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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, 2006
Item 1. Reports to Stockholders
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)
Fidelity®
Dividend Growth
Fund
Semiannual Report January 31, 2006 |
Contents | ||||
Chairmans Message | 3 | Ned Johnsons message to shareholders. | ||
Shareholder Expense | 4 | An example of shareholder expenses. | ||
Example | ||||
Investment Changes | 5 | A summary of major shifts in the funds | ||
investments over the past six months. | ||||
Investments | 6 | A complete list of the funds investments | ||
with their market values. | ||||
Financial Statements | 13 | Statements of assets and liabilities, | ||
operations, and changes in net assets, | ||||
as well as financial highlights. | ||||
Notes | 17 | Notes to the financial statements. | ||
Board Approval of | 23 | |||
Investment Advisory | ||||
Contracts and | ||||
Management Fees |
To view a funds proxy voting
guidelines and proxy voting record for the 12 month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commissions (SEC) web site at www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines. Standard & Poors, 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. |
This report and the financial
statements contained herein are submitted for the
general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus. A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N Q. Forms N Q are available on the SECs web site at http://www.sec.gov. A funds Forms N Q may be reviewed and copied at the SECs Public Reference Room in Washington, DC. Information regarding the operation of the SECs Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a funds portfolio hold ings, view the most recent quarterly holdings report, semiannual report, or annual report on Fidelitys web site at http://www.fidelity.com/holdings. NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE Neither the fund nor Fidelity Distributors Corporation is a bank. |
Semiannual Report 2
Chairmans Message
(photograph of Edward C. Johnson
3d)
Dear Shareholder:
During the past year or so, much has been reported about the mutual fund industry, and much of it has been more critical than I believe is warranted. Allegations that some companies have been less than forthright with their shareholders have cast a shadow on the entire industry. I continue to find these reports disturbing, and assert that they do not create an accurate picture of the industry overall. Therefore, I would like to remind every one where Fidelity stands on these issues. I will say two things specifically regarding allegations that some mutual fund companies were in violation of the Securities and Exchange Commissions forward pricing rules or were involved in so called market timing activities.
First, Fidelity has no agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not a new policy. This is not to say that some one could not deceive the company through fraudulent acts. However, we are extremely diligent in preventing fraud from occurring in this manner and in every other. But I underscore again that Fidelity has no so called agreements that sanction illegal practices.
Second, Fidelity continues to stand on record, as we have for years, in opposition to predatory short term trading that adversely affects shareholders in a mutual fund. Back in the 1980s, we initiated a fee which is returned to the fund and, therefore, to investors to discourage this activity. Further, we took the lead several years ago in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. I am confident we will find other ways to make it more difficult for predatory traders to operate. However, this will only be achieved through close cooperation among regulators, legislators and the industry.
Yes, there have been unfortunate
instances of unethical and illegal activity within the mutual fund industry from
time to time. That is true of any industry. When this occurs, confessed or
convicted offenders should be dealt with appropriately. But we are still
concerned about the risk of over regulation and the quick application of
simplistic solutions to intricate problems. Every system can be improved, and we
support and 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.
For nearly 60 years, Fidelity 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.
Today, we serve more than 18 million customers including individual investors
and partici pants 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
3 Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2005 to January 31, 2006).
Actual
Expenses |
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled Expenses Paid During Period to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the share holder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Expenses Paid | ||||||||||||
Beginning | Ending | During Period* | ||||||||||
Account Value | Account Value | August 1, 2005 to | ||||||||||
August 1, 2005 | January 31, 2006 | January 31, 2006 | ||||||||||
Actual | $ | 1,000.00 | $ | 1,042.30 | $ | 3.14 | ||||||
Hypothetical (5% return per year | ||||||||||||
before expenses) | $ | 1,000.00 | $ | 1,022.13 | $ | 3.11 |
* Expenses are equal to the Funds annualized expense ratio of .61%; multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one half year period).
