TO: File No. S7-12-03
FROM: Mandy Sturmfelz
DATE: October 20, 2003
RE: Concept Release No. 33-8236: Rating Agencies and the Use of Credit Ratings under the Federal Securities Laws

On June 10, 2003, Annette L. Nazareth, Robert L.D. Colby, Michael A. Macchiaroli, David Shillman, and Mandy Sturmfelz of the SEC's Division of Market Regulation met with Cynthia Strauss, Vice President and Director of Taxable Bond Research at Fidelity Investments, to discuss Fidelity Investments' comment letter on the above-referenced concept release. Steven Nelson, Director of Taxable Money Market Research at Fidelity Investments, participated the meeting by telephone.