-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T6wrMgbiAwO+vv5fhYxscxV8Akq4x7a9JmQvjyq24NgQ8AlQYvVRVezzBqCL2RAz Yc4A0FnTgZCk7srNEiBa6A== 0000754510-04-000006.txt : 20040129 0000754510-04-000006.hdr.sgml : 20040129 20040129133551 ACCESSION NUMBER: 0000754510-04-000006 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20031130 FILED AS OF DATE: 20040129 EFFECTIVENESS DATE: 20040129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SECURITIES FUND CENTRAL INDEX KEY: 0000754510 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-04118 FILM NUMBER: 04551594 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391706 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 NSAR-B 1 answer4118.fil ANSWER FILE PAGE 1 000 B000000 11/30/2003 000 C000000 0000754510 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 FIDELITY SECURITIES FUND 001 B000000 811-4118 001 C000000 6175631706 002 A000000 82 DEVONSHIRE STREET 002 B000000 BOSTON 002 C000000 MA 002 D010000 02109 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 1 007 C010500 5 007 C020500 Fidelity Advisor Aggressive Growth Fund 007 C030500 N 008 A00AA01 FIDELITY MANAGEMENT & RESEARCH COMPANY (FMR) 008 B00AA01 A 008 C00AA01 801-7884 008 D01AA01 BOSTON 008 D02AA01 MA 008 D03AA01 02109 008 A00AA02 FIDELITY MANAGEMENT & RESEARCH (U.K.), INC. 008 B00AA02 S 008 C00AA02 801-28773 008 D01AA02 LONDON 008 D05AA02 ENGLAND 008 A00AA03 FIDELITY MANAGEMENT & RESEARCH (FAR EAST) INC 008 B00AA03 S 008 C00AA03 801-28774 008 D01AA03 TOKYO 008 D05AA03 JAPAN 008 A00AA04 FIDELITY INVESTMENTS JAPAN LIMITED (FIJ) 008 B00AA04 S 008 C00AA04 801-00000 008 D01AA04 TOKYO 008 D05AA04 JAPAN 008 A00AA05 FMR CO., INC. 008 B00AA05 S 008 C00AA05 801-3447 008 D01AA05 BOSTON 008 D02AA05 MA PAGE 2 008 D03AA05 02109 008 A00AA06 FIDELITY INTL INVESTMENT ADVISORS, INC (FIIA) 008 B00AA06 S 008 C00AA06 801-0000 008 D01AA06 PEMBROKE 008 D05AA06 BERMUDA 008 A00AA07 FIDELITY INTL INVESTMENT ADVISORS (U.K.) LTD. 008 B00AA07 S 008 C00AA07 801-00 008 D01AA07 LONDON 008 D05AA07 ENGLAND 011 A00AA01 FIDELITY DISTRIBUTORS CORPORATION 011 B00AA01 8-8775 011 C01AA01 BOSTON 011 C02AA01 MA 011 C03AA01 02109 012 A00AA01 FIDELITY INVESTMENTS INSTIT. OPERATIONS CO. 012 B00AA01 84-1839 012 C01AA01 BOSTON 012 C02AA01 MA 012 C03AA01 02109 013 A00AA01 PRICEWATERHOUSECOOPERS LLP 013 B01AA01 BOSTON 013 B02AA01 MA 013 B03AA01 02110 014 A00AA01 FIDELITY BROKERAGE SERVICES LLC 014 B00AA01 8-23292 014 A00AA02 FIDELITY DISTRIBUTORS CORPORATION 014 B00AA02 8-8775 014 A00AA03 ARCHIPELAGO ECN 014 B00AA03 8-50376 014 A00AA04 NATIONAL FINANCIAL SERVICES LLC 014 B00AA04 8-26740 014 A00AA05 FIDELITY INVESTMENTS CANADA LTD. 014 B00AA05 8-0000 014 A00AA06 FIDELITY BROKERAGE SERVICES JAPAN LLC 014 B00AA06 8-00000 015 A00AA01 STATE STREET BANK & TRUST 015 B00AA01 C 015 C01AA01 QUINCY 015 C02AA01 MA 015 C03AA01 02170 015 E01AA01 X 015 A00AA02 THE BANK OF NEW YORK COMPANY, INC. 015 B00AA02 C 015 C01AA02 NEW YORK 015 C02AA02 NY 015 C03AA02 10286 015 E01AA02 X 015 A00AA03 ROYAL BANK OF CANADA 015 B00AA03 S PAGE 3 015 C01AA03 TORONTO 015 D01AA03 CANADA 015 E04AA03 X 015 A00AA04 BANK OF NEW YORK COMPANY, INC. 015 B00AA04 S 015 C01AA04 NEW YORK 015 C02AA04 NY 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D01AA13 BOTSWANA 015 E04AA13 X 015 A00AA14 CITIBANK, N.A. 015 B00AA14 S 015 C01AA14 SAO PAULO 015 D01AA14 BRAZIL 015 E04AA14 X 015 A00AA15 ING BANK N.V. 015 B00AA15 S 015 C01AA15 SOFIA 015 D01AA15 BULGARIA 015 E04AA15 X 015 A00AA16 STATE STREET TRUST COMPANY CANADA 015 B00AA16 S 015 C01AA16 TORONTO 015 D01AA16 CANADA 015 E04AA16 X 015 A00AA17 BANKBOSTON, N.A. 015 B00AA17 S 015 C01AA17 SANTIAGO 015 D01AA17 CHILE 015 E04AA17 X 015 A00AA18 DEUTSCHE BANK AG 015 B00AA18 S 015 C01AA18 ESCHBORN 015 D01AA18 GERMANY 015 E04AA18 X 015 A00AA19 CITITRUST COLUMBIA S.A. 015 B00AA19 S 015 C01AA19 BOGOTA 015 D01AA19 COLOMBIA 015 E04AA19 X 015 A00AA20 BANCO BCT S.A. 015 B00AA20 S 015 C01AA20 SAN JOSE 015 D01AA20 COSTA RICA 015 E04AA20 X 015 A00AA21 PRIVREDNA BANKA ZAGREB D.D. 015 B00AA21 S 015 C01AA21 ZAGREB 015 D01AA21 CROATIA 015 E04AA21 X 015 A00AA22 CYPRUS POPULAR BANK LTD. 015 B00AA22 S 015 C01AA22 NICOSIA 015 D01AA22 CYPRUS 015 E04AA22 X 015 A00AA23 CESKOSLOVENSKA OBCHODNI BANKA, A.S. 015 B00AA23 S 015 C01AA23 PRAGUE PAGE 5 015 D01AA23 CZECH REPUBLIC 015 E04AA23 X 015 A00AA24 DANSKE BANK A/S 015 B00AA24 S 015 C01AA24 COPENHAGEN 015 D01AA24 DENMARK 015 E04AA24 X 015 A00AA25 CITIBANK, N.A. 015 B00AA25 S 015 C01AA25 QUITO 015 D01AA25 ECUADOR 015 E04AA25 X 015 A00AA26 HSBC BANK EGYPT S.A.E. 015 B00AA26 S 015 C01AA26 CAIRO 015 D01AA26 EGYPT 015 E04AA26 X 015 A00AA27 HANSABANK 015 B00AA27 S 015 C01AA27 TALLINN 015 D01AA27 ESTONIA 015 E04AA27 X 015 A00AA28 NORDEA BANK FINLAND PLC. 015 B00AA28 S 015 C01AA28 HELSINKI 015 D01AA28 FINLAND 015 E04AA28 X 015 A00AA29 BNP PARIBAS SECURITIES SERVICES 015 B00AA29 S 015 C01AA29 PARIS 015 D01AA29 FRANCE 015 E04AA29 X 015 A00AA30 DRESDNER BANK AG 015 B00AA30 S 015 C01AA30 FRANKFURT 015 D01AA30 GERMANY 015 E04AA30 X 015 A00AA31 BARCLAYS BANK OF GHANA LIMITED 015 B00AA31 S 015 C01AA31 ACCRA 015 D01AA31 GHANA 015 E04AA31 X 015 A00AA32 NATIONAL BANK OF GREECE, S.A. 015 B00AA32 S 015 C01AA32 ATHENS 015 D01AA32 GREECE 015 E04AA32 X 015 A00AA33 STANDARD CHARTERED BANK 015 B00AA33 S 015 C01AA33 KWUN TONG 015 D01AA33 HONG KONG PAGE 6 015 E04AA33 X 015 A00AA34 HVB BANK HUNGARY RT. 015 B00AA34 S 015 C01AA34 BUDAPEST 015 D01AA34 HUNGARY 015 E04AA34 X 015 A00AA35 KAUPTHING BUNADARBANKI HF. 015 B00AA35 S 015 C01AA35 REYKJAVIK 015 D01AA35 ICELAND 015 E04AA35 X 015 A00AA36 DEUTSCHE BANK AG 015 B00AA36 S 015 C01AA36 MUMBAI 015 D01AA36 INDIA 015 E04AA36 X 015 A00AA37 HONGKONG & SHANGHAI BANKING CORPORATION, LTD. 015 B00AA37 S 015 C01AA37 MUMBAI 015 D01AA37 INDIA 015 E04AA37 X 015 A00AA38 STANDARD CHARTERED BANK 015 B00AA38 S 015 C01AA38 JAKARTA 015 D01AA38 INDONESIA 015 E04AA38 X 015 A00AA39 BANK OF IRELAND 015 B00AA39 S 015 C01AA39 DUBLIN 015 D01AA39 IRELAND 015 E04AA39 X 015 A00AA40 BANK HAPOALIM B.M. 015 B00AA40 S 015 C01AA40 TEL AVIV 015 D01AA40 ISRAEL 015 E04AA40 X 015 A00AA41 BNP PARIBAS SECURITIES SERVICES, S.A. 015 B00AA41 S 015 C01AA41 MILAN 015 D01AA41 ITALY 015 E04AA41 X 015 A00AA42 SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE 015 B00AA42 S 015 C01AA42 ABIDJAN 015 D01AA42 IVORY COAST 015 E04AA42 X 015 A00AA43 BANK NOVA SCOTIA JAMAICA LTD. 015 B00AA43 S 015 C01AA43 KINGSTON 015 D01AA43 JAMAICA 015 E04AA43 X PAGE 7 015 A00AA44 SUMITOMO MITSUI BANKING CORPORATION 015 B00AA44 S 015 C01AA44 TOKYO 015 D01AA44 JAPAN 015 E04AA44 X 015 A00AA45 MIZUHO CORPORATE BANK LTD. 015 B00AA45 S 015 C01AA45 TOKYO 015 D01AA45 JAPAN 015 E04AA45 X 015 A00AA46 HSBC BANK MIDDLE EAST LIMITED 015 B00AA46 S 015 C01AA46 AMMAN 015 D01AA46 JORDAN 015 E04AA46 X 015 A00AA47 BARCLAYS BANK OF KENYA LTD. 015 B00AA47 S 015 C01AA47 NAIROBI 015 D01AA47 KENYA 015 E04AA47 X 015 A00AA48 HONGKONG AND SHANGHAI BANKING CORP., LIMITED 015 B00AA48 S 015 C01AA48 SEOUL 015 D01AA48 REPUBLIC OF KOREA 015 E04AA48 X 015 A00AA49 A/S HANSABANKA 015 B00AA49 S 015 C01AA49 RIGA 015 D01AA49 LATVIA 015 E04AA49 X 015 A00AA50 HSBC BANK MIDDLE EAST LIMITED 015 B00AA50 S 015 C01AA50 BEIRUT 015 D01AA50 LEBANON 015 E04AA50 X 015 A00AA51 