Semiannual
Report |
4 |
Investment Changes | ||||
Top Ten Stocks as of January 31, 2006 | ||||
% of funds | % of funds net assets | |||
net assets | 6 months ago | |||
Cardinal Health, Inc. | 7.9 | 6.2 | ||
American International Group, Inc. | 6.0 | 5.6 | ||
Home Depot, Inc. | 5.7 | 6.0 | ||
Microsoft Corp. | 5.1 | 5.1 | ||
Wyeth | 4.9 | 4.4 | ||
AT&T, Inc. | 4.8 | 4.4 | ||
Wal Mart Stores, Inc. | 4.1 | 1.0 | ||
Clear Channel Communications, Inc. | 3.8 | 4.0 | ||
Bank of America Corp. | 3.1 | 1.6 | ||
Johnson & Johnson | 3.0 | 1.7 | ||
48.4 | ||||
Top Five Market Sectors as of January 31, 2006 |
||||
% of funds | % of funds net assets | |||
net assets | 6 months ago | |||
Financials | 21.0 | 21.8 | ||
Health Care | 19.6 | 16.8 | ||
Information Technology | 15.8 | 18.0 | ||
Consumer Discretionary | 12.6 | 12.6 | ||
Consumer Staples | 9.2 | 7.4 |
5 Semiannual Report
Investments January 31, 2006 (Unaudited) | ||||||||
Showing Percentage of Net Assets | ||||||||
Common Stocks 97.8% | ||||||||
Shares | Value (Note 1) | |||||||
(000s) | ||||||||
CONSUMER DISCRETIONARY 12.6% | ||||||||
Automobiles 0.0% | ||||||||
Harley Davidson, Inc. | 212,100 | $ | 11,354 | |||||
Hotels, Restaurants & Leisure 0.6% | ||||||||
Carnival Corp. unit | 728,700 | 37,718 | ||||||
McDonalds Corp. | 1,340,700 | 46,938 | ||||||
Royal Caribbean Cruises Ltd. | 376,500 | 15,399 | ||||||
100,055 | ||||||||
Media 5.8% | ||||||||
Clear Channel Communications, Inc. | 21,360,940 | 625,235 | ||||||
Clear Channel Outdoor Holding, Inc. Class A (e) | 2,005,300 | 40,006 | ||||||
E.W. Scripps Co. Class A | 446,900 | 21,603 | ||||||
Live Nation, Inc. (a) | 2,670,117 | 47,395 | ||||||
News Corp. Class A | 6,761,500 | 106,561 | ||||||
Omnicom Group, Inc. | 1,403,300 | 114,776 | ||||||
955,576 | ||||||||
Specialty Retail 6.2% | ||||||||
Home Depot, Inc. | 23,271,100 | 943,643 | ||||||
TJX Companies, Inc. | 3,243,000 | 82,794 | ||||||
1,026,437 | ||||||||
TOTAL CONSUMER DISCRETIONARY | 2,093,422 | |||||||
CONSUMER STAPLES 9.2% | ||||||||
Food & Staples Retailing 6.7% | ||||||||
CVS Corp. | 13,033,400 | 361,807 | ||||||
Safeway, Inc. | 3,006,800 | 70,479 | ||||||
Wal-Mart Stores, Inc. | 14,807,600 | 682,778 | ||||||
1,115,064 | ||||||||
Household Products 0.3% | ||||||||
Colgate-Palmolive Co. | 864,100 | 47,430 | ||||||
Personal Products 0.7% | ||||||||
Alberto-Culver Co. | 2,165,845 | 95,947 | ||||||
Avon Products, Inc. | 662,000 | 18,748 | ||||||
114,695 | ||||||||
Tobacco 1.5% | ||||||||
Altria Group, Inc. | 3,347,500 | 242,158 | ||||||
TOTAL CONSUMER STAPLES | 1,519,347 | |||||||
See accompanying notes which are an integral part of the financial statements. | ||||||||
Semiannual Report | 6 |
Common Stocks continued | ||||||
Shares | Value (Note 1) | |||||
(000s) | ||||||
ENERGY 5.2% | ||||||
Energy Equipment & Services 3.8% | ||||||
Diamond Offshore Drilling, Inc. | 2,103,400 | $ | 178,516 | |||
ENSCO International, Inc. | 1,838,794 | 93,999 | ||||
GlobalSantaFe Corp. | 3,224,679 | 196,867 | ||||
