Fidelity^® Introduces New Municipal Bond Fund Seeking
Income Exempt from the Alternative Minimum Tax and
Both Federal and California Personal Income Taxes

BOSTON, November 1, 2005 -- Fidelity Investments today introduced a new bond fund for California residents who seek to minimize the effects of broad taxation and interest-rate movement on their investments. Fidelity California Short-Intermediate Tax-Free Bond Fund will normally invest at least 80% of assets in municipal debt securities paying interest that is exempt from both federal and California personal income taxes. Moreover, it will be managed with the goal of investing in securities whose interest is exempt from the federal Alternative Minimum Tax (AMT). At the same time, the fund will hold a shorter duration*, which renders it less price-sensitive to interest rate movement than those with longer durations.¹

"At Fidelity, we have observed increasing demand from our mutual fund shareholders in California for a municipal bond fund that combines both extensive tax-efficiency and lower sensitivity to interest rates," said John Sweeney, senior vice president, mutual fund product management. "Fidelity California Short-Intermediate Tax-Free Bond Fund aims to meet both of these goals, and we believe this will prove appealing to tax-sensitive investors in the Golden State."

Fidelity California Short-Intermediate Tax-Free Bond Fund will invest mainly in investment-grade municipal securities, allocating assets across different market sectors. The fund may invest in municipals that finance such projects as education, healthcare, housing, transportation, and utilities. Additionally, it will seek to maintain a two-to-five year dollar-weighted average maturity, and will be managed to have a similar overall interest rate risk to the Lehman Brothers California 1-7 Year Non-AMT Municipal Bond Index. The fund's duration will typically be between 2.5 and 3.5 years.

The introduction of Fidelity California Short-Intermediate Tax-Free Bond Fund stands as testimony to Fidelity's growing commitment to California investors by expanding the firm's California-focused product line to four mutual funds, including Fidelity California Municipal Income Fund, Fidelity California Municipal Money Market Fund, and Fidelity California AMT Tax-Free Money Market Fund.

Doug McGinley, an 11-year Fidelity veteran, will manage Fidelity California Short-Intermediate Tax-Free Bond Fund, and will continue to manage several other Fidelity municipal bond funds. He joined the firm in 1994 as a credit analyst, responsible for making credit recommendations pertaining to tax-exempt issues in the heath care, utility, housing, student loan, and industrial development bond sectors. In 2002, McGinley was named manager of Fidelity California Municipal Income Fund, Fidelity Florida Municipal Income Fund, Fidelity Michigan Municipal Income Fund, and Fidelity Ohio Municipal Income Fund. Additionally, he was named manager of Fidelity Intermediate Municipal Income Fund in 2003. McGinley received a Bachelor of Arts degree in economics from Northwestern University in 1988 and an MBA from Harvard Business School in 1994.

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.

^* Duration estimates how much a bond's price fluctuates with changes in comparable interest rates. If rates rise 1.00%, for example, a fund with a five-year duration is likely to lose about 5.00% of its value. Other factors also can influence a bond fund's performance and share price. A bond fund's actual performance may differ.

¹ Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; and inflation risk. The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. Interest rate increases can cause the price of a debt security to decrease. A portion of the dividends you receive may be subject to federal, state, or local income tax or may be subject to the federal alternative minimum tax.

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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.

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