SUPPLEMENT TO THE FIDELITY(registered trademark)
FOUR-IN-ONE
INDEX FUND
JUNE 26, 1999
PROSPECTUS
The following information replaces similar information found in the
"Fee Table" section on page 4.
The combined total expense ratio of Four-in-One Index (calculated
as a percentage of average net assets) is estimated to be 0.32%.
Four-in-One Index's estimated combined total expense ratio is based on
its estimated total operating expense ratio plus a weighted average of
the total operating expense ratios, after expense reductions, of the
underlying Fidelity funds in which it would have been invested (for
each underlying Fidelity fund's most recently reported fiscal year) as
of June 26, 1999. The combined total expense ratio for Four-in-One
Index may be higher or lower depending on the allocation of the fund's
assets among the underlying Fidelity funds and the actual expenses of
the underlying Fidelity funds.
This EXAMPLE helps you compare the cost of investing in
Four-in-One Index with the cost of investing in other mutual
funds.
Let's say, hypothetically, that Four-in-One Index's annual return
is 5%, that your shareholder fees are exactly as described in the fee
table, and that Four-in-One Index's combined total expense ratio
includes Four-in-One Index's annual operating expenses exactly as
described in the fee table and the weighted average of the total
operating expenses of each of the underlying Fidelity funds, before
expense reductions. This example illustrates the effect of fees and
expenses, but is not meant to suggest actual or expected fees and
expenses or returns, all of which may vary. For every $10,000 you
invested, here's how much you would pay in total expenses if you close
your account after the number of years indicated:
1 year $ 67
3 years $ 211
The following information replaces the ninth and tenth paragraphs in
the "Fund Management" section on page 23.
BT serves as sub-adviser and custodian for Spartan Market Index,
Spartan Extended Market Index and Spartan International Index
(underlying Fidelity Stock Index Funds). BT chooses the underlying
Fidelity Stock Index Funds' investments, and places orders to buy and
sell the underlying Fidelity Stock Index Funds' investments. As of
March 31, 1999, BT had approximately $330.3 billion in discretionary
assets under management. BT's principal offices are at 130 Liberty
Street, New York, New York 10006.
Effective June 4, 1999, Bankers Trust Corporation and all of its
subsidiaries, including BT, merged with and into a subsidiary of
Deutsche Bank AG. At a meeting held on March 18, 1999, each underlying
Fidelity Stock Index Fund's Board of Trustees approved a new
subadvisory agreement among each underlying Fidelity Stock Index Fund,
FMR and BT or its successor by merger that became effective June 4,
1999. At a meeting held on September 15, 1999, shareholders approved
this agreement.
