Fidelity Advisor Value Fund Managed by Rich Fentin

BOSTON, January 21, 2004 - Fidelity Investments today announced it has expanded its value fund product line with the launch of the Fidelity Advisor Value Fund. Managed by 25-year Fidelity Veteran Richard B. Fentin, the fund is designed for value-oriented investors seeking a portfolio that emphasizes small- and mid-capitalization companies.

Fidelity Advisor Value Fund is available exclusively through investment professionals at financial institutions including brokerage firms, banks and insurance companies. Fidelity will now offer 67 Advisor Funds, including five value funds.

Fidelity Advisor Value Fund¹ seeks capital appreciation by investing primarily in securities of companies that possess valuable fixed assets or that the manager believes are undervalued in the marketplace in relation to factors such as assets, earnings or growth potential. It will use the Russell Mid Cap Value Index as its benchmark.

"Fidelity Advisor Value Fund broadens our equity fund offerings and provides investment professionals with the opportunity to further diversify the domestic equity portion of their clients' portfolios," said Marty Willis, executive vice president, Fidelity Investments Institutional Services Company. "The addition of Fidelity Advisor Value Fund and the appointment of Rich Fentin as its manager reinforce Fidelity's commitment to providing more investment choice and seasoned management to the advisor marketplace."

"As manager of the new Fidelity Advisor Value Fund, I take an absolute-value approach, looking for undervalued companies that are trading in the lower end of their historic range (within 20 to 30 percent of their historical low) and that are going through some sort of positive catalyst to spark an earnings-growth improvement," said Fentin. "The catalyst could be an uptick in the economy, new corporate management, a decision to sell a division of the company, or a merger or acquisition."

Fentin will continue to manage Fidelity Value Fund, which he has managed since 1996. He joined Fidelity as a research analyst in 1979. He was named research assistant for Fidelity Magellan Fund, and was portfolio manager of Fidelity Select Precious Metals Portfolio from 1981 to 1983. From 1983 to 1987, Fentin managed Fidelity Growth Company Fund and Fidelity Advisor Equity Growth Fund, and from April 1992 to December 1992, he managed Fidelity Value Fund. Fentin managed Fidelity Puritan Fund from 1987 to March 1996, at which time he was reappointed manager of Fidelity Value Fund.

VIP Strategic Income Portfolio

In a separate announcement, Fidelity also introduced VIP Strategic Income Portfolio to its line of Variable Insurance Products (VIP). Managed by 10-year Fidelity Veteran William Eigen, the portfolio seeks income and capital preservation by investing across four distinct fixed-income asset classes: U.S. government and investment grade, high yield, emerging markets, and foreign developed markets². The manager has the ability to tactically allocate the portfolios to take advantage of opportunities across each of these asset classes. The portfolio will use the Merrill Lynch High Yield Master II index as its primary benchmark and a Fidelity composite index, which represents the four fixed-income asset classes, as its supplemental benchmark. Eigen will continue to manage the Fidelity Strategic Income Fund, the Fidelity Advisor Strategic Income Fund and the Fidelity Four-in-One Index Fund.

The addition of the VIP Strategic Income Portfolio brings the total number of VIP Portfolios to 22. Fidelity's VIP Portfolios are investment options available exclusively through insurance companies' variable insurance products.

About Fidelity Investments Institutional Services Company

Fidelity Investments Institutional Services Company provides investment management services through investment professionals at financial institutions nationwide, including wirehouses, regional and independent broker/dealers, banks, trust companies and insurance companies. The company offers Fidelity Advisor Funds®, Variable Insurance Product (VIP) Portfolios, systematic investment plans, institutional money market funds and a comprehensive line of retirement products and services. Fidelity Investments Institutional Services Company's total assets under management were $189.1 billion as of December 31, 2003.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $1.8 trillion, including managed assets of $988.3 billion as of December 31, 2003. Fidelity offers investment management, retirement planning, brokerage, 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.

¹ Value funds can perform differently from the market as a whole, and may remain undervalued for long periods of time.
² Investments in high yield bonds involve greater risk because of the lower credit quality of the issuers. Foreign investments involve greater risks and potential rewards than U.S. investments. These risks include political and economic uncertainties of foreign countries, as well as the risk of currency fluctuations.

###

Fidelity Advisor Funds are available through investment professionals.

VIP refers to Variable Insurance Products. Annuities are long-term investments, access to funds may be limited by tax penalties and surrender charges, and income taxes are due upon withdrawal of funds.

Fidelity Advisor Funds and variable insurance products are neither insured nor guaranteed by the FDIC.

Fidelity Investments, Fidelity and Fidelity Advisor Funds are registered trademarks of FMR Corp.

Please consider the fund's investment objectives, risks, charges and expenses before investing. For this and other information on any Fidelity Advisor or VIP, call or write to Fidelity or visit fidelity.advisor.com or call your investment professional for a free prospectus. Read it carefully before you invest or send money.

Fidelity Investments Institutional Services Company, Inc. 82 Devonshire Street, Boston, MA 02109.