UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-4118
Fidelity Securities Fund
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | July 31 |
Date of reporting period: | January 31, 2008 |
This report on Form N-CSR relates solely to the Registrant's Fidelity Real Estate Income series (the "Fund").
Item 1. Reports to Stockholders
Fidelity®
Real Estate Income
Fund
Semiannual Report
January 31, 2008
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
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. | |
Report of Independent Registered Public Accounting Firm |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
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 LLC 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 SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many stock and bond markets around the world have been unsettled of late; however, volatility can often lead to opportunity for patient investors. Financial markets are always unpredictable, but there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, 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, 2007 to January 31, 2008).
Actual Expenses
The first line of the accompanying table 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. In addition, the Fund, as a share-holder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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 shareholder 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indi-rectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
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. In addition, if these transactional costs were included, your costs would have been higher.
Beginning | Ending | Expenses Paid | |
Actual | $ 1,000.00 | $ 976.30 | $ 4.57 |
Hypothetical (5% return per year before expenses) | $ 1,000.00 | $ 1,020.51 | $ 4.67 |
* Expenses are equal to the Fund's annualized expense ratio of .92%; multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes
Top Five Stocks as of January 31, 2008 | ||
% of fund's | % of fund's net assets | |
Annaly Capital Management, Inc. | 3.0 | 1.7 |
MFA Mortgage Investments, Inc. Series A, 8.50% | 1.6 | 1.3 |
Anworth Mortgage Asset Corp. Series A, 8.625% | 1.3 | 1.0 |
MFA Mortgage Investments, Inc. | 1.2 | 0.6 |
Annaly Capital Management, Inc. Series A, 7.875% | 1.1 | 0.9 |
8.2 | ||
Top 5 Bonds as of January 31, 2008 | ||
% of fund's | % of fund's net assets | |
American Financial Realty Trust 4.375% 7/15/24 | 1.7 | 1.9 |
Senior Housing Properties Trust 8.625% 1/15/12 | 1.5 | 1.2 |
Ventas Realty LP 9% 5/1/12 | 1.4 | 1.1 |
Thornburg Mortgage, Inc. 8% 5/15/13 | 1.4 | 1.3 |
Health Care Property Investors, Inc. 6.3% 9/15/16 | 1.0 | 0.9 |
7.0 |
Asset Allocation (% of fund's net assets) | |||||||
As of January 31, 2008 * | As of July 31, 2007 ** | ||||||
![]() | Common Stocks 17.9% | ![]() | Common Stocks 17.0% | ||||
![]() | Preferred Stocks 18.1% | ![]() | Preferred Stocks 20.2% | ||||
![]() | Bonds 50.7% | ![]() | Bonds 49.3% | ||||
![]() | Convertible | ![]() | Convertible | ||||
![]() | Other Investments 3.8% | ![]() | Other Investments 4.3% | ||||
![]() | Short-Term | ![]() | Short-Term | ||||
* Foreign | 5.1% | ** Foreign investments | 6.1% |
Semiannual Report
Investments January 31, 2008
Showing Percentage of Net Assets
Common Stocks - 17.9% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 0.7% | |||
Hotels, Restaurants & Leisure - 0.7% | |||
Red Lion Hotels Corp. (a) | 89,500 | $ 707,050 | |
Starwood Hotels & Resorts Worldwide, Inc. | 45,300 | 2,049,825 | |
2,756,875 | |||
FINANCIALS - 15.9% | |||
Real Estate Investment Trusts - 15.8% | |||
Acadia Realty Trust (SBI) | 90,200 | 2,259,510 | |
Alexandria Real Estate Equities, Inc. | 39,600 | 3,889,908 | |
AMB Property Corp. (SBI) | 18,200 | 920,920 | |
Annaly Capital Management, Inc. | 640,600 | 12,632,627 | |
Anworth Mortgage Asset Corp. | 203,800 | 1,807,706 | |
AvalonBay Communities, Inc. | 25,500 | 2,395,725 | |
Boston Properties, Inc. | 11,500 | 1,057,080 | |
CaPlease, Inc. | 227,000 | 1,840,970 | |
Cousins Properties, Inc. | 25,300 | 672,980 | |
Cypress Sharpridge Investments, Inc. (e) | 399,375 | 3,075,188 | |
DCT Industrial Trust, Inc. | 101,000 | 956,470 | |
Developers Diversified Realty Corp. | 52,600 | 2,164,490 | |
Equity Lifestyle Properties, Inc. | 46,430 | 2,027,598 | |
Equity Residential (SBI) | 60,300 | 2,255,823 | |
Federal Realty Investment Trust (SBI) | 9,400 | 693,720 | |
General Growth Properties, Inc. | 65,140 | 2,378,913 | |
GMH Communities Trust | 80,900 | 427,152 | |
HCP, Inc. | 104,900 | 3,190,009 | |
Highwoods Properties, Inc. (SBI) | 10,000 | 299,300 | |
Host Hotels & Resorts, Inc. | 33,049 | 553,240 | |
Inland Real Estate Corp. | 196,800 | 2,633,184 | |
Kilroy Realty Corp. | 10,700 | 524,621 | |
Kimco Realty Corp. | 25,200 | 902,412 | |
LaSalle Hotel Properties (SBI) | 19,100 | 523,531 | |
LTC Properties, Inc. | 36,000 | 937,800 | |
MFA Mortgage Investments, Inc. | 472,800 | 4,822,560 | |
National Retail Properties, Inc. | 15,000 | 340,800 | |
Nationwide Health Properties, Inc. | 41,600 | 1,312,896 | |
Newcastle Investment Corp. | 110,200 | 1,377,500 | |
Potlatch Corp. | 9,100 | 390,663 | |
ProLogis Trust | 11,966 | 710,182 | |