Transocean, Inc. (a) | 2,001,300 | 162,405 | ||||
631,787 | ||||||
Oil, Gas & Consumable Fuels 1.4% | ||||||
ConocoPhillips | 855,800 | 55,370 | ||||
Exxon Mobil Corp. | 2,649,100 | 166,231 | ||||
221,601 | ||||||
TOTAL ENERGY | 853,388 | |||||
FINANCIALS 21.0% | ||||||
Capital Markets 2.4% | ||||||
Goldman Sachs Group, Inc. | 770,300 | 108,805 | ||||
Merrill Lynch & Co., Inc. | 3,082,800 | 231,426 | ||||
Morgan Stanley | 478,400 | 29,398 | ||||
Nuveen Investments, Inc. Class A | 572,000 | 25,952 | ||||
395,581 | ||||||
Commercial Banks 4.3% | ||||||
Bank of America Corp. | 11,565,503 | 511,542 | ||||
Synovus Financial Corp. | 939,700 | 26,001 | ||||
Wachovia Corp. | 2,942,053 | 161,313 | ||||
Wells Fargo & Co. | 87,100 | 5,432 | ||||
704,288 | ||||||
Consumer Finance 0.1% | ||||||
Capital One Financial Corp. (d) | 284,600 | 23,707 | ||||
Diversified Financial Services 1.4% | ||||||
Citigroup, Inc. | 5,124,539 | 238,701 | ||||
Insurance 11.6% | ||||||
ACE Ltd. | 2,536,500 | 138,873 | ||||
AFLAC, Inc. | 89,100 | 4,183 | ||||
AMBAC Financial Group, Inc. | 1,401,200 | 107,626 | ||||
American International Group, Inc. | 15,167,600 | 992,871 | ||||
Hartford Financial Services Group, Inc. | 3,846,620 | 316,308 | ||||
MBIA, Inc. | 1,422,900 | 87,594 | ||||
MetLife, Inc. | 2,190,000 | 109,850 | ||||
Swiss Reinsurance Co. (Reg.) | 587,929 | 43,718 |
See accompanying notes which are an integral part of the financial statements.
7 Semiannual
Report |
Investments (Unaudited) continued | ||||||||
Common Stocks continued | ||||||||
Shares | Value (Note 1) | |||||||
(000s) | ||||||||
FINANCIALS continued | ||||||||
Insurance continued | ||||||||
The Chubb Corp. | 1,105,700 | $ | 104,323 | |||||
Transatlantic Holdings, Inc. | 195,500 | 12,385 | ||||||
1,917,731 | ||||||||
Thrifts & Mortgage Finance 1.2% | ||||||||
Fannie Mae | 3,131,734 | 181,453 | ||||||
MGIC Investment Corp. | 249,700 | 16,483 | ||||||
197,936 | ||||||||
TOTAL FINANCIALS | 3,477,944 | |||||||
HEALTH CARE 19.6% | ||||||||
Biotechnology 0.2% | ||||||||
Amgen, Inc. (a) | 501,100 | 36,525 | ||||||
Health Care Providers & Services 8.5% | ||||||||
Cardinal Health, Inc. | 18,126,470 | 1,305,828 | ||||||
UnitedHealth Group, Inc. | 1,801,600 | 107,051 | ||||||
1,412,879 | ||||||||
Pharmaceuticals 10.9% | ||||||||
Johnson & Johnson | 8,636,500 | 496,944 | ||||||
Pfizer, Inc. | 19,176,400 | 492,450 | ||||||
Wyeth | 17,408,560 | 805,146 | ||||||
1,794,540 | ||||||||
TOTAL HEALTH CARE | 3,243,944 | |||||||
INDUSTRIALS 6.8% | ||||||||
Aerospace & Defense 1.2% | ||||||||
Honeywell International, Inc. | 3,781,000 | 145,266 | ||||||
Lockheed Martin Corp. | 818,800 | 55,392 | ||||||
200,658 | ||||||||
Industrial Conglomerates 4.7% | ||||||||
3M Co. | 3,015,500 | 219,378 | ||||||
General Electric Co. | 15,160,900 | 496,519 | ||||||
Tyco International Ltd. | 2,226,900 | 58,011 | ||||||
773,908 | ||||||||
Machinery 0.8% | ||||||||
Ingersoll-Rand Co. Ltd. Class A | 3,263,200 | 128,146 |
See accompanying notes which are an integral part of the financial statements.
