Additional 30 Percent Fee Cut Available on
Fidelity's Spartan Equity Index Funds

BOSTON, October 17, 2005 -- Fidelity Investments today announced that it has cut expenses again on all of its already low-cost Spartan equity index funds by creating "Fidelity Advantage Class" shares, which will provide eligible investors with an additional 30 percent reduction in fees.

Since August 2004, Spartan 500 Index Fund, Spartan U.S. Equity Index Fund, Spartan Total Market Index Fund, Spartan Extended Market Index Fund, and Spartan International Index Fund have been priced with expense ratios of 10 basis points, or 0.10 percent, which are among the lowest in the industry. As of today, qualified shareholders of these funds will be eligible to invest in Fidelity Advantage Class shares, which - at seven basis points or 0.07 percent - carry a 30 percent lower expense ratio.

"For years Fidelity has been aggressively cutting fees, lowering commissions, and making it easier for investors to manage their money," said Jeff Carney, president, Fidelity Personal Investments. "With the creation of Fidelity Advantage Class shares, eligible retail investors will receive an additional 30 percent fee cut on a broad line up of equity index funds that are already priced among the absolute lowest in the industry. When you combine our new low cost pricing with the wide array of services -- like our online tools, free guidance, access to more than 100 investor centers, and 24/7* phone representatives -- that investors have come to expect from us, it is hard to find a better value for index funds."

Retail investors will be eligible to invest in Fidelity Advantage Class shares - at expenses of seven basis points - if they have a minimum of $100,000 invested in one of the five Spartan equity index funds. Retail investors who do not meet the $100,000 minimum will continue to have access to the existing 10 basis point expense ratio shares, which will now be called "Investor Class." For employer-sponsored retirement plans, a $100 million minimum investment in the fund - at the plan sponsor level - is required for employees to be eligible to invest in the Fidelity Advantage Class shares.

Current retail investors who already qualify for the new Fidelity Advantage Class have been be notified that they are eligible for the new shares. Fidelity has automatically converted their fund investments to the new shares, unless they declined. The conversion is not considered a sale, so no capital gains tax will apply.

The following chart shows the new two-tiered expense ratios for the domestic equity Spartan index funds affected by today's announcement, compared to industry averages:

Fidelity Fund Fidelity Advantage Class Investor Class Industry Average1 Spartan 500 Index 0.07% 0.10% 0.42% Spartan U.S. Equity Index 0.07% 0.10% 0.42% Spartan Total Market Index 0.07% 0.10% 0.44% Spartan Extended Market Index 0.07% 0.10% 0.25%

The new Fidelity Advantage Class and Investor Class shares expense ratios are contractually bound and may not be raised without a vote of the funds' shareholders. For Spartan 500 Index Fund, Spartan U.S. Equity Index Fund, Spartan Total Market Index Fund, and Spartan Extended Market Index Fund, the Fidelity Advantage Class expense ratio is contractually bound at seven basis points and the Investor Class is contractually bound at 10 basis points. For Spartan International Index Fund, the Fidelity Advantage Class expense ratio is contractually bound at 17 basis points and the Investor Class is contractually bound at 20 basis points. However, expenses of the fund are voluntarily capped at seven basis points for the Fidelity Advantage Class and 10 basis points for the Investor Class.

The introduction of Fidelity Advantage Class shares is the latest in a series of efforts by Fidelity to provide investors with the highest quality financial products and services at very competitive prices. Over the past several years, the company has lowered expense ratios on 12 taxable investment grade bond funds available directly to investors to 0.45 percent, representing reductions of up to 31 percent; eliminated the management fee on the Fidelity and Fidelity Advisor Freedom Funds; rewritten the contracts of the four diversified domestic equity index funds to contractually bind the initial class of the funds to total expenses of 10 basis points each; transformed the trading of individual bonds with disclosed and simplified retail fixed-income concessions; reduced the cost of retail online bond concessions; reduced the per contract charge on options trades for all trading tiers to $0.75; made third-party independent research, as well as access to industry leading analyst recommendations and performance data, available to customers on Fidelity.com at no extra charge; eliminated the $50 annual brokerage fee for new and existing IRA customers; and eliminated front-end sales charges on dozens of mutual funds making Fidelity's entire product line of funds sold directly to investors load free, among other initiatives.

Fidelity offers investors a total of nine index funds with more than $51 billion in assets as of September 30, 2005.

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 August 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.

* There is a maintenance period when some services may not be available.

¹ The Industry Average Expense Ratio, calculated by Fidelity, represents the median total expense ratio of no-load or front-end-load index funds that are in the same Morningstar^® fund categories as each of the Spartan Index Funds listed. We excluded certain funds from this calculation if they had a back-end sales load, expenses exceeding 1.50, and/or initial minimum investments of $250,000 or more. Although Fidelity has reviewed this data for accuracy, it does not guarantee that the information is accurate or complete. Morningstar data is as of 10/7/05.

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

Fidelity Distributors Corporation
82 Devonshire Street Boston, MA 02109