Simon Property Group, Inc. | 6,804 | 608,142 | |
UDR, Inc. | 10,900 | 248,847 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Real Estate Investment Trusts - continued | |||
Ventas, Inc. | 62,800 | $ 2,775,760 | |
Vornado Realty Trust | 26,200 | 2,368,480 | |
65,976,707 | |||
Real Estate Management & Development - 0.1% | |||
Meruelo Maddux Properties, Inc. | 113,600 | 596,400 | |
TOTAL FINANCIALS | 66,573,107 | ||
HEALTH CARE - 1.3% | |||
Health Care Providers & Services - 1.3% | |||
Capital Senior Living Corp. (a) | 108,000 | 828,360 | |
Emeritus Corp. (a) | 133,900 | 2,965,885 | |
Sun Healthcare Group, Inc. (a) | 91,000 | 1,567,930 | |
5,362,175 | |||
TOTAL COMMON STOCKS (Cost $68,339,900) | 74,692,157 | ||
Preferred Stocks - 18.6% | |||
Convertible Preferred Stocks - 0.5% | |||
FINANCIALS - 0.5% | |||
Real Estate Investment Trusts - 0.5% | |||
HRPT Properties Trust 6.50% | 80,000 | 1,546,320 | |
Lexington Corporate Properties Trust Series C, 6.50% | 7,800 | 292,500 | |
1,838,820 | |||
Nonconvertible Preferred Stocks - 18.1% | |||
FINANCIALS - 18.1% | |||
Diversified Financial Services - 0.7% | |||
DRA CRT Acquisition Corp. Series A, 8.50% | 25,000 | 500,000 | |
Red Lion Hotels Capital Trust 9.50% | 77,750 | 1,924,313 | |
W2007 Grace Acquisition I, Inc. Series B, 8.75% | 35,300 | 617,750 | |
3,042,063 | |||
Insurance - 0.4% | |||
Hilltop Holdings, Inc. Series A, 8.25% | 84,200 | 1,895,342 | |
Real Estate Investment Trusts - 15.7% | |||
Alexandria Real Estate Equities, Inc. Series C, 8.375% | 67,000 | 1,705,820 | |
Preferred Stocks - continued | |||
Shares | Value | ||
Nonconvertible Preferred Stocks - continued | |||
FINANCIALS - continued | |||
Real Estate Investment Trusts - continued | |||
American Home Mtg Investment Corp.: | |||
Series A, 9.375% | 120,300 | $ 8,421 | |
Series B, 9.25% | 124,100 | 6,205 | |
Annaly Capital Management, Inc. Series A, 7.875% | 182,900 | 4,517,630 | |
Anworth Mortgage Asset Corp. Series A, 8.625% | 229,327 | 5,538,247 | |
Apartment Investment & Management Co.: | |||
Series G, 9.375% | 66,600 | 1,648,350 | |
Series T, 8.00% | 57,500 | 1,202,900 | |
Ashford Hospitality Trust, Inc. Series A, 8.55% | 85,000 | 1,657,500 | |
AvalonBay Communities, Inc. Series H, 8.70% | 300 | 7,893 | |
Cedar Shopping Centers, Inc. 8.875% | 66,000 | 1,653,300 | |
CenterPoint Properties Trust Series D, 5.377% | 3,575 | 2,931,500 | |
Colonial Properties Trust (depositary shares) Series D, 8.125% | 39,000 | 936,000 | |
Cousins Properties, Inc. Series A, 7.75% | 71,700 | 1,649,100 | |
Developers Diversified Realty Corp. (depositary shares) Series G, 8.00% | 25,000 | 615,000 | |
Digital Realty Trust, Inc. Series A, 8.50% | 75,000 | 1,728,750 | |
Eagle Hospitality Properties Trust, Inc. Series A, 8.25% | 24,000 | 252,000 | |
EastGroup Properties, Inc. Series D, 7.95% | 100,500 | 2,462,250 | |
Glimcher Realty Trust Series F, 8.75% | 27,000 | 592,650 | |
Gramercy Capital Corp. Series A, 8.125% | 20,000 | 421,000 | |
HomeBanc Mortgage Corp. Series A, 10.00% | 104,685 | 8,375 | |
Hospitality Properties Trust: | |||
Series B, 8.875% | 67,975 | 1,685,780 | |
Series C, 7.00% | 55,000 | 1,113,750 | |
Host Hotels & Resorts, Inc. Series E, 8.875% | 46,000 | 1,175,300 | |
HRPT Properties Trust Series B, 8.75% | 23,961 | 597,108 | |
Innkeepers USA Trust Series C, 8.00% | 62,400 | 811,200 | |
Kimco Realty Corp. Series G, 7.75% | 43,500 | 1,074,450 | |
LaSalle Hotel Properties: | |||
Series B, 8.375% | 19,400 | 451,050 | |
Series E, 8.00% | 9,100 | 204,750 | |
Series G, 7.25% | 10,660 | 215,865 | |
LBA Realty Fund II: | |||
Series A, 8.75% (e) | 69,000 | 2,760,000 | |
Series B, 7.625% (a) | 31,240 | 546,700 | |
Lexington Corporate Properties Trust Series B, 8.05% | 29,500 | 645,755 | |
Lexington Realty Trust 7.55% | 30,000 | 543,000 | |
LTC Properties, Inc. Series F, 8.00% | 56,800 | 1,354,112 | |
Preferred Stocks - continued | |||
Shares | Value | ||
Nonconvertible Preferred Stocks - continued | |||
FINANCIALS - continued | |||
Real Estate Investment Trusts - continued | |||
MFA Mortgage Investments, Inc. Series A, 8.50% | 274,400 | $ 6,673,408 | |
Mid-America Apartment Communities, Inc. Series H, 8.30% | 27,800 | 682,490 | |
Newcastle Investment Corp.: | |||
Series B, 9.75% | 199,700 | 3,974,030 | |
Series D, 8.375% | 51,300 | 774,630 | |
Omega Healthcare Investors, Inc. Series D, 8.375% | 64,800 | 1,579,176 | |
ProLogis Trust Series C, 8.54% | 6,478 | 320,726 | |
PS Business Parks, Inc.: | |||
(depositary shares) Series L, 7.60% | 5,890 | 134,881 | |
Series P, 6.70% | 35,000 | 722,750 | |
Public Storage: | |||
Series I, 7.25% | 10,300 | 252,350 | |
Series K, 7.25% | 20,000 | 491,400 | |
Realty Income Corp.: | |||
6.75% | 600 | 12,990 | |
8.25% | 66,933 | 1,708,130 | |
Saul Centers, Inc. 8.00% | 103,300 | 2,560,807 | |
Simon Property Group, Inc. Series J, 8.375% | 5,600 | 375,200 | |
Strategic Hotel & Resorts, Inc. 8.50% (e) | 119,500 | 2,509,500 | |
65,494,179 | |||
Thrifts & Mortgage Finance - 1.3% | |||
Fannie Mae Series S, 8.25% | 80,000 | 2,020,000 | |
Freddie Mac Series Z, 8.375% | 64,000 | 1,718,400 | |
MFH Financial Trust I 9.50% (a)(e) | 22,660 | 1,586,200 | |
5,324,600 | |||
TOTAL FINANCIALS | 75,756,184 | ||