Semiannual
Report |
8 |
Common Stocks continued | ||||||
Shares | Value (Note 1) | |||||
(000s) | ||||||
INDUSTRIALS continued | ||||||
Marine 0.0% | ||||||
Alexander & Baldwin, Inc. | 74,616 | $ | 3,923 | |||
Road & Rail 0.1% | ||||||
Burlington Northern Santa Fe Corp. | 139,800 | 11,201 | ||||
TOTAL INDUSTRIALS | 1,117,836 | |||||
INFORMATION TECHNOLOGY 15.8% | ||||||
Communications Equipment 2.8% | ||||||
Cisco Systems, Inc. (a) | 18,594,400 | 345,298 | ||||
Comverse Technology, Inc. (a) | 936,731 | 25,657 | ||||
Motorola, Inc. | 448,700 | 10,190 | ||||
Nokia Corp. sponsored ADR | 4,814,900 | 88,498 | ||||
469,643 | ||||||
Computers & Peripherals 2.6% | ||||||
Dell, Inc. (a) | 6,374,900 | 186,848 | ||||
EMC Corp. (a) | 2,971,500 | 39,818 | ||||
International Business Machines Corp. | 2,541,200 | 206,600 | ||||
433,266 | ||||||
Electronic Equipment & Instruments 0.2% | ||||||
Flextronics International Ltd. (a) | 2,426,800 | 25,384 | ||||
Jabil Circuit, Inc. (a) | 329,300 | 13,304 | ||||
38,688 | ||||||
IT Services 0.2% | ||||||
First Data Corp. | 706,800 | 31,877 | ||||
Semiconductors & Semiconductor Equipment 2.4% | ||||||
Analog Devices, Inc. | 537,300 | 21,368 | ||||
Applied Materials, Inc. | 6,470,300 | 123,259 | ||||
Intel Corp. | 5,273,200 | 112,161 | ||||
KLA Tencor Corp. | 665,500 | 34,593 | ||||
Lam Research Corp. (a) | 1,034,000 | 48,009 | ||||
Linear Technology Corp. | 215,400 | 8,015 | ||||
Novellus Systems, Inc. (a) | 722,700 | 20,489 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 2,277,925 | 24,602 | ||||
Xilinx, Inc. | 145,500 | 4,097 | ||||
396,593 | ||||||
Software 7.6% | ||||||
BEA Systems, Inc. (a) | 5,128,200 | 53,179 | ||||
Microsoft Corp. | 29,873,887 | 840,950 |
See accompanying notes which are an integral part of the financial statements.
9 Semiannual
Report |
Investments (Unaudited) continued | ||||||||
Common Stocks continued | ||||||||
Shares | Value (Note 1) | |||||||
(000s) | ||||||||
INFORMATION TECHNOLOGY continued | ||||||||
Software continued | ||||||||
Oracle Corp. (a) | 8,994,500 | $ | 113,061 | |||||
Symantec Corp. (a) | 13,100,437 | 240,786 | ||||||
1,247,976 | ||||||||
TOTAL INFORMATION TECHNOLOGY | 2,618,043 | |||||||
MATERIALS 0.2% | ||||||||
Chemicals 0.2% | ||||||||
Praxair, Inc. | 649,500 | 34,216 | ||||||
TELECOMMUNICATION SERVICES 7.4% | ||||||||
Diversified Telecommunication Services 7.1% | ||||||||
AT&T, Inc. | 30,320,091 | 786,806 | ||||||
BellSouth Corp. | 5,787,100 | 166,495 | ||||||
Qwest Communications International, Inc. (a) | 19,487,900 | 117,317 | ||||||
Verizon Communications, Inc. | 3,116,750 | 98,676 | ||||||
1,169,294 | ||||||||
Wireless Telecommunication Services 0.3% | ||||||||
Sprint Nextel Corp. | 2,245,786 | 51,406 | ||||||
TOTAL TELECOMMUNICATION SERVICES | 1,220,700 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $14,049,172) | 16,178,840 | |||||||
Convertible Bonds 0.4% | ||||||||
Principal | ||||||||
Amount (000s) | ||||||||
TELECOMMUNICATION SERVICES 0.4% | ||||||||
Diversified Telecommunication Services 0.4% | ||||||||
Qwest Communications International, Inc. 3.5% | ||||||||
11/15/25 | $ | 49,860 | 60,600 | |||||
TOTAL CONVERTIBLE BONDS | ||||||||
(Cost $49,860) | 60,600 |
See accompanying notes which are an integral part of the financial statements.
Semiannual
Report |
10 |
Money Market Funds 1.8% | ||||||||
Shares | Value (Note 1) | |||||||
(000s) | ||||||||
Fidelity Cash Central Fund, 4.46% (b) | 298,142,931 | $ | 298,143 | |||||
Fidelity Securities Lending Cash Central Fund, | ||||||||
4.48% (b)(c) | 8,944,000 | 8,944 | ||||||
TOTAL MONEY MARKET FUNDS | ||||||||
(Cost $307,087) | 307,087 | |||||||
TOTAL INVESTMENT PORTFOLIO 100.0% | ||||||||
(Cost $14,406,119) | 16,546,527 | |||||||
NET OTHER ASSETS 0.0% | (6,577) | |||||||
NET ASSETS 100% | $ | 16,539,950 |
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 unaudited listing of the funds holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash
collateral received from securities on loan. (d) Security or a portion of the security is on loan at period end. (e) Affiliated company |
Affiliated Central Funds
Information regarding fiscal year to date income received by the fund from the affiliated Central funds is as follows:
Income received | ||||
(Amounts in | ||||
Fund | thousands) | |||
Fidelity Cash Central Fund | $ | 7,019 | ||
Fidelity Securities Lending Cash Central Fund | 8 | |||
Total | $ | 7,027 |
See accompanying notes which are an integral part of the financial statements.
