INDEPENDENT AUDITORS' REPORT

0000754510-01-500023.txt : 20011009 0000754510-01-500023.hdr.sgml : 20011009 ACCESSION NUMBER: 0000754510-01-500023 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20010731 FILED AS OF DATE: 20010928 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SECURITIES FUND CENTRAL INDEX KEY: 0000754510 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-04118 FILM NUMBER: 1748187 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391706 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 NSAR-B 1 answer.fil PAGE 1 000 B000000 07/31/2001 000 C000000 0000754510 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 FIDELITY SECURITIES FUND 001 B000000 811-4118 001 C000000 6175631413 002 A000000 82 DEVONSHIRE STREET 002 B000000 BOSTON 002 C000000 MA 002 D010000 02109 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 5 007 C010100 1 007 C020100 FIDELITY OTC PORTFOLIO 007 C030100 N 007 C010200 2 007 C020200 FIDELITY GROWTH & INCOME PORTFOLIO 007 C030200 N 007 C010300 3 007 C020300 FIDELITY BLUE CHIP GROWTH FUND 007 C030300 N 007 C010400 4 007 C020400 FIDELITY DIVIDEND GROWTH FUND 007 C030400 N 007 C010500 5 007 C010600 6 007 C020600 FIDELITY LEVERAGED COMPANY STOCK FUND 007 C030600 N 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 008 A00AA01 FIDELITY MANAGEMENT & RESEARCH COMPANY(FMR) 008 B00AA01 A 008 C00AA01 801-7884 008 D01AA01 BOSTON 008 D02AA01 MA 008 D03AA01 02109 008 A00AA02 FIDELITY MANAGEMENT & RESEARCH (U.K.), INC. 008 B00AA02 S 008 C00AA02 801-28773 PAGE 2 008 D01AA02 LONDON 008 D05AA02 ENGLAND 008 A00AA03 FIDELITY MANAGEMENT & RESEARCH (FAR EAST),INC 008 B00AA03 S 008 C00AA03 801-28774 008 D01AA03 TOKYO 008 D05AA03 JAPAN 008 A00AA04 FIDELITY INVESTMENTS JAPAN LTD.(FIJ) 008 B00AA04 S 008 C00AA04 801-00000 008 D01AA04 TOKYO 008 D05AA04 JAPAN 008 A00AA05 FMR CO., INC. 008 B00AA05 S 008 C00AA05 801-3447 008 D01AA05 BOSTON 008 D02AA05 MA 008 D03AA05 02109 011 A00AA01 FIDELITY DISTRIBUTORS CORPORATION 011 B00AA01 8-8775 011 C01AA01 BOSTON 011 C02AA01 MA 011 C03AA01 02109 012 A00AA01 FIDELITY SERVICE COMPANY, INC. 012 B00AA01 84-5679 012 C01AA01 BOSTON 012 C02AA01 MA 012 C03AA01 02109 014 A00AA01 FIDELITY BROKERAGE SERVICES LLC 014 B00AA01 8-23292 014 A00AA02 FIDELITY DISTRIBUTORS CORPORATION 014 B00AA02 8-8775 014 A00AA03 FIDELITY BROKERAGE SERVICES 014 B00AA03 8-00000 014 A00AA04 NATIONAL FINANCIAL SERVICES LLC 014 B00AA04 8-26740 014 A00AA05 FIDELITY INVESTMENTS CANADA LTD. 014 B00AA05 8-00000 014 A00AA06 FIDELITY SECURITIES LIMITED 014 B00AA06 8-00000 014 A00AA07 FMR U.K. HOLDINGS LIMITED 014 B00AA07 8-00000 014 A00AA08 FIDELITY BROKERAGE SERVICES JAPAN LLC 014 B00AA08 8-00000 014 A00AA09 REDIBOOK ECN, LLC(REDIBOOK) 014 B00AA09 8-00000 018 00AA00 Y 019 A00AA00 Y 019 B00AA00 258 019 C00AA00 FIDELITYZZ 020 A000001 DEUTSCHE BANK SECURITIES, INC. 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000400 N 038 000400 0 039 000400 N 040 000400 Y 041 000400 N 042 A000400 0 042 B000400 0 042 C000400 0 042 D000400 0 042 E000400 0 042 F000400 0 042 G000400 0 042 H000400 0 043 000400 0 044 000400 2 049 000400 N 050 000400 N 051 000400 Y 052 000400 Y 053 A000400 Y 053 B000400 Y 053 C000400 N 055 A000400 N 055 B000400 N 056 000400 Y 057 000400 N 058 A000400 N 059 000400 Y 060 A000400 Y 060 B000400 Y 061 000400 2500 066 A000400 Y 066 B000400 N 066 C000400 Y 066 D000400 N 066 E000400 N 066 F000400 N 066 G000400 N 067 000400 N 068 A000400 N 068 B000400 N 069 000400 N 070 A010400 Y 070 A020400 Y 070 B010400 Y 070 B020400 N 070 C010400 Y PAGE 22 070 C020400 N 070 D010400 Y 070 D020400 N 070 E010400 Y 070 E020400 N 070 F010400 Y 070 F020400 Y 070 G010400 Y 070 G020400 N 070 H010400 Y 070 H020400 N 070 I010400 N 070 I020400 N 070 J010400 Y 070 J020400 Y 070 K010400 Y 070 K020400 Y 070 L010400 Y 070 L020400 Y 070 M010400 Y 070 M020400 Y 070 N010400 Y 070 N020400 Y 070 O010400 Y 070 O020400 Y 070 P010400 Y 070 P020400 Y 070 Q010400 N 070 Q020400 N 070 R010400 Y 070 R020400 N 071 A000400 13866763 071 B000400 10437154 071 C000400 11915978 071 D000400 88 072 A000400 12 072 B000400 45928 072 C000400 136308 072 D000400 0 072 E000400 6 072 F000400 91188 072 G000400 0 072 H000400 0 072 I000400 26294 072 J000400 233 072 K000400 0 072 L000400 0 072 M000400 43 072 N000400 536 072 O000400 0 072 P000400 3 PAGE 23 072 Q000400 971 072 