TOTAL PREFERRED STOCKS (Cost $94,756,263) | 77,595,004 |
Corporate Bonds - 35.1% | ||||
Principal Amount (d) | Value | |||
Convertible Bonds - 2.6% | ||||
FINANCIALS - 2.6% | ||||
Real Estate Investment Trusts - 2.6% | ||||
American Financial Realty Trust 4.375% 7/15/24 | $ 7,250,000 | $ 7,114,063 | ||
Anthracite Capital, Inc. 11.75% 9/1/27 (e) | 500,000 | 451,100 | ||
BioMed Realty LP 4.5% 10/1/26 (e) | 1,000,000 | 892,000 | ||
CaPlease, Inc. 7.5% 10/1/27 (e) | 2,040,000 | 1,814,988 | ||
Washington (REIT) 3.875% 9/15/26 | 750,000 | 699,675 | ||
10,971,826 | ||||
Nonconvertible Bonds - 32.5% | ||||
CONSUMER DISCRETIONARY - 5.0% | ||||
Hotels, Restaurants & Leisure - 0.5% | ||||
Host Marriott LP 7% 8/15/12 | 2,000,000 | 1,975,000 | ||
Household Durables - 4.5% | ||||
Beazer Homes USA, Inc.: | ||||
8.125% 6/15/16 | 1,000,000 | 725,000 | ||
8.375% 4/15/12 | 1,000,000 | 745,000 | ||
D.R. Horton, Inc. 4.875% 1/15/10 | 1,000,000 | 960,000 | ||
K. Hovnanian Enterprises, Inc.: | ||||
6% 1/15/10 | 420,000 | 247,800 | ||
6.25% 1/15/16 | 1,000,000 | 720,000 | ||
7.5% 5/15/16 | 1,000,000 | 710,000 | ||
7.75% 5/15/13 | 4,000,000 | 1,600,000 | ||
KB Home: | ||||
5.875% 1/15/15 | 2,000,000 | 1,810,000 | ||
6.25% 6/15/15 | 3,500,000 | 3,185,000 | ||
7.75% 2/1/10 | 1,500,000 | 1,485,000 | ||
Kimball Hill, Inc. 10.5% 12/15/12 | 4,625,000 | 786,250 | ||
Lennar Corp. 5.5% 9/1/14 | 1,000,000 | 795,693 | ||
M/I Homes, Inc. 6.875% 4/1/12 | 1,400,000 | 1,190,000 | ||
Meritage Homes Corp. 6.25% 3/15/15 | 2,500,000 | 1,700,000 | ||
Stanley-Martin Communities LLC 9.75% 8/15/15 | 4,620,000 | 2,217,600 | ||
18,877,343 | ||||
TOTAL CONSUMER DISCRETIONARY | 20,852,343 | |||
CONSUMER STAPLES - 0.4% | ||||
Food & Staples Retailing - 0.4% | ||||
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20 | 1,370,227 | 1,421,611 | ||
Corporate Bonds - continued | ||||
Principal Amount (d) | Value | |||
Nonconvertible Bonds - continued | ||||
FINANCIALS - 26.0% | ||||
Real Estate Investment Trusts - 22.2% | ||||
AvalonBay Communities, Inc. 5.5% 1/15/12 | $ 1,000,000 | $ 966,929 | ||
Brandywine Operating Partnership LP 4.5% 11/1/09 | 1,000,000 | 992,511 | ||
BRE Properties, Inc. 5.75% 9/1/09 | 1,800,000 | 1,822,667 | ||
Camden Property Trust: | ||||
4.375% 1/15/10 | 2,370,000 | 2,328,764 | ||
4.7% 7/15/09 | 500,000 | 500,995 | ||
Colonial Realty LP 6.05% 9/1/16 | 1,000,000 | 892,659 | ||
Commercial Net Lease Realty, Inc.: | ||||
6.15% 12/15/15 | 100,000 | 96,519 | ||
6.25% 6/15/14 | 500,000 | 507,504 | ||
Developers Diversified Realty Corp.: | ||||
5% 5/3/10 | 1,000,000 | 976,548 | ||
7.5% 7/15/18 | 200,000 | 198,751 | ||
Duke Realty LP: | ||||
5.25% 1/15/10 | 200,000 | 201,157 | ||
6.8% 2/12/09 | 1,500,000 | 1,524,125 | ||
Health Care Property Investors, Inc.: | ||||
6% 3/1/15 | 500,000 | 461,281 | ||
6% 1/30/17 | 1,000,000 | 894,160 | ||
6.3% 9/15/16 | 4,500,000 | 4,104,270 | ||
Health Care REIT, Inc.: | ||||
6% 11/15/13 | 1,000,000 | 992,598 | ||
6.2% 6/1/16 | 1,500,000 | 1,424,781 | ||
8% 9/12/12 | 2,450,000 | 2,556,276 | ||
Healthcare Realty Trust, Inc. 8.125% 5/1/11 | 1,790,000 | 1,879,382 | ||
Highwoods/Forsyth LP: | ||||
5.85% 3/15/17 | 1,000,000 | 920,000 | ||
7.125% 2/1/08 | 950,000 | 950,000 | ||
HMB Capital Trust V 8.5906% 12/15/36 (c)(e)(f) | 2,530,000 | 379,500 | ||
Hospitality Properties Trust: | ||||
5.625% 3/15/17 | 915,000 | 830,734 | ||
6.75% 2/15/13 | 610,000 | 635,804 | ||
Host Hotels & Resorts LP 6.875% 11/1/14 | 1,000,000 | 975,000 | ||
HRPT Properties Trust: | ||||
5.5906% 3/16/11 (f) | 787,000 | 761,102 | ||
6.25% 6/15/17 | 870,000 | 816,934 | ||
6.5% 1/15/13 | 200,000 | 206,227 | ||
iStar Financial, Inc.: | ||||
5.3306% 9/15/09 (f) | 1,000,000 | 927,004 | ||
Corporate Bonds - continued | ||||
Principal Amount (d) | Value | |||
Nonconvertible Bonds - continued | ||||
FINANCIALS - continued | ||||
Real Estate Investment Trusts - continued | ||||
iStar Financial, Inc.: - continued | ||||
7% 3/15/08 | $ 1,800,000 | $ 1,773,000 | ||
Kimco Realty Corp. 6.875% 2/10/09 | 1,000,000 | 1,011,071 | ||
Mack-Cali Realty LP 7.25% 3/15/09 | 180,000 | 186,136 | ||
Nationwide Health Properties, Inc.: | ||||
6% 5/20/15 | 1,000,000 | 989,934 | ||
6.25% 2/1/13 | 1,000,000 | 1,054,997 | ||
6.5% 7/15/11 | 1,500,000 | 1,591,694 | ||
8.25% 7/1/12 | 1,300,000 | 1,468,177 | ||
Omega Healthcare Investors, Inc. 7% 4/1/14 | 3,970,000 | 3,930,300 | ||
ProLogis Trust 7.1% 4/15/08 | 775,000 | 777,643 | ||
Reckson Operating Partnership LP 7.75% 3/15/09 | 2,600,000 | 2,690,298 | ||
Rouse Co.: | ||||
5.375% 11/26/13 | 2,000,000 | 1,759,010 | ||
7.2% 9/15/12 | 3,220,000 | 3,115,047 | ||
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (e) | 500,000 | 450,000 | ||
Security Capital Industrial Trust 7.95% 5/15/08 | 32,000 | 32,154 | ||
Senior Housing Properties Trust: | ||||
7.875% 4/15/15 | 355,000 | 363,875 | ||
8.625% 1/15/12 | 6,050,000 | 6,428,125 | ||
Shurgard Storage Centers, Inc.: | ||||
5.875% 3/15/13 | 1,000,000 | 1,049,894 | ||
7.75% 2/22/11 | 500,000 | 544,241 | ||
Simon Property Group LP 5.375% 8/28/08 | 550,000 | 551,065 | ||
Simon Property Group, Inc. 3.75% 1/30/09 | 500,000 | 496,276 | ||
Tanger Properties LP 9.125% 2/15/08 | 300,000 | 300,380 | ||
