SUPPLEMENT TO THE
FIDELITY CAPITAL & INCOME FUND
AND FIDELITY HIGH
INCOME FUND
JUNE 24, 1999 PROSPECTUS
The following information replaces similar information found in the
"Fund Management" section on page 24.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for each fund. FMR Far East was
organized in 1986 to provide investment research and advice to FMR.
Currently, FMR Far East provides investment research and advice on
issuers based outside the United States and may also provide
investment advisory services for each fund.
The following information supplements similar information found in the
"Fund Management" section on page 24.
(small solid bullet) Fidelity Investments Japan Ltd. (FIJ), in Tokyo,
Japan, serves as a sub-adviser for each fund. As of September 28,
1999, FIJ had approximately $16.3 billion in discretionary assets
under management. Currently, FIJ provides investment research and
advice on issuers based outside the United States for each fund.
Effective June 2000, the following information replaces similar
information found in the "Fund Management" section on page 24.
Fred Hoff is manager of High Income, which he has managed since
June 2000. He also manages the high-yield portion of other Fidelity
funds. Since joining Fidelity in 1991, Mr. Hoff has worked as an
analyst, portfolio assistant and portfolio manager.
The following information replaces similar information found in the
"Fund Management" section on page 25.
FMR pays FMR U.K. and FMR Far East for providing sub-advisory
services. FMR Far East pays FIJ for providing sub-advisory services.
