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)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | November 30 |
| |
Date of reporting period: | May 31, 2004 |
Item 1. Reports to Stockholders
(Fidelity Investment logo)(registered trademark)
Fidelity® Advisor
Aggressive Growth
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
May 31, 2004
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
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. |
Proxy Voting Results | <Click Here> | |
For a free copy of the fund's proxy voting guidelines call 1-877-208-0098 or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.
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 Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
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.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Ten Stocks as of May 31, 2004 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Genentech, Inc. | 4.1 | 2.8 |
Biogen Idec, Inc. | 3.3 | 1.7 |
Elan Corp. PLC sponsored ADR | 3.2 | 0.0 |
Biomet, Inc. | 1.8 | 1.6 |
Microchip Technology, Inc. | 1.8 | 1.2 |
Cisco Systems, Inc. | 1.7 | 1.3 |
Lexmark International, Inc. Class A | 1.7 | 2.0 |
Zimmer Holdings, Inc. | 1.5 | 0.8 |
Starbucks Corp. | 1.5 | 1.1 |
Caremark Rx, Inc. | 1.3 | 1.6 |
| 21.9 | |
Top Five Market Sectors as of May 31, 2004 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Health Care | 35.6 | 24.5 |
Information Technology | 26.4 | 28.9 |
Consumer Discretionary | 17.8 | 19.7 |
Industrials | 6.3 | 8.3 |
Energy | 2.9 | 3.5 |
Asset Allocation (% of fund's net assets) |
As of May 31, 2004* | As of November 30, 2003** |
 | Stocks 97.0% | | | Stocks and
Investment
Companies 96.5% | |
 | Short-Term
Investments and
Net Other Assets 3.0% | | | Short-Term
Investments and
Net Other Assets 3.5% | |
* Foreign
investments | 7.1% | | ** Foreign
investments | 6.0% | |
Semiannual Report
Investments May 31, 2004 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.0% |
| Shares | | Value (Note 1) |
CONSUMER DISCRETIONARY - 17.8% |
Auto Components - 0.3% |
Gentex Corp. | 2,700 | | $ 102,600 |
Hotels, Restaurants & Leisure - 5.8% |
Brinker International, Inc. (a) | 6,280 | | 232,109 |
California Pizza Kitchen, Inc. (a) | 2,600 | | 49,088 |
Darden Restaurants, Inc. | 7,250 | | 163,125 |
Harrah's Entertainment, Inc. | 960 | | 49,344 |
Hilton Hotels Corp. | 5,800 | | 100,630 |
International Game Technology | 7,110 | | 279,423 |
Krispy Kreme Doughnuts, Inc. (a) | 1,800 | | 38,646 |
Mandalay Resort Group | 600 | | 32,910 |
Marriott International, Inc. Class A | 1,890 | | 93,234 |
Outback Steakhouse, Inc. | 1,700 | | 72,165 |
Royal Caribbean Cruises Ltd. | 1,400 | | 54,768 |
Starbucks Corp. (a) | 14,220 | | 577,901 |
Station Casinos, Inc. | 1,900 | | 87,818 |
Sunterra Corp. (a) | 1,500 | | 15,600 |
The Cheesecake Factory, Inc. (a) | 1,480 | | 57,750 |
Wendy's International, Inc. | 900 | | 34,011 |
Yum! Brands, Inc. (a) | 9,380 | | 351,750 |
| | 2,290,272 |
Household Durables - 0.9% |
Black & Decker Corp. | 2,410 | | 144,431 |
Harman International Industries, Inc. | 1,720 | | 137,841 |
Mohawk Industries, Inc. (a) | 780 | | 57,907 |
| | 340,179 |
Internet & Catalog Retail - 0.1% |
Amazon.com, Inc. (a) | 300 | | 14,487 |
eDiets.com, Inc. (a) | 400 | | 1,348 |
Overstock.com, Inc. (a) | 1,000 | | 35,990 |
| | 51,825 |
Leisure Equipment & Products - 1.1% |
Brunswick Corp. | 8,800 | | 356,400 |
Mattel, Inc. | 1,960 | | 34,261 |
Polaris Industries, Inc. | 800 | | 34,720 |
| | 425,381 |
Media - 2.2% |
Cablevision Systems Corp. - NY Group Class A (a) | 1,840 | | 40,333 |
E.W. Scripps Co. Class A | 1,850 | | 196,766 |
Entercom Communications Corp. Class A (a) | 540 | | 22,005 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
CONSUMER DISCRETIONARY - continued |
Media - continued |
Gannett Co., Inc. | 840 | | $ 73,752 |
Getty Images, Inc. (a) | 1,480 | | 83,324 |
Lamar Advertising Co. Class A (a) | 810 | | 33,105 |
NTL, Inc. (a) | 1,582 | | 93,496 |
Pixar (a) | 1,370 | | 92,955 |
Playboy Enterprises, Inc. Class B (non-vtg.) (a) | 200 | | 2,416 |
Radio One, Inc. Class D (non-vtg.) (a) | 1,000 | | 17,280 |
The New York Times Co. Class A | 1,840 | | 85,799 |
Univision Communications, Inc. Class A (a) | 2,300 | | 74,865 |
Westwood One, Inc. (a) | 2,590 | | 70,267 |
| | 886,363 |
Multiline Retail - 0.8% |
99 Cents Only Stores (a) | 500 | | 9,705 |
Big Lots, Inc. (a) | 3,030 | | 44,299 |
Dollar General Corp. | 1,900 | | 36,860 |
Dollar Tree Stores, Inc. (a) | 3,060 | | 85,374 |
Family Dollar Stores, Inc. | 2,450 | | 76,832 |
Nordstrom, Inc. | 2,100 | | 85,155 |
| | 338,225 |
Specialty Retail - 5.8% |
Abercrombie & Fitch Co. Class A | 2,400 | | 87,432 |
AutoZone, Inc. (a) | 690 | | 59,858 |
Chico's FAS, Inc. (a) | 4,320 | | 185,328 |
Christopher & Banks Corp. | 3,690 | | 70,110 |
Circuit City Stores, Inc. | 1,600 | | 19,152 |
Foot Locker, Inc. | 1,000 | | 23,600 |
Hot Topic, Inc. (a) | 4,155 | | 89,790 |
Jo-Ann Stores, Inc. (a) | 700 | | 20,041 |
Kirkland's, Inc. (a) | 1,200 | | 14,100 |
Michaels Stores, Inc. | 2,500 | | 130,625 |
PETsMART, Inc. | 5,860 | | 182,187 |
Pier 1 Imports, Inc. | 1,100 | | 20,735 |
Ross Stores, Inc. | 9,780 | | 256,138 |
Select Comfort Corp. (a) | 7,190 | | 194,849 |
Staples, Inc. | 16,530 | | 455,897 |
TJX Companies, Inc. | 14,310 | | 356,462 |
Weight Watchers International, Inc. (a) | 2,110 | | 73,534 |
Williams-Sonoma, Inc. (a) | 2,470 | | 78,917 |
| | 2,318,755 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
CONSUMER DISCRETIONARY - continued |
Textiles Apparel & Luxury Goods - 0.8% |
Coach, Inc. (a) | 6,680 | | $ 291,315 |
Kenneth Cole Productions, Inc. Class A | 550 | | 18,013 |
| | 309,328 |
TOTAL CONSUMER DISCRETIONARY | | 7,062,928 |
CONSUMER STAPLES - 2.2% |
Food & Staples Retailing - 1.1% |
CVS Corp. | 6,100 | | 254,248 |
Performance Food Group Co. (a) | 420 | | 13,793 |
Whole Foods Market, Inc. | 1,710 | | 147,060 |
| | 415,101 |
Food Products - 0.9% |
Del Monte Foods Co. (a) | 14,290 | | 146,758 |
Hershey Foods Corp. | 1,540 | | 136,644 |
McCormick & Co., Inc. (non-vtg.) | 1,700 | | 60,265 |
Smithfield Foods, Inc. (a) | 700 | | 20,293 |
Wm. Wrigley Jr. Co. | 70 | | 4,396 |
| | 368,356 |
Personal Products - 0.2% |
Estee Lauder Companies, Inc. Class A | 1,800 | | 82,422 |
TOTAL CONSUMER STAPLES | | 865,879 |
ENERGY - 2.9% |
Energy Equipment & Services - 2.1% |
BJ Services Co. (a) | 200 | | 8,378 |
Cooper Cameron Corp. (a) | 3,400 | | 157,658 |
ENSCO International, Inc. | 2,110 | | 56,210 |
Halliburton Co. | 600 | | 17,424 |
Nabors Industries Ltd. (a) | 960 | | 39,744 |
Noble Corp. (a) | 1,870 | | 64,440 |
Patterson-UTI Energy, Inc. | 2,920 | | 89,527 |
Smith International, Inc. (a) | 3,530 | | 176,253 |
Weatherford International Ltd. (a) | 5,430 | | 225,399 |
| | 835,033 |
Oil & Gas - 0.8% |
EOG Resources, Inc. | 1,400 | | 74,802 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
ENERGY - continued |
Oil & Gas - continued |
Pioneer Natural Resources Co. | 4,770 | | $ 147,632 |
Teekay Shipping Corp. | 3,240 | | 112,460 |
| | 334,894 |
TOTAL ENERGY | | 1,169,927 |
FINANCIALS - 2.9% |
Capital Markets - 1.5% |
Ameritrade Holding Corp. (a) | 6,780 | | 80,614 |
E*TRADE Financial Corp. (a) | 7,400 | | 84,434 |
Eaton Vance Corp. (non-vtg.) | 2,610 | | 96,309 |
Federated Investors, Inc. Class B (non-vtg.) | 1,580 | | 47,052 |
Investors Financial Services Corp. | 200 | | 7,824 |
Legg Mason, Inc. | 1,720 | | 150,861 |
SEI Investments Co. | 900 | | 26,541 |
T. Rowe Price Group, Inc. | 1,250 | | 60,200 |
Waddell & Reed Financial, Inc. Class A | 2,400 | | 52,440 |
| | 606,275 |
Commercial Banks - 0.8% |
East West Bancorp, Inc. | 1,901 | | 115,334 |
North Fork Bancorp, Inc., New York | 1,100 | | 42,350 |
Popular, Inc. | 700 | | 30,240 |
Sumitomo Mitsui Financial Group, Inc. | 8 | | 57,459 |
Synovus Financial Corp. | 3,040 | | 78,280 |
| | 323,663 |
Real Estate - 0.0% |
Catellus Development Corp. | 77 | | 1,881 |
Thrifts & Mortgage Finance - 0.6% |
MGIC Investment Corp. | 800 | | 58,400 |
New York Community Bancorp, Inc. | 4,373 | | 102,416 |
Radian Group, Inc. | 1,200 | | 55,200 |
The PMI Group, Inc. | 300 | | 12,951 |
| | 228,967 |
TOTAL FINANCIALS | | 1,160,786 |
HEALTH CARE - 35.6% |
Biotechnology - 13.6% |
Affymetrix, Inc. (a) | 1,600 | | 47,328 |
Alkermes, Inc. (a) | 900 | | 12,960 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
HEALTH CARE - continued |
Biotechnology - continued |
Amylin Pharmaceuticals, Inc. (a) | 2,990 | | $ 66,258 |
Biogen Idec, Inc. (a) | 20,980 | | 1,303,907 |
Celgene Corp. (a) | 2,920 | | 166,440 |
Cephalon, Inc. (a) | 1,440 | | 77,573 |
Charles River Laboratories International, Inc. (a) | 2,220 | | 100,078 |
Dendreon Corp. (a) | 1,700 | | 18,615 |
Dyax Corp. (a) | 4,000 | | 39,400 |
Enzon Pharmaceuticals, Inc. (a) | 2,500 | | 35,925 |
Genentech, Inc. (a) | 26,940 | | 1,611,271 |
Genzyme Corp. - General Division (a) | 400 | | 17,432 |
Gilead Sciences, Inc. (a) | 4,900 | | 320,754 |
Harvard Bioscience, Inc. (a) | 2,600 | | 12,220 |
ICOS Corp. (a) | 600 | | 16,872 |
ImClone Systems, Inc. (a) | 2,270 | | 167,980 |
Invitrogen Corp. (a) | 800 | | 55,560 |
Ligand Pharmaceuticals, Inc. Class B (a) | 3,300 | | 67,452 |
Medarex, Inc. (a) | 13,800 | | 115,506 |
MedImmune, Inc. (a) | 8,210 | | 197,615 |
Millennium Pharmaceuticals, Inc. (a) | 33,880 | | 505,151 |
Neurocrine Biosciences, Inc. (a) | 240 | | 13,750 |
OSI Pharmaceuticals, Inc. (a) | 400 | | 32,784 |
Protein Design Labs, Inc. (a) | 18,470 | | 360,350 |
Trimeris, Inc. (a) | 1,400 | | 20,524 |
| | 5,383,705 |
Health Care Equipment & Supplies - 7.4% |
Alcon, Inc. | 3,290 | | 258,133 |
Arthrocare Corp. (a) | 1,700 | | 41,616 |
Baxter International, Inc. | 7,830 | | 246,175 |
Beckman Coulter, Inc. | 1,000 | | 60,500 |
Biomet, Inc. | 17,930 | | 719,352 |
Boston Scientific Corp. (a) | 6,300 | | 279,090 |
C.R. Bard, Inc. | 2,180 | | 244,531 |
Cytyc Corp. (a) | 2,000 | | 43,800 |
DENTSPLY International, Inc. | 1,350 | | 66,704 |
Edwards Lifesciences Corp. (a) | 4,500 | | 163,125 |