Thornburg Mortgage, Inc. 8% 5/15/13 | 6,995,000 | 5,945,750 | ||
UDR, Inc. 5.5% 4/1/14 | 500,000 | 485,131 | ||
United Dominion Realty Trust, Inc.: | ||||
4.5% 3/3/08 | 2,250,000 | 2,251,874 | ||
5% 1/15/12 | 1,000,000 | 998,609 | ||
5.13% 1/15/14 | 500,000 | 487,935 | ||
6.05% 6/1/13 | 2,500,000 | 2,443,578 | ||
6.5% 6/15/09 | 325,000 | 333,521 | ||
Ventas Realty LP: | ||||
6.5% 6/1/16 | 2,730,000 | 2,716,350 | ||
6.625% 10/15/14 | 3,920,000 | 3,949,400 | ||
6.75% 6/1/10 | 2,100,000 | 2,063,250 | ||
6.75% 4/1/17 | 2,000,000 | 2,010,000 | ||
Corporate Bonds - continued | ||||
Principal Amount (d) | Value | |||
Nonconvertible Bonds - continued | ||||
FINANCIALS - continued | ||||
Real Estate Investment Trusts - continued | ||||
Ventas Realty LP: - continued | ||||
8.75% 5/1/09 | $ 800,000 | $ 824,000 | ||
9% 5/1/12 | 5,511,000 | 5,993,213 | ||
Vornado Realty LP 4.5% 8/15/09 | 1,000,000 | 1,009,156 | ||
92,799,266 | ||||
Real Estate Management & Development - 2.9% | ||||
American Real Estate Partners/American Real Estate Finance Corp. 8.125% 6/1/12 | 2,190,000 | 2,157,150 | ||
ERP Operating LP 5.2% 4/1/13 | 1,000,000 | 968,760 | ||
First Industrial LP: | ||||
5.25% 6/15/09 | 1,000,000 | 1,012,393 | ||
7.375% 3/15/11 | 2,100,000 | 2,259,825 | ||
Post Apartment Homes LP: | ||||
5.125% 10/12/11 | 2,500,000 | 2,557,963 | ||
7.7% 12/20/10 | 2,500,000 | 2,764,635 | ||
Price Development Co. LP 7.29% 3/11/08 | 550,000 | 550,000 | ||
12,270,726 | ||||
Thrifts & Mortgage Finance - 0.9% | ||||
Wrightwood Capital LLC 9% 6/1/14 (h) | 4,000,000 | 3,660,000 | ||
TOTAL FINANCIALS | 108,729,992 | |||
HEALTH CARE - 0.5% | ||||
Health Care Providers & Services - 0.5% | ||||
Sun Healthcare Group, Inc. 9.125% 4/15/15 | 2,150,000 | 2,160,750 | ||
TELECOMMUNICATION SERVICES - 0.6% | ||||
Wireless Telecommunication Services - 0.6% | ||||
American Tower Corp. 7.125% 10/15/12 | 2,500,000 | 2,562,500 | ||
TOTAL NONCONVERTIBLE BONDS | 135,727,196 | |||
TOTAL CORPORATE BONDS (Cost $161,258,649) | 146,699,022 | |||
Asset-Backed Securities - 4.1% | ||||
Principal Amount (d) | Value | |||
American Tower Trust I Series 2007-1A Class D, 5.9568% 4/15/37 (e) | $ 3,000,000 | $ 2,877,570 | ||
Ameriquest Mortgage Securities, Inc. Series 2004-R9 Class M9, 5.8763% 10/25/34 (e)(f) | 606,154 | 42,431 | ||
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 5.4344% 3/20/50 (e)(f) | 2,250,000 | 1,667,025 | ||
Concord Real Estate CDO Ltd./LLC Series 2006-1A Class F, 5.1263% 12/25/46 (e)(f) | 750,000 | 472,500 | ||
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33 | 500,000 | 395,825 | ||
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A Class D, 9% 12/28/35 (e) | 500,000 | 419,114 | ||
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (e) | 850,000 | 728,385 | ||
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2005-1 Class D, 5.612% 6/15/35 (e) | 2,000,000 | 1,986,180 | ||
Fairfield Street Solar Corp. Series 2004-1A Class E1, 8.4181% 11/28/39 (e)(f) | 550,000 | 363,392 | ||
Gramercy Real Estate CDO Ltd. Series 2005-1A Class H, 5.3313% 7/25/35 (e)(f) | 2,000,000 | 1,427,596 | ||
Green Tree Financial Corp. Series 1996-4 Class M1, 7.75% 6/15/27 | 1,788,179 | 1,430,543 | ||
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 5.8763% 6/25/35 (f)(h) | 1,259,000 | 391,106 | ||
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A: | ||||
Class D, 4.9263% 8/26/30 (e)(f) | 735,000 | 534,198 | ||
Class E, 5.3763% 8/26/30 (e)(f) | 1,420,000 | 1,031,062 | ||
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 3/15/28 | 1,500,000 | 795,000 | ||
Merit Securities Corp. Series 13 Class M1, 8.63% 12/28/33 | 1,923,000 | 1,730,700 | ||
Park Place Securities, Inc. Series 2004-WHQ2 Class M10, 5.8763% 2/25/35 (e)(f) | 915,326 | 407,807 | ||
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 7.5275% 2/5/36 (e)(f) | 3,000,000 | 450,000 | ||
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 6.9319% 11/21/40 (e)(f) | 250,000 | 194,517 | ||
TOTAL ASSET-BACKED SECURITIES (Cost $24,129,351) | 17,344,951 | |||
Collateralized Mortgage Obligations - 3.8% | ||||
Principal Amount (d) | Value | |||
Private Sponsor - 3.7% | ||||
Countrywide Home Loans, Inc.: | ||||
Series 2002-38 Class B3, 5% 2/25/18 (e) | $ 181,901 | $ 152,612 | ||
Series 2002-R2 Class 2B3, 6.5622% 7/25/33 (e)(f) | 258,424 | 107,267 | ||
Series 2003-40 Class B3, 4.5% 10/25/18 (e) | 231,991 | 187,932 | ||
Series 2003-R2 Class B3, 5.5% 5/25/43 (e) | 564,345 | 177,091 | ||
Series 2003-R3: | ||||
Class B2, 5.5% 11/25/33 (e) | 1,780,993 | 590,459 | ||
Class B3, 5.5% 11/25/33 (e) | 533,286 | 128,187 | ||
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (e)(f) | 584,101 | 77,381 | ||
Diversified REIT Trust: | ||||
Series 1999-1A Class H, 6.78% 3/18/11 (e)(f) | 1,785,000 | 1,780,997 | ||
Series 2000-1A: | ||||
Class F, 6.971% 3/8/10 (e) | 1,512,000 | 1,471,373 | ||
Class G, 6.971% 3/8/10 (e) | 1,720,000 | 1,657,839 | ||
RESI Finance LP/RESI Finance DE Corp. floater: | ||||
Series 2003-B Class B9, 17.1925% 7/10/35 (e)(f) | 913,432 | 966,525 | ||
Series 2004-C Class B5, 6.5925% 9/10/36 (e)(f) | 380,231 | 303,100 | ||
Series 2005-A Class B6, 7.2425% 3/10/37 (e)(f) | 1,913,624 | 1,318,681 | ||
