-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
VPDWabyr3r5r0fC5UTl7B9Dift8s3DXZRR+BNL2pG30jVkl0YjjhQ5pSNeZmdbQw
1WcPLPtn41n/t5HIlko+Tw==
UNITED STATES FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811- 4118
Fidelity Securities Fund 82 Devonshire St., Boston, Massachusetts 02109 Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109 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®
Portfolio
Semiannual Report
January 31, 2004
(2_fidelity_logos) (Registered_Trademark)
Chairman's Message
Ned Johnson's message to shareholders.
Investment Changes
A summary of major shifts in the fund's investments over the past six months.
Investments
A complete list of the fund's investments with their market values.
Financial Statements
Statements of assets and liabilities, operations, and changes in net assets, Notes
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,
the Federal Reserve Board or any other agency, and are subject to investment risks, including the 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
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I
find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in
so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not
deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we
began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in
developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that
would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators,
legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs,
confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators,
legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk
of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946,
we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and
participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we
urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d Edward C. Johnson 3d
Semiannual Report
Top Ten Stocks as of January 31, 2004
% of fund's % of fund's net assets Microsoft Corp.
10.1
12.3
Dell, Inc.
4.2
2.4
Fifth Third Bancorp
2.6
3.5
Samsung Electronics Co. Ltd.
2.1
1.8
Nextel Communications, Inc. Class A
2.1
1.7
Intel Corp.
1.9
0.0
Telefonaktiebolaget LM Ericsson ADR
1.6
1.0
Sun Microsystems, Inc.
1.4
0.3
Alcatel SA sponsored ADR
1.4
0.9
Yahoo!, Inc.
1.3
0.8
28.7
Top Five Market Sectors as of January 31, 2004
% of fund's % of fund's net assets Information Technology
54.7
45.2
Consumer Discretionary
13.9
19.2
Health Care
10.1
14.7
Industrials
7.5
6.9
Financials
5.6
6.7
Asset Allocation (% of fund's net assets)
As of January 31, 2004 *
As of July 31, 2003 **
Stocks 100.0%
Stocks 99.2%
Short-Term
Short-Term
* Foreign 13.2%
** Foreign 10.2%
Semiannual Report
Showing Percentage of Net Assets
Common Stocks - 100.0%
Shares
Value (Note 1) CONSUMER DISCRETIONARY - 13.9%
Auto Components - 0.3%
Gentex Corp.
198,048
$ 8,661
Keystone Automotive Industries, Inc. (a)
507,800
14,604
23,265
Hotels, Restaurants & Leisure - 0.7%
Applebee's International, Inc.
833,092
31,757
Panera Bread Co. Class A (a)
644,100
26,247
58,004
Household Durables - 0.1%
Garmin Ltd.
138,507
7,360
Internet & Catalog Retail - 2.6%
Amazon.com, Inc. (a)
854,400
43,130
Drugstore.com, Inc. (a)
1,625,500
11,037
eBay, Inc. (a)
1,465,700
98,246
eDiets.com, Inc. Class A (a)
630,700
4,573
InterActiveCorp (a)
1,795,600
58,177
215,163
Leisure Equipment & Products - 0.3%
SCP Pool Corp. (a)
708,600
22,711
Media - 5.2%
Clear Channel Communications, Inc.
1,003,328
45,140
Cumulus Media, Inc. Class A (a)
1,600,500
32,714
EchoStar Communications Corp. Class A (a)
1,556,971
56,829
Emmis Communications Corp. Class A (a)
508,400
13,203
Gemstar-TV Guide International, Inc. (a)
3,696,000
21,622
Hughes Electronics Corp. (a)
1,045,237
17,497
Lamar Advertising Co. Class A (a)
1,330,700
51,205
Liberty Media Corp. Class A (a)
1,936,800
22,544
NTL, Inc. (a)
1,055,143
69,998
Pixar (a)
247,200
16,439
Radio One, Inc. Class D (non-vtg.) (a)
416,000
7,667
Sirius Satellite Radio, Inc. (a)
8,328,800
22,654
Sogecable SA (a)
302,800
13,011
XM Satellite Radio Holdings, Inc. Class A (a)
1,777,800
41,956
432,479
Multiline Retail - 0.2%
Dollar Tree Stores, Inc. (a)
463,300
14,830
Specialty Retail - 4.5%
AC Moore Arts & Crafts, Inc. (a)
164,500
3,700
Common Stocks - continued
Shares
Value (Note 1) CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
American Eagle Outfitters, Inc. (a)
480,000
$ 8,928
bebe Stores, Inc. (a)
232,732
6,312
Big 5 Sporting Goods Corp. (a)
359,000
8,824
Guitar Center, Inc. (a)
506,000
17,386
Hollywood Entertainment Corp. (a)(c)
3,232,900
38,956
Hot Topic, Inc. (a)
1,935,300
58,969
Movie Gallery, Inc.