Inverness Medical Innovations, Inc. (a) | 1,200 | | 23,268 |
ResMed, Inc. (a) | 3,400 | | 172,720 |
Steris Corp. (a) | 600 | | 13,770 |
Zimmer Holdings, Inc. (a) | 7,210 | | 615,374 |
| | 2,948,158 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
HEALTH CARE - continued |
Health Care Providers & Services - 6.8% |
Aetna, Inc. | 2,110 | | $ 171,332 |
AmerisourceBergen Corp. | 620 | | 37,188 |
Andrx Corp. (a) | 1,400 | | 38,472 |
Apria Healthcare Group, Inc. (a) | 2,000 | | 56,160 |
Cardinal Health, Inc. | 1,200 | | 81,252 |
Caremark Rx, Inc. (a) | 16,510 | | 515,112 |
Cerner Corp. (a) | 800 | | 34,208 |
Community Health Systems, Inc. (a) | 4,590 | | 117,045 |
Computer Programs & Systems, Inc. | 100 | | 1,939 |
Covance, Inc. (a) | 3,100 | | 112,282 |
Coventry Health Care, Inc. (a) | 4,960 | | 228,557 |
DaVita, Inc. (a) | 300 | | 13,926 |
Health Management Associates, Inc. Class A | 9,340 | | 205,387 |
Henry Schein, Inc. (a) | 1,300 | | 87,308 |
Humana, Inc. (a) | 1,800 | | 30,726 |
Inveresk Research Group, Inc. (a) | 6,530 | | 196,422 |
Laboratory Corp. of America Holdings (a) | 1,100 | | 45,496 |
Lincare Holdings, Inc. (a) | 1,800 | | 60,498 |
McKesson Corp. | 1,690 | | 58,136 |
Medco Health Solutions, Inc. (a) | 84 | | 2,943 |
PacifiCare Health Systems, Inc. (a) | 400 | | 14,772 |
Patterson Dental Co. (a) | 700 | | 53,144 |
Quest Diagnostics, Inc. | 1,200 | | 103,380 |
Renal Care Group, Inc. (a) | 2,700 | | 88,479 |
Specialty Laboratories, Inc. (a) | 1,000 | | 9,020 |
Tenet Healthcare Corp. (a) | 5,900 | | 70,328 |
Triad Hospitals, Inc. (a) | 1,470 | | 51,979 |
UnitedHealth Group, Inc. | 1,740 | | 113,535 |
Universal Health Services, Inc. Class B | 2,420 | | 106,504 |
| | 2,705,530 |
Pharmaceuticals - 7.8% |
aaiPharma, Inc. (a) | 850 | | 3,919 |
Allergan, Inc. | 2,620 | | 232,918 |
Barr Pharmaceuticals, Inc. (a) | 4,627 | | 201,830 |
Elan Corp. PLC sponsored ADR (a) | 53,320 | | 1,252,487 |
Endo Pharmaceuticals Holdings, Inc. (a) | 3,000 | | 67,920 |
Eon Labs, Inc. (a) | 200 | | 15,106 |
Guilford Pharmaceuticals, Inc. (a) | 9,400 | | 58,280 |
IVAX Corp. (a) | 8,160 | | 198,696 |
MGI Pharma, Inc. (a) | 3,450 | | 221,870 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
HEALTH CARE - continued |
Pharmaceuticals - continued |
Mylan Laboratories, Inc. | 4,145 | | $ 92,475 |
Pharmaceutical Resources, Inc. (a) | 900 | | 37,935 |
Salix Pharmaceuticals Ltd. (a) | 600 | | 18,102 |
Schering-Plough Corp. | 6,600 | | 111,540 |
Sepracor, Inc. (a) | 9,350 | | 415,982 |
Watson Pharmaceuticals, Inc. (a) | 2,050 | | 76,568 |
Wyeth | 2,000 | | 72,000 |
| | 3,077,628 |
TOTAL HEALTH CARE | | 14,115,021 |
INDUSTRIALS - 6.3% |
Aerospace & Defense - 0.6% |
EADS NV | 4,580 | | 112,892 |
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR | 3,230 | | 82,236 |
KVH Industries, Inc. (a) | 200 | | 2,698 |
Rockwell Collins, Inc. | 1,200 | | 36,048 |
| | 233,874 |
Air Freight & Logistics - 0.1% |
Expeditors International of Washington, Inc. | 700 | | 31,808 |
Building Products - 0.5% |
American Standard Companies, Inc. (a) | 5,190 | | 194,729 |
Trex Co., Inc. (a) | 400 | | 14,532 |
| | 209,261 |
Commercial Services & Supplies - 3.3% |
Avery Dennison Corp. | 2,620 | | 154,685 |
Career Education Corp. (a) | 1,900 | | 129,143 |
ChoicePoint, Inc. (a) | 526 | | 22,750 |
Cintas Corp. | 3,990 | | 181,066 |
Corinthian Colleges, Inc. (a) | 1,800 | | 51,138 |
Education Management Corp. (a) | 1,438 | | 49,726 |
Equifax, Inc. | 3,430 | | 84,069 |
H&R Block, Inc. | 1,790 | | 87,442 |
Herman Miller, Inc. | 1,630 | | 39,250 |
HNI Corp. | 800 | | 31,896 |
Manpower, Inc. | 200 | | 9,550 |
Pitney Bowes, Inc. | 3,050 | | 135,207 |
Robert Half International, Inc. | 11,430 | | 319,811 |
| | 1,295,733 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
INDUSTRIALS - continued |
Construction & Engineering - 0.2% |
Dycom Industries, Inc. (a) | 1,400 | | $ 34,566 |
Granite Construction, Inc. | 1,600 | | 30,240 |
MasTec, Inc. (a) | 800 | | 3,416 |
| | 68,222 |
Industrial Conglomerates - 0.5% |
3M Co. | 890 | | 75,258 |
Tyco International Ltd. | 4,220 | | 129,934 |
| | 205,192 |
Machinery - 0.6% |
AGCO Corp. (a) | 2,030 | | 38,895 |
Astec Industries, Inc. (a) | 2,900 | | 50,199 |
ITT Industries, Inc. | 1,760 | | 141,768 |
Pall Corp. | 700 | | 16,926 |
| | 247,788 |
Trading Companies & Distributors - 0.5% |
Fastenal Co. | 4,020 | | 208,075 |
TOTAL INDUSTRIALS | | 2,499,953 |
INFORMATION TECHNOLOGY - 26.4% |
Communications Equipment - 6.4% |
Advanced Fibre Communications, Inc. (a) | 1,100 | | 20,680 |
Alcatel SA sponsored ADR (a) | 19,890 | | 286,615 |
Andrew Corp. (a) | 2,100 | | 41,265 |
Arris Group, Inc. (a) | 500 | | 3,160 |
AudioCodes Ltd. (a) | 6,960 | | 70,296 |
Avocent Corp. (a) | 1,000 | | 34,270 |
Brocade Communications Systems, Inc. (a) | 4,660 | | 27,913 |
CIENA Corp. (a) | 15,300 | | 55,080 |
Cisco Systems, Inc. (a) | 30,600 | | 677,790 |
Corning, Inc. (a) | 15,970 | | 197,868 |
Enterasys Networks, Inc. (a) | 13,270 | | 26,009 |
Extreme Networks, Inc. (a) | 1,700 | | 9,044 |
Finisar Corp. (a) | 26,500 | | 52,735 |
InterDigital Communication Corp. (a) | 1,200 | | 20,352 |
JDS Uniphase Corp. (a) | 9,500 | | 32,775 |
Juniper Networks, Inc. (a) | 3,400 | | 71,094 |
Marconi Corp. PLC (a) | 12,900 | | 154,115 |
Motorola, Inc. | 1,040 | | 20,561 |
Polycom, Inc. (a) | 870 | | 17,826 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
INFORMATION TECHNOLOGY - continued |
Communications Equipment - continued |
Powerwave Technologies, Inc. (a) | 9,700 | | $ 77,697 |
QUALCOMM, Inc. | 6,110 | | 409,798 |
Redback Networks, Inc. (a) | 9,900 | | 50,193 |
SafeNet, Inc. (a) | 7,600 | | 177,080 |
Sycamore Networks, Inc. (a) | 3,500 | | 15,435 |
| | 2,549,651 |
Computers & Peripherals - 3.1% |
Diebold, Inc. | 7,410 | | 364,053 |
Electronics for Imaging, Inc. (a) | 3,243 | | 90,026 |
EMC Corp. (a) | 2,250 | | 25,290 |
Hutchinson Technology, Inc. (a) | 500 | | 13,205 |
Lexmark International, Inc. Class A (a) | 7,120 | | 671,558 |
Maxtor Corp. (a) | 4,900 | | 33,663 |
Seagate Technology | 1,500 | | 18,450 |
Western Digital Corp. (a) | 3,100 | | 28,334 |
| | 1,244,579 |
Electronic Equipment & Instruments - 1.6% |
Arrow Electronics, Inc. (a) | 1,500 | | 40,845 |
CDW Corp. | 1,200 | | 84,312 |
Celestica, Inc. (sub. vtg.) (a) | 900 | | 16,685 |
Flextronics International Ltd. (a) | 2,970 | | 52,153 |
Ingram Micro, Inc. Class A (a) | 800 | | 11,560 |
KEMET Corp. (a) | 5,800 | | 70,470 |
Sanmina-SCI Corp. (a) | 3,900 | | 41,262 |
Solectron Corp. (a) | 18,600 | | 102,300 |
Symbol Technologies, Inc. | 6,670 | | 98,249 |
Vishay Intertechnology, Inc. (a) | 2,970 | | 56,044 |
Waters Corp. (a) | 1,300 | | 59,904 |
| | 633,784 |
Internet Software & Services - 1.1% |
Interwoven, Inc. (a) | 2,319 | | 21,381 |
Lastminute.com PLC sponsored ADR (a) | 100 | | 1,686 |
Retek, Inc. (a) | 2,785 | | 18,158 |
Sina Corp. (a) | 400 | | 14,488 |
United Online, Inc. (a) | 750 | | 14,093 |
VeriSign, Inc. (a) | 1,100 | | 19,954 |
Vignette Corp. (a) | 18,180 | | 29,997 |
Yahoo!, Inc. (a) | 10,380 | | 318,251 |
| | 438,008 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
INFORMATION TECHNOLOGY - continued |
IT Services - 1.8% |
Affiliated Computer Services, Inc. Class A (a) | 2,400 | | $ 119,568 |
Anteon International Corp. (a) | 400 | | 11,784 |
BearingPoint, Inc. (a) | 1,600 | | 13,728 |
Computer Sciences Corp. (a) | 400 | | 17,436 |
CSG Systems International, Inc. (a) | 65 | | 1,241 |
DST Systems, Inc. (a) | 1,400 | | 67,256 |
Fiserv, Inc. (a) | 2,970 | | 112,325 |
Infosys Technologies Ltd. sponsored ADR | 1,160 | | 96,222 |
Iron Mountain, Inc. (a) | 870 | | 38,515 |
Paychex, Inc. | 640 | | 24,006 |
SunGard Data Systems, Inc. (a) | 7,110 | | 197,018 |
The BISYS Group, Inc. (a) | 1,880 | | 23,782 |
| | 722,881 |
Office Electronics - 1.2% |
Xerox Corp. (a) | 4,400 | | 59,576 |
Zebra Technologies Corp. Class A (a) | 5,067 | | 409,819 |
| | 469,395 |
Semiconductors & Semiconductor Equipment - 6.7% |
Agere Systems, Inc.: | | | |
Class A (a) | 20,030 | | 50,876 |
Class B (a) | 15,700 | | 38,465 |
Altera Corp. (a) | 5,500 | | 125,895 |
Conexant Systems, Inc. (a) | 17,650 | | 83,308 |
DuPont Photomasks, Inc. (a) | 100 | | 2,208 |
Integrated Circuit Systems, Inc. (a) | 5,900 | | 162,014 |
Integrated Device Technology, Inc. (a) | 5,990 | | 87,334 |
Intel Corp. | 1,500 | | 42,825 |
Intersil Corp. Class A | 9,400 | | 199,750 |
KLA-Tencor Corp. (a) | 40 | | 1,927 |
Lam Research Corp. (a) | 4,580 | | 115,095 |
Microchip Technology, Inc. | 22,670 | | 718,866 |
Micron Technology, Inc. (a) | 2,990 | | 44,940 |
National Semiconductor Corp. (a) | 7,820 | | 169,459 |
Novellus Systems, Inc. (a) | 3,600 | | 119,844 |
NVIDIA Corp. (a) | 341 | | 8,041 |
Photronics, Inc. (a) | 7,500 | | 132,600 |
PMC-Sierra, Inc. (a) | 27,030 | | 381,123 |
Rambus, Inc. (a) | 800 | | 15,568 |
Silicon Laboratories, Inc. (a) | 380 | | 19,832 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
INFORMATION TECHNOLOGY - continued |
Semiconductors & Semiconductor Equipment - continued |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (a) | 120 | | $ 1,218 |
Texas Instruments, Inc. | 4,300 | | 112,273 |
United Microelectronics Corp. sponsored ADR (a) | 520 | | 2,600 |
| | 2,636,061 |
Software - 4.5% |
Adobe Systems, Inc. | 3,920 | | 174,950 |
BEA Systems, Inc. (a) | 9,250 | | 79,828 |
BMC Software, Inc. (a) | 1,700 | | 29,988 |
Citrix Systems, Inc. (a) | 4,470 | | 94,094 |
Cognos, Inc. (a) | 500 | | 16,784 |
Concord Communications, Inc. (a) | 100 | | 1,142 |
E.piphany, Inc. (a) | 5,454 | | 25,634 |
Electronic Arts, Inc. (a) | 4,450 | | 226,194 |
FileNET Corp. (a) | 1,898 | | 51,910 |
Jack Henry & Associates, Inc. | 1,290 | | 25,026 |
Manhattan Associates, Inc. (a) | 304 | | 8,664 |
Mercury Interactive Corp. (a) | 7,300 | | 349,962 |
Parametric Technology Corp. (a) | 12,800 | | 62,080 |
Red Hat, Inc. (a) | 2,300 | | 62,859 |
Siebel Systems, Inc. (a) | 18,219 | | 196,765 |
Symantec Corp. (a) | 6,190 | | 283,502 |
VERITAS Software Corp. (a) | 4,010 | | 106,666 |
| | 1,796,048 |
TOTAL INFORMATION TECHNOLOGY | | 10,490,407 |
