All Fidelity Mutual Funds Sold Directly to Investors Now Available No-Load

BOSTON, September 19, 2003 -- Fidelity Investments today announced that it has eliminated the three percent front-end sales charge -- commonly referred to as a sales load -- on all 42 Fidelity Select Portfolios® on purchases made after 4:00 p.m. EST on Monday, September 22, 2003*. Select Portfolios® invest in the securities of companies whose principal business activities fall within a specific sector or industry. As a result of the load removals, the firm's entire retail mutual fund product line will now be available on a no-load basis.

"For years, Fidelity has led the way in offering investors a broad variety of sector funds," said David L. Giunta, senior vice president. "Our Select Portfoliosrepresent the most extensive sector-fund product line in the industry, and we manage more than $18.3 billion in assets in these funds. Over the years, Select Portfolios® have proven to be effective vehicles through which investors can gain exposure to particular market sectors or industries, and we're pleased now to be able to offer our customers the opportunity to purchase them without an upfront sales charge."

Earlier this year, Fidelity eliminated the 3% loads on Fidelity Contrafund® , Fidelity Contrafund II (now Fidelity Discovery Fund), Fidelity Low-Priced Stock Fund, Fidelity Magellan® Fund, Fidelity New Millennium Fund® , and nine international equity funds.

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $1.6 trillion, including managed assets of $906.0 billion as of August 31, 2003. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to 18 million individuals and institutions as well as through 5,500 financial intermediaries. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, one of the largest mutual fund supermarkets and a leading online brokerage firm. For more information about Fidelity Investments, visit www.Fidelity.com.

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For more complete information about Fidelity funds, including charges and expenses, call 1-800-343-3548 or write for a free prospectus. Read it carefully before you invest or send money.

*Other fees and expenses applicable to continued investment are described in the fund's current prospectus.

Because stocks in a sector fund tend to move the same way, sector funds typically exhibit higher volatility than broadly diversified mutual funds and the stock market as a whole.

Fidelity Distributors Corporation 82 Devonshire Street, Boston, MA 02109