841,850
16,888
O'Reilly Automotive, Inc. (a)
208,600
8,025
PETCO Animal Supplies, Inc. (a)
604,800
19,178
PETsMART, Inc.
874,200
20,517
Regis Corp.
590,600
25,514
Rent-A-Center, Inc. (a)
541,300
16,872
Ross Stores, Inc.
1,882,300
52,610
Select Comfort Corp. (a)
639,500
14,888
Staples, Inc. (a)
1,102,300
29,332
Steiner Leisure Ltd. (a)
440,800
7,498
West Marine, Inc. (a)
579,700
15,948
Wet Seal, Inc. Class A (a)
913,800
8,005
378,350
TOTAL CONSUMER DISCRETIONARY
1,152,162
CONSUMER STAPLES - 1.2%
Food & Staples Retailing - 0.7%
Performance Food Group Co. (a)
977,350
30,630
Whole Foods Market, Inc.
363,580
24,531
55,161
Food Products - 0.3%
Central Garden & Pet Co. Class A (a)
589,575
19,969
SunOpta, Inc. (a)
834,600
7,998
27,967
Personal Products - 0.2%
NBTY, Inc. (a)
581,500
19,062
TOTAL CONSUMER STAPLES
102,190
ENERGY - 1.7%
Energy Equipment & Services - 1.4%
Cal Dive International, Inc. (a)
593,200
13,632
Common Stocks - continued
Shares
Value (Note 1) ENERGY - continued
Energy Equipment & Services - continued
Patterson-UTI Energy, Inc. (a)
2,876,800
$ 99,480
W-H Energy Services, Inc. (a)
343,800
5,442
118,554
Oil & Gas - 0.3%
Golar LNG Ltd. (Nasdaq) (a)
723,100
11,332
Valero Energy Corp.
173,300
9,171
20,503
TOTAL ENERGY
139,057
FINANCIALS - 5.6%
Capital Markets - 0.8%
Ameritrade Holding Corp. (a)
1,270,700
20,141
E*TRADE Group, Inc. (a)
981,100
13,726
Investors Financial Services Corp.
872,879
36,172
70,039
Commercial Banks - 4.3%
Fifth Third Bancorp
3,715,100
214,696
Silicon Valley Bancshares (a)
624,000
21,578
SouthTrust Corp.
918,300
31,213
Sumitomo Mitsui Financial Group, Inc.
8,243
44,422
Texas Regional Bancshares, Inc. Class A
217,500
8,361
UCBH Holdings, Inc.
353,400
14,087
Zions Bancorp
446,100
26,159
360,516
Insurance - 0.2%
Cincinnati Financial Corp.
346,000
14,989
Thrifts & Mortgage Finance - 0.3%
NetBank, Inc.
741,800
8,457
New York Community Bancorp, Inc.
318,600
13,142
21,599
TOTAL FINANCIALS
467,143
HEALTH CARE - 10.1%
Biotechnology - 3.3%
Alkermes, Inc. (a)
704,800
10,558
Amgen, Inc. (a)
830,607
53,566
Common Stocks - continued
Shares
Value (Note 1) HEALTH CARE - continued
Biotechnology - continued
Cephalon, Inc. (a)
726,400
$ 39,821
Dendreon Corp. (a)
828,800
11,603
Exact Sciences Corp. (a)
188,300
1,486
Genentech, Inc. (a)
565,400
53,996
Gilead Sciences, Inc. (a)
214,500
11,770
IDEXX Laboratories, Inc. (a)
235,000
11,522
ImmunoGen, Inc. (a)
276,800
1,843
Invitrogen Corp. (a)
600,500
46,239
MedImmune, Inc. (a)
582,100
13,679
Millennium Pharmaceuticals, Inc. (a)
735,100
12,967
Seattle Genetics, Inc. (a)
551,300
5,695
Serologicals Corp. (a)
164,600
2,639
277,384
Health Care Equipment & Supplies - 2.3%
Advanced Neuromodulation Systems, Inc. (a)
177,750
7,855
American Medical Systems Holdings, Inc. (a)
905,700
25,178
Biomet, Inc.
