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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 Y
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 15530788
071 B000400 10827907
071 C000400 10432938
071 D000400 104
072 A000400 12
072 B000400 19739
072 C000400 134182
072 D000400 0
072 E000400 0
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<PAGE> PAGE 21
072 L000400 0
072 M000400 34
072 N000400 2161
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072 P000400 0
072 Q000400 926
072 R000400 62
072 S000400 22
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072 U000400 0
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072 X000400 94555
072 Y000400 3623
072 Z000400 62989
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072BB000400 0
072CC010400 801977
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072DD020400 0
072EE000400 597854
073 A010400 0.1300
073 A020400 0.0000
073 B000400 2.1900
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 13783180
074 G000400 0
074 H000400 0
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074 R030400 0
074 R040400 27551
074 S000400 0
074 T000400 14283498
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<PAGE> PAGE 22
074 V010400 31.14
074 V020400 0.00
074 W000400 0.0000
074 X000400 1108359
074 Y000400 0
075 A000400 0
075 B000400 10816031
076 000400 0.00
SIGNATURE JOHN H. COSTELLO
TITLE ASSISTANT TREASURER
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.160
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181,226
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0
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262,196
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45,206
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<OVERDISTRIBUTION-GAINS>
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1,981,530
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14,283,498
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62,989
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801,977
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2,060,008
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<DISTRIBUTIONS-OF-INCOME>
38,407
<DISTRIBUTIONS-OF-GAINS>
597,854
<DISTRIBUTIONS-OTHER>
0
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161,099
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26,258
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25,375
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576,508
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0
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69,736
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0
<GROSS-EXPENSE>
94,555
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10,816,031
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28.110
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.170
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5.180
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.130
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87
</TABLE>
MEMORANDUM
DATE: September 16, 1999
TO: File
FROM: Joe Flynn
RE: Item 77(d): Form N-SAR for Fidelity Securities Fund
The following is an update to Fidelity Blue Chip Growth Fund, Fidelity
Dividend Growth Fund, Fidelity Growth & Income Portfolio, and Fidelity
OTC Portfolio pursuant to a Board approved vote on April 15, 1999.
Effective June 1, 1999, Fidelity Blue Chip Growth Fund, Fidelity
Dividend Growth Fund, Fidelity Growth & Income Portfolio, and Fidelity
OTC Portfolio are permitted to lend up to 15% of net assets to other
funds through the interfund lending program, and will be subject to
the standard 1940 Act borrowing limit of 33 1/3% of total assets as
set forth in the funds' standard fundamental borrowing limit.
The following is an additional update to Fidelity Blue Chip Growth
Fund, Fidelity Dividend Growth Fund, and Fidelity OTC Portfolio
pursuant to a Board approved vote on May 20, 1999.
Effective June 1, 1999, Fidelity Blue Chip Growth Fund, Fidelity
Dividend Growth Fund, and Fidelity OTC Portfolio will define "total
assets" for purposes of each fund's fundamental and non-fundamental
name test policies to be total assets of each fund less collateral
held for securities lending transactions.
REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
____
To the Trustees of Fidelity Securities Fund:
In planning and performing our audits of the financial
statements and financial highlights (hereafter referred to as
"financial statements") of the Funds of Fidelity Securities Fund:
Fidelity Blue Chip Growth Fund, Fidelity Dividend Growth Fund,
Fidelity Growth & Income Portfolio, and Fidelity OTC Portfolio
for the year ended July 31, 1999 we considered their internal
control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
misstatements due to errors or fraud may occur and not be
detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of any specific
internal control component does not reduce to a relatively low
level the risk that misstatements due to errors or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of July 31, 1999.
This report is intended solely for the information and use of
management and the Trustees of the Trust and the Securities and
Exchange Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
September 8, 1999