R000400 55 072 S000400 40 072 T000400 0 072 U000400 0 072 V000400 275 072 W000400 43 072 X000400 119681 072 Y000400 3628 072 Z000400 66189 072AA000400 407614 072BB000400 0 072CC010400 9069 072CC020400 0 072DD010400 63404 072DD020400 0 072EE000400 849513 073 A010400 0.1800 073 A020400 0.0000 073 B000400 2.4000 073 C000400 0.0000 074 A000400 1451 074 B000400 0 074 C000400 0 074 D000400 488319 074 E000400 35223 074 F000400 13446432 074 G000400 0 074 H000400 0 074 I000400 502782 074 J000400 188083 074 K000400 0 074 L000400 43610 074 M000400 0 074 N000400 14705900 074 O000400 219049 074 P000400 8746 074 Q000400 0 074 R010400 0 074 R020400 0 074 R030400 0 074 R040400 15381 074 S000400 0 074 T000400 14462724 074 U010400 486215 074 U020400 0 074 V010400 29.75 074 V020400 0.00 074 W000400 0.0000 074 X000400 1374214 074 Y000400 0 PAGE 24 075 A000400 0 075 B000400 12368069 076 000400 0.00 042 A000500 0 042 B000500 0 042 C000500 0 042 D000500 0 042 E000500 0 042 F000500 0 042 G000500 0 042 H000500 0 043 000500 0 044 000500 0 013 A000601 PRICEWATERHOUSECOOPERS LLP 013 B010601 BOSTON 013 B020601 MA 013 B030601 02110 015 A000601 THE CHASE MANHATTAN BANK 015 B000601 C 015 C010601 NEW YORK 015 C020601 NY 015 C030601 11245 015 E010601 X 024 000600 N 025 D000601 0 025 D000602 0 025 D000603 0 025 D000604 0 025 D000605 0 025 D000606 0 025 D000607 0 025 D000608 0 028 A010600 95518 028 A020600 0 028 A030600 0 028 A040600 4626 028 B010600 19057 028 B020600 0 028 B030600 0 028 B040600 5543 028 C010600 7449 028 C020600 0 028 C030600 0 028 C040600 5031 028 D010600 21157 028 D020600 0 028 D030600 0 028 D040600 3711 028 E010600 11642 028 E020600 0 028 E030600 0 PAGE 25 028 E040600 11183 028 F010600 6526 028 F020600 0 028 F030600 0 028 F040600 20345 028 G010600 161349 028 G020600 0 028 G030600 0 028 G040600 50439 028 H000600 0 029 000600 N 030 A000600 0 030 B000600 0.00 030 C000600 0.00 031 A000600 0 031 B000600 0 032 000600 0 033 000600 0 034 000600 N 035 000600 0 036 B000600 0 037 000600 Y 038 000600 219 039 000600 N 040 000600 Y 041 000600 N 042 A000600 0 042 B000600 0 042 C000600 0 042 D000600 0 042 E000600 0 042 F000600 0 042 G000600 0 042 H000600 0 043 000600 0 044 000600 10 049 000600 N 050 000600 N 051 000600 N 052 000600 Y 053 A000600 Y 053 B000600 Y 053 C000600 N 055 A000600 N 055 B000600 N 056 000600 Y 057 000600 N 058 A000600 N 059 000600 Y 060 A000600 N 060 B000600 N PAGE 26 061 000600 10000 066 A000600 Y 066 B000600 N 066 C000600 Y 066 D000600 N 066 E000600 N 066 F000600 N 066 G000600 N 067 000600 N 068 A000600 N 068 B000600 N 069 000600 N 070 A010600 Y 070 A020600 N 070 B010600 Y 070 B020600 N 070 C010600 Y 070 C020600 N 070 D010600 Y 070 D020600 N 070 E010600 Y 070 E020600 N 070 F010600 Y 070 F020600 N 070 G010600 Y 070 G020600 N 070 H010600 Y 070 H020600 N 070 I010600 N 070 I020600 N 070 J010600 Y 070 J020600 Y 070 K010600 Y 070 K020600 Y 070 L010600 Y 070 L020600 Y 070 M010600 Y 070 M020600 Y 070 N010600 Y 070 N020600 Y 070 O010600 Y 070 O020600 N 070 P010600 Y 070 P020600 Y 070 Q010600 N 070 Q020600 N 070 R010600 Y 070 R020600 N 071 A000600 364841 071 B000600 189744 071 C000600 135812 PAGE 27 071 D000600 230 072 A000600 8 072 B000600 1209 072 C000600 535 072 D000600 0 072 E000600 132 072 F000600 604 072 G000600 0 072 H000600 0 072 I000600 172 072 J000600 13 072 K000600 0 072 L000600 0 072 M000600 0 072 N000600 43 072 O000600 0 072 P000600 0 072 Q000600 43 072 R000600 25 072 S000600 1 072 T000600 0 072 U000600 0 072 V000600 0 072 W000600 0 072 X000600 900 072 Y000600 101 072 Z000600 1076 072AA000600 0 072BB000600 13555 072CC010600 6737 072CC020600 0 072DD010600 0 072DD020600 0 072EE000600 0 073 A010600 0.0000 073 A020600 0.0000 073 B000600 0.0000 073 C000600 0.0000 074 A000600 0 074 B000600 0 074 C000600 0 074 D000600 13920 074 E000600 82 074 F000600 154372 074 G000600 0 074 H000600 0 074 I000600 36804 074 J000600 0 074 K000600 0 074 L000600 6736 074 M000600 8 PAGE 28 074 N000600 211921 074 O000600 2806 074 P000600 107 074 Q000600 0 074 R010600 0 074 R020600 0 074 R030600 0 074 R040600 14424 074 S000600 0 074 T000600 194584 074 U010600 18255 074 U020600 0 074 V010600 10.66 074 V020600 0.00 074 W000600 0.0000 074 X000600 10159 074 Y000600 0 075 A000600 0 075 B000600 158038 076 000600 0.00 SIGNATURE JOHN H. COSTELLO TITLE ASSISTANT TREASURER EX-99 3 aagfrm.htm

