SUPPLEMENT TO THE
FIDELITY EQUITY-INCOME
FUND PROSPECTUS
DATED MARCH 21, 1994
The following information
replaces the similar
information found under the
"Expenses" section on page
4.
SHAREHOLDER TRANSACTION
EXPENSES are charges you
pay when you buy, sell, or
hold shares of a fund. See
pages 16 and 22 through 28
for an explanation of how and
when these charges apply.
Maximum sales charge on
purchases
after December 31, 1995
(as a % of offering price) 2.00%
Maximum sales charge on
reinvested distributions None
Deferred sales charge on
redemptions None
Exchange fee None
Annual account maintenance fee
(for accounts under $2,500) $12.
00
The following paragraph
supplements the information
found in the section entitled
"Transaction Details"
beginning on page 23.
FIDELITY RESERVES THE RIGHT
TO DEDUCT AN ANNUAL
MAINTENANCE FEE of $12.00
from accounts with a value of
less than $2,500 (including
any amount paid as a sales
charge), subject to an annual
maximum charge of $60.00
per shareholder. It is
expected that accounts will
be valued on the second
Friday in November of each
year. Accounts opened after
September 30 will not be
subject to the fee for that
year. The fee, which is
payable to the transfer agent,
is designed to offset in part
the relatively higher costs of
servicing smaller accounts.
The fee will not be deducted
from retirement accounts,
accounts using regular
investment plans, or if total
assets in Fidelity funds
exceed $50,000. Eligibility for
the $50,000 waiver is
determined by aggregating
Fidelity mutual fund accounts
maintained by FSC or FBSI
which are registered under
the same social security
number or which list the
same social security number
for the custodian of a
Uniform Gifts/Transfers to
Minors Act account.
The following information
replaces the corresponding
section under the heading
"Sales Charge Reductions
and Waivers" beginning on
page 26.
SUPPLEMENT TO THE
FIDELITY EQUITY-INCOME
FUND PROSPECTUS
DATED MARCH 21, 1994
The following information
replaces the similar
information found under the
"Expenses" section on page
4.
SHAREHOLDER TRANSACTION
EXPENSES are charges you
pay when you buy, sell, or
hold shares of a fund. See
pages 16 and 22 through 28
for an explanation of how and
when these charges apply.
Maximum sales charge on
purchases
after December 31, 1995
(as a % of offering price) 2.00%
Maximum sales charge on
reinvested distributions None
Deferred sales charge on
redemptions None
Exchange fee None
Annual account maintenance fee
(for accounts under $2,500) $12.
00
The following paragraph
supplements the information
found in the section entitled
"Transaction Details"
beginning on page 23.
FIDELITY RESERVES THE RIGHT
TO DEDUCT AN ANNUAL
MAINTENANCE FEE of $12.00
from accounts with a value of
less than $2,500 (including
any amount paid as a sales
charge), subject to an annual
maximum charge of $60.00
per shareholder. It is
expected that accounts will
be valued on the second
Friday in November of each
year. Accounts opened after
September 30 will not be
subject to the fee for that
year. The fee, which is
payable to the transfer agent,
is designed to offset in part
the relatively higher costs of
servicing smaller accounts.
The fee will not be deducted
from retirement accounts,
accounts using regular
investment plans, or if total
assets in Fidelity funds
exceed $50,000. Eligibility for
the $50,000 waiver is
determined by aggregating
Fidelity mutual fund accounts
maintained by FSC or FBSI
which are registered under
the same social security
number or which list the
same social security number
for the custodian of a
Uniform Gifts/Transfers to
Minors Act account.
The following information
replaces the corresponding
section under the heading
"Sales Charge Reductions
and Waivers" beginning on
page 26.
