N-CSRS 1 main.htm

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:

July 31

Date of reporting period:

January 31, 2004

Item 1. Reports to Stockholders

Fidelity®

Blue Chip Value

Fund

Semiannual Report

January 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.

For a free copy of the fund's proxy voting guidelines visit www.fidelity.com/goto/proxyguidelines, call 1-800-544-8544, 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 fund, including charges and expenses, call 1-800-544-6666 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.

Semiannual Report

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of January 31, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

American International Group, Inc.

2.8

2.7

Tyco International Ltd.

2.3

2.4

Bank of America Corp.

2.2

3.9

Citigroup, Inc.

2.1

4.4

Exxon Mobil Corp.

2.0

2.6

Bank One Corp.

2.0

2.0

Verizon Communications, Inc.

1.9

2.8

ChevronTexaco Corp.

1.9

2.2

SBC Communications, Inc.

1.7

1.4

Morgan Stanley

1.7

1.5

20.6

Top Five Market Sectors as of January 31, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

25.6

31.2

Consumer Discretionary

13.3

10.7

Industrials

12.6

10.6

Information Technology

12.4

7.8

Energy

10.1

11.2

Asset Allocation (% of fund's net assets)

As of January 31, 2004 *

As of July 31, 2003 **

Stocks 99.9%

Stocks 97.5%

Short-Term
Investments and
Net Other Assets 0.1%

Short-Term
Investments and
Net Other Assets 2.5%

* Foreign
investments

4.9%

** Foreign
investments

2.4%

Semiannual Report

Investments January 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 13.3%

Auto Components - 0.0%

LKQ Corp.

100

$ 1,868

Automobiles - 0.3%

General Motors Corp.

2,000

99,360

Harley-Davidson, Inc.

1,700

86,768

186,128

Hotels, Restaurants & Leisure - 2.0%

Darden Restaurants, Inc.

2,800

56,000

Hilton Hotels Corp.

5,400

86,400

McDonald's Corp.

24,500

630,630

Orbitz, Inc. Class A

4,100

96,108

Outback Steakhouse, Inc.

1,500

66,510

Red Robin Gourmet Burgers, Inc. (a)

400

11,104

Royal Caribbean Cruises Ltd.

2,200

93,214

Six Flags, Inc. (a)

18,300

132,492

1,172,458

Household Durables - 1.0%

Koninklijke Philips Electronics NV (NY Shares)

2,500

75,400

Leggett & Platt, Inc.

3,500

86,240

Newell Rubbermaid, Inc.

4,700

114,821

Sony Corp. sponsored ADR

5,800

235,770

Techtronic Industries Co.

36,000

100,692

612,923

Leisure Equipment & Products - 0.2%

Eastman Kodak Co.

3,300

93,753

Media - 7.3%

Cablevision Systems Corp. - NY Group Class A (a)

5,200

133,016

Clear Channel Communications, Inc.

14,300

643,357

EchoStar Communications Corp. Class A (a)

400

14,600

Emmis Communications Corp. Class A (a)

6,550

170,104

Fox Entertainment Group, Inc. Class A (a)

5,600

167,664

Grupo Televisa SA de CV sponsored ADR

3,000

121,500

Hughes Electronics Corp. (a)

9,643

161,424

Lamar Advertising Co. Class A (a)

2,000

76,960

Liberty Media Corp. Class A (a)

21,800

253,752

News Corp. Ltd. sponsored ADR

5,166

165,622

NTL, Inc. (a)

6,553

434,726

Time Warner, Inc. (a)

46,700

820,519

Viacom, Inc. Class B (non-vtg.)

12,060

486,018

Common Stocks - continued

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - continued

Media - continued

Walt Disney Co.

21,800

$ 523,200

XM Satellite Radio Holdings, Inc. Class A (a)

3,000

70,800

4,243,262

Multiline Retail - 0.8%

99 Cents Only Stores (a)

1,800

45,630

Nordstrom, Inc.

5,800

227,940

Saks, Inc. (a)

12,400

210,800

484,370

Specialty Retail - 1.7%

CarMax, Inc. (a)

5,000

166,750

Gap, Inc.

6,000

111,480

Home Depot, Inc.

12,200

432,734

Sonic Automotive, Inc. Class A

4,000

89,520

Toys 'R' Us, Inc. (a)

14,000

197,680

998,164

TOTAL CONSUMER DISCRETIONARY

7,792,926

CONSUMER STAPLES - 5.2%

Beverages - 1.0%

Anheuser-Busch Companies, Inc.