VILNIAUS BANKAS AB 015 B00AA51 S 015 C01AA51 VILNIAUS 015 D01AA51 LITHUANIA 015 E04AA51 X 015 A00AA52 BANK OF NOVA SCOTIA TRUST COMPANY 015 B00AA52 S 015 C01AA52 GRAND CAYMAN 015 D01AA52 CAYMAN ISLANDS 015 E04AA52 X 015 A00AA53 STANDARD CHARTERED BANK MALAYSIA BERHAD 015 B00AA53 S 015 C01AA53 KUALA LUMPUR 015 D01AA53 MALAYSIA 015 E04AA53 X 015 A00AA54 HONGKONG AND SHANGHAI BANKING CORP. LTD. PAGE 8 015 B00AA54 S 015 C01AA54 PORT LOUIS 015 D01AA54 MAURITIUS 015 E04AA54 X 015 A00AA55 BANCO NACIONAL DE MEXICO S.A. 015 B00AA55 S 015 C01AA55 SANTA FE 015 D01AA55 MEXICO 015 E04AA55 X 015 A00AA56 BANQUE COMMERCIALE DU MAROC 015 B00AA56 S 015 C01AA56 CASABLANCA 015 D01AA56 MOROCCO 015 E04AA56 X 015 A00AA57 STANDARD BANK NAMIBIA LTD 015 B00AA57 S 015 C01AA57 WINDHOEK 015 D01AA57 NAMIBIA 015 E04AA57 X 015 A00AA58 KAS BANK N.V. 015 B00AA58 S 015 C01AA58 AMSTERDAM 015 D01AA58 NETHERLANDS 015 E04AA58 X 015 A00AA59 WESTPAC BANKING CORPORATION 015 B00AA59 S 015 C01AA59 WELLINGTON 015 D01AA59 NEW ZEALAND 015 E04AA59 X 015 A00AA60 STANBIC BANK NIGERIA LTD. 015 B00AA60 S 015 C01AA60 LAGOS 015 D01AA60 NIGERIA 015 E04AA60 X 015 A00AA61 NORDEA BANK NORGE ASA 015 B00AA61 S 015 C01AA61 OSLO 015 D01AA61 NORWAY 015 E04AA61 X 015 A00AA62 HSBC BANK OF THE MIDDLE EAST LIMITED 015 B00AA62 S 015 C01AA62 RUWI 015 D01AA62 OMAN 015 E04AA62 X 015 A00AA63 DEUTSCHE BANK AG 015 B00AA63 S 015 C01AA63 KARACHI 015 D01AA63 PAKISTAN 015 E04AA63 X 015 A00AA64 HSBC BANK MIDDLE EAST LIMITED 015 B00AA64 S PAGE 9 015 C01AA64 RAMALLAH 015 D01AA64 PALESTINE 015 E04AA64 X 015 A00AA65 BANKBOSTON N.A. 015 B00AA65 S 015 C01AA65 PANAMA CITY 015 D01AA65 REPUBLIC OF PANAMA 015 E04AA65 X 015 A00AA66 CITIBANK, N.A. 015 B00AA66 S 015 C01AA66 LIMA 015 D01AA66 PERU 015 E04AA66 X 015 A00AA67 STANDARD CHARTERED BANK 015 B00AA67 S 015 C01AA67 MANILLA 015 D01AA67 PHILIPPINES 015 E04AA67 X 015 A00AA68 BANK HANDLOWY W WARSZAWIE S.A. 015 B00AA68 S 015 C01AA68 WARSAW 015 D01AA68 POLAND 015 E04AA68 X 015 A00AA69 BANCO COMERCIAL PORTUGUESE, S.A. 015 B00AA69 S 015 C01AA69 PORTO SALVO 015 D01AA69 PORTUGAL 015 E04AA69 X 015 A00AA70 CITIBANK, N.A. 015 B00AA70 S 015 C01AA70 SAN JUAN 015 D01AA70 PUERTO RICO 015 E04AA70 X 015 A00AA71 HSBC BANK MIDDLE EAST LIMITED 015 B00AA71 S 015 C01AA71 DOHA 015 D01AA71 QATAR 015 E04AA71 X 015 A00AA72 ING BANK N.V. 015 B00AA72 S 015 C01AA72 BUCHAREST 015 D01AA72 ROMANIA 015 E04AA72 X 015 A00AA73 ING BANK (EURASIA) ZAO 015 B00AA73 S 015 C01AA73 MOSCOW 015 D01AA73 RUSSIA 015 E04AA73 X 015 A00AA74 DBS BANK LIMITED 015 B00AA74 S 015 C01AA74 SINGAPORE PAGE 10 015 D01AA74 SINGAPORE 015 E04AA74 X 015 A00AA75 CESKOLOVENSKA OBCHODNI BANKA, A.S. 015 B00AA75 S 015 C01AA75 BRATISLAVA 015 D01AA75 SLOVAK REPUBLIC 015 E04AA75 X 015 A00AA76 BANK AUSTRIA CREDITANSTALT D.D. 015 B00AA76 S 015 C01AA76 LJUBLIJANA 015 D01AA76 SLOVENIA 015 E04AA76 X 015 A00AA77 STANDARD BANK OF SOUTH AFRICA, LTD. 015 B00AA77 S 015 C01AA77 JOHANNESBURG 015 D01AA77 SOUTH AFRICA 015 E04AA77 X 015 A00AA78 SANTANDER CENTRAL HISPANO INVESTMENTS, S.A. 015 B00AA78 S 015 C01AA78 MADRID 015 D01AA78 SPAIN 015 E04AA78 X 015 A00AA79 HONGKONG AND SHANGHAI BANKING CORP. LTD. 015 B00AA79 S 015 C01AA79 COLOMBO 015 D01AA79 SRI LANKA 015 E04AA79 X 015 A00AA80 STANDARD BANK SWAZILAND LIMITED 015 B00AA80 S 015 C01AA80 MBABANE 015 D01AA80 SWAZILAND 015 E04AA80 X 015 A00AA81 SKANDINAVISKA ENSKILDA BANKEN AB 015 B00AA81 S 015 C01AA81 STOCKHOLM 015 D01AA81 SWEDEN 015 E04AA81 X 015 A00AA82 UBS AG 015 B00AA82 S 015 C01AA82 ZURICH 015 D01AA82 SWITZERLAND 015 E04AA82 X 015 A00AA83 CENTRAL TRUST OF CHINA 015 B00AA83 S 015 C01AA83 TAIPEI 015 D01AA83 TAIWAN 015 E04AA83 X 015 A00AA84 STANDARD CHARTERED BANK 015 B00AA84 S 015 C01AA84 BANGKOK 015 D01AA84 THAILAND PAGE 11 015 E04AA84 X 015 A00AA85 REPUBLIC BANK LTD 015 B00AA85 S 015 C01AA85 PORT OF SPAIN 015 D01AA85 TRINIDAD & TOBAGO 015 E04AA85 X 015 A00AA86 BANQUE INTERNATIONALE ARABE DE TUNISIE 015 B00AA86 S 015 C01AA86 TUNIS 015 D01AA86 TUNISIA 015 E04AA86 X 015 A00AA87 CITIBANK, N.A. 015 B00AA87 S 015 C01AA87 ISTANBUL 015 D01AA87 TURKEY 015 E04AA87 X 015 A00AA88 ING BANK UKRAINE 015 B00AA88 S 015 C01AA88 KIEV 015 D01AA88 UKRAINE 015 E04AA88 X 015 A00AA89 HSBC BANK MIDDLE EAST LIMITED 015 B00AA89 S 015 C01AA89 DUBAI 015 D01AA89 UNITED ARAB EMIRATES 015 E04AA89 X 015 A00AA90 STATE STREET BANK AND TRUST COMPANY LONDON 015 B00AA90 S 015 C01AA90 LONDON 015 D01AA90 ENGLAND 015 E04AA90 X 015 A00AA91 BANKBOSTON, N.A. 015 B00AA91 S 015 C01AA91 MONTEVIDEO 015 D01AA91 URUGUAY 015 E04AA91 X 015 A00AA92 CITIBANK, N.A. 015 B00AA92 S 015 C01AA92 CARACAS 015 D01AA92 VENEZUELA 015 E04AA92 X 015 A00AA93 THE HONGKONG AND SHANGHAI BANKING CORP LTD. 015 B00AA93 S 015 C01AA93 HO CHI MINH CITY 015 D01AA93 VIETNAM 015 E04AA93 X 015 A00AA94 BARCLAYS BANK OF ZAMBIA PLC 015 B00AA94 S 015 C01AA94 LUSAKA 015 D01AA94 ZAMBIA 015 E04AA94 X PAGE 12 015 A00AA95 BARCLAYS BANK OF ZIMBABWE LTD. 015 B00AA95 S 015 C01AA95 HARARE 015 D01AA95 ZIMBABWE 015 E04AA95 X 015 A00AA96 NEDBANK SECURITIES & CUSTODIAL SERVICES 015 B00AA96 S 015 C01AA96 BRAAMFONTEIN 015 D01AA96 SOUTH AFRICA 015 E04AA96 X 015 A00AA97 THE HONGKONG AND SHANGHAI BANKING CORP. LTD 015 B00AA97 S 015 C01AA97 SHENZHEN 015 D01AA97 CHINA 015 E04AA97 X 015 A00AA98 DRESDNER BANK AG 015 B00AA98 S 015 C01AA98 ESCHBORN 015 D01AA98 GERMANY 015 E04AA98 X 015 A00AA99 HSBC BANK KAZAKHSTAN 015 B00AA99 S 015 C01AA99 ALMATY 015 D01AA99 KAZAKHSTAN 015 E04AA99 X 018 00AA00 Y 019 A00AA00 Y 019 B00AA00 289 019 C00AA00 FIDELITYZZ 020 A000001 GOLDMAN SACHS & CO. 020 B000001 13-5108880 020 C000001 14 020 A000002 MERRILL LYNCH & CO., INC. 020 B000002 13-2720599 020 C000002 14 020 A000003 MORGAN STANLEY 020 B000003 13-2655998 020 C000003 14 020 A000004 UBS AG 020 B000004 13-3873456 020 C000004 13 020 A000005 BANC OF AMERICA SECURITIES LLC 020 B000005 56-2058405 020 C000005 11 020 A000006 SALOMON SMITH BARNEY, INC. 020 B000006 11-2418191 020 C000006 11 020 A000007 LEHMAN BROTHERS HOLDINGS, INC. 020 B000007 13-2518466 020 C000007 9 020 A000008 J.P. MORGAN CHASE & CO. PAGE 13 020 B000008 13-3224016 020 C000008 9 020 A000009 CREDIT SUISSE FIRST BOSTON (USA), INC. 020 B000009 13-5659485 020 C000009 6 020 A000010 BEAR STEARNS & CO., INC. 020 B000010 13-3299429 020 C000010 6 021 000000 159 022 A000001 FIDELITY CASH CENTRAL FUND 022 B000001 04-3331103 022 C000001 15474 022 D000001 18977 022 A000002 FIDELITY CONTRAFUND 022 B000002 04-6056833 022 C000002 210 022 D000002 789 022 A000003 FIDELITY AGGRESSIVE GROWTH FUND 022 B000003 04-3106271 022 C000003 759 022 D000003 44 022 A000004 FIDELITY DESTINY II PORTFOLIO 022 B000004 04-6538289 022 C000004 230 022 D000004 216 022 A000005 FIDELITY INDEPENDENCE FUND 022 B000005 04-2778698 022 C000005 242 022 D000005 203 022 A000006 FIDELITY GROWTH COMPANY FUND 022 B000006 04-2778701 022 C000006 144 022 D000006 261 022 A000007 FIDELITY MAGELLAN FUND 022 B000007 04-6049970 022 C000007 323 022 D000007 65 022 A000008 FIDELITY SELECT HEALTHCARE PORTFOLIO 022 B000008 04-2959679 022 C000008 233 022 D000008 122 022 A000009 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SIGNATURE JOHN COSTELLO TITLE ASSISTANT TREASURER EX-99.77B ACCT LTTR 3 q77b_pwcauditor.htm AUDITOR LETTER REPORT OF INDEPENDENT ACCOUNTANTS

