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To: Les H who wrote (57697)	1/12/2001 5:22:35 PM
From: Ilaine	Read Replies (1) \| Respond to of 436258

I don't remember if anyone has posted that Fidelity Contrafund and Fidelity Growth and Income Fund were both reopened to new investors in December, 2000. >>"When we partially closed these two funds in 1998, our goal was to stabilize cash flows so that the managers could most effectively direct investment strategies for the benefit of fund shareholders," said Robert C. Pozen, president of Fidelity Management & Research Company. "We have the same goal in mind today. While each of these funds has attracted close to $20 billion in new cash since we partially closed them in 1998, the closings, together with natural attrition, have created net outflows that we want to stem by reopening the funds to new shareholders. I want to stress that our goal is not to grow assets in either fund, but rather to achieve a neutral cash flow in both funds. A fund is in a better position to perform well for its shareholders if it has neither a lot of cash flowing in, nor a lot of cash flowing out." About the Fidelity Contrafund Fidelity Contrafund seeks capital appreciation and invests primarily in the common stocks of companies whose value the portfolio manager believes is not fully recognized by the public. William Danoff has served as the portfolio manager of the fund since 1990. "I asked Bob to reopen the fund because I believe it's the right thing to do right now for shareholders," said Danoff. "With the recent volatility in the market, I'm finding good investment ideas. If the fund can achieve more of a balance in its cash flows going forward, I'll be able to rely on regularly having the cash on hand to put those investment ideas to work." Fidelity Growth & Income Portfolio seeks high total return through current income and capital appreciation. It normally invests a majority of assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation. Steven Kaye has managed the fund since 1993. "When we closed Growth & Income Portfolio to new shareholders in 1998, it was experiencing rapid inflows of cash, which created its own set of challenges," said Kaye. "However, negative cash flows can be every bit as difficult to work with. My aim in reopening the fund is to achieve more of a neutrality in cash flow, which will allow me the greatest possible flexibility when it comes to buying and selling stocks for the benefit of the fund's shareholders." <<