1,149,838
44,453
Cooper Companies, Inc.
288,300
13,954
DENTSPLY International, Inc.
651,350
27,357
Epix Medical, Inc. (a)
695,841
13,012
Nektar Therapeutics (a)
461,900
7,889
PolyMedica Corp.
308,400
8,173
Respironics, Inc. (a)
914,600
45,035
192,906
Health Care Providers & Services - 3.2%
Accredo Health, Inc. (a)
409,200
13,872
AdvancePCS Class A (a)
236,000
13,473
Cerner Corp. (a)
474,300
18,593
Express Scripts, Inc. (a)
581,600
40,229
HealthSouth Corp. (a)
2,397,900
12,061
Henry Schein, Inc. (a)
351,300
24,640
Humana, Inc. (a)
677,100
15,797
IMPATH, Inc. (a)
438,900
2,590
Lincare Holdings, Inc. (a)
264,500
8,512
Mariner Health Care, Inc. (a)
236,100
5,017
Patterson Dental Co. (a)
511,900
33,760
Sun Healthcare Group, Inc. (a)
177,500
2,531
Common Stocks - continued
Shares
Value (Note 1) HEALTH CARE - continued
Health Care Providers & Services - continued
Tenet Healthcare Corp. (a)
1,297,300
$ 16,087
WebMD Corp. (a)
5,978,200
53,804
260,966
Pharmaceuticals - 1.3%
Forest Laboratories, Inc. (a)
276,200
20,574
Johnson & Johnson
301,100
16,085
Teva Pharmaceutical Industries Ltd. sponsored ADR
1,141,200
71,428
108,087
TOTAL HEALTH CARE
839,343
INDUSTRIALS - 7.5%
Aerospace & Defense - 0.2%
Bombardier, Inc. Class B (sub. vtg.)
1,968,400
8,897
Honeywell International, Inc.
238,900
8,629
17,526
Air Freight & Logistics - 0.5%
C.H. Robinson Worldwide, Inc.
247,108
9,365
CNF, Inc.
248,200
7,928
Expeditors International of Washington, Inc.
556,120
20,804
38,097
Airlines - 0.5%
JetBlue Airways Corp. (a)
1,494,756
33,976
Ryanair Holdings PLC sponsored ADR (a)
247,300
8,656
42,632
Building Products - 0.1%
Trex Co., Inc. (a)
125,900
4,879
Commercial Services & Supplies - 3.4%
Apollo Group, Inc.:
- University of Phoenix Online (a)
197,700
15,454
Class A (a)
131,000
9,728
Career Education Corp. (a)
351,000
17,676
Cintas Corp.
893,400
40,337
Corinthian Colleges, Inc. (a)
619,000
38,558
Education Management Corp. (a)
373,000
12,522
Herman Miller, Inc.
1,215,100
29,333
Monster Worldwide, Inc. (a)
325,100
7,958
Stericycle, Inc. (a)
300,800
13,295
Common Stocks - continued
Shares
Value (Note 1) INDUSTRIALS - continued
Commercial Services & Supplies - continued
Strayer Education, Inc.
534,700
$ 60,368
Sylvan Learning Systems, Inc. (a)
651,400
19,679
Waste Management, Inc.
663,800
18,427
283,335
Construction & Engineering - 0.2%
Chicago Bridge & Iron Co. NV
107,300
3,279
Washington Group International, Inc. (a)
222,300
8,265
11,544
Electrical Equipment - 0.1%
A.O. Smith Corp.
262,600
8,196
Industrial Conglomerates - 0.5%
Siemens AG sponsored ADR
288,200
23,454
Tyco International Ltd.
744,700
19,921
43,375
Machinery - 0.3%
PACCAR, Inc.
245,100
19,272
Timken Co.
399,500
8,809
28,081
Road & Rail - 1.4%
Arkansas Best Corp. (c)
1,459,408
41,345
Heartland Express, Inc.
