inc. (a)(c)	6,900		113,436
			1,118,507
IT Services - 1.0%
MasterCard, Inc. Class A	1,300		313,118
Semiconductors & Semiconductor Equipment - 9.8%
Altera Corp.	15,007		315,597
ASM International NV (NASDAQ) (a)(c)	7,000		159,600
ASML Holding NV (NY Shares)	10,600		328,494
Broadcom Corp. Class A (a)	11,200		327,040
KLA-Tencor Corp.	8,466		264,478
Marvell Technology Group Ltd. (a)	30,780		474,628
National Semiconductor Corp.	22,300		325,580
NVIDIA Corp. (a)	33,400		436,204
Xilinx, Inc.	13,700		310,168
			2,941,789
Software - 7.2%
Activision Blizzard, Inc. (a)	26,600		302,974
ANSYS, Inc. (a)	7,464		290,648
Autonomy Corp. PLC (a)	13,964		327,334
BMC Software, Inc. (a)	12,900		499,617
Citrix Systems, Inc. (a)	7,700		293,986
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Informatica Corp. (a)	13,442		$ 301,773
VMware, Inc. Class A (a)	3,847		161,497
			2,177,829
TOTAL INFORMATION TECHNOLOGY			7,794,095
MATERIALS - 5.8%
Chemicals - 4.5%
Fertilizantes Fosfatados SA (PN) (a)	15,000		139,789
Potash Corp. of Saskatchewan, Inc.	3,000		335,102
The Mosaic Co.	16,098		876,536
			1,351,427
Metals & Mining - 1.3%
AngloGold Ashanti Ltd. sponsored ADR	4,000		176,160
Randgold Resources Ltd. sponsored ADR	1,800		152,532
Sino Gold Mining Ltd. (a)	11,183		80,903
			409,595
TOTAL MATERIALS			1,761,022
TOTAL COMMON STOCKS (Cost $29,529,117)		29,814,321
Money Market Funds - 1.8%

Fidelity Securities Lending Cash Central Fund, 0.17% (b)(d) (Cost $537,400)	537,400		537,400
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $30,066,517)			30,351,721
NET OTHER ASSETS - (0.9)%			(282,374)
NET ASSETS - 100%		$ 30,069,347

Legend

(a) Non-income producing

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

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	$ 2,467
Fidelity Securities Lending Cash Central Fund	17,826
Total	$ 20,293

Other Information

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

United States of America	85.3%
Bermuda	3.1%
Netherlands	2.1%
Canada	1.1%
United Kingdom	1.1%
Ireland	1.0%
China	1.0%
Others (individually less than 1%)	5.3%
	100.0%

Income Tax Information

At November 30, 2009, the fund had a capital loss carryforward of approximately $13,275,370 of which $13,020,263 and $255,107 will expire on November 30, 2016 and 2017, respectively.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	November 30, 2009

Assets
Investment in securities, at value (including securities loaned of $516,844 - See accompanying schedule: Unaffiliated issuers (cost $29,529,117)	$ 29,814,321
Fidelity Central Funds (cost $537,400)	537,400
Total Investments (cost $30,066,517)		$ 30,351,721
Receivable for investments sold		471,117
Receivable for fund shares sold		19,234
Dividends receivable		40,319
Distributions receivable from Fidelity Central Funds		552
Prepaid expenses		170
Receivable from investment adviser for expense reductions		7,475
Other receivables		11,639
Total assets		30,902,227

Liabilities
Payable to custodian bank	$ 134,973
Payable for fund shares redeemed	77,985
Accrued management fee	10,252
Distribution fees payable	13,750
Other affiliated payables	9,633
Other payables and accrued expenses	48,887
Collateral on securities loaned, at value	537,400
Total liabilities		832,880

Net Assets		$ 30,069,347
Net Assets consist of:
Paid in capital		$ 43,405,435
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(13,619,983)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		283,895
Net Assets		$ 30,069,347