SUB-ADVISORY AGREEMENT

between

FMR CO., INC. and

FIDELITY MANAGEMENT & RESEARCH COMPANY

AGREEMENT made this 1st day of January, 2001, by and between FMR Co., Inc., a Massachusetts corporation with principal offices at 82 Devonshire Street, Boston, Massachusetts (hereinafter called the ´´Sub-Adviser") and Fidelity Management & Research Company, a Massachusetts corporation with principal offices at 82 Devonshire Street, Boston, Massachusetts (hereinafter called the ´´Adviser").

WHEREAS the Adviser has entered into a Management Contract with Fidelity Securities Fund, a Massachusetts business trust which may issue one or more series of shares of beneficial interest (hereinafter called the ´´Fund"), on behalf of Fidelity Advisor Aggressive Growth Fund (hereinafter called the ´´Portfolio"), pursuant to which the Adviser is to act as investment manager and adviser to the Portfolio, and

WHEREAS the Sub-Adviser was formed for the purpose of providing investment management of equity and high income funds and advising generally with respect to equity and high income instruments.

NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the Adviser and the Sub-Adviser agree as follows:

1. (a) The Sub-Adviser shall, subject to the supervision of the Adviser, direct the investments of all or such portion of the Portfolio's assets as the Adviser shall designate in accordance with the investment objective, policies and limitations as provided in the Portfolio's Prospectus or other governing instruments, as amended from time to time, the Investment Company Act of 1940 and rules thereunder, as amended from time to time (the ´´1940 Act"), and such other limitations as the Portfolio may impose by notice in writing to the Adviser or Sub-Adviser. The Sub-Adviser shall also furnish for the use of the Portfolio office space and all necessary office facilities, equipment and personnel for servicing the investments of the Portfolio; and shall pay the salaries and fees of all personnel of the Sub-Adviser performing services for the Portfolio relating to research, statistical and investment activities. The Sub-Adviser is authorized, in its discretion and without prior consultation with the Portfolio or the Adviser, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the Portfolio. The investment policies and all other actions of the Portfolio are and shall at all times be subject to the control and direction of the Fund's Board of Trustees.

(b) The Sub-Adviser shall also furnish such reports, evaluations, information or analyses to the Fund and the Adviser as the Fund's Board of Trustees or the Adviser may request from time to time or as the Sub-Adviser may deem to be desirable. The Sub-Adviser shall make recommendations to the Fund's Board of Trustees with respect to Portfolio policies, and shall carry out such policies as are adopted by the Trustees. The Sub-Adviser shall, subject to review by the Board of Trustees, furnish such other services as the Sub-Adviser shall from time to time determine to be necessary or useful to perform its obligations under this Agreement and which are not otherwise furnished by the Adviser.

(c) The Sub-Adviser shall place all orders for the purchase and sale of portfolio securities for the Portfolio's account with brokers or dealers selected by the Sub-Adviser, which may include brokers or dealers affiliated with the Adviser or Sub-Adviser. The Sub-Adviser shall use its best efforts to seek to execute portfolio transactions at prices which are advantageous to the Portfolio and at commission rates which are reasonable in relation to the benefits received. In selecting brokers or dealers qualified to execute a particular transaction, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) to the Portfolio and/or the other accounts over which the Sub-Adviser, Adviser or their affiliates exercise investment discretion. The Sub-Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Portfolio which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Trustees of the Fund shall periodically review the commissions paid by the Portfolio to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the Portfolio.

2. As compensation for the services to be furnished by the Sub-Adviser hereunder, the Adviser agrees to pay the Sub-Adviser a monthly fee equal to 50% of the management fee (including performance adjustments, if any) that the Portfolio is obligated to pay the Adviser under the Portfolio's Management Contract with the Adviser in respect of that portion of the Portfolio's assets managed by the Sub-Adviser during such month. Such fee shall not be reduced to reflect expense reimbursements or fee waivers by the Adviser, if any, in effect from time to time.