EQU-95-1 (PAGE 1 OF 2) January 23, 1995
EQU-95-1 (PAGE 1 OF 2) January 23, 1995
The fund's sales charge will
not apply:..7. If you are a
current or former trustee or
officer of a Fidelity fund or a
current or retired officer,
director, or regular employee
of FMR Corp. or its direct or
indirect subsidiaries (a
Fidelity Trustee or
employee), the spouse of a
Fidelity trustee or employee,
a Fidelity trustee or
employee acting as
custodian for a minor child,
or a person acting as trustee
of a trust for the sole benefit
of the minor child of a Fidelity
trustee or employee;...10. If
you are a registered
investment adviser (RIA)
purchasing for your
discretionary accounts,
provided you execute a
Fidelity RIA load waiver
agreement which specifies
certain aggregate minimum
and operating provisions.
Except for correspondents of
National Financial Services
Corporation, this waiver is
available only for shares
purchased directly from
Fidelity, and is unavailable if
the RIA is part of an
organization principally
engaged in the brokerage
business.
The following information
supplements the
corresponding section under
the heading "Sales Charge
Reductions and Waivers"
beginning on page 26.
The fund's sales charge will
not apply:..12. If you invest
through a non-prototype
pension or profit-sharing plan
that maintains all of its
mutual fund assets in Fidelity
mutual funds, provided the
plan executes a Fidelity
non-prototype sales charge
waiver request form
confirming its qualification.
The following information
replaces the last paragraph
under the heading "Sales
Charge Reductions and
Waivers" beginning on page
26.
These waivers must be
qualified through FDC in
advance. More detailed
information about waivers
(1), (2), (5), (9), and (10) is
contained in the Statement of
Additional Information. A
representative of your plan or
organization should call
Fidelity for more information.
The fund's sales charge will
not apply:..7. If you are a
current or former trustee or
officer of a Fidelity fund or a
current or retired officer,
director, or regular employee
of FMR Corp. or its direct or
indirect subsidiaries (a
Fidelity Trustee or
employee), the spouse of a
Fidelity trustee or employee,
a Fidelity trustee or employee
acting as custodian for a
minor child, or a person
acting as trustee of a trust for
the sole benefit of the minor
child of a Fidelity trustee or
employee;...10. If you are a
registered investment adviser
(RIA) purchasing for your
discretionary accounts,
provided you execute a
Fidelity RIA load waiver
agreement which specifies
certain aggregate minimum
and operating provisions.
Except for correspondents of
National Financial Services
Corporation, this waiver is
available only for shares
purchased directly from
Fidelity, and is unavailable if
the RIA is part of an
organization principally
engaged in the brokerage
business.
The following information
supplements the
corresponding section under
the heading "Sales Charge
Reductions and Waivers"
beginning on page 26.
The fund's sales charge will
not apply:..12. If you invest
through a non-prototype
pension or profit-sharing plan
that maintains all of its
mutual fund assets in Fidelity
mutual funds, provided the
plan executes a Fidelity
non-prototype sales charge
waiver request form
confirming its qualification.
The following information
replaces the last paragraph
under the heading "Sales
Charge Reductions and
Waivers" beginning on page
26.
These waivers must be
qualified through FDC in
advance. More detailed
information about waivers
(1), (2), (5), (9), and (10) is
contained in the Statement of
Additional Information. A
representative of your plan or
organization should call
Fidelity for more information.
(PAGE 2 OF 2)
(PAGE 2 OF 2)
SUPPLEMENT TO THE
FIDELITY EQUITY-INCOME
FUND PROSPECTUS
DATED MARCH 21, 1994
The following information
replaces the similar
information found under the
"Expenses" section on page
4.
SHAREHOLDER TRANSACTION
EXPENSES are charges you
pay when you buy, sell, or
hold shares of a fund. See
pages 16 and 22 through 28
for an explanation of how and
when these charges apply.
Maximum sales charge on
purchases
after December 31, 1995
(as a % of offering price) 2.00%
Maximum sales charge on
reinvested distributions None
Deferred sales charge on
redemptions None
Exchange fee None
Annual account maintenance fee
(for accounts under $2,500) $12.
00
The following paragraph
supplements the information
found in the section entitled
"Transaction Details"
beginning on page 23.