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	November 30, 2009

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($9,369,212 ÷ 1,304,124 shares)		$ 7.18

Maximum offering price per share (100/94.25 of $7.18)		$ 7.62
Class T: Net Asset Value and redemption price per share ($12,462,183 ÷ 1,774,423 shares)		$ 7.02

Maximum offering price per share (100/96.50 of $7.02)		$ 7.27
Class B: Net Asset Value and offering price per share ($3,272,089 ÷ 485,620 shares) ^A		$ 6.74

Class C: Net Asset Value and offering price per share ($4,603,493 ÷ 682,980 shares) ^A		$ 6.74


Institutional Class: Net Asset Value, offering price and redemption price per share ($362,370 ÷ 49,162 shares)		$ 7.37

^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.

Annual Report

Statement of Operations

	Year ended November 30, 2009

Investment Income
Dividends		$ 148,142
Special dividends		23,397
Interest		1
Income from Fidelity Central Funds (including $17,826 from security lending)		20,293
Total income		191,833

Expenses
Management fee Basic fee	$ 167,716
Performance adjustment	(42,275)
Transfer agent fees	103,566
Distribution fees	148,320
Accounting and security lending fees	14,124
Custodian fees and expenses	35,731
Independent trustees' compensation	193
Registration fees	53,834
Audit	73,861
Legal	228
Miscellaneous	114
Total expenses before reductions	555,412
Expense reductions	(125,019)	430,393
Net investment income (loss)		(238,560)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,497,721
Foreign currency transactions	10,272
Total net realized gain (loss)		1,507,993
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $673)	7,215,489
Assets and liabilities in foreign currencies	(648)
Total change in net unrealized appreciation (depreciation)		7,214,841
Net gain (loss)		8,722,834
Net increase (decrease) in net assets resulting from operations		$ 8,484,274

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended November 30, 2009	Year ended November 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (238,560)	$ (212,883)
Net realized gain (loss)	1,507,993	(14,794,290)
Change in net unrealized appreciation (depreciation)	7,214,841	(9,523,925)
Net increase (decrease) in net assets resulting from operations	8,484,274	(24,531,098)
Distributions to shareholders from net realized gain	-	(5,293,324)
Share transactions - net increase (decrease)	(1,538,278)	2,828,485
Total increase (decrease) in net assets	6,945,996	(26,995,937)

Net Assets
Beginning of period	23,123,351	50,119,288
End of period	$ 30,069,347	$ 23,123,351

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

Annual Report

Financial Highlights - Class A

Years ended November 30,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.32	$ 12.05	$ 10.53	$ 9.42	$ 8.61
Income from Investment Operations
Net investment income (loss) ^C	(.04) ^F	(.02) ^G	(.10)	(.05) ^H	(.06) ^I
Net realized and unrealized gain (loss)	1.90	(5.44)	1.62	1.16	.87
Total from investment operations	1.86	(5.46)	1.52	1.11	.81
Distributions from net realized gain	-	(1.27)	-	-	-
Net asset value, end of period	$ 7.18	$ 5.32	$ 12.05	$ 10.53	$ 9.42
Total Return ^A,B	34.96%	(50.65)%	14.43%	11.78%	9.41%
Ratios to Average Net Assets ^D,J
Expenses before reductions	1.68%	1.63%	1.53%	1.62%	1.60%
Expenses net of fee waivers, if any	1.30%	1.30%	1.30%	1.30%	1.33%
Expenses net of all reductions	1.28%	1.28%	1.29%	1.28%	1.25%
Net investment income (loss)	(.58)% ^F	(.21)%^G	(.85)%	(.56)% ^H	(.63)% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,369	$ 6,492	$ 12,665	$ 10,123	$ 7,206
Portfolio turnover rate ^E	301%	276%	177%	173%	213%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

