SUPPLEMENT TO THE
FIDELITY TREND FUND AND
FIDELITY VALUE FUND
PROSPECTUS
DATED FEBRUARY 19, 1994
VO LUNTARY EXPENSE REDUCTION.
Effective August 1, 1994, FMR
will voluntarily implement a
management fee reduction for
Fidelity Value Fund. The
individual fund fee rate will be
reduced from .35% to .30%.
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).
The following are projections
based on historical expenses,
adjusted to reflect the current
contract, and are calculated as
a percentage of average net
assets. A portion of the
brokerage commissions that
the funds paid was used to
reduce fund expenses. Without
this reduction, the total
operating expenses would have
been 1.03% for Trend Fund
and 1.07 % for Value fund.
TREND FUND
Management fee .75%
12b-1 fee None
Other expenses .27%
Total fund operating expenses 1.02
%
VALUE FUND
Management fee (after reduction) .6
7 %
12b-1 fee None
Other expenses .39%
Total fund operating expenses 1.06
%
EXAMPLES: Let's say,
hypothetically, that each fund's
annual return is 5% and that its
operating expenses are exactly
as just described. For every
$1,000 you invested, here's how
much you would pay in total
expenses if you close your
account after the number of
years indicated:
TREND FUND
After 1 year $10
After 3 years $32
After 5 years $56
After 10 years $125
VALUE FUND
After 1 year $ 11
After 3 years $ 34
After 5 years $ 58
After 10 years $ 129
FMR has voluntarily agreed to
reduce Value Fund's individual
fund fee rate. If this agreement
were not in effect, Value Fund's
management fee, other
expenses, and total operating
expenses would be .72%,
.39%, and 1.11%.
SUPPLEMENT TO THE
FIDELITY TREND FUND AND
FIDELITY VALUE FUND
PROSPECTUS
DATED FEBRUARY 19, 1994
VO LUNTARY EXPENSE REDUCTION.
Effective August 1, 1994, FMR
will voluntarily implement a
management fee reduction for
Fidelity Value Fund. The
individual fund fee rate will be
reduced from .35% to .30%.
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).
The following are projections
based on historical expenses,
adjusted to reflect the current
contract, and are calculated as
a percentage of average net
assets. A portion of the
brokerage commissions that
the funds paid was used to
reduce fund expenses. Without
this reduction, the total
operating expenses would have
been 1.03% for Trend Fund
and 1.07 % for Value fund.
TREND FUND
Management fee .75%
12b-1 fee None
Other expenses .27%
Total fund operating expenses 1.02
%
VALUE FUND
Management fee (after reduction) .6
7 %
12b-1 fee None
Other expenses .39%
Total fund operating expenses 1.06
%
EXAMPLES: Let's say,
hypothetically, that each fund's
annual return is 5% and that its
operating expenses are exactly
as just described. For every
$1,000 you invested, here's how
much you would pay in total
expenses if you close your
account after the number of
years indicated:
TREND FUND
After 1 year $10
After 3 years $32
After 5 years $56
After 10 years $125
VALUE FUND
After 1 year $ 11
After 3 years $ 34
After 5 years $ 58
After 10 years $ 129
FMR has voluntarily agreed to
reduce Value Fund's individual
fund fee rate. If this agreement
were not in effect, Value Fund's
management fee, other
expenses, and total operating
expenses would be .72%,
.39%, and 1.11%.
TRE/VAL-94-2 August 5, 1994
TRE/VAL-94-2 August 5, 1994
FIDELITY VALUE FUND
A FUND OF FIDELITY CAPITAL TRUST
AND
FIDELITY TREND FUND
Supplement to the Statement of Additional Information
dated February 19, 1994
MANAGEMENT CONTRACT. Effective August 1, 1994, FMR agreed to
voluntarily adopt the revised group fee rate schedule shown below for
purposes of calculating the group fee component of the management fee. The
revised schedule provides for lower management fees as total assets under
management increase, and it will be presented to shareholders for approval
at the next shareholder meeting.
The following information replaces the "Group Fee Rate" and "Effective
Annual Fee Rate" schedules found on page 19.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE
RATES
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Average Group
Annualized
Group Net
Effective Annual Fee
Assets Rate Assets Rate
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
0 - $ 3 billion .520% $ 0.5 billion .5200%
3 - 6 .490 25 .4238
6 - 9 .460 50 .3823
9 - 12 .430 75 .3626
12 - 15 .400 100 .3512
15 - 18 .385 125 .3430
18 - 21 .370 150 .3371
21 - 24 .360 175 .3325
24 - 30 .350 200 .3284
30 - 36 .345 225 .3249
36 - 42 .340 250 .3219
42 - 48 .335 275 .3190
48 - 66 .325 300 .3163
66 - 84 .320 325 .3137
84 - 102 .315 350 . 3113
1 02 - 138 .310 375 . 3090
1 38 - 174 .305 400 . 3067
174 - 210 .300
210 - 246 . 295
246 - 282 . 290
282 - 318 . 285
318 - 354 . 280
354 - 390 . 275
Over 390 . 270
</TABLE>
TREB/VALB-94-1 August 1994
