SUPPLEMENT TO THE FIDELITY(registered trademark) CAPITAL APPRECIATION
FUND DECEMBER 2 0 , 1999 PROSPECTUS
Due to a typographical error, the front cover of the Fidelity
Capital Appreciation Fund prospectus incorrectly bears the date
December 20, 1999. The cover page is hereby corrected to bear the date
December 27, 1999.
SHAREHOLDER MEETING. On or about March 15, 2000, a meeting of the
shareholders of Fidelity Capital Appreciation Fund will be held to
approve various proposals, including modifications to the fund's
management contract. Shareholders of record on January 18, 2000 are
entitled to vote at the meeting. Included in the modifications is a
proposal to revise the management fee calculation for the fund to
provide for lower fees when FMR's assets under management exceed a
certain level, to revise the performance adjustment calculation by
rounding the investment performance of both the fund and the
comparative index to the nearest 0.01%, rather than the nearest 1.00%,
and to allow FMR and the trust, on behalf of the fund, to modify its
management contract subject to the requirements of the Investment
Company Act of 1940.
For more detailed information concerning the proposals under
consideration, please contact Fidelity at 1-800-544-6666 to request a
free copy of the proxy statement.