367,200
8,020
Laidlaw International, Inc. (a)
1,049,600
15,047
Landstar System, Inc. (a)
499,400
18,083
USF Corp.
821,300
28,105
Yellow Roadway Corp. (a)
229,000
7,202
117,802
Trading Companies & Distributors - 0.3%
Fastenal Co.
467,000
22,453
MSC Industrial Direct Co., Inc. Class A
146,400
4,136
26,589
TOTAL INDUSTRIALS
622,056
INFORMATION TECHNOLOGY - 54.7%
Communications Equipment - 7.7%
ADC Telecommunications, Inc. (a)
7,707,600
26,977
Adtran, Inc.
192,100
6,612
Alcatel SA sponsored ADR (a)
6,893,200
115,461
Common Stocks - continued
Shares
Value (Note 1) INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Alvarion Ltd. (a)
609,500
$ 8,399
Arris Group, Inc. (a)
93,200
857
Avaya, Inc. (a)
1,595,200
27,725
Avocent Corp. (a)
394,900
14,438
CIENA Corp. (a)
4,127,100
29,921
Comverse Technology, Inc. (a)
3,551,700
62,510
Corvis Corp. (a)
5,523,500
13,312
Enterasys Networks, Inc. (a)
5,130,000
21,803
JDS Uniphase Corp. (a)
1,783,100
9,094
Juniper Networks, Inc. (a)
439,500
12,697
Marconi Corp. PLC (a)
2,115,204
25,350
McDATA Corp. Class A (a)
1,333,000
11,717
Motorola, Inc.
4,809,230
79,737
Powerwave Technologies, Inc. (a)
1,141,599
11,245
Redback Networks, Inc. (a)
1,944,500
16,839
SeaChange International, Inc. (a)
406,100
8,203
Telefonaktiebolaget LM Ericsson ADR (a)
5,889,300
135,454
638,351
Computers & Peripherals - 9.4%
Apple Computer, Inc. (a)
1,834,200
41,380
Avid Technology, Inc. (a)
182,700
8,651
Concurrent Computer Corp. (a)
1,665,700
8,029
Dell, Inc. (a)
10,326,300
345,621
Diebold, Inc.
200,000
10,478
Electronics for Imaging, Inc. (a)
1,669,599
44,695
Hutchinson Technology, Inc. (a)
320,987
9,479
Komag, Inc. (a)
398,600
7,721
Maxtor Corp. (a)
2,088,800
19,321
PalmOne, Inc. (a)
682,700
7,032
SanDisk Corp. (a)
132,800
7,230
Seagate Technology
5,536,600
90,247
Sun Microsystems, Inc. (a)
22,411,645
119,006
Synaptics, Inc. (a)
841,600
15,847
Western Digital Corp. (a)
4,459,000
45,616
780,353
Electronic Equipment & Instruments - 4.3%
Agilysys, Inc.
400,000
5,292
AU Optronics Corp. sponsored ADR
1,259,300
19,015
AVX Corp.
459,100
7,993
Common Stocks - continued
Shares
Value (Note 1) INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
CDW Corp.
315,400
$ 21,428
Celestica, Inc. (sub. vtg.) (a)
2,089,700
35,872
DDi Corp. (a)
461,100
8,300
Electro Scientific Industries, Inc. (a)
297,000
7,633
Flextronics International Ltd. (a)
4,394,500
83,496
Hon Hai Precision Industries Co. Ltd.
4,012,000
18,674
Ingram Micro, Inc. Class A (a)
855,200
14,282
Nano-Proprietary, Inc. (a)
2,376,500
6,654
National Instruments Corp.
163,800
8,070
Sanmina-SCI Corp. (a)
3,502,200
45,914
Solectron Corp. (a)
5,200,000
36,920
Tech Data Corp. (a)
265,400
11,011
TTM Technologies, Inc. (a)
475,000
8,313
Veeco Instruments, Inc. (a)
366,600
11,035
349,902
Internet Software & Services - 2.4%
24/7 Real Media, Inc. (a)
2,132,200
4,158
Ariba, Inc. (a)
2,633,293
8,558
Homestore, Inc. (a)
1,802,300
7,786
j2 Global Communications, Inc. (a)
306,000
7,044
MatrixOne, Inc. (a)
606,943
4,121
Open Text Corp. (a)
677,200
17,271
SonicWALL, Inc. (a)
531,400
4,974
VeriSign, Inc. (a)
1,237,300
21,628
Vignette Corp. (a)
3,103,200
7,386
Websense, Inc. (a)
268,800
8,844
Yahoo!, Inc. (a)
2,244,708
105,165
196,935
IT Services - 2.1%
Anteon International Corp. (a)
508,970
14,806
Cognizant Technology Solutions Corp. Class A (a)
1,449,800
78,333
CSG Systems International, Inc. (a)
500,000
7,165
Fiserv, Inc. (a)
538,700
20,126
InterCept, Inc. (a)
831,346
10,026
ManTech International Corp. Class A (a)
87,800
1,879
Syntel, Inc.