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

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

Annual Report

Financial Highlights - Class T

Years ended November 30,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.21	$ 11.83	$ 10.36	$ 9.29	$ 8.52
Income from Investment Operations
Net investment income (loss) ^C	(.05) ^F	(.04) ^G	(.12)	(.08) ^H	(.08) ^I
Net realized and unrealized gain (loss)	1.86	(5.34)	1.59	1.15	.85
Total from investment operations	1.81	(5.38)	1.47	1.07	.77
Distributions from net realized gain	-	(1.24)	-	-	-
Net asset value, end of period	$ 7.02	$ 5.21	$ 11.83	$ 10.36	$ 9.29
Total Return ^A,B	34.74%	(50.81)%	14.19%	11.52%	9.04%
Ratios to Average Net Assets ^D,J
Expenses before reductions	2.04%	1.94%	1.88%	1.95%	1.93%
Expenses net of fee waivers, if any	1.55%	1.55%	1.55%	1.55%	1.58%
Expenses net of all reductions	1.53%	1.53%	1.54%	1.53%	1.50%
Net investment income (loss)	(.83)% ^F	(.46)%^G	(1.10)%	(.81)% ^H	(.88)% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$ 12,462	$ 9,388	$ 19,144	$ 16,957	$ 16,331
Portfolio turnover rate ^E	301%	276%	177%	173%	213%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

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

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

Annual Report

Financial Highlights - Class B

Years ended November 30,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.02	$ 11.44	$ 10.06	$ 9.07	$ 8.36
Income from Investment Operations
Net investment income (loss) ^C	(.08) ^F	(.08) ^G	(.17)	(.12) ^H	(.12) ^I
Net realized and unrealized gain (loss)	1.80	(5.17)	1.55	1.11	.83
Total from investment operations	1.72	(5.25)	1.38	.99	.71
Distributions from net realized gain	-	(1.17)	-	-	-
Net asset value, end of period	$ 6.74	$ 5.02	$ 11.44	$ 10.06	$ 9.07
Total Return ^A,B	34.26%	(51.11)%	13.72%	10.92%	8.49%
Ratios to Average Net Assets ^D,J
Expenses before reductions	2.47%	2.39%	2.28%	2.36%	2.35%
Expenses net of fee waivers, if any	2.05%	2.05%	2.05%	2.05%	2.09%
Expenses net of all reductions	2.03%	2.04%	2.04%	2.03%	2.00%
Net investment income (loss)	(1.33)% ^F	(.96)%^G	(1.60)%	(1.31)% ^H	(1.38)% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,272	$ 3,203	$ 9,082	$ 9,106	$ 9,237
Portfolio turnover rate ^E	301%	276%	177%	173%	213%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

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

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

Annual Report

Financial Highlights - Class C

Years ended November 30,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.03	$ 11.45	$ 10.08	$ 9.08	$ 8.37
Income from Investment Operations
Net investment income (loss) ^C	(.08) ^F	(.08) ^G	(.18)	(.12) ^H	(.12) ^I
Net realized and unrealized gain (loss)	1.79	(5.15)	1.55	1.12	.83
Total from investment operations	1.71	(5.23)	1.37	1.00	.71
Distributions from net realized gain	-	(1.19)	-	-	-
Net asset value, end of period	$ 6.74	$ 5.03	$ 11.45	$ 10.08	$ 9.08
Total Return ^A,B	34.00%	(50.99)%	13.59%	11.01%	8.48%
Ratios to Average Net Assets ^D,J
Expenses before reductions	2.47%	2.38%	2.28%	2.36%	2.34%
Expenses net of fee waivers, if any	2.05%	2.05%	2.05%	2.05%	2.09%
Expenses net of all reductions	2.03%	2.04%	2.04%	2.03%	2.01%
Net investment income (loss)	(1.33)% ^F	(.96)%^G	(1.60)%	(1.31)% ^H	(1.38)% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,603	$ 3,703	$ 8,270	$ 7,039	$ 7,791
Portfolio turnover rate ^E	301%	276%	177%	173%	213%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