3. It is understood that Trustees, officers, and shareholders of the Fund are or may be or become interested in the Adviser or the Sub-Adviser as directors, officers or otherwise and that directors, officers and stockholders of the Adviser or the Sub-Adviser are or may be or become similarly interested in the Fund, and that the Adviser or the Sub-Adviser may be or become interested in the Fund as a shareholder or otherwise.

4. It is understood that the Portfolio will pay all its expenses other than those expressly stated to be payable by the Sub-Adviser hereunder or by the Adviser under the Management Contract with the Portfolio, which expenses payable by the Portfolio shall include, without limitation, (i) interest and taxes; (ii) brokerage commissions and other costs in connection with the purchase or sale of securities and other investment instruments; (iii) fees and expenses of the Fund's Trustees other than those who are ´´interested persons" of the Fund, the Sub-Adviser or the Adviser; (iv) legal and audit expenses; (v) custodian, registrar and transfer agent fees and expenses; (vi) fees and expenses related to the registration and qualification of the Fund and the Portfolio's shares for distribution under state and federal securities laws; (vii) expenses of printing and mailing reports and notices and proxy material to shareholders of the Portfolio; (viii) all other expenses incidental to holding meetings of the Portfolio's shareholders, including proxy solicitations therefor; (ix) a pro rata share, based on relative net assets of the Portfolio and other registered investment companies having Advisory and Service or Management Contracts with the Adviser, of 50% of insurance premiums for fidelity and other coverage; (x) its proportionate share of association membership dues; (xi) expenses of typesetting for printing Prospectuses and Statements of Additional Information and supplements thereto; (xii) expenses of printing and mailing Prospectuses and Statements of Additional Information and supplements thereto sent to existing shareholders; and (xiii) such non-recurring or extraordinary expenses as may arise, including those relating to actions, suits or proceedings to which the Portfolio is a party and the legal obligation which the Portfolio may have to indemnify the Fund's Trustees and officers with respect thereto.

5. The Services of the Sub-Adviser to the Adviser are not to be deemed to be exclusive, the Sub-Adviser being free to render services to others and engage in other activities, provided, however, that such other services and activities do not, during the term of this Agreement, interfere, in a material manner, with the Sub-Adviser's ability to meet all of its obligations with respect to rendering investment advice hereunder. The Sub-Adviser shall for all purposes be an independent contractor and not an agent or employee of the Adviser or the Fund.

6. In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of the Sub-Adviser, the Sub-Adviser shall not be subject to liability to the Advisor, the Trust or to any shareholder of the Portfolio for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security.

7. (a) Subject to prior termination as provided in sub-paragraph (d) of this paragraph 7, this Agreement shall continue in force until July 2001, and indefinitely thereafter, but only so long as the continuance after such period shall be specifically approved at least annually by vote of the Fund's Board of Trustees or by vote of a majority of the outstanding voting securities of the Portfolio.

(b) This Agreement may be modified by mutual consent subject to the provisions of Section 15 of the 1940 Act, as modified by or interpreted by any applicable order or orders of the Securities and Exchange Commission (the "Commission") or any rules or regulations adopted by, or interpretive releases of, the Commission.

(c) In addition to the requirements of sub-paragraphs (a) and (b) of this paragraph 7, the terms of any continuance or modification of the Agreement must have been approved by the vote of a majority of those Trustees of the Fund who are not parties to such Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval.

(d) Either the Adviser, the Sub-Adviser or the Portfolio may, at any time on sixty (60) days' prior written notice to the other parties, terminate this Agreement, without payment of any penalty, by action of its Board of Trustees or Directors, or by vote of a majority of its outstanding voting securities. This Agreement shall terminate automatically upon the termination of the Management Contract between the Fund, on behalf of the Portfolio, and the Adviser. This Agreement shall terminate automatically in the event of its assignment.

8. The Sub-Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Declaration of Trust or other organizational document of the Fund and agrees that any obligations of the Fund or the Portfolio arising in connection with this Agreement shall be limited in all cases to the Portfolio and its assets, and the Sub-Adviser shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Portfolio. Nor shall the Sub-Adviser seek satisfaction of any such obligation from the Trustees or any individual Trustee.

9. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT GIVING EFFECT TO THE CHOICE OF LAWS PROVISIONS THEREOF.

The terms ´´registered investment company," ´´vote of a majority of the outstanding voting securities," ´´assignment," and ´´interested persons," when used herein, shall have the respective meanings specified in the Investment Company Act of 1940 as now in effect or as hereafter amended.

IN WITNESS WHEREOF the parties hereto have caused this instrument to be signed in their behalf by their respective officers thereunto duly authorized, and their respective seals to be hereunto affixed, all as of the date written above.

	FMR CO., INC.

	BY:	/s/ Laura B. Cronin ___________________________________________
		Laura B. Cronin Treasurer

	FIDELITY MANAGEMENT & RESEARCH COMPANY

	BY:	/s/ Robert C. Pozen ___________________________________________
		Robert C. Pozen President

EX-99 4 bluefmr.htm

SUB-ADVISORY AGREEMENT

between

FMR CO., INC. and

FIDELITY MANAGEMENT & RESEARCH COMPANY

WHEREAS the Adviser has entered into a Management Contract with Fidelity Securities Fund, a Massachusetts business trust which may issue one or more series of shares of beneficial interest (hereinafter called the ´´Fund"), on behalf of Fidelity Blue Chip Growth Fund (hereinafter called the ´´Portfolio"), pursuant to which the Adviser is to act as investment manager and adviser to the Portfolio, and

WHEREAS the Sub-Adviser was formed for the purpose of providing investment management of equity and high income funds and advising generally with respect to equity and high income instruments.

NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the Adviser and the Sub-Adviser agree as follows:

(c) The Sub-Adviser shall place all orders for the purchase and sale of portfolio securities for the Portfolio's account with brokers or dealers selected by the Sub-Adviser, which may include brokers or dealers affiliated with the Adviser or Sub-Adviser. The Sub-Adviser shall use its best efforts to seek to execute portfolio transactions at prices which are advantageous to the Portfolio and at commission rates which are reasonable in relation to the benefits received. In selecting brokers or dealers qualified to execute a particular transaction, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of l934) to the Portfolio and/or the other accounts over which the Sub-Adviser, Adviser or their affiliates exercise investment discretion. The Sub-Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Portfolio which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Trustees of the Fund shall periodically review the commissions paid by the Portfolio to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the Portfolio.

9. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT GIVING EFFECT TO THE CHOICE OF LAWS PROVISIONS THEREOF.

FMR CO., INC.

By /s/ Laura B. Cronin

Laura B. Cronin

Treasurer

FIDELITY MANAGEMENT & RESEARCH COMPANY

By /s/ Robert C. Pozen

Robert C. Pozen

President

EX-99 5 divgrowth.htm

SUB-ADVISORY AGREEMENT

between

FMR CO., INC. and

FIDELITY MANAGEMENT & RESEARCH COMPANY

WHEREAS the Adviser has entered into a Management Contract with Fidelity Securities Fund, a Massachusetts business trust which may issue one or more series of shares of beneficial interest (hereinafter called the ´´Fund"), on behalf of Fidelity Dividend Growth Fund (hereinafter called the ´´Portfolio"), pursuant to which the Adviser is to act as investment manager and adviser to the Portfolio, and

WHEREAS the Sub-Adviser was formed for the purpose of providing investment management of equity and high income funds and advising generally with respect to equity and high income instruments.

NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the Adviser and the Sub-Adviser agree as follows:

9. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT GIVING EFFECT TO THE CHOICE OF LAWS PROVISIONS THEREOF.

	FMR CO., INC.

	BY:	/s/ Laura B. Cronin
		Laura B. Cronin
		Treasurer

	FIDELITY MANAGEMENT & RESEARCH COMPANY

	BY:	/s/ Robert C. Pozen
		Robert C. Pozen
		President

EX-99 6 levcostock.htm

SUB-ADVISORY AGREEMENT

between

FMR CO., INC. and

FIDELITY MANAGEMENT & RESEARCH COMPANY

WHEREAS the Adviser has entered into a Management Contract with Fidelity Securities Fund, a Massachusetts business trust which may issue one or more series of shares of beneficial interest (hereinafter called the ´´Fund"), on behalf of Fidelity Leveraged Company Stock Fund (hereinafter called the ´´Portfolio"), pursuant to which the Adviser is to act as investment manager and adviser to the Portfolio, and

WHEREAS the Sub-Adviser was formed for the purpose of providing investment management of equity and high income funds and advising generally with respect to equity and high income instruments.

NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the Adviser and the Sub-Adviser agree as follows:

9. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT GIVING EFFECT TO THE CHOICE OF LAWS PROVISIONS THEREOF.

	FMR CO., INC.

	BY:	/s/ Laura B. Cronin ___________________________________________
		Laura B. Cronin
		Treasurer

	FIDELITY MANAGEMENT & RESEARCH COMPANY

	BY:	/s/ Robert C. Pozen ___________________________________________
		Robert C. Pozen
		President

EX-99 7 otc.htm

SUB-ADVISORY AGREEMENT

between

FMR CO., INC. and

FIDELITY MANAGEMENT & RESEARCH COMPANY

AGREEMENT made this 1st day of January, 2001, by and between FMR Co., Inc., a Massachusetts corporation with principal offices at 82 Devonshire Street, Boston, Massachusetts (hereinafter called the "Sub-Adviser") and Fidelity Management & Research Company, a Massachusetts corporation with principal offices at 82 Devonshire Street, Boston, Massachusetts (hereinafter called the "Adviser").

WHEREAS the Adviser has entered into a Management Contract with Fidelity Securities Fund, a Massachusetts business trust which may issue one or more series of shares of beneficial interest (hereinafter called the "Fund"), on behalf of Fidelity OTC Portfolio (hereinafter called the "Portfolio"), pursuant to which the Adviser is to act as investment manager and adviser to the Portfolio, and

WHEREAS the Sub-Adviser was formed for the purpose of providing investment management of equity and high income funds and advising generally with respect to equity and high income instruments.

NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the Adviser and the Sub-Adviser agree as follows:

1. (a) The Sub-Adviser shall, subject to the supervision of the Adviser, direct the investments of all or such portion of the Portfolio's assets as the Adviser shall designate in accordance with the investment objective, policies and limitations as provided in the Portfolio's Prospectus or other governing instruments, as amended from time to time, the Investment Company Act of l940 and rules thereunder, as amended from time to time (the "l940 Act"), and such other limitations as the Portfolio may impose by notice in writing to the Adviser or Sub-Adviser. The Sub-Adviser shall also furnish for the use of the Portfolio office space and all necessary office facilities, equipment and personnel for servicing the investments of the Portfolio; and shall pay the salaries and fees of all personnel of the Sub-Adviser performing services for the Portfolio relating to research, statistical and investment activities. The Sub-Adviser is authorized, in its discretion and without prior consultation with the Portfolio or the Adviser, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the Portfolio. The investment policies and all other actions of the Portfolio are and shall at all times be subject to the control and direction of the Fund's Board of Trustees.