670,000
19,350
The BISYS Group, Inc. (a)
1,172,100
21,098
172,783
Common Stocks - continued
Shares
Value (Note 1) INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 11.9%
Advanced Micro Devices, Inc. (a)
600,000
$ 8,916
Agere Systems, Inc.:
Class A (a)
9,994,000
38,477
Class B (a)
2,603,400
9,502
Analog Devices, Inc.
300,000
14,355
Applied Materials, Inc. (a)
3,102,400
67,508
ASML Holding NV (NY Shares) (a)
1,088,800
20,970
Asyst Technologies, Inc. (a)
470,200
7,203
ATI Technologies, Inc. (a)
1,332,500
21,637
Atmel Corp. (a)
1,286,800
9,085
ATMI, Inc. (a)
1,341,111
35,566
ChipPAC, Inc. Class A (a)
1,606,600
11,776
Conexant Systems, Inc. (a)
3,043,000
20,297
Cree, Inc. (a)
1,473,400
36,938
Cymer, Inc. (a)
428,881
18,875
FEI Co. (a)
694,500
17,418
GlobespanVirata, Inc. (a)
1,512,000
12,020
Integrated Circuit Systems, Inc. (a)
611,000
15,733
Integrated Device Technology, Inc. (a)
61,200
1,115
Integrated Silicon Solution, Inc. (a)
500,000
8,085
Intel Corp.
5,235,700
160,212
International Rectifier Corp. (a)
160,900
8,142
Intersil Corp. Class A
679,900
17,841
KLA-Tencor Corp. (a)
201,800
11,517
Lam Research Corp. (a)
262,400
7,019
Linear Technology Corp.
261,900
10,476
Marvell Technology Group Ltd. (a)
1,521,600
63,299
Mindspeed Technologies, Inc. (a)
1,853,033
17,956
National Semiconductor Corp. (a)
386,100
14,846
NPTest Holding Corp.
630,000
7,182
NVIDIA Corp. (a)
1,902,900
42,340
Omnivision Technologies, Inc. (a)
654,100
31,757
PMC-Sierra, Inc. (a)
821,800
18,006
Samsung Electronics Co. Ltd.
391,220
174,989
Xilinx, Inc. (a)
610,200
25,573
986,631
Software - 16.9%
Adobe Systems, Inc.
869,200
33,429
Amdocs Ltd. (a)
1,293,600
36,699
Autodesk, Inc.
1,438,200
36,746
Common Stocks - continued
Shares
Value (Note 1) INFORMATION TECHNOLOGY - continued
Software - continued
Barra, Inc.
458,100
$ 14,627
BEA Systems, Inc. (a)
2,900,143
36,629
Concord Communications, Inc. (a)
427,300
7,529
Electronic Arts, Inc. (a)
914,500
42,853
Intuit, Inc. (a)
511,100
25,770
Jack Henry & Associates, Inc.
540,009
9,861
JDA Software Group, Inc. (a)
503,900
7,831
Kronos, Inc. (a)
253,500
9,851
Lawson Software, Inc. (a)
924,400
9,041
Microsoft Corp.