FIDELITY RESERVES THE RIGHT
TO DEDUCT AN ANNUAL
MAINTENANCE FEE of $12.00
from accounts with a value of
less than $2,500 (including
any amount paid as a sales
charge), subject to an annual
maximum charge of $60.00
per shareholder. It is
expected that accounts will
be valued on the second
Friday in November of each
year. Accounts opened after
September 30 will not be
subject to the fee for that
year. The fee, which is
payable to the transfer agent,
is designed to offset in part
the relatively higher costs of
servicing smaller accounts.
The fee will not be deducted
from retirement accounts,
accounts using regular
investment plans, or if total
assets in Fidelity funds
exceed $50,000. Eligibility for
the $50,000 waiver is
determined by aggregating
Fidelity mutual fund accounts
maintained by FSC or FBSI
which are registered under
the same social security
number or which list the
same social security number
for the custodian of a
Uniform Gifts/Transfers to
Minors Act account.
The following information
replaces the corresponding
section under the heading
"Sales Charge Reductions
and Waivers" beginning on
page 26.
SUPPLEMENT TO THE
FIDELITY EQUITY-INCOME
FUND PROSPECTUS
DATED MARCH 21, 1994
The following information
replaces the similar
information found under the
"Expenses" section on page
4.
SHAREHOLDER TRANSACTION
EXPENSES are charges you
pay when you buy, sell, or
hold shares of a fund. See
pages 16 and 22 through 28
for an explanation of how and
when these charges apply.
Maximum sales charge on
purchases
after December 31, 1995
(as a % of offering price) 2.00%
Maximum sales charge on
reinvested distributions None
Deferred sales charge on
redemptions None
Exchange fee None
Annual account maintenance fee
(for accounts under $2,500) $12.
00
The following paragraph
supplements the information
found in the section entitled
"Transaction Details"
beginning on page 23.
FIDELITY RESERVES THE RIGHT
TO DEDUCT AN ANNUAL
MAINTENANCE FEE of $12.00
from accounts with a value of
less than $2,500 (including
any amount paid as a sales
charge), subject to an annual
maximum charge of $60.00
per shareholder. It is
expected that accounts will
be valued on the second
Friday in November of each
year. Accounts opened after
September 30 will not be
subject to the fee for that
year. The fee, which is
payable to the transfer agent,
is designed to offset in part
the relatively higher costs of
servicing smaller accounts.
The fee will not be deducted
from retirement accounts,
accounts using regular
investment plans, or if total
assets in Fidelity funds
exceed $50,000. Eligibility for
the $50,000 waiver is
determined by aggregating
Fidelity mutual fund accounts
maintained by FSC or FBSI
which are registered under
the same social security
number or which list the
same social security number
for the custodian of a
Uniform Gifts/Transfers to
Minors Act account.
The following information
replaces the corresponding
section under the heading
"Sales Charge Reductions
and Waivers" beginning on
page 26.
EQU-95-1 (PAGE 1 OF 2) January 23, 1995
EQU-95-1 (PAGE 1 OF 2) January 23, 1995
The fund's sales charge will
not apply:..7. If you are a
current or former trustee or
officer of a Fidelity fund or a
current or retired officer,
director, or regular employee
of FMR Corp. or its direct or
indirect subsidiaries (a
Fidelity Trustee or
employee), the spouse of a
Fidelity trustee or employee,
a Fidelity trustee or
employee acting as
custodian for a minor child,
or a person acting as trustee
of a trust for the sole benefit
of the minor child of a Fidelity
trustee or employee;...10. If
you are a registered
investment adviser (RIA)
purchasing for your
discretionary accounts,
provided you execute a
Fidelity RIA load waiver
agreement which specifies
certain aggregate minimum
and operating provisions.
Except for correspondents of
National Financial Services
Corporation, this waiver is
available only for shares
purchased directly from
Fidelity, and is unavailable if
the RIA is part of an
organization principally
engaged in the brokerage
business.
The following information
supplements the
corresponding section under
the heading "Sales Charge
Reductions and Waivers"
beginning on page 26.
The fund's sales charge will
not apply:..12. If you invest
through a non-prototype
pension or profit-sharing plan
that maintains all of its
mutual fund assets in Fidelity
mutual funds, provided the
plan executes a Fidelity
non-prototype sales charge
waiver request form
confirming its qualification.