11 Semiannual Report
Investments (Unaudited) continued
Other Affiliated Issuers
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Value, | ||||||||||||||||||||
Affiliate | beginning of | Sales | Dividend | Value, end of | ||||||||||||||||
(Amounts in thousands) | period | Purchases | Proceeds | Income | period | |||||||||||||||
Clear Channel Outdoor | ||||||||||||||||||||
Holding, Inc. Class A | $ | | $ | 36,797 | $ | | $ | | $ | 40,006 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report 12
Financial Statements | ||||||
Statement of Assets and Liabilities | ||||||
Amounts in thousands (except per share amount) | January 31, 2006 (Unaudited) | |||||
Assets | ||||||
Investment in securities, at value (including securities | ||||||
loaned of $8,663) See accompanying schedule: | ||||||
Unaffiliated issuers (cost $14,062,235) | $ | 16,199,434 | ||||
Affiliated Central Funds (cost $307,087) | 307,087 | |||||
Other affiliated issuers (cost $36,797) | 40,006 | |||||
Total Investments (cost $14,406,119) | $ | 16,546,527 | ||||
Cash | 26 | |||||
Receivable for investments sold | 128,799 | |||||
Receivable for fund shares sold | 12,195 | |||||
Dividends receivable | 15,399 | |||||
Interest receivable | 1,454 | |||||
Prepaid expenses | 77 | |||||
Other affiliated receivables | 52 | |||||
Other receivables | 853 | |||||
Total assets | 16,705,382 | |||||
Liabilities | ||||||
Payable for investments purchased | $ | 114,625 | ||||
Payable for fund shares redeemed | 33,333 | |||||
Accrued management fee | 5,047 | |||||
Other affiliated payables | 3,417 | |||||
Other payables and accrued expenses | 66 | |||||
Collateral on securities loaned, at value | 8,944 | |||||
Total liabilities | 165,432 | |||||
Net Assets | $ | 16,539,950 | ||||
Net Assets consist of: | ||||||
Paid in capital | $ | 14,513,851 | ||||
Undistributed net investment income | 12,582 | |||||
Accumulated undistributed net realized gain (loss) on | ||||||
investments and foreign currency transactions | (126,891) | |||||
Net unrealized appreciation (depreciation) on | ||||||
investments and assets and liabilities in foreign | ||||||
currencies | 2,140,408 | |||||
Net Assets, for 563,445 shares outstanding | $ | 16,539,950 | ||||
Net Asset Value, offering price and redemption price per | ||||||
share ($16,539,950 ÷ 563,445 shares) | $ | 29.36 |
See accompanying notes which are an integral part of the financial statements.
13 Semiannual Report
Financial Statements continued | ||||||
Statement of Operations | ||||||
Amounts in thousands | Six months ended January 31, 2006 (Unaudited) | |||||
Investment Income | ||||||
Dividends | $ | 136,933 | ||||
Interest | 485 | |||||
Income from affiliated Central Funds | 7,027 | |||||
Total income | 144,445 | |||||
Expenses | ||||||
Management fee | ||||||
Basic fee | $ | 47,272 | ||||
Performance adjustment | (16,947) | |||||
Transfer agent fees | 18,850 | |||||
Accounting and security lending fees | 754 | |||||
Independent trustees compensation | 36 | |||||
Appreciation in deferred trustee compensation account | 8 | |||||
Custodian fees and expenses | 130 | |||||
Registration fees | 43 | |||||
Audit | 68 | |||||
Legal | 68 | |||||
Miscellaneous | 84 | |||||
Total expenses before reductions | 50,366 | |||||
Expense reductions | (1,946) | 48,420 | ||||
Net investment income (loss) | 96,025 | |||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss) on: | ||||||
Investment securities: | ||||||
Unaffiliated issuers | 136,965 | |||||
Foreign currency transactions | 81 | |||||
Total net realized gain (loss) | 137,046 | |||||
Change in net unrealized appreciation (depreciation) on: | ||||||
Investment securities | 434,364 | |||||
Net gain (loss) | 571,410 | |||||
Net increase (decrease) in net assets resulting from | ||||||
operations | $ | 667,435 |
See accompanying notes which are an integral part of the financial statements.