MATERIALS - 1.7% |
Chemicals - 0.5% |
Dow Chemical Co. | 1,600 | | 63,840 |
Ferro Corp. | 2,000 | | 51,200 |
International Flavors & Fragrances, Inc. | 800 | | 28,784 |
Olin Corp. | 2,400 | | 39,480 |
Praxair, Inc. | 400 | | 14,796 |
| | 198,100 |
Containers & Packaging - 0.6% |
Owens-Illinois, Inc. (a) | 2,610 | | 38,706 |
Pactiv Corp. (a) | 1,500 | | 35,370 |
Sealed Air Corp. (a) | 3,070 | | 154,329 |
| | 228,405 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
MATERIALS - continued |
Metals & Mining - 0.6% |
Freeport-McMoRan Copper & Gold, Inc. Class B | 2,550 | | $ 85,757 |
Massey Energy Co. | 2,800 | | 68,936 |
Metal Management, Inc. (a) | 600 | | 9,402 |
Phelps Dodge Corp. (a) | 1,400 | | 95,060 |
| | 259,155 |
TOTAL MATERIALS | | 685,660 |
TELECOMMUNICATION SERVICES - 1.2% |
Diversified Telecommunication Services - 0.6% |
Philippine Long Distance Telephone Co. sponsored ADR (a) | 1,000 | | 19,480 |
Qwest Communications International, Inc. (a) | 9,670 | | 36,263 |
SBC Communications, Inc. | 3,900 | | 92,430 |
Sprint Corp. - FON Group | 4,950 | | 87,912 |
XO Communications, Inc. (a) | 1,600 | | 6,400 |
| | 242,485 |
Wireless Telecommunication Services - 0.6% |
Arch Wireless, Inc. Class A (a) | 1,400 | | 44,366 |
KDDI Corp. | 15 | | 87,603 |
MobilCom AG | 1,900 | | 38,803 |
Wireless Facilities, Inc. (a) | 5,900 | | 55,932 |
| | 226,704 |
TOTAL TELECOMMUNICATION SERVICES | | 469,189 |
TOTAL COMMON STOCKS (Cost $33,286,601) | 38,519,750 |
Money Market Funds - 1.5% |
| Shares | | Value (Note 1) |
Fidelity Cash Central Fund, 1.09% (b)
(Cost $594,422) | 594,422 | | $ 594,422 |
TOTAL INVESTMENT PORTFOLIO - 98.5% (Cost $33,881,023) | | 39,114,172 |
NET OTHER ASSETS - 1.5% | | 580,215 |
NET ASSETS - 100% | $ 39,694,387 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $23,677,039 and $20,413,218, respectively. |
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 $3,345 for the period. |
Income Tax Information |
At November 30, 2003, the fund had a capital loss carryforward of approximately $14,669,000 of which $7,729,000 and $6,940,000 will expire on November 30, 2009 and 2010, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| May 31, 2004 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (cost $33,881,023) - See accompanying schedule | | $ 39,114,172 |
Cash | | 11,673 |
Receivable for investments sold | | 327,377 |
Receivable for fund shares sold | | 442,557 |
Dividends receivable | | 16,158 |
Interest receivable | | 585 |
Prepaid expenses | | 92 |
Receivable from investment adviser for expense reductions | | 9,481 |
Other receivables | | 7,858 |
Total assets | | 39,929,953 |
| | |
Liabilities | | |
Payable for investments purchased | $ 130,932 | |
Payable for fund shares redeemed | 24,878 | |
Accrued management fee | 19,699 | |
Transfer agent fee payable | 18,456 | |
Distribution fees payable | 22,001 | |
Other affiliated payables | 2,750 | |
Other payables and accrued expenses | 16,850 | |
Total liabilities | | 235,566 |
| | |
Net Assets | | $ 39,694,387 |
Net Assets consist of: | | |
Paid in capital | | $ 47,751,839 |
Accumulated net investment loss | | (270,032) |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (13,020,608) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 5,233,188 |
Net Assets | | $ 39,694,387 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| May 31, 2004 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($5,610,447 ÷ 658,602 shares) | | $ 8.52 |
| | |
Maximum offering price per share (100/94.25 of $8.52) | | $ 9.04 |
Class T:
Net Asset Value and redemption price per share
($14,556,263 ÷ 1,725,002 shares) | | $ 8.44 |
| | |
Maximum offering price per share (100/96.50 of $8.44) | | $ 8.75 |
Class B:
Net Asset Value and offering price per share ($9,422,984 ÷ 1,135,446 shares) A | | $ 8.30 |
| | |
Class C:
Net Asset Value and offering price per share
($9,520,037 ÷ 1,145,254 shares) A | | $ 8.31 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($584,656 ÷ 67,821 shares) | | $ 8.62 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
| Six months ended May 31, 2004 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 74,444 |
Interest | | 4,253 |
Total income | | 78,697 |
| | |
Expenses | | |
Management fee | $ 115,424 | |
Transfer agent fees | 113,240 | |
Distribution fees | 129,816 | |
Accounting fees and expenses | 18,761 | |
Non-interested trustees' compensation | 85 | |
Custodian fees and expenses | 9,528 | |
Registration fees | 11,635 | |
Audit | 18,964 | |
Legal | 1,769 | |
Miscellaneous | 357 | |
Total expenses before reductions | 419,579 | |
Expense reductions | (70,850) | 348,729 |
Net investment income (loss) | | (270,032) |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities | 1,909,035 | |
Foreign currency transactions | (11) | |
Total net realized gain (loss) | | 1,909,024 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 453,692 | |
Assets and liabilities in foreign currencies | 30 | |
Total change in net unrealized appreciation (depreciation) | | 453,722 |
Net gain (loss) | | 2,362,746 |
Net increase (decrease) in net assets resulting from operations | | $ 2,092,714 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
May 31, 2004
(Unaudited) | Year ended
November 30,
2003 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ (270,032) | $ (374,848) |
Net realized gain (loss) | 1,909,024 | 2,514,920 |
Change in net unrealized appreciation (depreciation) | 453,722 | 4,055,009 |
Net increase (decrease) in net assets resulting
from operations | 2,092,714 | 6,195,081 |
Share transactions - net increase (decrease) | 3,539,771 | 1,324,213 |
Total increase (decrease) in net assets | 5,632,485 | 7,519,294 |
| | |
Net Assets | | |
Beginning of period | 34,061,902 | 26,542,608 |
End of period (including accumulated net investment loss of $270,032 and $0, respectively) | $ 39,694,387 | $ 34,061,902 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
May 31, 2004 | Years ended November 30, |
| (Unaudited) | 2003 | 2002 | 2001 | 2000F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.02 | $ 6.47 | $ 8.08 | $ 9.05 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | (.04) | (.06) | (.08) | (.01) | -H |
Net realized and unrealized gain (loss) | .54 | 1.61 | (1.53) | (.95) | (.95) |
Total from investment operations | .50 | 1.55 | (1.61) | (.96) | (.95) |
Distributions from net realized gain | - | - | - | (.01) | - |
Net asset value, end of period | $ 8.52 | $ 8.02 | $ 6.47 | $ 8.08 | $ 9.05 |
Total ReturnB,C,D | 6.23% | 23.96% | (19.93)% | (10.62)% | (9.50)% |
Ratios to Average Net AssetsG | | | | |
Expenses before expense reductions | 1.83%A | 2.25% | 2.05% | 2.06% | 31.94%A |
Expenses net of voluntary waivers, if any | 1.50%A | 1.54% | 1.69% | 1.75% | 1.75%A |
Expenses net of all reductions | 1.44%A | 1.47% | 1.49% | 1.71% | 1.75%A |
Net investment income (loss) | (1.01)%A | (.89)% | (1.07)% | (.14)% | .99%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,610 | $ 4,177 | $ 2,620 | $ 3,320 | $ 1,789 |
Portfolio turnover rate | 113%A | 158% | 473% | 481% | 139%A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period November 13, 2000 (commencement of operations) to November 30, 2000.
G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary 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.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
May 31, 2004 | Years ended November 30, |
| (Unaudited) | 2003 | 2002 | 2001 | 2000F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.95 | $ 6.43 | $ 8.06 | $ 9.05 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | (.05) | (.08) | (.10) | (.03) | -H |
Net realized and unrealized gain (loss) | .54 | 1.60 | (1.53) | (.95) | (.95) |
Total from investment operations | .49 | 1.52 | (1.63) | (.98) | (.95) |
Distributions from net realized gain | - | - | - | (.01) | - |
Net asset value, end of period | $ 8.44 | $ 7.95 | $ 6.43 | $ 8.06 | $ 9.05 |
Total ReturnB,C,D | 6.16% | 23.64% | (20.22)% | (10.84)% | (9.50)% |
Ratios to Average Net AssetsG | | | | |
Expenses before expense reductions | 2.16%A | 2.47% | 2.16% | 2.30% | 32.36%A |
Expenses net of voluntary waivers, if any | 1.75%A | 1.79% | 1.92% | 2.00% | 2.00%A |
Expenses net of all reductions | 1.69%A | 1.72% | 1.72% | 1.96% | 2.00%A |
Net investment income (loss) | (1.26)%A | (1.14)% | (1.29)% | (.39)% | .74%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,556 | $ 12,458 | $ 10,511 | $ 14,165 | $ 2,767 |
Portfolio turnover rate | 113%A | 158% | 473% | 481% | 139%A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period November 13, 2000 (commencement of operations) to November 30, 2000.
G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary 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.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
May 31, 2004 | Years ended November 30, |
| (Unaudited) | 2003 | 2002 | 2001 | 2000F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.84 | $ 6.37 | $ 8.02 | $ 9.05 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | (.07) | (.11) | (.13) | (.08) | -H |
Net realized and unrealized gain (loss) | .53 | 1.58 | (1.52) | (.94) | (.95) |
Total from investment operations | .46 | 1.47 | (1.65) | (1.02) | (.95) |
Distributions from net realized gain | - | - | - | (.01) | - |
Net asset value, end of period | $ 8.30 | $ 7.84 | $ 6.37 | $ 8.02 | $ 9.05 |
Total ReturnB,C,D | 5.87% | 23.08% | (20.57)% | (11.29)% | (9.50)% |
Ratios to Average Net AssetsG | | | | |
Expenses before expense reductions | 2.58%A | 2.92% | 2.73% | 2.86% | 32.87%A |
Expenses net of voluntary waivers, if any | 2.25%A | 2.25% | 2.43% | 2.50% | 2.50%A |
Expenses net of all reductions | 2.19%A | 2.18% | 2.23% | 2.46% | 2.50%A |
Net investment income (loss) | (1.76)%A | (1.60)% | (1.81)% | (.89)% | .24%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,423 | $ 8,422 | $ 6,262 | $ 8,038 | $ 1,659 |
Portfolio turnover rate | 113%A | 158% | 473% | 481% | 139%A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period November 13, 2000 (commencement of operations) to November 30, 2000.