Series 2005-B Class B6, 6.8425% 6/10/37 (e)(f) | 948,951 | 639,801 | ||
Series 2005-D Class B6, 6.4863% 12/15/37 (e)(f) | 479,065 | 329,507 | ||
Series 2006-B Class B6, 5.9363% 6/15/38 (e)(f) | 989,702 | 719,506 | ||
Residential Funding Mortgage Securities I, Inc. Series 2002-S20 Class M3, 5.25% 12/25/17 | 74,220 | 76,553 | ||
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (e) | 154,039 | 137,220 | ||
RESIX Finance Ltd. floater: | ||||
Series 2003-D Class B8, 11.7425% 12/10/35 (e)(f) | 690,953 | 637,242 | ||
Series 2004-A Class B7, 9.4925% 2/10/36 (e)(f) | 657,520 | 557,146 | ||
Series 2004-B Class B7, 9.2425% 2/10/36 (e)(f) | 790,013 | 652,779 | ||
Series 2005-C Class B7, 8.3425% 9/10/37 (e)(f) | 1,932,489 | 1,334,248 | ||
Series 2006-B Class B7, 8.0863% 7/15/38 (e)(f) | 989,702 | 755,228 | ||
Series 2007-A Class BB, 7.5863% 2/15/39 (e)(f) | 794,200 | 542,445 | ||
TOTAL PRIVATE SPONSOR | 15,301,119 | |||
U.S. Government Agency - 0.1% | ||||
Fannie Mae REMIC Trust: | ||||
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (h) | 250,043 | 102,463 | ||
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 6.2552% 2/25/42 (e)(f) | 148,988 | 81,036 | ||
Collateralized Mortgage Obligations - continued | ||||
Principal Amount (d) | Value | |||
U.S. Government Agency - continued | ||||
Fannie Mae REMIC Trust: - continued | ||||
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (h) | $ 319,218 | $ 88,714 | ||
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 6.435% 6/25/43 (f) | 185,365 | 133,648 | ||
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 6.7015% 10/25/42 (e)(f) | 79,951 | 59,330 | ||
TOTAL U.S. GOVERNMENT AGENCY | 465,191 | |||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $21,096,762) | 15,766,310 | |||
Commercial Mortgage Securities - 10.3% | ||||
Asset Securitization Corp. Series 1997-D4 Class B2, 7.525% 4/14/29 | 515,000 | 574,076 | ||
Banc of America Commercial Mortgage, Inc. Series 2003-2: | ||||
Class BWF, 7.55% 10/11/37 (e) | 499,172 | 574,366 | ||
Class BWG, 8.155% 10/11/37 (e) | 483,783 | 570,839 | ||
Class BWK, 10.676% 10/11/37 (e) | 327,972 | 427,047 | ||
Class BWL, 10.1596% 10/11/37 (e) | 553,032 | 706,258 | ||
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 6.2363% 3/15/22 (e)(f) | 700,000 | 678,913 | ||
Credit Suisse First Boston Mortgage Securities Corp.: | ||||
Series 1997-C2 Class F, 7.46% 1/17/35 (f) | 2,000,000 | 2,248,026 | ||
Series 2004-TF2A Class AX, 0% 11/15/19 (e)(f)(g) | 4,742,624 | 949 | ||
Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (e) | 1,000,000 | 1,015,491 | ||
Deutsche Mortgage & Asset Receiving Corp. Series1998-C1 Class J, 6.22% 6/15/31 | 1,200,000 | 1,044,317 | ||
First Chicago/Lennar Trust I | 931,213 | 944,962 | ||
Global Signal Trust III Series 2006-1 Class F, 7.036% 2/15/36 | 1,015,000 | 1,013,843 | ||
Global Towers Partners Acquisition Partners I LLC Series 2007-1A Class G, 7.8737% 5/15/37 (e) | 1,000,000 | 987,690 | ||
GMAC Commercial Mortgage Securities, Inc.: | ||||
Series 1997-C2 Class F, 6.75% 4/15/29 (f) | 2,767,000 | 2,691,772 | ||
Series 1999-C3 Class J, 6.974% 8/15/36 (e) | 1,500,000 | 1,442,578 | ||
Series 2000-C1: | ||||
Class H, 7% 3/15/33 (e) | 950,000 | 946,586 | ||
Class K, 7% 3/15/33 (e) | 1,100,000 | 972,813 | ||
Commercial Mortgage Securities - continued | ||||
Principal Amount (d) | Value | |||
GMAC Commercial Mortgage Securities, Inc.: - continued | ||||
Series 2003-J10 Class B2, 6.75% 4/15/29 (f) | $ 1,000,000 | $ 813,438 | ||
GS Mortgage Securities Corp. II floater Series 2007-EOP Class L, 5.84% 3/1/20 (e)(f) | 1,400,000 | 1,344,000 | ||
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-A: | ||||
Class G, 6% 10/15/32 (e)(f) | 2,895,000 | 2,591,488 | ||
Class X, 1.6388% 10/15/32 (e)(f)(g) | 18,659,248 | 416,848 | ||
JPMorgan Commercial Mortgage Finance Corp.: | ||||
Series 1997-C5 Class F, 7.5605% 9/15/29 | 2,000,000 | 2,149,340 | ||
Series 1999-C7 Class F, 6% 10/15/35 (e) | 350,000 | 353,507 | ||
Series 1999-C8: | ||||
Class G, 6% 7/15/31 (e) | 1,385,000 | 1,381,967 | ||
Class H, 6% 7/15/31 (e) | 2,638,000 | 2,263,747 | ||
Merrill Lynch Financial Asset, Inc. Series 2005-CA16: | ||||
Class F, 4.384% 7/12/15 | CAD | 710,000 | 587,192 | |
Class G, 4.384% 7/12/15 | CAD | 355,000 | 284,929 | |
Class H, 4.384% 7/12/15 | CAD | 236,000 | 168,810 | |
Class J, 4.384% 7/12/15 | CAD | 355,000 | 236,223 | |
Class K, 4.384% 7/12/15 | CAD | 355,000 | 223,130 | |
Class L, 4.384% 7/12/15 | CAD | 236,000 | 140,211 | |
Class M, 4.384% 7/12/15 | CAD | 995,000 | 362,367 | |
Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (e) | 3,359,000 | 3,278,182 | ||
Mezz Capital Commercial Mortgage Trust Series 2004-C1: | ||||
Class D, 6.988% 9/15/13 | 750,000 | 748,775 | ||
Class E, 7.983% 10/15/13 | 1,453,000 | 1,417,571 | ||
Class IO, 7.797% 1/15/18 (f)(g) | 6,878,684 | 2,010,178 | ||
SBA CMBS Trust Series 2006-1A Class J, 7.825% 11/15/36 (e) | 1,000,000 | 933,523 | ||
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (e) | 2,000,000 | 1,850,000 | ||
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 4.8113% 9/15/09 (e)(f) | 1,200,000 | 1,075,245 | ||
Wachovia Ltd./Wachovia LLC Series 2006-1 Class 1ML, 0% 9/25/26 (e)(f) | 2,000,000 | 1,427,770 | ||