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

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

Annual Report

Financial Highlights - Institutional Class

Years ended November 30,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.44	$ 12.31	$ 10.72	$ 9.57	$ 8.73
Income from Investment Operations
Net investment income (loss) ^B	(.02) ^E	- ^{F, J}	(.07)	(.03) ^G	(.03) ^H
Net realized and unrealized gain (loss)	1.95	(5.57)	1.66	1.18	.87
Total from investment operations	1.93	(5.57)	1.59	1.15	.84
Distributions from net realized gain	-	(1.30)	-	-	-
Net asset value, end of period	$ 7.37	$ 5.44	$ 12.31	$ 10.72	$ 9.57
Total Return ^A	35.48%	(50.59)%	14.83%	12.02%	9.62%
Ratios to Average Net Assets ^C,I
Expenses before reductions	1.43%	1.33%	1.20%	1.27%	1.28%
Expenses net of fee waivers, if any	1.05%	1.05%	1.05%	1.05%	1.09%
Expenses net of all reductions	1.03%	1.03%	1.04%	1.04%	1.01%
Net investment income (loss)	(.33)% ^E	.04% ^F	(.60)%	(.31)% ^G	(.38)% ^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 362	$ 338	$ 959	$ 785	$ 522
Portfolio turnover rate ^D	301%	276%	177%	173%	213%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Calculated based on average shares outstanding during the period.

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

^J Amount represents less than $.01 per share.

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

Annual Report

Notes to Financial Statements

For the period ended November 30, 2009

1. Organization.

2. Investments in 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.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies.

Annual Report

3. Significant Accounting Policies - continued

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

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

Gross unrealized appreciation	$ 3,140,859
Gross unrealized depreciation	(3,141,377)
Net unrealized appreciation (depreciation)	$ (518)

Tax Cost	$ 30,352,239

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$ (13,275,370)
Net unrealized appreciation (depreciation)	$ (1,827)

The tax character of distributions paid was as follows:

	November 30, 2009	November 30, 2008
Ordinary Income	$ -	$ 2,439,675
Long-term Capital Gains	-	2,853,649
Total	$ -	$ 5,293,324

Annual Report

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $80,684,301 and $82,024,866, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 22,380	$ 153
Class T	.25%	.25%	53,794	162
Class B	.75%	.25%	31,570	23,714
Class C	.75%	.25%	40,576	3,409
			$ 148,320	$ 27,438

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 4,920
Class T	8,499
Class B*	6,874
Class C*	565
	$ 20,858

* 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.

	Amount	% of Average Net Assets
Class A	$ 30,736	.34
Class T	46,573	.43
Class B	10,838	.34
Class C	14,039	.35
Institutional Class	1,380	.31
	$ 103,566

Annual Report

5. Fees and Other Transactions with Affiliates - continued

6. Committed Line of Credit.

7. Security Lending.

8. Expense Reductions.

Annual Report

Notes to Financial Statements - continued

8. Expense Reductions - continued

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.30%	$ 34,268
Class T	1.55%	53,271
Class B	2.05%	13,263
Class C	2.05%	16,886
Institutional Class	1.05%	1,679
		$ 119,367

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended November 30,	2009	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

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended November 30,	2009	2008	2009	2008
Class A
Shares sold	919,629	477,197	$ 5,364,593	$ 4,284,076
Reinvestment of distributions	-	121,435	-	1,322,682
Shares redeemed	(836,417)	(428,543)	(5,478,370)	(3,741,811)
Net increase (decrease)	83,212	170,089	$ (113,777)	$ 1,864,947
Class T
Shares sold	499,135	424,552	$ 2,905,838	$ 3,574,876
Reinvestment of distributions	-	187,828	-	2,010,170
Shares redeemed	(526,092)	(428,954)	(3,087,818)	(3,651,188)
Net increase (decrease)	(26,957)	183,426	$ (181,980)	$ 1,933,858