G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary 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.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
May 31, 2004 | Years ended November 30, |
| (Unaudited) | 2003 | 2002 | 2001 | 2000F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.85 | $ 6.38 | $ 8.03 | $ 9.05 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | (.07) | (.11) | (.13) | (.08) | -H |
Net realized and unrealized gain (loss) | .53 | 1.58 | (1.52) | (.93) | (.95) |
Total from investment operations | .46 | 1.47 | (1.65) | (1.01) | (.95) |
Distributions from net realized gain | - | - | - | (.01) | - |
Net asset value, end of period | $ 8.31 | $ 7.85 | $ 6.38 | $ 8.03 | $ 9.05 |
Total ReturnB,C,D | 5.86% | 23.04% | (20.55)% | (11.18)% | (9.50)% |
Ratios to Average Net AssetsG | | | | |
Expenses before expense reductions | 2.44%A | 2.77% | 2.58% | 2.79% | 32.69%A |
Expenses net of voluntary waivers, if any | 2.25%A | 2.25% | 2.36% | 2.50% | 2.50%A |
Expenses net of all reductions | 2.19%A | 2.18% | 2.16% | 2.46% | 2.50%A |
Net investment income (loss) | (1.76)%A | (1.61)% | (1.74)% | (.89)% | .24%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,520 | $ 8,427 | $ 6,636 | $ 8,532 | $ 1,224 |
Portfolio turnover rate | 113%A | 158% | 473% | 481% | 139%A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period November 13, 2000 (commencement of operations) to November 30, 2000.
G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary 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.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
May 31, 2004 | Years ended November 30, |
| (Unaudited) | 2003 | 2002 | 2001 | 2000E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.10 | $ 6.52 | $ 8.11 | $ 9.06 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | (.03) | (.04) | (.05) | .01 | .01 |
Net realized and unrealized gain (loss) | .55 | 1.62 | (1.54) | (.95) | (.95) |
Total from investment operations | .52 | 1.58 | (1.59) | (.94) | (.94) |
Distributions from net realized gain | - | - | - | (.01) | - |
Net asset value, end of period | $ 8.62 | $ 8.10 | $ 6.52 | $ 8.11 | $ 9.06 |
Total ReturnB,C | 6.42% | 24.23% | (19.61)% | (10.39)% | (9.40)% |
Ratios to Average Net AssetsF | | | | |
Expenses before expense reductions | 1.28%A | 1.61% | 1.43% | 1.73% | 31.51%A |
Expenses net of voluntary waivers, if any | 1.25%A | 1.25% | 1.27% | 1.50% | 1.50%A |
Expenses net of all reductions | 1.19%A | 1.18% | 1.07% | 1.46% | 1.50%A |
Net investment income (loss) | (.76)%A | (.61)% | (.64)% | .11% | 1.24%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 585 | $ 579 | $ 513 | $ 761 | $ 325 |
Portfolio turnover rate | 113%A | 158% | 473% | 481% | 139%A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E For the period November 13, 2000 (commencement of operations) to November 30, 2000.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2004 (Unaudited)
1. Significant Accounting Policies.
Fidelity Advisor Aggressive Growth Fund (the 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 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. The following summarizes the significant accounting policies of the fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. 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. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. 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. Interest income is 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 the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each 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.
Semiannual Report
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Temporary book-tax differences will reverse in a subsequent period. Book-tax differences are primarily due to foreign currency transactions, futures transactions, net operating losses, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:
Unrealized appreciation | $ 6,958,453 | | |
Unrealized depreciation | (1,900,101) | |
Net unrealized appreciation (depreciation) | $ 5,058,352 | |
Cost for federal income tax purposes | $ 34,055,820 | |
2. Operating Policies.
Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
4. 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 .28% 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. For the period, the total annualized management fee rate was .63% of the fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
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 | 0% | .25% | $ 6,147 | $ 43 |
Class T | .25% | .25% | 33,274 | - |
Class B | .75% | .25% | 44,980 | 33,735 |
Class C | .75% | .25% | 45,415 | 8,598 |
| | | $ 129,816 | $ 42,376 |
Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 10,530 |
Class T | 6,416 |
Class B* | 29,205 |
Class C* | 1,322 |
| $ 47,473 |
* 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
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
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 to FIIOC, were as follows:
| Amount | % of
Average
Net Assets |
Class A | $ 15,364 | .63* |
Class T | 46,852 | .70* |
Class B | 28,172 | .63* |
Class C | 21,861 | .48* |
Institutional Class | 991 | .33* |
| $ 113,240 | |
* Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records. The fee is based on the level of average net assets for the month.
Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $4,231 for the period.
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 are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Expense Reductions.
FMR agreed to reimburse each class to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.50% | $ 8,137 |
Class T | 1.75% | 27,399 |
Class B | 2.25% | 15,036 |
Class C | 2.25% | 8,648 |
Institutional Class | 1.25% | 104 |
| | $ 59,324 |
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 $11,526 for the period.
7. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
May 31,
2004 | Year ended
November 30, 2003 | Six months ended
May 31,
2004 | Year ended
November 30,
2003 |
Class A | | | | |
Shares sold | 228,765 | 244,577 | $ 1,914,521 | $ 1,722,170 |
Shares redeemed | (91,240) | (128,450) | (762,948) | (880,316) |
Net increase (decrease) | 137,525 | 116,127 | $ 1,151,573 | $ 841,854 |
Class T | | | | |
Shares sold | 420,091 | 442,489 | $ 3,483,990 | $ 3,023,259 |
Shares redeemed | (262,080) | (509,774) | (2,150,302) | (3,391,934) |
Net increase (decrease) | 158,011 | (67,285) | $ 1,333,688 | $ (368,675) |
Class B | | | | |
Shares sold | 214,137 | 340,312 | $ 1,745,186 | $ 2,312,985 |
Shares redeemed | (153,087) | (249,139) | (1,246,736) | (1,653,902) |
Net increase (decrease) | 61,050 | 91,173 | $ 498,450 | $ 659,083 |
Class C | | | | |
Shares sold | 259,944 | 327,135 | $ 2,112,463 | $ 2,159,687 |
Shares redeemed | (188,030) | (293,843) | (1,525,153) | (1,926,688) |
Net increase (decrease) | 71,914 | 33,292 | $ 587,310 | $ 232,999 |
Institutional Class | | | | |
Shares sold | 5,973 | 11,899 | $ 48,804 | $ 86,133 |
Shares redeemed | (9,640) | (19,157) | (80,054) | (127,181) |
Net increase (decrease) | (3,667) | (7,258) | $ (31,250) | $ (41,048) |
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on June 16, 2004 The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* |
| # of
Votes | % of
Votes |
Affirmative | 31,883,774,629.45 | 74.417 |
Against | 8,183,381,781.77 | 19.100 |
Abstain | 1,638,852,719.00 | 3.825 |
Broker
Non-Votes | 1,138,987,331.08 | 2.658 |
TOTAL | 42,844,996,461.30 | 100.000 |
PROPOSAL 2 |
To elect a Board of Trustees.* |
| # of
Votes | % of
Votes |
J. Michael Cook |
Affirmative | 40,460,518,026.37 | 94.435 |
Withheld | 2,384,478,434.93 | 5.565 |
TOTAL | 42,844,996,461.30 | 100.000 |
Ralph F. Cox |
Affirmative | 40,352,191,948.09 | 94.182 |
Withheld | 2,492,804,513.21 | 5.818 |
TOTAL | 42,844,996,461.30 | 100.000 |
Laura B. Cronin |
Affirmative | 40,424,410,070.14 | 94.350 |
Withheld | 2,420,586,391.16 | 5.650 |
TOTAL | 42,844,996,461.30 | 100.000 |
Robert M. Gates |
Affirmative | 40,432,546,388.62 | 94.369 |
Withheld | 2,412,450,072.68 | 5.631 |
TOTAL | 42,844,996,461.30 | 100.000 |
George H. Heilmeier |
Affirmative | 40,445,405,455.55 | 94.399 |
Withheld | 2,399,591,005.75 | 5.601 |
TOTAL | 42,844,996,461.30 | 100.000 |
Abigail P. Johnson |
Affirmative | 40,331,726,176.04 | 94.134 |
Withheld | 2,513,270,285.26 | 5.866 |
TOTAL | 42,844,996,461.30 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 40,301,779,769.00 | 94.064 |
Withheld | 2,543,216,692.30 | 5.936 |
TOTAL | 42,844,996,461.30 | 100.000 |
Donald J. Kirk |
Affirmative | 40,378,377,883.82 | 94.243 |
Withheld | 2,466,618,577.48 | 5.757 |
TOTAL | 42,844,996,461.30 | 100.000 |
Marie L. Knowles |
Affirmative | 40,472,201,003.05 | 94.462 |
Withheld | 2,372,795,458.25 | 5.538 |
TOTAL | 42,844,996,461.30 | 100.000 |
Ned C. Lautenbach |
Affirmative | 40,485,953,391.65 | 94.494 |
Withheld | 2,359,043,069.65 | 5.506 |
TOTAL | 42,844,996,461.30 | 100.000 |
Marvin L. Mann |
Affirmative | 40,392,875,977.31 | 94.277 |
Withheld | 2,452,120,483.99 | 5.723 |
TOTAL | 42,844,996,461.30 | 100.000 |
William O. McCoy |
Affirmative | 40,409,897,384.16 | 94.316 |
Withheld | 2,435,099,077.14 | 5.684 |
TOTAL | 42,844,996,461.30 | 100.000 |
Robert L. Reynolds |
Affirmative | 40,470,266,358.65 | 94.457 |
Withheld | 2,374,730,102.65 | 5.543 |
TOTAL | 42,844,996,461.30 | 100.000 |
William S. Stavropoulos |
Affirmative | 40,442,710,981.11 | 94.393 |
Withheld | 2,402,285,480.19 | 5.607 |
TOTAL | 42,844,996,461.30 | 100.000 |
* Denotes trust-wide proposals and voting results. |
Semiannual Report
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Far East) Inc.
Fidelity International Investment Advisors
Fidelity Investments Japan Limited
Fidelity International Investment Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
Semiannual Report
Fidelity Advisor Aggressive Growth Fund |
Fidelity Advisor Asset Allocation Fund |
Fidelity Advisor Balanced Fund |
Fidelity Advisor Biotechnology Fund |
Fidelity Advisor California Municipal Income Fund |
Fidelity Advisor Consumer Industries Fund |
Fidelity Advisor Cyclical Industries Fund |
Fidelity Advisor Developing Communications Fund |
Fidelity Advisor Diversified International Fund |
Fidelity Advisor Dividend Growth Fund |
Fidelity Advisor Dynamic Capital
Appreciation Fund |
Fidelity Advisor Electronics Fund |
Fidelity Advisor Emerging Asia Fund |
Fidelity Advisor Emerging Markets Fund |
Fidelity Advisor Emerging Markets Income Fund |
Fidelity Advisor Equity Growth Fund |
Fidelity Advisor Equity Income Fund |
Fidelity Advisor Equity Value Fund |
Fidelity Advisor Europe Capital
Appreciation Fund |
Fidelity Advisor Fifty Fund |
Fidelity Advisor Financial Services Fund |
Fidelity Advisor Floating Rate High Income Fund |
Fidelity Advisor Freedom Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040 FundsSM |
Fidelity Advisor Global Equity Fund |
Fidelity Advisor Government Investment Fund |
Fidelity Advisor Growth & Income Fund |
Fidelity Advisor Growth Opportunities Fund |
Fidelity Advisor Health Care Fund |
Fidelity Advisor High Income Advantage Fund |
Fidelity Advisor High Income Fund |
Fidelity Advisor Inflation-Protected Bond Fund |
Fidelity Advisor Intermediate Bond Fund |
Fidelity Advisor International Capital Appreciation Fund |
Fidelity Advisor International
Small Cap Fund |
Fidelity Advisor Investment Grade Bond Fund |
Fidelity Advisor Japan Fund |
Fidelity Advisor Korea Fund |
Fidelity Advisor Large Cap Fund |
Fidelity Advisor Latin America Fund |
Fidelity Advisor Leveraged Company Stock Fund |
Fidelity Advisor Mid Cap Fund |
Fidelity Advisor Mortgage Securities Fund |
Fidelity Advisor Municipal Income Fund |
Fidelity Advisor Natural Resources Fund |
Fidelity Advisor New Insights Fund |
Fidelity Advisor New York Municipal
Income Fund |
Fidelity Advisor Overseas Fund |
Fidelity Advisor Real Estate Fund |
Fidelity Advisor Short Fixed-Income Fund |
Fidelity Advisor Short Intermediate Municipal Income Fund |
Fidelity Advisor Small Cap Fund |
Fidelity Advisor Strategic Dividend &
Income Fund |
Fidelity Advisor Strategic Growth Fund |
Fidelity Advisor Strategic Income Fund |
Fidelity Advisor Tax Managed Stock Fund |
Fidelity Advisor Technology Fund |
Fidelity Advisor Telecommunications &
Utilities Growth Fund |
Fidelity Advisor Total Bond Fund |
Fidelity Advisor Ultra-Short Bond Fund |
Fidelity Advisor Value Fund |
Fidelity Advisor Value Leaders Fund |
Fidelity Advisor Value Strategies Fund |
Prime Fund |
Tax-Exempt Fund |
Treasury Fund |
AAG-USAN-0704
1.786773.101
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
(Fidelity Investment logo)(registered trademark)
Fidelity® Advisor
Aggressive Growth
Fund - Institutional Class
Semiannual Report
May 31, 2004
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
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. |
Proxy Voting Results | <Click Here> | |
For a free copy of the fund's proxy voting guidelines call 1-877-208-0098 or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.
