BOSTON, August 17, 2004 - Stocks of companies with medium market capitalizations have outperformed large-cap stocks in seven of the last eight decades¹, yet they remain largely underresearched by Wall Street². To help financial advisors meet their clients' mid-cap allocation investment needs, Fidelity Investments^® today announced the launch of Fidelity Advisor Mid Cap II Fund. Available exclusively through financial advisors at banks, insurance companies and brokerage firms, the fund may be suitable for investors seeking growth of capital through investments in companies with medium market capitalizations, and who are comfortable with a mutual fund that is not constrained by any particular investment style. Fidelity Advisor Mid Cap II Fund is managed by eight-year Fidelity veteran Thomas J. Allen.

Fidelity Advisor Mid Cap II Fund seeks long-term growth of capital and invests at least 80 percent of assets in securities of companies with medium market capitalizations. At any given time, the fund may tend to buy "growth" stocks or "value" stocks, or a combination of both types. It also may invest in domestic and foreign issuers. The fund's benchmark index is the S&P MidCap 400 Index^®.

"Diversification is as important as ever, and no equity portfolio is fully diversified without exposure to mid-cap investments," said Marty Willis, executive vice president, Fidelity Investment Institutional Services Company. "Certainly, large-cap investments continue to be most popular among investors, as witnessed by the fact that 74 percent of domestic equity fund assets are invested in large-cap stocks. However, mid-cap stocks can provide investors with significant growth opportunities. In fact, mid caps have outperformed large-cap investments for the last 1-, 3-, 5-, and 10-year periods³.

"We launched the Fidelity Advisor Mid Cap II Fund to offer advisors greater choice and opportunity when investing in mid cap funds to diversify their clients' portfolios," said Willis. "Having the ability to invest across 'growth,' 'value' or a combination of the two gives the fund the flexibility to benefit from emerging growth opportunities while also searching for companies that may be undervalued relative to important factors such as earnings growth or cash flow." Diversification does not ensure a profit or guarantee against a loss.

"Mid caps are often under-researched, leaving substantial opportunities for those who choose to pursue them," said Tom Allen, portfolio manager of Fidelity Advisor Mid Cap II Fund. "In fact, the S&P MidCap 400^® Index, which is the benchmark for this new fund, has the lowest analyst coverage compared to several major indices⁴. With one of the deepest research organizations in the fund industry behind me, my broad goal will be to uncover promising mid-cap stocks with solid potential for capital appreciation."

Tom Allen has been managing the $2.9 billion⁵ Fidelity VIP Mid Cap Portfolio, a fund that is also benchmarked to the S&P MidCap 400, for the past three years. He joined Fidelity in 1985 in the Fund Accounting group, and returned to the firm in 1995 as an analyst in the equity research group covering the insurance industry. He managed Fidelity Select Insurance Portfolio from 1997 to 1999, and followed small-cap stocks as a member of Fidelity's small-cap equity research group from 1999 to 2001, when he began managing Fidelity VIP Mid Cap. Previously, Mr. Allen was a certified public accountant and audit manager with Price Waterhouse in Boston from 1987 to 1993, and was an equity analyst with MFS Investment Management in Boston in 1994.

The investment risks of Fidelity Advisor Mid Cap II Fund are principally that securities of smaller, less well-known companies may be more volatile than those of larger companies. Also, to the extent that the fund invests in foreign securities, these securities incur greater risk than U.S. investments, including political and economic risks and the risk of currency fluctuation, all of which are magnified in emerging markets.

About Fidelity Investments Institutional Services

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 $202.4 billion as of June 30, 2004.

About Fidelity

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $1.9 trillion, including managed assets of $1.0 trillion as of June 30, 2004. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to 21 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 Source: FMR Co. Small-cap, mid-cap and large-cap investments were measured by using the performance of the Russell 2000^®, the S&P MidCap 400 ^®, and the S&P 500^® indices respectively. CRSP through 6/30/04. Past performance is no guarantee of future results. It is not possible to invest directly in an index. Index performance is not meant to represent that of any Fidelity mutual fund. Performance includes reinvestment of dividends.

² FactSet Research Services, March 2004.

³ Source: FMR Co. Small-cap, mid-cap and large-cap investments were measured by using the performance of the Russell 2000^®, the S&P MidCap 400, ^® and the S&P 500^® indices respectively. CRSP through 6/30/04. Past performance is no guarantee of future results. It is not possible to invest directly in an index. Index performance is not meant to represent that of any Fidelity mutual fund. Performance includes reinvestment of dividends.

⁴ Source: FactSet Research Services, March 2004. The average number of analysts covering stocks in the S&P 100^® index is 21, in the S&P 500^® is 17 and in the S&P MidCap 400 is 10.

⁵ As of 6/30/04

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Fidelity Advisor Funds are available through investment professionals.

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

The S&P MidCap 400 Index is an unmanaged market capitalization-weighted index of 400 medium-capitalization stocks.

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

Fidelity Investments Institutional Services Co., Inc.
82 Devonshire St., Boston, MA 02109