The following information
replaces the last paragraph
under the heading "Sales
Charge Reductions and
Waivers" beginning on page
26.
These waivers must be
qualified through FDC in
advance. More detailed
information about waivers
(1), (2), (5), (9), and (10) is
contained in the Statement of
Additional Information. A
representative of your plan or
organization should call
Fidelity for more information.
The fund's sales charge will
not apply:..7. If you are a
current or former trustee or
officer of a Fidelity fund or a
current or retired officer,
director, or regular employee
of FMR Corp. or its direct or
indirect subsidiaries (a
Fidelity Trustee or
employee), the spouse of a
Fidelity trustee or employee,
a Fidelity trustee or employee
acting as custodian for a
minor child, or a person
acting as trustee of a trust for
the sole benefit of the minor
child of a Fidelity trustee or
employee;...10. If you are a
registered investment adviser
(RIA) purchasing for your
discretionary accounts,
provided you execute a
Fidelity RIA load waiver
agreement which specifies
certain aggregate minimum
and operating provisions.
Except for correspondents of
National Financial Services
Corporation, this waiver is
available only for shares
purchased directly from
Fidelity, and is unavailable if
the RIA is part of an
organization principally
engaged in the brokerage
business.
The following information
supplements the
corresponding section under
the heading "Sales Charge
Reductions and Waivers"
beginning on page 26.
The fund's sales charge will
not apply:..12. If you invest
through a non-prototype
pension or profit-sharing plan
that maintains all of its
mutual fund assets in Fidelity
mutual funds, provided the
plan executes a Fidelity
non-prototype sales charge
waiver request form
confirming its qualification.
The following information
replaces the last paragraph
under the heading "Sales
Charge Reductions and
Waivers" beginning on page
26.
These waivers must be
qualified through FDC in
advance. More detailed
information about waivers
(1), (2), (5), (9), and (10) is
contained in the Statement of
Additional Information. A
representative of your plan or
organization should call
Fidelity for more information.
(PAGE 2 OF 2)
(PAGE 2 OF 2)
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C>
MARCH 29, 1994
(COMMENCEMENT OF
OPERATIONS) TO
JULY 31, 1994
(UNAUDITED)
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 10.00
Income from Investment Operations
Net investment income (.02)
Net realized and unrealized gain (loss) (.05)C
Total from investment operations (.07)
Net asset value, end of period $ 9.93
TOTAL RETURN B (.70)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 29,471
Ratio of expenses to average net assets 2.06% A, D
Ratio of expenses to average net assets before expense 2.07% A, D
reductions
Ratio of net investment income to average net assets (.75)% A
Portfolio turnover rate 170% A
</TABLE>
A ANNUALIZED
B THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN AND FOR PERIODS OF LESS THAN ONE YEAR ARE
NOT ANNUALIZED.
C THE AMOUNT SHOWN FOR A SHARE OUTSTANDING DOES NOT CORRESPOND WITH THE
AGGREGATE NET GAIN ON INVESTMENTS FOR THE PERIOD ENDED DUE TO THE TIMING OF
SALES AND REPURCHASES OF FUND SHARES IN RELATION TO FLUCTUATING MARKET
VALUES OF THE INVESTMENTS OF THE FUND.
D FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C>
MARCH 29, 1994
(COMMENCEMENT OF
OPERATIONS) TO
JULY 31, 1994
(UNAUDITED)
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 10.00
Income from Investment Operations
Net investment income (.02)
Net realized and unrealized gain (loss) (.05)C
Total from investment operations (.07)
Net asset value, end of period $ 9.93
TOTAL RETURN B (.70)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 29,471
Ratio of expenses to average net assets 2.06% A, D
Ratio of expenses to average net assets before expense 2.07% A, D
reductions
Ratio of net investment income to average net assets (.75)% A
Portfolio turnover rate 170% A
</TABLE>
A ANNUALIZED
B THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN AND FOR PERIODS OF LESS THAN ONE YEAR ARE
NOT ANNUALIZED.