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 Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
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.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Ten Stocks as of May 31, 2004 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Genentech, Inc. | 4.1 | 2.8 |
Biogen Idec, Inc. | 3.3 | 1.7 |
Elan Corp. PLC sponsored ADR | 3.2 | 0.0 |
Biomet, Inc. | 1.8 | 1.6 |
Microchip Technology, Inc. | 1.8 | 1.2 |
Cisco Systems, Inc. | 1.7 | 1.3 |
Lexmark International, Inc. Class A | 1.7 | 2.0 |
Zimmer Holdings, Inc. | 1.5 | 0.8 |
Starbucks Corp. | 1.5 | 1.1 |
Caremark Rx, Inc. | 1.3 | 1.6 |
| 21.9 | |
Top Five Market Sectors as of May 31, 2004 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Health Care | 35.6 | 24.5 |
Information Technology | 26.4 | 28.9 |
Consumer Discretionary | 17.8 | 19.7 |
Industrials | 6.3 | 8.3 |
Energy | 2.9 | 3.5 |
Asset Allocation (% of fund's net assets) |
As of May 31, 2004* | As of November 30, 2003** |
| Stocks 97.0% | | | Stocks and
Investment
Companies 96.5% | |
| Short-Term
Investments and
Net Other Assets 3.0% | | | Short-Term
Investments and
Net Other Assets 3.5% | |
* Foreign
investments | 7.1% | | ** Foreign
investments | 6.0% | |
Semiannual Report
Investments May 31, 2004 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.0% |
| Shares | | Value (Note 1) |
CONSUMER DISCRETIONARY - 17.8% |
Auto Components - 0.3% |
Gentex Corp. | 2,700 | | $ 102,600 |
Hotels, Restaurants & Leisure - 5.8% |
Brinker International, Inc. (a) | 6,280 | | 232,109 |
California Pizza Kitchen, Inc. (a) | 2,600 | | 49,088 |
Darden Restaurants, Inc. | 7,250 | | 163,125 |
Harrah's Entertainment, Inc. | 960 | | 49,344 |
Hilton Hotels Corp. | 5,800 | | 100,630 |
International Game Technology | 7,110 | | 279,423 |
Krispy Kreme Doughnuts, Inc. (a) | 1,800 | | 38,646 |
Mandalay Resort Group | 600 | | 32,910 |
Marriott International, Inc. Class A | 1,890 | | 93,234 |
Outback Steakhouse, Inc. | 1,700 | | 72,165 |
Royal Caribbean Cruises Ltd. | 1,400 | | 54,768 |
Starbucks Corp. (a) | 14,220 | | 577,901 |
Station Casinos, Inc. | 1,900 | | 87,818 |
Sunterra Corp. (a) | 1,500 | | 15,600 |
The Cheesecake Factory, Inc. (a) | 1,480 | | 57,750 |
Wendy's International, Inc. | 900 | | 34,011 |
Yum! Brands, Inc. (a) | 9,380 | | 351,750 |
| | 2,290,272 |
Household Durables - 0.9% |
Black & Decker Corp. | 2,410 | | 144,431 |
Harman International Industries, Inc. | 1,720 | | 137,841 |
Mohawk Industries, Inc. (a) | 780 | | 57,907 |
| | 340,179 |
Internet & Catalog Retail - 0.1% |
Amazon.com, Inc. (a) | 300 | | 14,487 |
eDiets.com, Inc. (a) | 400 | | 1,348 |
Overstock.com, Inc. (a) | 1,000 | | 35,990 |
| | 51,825 |
Leisure Equipment & Products - 1.1% |
Brunswick Corp. | 8,800 | | 356,400 |
Mattel, Inc. | 1,960 | | 34,261 |
Polaris Industries, Inc. | 800 | | 34,720 |
| | 425,381 |
Media - 2.2% |
Cablevision Systems Corp. - NY Group Class A (a) | 1,840 | | 40,333 |
E.W. Scripps Co. Class A | 1,850 | | 196,766 |
Entercom Communications Corp. Class A (a) | 540 | | 22,005 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
CONSUMER DISCRETIONARY - continued |
Media - continued |
Gannett Co., Inc. | 840 | | $ 73,752 |
Getty Images, Inc. (a) | 1,480 | | 83,324 |
Lamar Advertising Co. Class A (a) | 810 | | 33,105 |
NTL, Inc. (a) | 1,582 | | 93,496 |
Pixar (a) | 1,370 | | 92,955 |
Playboy Enterprises, Inc. Class B (non-vtg.) (a) | 200 | | 2,416 |
Radio One, Inc. Class D (non-vtg.) (a) | 1,000 | | 17,280 |
The New York Times Co. Class A | 1,840 | | 85,799 |
Univision Communications, Inc. Class A (a) | 2,300 | | 74,865 |
Westwood One, Inc. (a) | 2,590 | | 70,267 |
| | 886,363 |
Multiline Retail - 0.8% |
99 Cents Only Stores (a) | 500 | | 9,705 |
Big Lots, Inc. (a) | 3,030 | | 44,299 |
Dollar General Corp. | 1,900 | | 36,860 |
Dollar Tree Stores, Inc. (a) | 3,060 | | 85,374 |
Family Dollar Stores, Inc. | 2,450 | | 76,832 |
Nordstrom, Inc. | 2,100 | | 85,155 |
| | 338,225 |
Specialty Retail - 5.8% |
Abercrombie & Fitch Co. Class A | 2,400 | | 87,432 |
AutoZone, Inc. (a) | 690 | | 59,858 |
Chico's FAS, Inc. (a) | 4,320 | | 185,328 |
Christopher & Banks Corp. | 3,690 | | 70,110 |
Circuit City Stores, Inc. | 1,600 | | 19,152 |
Foot Locker, Inc. | 1,000 | | 23,600 |
Hot Topic, Inc. (a) | 4,155 | | 89,790 |
Jo-Ann Stores, Inc. (a) | 700 | | 20,041 |
Kirkland's, Inc. (a) | 1,200 | | 14,100 |
Michaels Stores, Inc. | 2,500 | | 130,625 |
PETsMART, Inc. | 5,860 | | 182,187 |
Pier 1 Imports, Inc. | 1,100 | | 20,735 |
Ross Stores, Inc. | 9,780 | | 256,138 |
Select Comfort Corp. (a) | 7,190 | | 194,849 |
Staples, Inc. | 16,530 | | 455,897 |
TJX Companies, Inc. | 14,310 | | 356,462 |
Weight Watchers International, Inc. (a) | 2,110 | | 73,534 |
Williams-Sonoma, Inc. (a) | 2,470 | | 78,917 |
| | 2,318,755 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
CONSUMER DISCRETIONARY - continued |
Textiles Apparel & Luxury Goods - 0.8% |
Coach, Inc. (a) | 6,680 | | $ 291,315 |
Kenneth Cole Productions, Inc. Class A | 550 | | 18,013 |
| | 309,328 |
TOTAL CONSUMER DISCRETIONARY | | 7,062,928 |
CONSUMER STAPLES - 2.2% |
Food & Staples Retailing - 1.1% |
CVS Corp. | 6,100 | | 254,248 |
Performance Food Group Co. (a) | 420 | | 13,793 |
Whole Foods Market, Inc. | 1,710 | | 147,060 |
| | 415,101 |
Food Products - 0.9% |
Del Monte Foods Co. (a) | 14,290 | | 146,758 |
Hershey Foods Corp. | 1,540 | | 136,644 |
McCormick & Co., Inc. (non-vtg.) | 1,700 | | 60,265 |
Smithfield Foods, Inc. (a) | 700 | | 20,293 |
Wm. Wrigley Jr. Co. | 70 | | 4,396 |
| | 368,356 |
Personal Products - 0.2% |
Estee Lauder Companies, Inc. Class A | 1,800 | | 82,422 |
TOTAL CONSUMER STAPLES | | 865,879 |
ENERGY - 2.9% |
Energy Equipment & Services - 2.1% |
BJ Services Co. (a) | 200 | | 8,378 |
Cooper Cameron Corp. (a) | 3,400 | | 157,658 |
ENSCO International, Inc. | 2,110 | | 56,210 |
Halliburton Co. | 600 | | 17,424 |
Nabors Industries Ltd. (a) | 960 | | 39,744 |
Noble Corp. (a) | 1,870 | | 64,440 |
Patterson-UTI Energy, Inc. | 2,920 | | 89,527 |
Smith International, Inc. (a) | 3,530 | | 176,253 |
Weatherford International Ltd. (a) | 5,430 | | 225,399 |
| | 835,033 |
Oil & Gas - 0.8% |
EOG Resources, Inc. | 1,400 | | 74,802 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
ENERGY - continued |
Oil & Gas - continued |
Pioneer Natural Resources Co. | 4,770 | | $ 147,632 |
Teekay Shipping Corp. | 3,240 | | 112,460 |
| | 334,894 |
TOTAL ENERGY | | 1,169,927 |
FINANCIALS - 2.9% |
Capital Markets - 1.5% |
Ameritrade Holding Corp. (a) | 6,780 | | 80,614 |
E*TRADE Financial Corp. (a) | 7,400 | | 84,434 |
Eaton Vance Corp. (non-vtg.) | 2,610 | | 96,309 |
Federated Investors, Inc. Class B (non-vtg.) | 1,580 | | 47,052 |
Investors Financial Services Corp. | 200 | | 7,824 |
Legg Mason, Inc. | 1,720 | | 150,861 |
SEI Investments Co. | 900 | | 26,541 |
T. Rowe Price Group, Inc. | 1,250 | | 60,200 |
Waddell & Reed Financial, Inc. Class A | 2,400 | | 52,440 |
| | 606,275 |
Commercial Banks - 0.8% |
East West Bancorp, Inc. | 1,901 | | 115,334 |
North Fork Bancorp, Inc., New York | 1,100 | | 42,350 |
Popular, Inc. | 700 | | 30,240 |
Sumitomo Mitsui Financial Group, Inc. | 8 | | 57,459 |
Synovus Financial Corp. | 3,040 | | 78,280 |
| | 323,663 |
Real Estate - 0.0% |
Catellus Development Corp. | 77 | | 1,881 |
Thrifts & Mortgage Finance - 0.6% |
MGIC Investment Corp. | 800 | | 58,400 |
New York Community Bancorp, Inc. | 4,373 | | 102,416 |
Radian Group, Inc. | 1,200 | | 55,200 |
The PMI Group, Inc. | 300 | | 12,951 |
| | 228,967 |
TOTAL FINANCIALS | | 1,160,786 |
HEALTH CARE - 35.6% |
Biotechnology - 13.6% |
Affymetrix, Inc. (a) | 1,600 | | 47,328 |
Alkermes, Inc. (a) | 900 | | 12,960 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
HEALTH CARE - continued |
Biotechnology - continued |
Amylin Pharmaceuticals, Inc. (a) | 2,990 | | $ 66,258 |
Biogen Idec, Inc. (a) | 20,980 | | 1,303,907 |
Celgene Corp. (a) | 2,920 | | 166,440 |
Cephalon, Inc. (a) | 1,440 | | 77,573 |
Charles River Laboratories International, Inc. (a) | 2,220 | | 100,078 |
Dendreon Corp. (a) | 1,700 | | 18,615 |
Dyax Corp. (a) | 4,000 | | 39,400 |
Enzon Pharmaceuticals, Inc. (a) | 2,500 | | 35,925 |
Genentech, Inc. (a) | 26,940 | | 1,611,271 |
Genzyme Corp. - General Division (a) | 400 | | 17,432 |
Gilead Sciences, Inc. (a) | 4,900 | | 320,754 |
Harvard Bioscience, Inc. (a) | 2,600 | | 12,220 |
ICOS Corp. (a) | 600 | | 16,872 |
ImClone Systems, Inc. (a) | 2,270 | | 167,980 |
Invitrogen Corp. (a) | 800 | | 55,560 |
Ligand Pharmaceuticals, Inc. Class B (a) | 3,300 | | 67,452 |
Medarex, Inc. (a) | 13,800 | | 115,506 |
MedImmune, Inc. (a) | 8,210 | | 197,615 |
Millennium Pharmaceuticals, Inc. (a) | 33,880 | | 505,151 |
Neurocrine Biosciences, Inc. (a) | 240 | | 13,750 |
OSI Pharmaceuticals, Inc. (a) | 400 | | 32,784 |
Protein Design Labs, Inc. (a) | 18,470 | | 360,350 |
Trimeris, Inc. (a) | 1,400 | | 20,524 |
| | 5,383,705 |
Health Care Equipment & Supplies - 7.4% |
Alcon, Inc. | 3,290 | | 258,133 |
Arthrocare Corp. (a) | 1,700 | | 41,616 |
Baxter International, Inc. | 7,830 | | 246,175 |
Beckman Coulter, Inc. | 1,000 | | 60,500 |
Biomet, Inc. | 17,930 | | 719,352 |
Boston Scientific Corp. (a) | 6,300 | | 279,090 |
C.R. Bard, Inc. | 2,180 | | 244,531 |
Cytyc Corp. (a) | 2,000 | | 43,800 |
DENTSPLY International, Inc. | 1,350 | | 66,704 |
Edwards Lifesciences Corp. (a) | 4,500 | | 163,125 |
Inverness Medical Innovations, Inc. (a) | 1,200 | | 23,268 |
ResMed, Inc. (a) | 3,400 | | 172,720 |
Steris Corp. (a) | 600 | | 13,770 |
Zimmer Holdings, Inc. (a) | 7,210 | | 615,374 |
| | 2,948,158 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
HEALTH CARE - continued |
Health Care Providers & Services - 6.8% |
Aetna, Inc. | 2,110 | | $ 171,332 |
AmerisourceBergen Corp. | 620 | | 37,188 |
Andrx Corp. (a) | 1,400 | | 38,472 |