6,200

314,464

The Coca-Cola Co.

5,780

284,607

599,071

Food & Staples Retailing - 0.9%

CVS Corp.

2,600

92,872

Safeway, Inc. (a)

7,800

176,202

Wal-Mart Stores, Inc.

4,600

247,710

516,784

Food Products - 0.4%

Del Monte Foods Co. (a)

3,300

35,508

Interstate Bakeries Corp.

8,200

118,244

McCormick & Co., Inc. (non-vtg.)

1,800

53,424

207,176

Household Products - 1.8%

Clorox Co.

2,260

110,469

Colgate-Palmolive Co.

1,960

100,489

Procter & Gamble Co.

8,300

838,964

1,049,922

Common Stocks - continued

Shares

Value (Note 1)

CONSUMER STAPLES - continued

Personal Products - 0.8%

Avon Products, Inc.

900

$ 56,988

Estee Lauder Companies, Inc. Class A

2,000

81,940

Gillette Co.

9,620

348,725

487,653

Tobacco - 0.3%

Altria Group, Inc.

3,600

200,124

TOTAL CONSUMER STAPLES

3,060,730

ENERGY - 10.1%

Energy Equipment & Services - 3.8%

Baker Hughes, Inc.

14,000

491,120

ENSCO International, Inc.

15,680

446,880

GlobalSantaFe Corp.

7,000

191,100

National-Oilwell, Inc. (a)

2,700

69,417

Pride International, Inc. (a)

8,700

163,995

Rowan Companies, Inc. (a)

4,500

102,960

Smith International, Inc. (a)

3,300

159,918

Transocean, Inc. (a)

4,100

110,454

Varco International, Inc. (a)

5,040

109,368

Weatherford International Ltd. (a)

9,250

372,960

2,218,172

Oil & Gas - 6.3%

Amerada Hess Corp.

2,700

152,253

Apache Corp.

3,820

146,994

BP PLC sponsored ADR

1,800

85,680

Burlington Resources, Inc.

5,000

273,700

ChevronTexaco Corp.

12,550

1,083,693

ConocoPhillips

5,200

342,576

EnCana Corp.

1,800

70,055

Exxon Mobil Corp.

28,900

1,178,831

Occidental Petroleum Corp.

3,500

154,175

Pioneer Natural Resources Co. (a)

1,400

44,688

Valero Energy Corp.

2,500

132,300

3,664,945

TOTAL ENERGY

5,883,117

Common Stocks - continued

Shares

Value (Note 1)

FINANCIALS - 25.6%

Capital Markets - 5.8%

Bank of New York Co., Inc.

3,900

$ 123,825

Bear Stearns Companies, Inc.

2,600

214,110

E*TRADE Group, Inc. (a)

11,900

166,481

J.P. Morgan Chase & Co.

17,120

665,797

Lehman Brothers Holdings, Inc.

4,400

361,240

Merrill Lynch & Co., Inc.

14,400

846,576

Morgan Stanley

17,100

995,391

3,373,420

Commercial Banks - 7.0%

Bank of America Corp.

15,600

1,270,776

Bank One Corp.

22,500

1,138,725

Banknorth Group, Inc.

4,200

135,240

East West Bancorp, Inc.

1,600

83,680

Fifth Third Bancorp

1,980

114,424

FleetBoston Financial Corp.

10,820

482,356

UCBH Holdings, Inc.

1,600

63,776

Valley National Bancorp

6,200

176,452

Wells Fargo & Co.

11,000

631,510

4,096,939

Consumer Finance - 0.7%

Capital One Financial Corp.

2,800

199,024

MBNA Corp.

5,300

142,888

Metris Companies, Inc.

10,000

60,400

402,312

Diversified Financial Services - 2.4%

CIT Group, Inc.

4,400

166,848

Citigroup, Inc.

25,600

1,266,688

1,433,536

Insurance - 6.7%

ACE Ltd.

6,280

272,678

AFLAC, Inc.

2,700

99,576

Allianz AG sponsored ADR

16,400

211,888

Allstate Corp.

3,040

138,198

AMBAC Financial Group, Inc.

3,600

269,172

American Financial Group, Inc., Ohio

1,600

45,792

American International Group, Inc.

23,700

1,645,962

Conseco, Inc. (a)

4,000

90,800

Hartford Financial Services Group, Inc.