REPORT OF INDEPENDENT ACCOUNTANTS

TO ACCOMPANY FORM N-SAR

____

To the Trustees of Fidelity Securities Fund: Fidelity Advisor Aggressive Growth Fund:

In planning and performing our audit of the financial statements and financial highlights (hereafter referred to as "financial statements") of Fidelity Advisor Aggressive Growth Fund for the year ended November 30, 2003 we considered its 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 November 30, 2003.

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

January 15, 2004

 EX-99.77Q1 OTHR EXHB 4 q771_fiia-fiialuk.htm SUB ADVISOR AGREEMENT

SUB-RESEARCH AGREEMENT

between

FIDELITY INTERNATIONAL INVESTMENT ADVISORS (U.K.) LIMITED

and

FIDELITY INTERNATIONAL INVESTMENT ADVISORS

AGREEMENT made this 1st day of July, 2003, by and between Fidelity International Investment Advisors (U.K.) Limited, 27-28 Lovat Lane, London, England (hereinafter called the "U.K. Sub-Advisor") and Fidelity International Investment Advisors, a Bermuda company with principal offices at Pembroke Hall, Pembroke, Bermuda (hereinafter called the "Sub-Advisor").

WHEREAS Fidelity Management & Research Company, a Massachusetts corporation (hereinafter called the "Advisor"), has entered into various management contracts (each a "Management Contract") with those Massachusetts and Delaware business trusts, each a registered investment company issuing one or more series of shares of beneficial interest (each a "Trust") on behalf of each of their respective Portfolios listed on Schedule A attached hereto, as the same may be amended from time to time (each a "Portfolio"), pursuant to which the Advisor is to act as investment advisor to each of the Portfolios,

WHEREAS, the Sub-Advisor has entered into a Sub-Advisory Agreement with the Advisor (the "Sub-Advisory Agreement") pursuant to which the Sub-Advisor, directly or through certain of its subsidiaries or other affiliated persons (including the U.K. Sub-Adviser and Fidelity Investments Japan Limited), may provide investment advice and research services to the Advisor on behalf of the Portfolios pursuant to a number of agreements,

WHEREAS, the Sub-Advisor is willing to provide international investment advice and research services to the Advisor on behalf of each of the Portfolios listed on Schedule A, to the extent that such Portfolios may invest in international assets from time to time, and the Advisor desires that the Sub-Advisor provide such international investment advice and research services to the Advisor on behalf of such Portfolios under a Master International Research Agreement;

WHEREAS the U.K. Sub-Advisor has personnel in Western Europe and has been formed in part for the purpose of researching and compiling information and recommendations with respect to the economies of various countries, and securities of issuers located outside of the United States and Canada, principally in the U.K. and Europe; and

NOW THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the Sub-Advisor and the U.K. Sub-Advisor agree as follows:

1. Delegated Duties: The Sub-Advisor hereby delegates to the U.K. Sub-Advisor and the U.K. Sub-Advisor accepts responsibility for performing such investment advice and research services, particularly with respect to issuers, companies, governments and economic conditions located outside of the U.S. and Canada, principally in the U.K. and Europe, with respect to all or a portion of the investments of each Portfolio, in connection with the Sub-Advisor's duties under the Sub-Advisory Agreement, as may be requested by the Sub-Advisor. The services and the portion of the investments of each Portfolio advised by the U.K. Sub-Advisor shall be as agreed upon from time to time by the Sub-Advisor and the U.K. Sub-Advisor. The U.K. Sub-Advisor shall pay the salaries and fees of all personnel of the U.K. Sub-Advisor performing the investment advice and research services for the Portfolios.

(a) Investment Advice and Research Services: If and to the extent requested by the Sub-Advisor, the U.K. Sub-Advisor shall provide investment advice and research services to the Sub-Advisor with respect to all or a portion of the investments of each Portfolio. In connection with providing such investment advice and research services, the U.K. Sub-Advisor shall furnish to the Sub-Advisor on behalf of each Portfolio such factual information, research reports and investment recommendations as the Advisor may reasonably require. Such information may include written and oral reports and analyses.

(b) Subsidiaries and Affiliates: The U.K. Sub-Advisor may perform any or all of the services contemplated by this Agreement directly or through such of its subsidiaries or other affiliated persons as the U.K Sub-Advisor shall determine; provided, however, that performance of such services through such subsidiaries or other affiliated persons shall have been approved by the affected Trust(s) to the extent required pursuant to the Investment Company Act of 1940 (the "1940 Act") and rules thereunder.

2. Information to be Provided to the Trusts and the Advisor: The U.K. Sub-Advisor shall furnish such reports, evaluations, information or analyses to the Trusts, the Advisor, and the Sub-Advisor as the Trusts' Board of Trustees, the Advisor or the Sub-Advisor may reasonably request from time to time, or as the U.K. Sub-Advisor may deem to be desirable.

3. Compensation: For investment advisory and research services provided under subparagraph (a) of paragraph 1 of this Agreement, the Sub-Advisor agrees to pay the U.K. Sub-Advisor a sub-advisory fee (the "U.K. Sub-Advisory Fee"). The U.K. Sub-Advisory Fee shall be equal to the administrative costs incurred by the U.K. Sub-Advisor in providing investment advice and research services hereunder. The U.K. Sub-Advisory Fee may be reduced to reflect expense reimbursements, fee waivers or aggregate caps, if any, in effect from time to time upon mutual agreement of the Sub-Advisor and the U.K. Sub-Advisor. Notwithstanding the foregoing, a Portfolio that is party to a sub-advisory agreement with the Sub-Advisor and the U.K. Sub-Advisor for the provision of either discretionary or non-discretionary services ("FIIA/FIIAL U.K. Sub-Advisory Agreement") shall not be allocated any portion of the U.K. Sub-Advisory Fee payable hereunder during any period in which such FIIA/FIIAL U.K. Sub-Advisory Agreement is in effect and either discretionary or non-discretionary services are being provided thereunder. As further consideration, the Sub-Advisor shall provide the U.K. Sub-Advisor with access to any and all research produced or acquired by the Sub-Advisor.

4. Expenses: It is understood that each Portfolio will pay all of its expenses other than those expressly stated to be payable by the U.K. Sub-Advisor hereunder, by the Sub-Advisor under the Sub-Advisory Agreement or by the Advisor under the Management Contract with the Portfolio.

5. Interested Persons: It is understood that the Trustees, officers, and shareholders of the Trusts are or may be or become interested in the Advisor, the Sub-Advisor or the U.K. Sub-Advisor as directors, officers or otherwise and that directors, officers and stockholders of the Advisor, the Sub-Advisor or the U.K. Sub-Advisor are or may be or become similarly interested in the Trusts, and that the Advisor, the Sub-Advisor or the U.K. Sub-Advisor may be or become interested in the Trusts as a shareholder or otherwise.

6. Services to Other Companies or Accounts: The Services of the U.K. Sub-Advisor to the Sub-Advisor are not to be deemed to be exclusive, the U.K. Sub-Advisor being free to render services to others and engage in other activities, provided, however, that such other services and activities do not, during the term of this Agreement, interfere, in a material manner, with the U.K. Sub-Advisor's ability to meet all of its obligations hereunder. The U.K. Sub-Advisor shall for all purposes be an independent contractor and not an agent or employee of the Advisor, the Sub-Advisor or the Trusts.