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $42,460,712) | 42,898,967 | |||
Floating Rate Loans - 3.5% | ||||
Principal Amount (d) | Value | |||
CONSUMER DISCRETIONARY - 1.2% | ||||
Hotels, Restaurants & Leisure - 0.3% | ||||
Intrawest Resorts term loan 6.6089% 4/24/08 (f) | $ 1,164,781 | $ 1,135,661 | ||
Specialty Retail - 0.9% | ||||
The Pep Boys - Manny, Moe & Jack term loan 7.08% 10/27/13 (f) | 29,188 | 28,021 | ||
Toys 'R' US, Inc. term loan 7.6313% 12/9/08 (f) | 4,100,000 | 3,792,500 | ||
3,820,521 | ||||
TOTAL CONSUMER DISCRETIONARY | 4,956,182 | |||
CONSUMER STAPLES - 0.3% | ||||
Food & Staples Retailing - 0.3% | ||||
Cumberland Farms, Inc. term loan 6.83% 9/29/13 (f) | 1,472,024 | 1,435,224 | ||
FINANCIALS - 1.7% | ||||
Diversified Financial Services - 0.6% | ||||
LandSource Communities Development LLC: | ||||
Tranche 2LN, term loan 9.515% 2/27/14 (f) | 2,330,000 | 1,118,400 | ||
Tranche B 1LN, term loan 7.9071% 2/27/13 (f) | 1,767,496 | 1,387,485 | ||
2,505,885 | ||||
Real Estate Investment Trusts - 0.8% | ||||
Apartment Investment & Management Co. term loan 4.785% 3/22/11 (f) | 2,200,000 | 2,057,000 | ||
Capital Automotive (REIT) Tranche B, term loan 6.39% 12/16/10 (f) | 593,026 | 554,480 | ||
General Growth Properties, Inc. Tranche A1, term loan 5.7% 2/24/10 (f) | 697,368 | 634,605 | ||
3,246,085 | ||||
Real Estate Management & Development - 0.3% | ||||
MDS Realty Holdings LLC Tranche M3, term loan 8.04% 1/1/09 (f) | 120,096 | 117,093 | ||
Realogy Corp.: | ||||
Tranche B, term loan 7.505% 10/10/13 (f) | 783,939 | 658,509 | ||
8.24% 10/10/13 (f) | 211,061 | 177,291 | ||
Tishman Speyer Properties term loan 6.17% 12/27/12 (f) | 210,000 | 192,150 | ||
1,145,043 | ||||
TOTAL FINANCIALS | 6,897,013 | |||
Floating Rate Loans - continued | ||||
Principal Amount (d) | Value | |||
HEALTH CARE - 0.3% | ||||
Health Care Providers & Services - 0.3% | ||||
HealthSouth Corp. term loan 6.9145% 3/10/13 (f) | $ 1,262,594 | $ 1,174,212 | ||
TELECOMMUNICATION SERVICES - 0.0% | ||||
Wireless Telecommunication Services - 0.0% | ||||
Crown Castle International Corp. Tranche B, term loan 6.33% 3/6/14 (f) | 168,725 | 150,165 | ||
TOTAL FLOATING RATE LOANS (Cost $17,096,527) | 14,612,796 | |||
Preferred Securities - 0.3% | ||||
FINANCIALS - 0.3% | ||||
Diversified Financial Services - 0.3% | ||||
Cairn High Grade ABS CDO PLC Series 2006-2A Class SUB, 1/13/47 (e) | 1,000,000 | 100 | ||
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (e) | 500,000 | 278,600 | ||
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (e) | 590,000 | 429,964 | ||
Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (e) | 810,000 | 149,850 | ||
Ipswich Street CDO Series 2006-1, 6/27/46 (e) | 1,350,000 | 202,500 | ||
Kent Funding III Ltd. 11/5/47 (e) | 1,650,000 | 247,500 | ||
1,308,514 | ||||
TOTAL PREFERRED SECURITIES (Cost $5,664,001) | 1,308,514 | |||
Money Market Funds - 5.5% | ||||
Shares | ||||
Fidelity Cash Central Fund, 3.79% (b) | 23,079,083 | 23,079,083 | ||
TOTAL INVESTMENT PORTFOLIO - 99.1% (Cost $457,881,248) | 413,996,804 | |||
NET OTHER ASSETS - 0.9% | 3,849,784 | |||
NET ASSETS - 100% | $ 417,846,588 |
Currency Abbreviations | ||
CAD | - | Canadian dollar |
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 fund's holdings as of its most recent quarter end is available upon request. |
(c) Non-income producing - Issuer is in default. |
(d) Principal amount is stated in United States dollars unless otherwise noted. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $69,378,468 or 16.6% of net assets. |
(f) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(g) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool held as of the end of the period. |
(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,242,284 or 1.0% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Fannie Mae REMIC Trust: Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 | 5/21/03 | $ 210,965 |
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 | 3/25/03 | $ 235,780 |
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 5.8763% 6/25/35 | 6/3/05 | $ 1,110,697 |
Wrightwood Capital LLC 9% 6/1/14 | 1/1/05 | $ 4,000,000 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 654,832 |
Other Information |
The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited): |
U.S. Government and U.S. Government Agency Obligations | 0.1% |
AAA,AA,A | 2.1% |
BBB | 18.4% |
BB | 19.0% |
B | 8.8% |
CCC,CC,C | 2.1% |
Not Rated | 6.6% |
Equities | 36.5% |
Short-Term Investments | 6.4% |
100.0% |
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
January 31, 2008 | ||
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $434,802,165) | $ 390,917,721 | |
Fidelity Central Funds (cost $23,079,083) | 23,079,083 | |
Total Investments (cost $457,881,248) | $ 413,996,804 | |
Cash | 32,745 | |
Receivable for investments sold | 875,376 | |
Receivable for fund shares sold | 556,107 | |
Dividends receivable | 404,245 | |
Interest receivable | 3,450,754 | |
Distributions receivable from Fidelity Central Funds | 68,479 | |
Prepaid expenses | 1,311 | |
Other receivables | 73,679 | |
Total assets | 419,459,500 | |
Liabilities | ||
Payable for investments purchased | $ 535,557 | |