4,600

295,964

Marsh & McLennan Companies, Inc.

2,250

105,593

Common Stocks - continued

Shares

Value (Note 1)

FINANCIALS - continued

Insurance - continued

MetLife, Inc.

6,100

$ 204,655

Scottish Annuity & Life Holdings Ltd.

1,500

32,535

The Chubb Corp.

1,700

121,533

Travelers Property Casualty Corp. Class B

6,000

108,600

UnumProvident Corp.

7,300

114,099

XL Capital Ltd. Class A

2,040

162,180

3,919,225

Real Estate - 0.9%

Apartment Investment & Management Co. Class A

8,400

295,512

iStar Financial, Inc.

3,600

144,072

Manufactured Home Communities, Inc.

1,400

47,040

Spirit Finance Corp. (c)

2,000

20,000

506,624

Thrifts & Mortgage Finance - 2.1%

Fannie Mae

5,500

424,050

Freddie Mac

2,800

174,776

Golden West Financial Corp., Delaware

960

99,581

New York Community Bancorp, Inc.

6,000

247,500

Sovereign Bancorp, Inc.

11,500

260,015

1,205,922

TOTAL FINANCIALS

14,937,978

HEALTH CARE - 7.4%

Biotechnology - 0.9%

Alkermes, Inc. (a)

5,300

79,394

Angiotech Pharmaceuticals, Inc. (a)

1,400

36,592

Cephalon, Inc. (a)

1,000

54,820

ConjuChem, Inc. (a)

15,000

99,713

Genentech, Inc. (a)

800

76,400

MedImmune, Inc. (a)

3,300

77,550

Millennium Pharmaceuticals, Inc. (a)

2,600

45,864

Neurocrine Biosciences, Inc. (a)

1,160

65,644

535,977

Health Care Equipment & Supplies - 1.5%

Arrow International, Inc.

3,000

80,850

Bausch & Lomb, Inc.

1,700

91,375

Baxter International, Inc.

9,940

289,751

Dade Behring Holdings, Inc. (a)

2,300

89,125

Common Stocks - continued

Shares

Value (Note 1)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Edwards Lifesciences Corp. (a)

1,600

$ 55,728

Immucor, Inc. (a)

4,000

86,440

Nutraceutical International Corp. (a)

1,400

22,107

St. Jude Medical, Inc. (a)

1,800

129,330

844,706

Health Care Providers & Services - 1.1%

Covance, Inc. (a)

300

8,589

HealthSouth Corp. (a)

24,700

124,241

IMS Health, Inc.

2,400

61,752

Lincare Holdings, Inc. (a)

1,862

59,919

Medco Health Solutions, Inc. (a)

1,200

44,220

PacifiCare Health Systems, Inc. (a)

3,400

111,690

ProxyMed, Inc. (a)

1,300

22,750

UnitedHealth Group, Inc.

2,200

133,936

WebMD Corp. (a)

9,200

82,800

649,897

Pharmaceuticals - 3.9%

Biovail Corp. (a)

3,000

67,230

Bristol-Myers Squibb Co.

2,600

72,930

Forest Laboratories, Inc. (a)

2,960

220,490

Johnson & Johnson

2,160

115,387

Merck & Co., Inc.

15,240

725,424

Pfizer, Inc.

8,100

296,703

Schering-Plough Corp.

35,110

615,829

Wyeth

3,600

147,420

2,261,413

TOTAL HEALTH CARE

4,291,993

INDUSTRIALS - 12.6%

Aerospace & Defense - 3.9%

BE Aerospace, Inc. (a)

6,600

36,894

Boeing Co.

5,400

225,450

Bombardier, Inc. Class B (sub. vtg.)

20,200

91,299

Embraer - Empresa Brasileira de Aeronautica SA
sponsored ADR

1,600

47,152

GenCorp, Inc.

10,000

106,000

Goodrich Corp.

2,400

74,040

Honeywell International, Inc.

22,260

804,031

Lockheed Martin Corp.

6,520

317,002

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - continued

Aerospace & Defense - continued

Northrop Grumman Corp.

1,800

$ 174,078

Precision Castparts Corp.

800

37,432

United Defense Industries, Inc. (a)

3,300

96,690

United Technologies Corp.

2,840

271,334

2,281,402

Air Freight & Logistics - 0.1%

Expeditors International of Washington, Inc.

