SUPPLEMENT TO THE FIDELITY
TREND FUND AND FIDELITY
VALUE FUND PROSPECTUS
DATED FEBRUARY 19, 1994
SHAREHOLDER MEETING. On
October 26, 1994, a meeting of
the shareholders of Fidelity
Value Fund will be held to
approve a revision to the fund's
management contract, changes
to the fund's current
diversification limit, and to
approve other matters related
to the fund's management.
If shareholders approve a new
management contract for Value
Fund, the revised management
fee structurewill become
effective November 1, 1994, or
the first day of the month
following approval. 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 will provide for lower
management fees at all asset
levels.
If shareholders approve the
proposal to amend Value
Fund's fundamental
diversification limit, the fund's
current diversification limit as
stated in the section entitled
"Fundamental Investment
Policies and Restrictions" on
page 30 will be 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."
A copy of the proxy statement
may be obtained free of charge
by calling Fidelity Distributors
Corporation at 1-800-544-8888.
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, a meeting of
the shareholders of Fidelity
Value Fund will be held to
approve a revision to the fund's
management contract, changes
to the fund's current
diversification limit, and to
approve other matters related
to the fund's management.
If shareholders approve a new
management contract for Value
Fund, the revised management
fee structurewill become
effective November 1, 1994, or
the first day of the month
following approval. 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 will provide for lower
management fees at all asset
levels.
If shareholders approve the
proposal to amend Value
Fund's fundamental
diversification limit, the fund's
current diversification limit as
stated in the section entitled
"Fundamental Investment
Policies and Restrictions" on
page 30 will be 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."
A copy of the proxy statement
may be obtained free of charge
by calling Fidelity Distributors
Corporation at 1-800-544-8888.
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-94-3 Page 1 of 2 August 29, 1994
TRE/VAL-94-3 Page 1 of 2 August 29, 1994
SUPPLEMENT TO THE FIDELITY
TREND FUND AND FIDELITY
VALUE FUND PROSPECTUS
DATED FEBRUARY 19, 1994
SHAREHOLDER MEETING. On
October 26, 1994, a meeting of
the shareholders of Fidelity
Value Fund will be held to
approve a revision to the fund's
management contract, changes
to the fund's current
diversification limit, and to
approve other matters related
to the fund's management.
If shareholders approve a new
management contract for Value
Fund, the revised management
fee structurewill become
effective November 1, 1994, or
the first day of the month
following approval. 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 will provide for lower
management fees at all asset
levels.
If shareholders approve the
proposal to amend Value
Fund's fundamental
diversification limit, the fund's
current diversification limit as
stated in the section entitled
"Fundamental Investment
Policies and Restrictions" on
page 30 will be 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."
A copy of the proxy statement
may be obtained free of charge
by calling Fidelity Distributors
Corporation at 1-800-544-8888.
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, a meeting of
the shareholders of Fidelity
Value Fund will be held to
approve a revision to the fund's
management contract, changes
to the fund's current
diversification limit, and to
approve other matters related
to the fund's management.
If shareholders approve a new
management contract for Value
Fund, the revised management
fee structurewill become
effective November 1, 1994, or
the first day of the month
following approval. 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 will provide for lower
management fees at all asset
levels.
If shareholders approve the
proposal to amend Value
Fund's fundamental
diversification limit, the fund's
current diversification limit as
stated in the section entitled
"Fundamental Investment
Policies and Restrictions" on
page 30 will be 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."
A copy of the proxy statement
may be obtained free of charge
by calling Fidelity Distributors
Corporation at 1-800-544-8888.
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-94-3 Page 1 of 2 August 29, 1994
TRE/VAL-94-3 Page 1 of 2 August 29, 1994
