Fidelity Strategic Real Return Fund, with Both Retail and Advisor Shares, To Invest in Inflation-Protected Debt Securities, Floating-Rate Loans, Commodity-Linked Notes, and Real Estate-Related Securities

BOSTON, September 14, 2005 -- Fidelity Investments today announced the launch of Fidelity Strategic Real Return Fund, a multi asset-class fund designed to provide investors with the potential to outpace inflation while assuming reasonable investment risk. The fund will be structured around four separate sub-portfolios composed of inflation-protected debt securities, floating-rate loans, commodity-linked notes and related investments, and REITs and other real estate-related investments.

In addition to being available directly to investors with no load, the fund also will be offered in five Advisor share classes -- Fidelity Advisor Strategic Real Return (Classes A, T, B, C, and Institutional) -- through investment professionals at a variety of financial institutions, including banks, insurance companies, and broker/dealers. With the addition of this fund, Fidelity now offers 81 Advisor Funds.

"Fidelity Strategic Real Return Fund is a product that has the potential to provide two distinct benefits to our customers," said Sanjiv Mirchandani, executive vice president of Fidelity Personal Investments. "First, it will seek to provide investors with greater portfolio diversification by investing in securities that are not conventional domestic equities and bonds, and second, it presents the opportunity for solid investment results when inflation rises."

"Advisors more and more are seeking products for their clients designed to preserve purchasing power, have income potential, and provide portfolio diversification benefits," said Marty Willis, executive vice president of Fidelity Investments Institutional Services Company. "Fidelity Strategic Real Return Fund has the ability to achieve all of these goals because the fund has been constructed with a carefully selected mix of assets and is managed by individuals who are empowered to make tactical weighting decisions to take advantage of market opportunities."

The fund is the third "Strategic" fund incorporating multiple asset classes in the Fidelity fund line-up. The "Strategic" fund family now available to both retail investors and advisors includes Fidelity Strategic Real Return Fund, Fidelity Strategic Dividend & Income Fund and Fidelity Strategic Income Fund.

The fund's assets will be allocated among four unique categories using a neutral mix of inflation-protected debt securities (30 percent), floating-rate loans (25 percent), commodity-linked notes and related investments (25 percent), and REITs and other real estate related investments (20 percent).

Similar to Fidelity's other asset-allocation funds - Fidelity Asset Manager Funds, Fidelity Advisor Asset Allocation Fund, and Fidelity Strategic and Advisor Strategic Funds - this fund is designed to deliver performance in two possible ways -- through the co-managers' ability to shift its asset allocation to favor investments they believe provide the most positive outlook for achieving the fund's objective and through superior security selection in its sub-portfolios. Past performance is no guarantee of future results. Asset allocation does not ensure a profit or guarantee against a loss¹.

Derek Young and Chris Sharpe will co-manage Fidelity Strategic Real Return Fund. In addition, they co-manage Fidelity Strategic Income Fund, Fidelity Advisor Strategic Income Fund, Fidelity VIP Strategic Income Portfolio, Fidelity Strategic Dividend & Income Fund, Fidelity Advisor Strategic Dividend & Income Fund, and Fidelity Four-in-One Index Fund.

Young has served as a portfolio strategist with Fidelity's Asset Allocation Group since 2003, a role through which he is responsible for managing multi-asset-class asset allocation portfolios. Prior to his current role, Young was senior vice president of Strategic Investment Services and Marketing for Fidelity Management Trust Company (FMTC), where he focused on product management, sales, and client service for numerous investment disciplines and defined-benefit outsourcing. Young joined Fidelity in 1996 as director of Risk Management for FMTC.

Sharpe also co-manages the VIP Freedom Funds and Fidelity Arizona College Savings Plan, Fidelity Advisor 529 Plan, UNIQUE College Investing Plan, U.Fund College Investing Plan and Delaware College Investment Plan all of which he began managing in 2005. Sharpe joined Fidelity in 2002 as an asset allocation director in the Structured Investment Group, where he was responsible for constructing and managing risk-controlled portfolios for institutional clients.

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 $201.5 billion as of July 31, 2005. For more information, advisors may visit www.advisor.fidelity.com .

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $2.3 trillion, including managed assets of $1.1 trillion as of July 31, 2005. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to approximately 20 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.

¹ Interest rate risks may cause the price of a debt security to decrease. In addition, there are risks unique to the investments that this fund invests in. Floating rate loans are subject to restrictions on resale, price changes, and greater risk of default. REITs are affected by changes in real estate values or economic conditions, which can have a positive or negative effect on issuers in the real estate industry. Commodity-linked investments may be affected by overall commodities market movements and other factors that affect the value of a particular industry or commodity.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus containing this information. Read it carefully.

Fidelity Investment Institutional Services, Inc., 82 Devonshire Street, Boston, MA 02109

Fidelity Distributors Corporation, 82 Devonshire Street, Boston, MA 02109

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