Apria Healthcare Group, Inc. (a) | 2,000 | | 56,160 |
Cardinal Health, Inc. | 1,200 | | 81,252 |
Caremark Rx, Inc. (a) | 16,510 | | 515,112 |
Cerner Corp. (a) | 800 | | 34,208 |
Community Health Systems, Inc. (a) | 4,590 | | 117,045 |
Computer Programs & Systems, Inc. | 100 | | 1,939 |
Covance, Inc. (a) | 3,100 | | 112,282 |
Coventry Health Care, Inc. (a) | 4,960 | | 228,557 |
DaVita, Inc. (a) | 300 | | 13,926 |
Health Management Associates, Inc. Class A | 9,340 | | 205,387 |
Henry Schein, Inc. (a) | 1,300 | | 87,308 |
Humana, Inc. (a) | 1,800 | | 30,726 |
Inveresk Research Group, Inc. (a) | 6,530 | | 196,422 |
Laboratory Corp. of America Holdings (a) | 1,100 | | 45,496 |
Lincare Holdings, Inc. (a) | 1,800 | | 60,498 |
McKesson Corp. | 1,690 | | 58,136 |
Medco Health Solutions, Inc. (a) | 84 | | 2,943 |
PacifiCare Health Systems, Inc. (a) | 400 | | 14,772 |
Patterson Dental Co. (a) | 700 | | 53,144 |
Quest Diagnostics, Inc. | 1,200 | | 103,380 |
Renal Care Group, Inc. (a) | 2,700 | | 88,479 |
Specialty Laboratories, Inc. (a) | 1,000 | | 9,020 |
Tenet Healthcare Corp. (a) | 5,900 | | 70,328 |
Triad Hospitals, Inc. (a) | 1,470 | | 51,979 |
UnitedHealth Group, Inc. | 1,740 | | 113,535 |
Universal Health Services, Inc. Class B | 2,420 | | 106,504 |
| | 2,705,530 |
Pharmaceuticals - 7.8% |
aaiPharma, Inc. (a) | 850 | | 3,919 |
Allergan, Inc. | 2,620 | | 232,918 |
Barr Pharmaceuticals, Inc. (a) | 4,627 | | 201,830 |
Elan Corp. PLC sponsored ADR (a) | 53,320 | | 1,252,487 |
Endo Pharmaceuticals Holdings, Inc. (a) | 3,000 | | 67,920 |
Eon Labs, Inc. (a) | 200 | | 15,106 |
Guilford Pharmaceuticals, Inc. (a) | 9,400 | | 58,280 |
IVAX Corp. (a) | 8,160 | | 198,696 |
MGI Pharma, Inc. (a) | 3,450 | | 221,870 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
HEALTH CARE - continued |
Pharmaceuticals - continued |
Mylan Laboratories, Inc. | 4,145 | | $ 92,475 |
Pharmaceutical Resources, Inc. (a) | 900 | | 37,935 |
Salix Pharmaceuticals Ltd. (a) | 600 | | 18,102 |
Schering-Plough Corp. | 6,600 | | 111,540 |
Sepracor, Inc. (a) | 9,350 | | 415,982 |
Watson Pharmaceuticals, Inc. (a) | 2,050 | | 76,568 |
Wyeth | 2,000 | | 72,000 |
| | 3,077,628 |
TOTAL HEALTH CARE | | 14,115,021 |
INDUSTRIALS - 6.3% |
Aerospace & Defense - 0.6% |
EADS NV | 4,580 | | 112,892 |
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR | 3,230 | | 82,236 |
KVH Industries, Inc. (a) | 200 | | 2,698 |
Rockwell Collins, Inc. | 1,200 | | 36,048 |
| | 233,874 |
Air Freight & Logistics - 0.1% |
Expeditors International of Washington, Inc. | 700 | | 31,808 |
Building Products - 0.5% |
American Standard Companies, Inc. (a) | 5,190 | | 194,729 |
Trex Co., Inc. (a) | 400 | | 14,532 |
| | 209,261 |
Commercial Services & Supplies - 3.3% |
Avery Dennison Corp. | 2,620 | | 154,685 |
Career Education Corp. (a) | 1,900 | | 129,143 |
ChoicePoint, Inc. (a) | 526 | | 22,750 |
Cintas Corp. | 3,990 | | 181,066 |
Corinthian Colleges, Inc. (a) | 1,800 | | 51,138 |
Education Management Corp. (a) | 1,438 | | 49,726 |
Equifax, Inc. | 3,430 | | 84,069 |
H&R Block, Inc. | 1,790 | | 87,442 |
Herman Miller, Inc. | 1,630 | | 39,250 |
HNI Corp. | 800 | | 31,896 |
Manpower, Inc. | 200 | | 9,550 |
Pitney Bowes, Inc. | 3,050 | | 135,207 |
Robert Half International, Inc. | 11,430 | | 319,811 |
| | 1,295,733 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
INDUSTRIALS - continued |
Construction & Engineering - 0.2% |
Dycom Industries, Inc. (a) | 1,400 | | $ 34,566 |
Granite Construction, Inc. | 1,600 | | 30,240 |
MasTec, Inc. (a) | 800 | | 3,416 |
| | 68,222 |
Industrial Conglomerates - 0.5% |
3M Co. | 890 | | 75,258 |
Tyco International Ltd. | 4,220 | | 129,934 |
| | 205,192 |
Machinery - 0.6% |
AGCO Corp. (a) | 2,030 | | 38,895 |
Astec Industries, Inc. (a) | 2,900 | | 50,199 |
ITT Industries, Inc. | 1,760 | | 141,768 |
Pall Corp. | 700 | | 16,926 |
| | 247,788 |
Trading Companies & Distributors - 0.5% |
Fastenal Co. | 4,020 | | 208,075 |
TOTAL INDUSTRIALS | | 2,499,953 |
INFORMATION TECHNOLOGY - 26.4% |
Communications Equipment - 6.4% |
Advanced Fibre Communications, Inc. (a) | 1,100 | | 20,680 |
Alcatel SA sponsored ADR (a) | 19,890 | | 286,615 |
Andrew Corp. (a) | 2,100 | | 41,265 |
Arris Group, Inc. (a) | 500 | | 3,160 |
AudioCodes Ltd. (a) | 6,960 | | 70,296 |
Avocent Corp. (a) | 1,000 | | 34,270 |
Brocade Communications Systems, Inc. (a) | 4,660 | | 27,913 |
CIENA Corp. (a) | 15,300 | | 55,080 |
Cisco Systems, Inc. (a) | 30,600 | | 677,790 |
Corning, Inc. (a) | 15,970 | | 197,868 |
Enterasys Networks, Inc. (a) | 13,270 | | 26,009 |
Extreme Networks, Inc. (a) | 1,700 | | 9,044 |
Finisar Corp. (a) | 26,500 | | 52,735 |
InterDigital Communication Corp. (a) | 1,200 | | 20,352 |
JDS Uniphase Corp. (a) | 9,500 | | 32,775 |
Juniper Networks, Inc. (a) | 3,400 | | 71,094 |
Marconi Corp. PLC (a) | 12,900 | | 154,115 |
Motorola, Inc. | 1,040 | | 20,561 |
Polycom, Inc. (a) | 870 | | 17,826 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
INFORMATION TECHNOLOGY - continued |
Communications Equipment - continued |
Powerwave Technologies, Inc. (a) | 9,700 | | $ 77,697 |
QUALCOMM, Inc. | 6,110 | | 409,798 |
Redback Networks, Inc. (a) | 9,900 | | 50,193 |
SafeNet, Inc. (a) | 7,600 | | 177,080 |
Sycamore Networks, Inc. (a) | 3,500 | | 15,435 |
| | 2,549,651 |
Computers & Peripherals - 3.1% |
Diebold, Inc. | 7,410 | | 364,053 |
Electronics for Imaging, Inc. (a) | 3,243 | | 90,026 |
EMC Corp. (a) | 2,250 | | 25,290 |
Hutchinson Technology, Inc. (a) | 500 | | 13,205 |
Lexmark International, Inc. Class A (a) | 7,120 | | 671,558 |
Maxtor Corp. (a) | 4,900 | | 33,663 |
Seagate Technology | 1,500 | | 18,450 |
Western Digital Corp. (a) | 3,100 | | 28,334 |
| | 1,244,579 |
Electronic Equipment & Instruments - 1.6% |
Arrow Electronics, Inc. (a) | 1,500 | | 40,845 |
CDW Corp. | 1,200 | | 84,312 |
Celestica, Inc. (sub. vtg.) (a) | 900 | | 16,685 |
Flextronics International Ltd. (a) | 2,970 | | 52,153 |
Ingram Micro, Inc. Class A (a) | 800 | | 11,560 |
KEMET Corp. (a) | 5,800 | | 70,470 |
Sanmina-SCI Corp. (a) | 3,900 | | 41,262 |
Solectron Corp. (a) | 18,600 | | 102,300 |
Symbol Technologies, Inc. | 6,670 | | 98,249 |
Vishay Intertechnology, Inc. (a) | 2,970 | | 56,044 |
Waters Corp. (a) | 1,300 | | 59,904 |
| | 633,784 |
Internet Software & Services - 1.1% |
Interwoven, Inc. (a) | 2,319 | | 21,381 |
Lastminute.com PLC sponsored ADR (a) | 100 | | 1,686 |
Retek, Inc. (a) | 2,785 | | 18,158 |
Sina Corp. (a) | 400 | | 14,488 |
United Online, Inc. (a) | 750 | | 14,093 |
VeriSign, Inc. (a) | 1,100 | | 19,954 |
Vignette Corp. (a) | 18,180 | | 29,997 |
Yahoo!, Inc. (a) | 10,380 | | 318,251 |
| | 438,008 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
INFORMATION TECHNOLOGY - continued |
IT Services - 1.8% |
Affiliated Computer Services, Inc. Class A (a) | 2,400 | | $ 119,568 |
Anteon International Corp. (a) | 400 | | 11,784 |
BearingPoint, Inc. (a) | 1,600 | | 13,728 |
Computer Sciences Corp. (a) | 400 | | 17,436 |
CSG Systems International, Inc. (a) | 65 | | 1,241 |
DST Systems, Inc. (a) | 1,400 | | 67,256 |
Fiserv, Inc. (a) | 2,970 | | 112,325 |
Infosys Technologies Ltd. sponsored ADR | 1,160 | | 96,222 |
Iron Mountain, Inc. (a) | 870 | | 38,515 |
Paychex, Inc. | 640 | | 24,006 |
SunGard Data Systems, Inc. (a) | 7,110 | | 197,018 |
The BISYS Group, Inc. (a) | 1,880 | | 23,782 |
| | 722,881 |
Office Electronics - 1.2% |
Xerox Corp. (a) | 4,400 | | 59,576 |
Zebra Technologies Corp. Class A (a) | 5,067 | | 409,819 |
| | 469,395 |
Semiconductors & Semiconductor Equipment - 6.7% |
Agere Systems, Inc.: | | | |
Class A (a) | 20,030 | | 50,876 |
Class B (a) | 15,700 | | 38,465 |
Altera Corp. (a) | 5,500 | | 125,895 |
Conexant Systems, Inc. (a) | 17,650 | | 83,308 |
DuPont Photomasks, Inc. (a) | 100 | | 2,208 |
Integrated Circuit Systems, Inc. (a) | 5,900 | | 162,014 |
Integrated Device Technology, Inc. (a) | 5,990 | | 87,334 |
Intel Corp. | 1,500 | | 42,825 |
Intersil Corp. Class A | 9,400 | | 199,750 |
KLA-Tencor Corp. (a) | 40 | | 1,927 |
Lam Research Corp. (a) | 4,580 | | 115,095 |
Microchip Technology, Inc. | 22,670 | | 718,866 |
Micron Technology, Inc. (a) | 2,990 | | 44,940 |
National Semiconductor Corp. (a) | 7,820 | | 169,459 |
Novellus Systems, Inc. (a) | 3,600 | | 119,844 |
NVIDIA Corp. (a) | 341 | | 8,041 |
Photronics, Inc. (a) | 7,500 | | 132,600 |
PMC-Sierra, Inc. (a) | 27,030 | | 381,123 |
Rambus, Inc. (a) | 800 | | 15,568 |
Silicon Laboratories, Inc. (a) | 380 | | 19,832 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
INFORMATION TECHNOLOGY - continued |
Semiconductors & Semiconductor Equipment - continued |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (a) | 120 | | $ 1,218 |
Texas Instruments, Inc. | 4,300 | | 112,273 |
United Microelectronics Corp. sponsored ADR (a) | 520 | | 2,600 |
| | 2,636,061 |
Software - 4.5% |
Adobe Systems, Inc. | 3,920 | | 174,950 |
BEA Systems, Inc. (a) | 9,250 | | 79,828 |
BMC Software, Inc. (a) | 1,700 | | 29,988 |
Citrix Systems, Inc. (a) | 4,470 | | 94,094 |
Cognos, Inc. (a) | 500 | | 16,784 |
Concord Communications, Inc. (a) | 100 | | 1,142 |
E.piphany, Inc. (a) | 5,454 | | 25,634 |
Electronic Arts, Inc. (a) | 4,450 | | 226,194 |
FileNET Corp. (a) | 1,898 | | 51,910 |
Jack Henry & Associates, Inc. | 1,290 | | 25,026 |
Manhattan Associates, Inc. (a) | 304 | | 8,664 |
Mercury Interactive Corp. (a) | 7,300 | | 349,962 |
Parametric Technology Corp. (a) | 12,800 | | 62,080 |
Red Hat, Inc. (a) | 2,300 | | 62,859 |
Siebel Systems, Inc. (a) | 18,219 | | 196,765 |
Symantec Corp. (a) | 6,190 | | 283,502 |
VERITAS Software Corp. (a) | 4,010 | | 106,666 |
| | 1,796,048 |
TOTAL INFORMATION TECHNOLOGY | | 10,490,407 |
MATERIALS - 1.7% |
Chemicals - 0.5% |
Dow Chemical Co. | 1,600 | | 63,840 |
Ferro Corp. | 2,000 | | 51,200 |
International Flavors & Fragrances, Inc. | 800 | | 28,784 |
Olin Corp. | 2,400 | | 39,480 |
Praxair, Inc. | 400 | | 14,796 |