Semiannual
Report |
14 |
Statement of Changes in Net Assets | ||||||||
Six months ended | Year ended | |||||||
January 31, 2006 | July 31, | |||||||
Amounts in thousands | (Unaudited) | 2005 | ||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net investment income (loss) | $ | 96,025 | $ | 299,381 | ||||
Net realized gain (loss) | 137,046 | 255,956 | ||||||
Change in net unrealized appreciation (depreciation) . | 434,364 | 1,193,521 | ||||||
Net increase (decrease) in net assets resulting | ||||||||
from operations | 667,435 | 1,748,858 | ||||||
Distributions to shareholders from net investment income . | (179,291) | (269,023) | ||||||
Distributions to shareholders from net realized gain | (217,913) | | ||||||
Total distributions | (397,204) | (269,023) | ||||||
Share transactions | ||||||||
Proceeds from sales of shares | 1,091,955 | 3,009,735 | ||||||
Reinvestment of distributions | 386,764 | 260,163 | ||||||
Cost of shares redeemed | (2,607,592) | (5,738,004) | ||||||
Net increase (decrease) in net assets resulting from | ||||||||
share transactions | (1,128,873) | (2,468,106) | ||||||
Total increase (decrease) in net assets | (858,642) | (988,271) | ||||||
Net Assets | ||||||||
Beginning of period | 17,398,592 | 18,386,863 | ||||||
End of period (including undistributed net investment | ||||||||
income of $12,582 and undistributed net investment | ||||||||
income of $111,008, respectively) | $ | 16,539,950 | $ | 17,398,592 | ||||
Other Information | ||||||||
Shares | ||||||||
Sold | 38,068 | 109,723 | ||||||
Issued in reinvestment of distributions | 13,484 | 9,419 | ||||||
Redeemed | (91,121) | (207,836) | ||||||
Net increase (decrease) | (39,569) | (88,694) |
See accompanying notes which are an integral part of the financial statements.
15 Semiannual Report
Financial Highlights | ||||||||||||
Six months ended | Years ended July 31, | |||||||||||
January 31, 2006 | ||||||||||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||
Selected Per Share Data | ||||||||||||
Net asset value, | ||||||||||||
beginning of period | $ 28.85 | $ 26.58 | $ 24.76 | $ 22.20 | $ 29.75 | $ 30.90 | ||||||
Income from Investment | ||||||||||||
Operations | ||||||||||||
Net investment income | ||||||||||||
(loss)D | 17 | .45E | .20 | .22 | .24G | .16 | ||||||
Net realized and un | ||||||||||||
realized gain (loss) . | 1.03 | 2.21 | 1.84 | 2.56 | (7.31)G | 1.27 | ||||||
Total from investment | ||||||||||||
operations | 1.20 | 2.66 | 2.04 | 2.78 | (7.07) | 1.43 | ||||||
Distributions from net | ||||||||||||
investment income | (.31) | (.39) | (.22) | (.22) | (.15) | (.18) | ||||||
Distributions from net | ||||||||||||
realized gain | (.38) | | | | (.33) | (2.40) | ||||||
Total distributions | (.69) | (.39) | (.22) | (.22) | (.48) | (2.58) | ||||||
Net asset value, end of | ||||||||||||
period | $ 29.36 | $ 28.85 | $ 26.58 | $ 24.76 | $ 22.20 | $ 29.75 | ||||||
Total ReturnB,C | 4.23% | 10.08% | 8.27% | 12.63% | (24.04)% | 4.58% | ||||||
Ratios to Average Net AssetsF | ||||||||||||
Expenses before | ||||||||||||
reductions | 61%A | .68% | .90% | 1.05% | .98% | .97% | ||||||
Expenses net of fee | ||||||||||||
waivers, if any | 61%A | .68% | .90% | 1.05% | .98% | .97% | ||||||
Expenses net of all | ||||||||||||
reductions | 58%A | .66% | .89% | 1.02% | .95% | .94% | ||||||
Net investment income | ||||||||||||
(loss) | 1.16%A | 1.64%E | .75% | .94% | .90%G | .54% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of pe- | ||||||||||||
riod (in millions) | $16,540 | $17,399 | $18,387 | $15,737 | $12,648 | $14,463 | ||||||
Portfolio turnover rate | 33%A | 26% | 37% | 51% | 81% | 88% |
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 Investment income per share reflects a special dividend which amounted to $.16 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 1.06% . 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. G Effective August 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortiz ing premium and discount on all debt securities. Per share data and ratios for periods prior to adoption have not been restated to reflect this change. |
See accompanying notes which are an integral part of the financial statements.