7. Standard of Care: In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of the U.K. Sub-Advisor, the U.K. Sub-Advisor shall not be subject to liability to the Sub-Advisor, the Advisor, the Trusts or to any shareholder of the Portfolios for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security.

8. Duration and Termination of Agreement; Amendments:

(a) Subject to prior termination as provided in subparagraph (d) of this paragraph 8, this Agreement shall continue in force until June 30, 2004 for each Portfolio designated as a Fixed-Income Portfolio on Schedule A and until July 31, 2004 for each Portfolio designated as a Equity Portfolio on Schedule A and indefinitely thereafter, but only so long as the continuance after such period shall be specifically approved at least annually by vote of the affected Trust's Board of Trustees or by vote of a majority of the outstanding voting securities of the Portfolio.

(b) This Agreement may be modified by mutual consent of the Advisor, the U.K. Sub-Advisor, the Sub-Advisor and the affected Trust(s) subject to the provisions of Section 15 of the 1940 Act, as modified by or interpreted by any applicable order or orders of the Securities and Exchange Commission (the "Commission") or any rules or regulations adopted by, or interpretative releases of, the Commission.

(c) In addition to the requirements of subparagraphs (a) and (b) of this paragraph 8, the terms of any continuance or modification of this Agreement must have been approved by the vote of a majority of those Trustees of the affected Trust(s) who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval.

(d) The Advisor may, at any time and without any prior written notice to the other parties to this Agreement and the Board of Trustees of the affected Trust(s), terminate this Agreement in respect of any or all of the Portfolios, without payment of any penalty. A Trust may at any time on sixty (60) days' prior written notice to the parties to this Agreement, terminate this Agreement in respect of such Trust or a Portfolio, without payment of any penalty, by action of the Board of Trustees of the affected Trust or by vote of a majority of the Portfolio's outstanding voting securities. This Agreement shall terminate automatically in the event of its assignment.

9. Limitation of Liability: The U.K. Sub-Advisor is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Declaration of Trust or other organizational document of the Trusts and agrees that any obligations of any Trust or Portfolio arising in connection with this Agreement shall be limited in all cases to the Trust or a Portfolio and its assets, and the U.K. Sub-Advisor shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Trust or Portfolio. Nor shall the U.K. Sub-Advisor seek satisfaction of any such obligation from the Trustees or any individual Trustee of any Trust.

10. Governing Law: This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Massachusetts, without giving effect to the choice of laws provisions thereof.

The terms "registered investment company," "vote of a majority of the outstanding voting securities," "assignment," and "interested persons," when used herein, shall have the respective meanings specified in the 1940 Act as now in effect or as hereafter amended.

IN WITNESS WHEREOF the parties hereto have caused this instrument to be signed in their behalf by their respective officers thereunto duly authorized, and their respective seals to be hereunto affixed, all as of the date written above.

FIDELITY INTERNATIONAL INVESTMENT ADVISORS (U.K.) LIMITED

BY:

/s/Richard Wane

Richard Wane

Director

FIDELITY INTERNATIONAL INVESTMENT ADVISORS

BY:

/s/David Holland

David Holland

Director

Schedule A

Trusts and Portfolios Covered by the Sub-Research Agreement, dated as of July 1, 2003

between

Fidelity International Investment Advisors

and

Fidelity International Investment Advisors (U.K.) Limited

Name of Trust

Name of Portfolio

Type of Fund

Effective Date

Fidelity Advisor Series I

Fidelity Advisor Asset Allocation Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Balanced Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Dividend Growth Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Dynamic Capital Appreciation Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Equity Growth Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Equity Income Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Equity Value Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Fifty Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Growth & Income Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Growth Opportunities Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Large Cap Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Leveraged Company Stock Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Mid Cap Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Small Cap Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Strategic Growth Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Value Strategies Fund

Equity

07/01/03

Fidelity Advisor Series II

Fidelity Advisor Floating Rate High Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor High Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor High Income Advantage Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor Intermediate Bond Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor Mortgage Securities Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor Short Fixed-Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor Strategic Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series IV

Fidelity Real Estate High Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Biotechnology Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Consumer Industries Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Cyclical Industries Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Developing Communications Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Electronics Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Financial Services Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Health Care Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Natural Resources Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Real Estate Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Technology Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Telecommunications & Utilities Growth Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Diversified International Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Emerging Asia Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Emerging Markets Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Europe Capital Appreciation Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Global Equity Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor International Capital Appreciation Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Japan Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Korea Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Latin America Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Overseas Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Value Leaders Fund

Equity

07/01/03

Fidelity Beacon Street Trust

Fidelity Advisor Tax Managed Stock Fund

Equity

07/01/03

Fidelity Beacon Street Trust

Fidelity Tax Managed Stock Fund

Equity

07/01/03

Fidelity Boston Street Trust

Fidelity Target Timeline 2003 Fund

Fixed-Income

07/01/03

Fidelity Boylston Street Trust

Fidelity Stable Value Fund

Fixed-Income

07/01/03

Fidelity Capital Trust

Fidelity Capital Appreciation Fund

Equity

07/01/03

Fidelity Capital Trust

Fidelity Disciplined Equity Fund

Equity

07/01/03

Fidelity Capital Trust

Fidelity Small Cap Independence Fund

Equity

07/01/03

Fidelity Capital Trust

Fidelity Stock Selector Fund

Equity

07/01/03

Fidelity Capital Trust

Fidelity Focused Stock Fund

Equity

07/01/03

Fidelity Capital Trust

Fidelity Value Fund

Equity

07/01/03

Fidelity Charles Street Trust

Fidelity Asset Manager

Equity

07/01/03

Fidelity Charles Street Trust

Fidelity Asset Manager: Aggressive

Equity

07/01/03

Fidelity Charles Street Trust

Fidelity Asset Manager: Growth

Equity

07/01/03

Fidelity Charles Street Trust

Fidelity Asset Manager: Income

Equity

07/01/03

Fidelity Charles Street Trust

Spartan Investment Grade Bond Fund

Fixed-Income

07/01/03

Fidelity Commonwealth Trust

Fidelity Intermediate Bond Fund

Fixed-Income

07/01/03

Fidelity Commonwealth Trust

Fidelity Large Cap Stock Fund

Equity

07/01/03

Fidelity Commonwealth Trust

Fidelity Mid Cap Stock Fund

Equity

07/01/03

Fidelity Commonwealth Trust

Fidelity Small Cap Retirement Fund

Equity

07/01/03

Fidelity Commonwealth Trust

Fidelity Small Cap Stock Fund

Equity

07/01/03

Fidelity Contrafund

Fidelity Contrafund

Equity

07/01/03

Fidelity Contrafund

Fidelity Advisor New Insights Fund

Equity

07/17/03

Fidelity Covington Trust

Fidelity Real Estate High Income Fund II

Fixed-Income

07/01/03

Fidelity Destiny Portfolios

Fidelity Destiny I

Equity

07/01/03

Fidelity Destiny Portfolios

Fidelity Destiny II

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Equity-Income Fund

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Real Estate Investment Portfolio

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Structured Large Cap Growth Fund

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Structured Large Cap Value Fund

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Structured Mid Cap Growth Fund

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Structured Mid Cap Value Fund

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Utilities Fund

Equity

07/01/03

Fidelity Financial Trust

Fidelity Convertible Securities Fund

Equity

07/01/03

Fidelity Financial Trust

Fidelity Equity-Income II Fund

Equity

07/01/03

Fidelity Financial Trust

Fidelity Independence Fund

Equity

07/01/03

Fidelity Fixed-Income Trust

Fidelity High Income Fund

Fixed-Income

07/01/03

Fidelity Fixed-Income Trust

Fidelity Inflation-Protected Bond Fund

Fixed-Income

07/01/03

Fidelity Fixed-Income Trust

Fidelity Investment Grade Bond Fund

Fixed-Income

07/01/03

Fidelity Fixed-Income Trust

Fidelity Short-Term Bond Fund

Fixed-Income

07/01/03

Fidelity Hastings Street Trust

Fidelity Contrafund II

Equity

07/01/03

Fidelity Hastings Street Trust

Fidelity Fifty

Equity

07/01/03

Fidelity Hastings Street Trust

Fidelity Fund

Equity

07/01/03

Fidelity Hastings Street Trust

Fidelity Growth & Income II Portfolio

Equity

07/01/03

Fidelity Income Fund

Fidelity Ginnie Mae Fund

Fixed-Income

07/01/03

Fidelity Income Fund

Fidelity Intermediate Government Income Fund

Fixed-Income

07/01/03

Fidelity Income Fund

Fidelity Total Bond Fund

Fixed-Income

07/01/03

Fidelity Investment Trust

Fidelity Aggressive International Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Canada Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity China Region Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Diversified International Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Emerging Markets Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Europe Capital Appreciation Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Europe Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Global Balanced Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity International Growth & Income Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity International Small Cap Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Japan Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Japan Smaller Companies Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Latin America Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Nordic Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Overseas Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Pacific Basin Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Southeast Asia Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Worldwide Fund

Equity

07/01/03

Fidelity Magellan Fund

Fidelity Magellan Fund

Equity

07/01/03

Fidelity Mt. Vernon Street Trust

Fidelity Aggressive Growth Fund

Equity

07/01/03

Fidelity Mt. Vernon Street Trust

Fidelity Growth Company Fund

Equity

07/01/03

Fidelity Mt. Vernon Street Trust

Fidelity New Millennium Fund

Equity

07/01/03

Fidelity Puritan Trust

Fidelity Balanced Fund

Equity

07/01/03

Fidelity Puritan Trust

Fidelity Low-Priced Stock Fund

Equity

07/01/03

Fidelity Puritan Trust

Fidelity Puritan Fund

Equity

07/01/03

Fidelity Puritan Trust

Fidelity Value Discovery Fund

Equity

07/01/03

Fidelity School Street Trust

Fidelity New Markets Income Fund

Fixed-Income

07/01/03

Fidelity School Street Trust

Fidelity Strategic Income Fund

Fixed-Income

07/01/03

Fidelity Securities Fund

Fidelity Advisor Aggressive Growth Fund

Equity

07/01/03

Fidelity Securities Fund

Fidelity Blue Chip Growth Fund

Equity

07/01/03

Fidelity Securities Fund

Fidelity Blue Chip Value Fund

Equity

07/01/03

Fidelity Securities Fund

Fidelity Dividend Growth Fund

Equity

07/01/03

Fidelity Securities Fund

Fidelity Growth & Income Portfolio

Equity

07/01/03

Fidelity Securities Fund

Fidelity Leveraged Company Stock Fund

Equity

07/01/03

Fidelity Securities Fund

Fidelity OTC Portfolio

Equity

07/01/03

Fidelity Securities Fund

Fidelity Real Estate Income Fund

Fixed-Income

07/01/03

Fidelity Select Portfolios

Fidelity Select Air Transportation Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Automotive Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Banking Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Biotechnology Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Brokerage and Investment Management Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Business Services and Outsourcing Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Chemicals Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Computers Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Construction and Housing Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Consumer Industries Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Cyclical Industries Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Defense and Aerospace Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Developing Communications Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Electronics Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Energy Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Energy Service Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Environmental Services Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Financial Services Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Food and Agriculture Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Gold Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Health Care Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Home Finance Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Industrial Equipment Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Industrial Materials Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Insurance Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Leisure Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Medical Delivery Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Medical Equipment and Systems Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Multimedia Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Natural Gas Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Natural Resources Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Networking and Infrastructure Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Paper and Forest Products Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Pharmaceuticals Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Retailing Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Software and Computer Services Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Technology Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Telecommunications Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Transportation Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Utilities Growth Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Wireless Portfolio