1,100

41,151

Airlines - 0.2%

Ryanair Holdings PLC sponsored ADR (a)

1,100

38,500

Southwest Airlines Co.

5,800

86,710

125,210

Building Products - 0.6%

Masco Corp.

10,200

271,932

Trex Co., Inc. (a)

2,700

104,625

376,557

Commercial Services & Supplies - 1.7%

Cendant Corp. (a)

13,000

294,450

Cintas Corp.

3,700

167,055

IKON Office Solutions, Inc.

6,400

76,224

Monster Worldwide, Inc. (a)

2,900

70,992

Republic Services, Inc.

1,700

42,415

Robert Half International, Inc. (a)

9,000

211,410

Waste Management, Inc.

4,460

123,810

986,356

Construction & Engineering - 0.5%

Chicago Bridge & Iron Co. NV

1,300

39,728

Dycom Industries, Inc. (a)

2,000

51,740

EMCOR Group, Inc. (a)

2,000

81,620

Fluor Corp.

3,100

114,886

287,974

Electrical Equipment - 0.3%

A.O. Smith Corp.

2,000

62,420

Emerson Electric Co.

1,600

102,240

164,660

Industrial Conglomerates - 4.0%

3M Co.

2,500

197,725

General Electric Co.

21,150

711,275

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - continued

Industrial Conglomerates - continued

Textron, Inc.

1,500

$ 79,920

Tyco International Ltd.

50,340

1,346,595

2,335,515

Machinery - 0.7%

AGCO Corp. (a)

1,700

34,272

Cummins, Inc.

800

40,584

Dover Corp.

1,300

53,716

Manitowoc Co., Inc.

2,800

83,664

Parker Hannifin Corp.

2,050

112,730

Timken Co.

3,800

83,790

408,756

Road & Rail - 0.4%

Union Pacific Corp.

3,500

225,400

Trading Companies & Distributors - 0.2%

W.W. Grainger, Inc.

2,000

96,280

TOTAL INDUSTRIALS

7,329,261

INFORMATION TECHNOLOGY - 12.4%

Communications Equipment - 1.9%

Cisco Systems, Inc. (a)

4,100

105,124

Lucent Technologies, Inc. (a)

53,400

239,232

McDATA Corp. Class A (a)

6,600

58,014

Motorola, Inc.

16,788

278,345

Redback Networks, Inc. (a)

12,000

103,920

Scientific-Atlanta, Inc.

1,500

50,760

Sonus Networks, Inc. (a)

1,700

14,399

Telefonaktiebolaget LM Ericsson ADR (a)

10,800

248,400

1,098,194

Computers & Peripherals - 3.0%

Dell, Inc. (a)

1,500

50,205

Diebold, Inc.

1,700

89,063

Hewlett-Packard Co.

33,400

794,586

Hutchinson Technology, Inc. (a)

1,600

47,248

International Business Machines Corp.

5,620

557,673

Sun Microsystems, Inc. (a)

31,700

168,327

Western Digital Corp. (a)

4,000

40,920

1,748,022

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - 2.3%

Agilent Technologies, Inc. (a)

7,800

$ 287,508

Amphenol Corp. Class A (a)

1,000

66,070

Celestica, Inc. (sub. vtg.) (a)

4,400

75,530

PerkinElmer, Inc.

6,600

136,290

Solectron Corp. (a)

17,000

120,700

Tech Data Corp. (a)

1,600

66,384

Thermo Electron Corp. (a)

4,800

133,776

Waters Corp. (a)

12,500

473,875

1,360,133

Internet Software & Services - 0.1%

Yahoo!, Inc. (a)

1,700

79,645

IT Services - 0.9%

Affiliated Computer Services, Inc. Class A (a)

1,900

105,355

Computer Sciences Corp. (a)

3,650

162,973

First Data Corp.

3,500

137,060

The BISYS Group, Inc. (a)

6,500

117,000

522,388

Office Electronics - 0.5%

Canon, Inc. ADR

2,000

102,360

Xerox Corp. (a)

13,100

191,784

294,144

Semiconductors & Semiconductor Equipment - 2.2%

Agere Systems, Inc. Class B (a)

26,200

95,630

Applied Materials, Inc. (a)

6,000

130,560

Cabot Microelectronics Corp. (a)

3,290

149,366

DSP Group, Inc. (a)

2,600

68,796

FormFactor, Inc.

3,400

63,308

KLA-Tencor Corp. (a)

2,000

114,140

Microchip Technology, Inc.

