SUPPLEMENT TO THE FIDELITY
TREND FUND AND FIDELITY
VALUE FUND PROSPECTUS
DATED FEBRUARY 19, 1994
SHAREHOLDER MEETING. On
October 26, 1994, shareholders
of Fidelity Value Fund voted to
approve a revision to the fund's
management contract, changes
to the fund's current
diversification limit, and other
matters related to the fund's
management.
The revised management fee
structure will become effective
November 1, 1994. The
revised structure, which was
voluntarily adopted by FMR on
August 1, 1994, provides for a
lower individual fund fee rate
(from .35% to .30%), and
additional group fee
breakpoints. The change
provides for lower management
fees at all asset levels.
The fund's current
diversification limit as stated in
the section entitled
"Fundamental Investment
Policies and Restrictions" on
page 30 has been replaced
with the following:
"The fund may not, with respect
to 75% of the fund's total
assets, purchase the securities
of any issuer (other than
securities issued or guaranteed
by the U.S. government or any
of its agencies or
instrumentalities) if, as a result,
(a) more than 5% of the fund's
total assets would be invested
in the securities of that issuer,
or (b) the fund would hold more
than 10% of the outstanding
voting securities of that issuer."
The following information
replaces the corresponding
information found in the section
entitled "Expenses and
Performance" on page 4.
ANNUAL FUND OPERATING
EXPENSES
are paid out of each fund's
assets. Each fund pays a
management fee that varies
based on its performance. It
also incurs other expenses for
services such as maintaining
shareholder records and
furnishing shareholder
statements and fund reports. A
fund's expenses are factored
into its share price or dividends
and are not charged directly to
shareholder accounts (see
page 24).
SUPPLEMENT TO THE FIDELITY
TREND FUND AND FIDELITY
VALUE FUND PROSPECTUS
DATED FEBRUARY 19, 1994
SHAREHOLDER MEETING. On
October 26, 1994, shareholders
of Fidelity Value Fund voted to
approve a revision to the fund's
management contract, changes
to the fund's current
diversification limit, and other
matters related to the fund's
management.
The revised management fee
structure will become effective
November 1, 1994. The
revised structure, which was
voluntarily adopted by FMR on
August 1, 1994, provides for a
lower individual fund fee rate
(from .35% to .30%), and
additional group fee
breakpoints. The change
provides for lower management
fees at all asset levels.
The fund's current
diversification limit as stated in
the section entitled
"Fundamental Investment
Policies and Restrictions" on
page 30 has been replaced
with the following:
"The fund may not, with respect
to 75% of the fund's total
assets, purchase the securities
of any issuer (other than
securities issued or guaranteed
by the U.S. government or any
of its agencies or
instrumentalities) if, as a result,
(a) more than 5% of the fund's
total assets would be invested
in the securities of that issuer,
or (b) the fund would hold more
than 10% of the outstanding
voting securities of that issuer."
The following information
replaces the corresponding
information found in the section
entitled "Expenses and
Performance" on page 4.
ANNUAL FUND OPERATING
EXPENSES
are paid out of each fund's
assets. Each fund pays a
management fee that varies
based on its performance. It
also incurs other expenses for
services such as maintaining
shareholder records and
furnishing shareholder
statements and fund reports. A
fund's expenses are factored
into its share price or dividends
and are not charged directly to
shareholder accounts (see
page 24).
TRE/VAL-94-4 Page 1 of 2 October 26, 1994
TRE/VAL-94-4 Page 1 of 2 October 26, 1994
SUPPLEMENT TO THE FIDELITY
TREND FUND AND FIDELITY
VALUE FUND PROSPECTUS
DATED FEBRUARY 19, 1994
SHAREHOLDER MEETING. On
October 26, 1994, shareholders
of Fidelity Value Fund voted to
approve a revision to the fund's
management contract, changes
to the fund's current
diversification limit, and other
matters related to the fund's
management.
The revised management fee
structure will become effective
November 1, 1994. The
revised structure, which was
voluntarily adopted by FMR on
August 1, 1994, provides for a
lower individual fund fee rate
(from .35% to .30%), and
additional group fee
breakpoints. The change
provides for lower management
fees at all asset levels.
The fund's current
diversification limit as stated in
the section entitled
"Fundamental Investment
Policies and Restrictions" on
page 30 has been replaced
with the following:
"The fund may not, with respect
to 75% of the fund's total
assets, purchase the securities
of any issuer (other than
securities issued or guaranteed
by the U.S. government or any
of its agencies or
instrumentalities) if, as a result,
(a) more than 5% of the fund's
total assets would be invested
in the securities of that issuer,
or (b) the fund would hold more
than 10% of the outstanding
voting securities of that issuer."
The following information
replaces the corresponding
information found in the section
entitled "Expenses and
Performance" on page 4.
ANNUAL FUND OPERATING
EXPENSES
are paid out of each fund's
assets. Each fund pays a
management fee that varies
based on its performance. It
also incurs other expenses for
services such as maintaining
shareholder records and
furnishing shareholder
statements and fund reports. A
fund's expenses are factored
into its share price or dividends
and are not charged directly to
shareholder accounts (see
page 24).
SUPPLEMENT TO THE FIDELITY
TREND FUND AND FIDELITY
VALUE FUND PROSPECTUS
DATED FEBRUARY 19, 1994
SHAREHOLDER MEETING. On
October 26, 1994, shareholders
of Fidelity Value Fund voted to
approve a revision to the fund's
management contract, changes
to the fund's current
diversification limit, and other
matters related to the fund's
management.
The revised management fee
structure will become effective
November 1, 1994. The
revised structure, which was
voluntarily adopted by FMR on
August 1, 1994, provides for a
lower individual fund fee rate
(from .35% to .30%), and
additional group fee
breakpoints. The change
provides for lower management
fees at all asset levels.
The fund's current
diversification limit as stated in
the section entitled
"Fundamental Investment
Policies and Restrictions" on
page 30 has been replaced
with the following:
"The fund may not, with respect
to 75% of the fund's total
assets, purchase the securities
of any issuer (other than
securities issued or guaranteed
by the U.S. government or any
of its agencies or
instrumentalities) if, as a result,
(a) more than 5% of the fund's
total assets would be invested
in the securities of that issuer,
or (b) the fund would hold more
than 10% of the outstanding
voting securities of that issuer."
The following information
replaces the corresponding
information found in the section
entitled "Expenses and
Performance" on page 4.
ANNUAL FUND OPERATING
EXPENSES
are paid out of each fund's
assets. Each fund pays a
management fee that varies
based on its performance. It
also incurs other expenses for
services such as maintaining
shareholder records and
furnishing shareholder
statements and fund reports. A
fund's expenses are factored
into its share price or dividends
and are not charged directly to
shareholder accounts (see
page 24).
TRE/VAL-94-4 Page 1 of 2 October 26, 1994
TRE/VAL-94-4 Page 1 of 2 October 26, 1994
