SUPPLEMENT TO
THE FIDELITY(registered trademark) VALUE FUND
DECEMBER 27, 1999
PROSPECTUS
SHAREHOLDER MEETING. On or about March 15, 2000, a meeting of the
shareholders of Fidelity Value 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.
The following information replaces similar information found under
the heading "General Information" in the "Buying and Selling Shares"
section on page 9.
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
The following information replaces similar information found under
the heading "Selling Shares" in the "Buying and Selling Shares"
section on page 13.
(small solid bullet) Redemption proceeds may be paid in securities
or other property rather than in cash if FMR determines it is in the
best interests of the fund.