1,200

34,560

National Semiconductor Corp. (a)

2,260

86,897

NVIDIA Corp. (a)

2,600

57,850

Samsung Electronics Co. Ltd.

190

84,985

Teradyne, Inc. (a)

5,100

137,190

Texas Instruments, Inc.

8,900

279,015

1,302,297

Software - 1.5%

Autodesk, Inc.

3,500

89,425

BEA Systems, Inc. (a)

3,146

39,734

Microsoft Corp.

20,260

560,189

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Software - continued

Oracle Corp. (a)

5,900

$ 81,479

Symantec Corp. (a)

1,700

65,960

Vastera, Inc. (a)

7,647

27,606

864,393

TOTAL INFORMATION TECHNOLOGY

7,269,216

MATERIALS - 5.7%

Chemicals - 2.5%

Dow Chemical Co.

18,100

759,295

E.I. du Pont de Nemours & Co.

3,600

158,040

Lyondell Chemical Co.

11,718

200,847

Millennium Chemicals, Inc.

2,300

29,141

Olin Corp.

4,956

94,511

Praxair, Inc.

6,500

230,165

1,471,999

Containers & Packaging - 0.6%

Ball Corp.

700

43,799

Bemis Co., Inc.

1,200

58,164

Owens-Illinois, Inc. (a)

6,500

72,670

Sealed Air Corp. (a)

2,500

124,475

Smurfit-Stone Container Corp. (a)

3,000

51,720

350,828

Metals & Mining - 1.6%

Alcoa, Inc.

7,200

246,096

Companhia Vale do Rio Doce sponsored ADR

2,960

158,863

Freeport-McMoRan Copper & Gold, Inc. Class B

800

29,488

Massey Energy Co.

8,900

178,000

Newmont Mining Corp.

2,200

91,652

Nucor Corp.

4,310

242,696

946,795

Paper & Forest Products - 1.0%

Bowater, Inc.

5,340

238,965

Georgia-Pacific Corp.

1,800

50,580

International Paper Co.

7,000

295,890

585,435

TOTAL MATERIALS

3,355,057

Common Stocks - continued

Shares

Value (Note 1)

TELECOMMUNICATION SERVICES - 4.8%

Diversified Telecommunication Services - 4.2%

Citizens Communications Co. (a)

7,100

$ 83,283

Covad Communications Group, Inc. (a)

16,500

57,915

Qwest Communications International, Inc. (a)

10,400

42,016

SBC Communications, Inc.

39,900

1,017,450

TELUS Corp. (non-vtg.)

6,200

110,733

Verizon Communications, Inc.

30,700

1,131,602

XO Communications, Inc. (a)

4,500

32,895

2,475,894

Wireless Telecommunication Services - 0.6%

At Road, Inc. (a)

5,000

67,150

Crown Castle International Corp. (a)

12,000

148,800

Nextel Communications, Inc. Class A (a)

4,900

129,311

345,261

TOTAL TELECOMMUNICATION SERVICES

2,821,155

UTILITIES - 2.8%

Electric Utilities - 2.2%

Allegheny Energy, Inc. (a)

3,400

42,908

Cinergy Corp.

2,680

103,636

Entergy Corp.

3,500

204,680

FirstEnergy Corp.

7,400

277,648

FPL Group, Inc.

1,080

71,010

PG&E Corp. (a)

8,100

217,485

PPL Corp.

1,000

45,720

Southern Co.

2,760

82,248

TXU Corp.

9,000

216,000

1,261,335

Multi-Utilities & Unregulated Power - 0.6%

AES Corp. (a)

15,300

149,328

Calpine Corp. (a)

25,000

145,500

Reliant Resources, Inc. (a)

7,650

59,364

354,192

TOTAL UTILITIES

1,615,527

TOTAL COMMON STOCKS

(Cost $52,924,106)

58,356,960

Money Market Funds - 1.3%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 1.08% (b)

644,703

$ 644,703

Fidelity Securities Lending Cash Central Fund, 1.08% (b)

80,000

80,000

TOTAL MONEY MARKET FUNDS

(Cost $724,703)

724,703

TOTAL INVESTMENT PORTFOLIO - 101.2%

(Cost $53,648,809)

59,081,663

NET OTHER ASSETS - (1.2)%

(682,496)

NET ASSETS - 100%

$ 58,399,167

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.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $20,000 or 0.0% of net assets.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $55,077,248 and $20,757,988, 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 $5,042 for the period.