(c) The Sub-Adviser shall place all orders for the purchase and sale of portfolio securities for the Portfolio's account with brokers or dealers selected by the Sub-Adviser, which may include brokers or dealers affiliated with the Adviser or Sub-Adviser. The Sub-Adviser shall use its best efforts to seek to execute portfolio transactions at prices which are advantageous to the Portfolio and at commission rates which are reasonable in relation to the benefits received. In selecting brokers or dealers qualified to execute a particular transaction, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of l934) to the Portfolio and/or the other accounts over which the Sub-Adviser, Adviser or their affiliates exercise investment discretion. The Sub-Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Portfolio which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Trustees of the Fund shall periodically review the commissions paid by the Portfolio to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the Portfolio.

9. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT GIVING EFFECT TO THE CHOICE OF LAWS PROVISIONS THEREOF.

FMR CO., INC.

By /s/ Laura B. Cronin

Laura B. Cronin

Treasurer

FIDELITY MANAGEMENT & RESEARCH COMPANY

By /s/ Robert C. Pozen

Robert C. Pozen

President

EX-99 8 growthinc.htm

SUB-ADVISORY AGREEMENT

between

FMR CO., INC. and

FIDELITY MANAGEMENT & RESEARCH COMPANY

WHEREAS the Adviser has entered into a Management Contract with Fidelity Securities Fund, a Massachusetts business trust which may issue one or more series of shares of beneficial interest (hereinafter called the ´´Fund"), on behalf of Fidelity Growth & Income Portfolio (hereinafter called the ´´Portfolio"), pursuant to which the Adviser is to act as investment manager and adviser to the Portfolio, and

WHEREAS the Sub-Adviser was formed for the purpose of providing investment management of equity and high income funds and advising generally with respect to equity and high income instruments.

NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the Adviser and the Sub-Adviser agree as follows:

(c) The Sub-Adviser shall place all orders for the purchase and sale of portfolio securities for the Portfolio's account with brokers or dealers selected by the Sub-Adviser, which may include brokers or dealers affiliated with the Adviser or Sub-Adviser. The Sub-Adviser shall use its best efforts to seek to execute portfolio transactions at prices which are advantageous to the Portfolio and at commission rates which are reasonable in relation to the benefits received. In selecting brokers or dealers qualified to execute a particular transaction, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of l934) to the Portfolio and/or the other accounts over which the Sub-Adviser, Adviser or their affiliates exercise investment discretion. The Sub-Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Portfolio which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Trustees of the Fund shall periodically review the commissions paid by the Portfolio to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the Portfolio.

9. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT GIVING EFFECT TO THE CHOICE OF LAWS PROVISIONS THEREOF.

FMR CO., INC.

By /s/ Laura B. Cronin

Laura B. Cronin

Treasurer

FIDELITY MANAGEMENT & RESEARCH COMPANY

By /s/ Robert C. Pozen

Robert C. Pozen

President

EX-99 9 deloitte.htm INDEPENDENT AUDITORS' REPORT

INDEPENDENT AUDITORS' REPORT

To the Trustees and Shareholders of Fidelity Securities Fund:

In planning and performing our audits of the financial statements of Fidelity Blue Chip Growth Fund and Fidelity OTC Portfolio, (the "Funds"), each a fund of the Fidelity Securities Fund (the "Trust"), for the year ended July 31, 2001 (on which we have issued our reports dated September 7, 2001), we considered their internal control, including control activities for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, and not to provide assurance on the Funds' internal control.

The management of the Funds is responsible for establishing and maintaining internal control. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. Generally, controls that are relevant to an audit pertain to the entity's objective of preparing financial statements for external purposes that are fairly presented in conformity with accounting principles generally accepted in the United States of America. Those controls include the safeguarding of assets against unauthorized acquisition, use, or disposition.

Because of inherent limitations in any internal control, misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of internal control to future periods are subject to the risk that the internal control may become inadequate because of changes in conditions or that the degree of compliance with policies or procedures may deteriorate.

Our consideration of the Funds' internal control would not necessarily disclose all matters in the internal control that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving the Funds' internal control and their operation, including controls for safeguarding securities that we consider to be material weaknesses as defined above as of July 31, 2001.

This report is intended solely for the information and use of management, the Board of Trustees and Shareholders of Fidelity Securities Fund Trust, and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

Deloitte & Touche

September 7, 2001

EX-99 10 pwc.htm REPORT OF INDEPENDENT ACCOUNTANTS

REPORT OF INDEPENDENT ACCOUNTANTS

TO ACCOMPANY FORM N-SAR

____

To the Trustees of Fidelity Securities Fund:

In planning and performing our audits of the financial statements and financial highlights (hereafter referred to as "financial statements") of the Funds of Fidelity Securities Fund: Fidelity Dividend Growth Fund, Fidelity Leveraged Company Stock Fund and Fidelity Growth & Income Portfolio for the year ended July 31, 2001 we considered their internal control, including control activities for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, not to provide assurance on internal control.

The management of the Trust is responsible for establishing and maintaining internal control. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. Generally, controls that are relevant to an audit pertain to the entity's objective of preparing financial statements for external purposes that are fairly presented in conformity with generally accepted accounting principles. Those controls include the safeguarding of assets against unauthorized acquisition, use or disposition.