Payable for fund shares redeemed | 698,599 | |
Accrued management fee | 194,174 | |
Transfer agent fee payable | 102,356 | |
Other affiliated payables | 17,182 | |
Other payables and accrued expenses | 65,044 | |
Total liabilities | 1,612,912 | |
Net Assets | $ 417,846,588 | |
Net Assets consist of: | ||
Paid in capital | $ 464,424,880 | |
Undistributed net investment income | 2,081,348 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (4,775,282) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (43,884,358) | |
Net Assets, for 40,765,769 shares outstanding | $ 417,846,588 | |
Net Asset Value, offering price and redemption price per share ($417,846,588 ÷ 40,765,769 shares) | $ 10.25 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended January 31, 2008 | ||
Investment Income | ||
Dividends | $ 5,279,756 | |
Interest | 9,787,581 | |
Income from Fidelity Central Funds | 654,832 | |
Total income | 15,722,169 | |
Expenses | ||
Management fee | $ 1,266,186 | |
Transfer agent fees | 621,809 | |
Accounting fees and expenses | 111,926 | |
Custodian fees and expenses | 6,464 | |
Independent trustees' compensation | 986 | |
Registration fees | 27,302 | |
Audit | 52,067 | |
Legal | 1,852 | |
Miscellaneous | 14,228 | |
Total expenses before reductions | 2,102,820 | |
Expense reductions | (8,930) | 2,093,890 |
Net investment income (loss) | 13,628,279 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (4,359,973) | |
Foreign currency transactions | (706) | |
Total net realized gain (loss) | (4,360,679) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | (21,080,391) | |
Assets and liabilities in foreign currencies | 238 | |
Total change in net unrealized appreciation (depreciation) | (21,080,153) | |
Net gain (loss) | (25,440,832) | |
Net increase (decrease) in net assets resulting from operations | $ (11,812,553) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended January 31, | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 13,628,279 | $ 32,679,170 |
Net realized gain (loss) | (4,360,679) | 16,041,559 |
Change in net unrealized appreciation (depreciation) | (21,080,153) | (32,410,471) |
Net increase (decrease) in net assets resulting | (11,812,553) | 16,310,258 |
Distributions to shareholders from net investment income | (19,733,516) | (30,097,730) |
Distributions to shareholders from net realized gain | (10,229,881) | (12,079,504) |
Total distributions | (29,963,397) | (42,177,234) |
Share transactions | 68,800,062 | 234,666,945 |
Reinvestment of distributions | 26,553,633 | 36,245,899 |
Cost of shares redeemed | (152,030,499) | (250,130,676) |
Net increase (decrease) in net assets resulting from share transactions | (56,676,804) | 20,782,168 |
Redemption fees | 31,717 | 87,744 |
Total increase (decrease) in net assets | (98,421,037) | (4,997,064) |
Net Assets | ||
Beginning of period | 516,267,625 | 521,264,689 |
End of period (including undistributed net investment income of $2,081,348 and undistributed net investment income of $8,186,585, respectively) | $ 417,846,588 | $ 516,267,625 |
Other Information Shares | ||
Sold | 6,456,033 | 19,631,419 |
Issued in reinvestment of distributions | 2,527,432 | 3,063,466 |
Redeemed | (14,217,262) | (20,928,409) |
Net increase (decrease) | (5,233,797) | 1,766,476 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended January 31, 2008
1. Organization.
Fidelity Real Estate Income 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.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
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. Actual results could differ from those estimates. 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
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central 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. Actual prices received at disposition may differ.
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. Factors used in the determination of fair value may include current market trading activity, interest rates, credit quality and default rates. 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. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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 translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
trades executed through the end of the prior business day. 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. 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 and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. The Fund follows the provisions of Emerging Issues Task Force Issue No. 99-20 (EITF 99-20), "Recognition of Interest Income and Impairment on Purchased and Retained Beneficial Interests in Securitized Financial Assets" for certain lower credit quality securitized assets that have contractual cash flows (for example, asset backed securities, collateralized mortgage obligations and commercial mortgage-backed securities). Under EITF 99-20, if there is a change in the estimated cash flows for any of these securities, based on an evaluation of current information, then the estimated yield is adjusted on a prospective basis over the remaining life of the security. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.