C THE AMOUNT SHOWN FOR A SHARE OUTSTANDING DOES NOT CORRESPOND WITH THE
AGGREGATE NET GAIN ON INVESTMENTS FOR THE PERIOD ENDED DUE TO THE TIMING OF
SALES AND REPURCHASES OF FUND SHARES IN RELATION TO FLUCTUATING MARKET
VALUES OF THE INVESTMENTS OF THE FUND.
D FMR HAS DIRECTED CERTAIN PORTFOLIO TRADES TO BROKERS WHO PAID A PORTION
OF THE FUND'S EXPENSES.
SUPPLEMENT TO THE
FIDELITY EQUITY-INCOME
FUND PROSPECTUS
DATED MARCH 21, 1994
The following information
replaces the similar information
found under the "Expenses"
section on page 4.
SHAREHOLDER TRANSACTION
EXPENSES are charges you pay
when you buy, sell, or hold
shares of a fund. See pages 16
and 22 through 28 for an
explanation of how and when
these charges apply.
Maximum sales charge on
purchases
after December 31, 1995
(as a % of offering price) 2.00%
Maximum sales charge on
reinvested distributions None
Deferred sales charge on
redemptions None
Exchange fee None
Annual account maintenance fee
(for accounts under $2,500) $12.00
The following paragraph
supplements the information
found in the section entitled
"Transaction Details" beginning
on page 23.
FIDELITY RESERVES THE RIGHT TO
DEDUCT AN ANNUAL
MAINTENANCE FEE of $12.00
from accounts with a value of
less than $2,500 (including any
amount paid as a sales
charge), subject to an annual
maximum charge of $60.00 per
shareholder. It is expected that
accounts will be valued on the
second Friday in November of
each year. Accounts opened
after September 30 will not be
subject to the fee for that year.
The fee, which is payable to
the transfer agent, is designed
to offset in part the relatively
higher costs of servicing
smaller accounts. The fee will
not be deducted from
retirement accounts, accounts
using regular investment plans,
or if total assets in Fidelity
funds exceed $50,000.
Eligibility for the $50,000 waiver
is determined by aggregating
Fidelity mutual fund accounts
maintained by FSC or FBSI
which are registered under the
same social security number or
which list the same social
security number for the
custodian of a Uniform
Gifts/Transfers to Minors Act
account.
The following information
replaces the corresponding
section under the heading
"Sales Charge Reductions and
Waivers" beginning on page 26.
SUPPLEMENT TO THE
FIDELITY EQUITY-INCOME
FUND PROSPECTUS
DATED MARCH 21, 1994
The following information
replaces the similar information
found under the "Expenses"
section on page 4.
SHAREHOLDER TRANSACTION
EXPENSES are charges you pay
when you buy, sell, or hold
shares of a fund. See pages 16
and 22 through 28 for an
explanation of how and when
these charges apply.
Maximum sales charge on
purchases
after December 31, 1995
(as a % of offering price) 2.00%
Maximum sales charge on
reinvested distributions None
Deferred sales charge on
redemptions None
Exchange fee None
Annual account maintenance fee
(for accounts under $2,500) $12.00
The following paragraph
supplements the information
found in the section entitled
"Transaction Details" beginning
on page 23.
FIDELITY RESERVES THE RIGHT TO
DEDUCT AN ANNUAL
MAINTENANCE FEE of $12.00
from accounts with a value of
less than $2,500 (including any
amount paid as a sales
charge), subject to an annual
maximum charge of $60.00 per
shareholder. It is expected that
accounts will be valued on the
second Friday in November of
each year. Accounts opened
after September 30 will not be
subject to the fee for that year.
The fee, which is payable to
the transfer agent, is designed
to offset in part the relatively
higher costs of servicing
smaller accounts. The fee will
not be deducted from
retirement accounts, accounts
using regular investment plans,
or if total assets in Fidelity
funds exceed $50,000.