Because of inherent limitations in internal control, misstatements due to errors or fraud may occur and not be detected. Also, projection of any evaluation of internal control to future periods is subject to the risk that it may become inadequate because of changes in conditions or that the effectiveness of the design and operation may deteriorate.

Our consideration of internal control would not necessarily disclose all matters in internal control that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of any specific internal control component does not reduce to a relatively low level the risk that misstatements due to errors or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving internal control and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of July 31, 2001.

This report is intended solely for the information and use of management and the Trustees of the Trust and the Securities and Exchange Commission.

PricewaterhouseCoopers LLP

Boston, Massachusetts

September 7, 2001

EX-99 11 tenfthree.htm FORM NSAR

FORM NSAR
Q77.O Transactions effected pursuant to Rule 10F3

Fidelity Securities Fund

Series Number	Fund	Trade Date	Settle Date	Security Name:	Size of Offering:	Aggregate Offering Value	Price:	Shares Purchased	Transaction Value	Underwriter Fidelity Purchased From	Underwriting Members:(1)	Underwriting Members:(2)	Underwriting Members:(3)	Underwriting Members:(4)	Underwriting Members:(5)	Underwriting Members:(6)
1	OTC FUND	04-Oct-00	11-Oct-00	TNPC Inc	21,000,000	$441,000,000	$21.00	24,000	$21,000	FBCO	0	Credit Suise	DLJ	FCM	Chase H&Q	CIBC World
1	OTC FUND	21-Sep-00	26-Sep-00	TTM Technologies	7,500,000	$120,000,000	$16.00	10,000	$8,000	RSSF	Robertson Stephens	Chase H&Q	DLJ	First Union	0	0
1	OTC FUND	28-Sep-00	04-Oct-00	Simple Technology	6,364,000	$70,004,000	$11.00	9,800	$5,500	LEHM	Lehman Brothers	Banc of America	Fid. Capital Markets	0	0	0
1	OTC FUND	23-Apr-01	27-Apr-01	Aquila Inc	16,500,000	$396,000,000	$24.00	12,500	$472,800	MOTC	Lehman Brothers	Merrill Lynch & Co.	Salomon Smith Barney	Credit Lyonnais Securities (USA) Inc	JP Morgan	0
1	OTC FUND	22-May-01	25-May-01	Peabody Energy	15,000,000	$420,000,000	$28.00	7,500	$332,000	LEHM	Bear Stearns & Co. Inc.	Merrill Lynch & Co.	Morgan Stanley Dean Witter	UBS Warburg	A.G. Edwards & Sons, Inc.	0
1	OTC FUND	02-Aug-00	08-Aug-00	Rosetta Inpharmatics	7,200,000	$100,800,000	$14.00	4,100	$2,800	LEHM	0	Lehman Brothers	FCM	Lazard	Prudential Vector Healthcare	0
1	OTC FUND	18-Aug-00	23-Aug-00	Peco III Inc.	5,000,000	$75,000,000	$15.00	6,400	$6,000	RSSF	0	Robertson Stephens	CIBC World Markets	Needham & Co.	FCM	0
1	OTC FUND	17-Aug-00	23-Aug-00	Integrated Telecom Express	5,600,000	$100,800,000	$18.00	7,000	$7,200	LEHM	0	Lehman Brothers	Bear stearns & Co.	Wit Soundview	FCM	0
1	OTC FUND	09-Aug-00	14-Aug-00	H Power Corp.	7,000,000	$112,000,000	$16.00	4,600	$4,800	LEHM	0	Lehman Brothers	CIBC World Markets	Deutsche Banc Alex Brown	Josephthal & Co.	FCM
2	GROWTH & INCOME FUND	04-Oct-00	11-Oct-00	TNPC Inc	21,000,000	$441,000,000	$21.00	69,000	$21,000	FBCO	0	Credit Suise	DLJ	FCM	Chase H&Q	CIBC World
2	GROWTH & INCOME FUND	23-Apr-01	27-Apr-01	Aquila Inc	16,500,000	$396,000,000	$24.00	51,000	$472,800	MOTC	Lehman Brothers	Merrill Lynch & Co.	Salomon Smith Barney	Credit Lyonnais Securities (USA) Inc	JP Morgan	0
2	GROWTH & INCOME FUND	22-May-01	25-May-01	Peabody Energy	15,000,000	$420,000,000	$28.00	28,900	$332,000	LEHM	Bear Stearns & Co. Inc.	Merrill Lynch & Co.	Morgan Stanley Dean Witter	UBS Warburg	A.G. Edwards & Sons, Inc.	0
2	GROWTH & INCOME FUND	02-Aug-00	08-Aug-00	Rosetta Inpharmatics	7,200,000	$100,800,000	$14.00	12,300	$2,800	LEHM	0	Lehman Brothers	FCM	Lazard	Prudential Vector Healthcare	0
