Online Trading Discounts, Pricing Caps and Online Selling Capability Enhance Value For Individual Investors

BOSTON, Nov. 11, 2004 - In a continued effort to help make the trading of bonds more accessible, affordable and easier to understand for sophisticated investors, Fidelity Investments today announced that it has reduced its concession schedules for online bond trades, established new pricing caps and added the ability for customers to sell bonds online.

Effective today, Fidelity has cut by 50 percent its online fixed-income trade concessions - a charge to retail investors for buying or selling bonds. The new online pricing, which is based on the type of bond selected, is as follows:

Bond Type (Secondary) Charge Per Bond for Online Trades U.S. Treasuries* $0.50 Government Agencies, Treasury Strips and Certificates of Deposit $1 Municipals $1.50 Corporates $2 Mortgage Backed Securities and others $2.50

*Fidelity does not charge a retail brokerage concession for purchasing U.S. Treasuries at auction online.

In a move to significantly enhance value to customers, Fidelity has also introduced new pricing caps for its retail brokerage bond trading concessions. The minimum concession to buy or sell a bond is now $19.95 and the maximum concession retail customers will now pay to buy or sell bonds is $500 - regardless of the quantity or type of bond, or whether the trade is executed online or via a Fidelity telephone or branch representative. Additionally, Fidelity has also enhanced its trading functionality by enabling customers to sell, as well as buy bonds online.

"We are implementing these actions to make the process of researching, selecting and trading bonds easier for individual investors who seek to build their own bond portfolios," said Jeffrey R. Carney, president of Fidelity Personal Investments. "In September, we broke new ground in fixed-income transparency, becoming the first major brokerage firm to disclose retail bond concessions and give broad access to sophisticated tools and bond trading information. Most of Fidelity's retail customers who trade bonds prefer to do so online, and we're giving them even greater value with new pricing and trading enhancements."

Bonds and bond funds are an important part of a balanced and diversified investment portfolio. For most investors, professionally managed bond funds offer the most effective and convenient way to invest in fixed-income securities. Compared to equities, trading individual bonds can be very complex and time consuming, since investors must consider numerous factors such as bond type, yield, maturity date and tax treatment. Investors should be aware that in general, the bond market is volatile, bond prices rise when interest rates fall and vice versa. This effect is usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

In September 2004, Fidelity introduced several fixed-income initiatives including:

•		Simplified and disclosed pricing ranging from $1 to $5 per bond, regardless of the number of bonds selected, the value of the bond or the date at which the bond will mature (US Treasuries - $1/bond; Government Agencies, Treasuries Strips and Certificates of Deposit - $2/bond; Municipals - $3/bond; Corporates - $4/bond; Mortgage Backed Securities and others - $5/bond). The offering broker, which may be Fidelity Brokerage Services' affiliate, National Financial Services, or a participant on the BondDesk platform, may realize a profit or loss on the transaction.
•		Detailed and historical trade pricing information for municipal bonds from the Municipal Securities Rulemaking Board and for corporate bonds from the NASD's Trade Reporting and Compliance Engine.
•		Sophisticated trading data including Bid-side quotes, when available, estimated bond market value and convexity and duration information.
•		Online tools that simplify bond comparisons and analysis.
•		Expanded inventory of approximately 5,000 investment-grade bonds.

The new fixed-income online pricing and functionality enhancements are the latest in a series of initiatives introduced by Fidelity to provide individual investors with products and services at competitive prices. Since the beginning of the year, Fidelity has reduced expenses on five equity index funds to 0.10% for individuals and group-retirement plan investors,¹ expanded its suite of independent equity research and eliminated the $50 annual brokerage free for new and existing IRA customers.²

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 October 31, 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, call or write to Fidelity or visit fidelity.com for a free prospectus. Read it carefully before you invest or send money.

Fidelity Brokerage Services LLC and National Financial Services LLC. Members NYSE, SIPC.

100 Summer Street, Boston, MA 02110

¹Effective August 31, 2004, FMR has voluntarily agreed to reimburse the fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, and extraordinary expenses), as a percentage of its average net assets, exceed 0.10%. This arrangement may be discontinued by FMR at any time.

² Excluding SIMPLE IRAs. Other fees still apply including mutual fund management fees and expenses, low balance fees and short-term trading fees on certain mutual funds, brokerage commissions and account closing fees.