Eligibility for the $50,000 waiver
is determined by aggregating
Fidelity mutual fund accounts
maintained by FSC or FBSI
which are registered under the
same social security number or
which list the same social
security number for the
custodian of a Uniform
Gifts/Transfers to Minors Act
account.
The following information
replaces the corresponding
section under the heading
"Sales Charge Reductions and
Waivers" beginning on page 26.
EQU-95-1 (PAGE 1 OF 2) January 23, 1995
EQU-95-1 (PAGE 1 OF 2) January 23, 1995
SUPPLEMENT TO THE
FIDELITY EQUITY-INCOME
FUND PROSPECTUS
DATED MARCH 21, 1994
The following information
replaces the similar
information found under the
"Expenses" section on page
4.
SHAREHOLDER TRANSACTION
EXPENSES are charges you
pay when you buy, sell, or
hold shares of a fund. See
pages 16 and 22 through 28
for an explanation of how and
when these charges apply.
Maximum sales charge on
purchases
after December 31, 1995
(as a % of offering price) 2.00%
Maximum sales charge on
reinvested distributions None
Deferred sales charge on
redemptions None
Exchange fee None
Annual account maintenance fee
(for accounts under $2,500) $12.
00
The following paragraph
supplements the information
found in the section entitled
"Transaction Details"
beginning on page 23.
FIDELITY RESERVES THE RIGHT
TO DEDUCT AN ANNUAL
MAINTENANCE FEE of $12.00
from accounts with a value of
less than $2,500 (including
any amount paid as a sales
charge), subject to an annual
maximum charge of $60.00
per shareholder. It is
expected that accounts will
be valued on the second
Friday in November of each
year. Accounts opened after
September 30 will not be
subject to the fee for that
year. The fee, which is
payable to the transfer agent,
is designed to offset in part
the relatively higher costs of
servicing smaller accounts.
The fee will not be deducted
from retirement accounts,
accounts using regular
investment plans, or if total
assets in Fidelity funds
exceed $50,000. Eligibility for
the $50,000 waiver is
determined by aggregating
Fidelity mutual fund accounts
maintained by FSC or FBSI
which are registered under
the same social security
number or which list the
same social security number
for the custodian of a
Uniform Gifts/Transfers to
Minors Act account.
The following information
replaces the corresponding
section under the heading
"Sales Charge Reductions
and Waivers" beginning on
page 26.
SUPPLEMENT TO THE
FIDELITY EQUITY-INCOME
FUND PROSPECTUS
DATED MARCH 21, 1994
The following information
replaces the similar
information found under the
"Expenses" section on page
4.
SHAREHOLDER TRANSACTION
EXPENSES are charges you
pay when you buy, sell, or
hold shares of a fund. See
pages 16 and 22 through 28
for an explanation of how and
when these charges apply.
Maximum sales charge on
purchases
after December 31, 1995
(as a % of offering price) 2.00%
Maximum sales charge on
reinvested distributions None
Deferred sales charge on
redemptions None
Exchange fee None
Annual account maintenance fee
(for accounts under $2,500) $12.
00
The following paragraph
supplements the information
found in the section entitled
"Transaction Details"
beginning on page 23.
FIDELITY RESERVES THE RIGHT
TO DEDUCT AN ANNUAL
MAINTENANCE FEE of $12.00
from accounts with a value of
less than $2,500 (including
any amount paid as a sales
charge), subject to an annual
maximum charge of $60.00
per shareholder. It is
expected that accounts will
be valued on the second
Friday in November of each
year. Accounts opened after
September 30 will not be
subject to the fee for that
year. The fee, which is
payable to the transfer agent,
is designed to offset in part
the relatively higher costs of
servicing smaller accounts.
The fee will not be deducted
from retirement accounts,
accounts using regular
investment plans, or if total
assets in Fidelity funds
exceed $50,000. Eligibility for
the $50,000 waiver is
determined by aggregating
Fidelity mutual fund accounts
maintained by FSC or FBSI
which are registered under
the same social security
number or which list the
same social security number
for the custodian of a
Uniform Gifts/Transfers to
Minors Act account.