Semiannual
Report |
16 |
Notes to Financial Statements
For the period ended January 31, 2006 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Fidelity Dividend Growth Fund (the fund) is a fund of Fidelity Securities Fund (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open end management investment company organized as a Massachusetts business trust. The fund may invest in affiliated money market central funds (Money Market Central Funds) which are open end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affili ates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require manage ment 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. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open end mutual funds, are valued at their closing net asset value each business day. Short term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securi ties markets, reviewing developments in foreign markets and evaluating the perfor mance of ADRs, futures contracts and exchange traded funds. Because the funds utilization of fair value pricing depends on market activity, the frequency with which fair
17 Semiannual Report
Notes to Financial Statements (Unaudited) continued |
(Amounts in thousands except ratios) |
1. Significant Accounting Policies continued |
Security Valuation continued |
value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
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 trans lated into U.S. dollars at the exchange rate at period end. Purchases and sales of invest ment 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 transac tion date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex dividend date, except for certain dividends from foreign securities where the ex dividend date may have passed, which are recorded as soon as the fund is informed of the ex dividend date. Non cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securi ties. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.
Semiannual
Report |
18 |
1. Significant Accounting Policies continued
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent 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 funds 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 distribu tions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book tax differences will reverse in a subsequent period.
Book tax differences are primarily due to futures transactions, foreign currency transac tions, market discount and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ | 2,840,913 | ||
Unrealized depreciation | (783,142) | |||
Net unrealized appreciation (depreciation) | $ | 2,057,771 | ||
Cost for federal income tax purposes | $ | 14,488,756 | ||
2. Operating Policies. |
Repurchase Agreements. 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 which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non government securities. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The
19 Semiannual Report
Notes to Financial Statements (Unaudited) continued | ||
(Amounts in thousands except ratios) |
2. Operating Policies continued
Repurchase Agreements continued
fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short term securities and U.S. government securities, aggregated $2,689,812 and $4,065,187, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the fund with investment manage ment related services for which the fund pays a monthly management fee. The manage ment fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the funds average net assets and a group fee rate that averaged .27% 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 funds average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the funds relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .37% of the funds average net assets.
Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the funds transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset based fees that vary according to account size and type of ac count. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual ized rate of .23% of average net assets.
Accounting and Security Lending Fees. FSC maintains the funds accounting rec ords. 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.
Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Invest ments Money Management, Inc. (FIMM), an affiliate of FMR.
Semiannual
Report |
20 |
4. Fees and Other Transactions with Affiliates continued | ||
Affiliated Central Funds continued |
The Money Market Central Funds do not pay a management fee.
Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $39 for the period.
5. Committed Line of
Credit. |
The fund participates with other funds managed by FMR in a $4.2 billion credit facility (the line of credit) to be utilized for temporary or emergency purposes to fund share holder 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.
6. Security
Lending. |
The fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the funds Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from affiliated central funds. Net income from lending portfolio securities during the period amounted to $8.
21 Semiannual Report
Notes to Financial Statements (Unaudited) continued | ||
(Amounts in thousands except ratios) | ||
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 $1,604 for the period. In addition, through arrangements with the funds transfer agent, credits realized as a result of uninvested cash balances were used to reduce the funds expenses. During the period, these credits reduced the funds transfer agent expenses by $342.
8.
Other. |
The funds organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the perfor mance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The funds maximum expo sure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
Semiannual
Report |
22 |
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Dividend Growth Fund
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Manage ment, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the funds manage ment contract or sub advisory agreements; (ii) the investment process or strategies employed in the management of the funds assets; (iii) the nature or level of services provided under the funds management contract or sub advisory agreements; (iv) the day to day management of the fund or the persons primarily responsible for such man agement; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessi tate prior shareholder approval of the Agreement or result in an assignment and termination of the funds management contract or sub advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the funds portfolio manager would not change, it did not consider the funds investment perfor mance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of the funds management contract and sub advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the funds management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have
23 Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees continued
appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the funds Agreement is fair and reasonable, and that the funds Agreement should be approved.
Semiannual Report |
24 |
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. Its easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
By PC
Fidelitys 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.
* When you call the quotes line, please remember that a funds 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 guar anteed 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.