Equity

07/01/03

Fidelity Summer Street Trust

Fidelity Capital & Income Fund

Fixed-Income

07/01/03

Fidelity Trend Fund

Fidelity Trend Fund

Equity

07/01/03

Fidelity Union Street Trust

Fidelity Export and Multinational Fund

Equity

07/01/03

Variable Insurance Products Fund

VIP High Income Portfolio

Fixed-Income

07/01/03

Variable Insurance Products Fund

VIP Overseas Portfolio

Equity

07/01/03

Variable Insurance Products Fund

VIP Value Portfolio

Equity

07/01/03

Variable Insurance Products Fund II

VIP Asset Manager Portfolio

Equity

07/01/03

Variable Insurance Products Fund II

VIP Asset Manager: Growth Portfolio

Equity

07/01/03

Variable Insurance Products Fund II

VIP Contrafund Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Aggressive Growth Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Balanced Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Dynamic Capital Appreciation Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Growth & Income Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Growth Opportunities Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Mid Cap Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Value Strategies Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Consumer Industries Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Cyclical Industries Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Financial Services Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Growth Stock Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Health Care Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Natural Resources Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Real Estate Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Technology Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Telecommunications & Utilities Growth Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Value Leaders Portfolio

Equity

07/01/03

Agreed and Accepted

as of July 17, 2003

Fidelity International Investment Advisors

Fidelity International Investment Advisors (U.K.) Limited

By:/s/David Holland

By:/s/Richard Wane

David Holland

Richard Wane

Director

Director

EX-99.77Q1 OTHR EXHB 5 q771_fiia-fijra.htm SUB ADVISOR AGREEMENT

SUB-RESEARCH AGREEMENT

between

FIDELITY INVESTMENTS JAPAN LIMITED

and

FIDELITY INTERNATIONAL INVESTMENT ADVISORS

AGREEMENT made this 1st day of July, 2003, by and between Fidelity International Investment Advisors, a Bermuda company with principal offices at Pembroke Hall, 42 Crow Lane, Pembroke, HM 19, Bermuda (hereinafter called the "Sub-Advisor"), and Fidelity Investments Japan Limited, a Japanese company with principal offices at Across Shinkawa Bldg. 8-8, Shinkawa 1-chome, Chuo-ku, Tokyo 104-0033, Japan (hereinafter called the "Japan Sub-Advisor").

WHEREAS, Fidelity Management & Research Company, a Massachusetts corporation (hereinafter called the "Advisor"), has entered into various management contracts (each a "Management Contract") with those Massachusetts and Delaware business trusts, each a registered investment company issuing one or more series of shares of beneficial interest (each a "Trust"), on behalf of each of their respective portfolios listed on Schedule A attached hereto, as the same may be amended from time to time (each a "Portfolio"), pursuant to which the Advisor has agreed to act as investment advisor to each of the Portfolios;

WHEREAS, the Sub-Advisor has entered into a Sub-Advisory Agreement with the Advisor (the "Sub-Advisory Agreement") pursuant to which the Sub-Advisor, directly or through certain of its subsidiaries or other affiliated persons (including the Japan Sub-Adviser and Fidelity International Investment Advisors (U.K.) Limited), may provide investment advice and research services to the Advisor on behalf of the Portfolios pursuant to a number of agreements;

WHEREAS, the Sub-Advisor is willing to provide international investment advice and research services to the Advisor on behalf of each of the Portfolios listed on Schedule A, to the extent that such Portfolios may invest in international assets from time to time, and the Advisor desires that the Sub-Advisor provide such international investment advice and research services to the Advisor on behalf of the Portfolios under a Master International Research Agreement; and

WHEREAS, the Japan Sub-Advisor has personnel in Japan and has been formed in part for the purpose of researching and compiling information and recommendations with respect to the economies of various countries, and securities of issuers located outside of the United States and Canada, primarily in Japan;

NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the Sub-Advisor and the Japan Sub-Advisor agree as follows:

1. Delegated Duties: The Sub-Advisor hereby delegates to the Japan Sub-Advisor and the Japan Sub-Advisor hereby accepts responsibility for performing such investment advice and research services, particularly with respect to issuers, companies, governments and economic conditions outside of the U.S. and Canada, primarily in Japan , with respect to all or a portion of the investments of each Portfolio, in connection with the Sub-Advisor's duties under the Sub-Advisory Agreement, as may be requested by the Sub-Advisor. The services and the portion of the investments of each Portfolio to be advised by the Japan Sub-Advisor shall be as agreed upon from time to time by the Sub-Advisor and the Japan Sub-Advisor. The Japan Sub-Advisor shall pay the salaries and fees of all personnel of the Japan Sub-Advisor performing the investment advice and research services for the Portfolios.

(a) Investment Advice and Research Services: If and to the extent requested by the Sub-Advisor, the Japan Sub-Advisor shall provide investment advice and research services to the Sub-Advisor with respect to all or a portion of the investments of each Portfolio. In connection with providing such investment advice and research services, the Japan Sub-Advisor shall furnish to the Sub-Advisor on behalf of each Portfolio such factual information, research reports and investment recommendations as the Sub-Advisor may reasonably require. Such information may include written and oral reports and analyses.

(b) Subsidiaries and Affiliates: The Japan Sub-Advisor may perform any or all of the services contemplated by this Agreement directly or through such of its subsidiaries or other affiliated persons as the Japan Sub-Advisor shall determine; provided, however, that performance of such services through such subsidiaries or other affiliated persons shall have been approved by the affected Trust(s) to the extent required pursuant to the Investment Company Act of 1940 (the "1940 Act") and rules thereunder.

2. Information to be Provided to the Trusts and the Advisor: The Japan Sub-Advisor shall furnish such reports, evaluations, information or analyses to the Trusts, the Advisor and the Sub-Advisor as the Trusts' Board of Trustees, the Advisor or the Sub-Advisor may reasonably request from time to time, or as the Japan Sub-Advisor may deem to be desirable.

3. Compensation: For investment advisory and research services provided under subparagraph (a) of paragraph 1 of this Agreement, the Sub-Advisor agrees to pay the Japan Sub-Advisor a sub-advisory fee (the "Japan Sub-Advisory Fee"). The Japan Sub-Advisory Fee shall be equal to the administrative costs incurred by the Japan Sub-Advisor in providing investment advice and research services hereunder. The Japan Sub-Advisory Fee may be reduced to reflect expense reimbursements, fee waivers or aggregate caps, if any, in effect from time to time upon mutual agreement of the Sub-Advisor and Japan Sub-Advisor. Notwithstanding the foregoing, a Portfolio that is party to a sub-advisory agreement with the Sub-Advisor and the Japan Sub-Advisor for the provision of either discretionary or non-discretionary services ("FIIA/FIJ Sub-Advisory Agreement") shall not be allocated any portion of the Japan Sub-Advisory Fee payable hereunder during any period in which such FIIA/FIJ Sub-Advisory Agreement is in effect and either discretionary or non-discretionary services are being provided thereunder. As other consideration, the Sub-Advisor shall provide the Japan Sub-Advisor with access to any and all research produced or acquired by the Sub-Advisor.

4. Expenses: It is understood that each Portfolio will pay all of its expenses other than those expressly stated to be payable by the Japan Sub-Advisor hereunder, by the Sub-Advisor under the Sub-Advisory Agreement, or by the Advisor under the Management Contract with the Portfolio.

5. Interested Persons: It is understood that Trustees, officers, and shareholders of the Trusts are or may be or become interested in the Advisor, the Sub-Advisor or the Japan Sub-Advisor as directors, officers or otherwise and that directors, officers and stockholders of the Advisor, the Sub-Advisor or the Japan Sub-Advisor are or may be or become similarly interested in the Trusts, and that the Sub-Advisor, the Advisor or the Japan Sub-Advisor may be or become interested in the Trusts as a shareholder or otherwise.

6. Services to Other Companies or Accounts: The services of the Japan Sub-Advisor to the Sub-Advisor are not to be deemed to be exclusive, the Japan Sub-Advisor being free to render services to others and engage in other activities, provided, however, that such other services and activities do not, during the term of this Agreement, interfere, in a material manner, with the Japan Sub-Advisor's ability to meet all of its obligations hereunder. The Japan Sub-Advisor shall for all purposes be an independent contractor and not an agent or employee of the Advisor, the Sub-Advisor or the Trusts.

7. Standard of Care: In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of the Japan Sub-Advisor, the Japan Sub-Advisor shall not be subject to liability to the Sub-Advisor, the Advisor, the Trusts or to any shareholder of the Portfolios for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security.

8. Duration and Termination of Agreement; Amendments:

(a) Subject to prior termination as provided in subparagraph (d) of this paragraph 8 this Agreement shall continue in force until June 30, 2004 for each Portfolio designated as a Fixed-Income Portfolio on Schedule A and until July 31, 2004 for each Portfolio designated as a Equity Portfolio on Schedule A and indefinitely thereafter, but only so long as the continuance after such period shall be specifically approved at least annually by vote of the affected Trust's Board of Trustees or by vote of a majority of the outstanding voting securities of the Portfolio.

(b) This Agreement may be modified by mutual consent of the Advisor, the Sub-Advisor, the Japan Sub-Advisor and the affected Trust(s) subject to the provisions of Section 15 of the 1940 Act, as modified by or interpreted by any applicable order or orders of the Securities and Exchange Commission (the "Commission") or any rules or regulations adopted by, or interpretative releases of, the Commission.

