Move Adds New Relatively Aggressive and Contrarian Value Fund Option for Retail Investors

BOSTON, January 29, 2004 - Fidelity Investments^® announced today that it has re-opened Fidelity Value Strategies Fund to retail investors. The decision continues Fidelity's recent expansion of its value fund product line available directly from the company.

"Reopening Fidelity Value Strategies Fund provides investors with a relatively aggressive and contrarian value fund to complement our current line-up of seven retail funds benchmarked to value indexes," said Sanjiv Mirchandani, executive vice president, Fidelity Personal Investments. "Several of our value and equity-income funds focus mainly on large-cap stocks. This fund has historically sought opportunities mostly in the mid- and small-cap areas of the market. It is currently positioned as the most aggressive of our value offerings."

Fidelity Value Strategies seeks capital appreciation by investing primarily in securities of companies that Fidelity believes are undervalued in the marketplace, in relation to factors such as assets, earnings or growth potential. The fund focuses investments in medium-sized companies, but may also invest substantially in larger or smaller companies. Please keep in mind that this fund is subject to the volatility of the financial markets and may be subject to the additional risks associated with investing in mid cap and value securities. It uses the Russell Mid-Cap Value Index as its benchmark.

The fund has been closed to new retail investors since 1986. That year, Fidelity began launching Advisor share classes -- Fidelity Advisor Value Strategies Fund -- which are available exclusively through investment professionals at financial institutions including brokerage firms.

Harris Leviton will continue to manage Fidelity Value Strategies Fund. Leviton joined Fidelity in 1986 as an equity research analyst following the semiconductor, component and electronics distribution industries. Since then, he has managed a number of Fidelity funds, including Fidelity Select Electronics Portfolio from 1987 to 1990, Fidelity Convertible Securities Fund from 1990 to 1992 and Fidelity Retirement Growth Fund (now Fidelity Independence Fund) from 1992 to 1996. He assumed management responsibility for Fidelity Value Strategies Fund and Fidelity Advisor Value Strategies Fund in March 1996 and for Fidelity VIP Value Strategies Portfolio in February 2002.

With the re-opening of Fidelity Value Strategies Fund, Fidelity now offers eight retail funds benchmarked to value indexes that are open to investors including Blue Chip Value Fund, Structured Large Cap Value Fund, Equity Income Fund, Equity Income II Fund, Value Discovery Fund, Structured Mid-Cap Value Fund, and Value Fund.

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.

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

Value stocks can perform differently from the market as a whole. They can remain undervalued by the market for long periods of time.

Investments in mid-sized companies may involve greater risks than those in larger, more well known companies, but may be less volatile than investments in smaller companies

Fidelity Distributors Corporation, 82 Devonshire Street, Boston, MA 02109