30,164,700
834,043
Novell, Inc. (a)
1,482,000
18,821
PalmSource, Inc. (a)
148,024
2,738
Parametric Technology Corp. (a)
1,811,600
7,591
PeopleSoft, Inc. (a)
559,100
12,049
Quest Software, Inc. (a)
558,800
9,399
Red Hat, Inc. (a)
2,575,575
49,013
Secure Computing Corp. (a)
518,200
8,887
Siebel Systems, Inc. (a)
5,192,900
69,221
Symantec Corp. (a)
420,700
16,323
Synopsys, Inc. (a)
924,100
32,611
Take-Two Interactive Software, Inc. (a)
384,300
11,145
TIBCO Software, Inc. (a)
1,118,000
8,787
VERITAS Software Corp. (a)
1,258,100
41,341
WatchGuard Technologies, Inc. (a)
1,299,500
8,252
1,401,087
TOTAL INFORMATION TECHNOLOGY
4,526,042
MATERIALS - 0.4%
Construction Materials - 0.1%
Martin Marietta Materials, Inc.
168,800
7,765
Containers & Packaging - 0.2%
Smurfit-Stone Container Corp. (a)
727,300
12,539
Metals & Mining - 0.1%
Durban Roodepoort Deep Ltd. sponsored ADR (a)
2,773,100
9,373
TOTAL MATERIALS
29,677
Common Stocks - continued
Shares
Value (Note 1) TELECOMMUNICATION SERVICES - 4.8%
Diversified Telecommunication Services - 1.2%
AboveNet, Inc. (a)
22,500
$ 1,153
Qwest Communications International, Inc. (a)
5,154,500
20,824
Time Warner Telecom, Inc. Class A (a)(c)
7,124,600
77,801
99,778
Wireless Telecommunication Services - 3.6%
Alamosa Holdings, Inc. (a)
692,800
3,942
American Tower Corp. Class A (a)
1,718,200
18,883
Nextel Communications, Inc. Class A (a)
6,480,900
171,031
Nextel Partners, Inc. Class A (a)
1,056,900
13,666
NII Holdings, Inc. Class B (a)
395,800
37,692
SBA Communications Corp. Class A (a)
704,700
3,136
Sprint Corp. - PCS Group Series 1 (a)
5,660,600
46,021
294,371
TOTAL TELECOMMUNICATION SERVICES
394,149
UTILITIES - 0.1%
Multi-Utilities & Unregulated Power - 0.1%
Calpine Corp. (a)
1,482,100
8,626
TOTAL COMMON STOCKS
(Cost $6,546,085)
8,280,445
Money Market Funds - 2.8%
Fidelity Cash Central Fund, 1.08% (b)
15,255,041
15,255
Fidelity Securities Lending Cash Central Fund, 1.08% (b)
216,363,116
216,363
TOTAL MONEY MARKET FUNDS
(Cost $231,618)
231,618
TOTAL INVESTMENT PORTFOLIO - 102.8%
(Cost $6,777,703)
8,512,063
NET OTHER ASSETS - (2.8)%
(233,298)
NET ASSETS - 100%
$ 8,278,765
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) Affiliated company
Distribution of investments by country of issue, as a percentage of total net assets, is as follows:
United States of America
86.8%
Korea (South)
2.1%
Sweden
1.6%
France
1.4%
Cayman Islands
1.2%
Canada
1.1%
Singapore
1.0%
Israel
1.0%
Bermuda
1.0%
Others (individually less than 1%)
2.8%
100.0%
Purchases and sales of securities, other than short-term securities, aggregated $2,697,506,000 and $2,723,056,000, 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
$589,000 for the period.
The fund participated in the interfund lending program as a borrower. The average daily loan balance during the period for which loans were outstanding amounted to
$15,736,000. The weighted average interest rate was 1.12%. At period end there were no interfund loans outstanding.
Income Tax Information
At July 31, 2003, the fund had a capital loss carryforward of approximately $6,593,078,000 of which $5,343,183,000 and $1,249,895,000 will expire on
July 31, 2010 and 2011, respectively.