2	GROWTH & INCOME FUND	17-Aug-00	23-Aug-00	Integrated Telecom Express	5,600,000	$100,800,000	$18.00	19,700	$7,200	LEHM	0	Lehman Brothers	Bear stearns & Co.	Wit Soundview	FCM	0
2	GROWTH & INCOME FUND	09-Aug-00	14-Aug-00	H Power Corp.	7,000,000	$112,000,000	$16.00	13,200	$4,800	LEHM	0	Lehman Brothers	CIBC World Markets	Deutsche Banc Alex Brown	Josephthal & Co.	FCM
3	FID BLUE CHIP GROWTH FUND	02-Aug-00	08-Aug-00	Rosetta Inpharmatics	7,200,000	$100,800,000	$14.00	8,600	$2,800	LEHM	0	Lehman Brothers	FCM	Lazard	Prudential Vector Healthcare	0
3	FID BLUE CHIP GROWTH FUND	21-Sep-00	26-Sep-00	TTM Technologies	7,500,000	$120,000,000	$16.00	20,000	$8,000	RSSF	Robertson Stephens	Chase H&Q	DLJ	First Union	0	0
3	FID BLUE CHIP GROWTH FUND	04-Oct-00	11-Oct-00	TNPC Inc	21,000,000	$441,000,000	$21.00	48,000	$21,000	FBCO	0	Credit Suise	DLJ	FCM	Chase H&Q	CIBC World
3	FID BLUE CHIP GROWTH FUND	28-Sep-00	04-Oct-00	Simple Technology	6,364,000	$70,004,000	$11.00	19,700	$5,500	LEHM	Lehman Brothers	Banc of America	Fid. Capital Markets	0	0	0
3	FID BLUE CHIP GROWTH FUND	23-Apr-01	27-Apr-01	Aquila Inc	16,500,000	$396,000,000	$24.00	34,100	$472,800	MOTC	Lehman Brothers	Merrill Lynch & Co.	Salomon Smith Barney	Credit Lyonnais Securities (USA) Inc	JP Morgan	0
3	FID BLUE CHIP GROWTH FUND	22-May-01	25-May-01	Peabody Energy	15,000,000	$420,000,000	$28.00	19,800	$332,000	LEHM	Bear Stearns & Co. Inc.	Merrill Lynch & Co.	Morgan Stanley Dean Witter	UBS Warburg	A.G. Edwards & Sons, Inc.	0
3	FID BLUE CHIP GROWTH FUND	18-Aug-00	23-Aug-00	Peco III Inc.	5,000,000	$75,000,000	$15.00	13,200	$6,000	RSSF	0	Robertson Stephens	CIBC World Markets	Needham & Co.	FCM	0
3	FID BLUE CHIP GROWTH FUND	17-Aug-00	23-Aug-00	Integrated Telecom Express	5,600,000	$100,800,000	$18.00	14,200	$7,200	LEHM	0	Lehman Brothers	Bear stearns & Co.	Wit Soundview	FCM	0
3	FID BLUE CHIP GROWTH FUND	09-Aug-00	14-Aug-00	H Power Corp.	7,000,000	$112,000,000	$16.00	9,300	$4,800	LEHM	0	Lehman Brothers	CIBC World Markets	Deutsche Banc Alex Brown	Josephthal & Co.	FCM
4	FID DIVIDEND GROWTH FUND	02-Aug-00	08-Aug-00	Rosetta Inpharmatics	7,200,000	$100,800,000	$14.00	3,100	$2,800	LEHM	0	Lehman Brothers	FCM	Lazard	Prudential Vector Healthcare	0
4	FID DIVIDEND GROWTH FUND	21-Sep-00	26-Sep-00	TTM Technologies	7,500,000	$120,000,000	$16.00	7,300	$8,000	RSSF	Robertson Stephens	Chase H&Q	DLJ	First Union	0	0
4	FID DIVIDEND GROWTH FUND	04-Oct-00	11-Oct-00	TNPC Inc	21,000,000	$441,000,000	$21.00	18,000	$21,000	FBCO	0	Credit Suise	DLJ	FCM	Chase H&Q	CIBC World
4	FID DIVIDEND GROWTH FUND	28-Sep-00	04-Oct-00	Simple Technology	6,364,000	$70,004,000	$11.00	7,200	$5,500	LEHM	Lehman Brothers	Banc of America	Fid. Capital Markets	0	0	0
4	FID DIVIDEND GROWTH FUND	23-Apr-01	27-Apr-01	Aquila Inc	16,500,000	$396,000,000	$24.00	18,500	$472,800	MOTC	Lehman Brothers	Merrill Lynch & Co.	Salomon Smith Barney	Credit Lyonnais Securities (USA) Inc	JP Morgan	0
4	FID DIVIDEND GROWTH FUND	18-Aug-00	23-Aug-00	Peco III Inc.	5,000,000	$75,000,000	$15.00	4,600	$6,000	RSSF	0	Robertson Stephens	CIBC World Markets	Needham & Co.	FCM	0
4	FID DIVIDEND GROWTH FUND	17-Aug-00	23-Aug-00	Integrated Telecom Express	5,600,000	$100,800,000	$18.00	5,100	$7,200	LEHM	0	Lehman Brothers	Bear stearns & Co.	Wit Soundview	FCM	0
4	FID DIVIDEND GROWTH FUND	09-Aug-00	14-Aug-00	H Power Corp.	7,000,000	$112,000,000	$16.00	3,300	$4,800	LEHM	0	Lehman Brothers	CIBC World Markets	Deutsche Banc Alex Brown	Josephthal & Co.	FCM
4	FID DIVIDEND GROWTH FUND	22-May-01	25-May-01	Peabody Energy	15,000,000	$420,000,000	$28.00	11,000	$332,000	LEHM	Bear Stearns & Co. Inc.	Merrill Lynch & Co.	Morgan Stanley Dean Witter	UBS Warburg	A.G. Edwards & Sons, Inc.	0