(c) In addition to the requirements of subparagraphs (a) and (b) of this paragraph 8, the terms of any continuance or modification of this Agreement must have been approved by the vote of a majority of those Trustees of the affected Trust(s) who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval.

(d) The Advisor may, at any time and without any prior written notice to the other parties to this Agreement and the Board of Trustees of the affected Trust(s), terminate this Agreement in respect of any or all of the Portfolios, without payment of any penalty. A Trust may at any time on sixty (60) days' prior written notice to the parties to this Agreement, terminate this Agreement in respect of such Trust or a Portfolio, without payment of any penalty, by action of the Board of Trustees of the affected Trust or by vote of a majority of the Portfolio's outstanding voting securities. This Agreement shall terminate automatically in the event of its assignment.

9. Limitation of Liability: The Japan Sub-Advisor is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Declaration of Trust or other organizational document of the Trusts and agrees that any obligations of any Trust or Portfolio arising in connection with this Agreement shall be limited in all cases to the Trust and Portfolio and its assets, and the Japan Sub-Advisor shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Trust or Portfolio. Nor shall the Japan Sub-Advisor seek satisfaction of any such obligation from the Trustees or any individual Trustee of any Trust.

10. Governing Law: This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Massachusetts, without giving effect to the choice of laws provisions thereof.

The terms "registered investment company," "vote of a majority of the outstanding voting securities," "assignment," and "interested persons," when used herein, shall have the respective meanings specified in the 1940 Act as now in effect or as hereafter amended.

IN WITNESS WHEREOF the parties hereto have caused this instrument to be signed in their behalf by their respective officers thereunto duly authorized, all as of the date written above.

FIDELITY INVESTMENTS JAPAN LIMITED

BY:

/s/Billy Wilder

Billy Wilder

Director

FIDELITY INTERNATIONAL INVESTMENT ADVISORS

BY:

/s/David Holland

David Holland

Director

Schedule A

Trusts and Portfolios Covered by the Sub-Research Agreement, dated as of July 1, 2003, between

Fidelity International Investment Advisors

and

Fidelity Investments Japan Limited

Name of Trust

Name of Portfolio

Type of Fund

Effective Date

Fidelity Advisor Series I

Fidelity Advisor Asset Allocation Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Balanced Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Dividend Growth Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Dynamic Capital Appreciation Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Equity Growth Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Equity Income Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Equity Value Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Fifty Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Growth & Income Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Growth Opportunities Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Large Cap Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Leveraged Company Stock Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Mid Cap Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Small Cap Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Strategic Growth Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Value Strategies Fund

Equity

07/01/03

Fidelity Advisor Series II

Fidelity Advisor Floating Rate High Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor High Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor High Income Advantage Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor Intermediate Bond Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor Mortgage Securities Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor Short Fixed-Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor Strategic Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series IV

Fidelity Real Estate High Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Biotechnology Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Consumer Industries Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Cyclical Industries Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Developing Communications Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Electronics Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Financial Services Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Health Care Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Natural Resources Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Real Estate Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Technology Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Telecommunications & Utilities Growth Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Diversified International Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Emerging Asia Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Emerging Markets Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Europe Capital Appreciation Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Global Equity Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor International Capital Appreciation Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Japan Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Korea Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Latin America Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Overseas Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Value Leaders Fund

Equity

07/01/03

Fidelity Beacon Street Trust

Fidelity Advisor Tax Managed Stock Fund

Equity

07/01/03

Fidelity Beacon Street Trust

Fidelity Tax Managed Stock Fund

Equity

07/01/03

Fidelity Boston Street Trust

Fidelity Target Timeline 2003 Fund

Fixed-Income

07/01/03

Fidelity Boylston Street Trust

Fidelity Stable Value Fund

Fixed-Income

07/01/03

Fidelity Capital Trust

Fidelity Capital Appreciation Fund

Equity

07/01/03

Fidelity Capital Trust

Fidelity Disciplined Equity Fund

Equity

07/01/03

Fidelity Capital Trust

Fidelity Small Cap Independence Fund

Equity

07/01/03

Fidelity Capital Trust

Fidelity Stock Selector Fund

Equity

07/01/03

Fidelity Capital Trust

Fidelity Focused Stock Fund

Equity

07/01/03

Fidelity Capital Trust

Fidelity Value Fund

Equity

07/01/03

Fidelity Charles Street Trust

Fidelity Asset Manager

Equity

07/01/03

Fidelity Charles Street Trust

Fidelity Asset Manager: Aggressive

Equity

07/01/03

Fidelity Charles Street Trust

Fidelity Asset Manager: Growth

Equity

07/01/03

Fidelity Charles Street Trust

Fidelity Asset Manager: Income

Equity

07/01/03

Fidelity Charles Street Trust

Spartan Investment Grade Bond Fund

Fixed-Income

07/01/03

Fidelity Commonwealth Trust

Fidelity Intermediate Bond Fund

Fixed-Income

07/01/03

Fidelity Commonwealth Trust

Fidelity Large Cap Stock Fund

Equity

07/01/03

Fidelity Commonwealth Trust

Fidelity Mid Cap Stock Fund

Equity

07/01/03

Fidelity Commonwealth Trust

Fidelity Small Cap Retirement Fund

Equity

07/01/03

Fidelity Commonwealth Trust

Fidelity Small Cap Stock Fund

Equity

07/01/03

Fidelity Contrafund

Fidelity Contrafund

Equity

07/01/03

Fidelity Contrafund

Fidelity Advisor New Insights Fund

Equity

07/17/03

Fidelity Covington Trust

Fidelity Real Estate High Income Fund II

Fixed-Income

07/01/03

Fidelity Destiny Portfolios

Fidelity Destiny I

Equity

07/01/03

Fidelity Destiny Portfolios

Fidelity Destiny II

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Equity-Income Fund

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Real Estate Investment Portfolio

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Structured Large Cap Growth Fund

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Structured Large Cap Value Fund

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Structured Mid Cap Growth Fund

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Structured Mid Cap Value Fund

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Utilities Fund

Equity

07/01/03

Fidelity Financial Trust

Fidelity Convertible Securities Fund

Equity

07/01/03

Fidelity Financial Trust

Fidelity Equity-Income II Fund

Equity

07/01/03

Fidelity Financial Trust

Fidelity Independence Fund

Equity

07/01/03

Fidelity Fixed-Income Trust

Fidelity High Income Fund

Fixed-Income

07/01/03

Fidelity Fixed-Income Trust

Fidelity Inflation-Protected Bond Fund

Fixed-Income

07/01/03

Fidelity Fixed-Income Trust

Fidelity Investment Grade Bond Fund

Fixed-Income

07/01/03

Fidelity Fixed-Income Trust

Fidelity Short-Term Bond Fund

Fixed-Income

07/01/03

Fidelity Hastings Street Trust

Fidelity Contrafund II

Equity

07/01/03

Fidelity Hastings Street Trust

Fidelity Fifty

Equity

07/01/03

Fidelity Hastings Street Trust

Fidelity Fund

Equity

07/01/03

Fidelity Hastings Street Trust

Fidelity Growth & Income II Portfolio

Equity

07/01/03

Fidelity Income Fund

Fidelity Ginnie Mae Fund

Fixed-Income

07/01/03

Fidelity Income Fund

Fidelity Intermediate Government Income Fund

Fixed-Income

07/01/03

Fidelity Income Fund

Fidelity Total Bond Fund

Fixed-Income

07/01/03

Fidelity Investment Trust

Fidelity Aggressive International Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Canada Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity China Region Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Diversified International Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Emerging Markets Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Europe Capital Appreciation Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Europe Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Global Balanced Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity International Growth & Income Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity International Small Cap Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Japan Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Japan Smaller Companies Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Latin America Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Nordic Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Overseas Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Pacific Basin Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Southeast Asia Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Worldwide Fund

Equity

07/01/03

Fidelity Magellan Fund

Fidelity Magellan Fund

Equity

07/01/03

Fidelity Mt. Vernon Street Trust

Fidelity Aggressive Growth Fund

Equity

07/01/03

Fidelity Mt. Vernon Street Trust

Fidelity Growth Company Fund

Equity

07/01/03

Fidelity Mt. Vernon Street Trust

Fidelity New Millennium Fund

Equity

07/01/03

Fidelity Puritan Trust

Fidelity Balanced Fund

Equity

07/01/03

Fidelity Puritan Trust

Fidelity Low-Priced Stock Fund

Equity

07/01/03

Fidelity Puritan Trust

Fidelity Puritan Fund

Equity

07/01/03

Fidelity Puritan Trust

Fidelity Value Discovery Fund

Equity

07/01/03

Fidelity School Street Trust

Fidelity New Markets Income Fund

Fixed-Income

07/01/03

Fidelity School Street Trust

Fidelity Strategic Income Fund

Fixed-Income

07/01/03

Fidelity Securities Fund

Fidelity Advisor Aggressive Growth Fund

Equity

07/01/03

Fidelity Securities Fund

Fidelity Blue Chip Growth Fund

Equity

07/01/03

Fidelity Securities Fund

Fidelity Blue Chip Value Fund

Equity

07/01/03

Fidelity Securities Fund

Fidelity Dividend Growth Fund

Equity

07/01/03

Fidelity Securities Fund

Fidelity Growth & Income Portfolio

Equity

07/01/03

Fidelity Securities Fund

Fidelity Leveraged Company Stock Fund

Equity

07/01/03

Fidelity Securities Fund

Fidelity OTC Portfolio

Equity

07/01/03

Fidelity Securities Fund

Fidelity Real Estate Income Fund

Fixed-Income

07/01/03

Fidelity Select Portfolios

Fidelity Select Air Transportation Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Automotive Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Banking Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Biotechnology Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Brokerage and Investment Management Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Business Services and Outsourcing Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Chemicals Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Computers Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Construction and Housing Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Consumer Industries Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Cyclical Industries Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Defense and Aerospace Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Developing Communications Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Electronics Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Energy Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Energy Service Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Environmental Services Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Financial Services Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Food and Agriculture Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Gold Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Health Care Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Home Finance Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Industrial Equipment Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Industrial Materials Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Insurance Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Leisure Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Medical Delivery Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Medical Equipment and Systems Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Multimedia Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Natural Gas Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Natural Resources Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Networking and Infrastructure Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Paper and Forest Products Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Pharmaceuticals Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Retailing Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Software and Computer Services Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Technology Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Telecommunications Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Transportation Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Utilities Growth Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Wireless Portfolio

