Fidelity Small Cap Growth Fund, Fidelity Small Cap Value Fund Open to Investors Directly from Fidelity or Through Advisors

BOSTON, November 10, 2004 - Fidelity Investments today announced the launch of new small cap mutual funds that provide individual investors and financial advisors the opportunity to diversify investment portfolios with style-and capitalization-specific solutions. Fidelity Small Cap Growth Fund will seek capital appreciation by investing mainly in small cap growth stocks while Fidelity Small Cap Value Fund will seek capital appreciation by investing mainly in small cap value stocks. Investments in smaller companies may involve greater risks than those in larger, more well-known companies, and value stocks can perform differently from the market as a whole and can remain undervalued by the market for long periods of time.

Both funds are available direct to investors with no loads and through investment professionals at a variety of financial instiutions including banks, insurance companies and broker dealers via Fidelity Advisor Small Cap Growth Fund and Fidelity Advisor Small Cap Value Fund (Classes A, T, B, C, and Institutional).¹

"These new funds provide individual investors and advisors with high-quality style and market cap-specific equity products that they can use to ensure appropriate diversification of investment portfolios," said Marty Willis, executive vice president of Fidelity Investments Institutional Services Company. "Fidelity has long offered individual investors and advisors flexible funds that invest across the entire universe of small-cap stocks. These new funds now provide them with the opportunity to fill very specific niches of investment portfolios."

"Fidelity has engaged a dedicated small-cap equity research group for the past six years," said John F. Sweeney, senior vice president of mutual fund product management, Fidelity Personal Investments. "We're excited about the opportunity for the portfolio managers of these funds to further capitalize on this group's best investment ideas on behalf of their fund shareholders."

Fidelity Small Cap Growth Fund (with Advisor share classes) is benchmarked against the Russell 2000 Growth Index and is managed by Forrest St. Clair. St. Clair is a six-year Fidelity veteran who has been following small-cap stocks within Fidelity's small-cap equity research group since 2001.

He joined Fidelity's equity research department in 1998, and followed numerous industries in the ensuing few years. From 2001 to 2003, St. Clair covered - at various times - small-cap medical device, specialty drug distribution and retail banking stocks. In 2003, he began following small-cap technology stocks.

Fidelity Small Cap Value Fund (with Advisor share classes) is benchmarked against the Russell 2000 Value Index and is managed by Katherine Lieberman. Lieberman has been following small-cap stocks as an equity research analyst within Fidelity's small-cap equity research group since 1999. She joined Fidelity's equity research department in 1996 and followed restaurant stocks. In 1998, she began following health-care distributors and small- and mid-cap medical device companies. From 1999 to 2001, Ms. Lieberman covered the small-cap technology hardware industry. In 2002, she served as a generalist for the small-cap group, covering a broad cross-section of small-cap companies. Beginning in 2003, she focused on small-cap financials and small-cap consumer stocks.

About Fidelity Investments

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 September 30, 2004. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to more than 19 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.

# # #

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

Fidelity Distributors Corporation 82 Devonshire Street, Boston, MA 02109

¹Fidelity Advisor Small Cap Growth Fund and Fidelity Advisor Small Cap Value Fund (Classes A, T, B, C and Institutional) are classes of shares of Fidelity Small Cap Growth Fund and Fidelity Small Cap Value Fund. Other fees and expenses applicable to continued investment are described in the funds' current prospectuses.