BOSTON, Jan. 19, 2005 - Fidelity Investments today announced fourth quarter and full-year 2004 results for Fidelity Brokerage Company showing that for the three months ended December 31, 2004, total client assets set a company record with more than $1.13 trillion, net new client assets rose to $52.1 billion, daily average commissionable trades increased 18 percent, and total client accounts increased 11 percent compared with the fourth quarter 2003.

For the quarter ended December 31, 2004, total client assets under administration for the quarter exceeded $1.13 trillion, an increase of 20 percent from $946.0 billion one year ago. Net new client assets, which include sales of Fidelity and non-Fidelity mutual funds and individual securities, were $52.1 billion, compared with a net outflow of $6.3 billion in fourth quarter 2003 driven by institutional client actions.

Fidelity Brokerage Company also reported that fourth quarter 2004 daily average commissionable trades were 223,210, up 18 percent from 189,088 in fourth quarter 2003. Additionally, total client accounts on December 31, 2004 were 14.3 million, up 11 percent compared to 12.9 million over the same period in 2003.

"Our strong growth in the fourth quarter capped off a tremendous year across all of our brokerage businesses - retail, advisor and correspondent clearing - and demonstrates the strength of Fidelity's value proposition, leading products, services and technologies for both retail and institutional clients," said Ellyn A. McColgan, president, Fidelity Brokerage Company, which includes 9.9 million individual investor accounts, nearly 270 broker/dealers, and more than 2,500 investment advisors. "We continued to implement new and existing large institutional clients throughout the year, make key acquisitions and introduce a steady series of product enhancements to better service existing customers, while driving new customers and assets to Fidelity."

Full-Year Results

For the 12 months ended December 31, 2004, Fidelity reported that net new client assets increased 126 percent to $124.2 billion, compared with $54.9 billion in 2003. Daily average commissionable trades for the full-year 2004 were 204,982, an increase of 46 percent from 140,680 over the prior year. Total client assets under administration for the year exceeded $1.13 trillion and total client accounts for 2004 were 14.3 million.

Retail Brokerage

Fidelity launched several major initiatives throughout 2004 that increased the competitiveness of its overall offering for individual investors. Key enhancements to Fidelity's suite of brokerage offerings for active traders¹ included the elimination of the penny-per-share charge for eligible² online equity trades and the acquisition of Wealth-Lab Developer and integration of Wealth-Lab ProTM, strategic trading technology into its Active Trader ProTM trading platform³, available to qualifying customers at no additional charge.

Fidelity also implemented several key initiatives for individual investors. The firm introduced simplified and disclosed retail fixed-income concessions - the charge to retail investors for buying or selling bonds - ranging from $1 to $5 per bond and reduced its fixed-income retail online concession schedules by 50 percent, established new retail pricing caps and added the ability for customers to sell bonds online. Fidelity also introduced the broadest range⁴ of third-party independent research, available to customers at no additional charge and a new Exchange Traded Fund Center on Fidelity.com. In addition, Fidelity has voluntarily and indefinitely agreed to reimburse five equity index funds 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 time⁵.

Additionally, Fidelity lowered its standard online equity commissions (Bronze-level) for investors trading 35 times or less per year to $19.95, previously $29.95, reduced its centsper- share charge for 1,000+ shares to $.015, from $.02 and eliminated the $3 order handling charge and the $5 limit order charge for Bronze and Silver-level trades, please see a Fidelity commission schedule at http://personal.fidelity.com/products/stocksbonds/ f or more details.

Institutional Brokerage

During 2004, Fidelity continued to make significant investments in its institutional brokerage platforms on behalf of registered investment advisor and correspondent broker/dealer clients. Following the successful conversion of nearly 100 firms from its acquisition of Correspondent Services Corporation, National Financial, Fidelity's correspondent clearing business, reached an agreement to acquire the correspondent clearing, institutional support and retail brokerage businesses of Fiserv^®, Inc⁶. Fiserv's business will solidify National Financial's No. 2 position in the clearing industry in terms of clients. National Financial also introduced significant usability enhancements to its Streetscape^SM browser-based broker workstation and expanded its third-party research and fixed-income offerings.

Fidelity Registered Investment Advisor Group (FRIAG) continued its effort to provide independent fee-based advisors with competitive solutions to help them grow their businesses. Key enhancements to FRIAG's platform included the reduction of electronic equity commissions to $8⁷, the introduction of a trustee services program, the expansion of its online marketing program, PracticeMark^®, the announcement of an alliance with Integrated Decision Systems to offer an institutional-level portfolio management and order generation system and the integration of an annuity and insurance program with FRIAG's brokerage platform allowing advisors to consolidate their clients' insurance information with other investment holdings custodied at Fidelity.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $2.0 trillion, including managed assets of $1.1 trillion as of November 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.

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

Fidelity Brokerage Services, LLC, Member NYSE, SIPC

100 Summer Street, Boston, MA 02110

National Financial Services LLC, Member NYSE, SIPC

¹ Active Trader Services available to investors in households annually making at least 120+ stock, bond or options trades and maintaining $30,000 in assets across eligible Fidelity brokerage accounts.

² Pay the base rate of $8 for online stock trades in eligible household accounts. Directed trading orders, stock trading under $1, extended hours trades pay the base rate up to 1,000 shares plus $.005 per share thereafter.

³ Fidelity Active Trader Pro^® is available to those customers with annual household trading activity of 36 or more trades. Streaming watch lists, Dow Jones News, and static Level II quotes are available to customers with 72+ trades a year. Certain features including streaming Level II quotes, streaming interactive charting, time and sales data and directed trading are available to those customers with annual household trading activity of 120 or more trades.

⁴ For retail brokerage customers, Fidelity offers online access to independent analyst research reports from ten different firms, which is the largest number offered by a major brokerage company, based on a survey of competitors' online offerings performed on July 9, 2004. Competitors surveyed include Charles Schwab, Ameritrade, E*Trade, HarrisDirect, Scottrade and TD Waterhouse.

⁵ An expense ratio represents the annual percentage of the fundʹs assets paid out in expenses. The expense ratios here have been capped at 10 basis points because the fund's investment advisor has agreed, voluntarily and indefinitely, to reimburse fund expenses to the extent that annual expenses exceed 10 basis points. Absent such reimbursement fund expenses could be higher. This arrangement may be discontinued at any time. All things being equal, a fund with lower expenses may offer higher returns than a fund with higher expenses.

⁶ The companies expect to complete the transaction during the first quarter of 2005, subject to satisfaction of standard and customary conditions in the Purchase Agreement.

⁷ $8 electronic equity orders for the first 3,000 shares and $.01 per share thereafter for their customers who have accounts with at least $1 million at Fidelity, reduced from $24.95. For all advisors, Fidelity has lowered its standard electronic commission rate to $17.95 for the first 1,000 shares and $.015 per share thereafter.