BOSTON, June 16, 2005 -- The Arizona Commission for Postsecondary Education (ACPE) and leading 529 plan manager Fidelity Investments today announced the availability of a new tax-advantaged 529 plan option that will provide greater choice for families saving for college. For as little as $50 a month, with the Fidelity Arizona College Savings Plan families can save federal and state income tax-free for their children's future college education at most accredited colleges and universities nationwide¹.

"The Arizona Family College Savings Program offers a number of different investment opportunities for families who want to provide their child with a choice of postsecondary options and help reduce the debt burden for their child upon graduation," said Dr. April L. Osborn, executive director, ACPE. "Saving regularly in a dedicated, taxadvantaged account like the Fidelity Arizona College Savings Plan, can help make a college education an attainable goal.²"

The Fidelity Arizona College Savings Plan can help prepare families to meet the rising costs of college, which for a newborn in 18 years, could top $145,000 for a four-year public and $300,000 for a four-year private school education³. Features of the Plan include:

•		Tax advantaged investing -- Investments will grow federal and state income tax deferred, and when the funds are withdrawn for qualified higher education expenses, families will not have to pay taxes on any investment earnings.
•		Flexible investing schedule -- Investors will be able to establish an account with an initial investment of $1,000 or as little as $50 per month with a systematic investment plan4. Participants will be able to invest up to $275,000 total per student beneficiary.
•		Competitive fees and expenses -- Plan fees and expenses will be some of the most competitive in the industry, and Plan portfolios will invest in no-load Fidelity mutual funds5. An annual account fee of $30 will be waived for investors who sign up for a systematic investment plan.
•		Strategic investing approach -- Parents and others saving for college will be able to customize their account by choosing an age-based strategy in which options are automatically tailored to the age of the child or a custom strategy that allows investors to select from eight age-based and three additional "static" portfolios which maintain a fixed asset allocation over time.
•		Savings Rewards -- The Fidelity Investments 529 College RewardsSM Mastercard® credit card will offer families an opportunity to earn a 2 percent rebate on all eligible retail purchases with no annual fee6.

"Fidelity currently manages more than $6 billion in college savings for more than 200,000 families around the country," said Bob Corcoran, Vice President College Planning, Fidelity Personal Investments. "We were pleased to have been selected to manage the Fidelity Arizona College Savings Plan and look forward to working together with the ACPE to expand the number of families saving for college."

For more information on the Fidelity Arizona College Savings Plan and college planning education and guidance tools, families can visit Fidelity.com/Arizona, call a financial representative at 1-800-FIDELITY or visit one of Fidelity's 102 investor center locations nationwide including Scottsdale and Chandler, Arizona.

About Fidelity

Fidelity manages $6 billion in college savings dollars in 529 Plans including the Fidelity Advisor 529 Plan, UNIQUE College Investing Plan, U.Fund College Investing Plan and the Delaware College Investment Plan, as of March 31, 2005.

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $2.1 trillion, including managed assets of $1.1 trillion as of April 30, 2005. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to more than 19 million individuals and institutions as well as through 5,500 financial intermediary firms. 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.

About the Arizona Commission for Postsecondary Education

The ACPE is a state agency led by 16 Commissioners representing all sectors of the public and private postsecondary education as well as K-12 schools. The ACPE mission is to expand access and increase success in postsecondary education for Arizona residents. The Commission provides a forum for all levels of postsecondary institutions to identify common issues and opportunities to help students succeed. Responsibilities of the ACPE include administration of state student financial assistance programs including LEAP, PFAP and the Arizona Family College Savings Program. The ACPE brings to Arizona initiatives and tools to assist students and families plan for, transition into and succeed in postsecondary education. For more information on the ACPE, log onto www.azhighered.gov or call (602) 258-2435.

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Fidelity Brokerage Services LLC, Member NYSE, SIPC,
100 Summer Street, Boston MA 02110

The Fidelity Arizona College Savings Plan is offered by the Arizona Commission for Postsecondary Education and managed by Fidelity Investments. The UNIQUE College Investing Plan and the Fidelity Advisor 529 Plan are offered by the State of New Hampshire and managed by Fidelity Investments. Additionally, the U.Fund College Investing Plan and Delaware College Investment Plan are offered by the Massachusetts Educational Financing Authority and State of Delaware respectively, and managed by Fidelity Investments.

If you or the designated beneficiary are not an Arizona, New Hampshire, Massachusetts, or Delaware resident, you may want to consider, before investing, whether your or the designated beneficiary's home state offers its residents a plan with alternate state tax advantages or other benefits.

Units of the Portfolios are municipal securities and may be subject to market volatility and fluctuation.

An account in the Fidelity Arizona College Savings Plan is not insured by the State of Arizona or Fidelity Investments and neither the principal deposited nor the investment return are guaranteed by the State of Arizona or Fidelity Investments.

Please carefully consider the Plan'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 Fact Kit. Read it carefully before you invest or send money.

¹ Pursuant to the Economic Growth and Tax Reconciliation Relief Act of 2001 ("EGTRRA"), qualified distributions are federal income tax free. The provisions of EGTRRA will expire on December 31, 2010. Unless the law is extended by Congress and the President, the federal tax treatment of 529 plans will revert to its status prior to January 1, 2002. Qualified distributions are Arizona state income tax free.
² Periodic investing plans do not guarantee a profit or protect against a loss in a declining market.
³ Based on current college costs as reported by the College Board, "Trends in Pricing 2004" and assuming a 5% tuition inflation rate over 18 years. Estimates include tuition, room and board.
⁴ Periodic investing plans do not guarantee a profit or protect against a loss in a declining market.
⁵ The IRS requires that the participant does not have direct or indirect control over the investments. You cannot purchase individual mutual funds in your account.
⁶ Earn rate and points limit may be subject to change. Currently, cardholders are limited to 1,500 points per rolling twelve months based on the anniversary date from which the card was first used. Other restrictions apply. Full details are provided in the Program Guidelines documents. For rate, fee and other cost information, and to learn more about the benefits of the Fidelity Investments 529 College Rewards program, please refer to the online credit card application at www.fidelity.com or call 1-866-438-6262. This credit card program is issued and administered by MBNA America Bank, N.A., which is not an affiliate of Fidelity Investments, and does not offer, manage, or guarantee any of the 529 plans managed by Fidelity Investments.