| | 198,100 |
Containers & Packaging - 0.6% |
Owens-Illinois, Inc. (a) | 2,610 | | 38,706 |
Pactiv Corp. (a) | 1,500 | | 35,370 |
Sealed Air Corp. (a) | 3,070 | | 154,329 |
| | 228,405 |
Common Stocks - continued |
| Shares | | Value (Note 1) |
MATERIALS - continued |
Metals & Mining - 0.6% |
Freeport-McMoRan Copper & Gold, Inc. Class B | 2,550 | | $ 85,757 |
Massey Energy Co. | 2,800 | | 68,936 |
Metal Management, Inc. (a) | 600 | | 9,402 |
Phelps Dodge Corp. (a) | 1,400 | | 95,060 |
| | 259,155 |
TOTAL MATERIALS | | 685,660 |
TELECOMMUNICATION SERVICES - 1.2% |
Diversified Telecommunication Services - 0.6% |
Philippine Long Distance Telephone Co. sponsored ADR (a) | 1,000 | | 19,480 |
Qwest Communications International, Inc. (a) | 9,670 | | 36,263 |
SBC Communications, Inc. | 3,900 | | 92,430 |
Sprint Corp. - FON Group | 4,950 | | 87,912 |
XO Communications, Inc. (a) | 1,600 | | 6,400 |
| | 242,485 |
Wireless Telecommunication Services - 0.6% |
Arch Wireless, Inc. Class A (a) | 1,400 | | 44,366 |
KDDI Corp. | 15 | | 87,603 |
MobilCom AG | 1,900 | | 38,803 |
Wireless Facilities, Inc. (a) | 5,900 | | 55,932 |
| | 226,704 |
TOTAL TELECOMMUNICATION SERVICES | | 469,189 |
TOTAL COMMON STOCKS (Cost $33,286,601) | 38,519,750 |
Money Market Funds - 1.5% |
| Shares | | Value (Note 1) |
Fidelity Cash Central Fund, 1.09% (b)
(Cost $594,422) | 594,422 | | $ 594,422 |
TOTAL INVESTMENT PORTFOLIO - 98.5% (Cost $33,881,023) | | 39,114,172 |
NET OTHER ASSETS - 1.5% | | 580,215 |
NET ASSETS - 100% | $ 39,694,387 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $23,677,039 and $20,413,218, respectively. |
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 $3,345 for the period. |
Income Tax Information |
At November 30, 2003, the fund had a capital loss carryforward of approximately $14,669,000 of which $7,729,000 and $6,940,000 will expire on November 30, 2009 and 2010, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| May 31, 2004 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (cost $33,881,023) - See accompanying schedule | | $ 39,114,172 |
Cash | | 11,673 |
Receivable for investments sold | | 327,377 |
Receivable for fund shares sold | | 442,557 |
Dividends receivable | | 16,158 |
Interest receivable | | 585 |
Prepaid expenses | | 92 |
Receivable from investment adviser for expense reductions | | 9,481 |
Other receivables | | 7,858 |
Total assets | | 39,929,953 |
| | |
Liabilities | | |
Payable for investments purchased | $ 130,932 | |
Payable for fund shares redeemed | 24,878 | |
Accrued management fee | 19,699 | |
Transfer agent fee payable | 18,456 | |
Distribution fees payable | 22,001 | |
Other affiliated payables | 2,750 | |
Other payables and accrued expenses | 16,850 | |
Total liabilities | | 235,566 |
| | |
Net Assets | | $ 39,694,387 |
Net Assets consist of: | | |
Paid in capital | | $ 47,751,839 |
Accumulated net investment loss | | (270,032) |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (13,020,608) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 5,233,188 |
Net Assets | | $ 39,694,387 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| May 31, 2004 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($5,610,447 ÷ 658,602 shares) | | $ 8.52 |
| | |
Maximum offering price per share (100/94.25 of $8.52) | | $ 9.04 |
Class T:
Net Asset Value and redemption price per share
($14,556,263 ÷ 1,725,002 shares) | | $ 8.44 |
| | |
Maximum offering price per share (100/96.50 of $8.44) | | $ 8.75 |
Class B:
Net Asset Value and offering price per share ($9,422,984 ÷ 1,135,446 shares) A | | $ 8.30 |
| | |
Class C:
Net Asset Value and offering price per share
($9,520,037 ÷ 1,145,254 shares) A | | $ 8.31 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($584,656 ÷ 67,821 shares) | | $ 8.62 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
| Six months ended May 31, 2004 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 74,444 |
Interest | | 4,253 |
Total income | | 78,697 |
| | |
Expenses | | |
Management fee | $ 115,424 | |
Transfer agent fees | 113,240 | |
Distribution fees | 129,816 | |
Accounting fees and expenses | 18,761 | |
Non-interested trustees' compensation | 85 | |
Custodian fees and expenses | 9,528 | |
Registration fees | 11,635 | |
Audit | 18,964 | |
Legal | 1,769 | |
Miscellaneous | 357 | |
Total expenses before reductions | 419,579 | |
Expense reductions | (70,850) | 348,729 |
Net investment income (loss) | | (270,032) |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities | 1,909,035 | |
Foreign currency transactions | (11) | |
Total net realized gain (loss) | | 1,909,024 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 453,692 | |
Assets and liabilities in foreign currencies | 30 | |
Total change in net unrealized appreciation (depreciation) | | 453,722 |
Net gain (loss) | | 2,362,746 |
Net increase (decrease) in net assets resulting from operations | | $ 2,092,714 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
May 31, 2004
(Unaudited) | Year ended
November 30,
2003 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ (270,032) | $ (374,848) |
Net realized gain (loss) | 1,909,024 | 2,514,920 |
Change in net unrealized appreciation (depreciation) | 453,722 | 4,055,009 |
Net increase (decrease) in net assets resulting
from operations | 2,092,714 | 6,195,081 |
Share transactions - net increase (decrease) | 3,539,771 | 1,324,213 |
Total increase (decrease) in net assets | 5,632,485 | 7,519,294 |
| | |
Net Assets | | |
Beginning of period | 34,061,902 | 26,542,608 |
End of period (including accumulated net investment loss of $270,032 and $0, respectively) | $ 39,694,387 | $ 34,061,902 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
May 31, 2004 | Years ended November 30, |
| (Unaudited) | 2003 | 2002 | 2001 | 2000F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.02 | $ 6.47 | $ 8.08 | $ 9.05 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | (.04) | (.06) | (.08) | (.01) | -H |
Net realized and unrealized gain (loss) | .54 | 1.61 | (1.53) | (.95) | (.95) |
Total from investment operations | .50 | 1.55 | (1.61) | (.96) | (.95) |
Distributions from net realized gain | - | - | - | (.01) | - |
Net asset value, end of period | $ 8.52 | $ 8.02 | $ 6.47 | $ 8.08 | $ 9.05 |
Total ReturnB,C,D | 6.23% | 23.96% | (19.93)% | (10.62)% | (9.50)% |
Ratios to Average Net AssetsG | | | | |
Expenses before expense reductions | 1.83%A | 2.25% | 2.05% | 2.06% | 31.94%A |
Expenses net of voluntary waivers, if any | 1.50%A | 1.54% | 1.69% | 1.75% | 1.75%A |
Expenses net of all reductions | 1.44%A | 1.47% | 1.49% | 1.71% | 1.75%A |
Net investment income (loss) | (1.01)%A | (.89)% | (1.07)% | (.14)% | .99%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,610 | $ 4,177 | $ 2,620 | $ 3,320 | $ 1,789 |
Portfolio turnover rate | 113%A | 158% | 473% | 481% | 139%A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period November 13, 2000 (commencement of operations) to November 30, 2000.
G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary 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.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
May 31, 2004 | Years ended November 30, |
| (Unaudited) | 2003 | 2002 | 2001 | 2000F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.95 | $ 6.43 | $ 8.06 | $ 9.05 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | (.05) | (.08) | (.10) | (.03) | -H |
Net realized and unrealized gain (loss) | .54 | 1.60 | (1.53) | (.95) | (.95) |
Total from investment operations | .49 | 1.52 | (1.63) | (.98) | (.95) |
Distributions from net realized gain | - | - | - | (.01) | - |
Net asset value, end of period | $ 8.44 | $ 7.95 | $ 6.43 | $ 8.06 | $ 9.05 |
Total ReturnB,C,D | 6.16% | 23.64% | (20.22)% | (10.84)% | (9.50)% |
Ratios to Average Net AssetsG | | | | |
Expenses before expense reductions | 2.16%A | 2.47% | 2.16% | 2.30% | 32.36%A |
Expenses net of voluntary waivers, if any | 1.75%A | 1.79% | 1.92% | 2.00% | 2.00%A |
Expenses net of all reductions | 1.69%A | 1.72% | 1.72% | 1.96% | 2.00%A |
Net investment income (loss) | (1.26)%A | (1.14)% | (1.29)% | (.39)% | .74%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,556 | $ 12,458 | $ 10,511 | $ 14,165 | $ 2,767 |
Portfolio turnover rate | 113%A | 158% | 473% | 481% | 139%A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period November 13, 2000 (commencement of operations) to November 30, 2000.
G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary 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.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
May 31, 2004 | Years ended November 30, |
| (Unaudited) | 2003 | 2002 | 2001 | 2000F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.84 | $ 6.37 | $ 8.02 | $ 9.05 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | (.07) | (.11) | (.13) | (.08) | -H |
Net realized and unrealized gain (loss) | .53 | 1.58 | (1.52) | (.94) | (.95) |
Total from investment operations | .46 | 1.47 | (1.65) | (1.02) | (.95) |
Distributions from net realized gain | - | - | - | (.01) | - |
Net asset value, end of period | $ 8.30 | $ 7.84 | $ 6.37 | $ 8.02 | $ 9.05 |
Total ReturnB,C,D | 5.87% | 23.08% | (20.57)% | (11.29)% | (9.50)% |
Ratios to Average Net AssetsG | | | | |
Expenses before expense reductions | 2.58%A | 2.92% | 2.73% | 2.86% | 32.87%A |
Expenses net of voluntary waivers, if any | 2.25%A | 2.25% | 2.43% | 2.50% | 2.50%A |
Expenses net of all reductions | 2.19%A | 2.18% | 2.23% | 2.46% | 2.50%A |
Net investment income (loss) | (1.76)%A | (1.60)% | (1.81)% | (.89)% | .24%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,423 | $ 8,422 | $ 6,262 | $ 8,038 | $ 1,659 |
Portfolio turnover rate | 113%A | 158% | 473% | 481% | 139%A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period November 13, 2000 (commencement of operations) to November 30, 2000.