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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. Effective with the beginning of the Fund's fiscal year the Fund adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. 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. 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 the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), 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 | $ 17,343,689 |
Unrealized depreciation | (61,324,013) |
Net unrealized appreciation (depreciation) | $ (43,980,324) |
Cost for federal income tax purposes | $ 457,977,128 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to.75% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
Semiannual Report
4. 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. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The 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.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Loans and Other Direct Debt Instruments. The Fund may invest in loans and loan participations, trade claims or other receivables. These investments may include standby financing commitments, including revolving credit facilities, that obligate the Fund to supply additional cash to the borrower on demand. Loan participations involve a risk of insolvency of the lending bank or other financial intermediary. The Fund may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities and U.S. government securities, aggregated $36,446,821 and $106,518,275, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged ..26% 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
Semiannual Report
Notes to Financial Statements - continued
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
increases as assets under management decrease. For the period, the total annualized management fee rate was .56% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC 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 .27% of average net assets. Prior to January 1, 2008, Fidelity Service Company, Inc. (FSC), also an affiliate of FMR was the Fund's transfer agent.
Accounting Fees. FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
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 $863 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $690 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
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 $7,671 and $1,259, respectively.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum
Semiannual Report
9. Other - continued
exposure 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.
In December 2006, the Independent Trustees, with the assistance of independent counsel, completed an investigation regarding gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during the period 2002 to 2004. The Independent Trustees and FMR agreed that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and was worthy of redress. Accordingly, the Independent Trustees requested, and FMR agreed to make a payment of $42 million plus accrued interest, which equaled approximately $7.3 million, to certain Fidelity mutual funds.
Subsequent to period end, the Trustees approved a method for allocating this payment among the funds and, in total, FMR paid the fund $7,853.
In a related administrative order dated March 5, 2008, the U.S. Securities and Exchange Commission ("SEC") announced a settlement with FMR and FMR Co., Inc. (an affiliate of FMR) involving the SEC's regulatory rules for investment advisers and the improper receipt of gifts, gratuities and business entertainment. Without admitting or denying the SEC's findings, FMR agreed to pay an $8 million civil penalty to the United States Treasury.
Semiannual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Securities Fund and Shareholders of Fidelity Real Estate Income Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity Real Estate Income Fund (the Fund), a fund of Fidelity Securities Fund, including the schedule of investments, as of January 31, 2008, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months ended January 31, 2008 and for the year ended July 31, 2007, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2008, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Real Estate Income Fund as of January 31, 2008, the results of its operations for the six months then ended, the changes in its net assets for the six months ended January 31, 2008 and for the year ended July 31, 2007, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
March 31, 2008
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
Arizona
7001 West Ray Road
Chandler, AZ
15445 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
2000 Avenue of the Stars
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
16656 Bernardo Ctr. Drive
Rancho Bernardo, CA
1220 Roseville Parkway
Roseville, CA
1740 Arden Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
11943 El Camino Real
San Diego, CA
8 Montgomery Street
San Francisco, CA
3793 State Street
Santa Barbara, CA
1200 Wilshire Boulevard
Santa Monica, CA
398 West El Camino Real
Sunnyvale, CA
111 South Westlake Blvd
Thousand Oaks, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6326 Canoga Avenue
Woodland Hills, CA
Colorado
281 East Flatiron Circle
Broomfield, CO
1625 Broadway
Denver, CO
9185 Westview Road
Lone Tree, 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
400 Delaware Avenue
Wilmington, DE
Florida
175 East Altamonte Drive
Altamonte Springs, FL
4400 N. Federal Highway
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
4671 Town Center Parkway
Jacksonville, FL
8880 Tamiami Trail, North
Naples, FL
230 Royal Palm Way
Palm Beach, FL
3501 PGA Boulevard
Palm Beach Gardens, FL
3550 Tamiami Trail, South
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
2465 State Road 7
Wellington, FL
Georgia
3445 Peachtree Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
401 North Michigan Avenue
Chicago, IL
One Skokie Valley Road
Highland Park, IL
1415 West 22nd Street
Oak Brook, IL
15105 S LaGrange Road
Orland Park, IL
1572 East Golf Road
Schaumburg, IL
Indiana
4729 East 82nd Street
Indianapolis, IN
8480 Keystone Crossing
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7315 Wisconsin Avenue
Bethesda, MD
610 York Road
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
238 Main Street
Cambridge, MA
200 Endicott Street
Danvers, MA
Semiannual Report
405 Cochituate Road
Framingham, MA
551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 Old N. Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
Farmington Hills, MI
43420 Grand River Avenue
Novi, MI
Minnesota
7740 France Avenue South
Edina, MN
8342 3rd Street North
Oakdale, MN
Missouri
1524 South Lindbergh Blvd.
St. Louis, MO
Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
501 Route 73 South
Marlton, NJ
150 Essex Street
Millburn, NJ
35 Morris Street
Morristown, NJ
396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Broad Street
Shrewsbury, NJ
New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
980 Madison Avenue
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
799 Central Park Avenue
Scarsdale, NY
North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
1800 Crocker Road
Westlake, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
7493 SW Bridgeport Road
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
10 Memorial Boulevard
Providence, RI
Tennessee
3018 Peoples Street
Johnson City, TN
7628 West Farmington Blvd.
Germantown, TN
2035 Mallory Lane
Franklin, TN
Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6560 Fannin Street
Houston, TX
1701 Lake Robbins Drive
The Woodlands, 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
Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
Washington
10500 NE 8th Street
Bellevue, WA
1518 6th Avenue
Seattle, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Research & Analysis Company
Fidelity Management & Research
(U.K.) Inc.
Fidelity Investments Japan Limited
Fidelity International Investment
Advisers
Fidelity International Investment
Advisers (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
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 graphic) 1-800-544-5555
(automated graphic) Automated line for quickest service
REI-USAN-0308
1.789734.104
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. 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's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) for the Fund 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/Kimberley Monasterio |
Kimberley Monasterio | |
President and Treasurer | |
Date: | April 2, 2008 |
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/Kimberley Monasterio |
Kimberley Monasterio | |
President and Treasurer | |
Date: | April 2, 2008 |
By: | /s/Joseph B. Hollis |
Joseph B. Hollis | |
Chief Financial Officer | |
Date: | April 2, 2008 |