March 18, 2009

The Investment Company Institute (ICI) today released a report from its Money Market Working Group that outlined recommendations for improving the functioning of the money market, as well as the operation and regulation of money market mutual funds.

As the industry's largest money market fund manager¹, Fidelity Investments supports the efforts of the Money Market Working Group to strengthen this $4 trillion asset class, which is so vital to the short-term investments of millions of Americans, while also providing efficient and flexible short-term financing for U.S. businesses, as well as federal, state, and local governments.

From Michael Wilens, Head of Asset Management, Fidelity Investments; member of the Investment Company Institute Money Market Working Group:

"I appreciated the opportunity to serve on the ICI Money Market Working Group, and I applaud the ICI for its proactive leadership on these issues. When the Working Group was formed, there was recognition that money market funds had served investors well for decades, but that did not mean that money market funds could not be better positioned to meet the challenges of remarkable market environments, such as the one we witnessed last fall.

"The recommendations of the Working Group would improve an already strong asset class. We support measures, such as those put forth by the Working Group, that buttress the integrity of the money market asset class and money market mutual funds, which are so integral to the financial goals of individuals and institutions alike."

From Charlie Morrison, Senior Vice President, Money Market Group Leader, Fidelity Investments; adviser to the Investment Company Institute Money Market Working Group:

"We appreciate the efforts of the Working Group for its in-depth analysis and thoughtful contributions to the ongoing discussions regarding money markets and money market mutual funds. It is critical at this time for the industry to come together, as represented by the Working Group, in order to address these issues on behalf of money market fund shareholders. As the report points out, money market funds play a crucial role in providing daily liquidity for investors' cash investments and supporting the proper functioning of our financial system overall.

"We would note that Rule 2a-7, which governs the suitability of securities for money market funds, has worked extremely well over the years. At the same time, we certainly support the Working Group's efforts to further strengthen 2a-7, while also improving disclosure and other best practices related to the orderly functioning of the money markets. These efforts are in the best interests of investors seeking stable, short-term investments for their cash."

¹As of January 31, 2009, ICI Complex Assets Report: January 2009

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Past performance is not a guarantee of future results. Current and future portfolio holdings are subject to risk.

The Treasury Temporary Guarantee Program for Money Market Funds provides coverage to shareholders for shares held in participating funds as of the close of business on September 19, 2008. Any increase in the number of shares held in an account after that date will not be guaranteed. Shareholders are covered for the lesser of either the number of shares held as of the close of business on September 19, 2008, or the amount held on the day a guarantee event occurs. If a shareholder closes their account, any future investment in the fund will not be guaranteed. The program is scheduled to terminate on April 30, 2009 unless extended by the Secretary of the Treasury.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

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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