The fund intends to elect to defer to its fiscal year ending July 31, 2004 approximately $86,130,000 of losses recognized during the period November 1, 2002 to July 31, 2003.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount)
January 31, 2004 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $210,541) (cost $6,777,703) - See
accompanying schedule
$ 8,512,063
Foreign currency held at value (cost $2)
2
Receivable for investments sold
174,854
Receivable for fund shares sold
18,718
Dividends receivable
1,437
Interest receivable
32
Prepaid expenses
39
Other receivables
845
Total assets
8,707,990
Liabilities
Payable to custodian bank
$ 58
Payable for investments purchased
191,651
Payable for fund shares redeemed
14,274
Accrued management fee
4,966
Other affiliated payables
1,632
Other payables and accrued expenses
281
Collateral on securities loaned, at value
216,363
Total liabilities
429,225
Net Assets
$ 8,278,765
Net Assets consist of:
Paid in capital
$ 12,562,641
Accumulated net investment loss
(16,584)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions
(6,001,685)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies
1,734,393
Net Assets, for 246,006 shares outstanding
$ 8,278,765
Net Asset Value, offering price and redemption price per share ($8,278,765 ÷ 246,006 shares)
$ 33.65
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands
Six months ended January 31, 2004 (Unaudited)
Investment Income
Dividends (including $291 received from affiliated issuers)
$ 16,424
Interest
186
Security lending
904
Total income
17,514
Expenses
Management fee $ 24,146
Performance adjustment
361
Transfer agent fees
9,295
Accounting and security lending fees
447
Non-interested trustees' compensation
23
Appreciation in deferred trustee compensation account
29
Custodian fees and expenses
172
Registration fees
109
Audit
38
Legal
42
Interest
3
Miscellaneous
31
Total expenses before reductions
34,696
Expense reductions
(598)
34,098
Net investment income (loss)
(16,584)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities (including realized gain (loss) of $(3,524) on sales of investments in affiliated
issuers)
705,498
Foreign currency transactions
21
Total net realized gain (loss)
705,519
Change in net unrealized appreciation (depreciation) on:
Investment securities
618,542
Assets and liabilities in foreign currencies
32
Total change in net unrealized appreciation (depreciation)
618,574
Net gain (loss)
1,324,093
Net increase (decrease) in net assets resulting from operations
$ 1,307,509
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands
Six months ended January 31, 2004
(Unaudited)
Year ended Increase (Decrease) in Net Assets
Operations
Net investment income (loss)
$ (16,584)
$ (42,788)
Net realized gain (loss)
705,519
(470,173)
Change in net unrealized appreciation (depreciation)
618,574
1,696,093
Net increase (decrease) in net assets resulting 1,307,509
1,183,132
Share transactions 1,533,561
2,196,106
Cost of shares redeemed
(1,603,339)
(2,249,434)
Net increase (decrease) in net assets resulting from share transactions
(69,778)
(53,328)
Total increase (decrease) in net assets
1,237,731
1,129,804
Net Assets
Beginning of period
7,041,034
5,911,230
End of period (including accumulated net investment loss of $16,584 and accumulated net investment
loss of $0, respectively
$ 8,278,765
$ 7,041,034
Other Information
Shares
Sold
48,807
89,080
Redeemed
(51,323)
(92,491)
Net increase (decrease)
(2,516)
(3,411)
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended Years ended July 31,
(Unaudited)
2003
2002
2001
2000
1999
Selected Per-Share Data
Net asset value, beginning of period
$ 28.33
$ 23.46
$ 32.96
$ 69.82
$ 51.53
$ 40.03
Income from Investment Operations
Net investment income (loss) E
(.07)
(.17)
(.24)
(.18)
(.27)
(.07)
Net realized and unrealized gain (loss)
5.39
5.04
(9.26)
(24.02)
24.07
13.95
Total from invest-ment operations
5.32
4.87
(9.50)
(24.20)
23.80
13.88
Distributions from net realized gain
-
-
-
(12.66)
(5.51)
(2.38)
Net asset value, end $ 33.65
$ 28.33
$ 23.46
$ 32.96
$ 69.82
$ 51.53
Total Return B,C,D
18.78%
20.76%
(28.82)%
(42.79)%
50.05%
38.54%
Ratios to Average Net Assets F
Expenses before expense reductions
.90% A
1.18%
1.14%
.97%
.76%
.75%
Expenses net of voluntary waivers, if any
.90% A
1.18%
1.14%
.97%
.76%
.75%
Expenses net of all reductions
.89% A
1.12%
1.09%
.94%
.75%
.74%
Net investment income (loss)
(.43)% A
(.71)%
(.81)%
(.40)%
(.43)%
(.16)%
Supplemental Data
Net assets, end of period (in millions)
$ 8,279
$ 7,041
$ 5,911
$ 8,802
$ 14,548
$ 7,298
Portfolio turnover rate
71% A
116%
120%
219%
196%
117%
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the former sales charges.
E Calculated based on average shares outstanding during the period.