Semiannual Report

Semiannual Report

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

Financial Statements

Statement of Assets and Liabilities

January 31, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $77,500) (cost $53,648,809) - See accompanying schedule

$ 59,081,663

Receivable for investments sold

1,615,609

Receivable for fund shares sold

193,271

Dividends receivable

58,568

Interest receivable

519

Prepaid expenses

7,827

Other affiliated receivables

7,753

Other receivables

4,421

Total assets

60,969,631

Liabilities

Payable for investments purchased

$ 2,342,041

Payable for fund shares redeemed

61,955

Accrued management fee

28,758

Other affiliated payables

12,202

Other payables and accrued expenses

45,508

Collateral on securities loaned, at value

80,000

Total liabilities

2,570,464

Net Assets

$ 58,399,167

Net Assets consist of:

Paid in capital

$ 52,841,750

Undistributed net investment income

25,389

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

99,344

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

5,432,684

Net Assets, for 5,149,202 shares outstanding

$ 58,399,167

Net Asset Value, offering price and redemption price per share ($58,399,167 ÷ 5,149,202 shares)

$ 11.34

Semiannual Report

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

Financial Statements - continued

Statement of Operations

Six months ended January 31, 2004 (Unaudited)

Investment Income

Dividends

$ 326,999

Interest

5,375

Security lending

24

Total income

332,398

Expenses

Management fee

$ 107,991

Transfer agent fees

46,648

Accounting and security lending fees

27,560

Non-interested trustees' compensation

67

Custodian fees and expenses

25,918

Registration fees

24,473

Audit

16,010

Legal

20

Miscellaneous

34

Total expenses before reductions

248,721

Expense reductions

(6,185)

242,536

Net investment income (loss)

89,862

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

327,154

Foreign currency transactions

(130)

Total net realized gain (loss)

327,024

Change in net unrealized appreciation (depreciation) on:

Investment securities

5,598,621

Assets and liabilities in foreign currencies

(160)

Total change in net unrealized appreciation (depreciation)

5,598,461

Net gain (loss)

5,925,485

Net increase (decrease) in net assets resulting from operations

$ 6,015,347

Semiannual Report

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

Statement of Changes in Net Assets

Six months ended January 31, 2004 (Unaudited)

For the period
June 17, 2003
(commencement of operations) to

July 31, 2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 89,862

$ 6,209

Net realized gain (loss)

327,024

(59,592)

Change in net unrealized appreciation (depreciation)

5,598,461

(165,777)

Net increase (decrease) in net assets resulting
from operations

6,015,347

(219,160)

Distributions to shareholders from net investment income

(70,717)

-

Distributions to shareholders from net realized gain

(168,054)

-

Total distributions

(238,771)

-

Share transactions
Net proceeds from sales of shares

44,120,727

19,361,566

Reinvestment of distributions

232,131

-

Cost of shares redeemed

(10,312,624)

(560,049)

Net increase (decrease) in net assets resulting from share transactions

34,040,234

18,801,517

Total increase (decrease) in net assets

39,816,810

18,582,357

Net Assets

Beginning of period

18,582,357

-

End of period (including undistributed net investment income of $25,389 and undistributed net investment income of $6,244, respectively)

$ 58,399,167

$ 18,582,357

Other Information

Shares

Sold

4,189,151

1,966,232

Issued in reinvestment of distributions

21,396

-

Redeemed

(970,327)

(57,250)

Net increase (decrease)

3,240,220

1,908,982

Semiannual Report

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

Financial Highlights

Six months ended
January 31, 2004 (Unaudited)

Year ended July 31,
2003 E

Selected Per-Share Data

Net asset value, beginning of period

$ 9.73

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.03

- G

Net realized and unrealized gain (loss)

1.64

(.27)

Total from investment operations

1.67

(.27)

Distributions from net investment income

(.02)

-

Distributions from net realized gain

(.04)

-

Total distributions

(.06)

-

Net asset value, end of period

$ 11.34

$ 9.73

Total Return B,C

17.19%

(2.70)%

Ratios to Average Net Assets F

Expenses before expense reductions

1.34% A

3.37% A

Expenses net of voluntary waivers, if any

1.34% A

1.50% A

Expenses net of all reductions

1.30% A

1.50% A

Net investment income (loss)

.48% A

.41% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 58,399

$ 18,582

Portfolio turnover rate

113% A

84% 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 June 17, 2003 (commencement of operations) to July 31,2003.

