Fidelity Investments Reopens Municipal Bond and International Equity Funds

Business Wire, Sept 14, 2001

Business Editors

BOSTON--(BUSINESS WIRE)--Sept. 14, 2001

Fidelity Investments(R) announced today that it has reopened most of its international equity funds and all of its municipal bond funds that closed this week when trading was suspended in the U.S. financial markets.

"Consistent with the reopening of our money market and government bond funds in recent days, today we are reopening most of our international equity funds and all of our municipal bond funds as well," said Abigail P. Johnson, president, Fidelity Management & Research Company. "Although the U.S. equity market remains closed, we have worked diligently to reopen funds that invest in other markets in order to provide liquidity to our fund shareholders."

In view of the fact that most international equity markets are open for trading, international equity funds that invest primarily in those markets were reopened. The funds that are now open are: Fidelity Aggressive International Fund, Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity International Growth & Income Fund, Spartan International Index Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund, Fidelity Advisor Korea Fund, Fidelity Advisor Emerging Asia Fund, Fidelity Advisor Japan Fund, Fidelity Advisor Europe Capital Appreciation Fund, Fidelity Advisor International Capital Appreciation Fund, Fidelity Advisor Overseas Fund, and Fidelity Advisor Diversified International Fund.

In addition, Fidelity today reopened its municipal bond funds following the reopening of the bond markets on Thursday. The funds reopened are: Fidelity Advisor Municipal Income Fund, Spartan Municipal Income Fund, Spartan Intermediate Municipal Income Fund, Spartan Short-Intermediate Municipal Income Fund, Spartan Tax-Free Bond Fund, Spartan California Municipal Income Fund, Spartan New York Municipal Income Fund, Spartan Arizona Municipal Income Fund, Spartan Connecticut Municipal Income Fund, Spartan Florida Municipal Income Fund, Spartan Maryland Municipal Income Fund, Spartan Massachusetts Municipal Income Fund, Spartan Michigan Municipal Income Fund, Spartan Minnesota Municipal Income Fund, Spartan New Jersey Municipal Income Fund, Spartan Ohio Municipal Income Fund, and Spartan Pennsylvania Municipal Income Fund.

As is standard practice, any orders received prior to 4 p.m. today to purchase, redeem or exchange shares of these funds will be executed at today's 4 p.m. price. As of today, shareholders of these funds may make exchanges into or out of funds that are now open. In addition to the funds reopened today, Fidelity earlier this week reopened nearly all of its retail and institutional money market funds and six government bond funds. Shareholders of all these funds are now free to purchase and redeem shares, and make exchanges into other funds if those funds are open. In addition, throughout this week, Fidelity Retail customers have had usual access to available funds in their core Fidelity accounts through checkwriting, bank wires and other cash management features.

As the U.S. equity markets are expected to remain closed until Monday, the remainder of Fidelity's equity funds will remain closed. Accordingly, in compliance with SEC rules, orders for the purchase or redemption of Fidelity's equity mutual funds that remain closed will be executed at the next available price when the New York Stock Exchange reopens.

Fidelity Investments is one of the world's largest providers of financial services with custodied assets of $1.5 trillion, including managed assets of $896.2 billion. Fidelity offers investment management, retirement, brokerage and shareholder services to 17 million individuals and institutions as well as through 5,500 financial intermediaries. 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. Fidelity Investments' Web site is at www.fidelity.com.

For more complete information about Fidelity funds and Fidelity Advisor Funds, including charges and expenses, call 1-800-544-8888 or write for a free prospectus or please call your investment professional for a free Fidelity prospectus. Read it carefully before you invest or send money.

Foreign investments involve greater risk than U.S. investments, including political and economic risks and the risk of currency fluctuation all of which are magnified in emerging markets.

Fidelity Distributors Corporation

Fidelity Investments Institutional Services Company, Inc.

82 Devonshire Street, Boston, MA 02109

146370/2d