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. 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended January 31, 2004 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Fidelity OTC Portfolio (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 (Unaudited) - continued
(Amounts in thousands except ratios)
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. 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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to
defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of
the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance
with the Plan.
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, net
operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
Semiannual Report
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:
Unrealized appreciation
$ 1,914,249
|
Unrealized depreciation
(200,294)
Net unrealized appreciation (depreciation)
1,713,955
Cost for federal income tax purposes
$ 6,798,108
2. Operating Policies.
Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the
SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in
repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements
that are collateralized by commercial paper obligations and corporate obligations. Collateral is held in segregated accounts with custodian banks and may be obtained in
the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase
agreement (including accrued interest).
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The
management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the fund's average net assets and a group fee rate that averaged .28%
during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under
management increase and increases as assets under management decrease. 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. For the period, the total annualized management fee rate, including the performance
adjustment, was .64% of the fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
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 .24% 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 $185 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.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management
contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend
money to, other participating funds. Information regarding the fund's participation in the program is included under the caption "Other Information" at the end of the
fund's Schedule of Investments.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund
shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the
period, there were no borrowings on this line of credit.
Semiannual Report
6. 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.
7. 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 $570 for the period. In addition, through arrangements with the fund's custodian and transfer agent, 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 and transfer agent
expenses by $2 and $26, respectively.
8. Transactions with Affiliated Companies.
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are
noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:
Affiliate
Value, Purchases
Sales Dividend Value, Arkansas Best Corp.
$ 33,733
$ 6,741
$ -
$ 214
$ 41,345
Hollywood Entertainment Corp.
57,420
-
2,607
-
38,956
InterCept, Inc.
17,777
-
8,995
-
10,026
Strayer Education, Inc.
57,355
-
14,943
77
60,368
Time Warner Telecom, Inc. Class A
4,504
-
1,857
-
77,801
TOTALS
$ 170,789
$ 6,741
$ 28,402
$ 291
$ 228,496
Semiannual Report
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 Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual 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 * 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.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Exact name of registrant as specified in charter)
(Address of principal executive offices) (Zip code)
(Name and address of agent for service)
OTC
Contents
as well as financial highlights.
Chairman's Message
Investment Changes
net assets
6 months ago
net assets
6 months ago
Investments and
Net Other Assets 0.0%
Investments and
Net Other Assets 0.8%
investments
investments
Investments January 31, 2004 (Unaudited)
(000s)
(000s)
(000s)
(000s)
(000s)
(000s)
(000s)
(000s)
(000s)
(000s)
(000s)
Financial Statements
Basic fee
July 31,
2003
from operations
Net proceeds from sales of shares
January 31, 2004
of period
Notes to Financial Statements
beginning of
period
Proceeds
Income
end of
period
Managing Your Investments
Service Telephone (FAST®)
1-800-544-5555
fund activity.
www.fidelity.com
Semiannual Report
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
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
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
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
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
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 Investments
Advisors
Fidelity International Investments
Advisors (U.K.) 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
OTC-USAN-0304
1.789288.100
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. 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 OTC Portfolio'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 OTC Portfolio'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 |
Exhibit EX-99.CERT
I, Christine Reynolds, certify that:
1. I have reviewed this report on Form N-CSR of Fidelity Securities Fund: Fidelity OTC Portfolio;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
c. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: March 26, 2004
/s/Christine Reynolds |
Christine Reynolds |
President and Treasurer |
I, Timothy F. Hayes, certify that:
1. I have reviewed this report on Form N-CSR of Fidelity Securities Fund: Fidelity OTC Portfolio;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
c. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: March 26, 2004
/s/Timothy F. Hayes |
Timothy F. Hayes |
Chief Financial Officer |
Exhibit EX-99.906CERT
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)
In connection with the attached Report of Fidelity Securities Fund: Fidelity OTC Portfolio (the "Fund") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Fund does hereby certify that, to the best of such officer's knowledge:
1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund as of, and for, the periods presented in the Report.
Dated: March 26, 2004
/s/Christine Reynolds
Christine Reynolds
President and Treasurer
Dated: March 26, 2004
/s/Timothy F. Hayes
Timothy F. Hayes
Chief Financial Officer
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.
"RD MH`N]![P8>K"&/O*8#5N8O1^M<(=QMNLA\O@%Q`(2,4I'+*(11QI,7\7