Annual Report

10. Share Transactions - continued

	Shares		Dollars
Years ended November 30,	2009	2008	2009	2008
Class B
Shares sold	74,281	101,670	$ 415,963	$ 840,022
Reinvestment of distributions	-	85,200	-	883,599
Shares redeemed	(226,154)	(343,428)	(1,258,027)	(2,879,026)
Net increase (decrease)	(151,873)	(156,558)	$ (842,064)	$ (1,155,405)
Class C
Shares sold	121,963	211,443	$ 694,512	$ 1,826,178
Reinvestment of distributions	-	76,869	-	797,160
Shares redeemed	(175,649)	(273,585)	(983,972)	(2,277,101)
Net increase (decrease)	(53,686)	14,727	$ (289,460)	$ 346,237
Institutional Class
Shares sold	35,462	23,099	$ 217,841	$ 176,956
Reinvestment of distributions	-	7,047	-	78,484
Shares redeemed	(48,406)	(45,964)	(328,838)	(416,592)
Net increase (decrease)	(12,944)	(15,818)	$ (110,997)	$ (161,152)

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Securities Fund and the Shareholders of Fidelity Advisor Growth Strategies Fund (formerly Fidelity Advisor Aggressive Growth Fund):

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

January 19, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1984 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2002 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Bruce T. Herring (44)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Group Chief Investments Officer of FMR. Previously, Mr. Herring served as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc.(2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Advisor Growth Strategies Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Advisor Growth Strategies Fund

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Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Advisor Growth Strategies Fund

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Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual 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

FIL 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-UANN-0110
1.786670.106

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Item 2. Code of Ethics

As of the end of the period, November 30, 2009, Fidelity Securities Fund (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Joseph Mauriello is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Mauriello is independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Advisor Growth Strategies Fund (the "Fund"):

Services Billed by PwC

November 30, 2009 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Growth Strategies Fund	$48,000	$-	$3,200	$1,500

November 30, 2008 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Advisor Growth Strategies Fund	$37,000	$-	$3,900	$1,500

^AAmounts may reflect rounding.

The following table presents fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Fund Service Providers"):

Services Billed by PwC

	November 30, 2009^A	November 30, 2008^A
Audit-Related Fees	$2,755,000	$2,360,000^B
Tax Fees	$-	$2,000
All Other Fees	$-	$-^B

^A Amounts may reflect rounding.

^B Reflects current period presentation.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for assurance services provided to the fund or Fund Service Provider that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by PwC for services rendered to the Fund, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund are as follows:

Billed By	November 30, 2009^A	November 30, 2008^A
PwC	$4,415,000	$3,310,000^B

^A Amounts may reflect rounding.

^B Reflects current period presentation.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the Fund, taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund and its related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's last two fiscal years relating to services provided to (i) the Fund or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund.

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 trust's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's 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)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(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:	January 27, 2010

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:	January 27, 2010

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	January 27, 2010

Fidelity Advisor Small Cap Growth Fund Class Z (FIDGX) N-CSRCertified annual shareholder report (management investment company)

Contents

Chairman's Message

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments November 30, 2009

Financial Statements

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Years ended November 30,

2009

2008

2007

2006

2005

Financial Highlights - Class T

Years ended November 30,

2009

2008

2007

2006

2005

Financial Highlights - Class B

Years ended November 30,

2009

2008

2007

2006

2005

Financial Highlights - Class C

Years ended November 30,

2009

2008

2007

2006

2005

Financial Highlights - Institutional Class

Years ended November 30,

2009

2008

2007

2006

2005

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Chairman's Message

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments November 30, 2009

Financial Statements

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Years ended November 30,

2009

2008

2007

2006

2005

Financial Highlights - Class T

Years ended November 30,

2009

2008

2007

2006

2005

Financial Highlights - Class B

Years ended November 30,