G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary 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.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
May 31, 2004 | Years ended November 30, |
| (Unaudited) | 2003 | 2002 | 2001 | 2000F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.85 | $ 6.38 | $ 8.03 | $ 9.05 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | (.07) | (.11) | (.13) | (.08) | -H |
Net realized and unrealized gain (loss) | .53 | 1.58 | (1.52) | (.93) | (.95) |
Total from investment operations | .46 | 1.47 | (1.65) | (1.01) | (.95) |
Distributions from net realized gain | - | - | - | (.01) | - |
Net asset value, end of period | $ 8.31 | $ 7.85 | $ 6.38 | $ 8.03 | $ 9.05 |
Total ReturnB,C,D | 5.86% | 23.04% | (20.55)% | (11.18)% | (9.50)% |
Ratios to Average Net AssetsG | | | | |
Expenses before expense reductions | 2.44%A | 2.77% | 2.58% | 2.79% | 32.69%A |
Expenses net of voluntary waivers, if any | 2.25%A | 2.25% | 2.36% | 2.50% | 2.50%A |
Expenses net of all reductions | 2.19%A | 2.18% | 2.16% | 2.46% | 2.50%A |
Net investment income (loss) | (1.76)%A | (1.61)% | (1.74)% | (.89)% | .24%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,520 | $ 8,427 | $ 6,636 | $ 8,532 | $ 1,224 |
Portfolio turnover rate | 113%A | 158% | 473% | 481% | 139%A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period November 13, 2000 (commencement of operations) to November 30, 2000.
G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary 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.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
May 31, 2004 | Years ended November 30, |
| (Unaudited) | 2003 | 2002 | 2001 | 2000E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.10 | $ 6.52 | $ 8.11 | $ 9.06 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | (.03) | (.04) | (.05) | .01 | .01 |
Net realized and unrealized gain (loss) | .55 | 1.62 | (1.54) | (.95) | (.95) |
Total from investment operations | .52 | 1.58 | (1.59) | (.94) | (.94) |
Distributions from net realized gain | - | - | - | (.01) | - |
Net asset value, end of period | $ 8.62 | $ 8.10 | $ 6.52 | $ 8.11 | $ 9.06 |
Total ReturnB,C | 6.42% | 24.23% | (19.61)% | (10.39)% | (9.40)% |
Ratios to Average Net AssetsF | | | | |
Expenses before expense reductions | 1.28%A | 1.61% | 1.43% | 1.73% | 31.51%A |
Expenses net of voluntary waivers, if any | 1.25%A | 1.25% | 1.27% | 1.50% | 1.50%A |
Expenses net of all reductions | 1.19%A | 1.18% | 1.07% | 1.46% | 1.50%A |
Net investment income (loss) | (.76)%A | (.61)% | (.64)% | .11% | 1.24%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 585 | $ 579 | $ 513 | $ 761 | $ 325 |
Portfolio turnover rate | 113%A | 158% | 473% | 481% | 139%A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E For the period November 13, 2000 (commencement of operations) to November 30, 2000.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended May 31, 2004 (Unaudited)
1. Significant Accounting Policies.
Fidelity Advisor Aggressive Growth Fund (the 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 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. The following summarizes the significant accounting policies of the fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. 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. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. 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. Interest income is 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 the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each 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.
Semiannual Report
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Temporary book-tax differences will reverse in a subsequent period. Book-tax differences are primarily due to foreign currency transactions, futures transactions, net operating losses, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:
Unrealized appreciation | $ 6,958,453 | | |
Unrealized depreciation | (1,900,101) | |
Net unrealized appreciation (depreciation) | $ 5,058,352 | |
Cost for federal income tax purposes | $ 34,055,820 | |
2. Operating Policies.
Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
4. 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 .28% 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. For the period, the total annualized management fee rate was .63% of the fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
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 | 0% | .25% | $ 6,147 | $ 43 |
Class T | .25% | .25% | 33,274 | - |
Class B | .75% | .25% | 44,980 | 33,735 |
Class C | .75% | .25% | 45,415 | 8,598 |
| | | $ 129,816 | $ 42,376 |
Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 10,530 |
Class T | 6,416 |
Class B* | 29,205 |
Class C* | 1,322 |
| $ 47,473 |
* 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
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
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 to FIIOC, were as follows:
| Amount | % of
Average
Net Assets |
Class A | $ 15,364 | .63* |
Class T | 46,852 | .70* |
Class B | 28,172 | .63* |
Class C | 21,861 | .48* |
Institutional Class | 991 | .33* |
| $ 113,240 | |
* Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records. The fee is based on the level of average net assets for the month.
Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $4,231 for the period.
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 are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Expense Reductions.
FMR agreed to reimburse each class to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.50% | $ 8,137 |
Class T | 1.75% | 27,399 |
Class B | 2.25% | 15,036 |
Class C | 2.25% | 8,648 |
Institutional Class | 1.25% | 104 |
| | $ 59,324 |
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 $11,526 for the period.
7. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
May 31,
2004 | Year ended
November 30, 2003 | Six months ended
May 31,
2004 | Year ended
November 30,
2003 |
Class A | | | | |
Shares sold | 228,765 | 244,577 | $ 1,914,521 | $ 1,722,170 |
Shares redeemed | (91,240) | (128,450) | (762,948) | (880,316) |
Net increase (decrease) | 137,525 | 116,127 | $ 1,151,573 | $ 841,854 |
Class T | | | | |
Shares sold | 420,091 | 442,489 | $ 3,483,990 | $ 3,023,259 |
Shares redeemed | (262,080) | (509,774) | (2,150,302) | (3,391,934) |
Net increase (decrease) | 158,011 | (67,285) | $ 1,333,688 | $ (368,675) |
Class B | | | | |
Shares sold | 214,137 | 340,312 | $ 1,745,186 | $ 2,312,985 |
Shares redeemed | (153,087) | (249,139) | (1,246,736) | (1,653,902) |
Net increase (decrease) | 61,050 | 91,173 | $ 498,450 | $ 659,083 |
Class C | | | | |
Shares sold | 259,944 | 327,135 | $ 2,112,463 | $ 2,159,687 |
Shares redeemed | (188,030) | (293,843) | (1,525,153) | (1,926,688) |
Net increase (decrease) | 71,914 | 33,292 | $ 587,310 | $ 232,999 |
Institutional Class | | | | |
Shares sold | 5,973 | 11,899 | $ 48,804 | $ 86,133 |
Shares redeemed | (9,640) | (19,157) | (80,054) | (127,181) |
Net increase (decrease) | (3,667) | (7,258) | $ (31,250) | $ (41,048) |
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on June 16, 2004 The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* |
| # of
Votes | % of
Votes |
Affirmative | 31,883,774,629.45 | 74.417 |
Against | 8,183,381,781.77 | 19.100 |
Abstain | 1,638,852,719.00 | 3.825 |
Broker
Non-Votes | 1,138,987,331.08 | 2.658 |
TOTAL | 42,844,996,461.30 | 100.000 |
PROPOSAL 2 |
To elect a Board of Trustees.* |
| # of
Votes | % of
Votes |
J. Michael Cook |
Affirmative | 40,460,518,026.37 | 94.435 |
Withheld | 2,384,478,434.93 | 5.565 |
TOTAL | 42,844,996,461.30 | 100.000 |
Ralph F. Cox |
Affirmative | 40,352,191,948.09 | 94.182 |
Withheld | 2,492,804,513.21 | 5.818 |
TOTAL | 42,844,996,461.30 | 100.000 |
Laura B. Cronin |
Affirmative | 40,424,410,070.14 | 94.350 |
Withheld | 2,420,586,391.16 | 5.650 |
TOTAL | 42,844,996,461.30 | 100.000 |
Robert M. Gates |
Affirmative | 40,432,546,388.62 | 94.369 |
Withheld | 2,412,450,072.68 | 5.631 |
TOTAL | 42,844,996,461.30 | 100.000 |
George H. Heilmeier |
Affirmative | 40,445,405,455.55 | 94.399 |
Withheld | 2,399,591,005.75 | 5.601 |
TOTAL | 42,844,996,461.30 | 100.000 |
Abigail P. Johnson |
Affirmative | 40,331,726,176.04 | 94.134 |
Withheld | 2,513,270,285.26 | 5.866 |
TOTAL | 42,844,996,461.30 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 40,301,779,769.00 | 94.064 |
Withheld | 2,543,216,692.30 | 5.936 |
TOTAL | 42,844,996,461.30 | 100.000 |
Donald J. Kirk |
Affirmative | 40,378,377,883.82 | 94.243 |
Withheld | 2,466,618,577.48 | 5.757 |
TOTAL | 42,844,996,461.30 | 100.000 |
Marie L. Knowles |
Affirmative | 40,472,201,003.05 | 94.462 |
Withheld | 2,372,795,458.25 | 5.538 |
TOTAL | 42,844,996,461.30 | 100.000 |
Ned C. Lautenbach |
Affirmative | 40,485,953,391.65 | 94.494 |
Withheld | 2,359,043,069.65 | 5.506 |
TOTAL | 42,844,996,461.30 | 100.000 |
Marvin L. Mann |
Affirmative | 40,392,875,977.31 | 94.277 |
Withheld | 2,452,120,483.99 | 5.723 |
TOTAL | 42,844,996,461.30 | 100.000 |
William O. McCoy |
Affirmative | 40,409,897,384.16 | 94.316 |
Withheld | 2,435,099,077.14 | 5.684 |
TOTAL | 42,844,996,461.30 | 100.000 |
Robert L. Reynolds |
Affirmative | 40,470,266,358.65 | 94.457 |
Withheld | 2,374,730,102.65 | 5.543 |
TOTAL | 42,844,996,461.30 | 100.000 |
William S. Stavropoulos |
Affirmative | 40,442,710,981.11 | 94.393 |
Withheld | 2,402,285,480.19 | 5.607 |
TOTAL | 42,844,996,461.30 | 100.000 |
* Denotes trust-wide proposals and voting results. |
Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Far East) Inc.
Fidelity International Investment Advisors
Fidelity Investments Japan Limited
Fidelity International Investment Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
Semiannual Report
Fidelity Advisor Aggressive Growth Fund |
Fidelity Advisor Asset Allocation Fund |
Fidelity Advisor Balanced Fund |
Fidelity Advisor Biotechnology Fund |
Fidelity Advisor California Municipal Income Fund |
Fidelity Advisor Consumer Industries Fund |
Fidelity Advisor Cyclical Industries Fund |
Fidelity Advisor Developing Communications Fund |
Fidelity Advisor Diversified International Fund |
Fidelity Advisor Dividend Growth Fund |
Fidelity Advisor Dynamic Capital
Appreciation Fund |
Fidelity Advisor Electronics Fund |
Fidelity Advisor Emerging Asia Fund |
Fidelity Advisor Emerging Markets Fund |
Fidelity Advisor Emerging Markets Income Fund |
Fidelity Advisor Equity Growth Fund |
Fidelity Advisor Equity Income Fund |
Fidelity Advisor Equity Value Fund |
Fidelity Advisor Europe Capital
Appreciation Fund |
Fidelity Advisor Fifty Fund |
Fidelity Advisor Financial Services Fund |
Fidelity Advisor Floating Rate High Income Fund |
Fidelity Advisor Freedom Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040 FundsSM |
Fidelity Advisor Global Equity Fund |
Fidelity Advisor Government Investment Fund |
Fidelity Advisor Growth & Income Fund |
Fidelity Advisor Growth Opportunities Fund |
Fidelity Advisor Health Care Fund |
Fidelity Advisor High Income Advantage Fund |
Fidelity Advisor High Income Fund |
Fidelity Advisor Inflation-Protected Bond Fund |
Fidelity Advisor Intermediate Bond Fund |
Fidelity Advisor International Capital Appreciation Fund |
Fidelity Advisor International
Small Cap Fund |
Fidelity Advisor Investment Grade Bond Fund |
Fidelity Advisor Japan Fund |
Fidelity Advisor Korea Fund |
Fidelity Advisor Large Cap Fund |
Fidelity Advisor Latin America Fund |
Fidelity Advisor Leveraged Company Stock Fund |
Fidelity Advisor Mid Cap Fund |
Fidelity Advisor Mortgage Securities Fund |
Fidelity Advisor Municipal Income Fund |
Fidelity Advisor Natural Resources Fund |
Fidelity Advisor New Insights Fund |
Fidelity Advisor New York Municipal
Income Fund |
Fidelity Advisor Overseas Fund |
Fidelity Advisor Real Estate Fund |
Fidelity Advisor Short Fixed-Income Fund |
Fidelity Advisor Short Intermediate Municipal Income Fund |
Fidelity Advisor Small Cap Fund |
Fidelity Advisor Strategic Dividend &
Income Fund |
Fidelity Advisor Strategic Growth Fund |
Fidelity Advisor Strategic Income Fund |
Fidelity Advisor Tax Managed Stock Fund |
Fidelity Advisor Technology Fund |
Fidelity Advisor Telecommunications &
Utilities Growth Fund |
Fidelity Advisor Total Bond Fund |
Fidelity Advisor Ultra-Short Bond Fund |
Fidelity Advisor Value Fund |
Fidelity Advisor Value Leaders Fund |
Fidelity Advisor Value Strategies Fund |
Prime Fund |
Tax-Exempt Fund |
Treasury Fund |
AAGI-USAN-0704
1.786774.101
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 9. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Securities Fund's Board of Trustees.
Item 10. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Securities Fund's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 11. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Securities Fund
By: | /s/Christine Reynolds |
| Christine Reynolds |
| President and Treasurer |
| |
Date: | July 22, 2004 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Christine Reynolds |
| Christine Reynolds |
| President and Treasurer |
| |
Date: | July 22, 2004 |
By: | /s/Timothy F. Hayes |
| Timothy F. Hayes |
| Chief Financial Officer |
| |
Date: | July 22, 2004 |