Equity

07/01/03

Fidelity Summer Street Trust

Fidelity Capital & Income Fund

Fixed-Income

07/01/03

Fidelity Trend Fund

Fidelity Trend Fund

Equity

07/01/03

Fidelity Union Street Trust

Fidelity Export and Multinational Fund

Equity

07/01/03

Variable Insurance Products Fund

VIP High Income Portfolio

Fixed-Income

07/01/03

Variable Insurance Products Fund

VIP Overseas Portfolio

Equity

07/01/03

Variable Insurance Products Fund

VIP Value Portfolio

Equity

07/01/03

Variable Insurance Products Fund II

VIP Asset Manager Portfolio

Equity

07/01/03

Variable Insurance Products Fund II

VIP Asset Manager: Growth Portfolio

Equity

07/01/03

Variable Insurance Products Fund II

VIP Contrafund Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Aggressive Growth Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Balanced Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Dynamic Capital Appreciation Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Growth & Income Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Growth Opportunities Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Mid Cap Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Value Strategies Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Consumer Industries Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Cyclical Industries Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Financial Services Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Growth Stock Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Health Care Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Natural Resources Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Real Estate Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Technology Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Telecommunications & Utilities Growth Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Value Leaders Portfolio

Equity

07/01/03

Agreed and Accepted

as of July 17, 2003

Fidelity International Investment Advisors

Fidelity Investments Japan Limited

By:/s/David Holland

By:/s/Billy Wilder

David Holland

Billy Wilder

Director

Director

EX-99.77Q1 OTHR EXHB 6 q771_fmr-fiia.htm SUB ADVISOR AGREEMENT

MASTER INTERNATIONAL RESEARCH AGREEMENT

between

FIDELITY INTERNATIONAL INVESTMENT ADVISORS

and

FIDELITY MANAGEMENT & RESEARCH COMPANY

AGREEMENT made this 1st day of July 2003 by and between Fidelity Management & Research Company, a Massachusetts corporation with principal offices at 82 Devonshire Street, Boston, Massachusetts (hereinafter called the "Advisor") and Fidelity International Investment Advisors, a Bermuda company with principal offices at Pembroke Hall, Pembroke, Bermuda (hereinafter called the "Sub-Advisor").

WHEREAS the Advisor has entered into various management contracts (each a "Management Contract") with those Massachusetts and Delaware business trusts, each a registered investment company issuing one or more series of shares of beneficial interest (each a "Trust") on behalf of each of their respective portfolios listed on Schedule A attached hereto, as the same may be amended from time to time (each a "Portfolio"), pursuant to which the Advisor acts as investment manager to each of the Portfolios; and

WHEREAS the Sub-Advisor and its subsidiaries and other affiliated persons have personnel in various locations throughout the world and have been formed in part for the purpose of researching and compiling information and recommendations with respect to the economies of various countries, and securities of issuers located in such countries, and providing investment advisory services in connection therewith;

WHEREAS, the Sub-Advisor and its subsidiaries and other affiliated persons (including Fidelity International Investment Advisors (U.K.) Limited and Fidelity Investments Japan Limited) may provide investment advice and research services to Advisor pursuant to a number of individual agreements in respect of each Portfolio; and

WHEREAS, the Sub-Advisor is willing to provide international investment advice and research services to the Advisor on behalf of each of the Portfolios listed on Schedule A, to the extent that such Portfolios may invest in international assets from time to time, and the Advisor desires that the Sub-Advisor provide such international investment advice and research services to the Advisor on behalf of such Portfolios under this Master International Research Agreement;

NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the Advisor and the Sub-Advisor agree as follows:

1. Delegation of Duties: The Advisor hereby delegates to the Sub-Advisor, and the Sub-Advisor hereby accepts responsibility for performing such investment advice and research services with respect to all or a portion of the investments of each Portfolio as may be requested by the Advisor. The services and the portion of the investments of each Portfolio to be advised by the Sub-Advisor shall be as agreed upon from time to time by the Advisor and the Sub-Advisor. The Sub-Advisor shall pay the salaries and fees of all personnel of the Sub-Advisor performing investment advice and research services for the Portfolios.

(a) Investment Advice and Research Services: If and to the extent requested by the Advisor, the Sub-Advisor shall provide investment advice and research services, particularly with respect issuers, companies, governments and economic conditions outside of the U.S. and Canada, to the Advisor on behalf of each Portfolio with respect to all or a portion of the investments of such Portfolio. In connection with providing such investment advice and research services, the Sub-Advisor shall furnish to the Advisor on behalf of each Portfolio such factual information, research reports and investment recommendations as the Advisor may reasonably require. Such information may include written and oral reports and analyses.

(b) Subsidiaries and Affiliates: The Sub-Advisor may perform any or all of the services contemplated by this Agreement directly or through such of its subsidiaries or other affiliated persons as the Sub-Advisor shall determine; provided, however, that performance of such services through such subsidiaries or other affiliated persons shall have been approved by the affected Trust or Trusts to the extent required pursuant to the Investment Company Act of 1940 Act ("1940 Act") and rules thereunder.

2. Information to be Provided to the Trusts and the Advisor: The Sub-Advisor shall furnish such reports, evaluations, information or analyses to each Trust and the Advisor as the Trusts' Board of Trustees or the Advisor may reasonably request from time to time, or as the Sub-Advisor may deem to be desirable.

3. Compensation: For investment advisory and research services provided under subparagraph (a) of paragraph 1 of this Agreement on behalf of each of the Portfolios listed on Schedule A and in full consideration of the services provided hereunder, the Advisor agrees to pay the Sub-Advisor and the Sub-Adviser agrees to receive an annual aggregate Sub-Advisory Fee of fifty million dollars ($50,000,000). The aggregate fee shall be allocated amongst each of the Portfolios listed on Schedule A, as it may be amended from time to time, based on their relative international net assets. The Sub-Advisory Fee may be reduced to reflect expense reimbursements, fee waivers or aggregate caps, if any, in effect from time to time upon mutual agreement of the Advisor and the Sub-Advisor. Notwithstanding the foregoing; a Portfolio that is party to a sub-advisory agreement with the Advisor and the Sub-Adviser for the provision of either discretionary or non-discretionary services ("FMR/FIIA Sub-Advisory Agreement") shall not be allocated any portion of the aggregate Sub-Advisory Fee payable hereunder during any period in which such FMR/FIIA Sub-Advisory Agreement is in effect and either discretionary or non-discretionary services are being provided thereunder.

4. Expenses: It is understood that each Portfolio will pay all of its expenses other than those expressly stated to be payable by the Sub-Advisor hereunder or by the Advisor under the Management Contract with the Portfolio.

5. Interested Persons: It is understood that Trustees, officers, and shareholders of the Trusts are or may be or become interested in the Advisor or the Sub-Advisor as directors, officers or otherwise and that directors, officers and stockholders of the Advisor or the Sub-Advisor are or may be or become similarly interested in the Trusts, and that the Advisor or the Sub-Advisor may be or become interested in the Trusts as a shareholder or otherwise.

6. Services to Other Companies or Accounts: The services of the Sub-Advisor to the Advisor are not to be deemed to be exclusive, the Sub-Advisor being free to render services to others and engage in other activities, provided, however, that such other services and activities do not, during the term of this Agreement, interfere, in a material manner, with the Sub-Advisor's ability to meet all of its obligations hereunder. The Sub-Advisor shall for all purposes be an independent contractor and not an agent or employee of the Advisor or the Trusts.

7. Standard of Care: In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of the Sub-Advisor, the Sub-Advisor shall not be subject to liability to the Advisor, the Trusts or to any shareholder of the Portfolios for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security.

8. Duration and Termination of Agreement; Amendments:

(a) Subject to prior termination as provided in subparagraph (d) of this paragraph 8, this Agreement shall continue in force until June 30, 2004 for each Portfolio designated as a Fixed-Income Portfolio on Schedule A and until July 31, 2004 for each Portfolio designated as a Equity Portfolio on Schedule A and indefinitely thereafter, but only so long as the continuance after such period shall be specifically approved at least annually by vote of the affected Trust's Board of Trustees or by vote of a majority of the outstanding voting securities of the Portfolio.

(b) This Agreement may be modified by mutual consent of the Advisor, the Sub-Advisor and the affected Trust(s) subject to the provisions of Section 15 of the 1940 Act, as modified by or interpreted by any applicable order or orders of the Securities and Exchange Commission (the "Commission") or any rules or regulations adopted by, or interpretative releases of, the Commission.

(c) In addition to the requirements of subparagraphs (a) and (b) of this paragraph 8, the terms of any continuance or modification of this Agreement must have been approved by the vote of a majority of those Trustees of the affected Trust(s) who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval.

(d) The Advisor may, at any time and without any prior written notice to the other parties to this Agreement and the Board of Trustees of the affected Trust(s), terminate this Agreement in respect of any or all of the Portfolios, without payment of any penalty. A Trust may at any time on sixty (60) days' prior written notice to the parties to this Agreement, terminate this Agreement in respect of such Trust or a Portfolio, without payment of any penalty, by action of the Board of Trustees of the affected Trust or by vote of a majority of the Portfolio's outstanding voting securities. This Agreement shall terminate automatically in the event of its assignment.

9. Limitation of Liability: The Sub-Advisor is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Declaration of Trust or other organizational document of each Trust and agrees that any obligations of the Trusts or the Portfolios arising in connection with this Agreement shall be limited in all cases to the Trust or Portfolio and its assets, and the Sub-Advisor shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Trust or Portfolio. Nor shall the Sub-Advisor seek satisfaction of any such obligation from the Trustees or any individual Trustee of any Trust.

10. Governing Law: This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Massachusetts, without giving effect to the choice of laws provisions thereof.

The terms "registered investment company," "vote of a majority of the outstanding voting securities," "assignment," and "interested persons," when used herein, shall have the respective meanings specified in the 1940 Act as now in effect or as hereafter amended.

IN WITNESS WHEREOF the parties hereto have caused this instrument to be signed in their behalf by their respective officers thereunto duly authorized, and their respective seals to be hereunto affixed, all as of the date written above.