The following information
replaces the corresponding
section under the heading
"Sales Charge Reductions
and Waivers" beginning on
page 26.
EQU-95-1 (PAGE 1 OF 2) January 23, 1995
EQU-95-1 (PAGE 1 OF 2) January 23, 1995
SUPPLEMENT TO THE
FIDELITY EQUITY-INCOME
FUND PROSPECTUS
DATED MARCH 21, 1994
The following information
replaces the similar
information found under the
"Expenses" section on page
4.
SHAREHOLDER TRANSACTION
EXPENSES are charges you
pay when you buy, sell, or
hold shares of a fund. See
pages 16 and 22 through 28
for an explanation of how and
when these charges apply.
Maximum sales charge on
purchases
after December 31, 1995
(as a % of offering price) 2.00%
Maximum sales charge on
reinvested distributions None
Deferred sales charge on
redemptions None
Exchange fee None
Annual account maintenance fee
(for accounts under $2,500) $12.
00
The following paragraph
supplements the information
found in the section entitled
"Transaction Details"
beginning on page 23.
FIDELITY RESERVES THE RIGHT
TO DEDUCT AN ANNUAL
MAINTENANCE FEE of $12.00
from accounts with a value of
less than $2,500 (including
any amount paid as a sales
charge), subject to an annual
maximum charge of $60.00
per shareholder. It is
expected that accounts will
be valued on the second
Friday in November of each
year. Accounts opened after
September 30 will not be
subject to the fee for that
year. The fee, which is
payable to the transfer agent,
is designed to offset in part
the relatively higher costs of
servicing smaller accounts.
The fee will not be deducted
from retirement accounts,
accounts using regular
investment plans, or if total
assets in Fidelity funds
exceed $50,000. Eligibility for
the $50,000 waiver is
determined by aggregating
Fidelity mutual fund accounts
maintained by FSC or FBSI
which are registered under
the same social security
number or which list the
same social security number
for the custodian of a
Uniform Gifts/Transfers to
Minors Act account.
The following information
replaces the corresponding
section under the heading
"Sales Charge Reductions
and Waivers" beginning on
page 26.
SUPPLEMENT TO THE
FIDELITY EQUITY-INCOME
FUND PROSPECTUS
DATED MARCH 21, 1994
The following information
replaces the similar
information found under the
"Expenses" section on page
4.
SHAREHOLDER TRANSACTION
EXPENSES are charges you
pay when you buy, sell, or
hold shares of a fund. See
pages 16 and 22 through 28
for an explanation of how and
when these charges apply.
Maximum sales charge on
purchases
after December 31, 1995
(as a % of offering price) 2.00%
Maximum sales charge on
reinvested distributions None
Deferred sales charge on
redemptions None
Exchange fee None
Annual account maintenance fee
(for accounts under $2,500) $12.
00
The following paragraph
supplements the information
found in the section entitled
"Transaction Details"
beginning on page 23.
FIDELITY RESERVES THE RIGHT
TO DEDUCT AN ANNUAL
MAINTENANCE FEE of $12.00
from accounts with a value of
less than $2,500 (including
any amount paid as a sales
charge), subject to an annual
maximum charge of $60.00
per shareholder. It is
expected that accounts will
be valued on the second
Friday in November of each
year. Accounts opened after
September 30 will not be
subject to the fee for that
year. The fee, which is
payable to the transfer agent,
is designed to offset in part
the relatively higher costs of
servicing smaller accounts.
The fee will not be deducted
from retirement accounts,
accounts using regular
investment plans, or if total
assets in Fidelity funds
exceed $50,000. Eligibility for
the $50,000 waiver is
determined by aggregating
Fidelity mutual fund accounts
maintained by FSC or FBSI
which are registered under
the same social security
number or which list the
same social security number
for the custodian of a
Uniform Gifts/Transfers to
Minors Act account.
The following information
replaces the corresponding
section under the heading
"Sales Charge Reductions
and Waivers" beginning on
page 26.
EQU-95-1 (PAGE 1 OF 2) January 23, 1995
EQU-95-1 (PAGE 1 OF 2) January 23, 1995