25 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 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 123 South Lake Avenue Pasadena, CA 16995 Bernardo Ctr. Drive Rancho Bernardo, CA 1740 Arden Way Sacramento, CA 7676 Hazard Center Drive San Diego, CA 8 Montgomery Street San Francisco, CA 3793 State Street Santa Barbara, 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 3550 Tamiami Trail, South Sarasota, FL 1502 N. Westshore Blvd. Tampa, FL 2465 State Road 7 Wellington, FL 3501 PGA Boulevard West Palm Beach, FL Georgia 3445 Peachtree Road, N.E. Atlanta, GA 1000 Abernathy Road Atlanta, GA Illinois One North LaSalle Street Chicago, IL 875 North Michigan Ave. 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 7315 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 Michigan 500 E. Eisenhower Pkwy. Ann Arbor, MI 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 |
Semiannual Report 26
Nevada 2225 Village Walk Drive Henderson, NV New Jersey 150 Essex Street Millburn, NJ 56 South Street Morristown, NJ 396 Route 17, North Paramus, NJ 3518 Route 1 North Princeton, NJ 530 Highway 35 Shrewsbury, 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 200 Fifth Avenue New York, NY 733 Third Avenue New York, NY 11 Penn Plaza New York, NY 2070 Broadway New York, NY 1075 Northern Blvd. Roslyn, NY North Carolina 4611 Sharon Road Charlotte, NC Ohio 3805 Edwards Road Cincinnati, OH 1324 Polaris Parkway Columbus, OH 28699 Chagrin Boulevard Woodmere Village, 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 4001 Northwest Parkway Dallas, TX 12532 Memorial Drive Houston, TX 2701 Drexel Drive Houston, TX 6500 N. MacArthur Blvd. Irving, TX 6005 West Park Boulevard Plano, TX 14100 San Pedro San Antonio, TX 1576 East Southlake Blvd. Southlake, TX 19740 IH 45 North Spring, 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 |
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
27 Semiannual Report
27
To Write Fidelity
Well give your correspondence immediate attention and send you written confirmation upon completion of your request.
(such as changing name, address,
bank, etc.) Fidelity Investments P.O. Box 770001 Cincinnati, OH 45277-0002 |
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 |
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 28
29 Semiannual Report
Semiannual Report |
30 |
31 Semiannual Report
Investment
Adviser Fidelity Management & Research Company Boston, MA Investment Sub Advisers FMR Co., Inc. Fidelity Research & Analysis Company (formerly Fidelity Management & Research (Far East) Inc.) Fidelity Management & Research (U.K.) Inc. Fidelity International Investment Advisors Fidelity Investments Japan Limited Fidelity International Investment Advisors (U.K.) Limited General Distributor Fidelity Distributors Corporation Boston, MA Transfer and Service Agent Fidelity Service Company, Inc. Boston, MA Custodian Citibank, N.A., New York, NY |
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 phone logo) | 1-800-544-5555 | |
(automated phone logo) Automated line for quickest service |
DGF USAN-0306 1.789283.102 |
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Securities Fund: Fidelity Dividend Growth Fund's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Securities Fund: Fidelity Dividend Growth 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting.
Item 12. Exhibits
(a) |
(1) |
Not applicable. |
(a) |
(2) |
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) |
(3) |
Not applicable. |
(b) |
|
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Securities Fund
By: |
/s/Christine Reynolds |
|
Christine Reynolds |
|
President and Treasurer |
|
|
Date: |
March 17, 2006 |
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 17, 2006 |
By: |
/s/Paul M. Murphy |
|
Paul M. Murphy |
|
Chief Financial Officer |
|
|
Date: |
March 17, 2006 |
Exhibit EX-99.CERT
I, Christine Reynolds, certify that:
1. I have reviewed this report on Form N-CSR of Fidelity Securities Fund: Fidelity Dividend Growth Fund;
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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. 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
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the 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 17, 2006
/s/Christine Reynolds |
Christine Reynolds |
President and Treasurer |
I, Paul M. Murphy, certify that:
1. I have reviewed this report on Form N-CSR of Fidelity Securities Fund: Fidelity Dividend Growth Fund;
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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. 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
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the 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 17, 2006
/s/Paul M. Murphy |
Paul M. Murphy |
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 Dividend Growth Fund (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 17, 2006
/s/Christine Reynolds |
Christine Reynolds |
President and Treasurer |
Dated: March 17, 2006
/s/Paul M. Murphy |
Paul M. Murphy |
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.
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