FIDELITY INTERNATIONAL INVESTMENT ADVISORS

BY:

/s/David Holland

David Holland
Director

FIDELITY MANAGEMENT & RESEARCH COMPANY

BY:

/s/ JS Wynant

JS Wynant
Vice President

Schedule A

Trusts and Portfolios Covered by the Sub-Research Agreement, dated as of July 1, 2003, between

Fidelity Management & Research Company

and

Fidelity International Investment Advisors

Name of Trust

Name of Portfolio

Type of Fund

Effective Date

Fidelity Advisor Series I

Fidelity Advisor Asset Allocation Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Balanced Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Dividend Growth Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Dynamic Capital Appreciation Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Equity Growth Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Equity Income Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Equity Value Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Fifty Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Growth & Income Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Growth Opportunities Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Large Cap Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Leveraged Company Stock Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Mid Cap Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Small Cap Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Strategic Growth Fund

Equity

07/01/03

Fidelity Advisor Series I

Fidelity Advisor Value Strategies Fund

Equity

07/01/03

Fidelity Advisor Series II

Fidelity Advisor Floating Rate High Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor High Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor High Income Advantage Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor Intermediate Bond Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor Mortgage Securities Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor Short Fixed-Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series II

Fidelity Advisor Strategic Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series IV

Fidelity Real Estate High Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Biotechnology Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Consumer Industries Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Cyclical Industries Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Developing Communications Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Electronics Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Financial Services Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Health Care Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Natural Resources Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Real Estate Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Technology Fund

Equity

07/01/03

Fidelity Advisor Series VII

Fidelity Advisor Telecommunications & Utilities Growth Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Diversified International Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Emerging Asia Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Emerging Markets Income Fund

Fixed-Income

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Europe Capital Appreciation Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Global Equity Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor International Capital Appreciation Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Japan Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Korea Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Latin America Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Overseas Fund

Equity

07/01/03

Fidelity Advisor Series VIII

Fidelity Advisor Value Leaders Fund

Equity

07/01/03

Fidelity Beacon Street Trust

Fidelity Advisor Tax Managed Stock Fund

Equity

07/01/03

Fidelity Beacon Street Trust

Fidelity Tax Managed Stock Fund

Equity

07/01/03

Fidelity Boston Street Trust

Fidelity Target Timeline 2003 Fund

Fixed-Income

07/01/03

Fidelity Boylston Street Trust

Fidelity Stable Value Fund

Fixed-Income

07/01/03

Fidelity Capital Trust

Fidelity Capital Appreciation Fund

Equity

07/01/03

Fidelity Capital Trust

Fidelity Disciplined Equity Fund

Equity

07/01/03

Fidelity Capital Trust

Fidelity Small Cap Independence Fund

Equity

07/01/03

Fidelity Capital Trust

Fidelity Stock Selector Fund

Equity

07/01/03

Fidelity Capital Trust

Fidelity Focused Stock Fund

Equity

07/01/03

Fidelity Capital Trust

Fidelity Value Fund

Equity

07/01/03

Fidelity Charles Street Trust

Fidelity Asset Manager

Equity

07/01/03

Fidelity Charles Street Trust

Fidelity Asset Manager: Aggressive

Equity

07/01/03

Fidelity Charles Street Trust

Fidelity Asset Manager: Growth

Equity

07/01/03

Fidelity Charles Street Trust

Fidelity Asset Manager: Income

Equity

07/01/03

Fidelity Charles Street Trust

Spartan Investment Grade Bond Fund

Fixed-Income

07/01/03

Fidelity Commonwealth Trust

Fidelity Intermediate Bond Fund

Fixed-Income

07/01/03

Fidelity Commonwealth Trust

Fidelity Large Cap Stock Fund

Equity

07/01/03

Fidelity Commonwealth Trust

Fidelity Mid Cap Stock Fund

Equity

07/01/03

Fidelity Commonwealth Trust

Fidelity Small Cap Retirement Fund

Equity

07/01/03

Fidelity Commonwealth Trust

Fidelity Small Cap Stock Fund

Equity

07/01/03

Fidelity Contrafund

Fidelity Contrafund

Equity

07/01/03

Fidelity Contrafund

Fidelity Advisor New Insights Fund

Equity

07/17/03

Fidelity Covington Trust

Fidelity Real Estate High Income Fund II

Fixed-Income

07/01/03

Fidelity Destiny Portfolios

Fidelity Destiny I

Equity

07/01/03

Fidelity Destiny Portfolios

Fidelity Destiny II

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Equity-Income Fund

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Real Estate Investment Portfolio

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Structured Large Cap Growth Fund

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Structured Large Cap Value Fund

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Structured Mid Cap Growth Fund

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Structured Mid Cap Value Fund

Equity

07/01/03

Fidelity Devonshire Trust

Fidelity Utilities Fund

Equity

07/01/03

Fidelity Financial Trust

Fidelity Convertible Securities Fund

Equity

07/01/03

Fidelity Financial Trust

Fidelity Equity-Income II Fund

Equity

07/01/03

Fidelity Financial Trust

Fidelity Independence Fund

Equity

07/01/03

Fidelity Fixed-Income Trust

Fidelity High Income Fund

Fixed-Income

07/01/03

Fidelity Fixed-Income Trust

Fidelity Inflation-Protected Bond Fund

Fixed-Income

07/01/03

Fidelity Fixed-Income Trust

Fidelity Investment Grade Bond Fund

Fixed-Income

07/01/03

Fidelity Fixed-Income Trust

Fidelity Short-Term Bond Fund

Fixed-Income

07/01/03

Fidelity Hastings Street Trust

Fidelity Contrafund II

Equity

07/01/03

Fidelity Hastings Street Trust

Fidelity Fifty

Equity

07/01/03

Fidelity Hastings Street Trust

Fidelity Fund

Equity

07/01/03

Fidelity Hastings Street Trust

Fidelity Growth & Income II Portfolio

Equity

07/01/03

Fidelity Income Fund

Fidelity Ginnie Mae Fund

Fixed-Income

07/01/03

Fidelity Income Fund

Fidelity Intermediate Government Income Fund

Fixed-Income

07/01/03

Fidelity Income Fund

Fidelity Total Bond Fund

Fixed-Income

07/01/03

Fidelity Investment Trust

Fidelity Aggressive International Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Canada Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity China Region Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Diversified International Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Emerging Markets Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Europe Capital Appreciation Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Europe Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Global Balanced Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity International Growth & Income Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity International Small Cap Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Japan Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Japan Smaller Companies Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Latin America Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Nordic Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Overseas Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Pacific Basin Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Southeast Asia Fund

Equity

07/01/03

Fidelity Investment Trust

Fidelity Worldwide Fund

Equity

07/01/03

Fidelity Magellan Fund

Fidelity Magellan Fund

Equity

07/01/03

Fidelity Mt. Vernon Street Trust

Fidelity Aggressive Growth Fund

Equity

07/01/03

Fidelity Mt. Vernon Street Trust

Fidelity Growth Company Fund

Equity

07/01/03

Fidelity Mt. Vernon Street Trust

Fidelity New Millennium Fund

Equity

07/01/03

Fidelity Puritan Trust

Fidelity Balanced Fund

Equity

07/01/03

Fidelity Puritan Trust

Fidelity Low-Priced Stock Fund

Equity

07/01/03

Fidelity Puritan Trust

Fidelity Puritan Fund

Equity

07/01/03

Fidelity Puritan Trust

Fidelity Value Discovery Fund

Equity

07/01/03

Fidelity School Street Trust

Fidelity New Markets Income Fund

Fixed-Income

07/01/03

Fidelity School Street Trust

Fidelity Strategic Income Fund

Fixed-Income

07/01/03

Fidelity Securities Fund

Fidelity Advisor Aggressive Growth Fund

Equity

07/01/03

Fidelity Securities Fund

Fidelity Blue Chip Growth Fund

Equity

07/01/03

Fidelity Securities Fund

Fidelity Blue Chip Value Fund

Equity

07/01/03

Fidelity Securities Fund

Fidelity Dividend Growth Fund

Equity

07/01/03

Fidelity Securities Fund

Fidelity Growth & Income Portfolio

Equity

07/01/03

Fidelity Securities Fund

Fidelity Leveraged Company Stock Fund

Equity

07/01/03

Fidelity Securities Fund

Fidelity OTC Portfolio

Equity

07/01/03

Fidelity Securities Fund

Fidelity Real Estate Income Fund

Fixed-Income

07/01/03

Fidelity Select Portfolios

Fidelity Select Air Transportation Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Automotive Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Banking Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Biotechnology Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Brokerage and Investment Management Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Business Services and Outsourcing Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Chemicals Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Computers Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Construction and Housing Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Consumer Industries Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Cyclical Industries Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Defense and Aerospace Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Developing Communications Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Electronics Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Energy Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Energy Service Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Environmental Services Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Financial Services Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Food and Agriculture Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Gold Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Health Care Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Home Finance Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Industrial Equipment Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Industrial Materials Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Insurance Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Leisure Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Medical Delivery Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Medical Equipment and Systems Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Multimedia Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Natural Gas Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Natural Resources Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Networking and Infrastructure Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Paper and Forest Products Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Pharmaceuticals Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Retailing Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Software and Computer Services Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Technology Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Telecommunications Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Transportation Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Utilities Growth Portfolio

Equity

07/01/03

Fidelity Select Portfolios

Fidelity Select Wireless Portfolio

Equity

07/01/03

Fidelity Summer Street Trust

Fidelity Capital & Income Fund

Fixed-Income

07/01/03

Fidelity Trend Fund

Fidelity Trend Fund

Equity

07/01/03

Fidelity Union Street Trust

Fidelity Export and Multinational Fund

Equity

07/01/03

Variable Insurance Products Fund

VIP High Income Portfolio

Fixed-Income

07/01/03

Variable Insurance Products Fund

VIP Overseas Portfolio

Equity

07/01/03

Variable Insurance Products Fund

VIP Value Portfolio

Equity

07/01/03

Variable Insurance Products Fund II

VIP Asset Manager Portfolio

Equity

07/01/03

Variable Insurance Products Fund II

VIP Asset Manager: Growth Portfolio

Equity

07/01/03

Variable Insurance Products Fund II

VIP Contrafund Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Aggressive Growth Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Balanced Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Dynamic Capital Appreciation Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Growth & Income Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Growth Opportunities Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Mid Cap Portfolio

Equity

07/01/03

Variable Insurance Products Fund III

VIP Value Strategies Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Consumer Industries Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Cyclical Industries Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Financial Services Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Growth Stock Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Health Care Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Natural Resources Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Real Estate Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Technology Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Telecommunications & Utilities Growth Portfolio

Equity

07/01/03

Variable Insurance Products Fund IV

VIP Value Leaders Portfolio

Equity

07/01/03

Agreed and Accepted

as of July 17, 2003

Fidelity Management & Research

Fidelity International Investment Advisors

Company

By:/s/JS Wynant

By:/s/David Holland

JS Wynant

David Holland

Vice President

Director

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