F Expense ratios reflect operating expenses of the fund. 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 fund 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 fund.

G Amount represents less than $.01 per share.

Annual Report

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

Notes to Financial Statements

For the period ended January 31, 2004 (Unaudited)

1. Significant Accounting Policies.

Fidelity Blue Chip Value 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 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 an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. 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.

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.

Semiannual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

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. The fund estimates the components of distributions received from Real Estate Investment Trusts (REITs). Distributions received in excess of income are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities, which is accrued using the interest method. 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 the fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Distributions are recorded on the ex-dividend date.

Income 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 and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, non-taxable dividends and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 5,911,994

|

Unrealized depreciation

(709,318)

Net unrealized appreciation (depreciation)

$ 5,202,676

Cost for federal income tax purposes

$ 53,878,987

Semiannual Report

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).

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the fund's Schedule of Investments.

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 .30% 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. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the fund's relative investment performance as compared to an appropriate benchmark index. The fund's performance adjustment will not take effect until June 2004. Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Semiannual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .25% of average net assets.

Accounting and Security Lending Fees. FSC maintains the fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

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 $519 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. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

Semiannual Report

6. Expense Reductions.

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 $6,147 for the period. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody expenses by $38.

7. Other Information.

At the end of the period, FMR or its affiliates were the owners of record of 12% of the total outstanding shares of the fund.

Semiannual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

1   For mutual fund and brokerage trading.

2   For quotes.*

3   For account balances and holdings.

4   To review orders and mutual
fund activity.

5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Semiannual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(letter_graphic)For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

7373 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

123 South Lake Avenue
Pasadena, CA

19200 Von Karman Avenue
Irvine, CA

601 Larkspur Landing Circle
Larkspur, CA

10100 Santa Monica Blvd.
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73-575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

1760 Challenge Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

9185 East Westview Road
Littleton, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

222 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3501 PGA Boulevard
West Palm Beach, FL

8065 Beneva Road
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

Semiannual Report

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1700 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7401 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

405 Cochituate Road
Framingham, MA

416 Belmont Street
Worcester, MA

Semiannual Report

Michigan

280 Old N. Woodward Ave.
Birmingham, MI

43420 Grand River Avenue
Novi, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

8885 Ladue Road
Ladue, MO

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

501 Route 17, South
Paramus, NJ

3518 Route 1 North
Princeton, NJ

New York

1055 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

3805 Edwards Road
Cincinnati, OH

28699 Chagrin Boulevard
Woodmere Village, OH

1324 Polaris Parkway
Columbus, OH

Oregon

16850 SW 72nd Avenue
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4017 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

400 East Las Colinas Blvd.
Irving, TX

14100 San Pedro
San Antonio, TX

19740 IH 45 North
Spring, TX

6005 West Park Boulevard
Plano, TX

Semiannual Report

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

411 108th Avenue, N.E.
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Investments Japan Limited

Fidelity International Investment
Advisors

Fidelity International Investment
Advisors (U.K.) Inc. Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

Fidelity's Growth Funds

Aggressive Growth Fund

Blue Chip Growth Fund

Blue Chip Value Fund

Capital Appreciation Fund

Contrafund ®

Disciplined Equity Fund

Discovery Fund

Dividend Growth Fund

Export and Multinational Fund

Fidelity Fifty ®

Fidelity Value Discovery Fund

Focused Stock Fund

Growth Company Fund

Independence Fund

Large Cap Stock Fund

Leveraged Company Stock Fund

Low-Priced Stock Fund

Magellan® Fund

Mid-Cap Stock Fund

New Millennium Fund®

OTC Portfolio

Small Cap Independence Fund

Small Cap Stock Fund

Stock Selector

Structured Large Cap Growth Fund

Structured Large Cap Value Fund

Structured Mid Cap Growth Fund

Structured Mid Cap Value Fund

Tax Managed Stock Fund

Trend Fund

Value Fund

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) (automated graphic)    1-800-544-5555

(automated graphic)    Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

BCV-USAN-0304
1.789732.100

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. Reserved

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Reserved

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 Fidelity Securities Fund: Fidelity Blue Chip Value 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: Fidelity Blue Chip Value Fund's (the "Fund") 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 Fund 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 Fund's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Fund's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Fund'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.

(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:

March 26, 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:

March 26, 2004

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

March 26, 2004