SUPPLEMENT TO THE FIDELITY ASSET MANAGER: GROWTH PROSPECTUS
DATED NOVEMBER 20, 1995
Effective August 1, 1996, FMR has voluntarily agreed to reduce Fidelity
Asset Manager: Growth's individual fund fee rate from .40% to .30%.
The following information replaces the similar information found in the
Expenses section on page 4.
The following are projections based on historical expenses, adjusted to
reflect current fees, and are calculated as a percentage of average net
assets. A portion of the brokerage commissions that the fund paid was used
to reduce fund expenses. Including this reduction, the total operating
expenses presented in the table would have been .91%.
Management fee .61%
12b-1 fee None
Other expenses .31%
Total fund operating .92%
expenses
EXAMPLES: Let's say, hypothetically, that the 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:
After 1 year $
9
After 3 years $
29
After 5 years $
51
After 10 years $11
3
The following information replaces the third paragraph under the heading
"Management Fee" in the Breakdown of Expenses section beginning on page 14.
For September 1995, the group fee rate was .3112%. Effective August 1,
1996, the individual fund fee rate is .30%. The total management fee rate
for fiscal 1995 was .72%.
The following information replaces the similar information found in the
Charter section beginning on page 8.
Richard Habermann is vice president and lead manager of Asset Manager:
Growth, which he has managed since March 1996. He also manages Asset
Manager, Asset Manager: Income, VIP II: Asset Manager, and VIP II: Asset
Manager Growth. Mr. Habermann also serves as managing director and senior
vice president of Fidelity Management & Research Company. Previously, he
served as director of international research and chief investment officer
of Fidelity International, Limited. Mr. Habermann joined Fidelity in 1968.
George Vanderheiden is vice president of Asset Manager: Growth and manager
of its equity investments, which he has managed since March 1996. He also
manages Destiny I, Destiny II, Advisor Growth Opportunities, and Advisor
Annuity Growth Opportunities. In addition, he manages the equity
investments of Asset Manager, Asset Manager: Income, VIP II: Asset Manager,
and VIP II: Asset Manager Growth. Mr. Vanderheiden joined Fidelity in 1971.
Michael Gray is vice president of Asset Manager: Growth and manager of its
fixed-income investments, which he has managed since March 1996. He also
manages Investment Grade Bond, Spartan Investment Grade Bond, and VIP II:
Investment Grade Bond. In addition, he manages the fixed-income investments
of Balanced, Asset Manager, Asset Manager: Income, VIP II: Asset Manager,
and VIP II: Asset Manager Growth. Mr. Gray joined Fidelity in 1982.
SUPPLEMENT TO THE FIDELITY ASSET MANAGER: INCOME PROSPECTUS
DATED NOVEMBER 20, 1995
Effective August 1, 1996, FMR has voluntarily agreed to reduce Fidelity
Asset Manager: Income's individual fund fee rate from .35% to .30%.
T he following information replaces the similar information found in the
Expenses section on page 4.
The following are projections based on historical expenses, adjusted to
reflect current fees, and are calculated as a percentage of average net
assets.
Management fee .45%
12b-1 fee None
Other expenses .29%
Total fund operating .74%
expenses
EXAMPLES: Let's say, hypothetically, that the 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:
After 1 year $
8
After 3 years $
24
After 5 years $
41
After 10 years $
92
The following information replaces the third paragraph under the heading
"Management Fee" in the Breakdown of Expenses section beginning on page 14.
For September 1995, the group fee rate was .1493%. Effective August 1,
1996, the individual fund fee rate is .30%. The total management fee rate
for fiscal 1995 was .50%.
The following information replaces the similar information found in the
Charter section beginning on page 8.
Richard Habermann is vice president and lead manager of Asset Manager:
Income, which he has managed since March 1996. He also manages Asset
Manager, Asset Manager: Growth, VIP II: Asset Manager, and VIP II: Asset
Manager Growth. Mr. Habermann also serves as managing director and senior
vice president of Fidelity Management & Research Company. Previously, he
served as director of international research and chief investment officer
of Fidelity International, Limited. Mr. Habermann joined Fidelity in 1968.
Michael Gray is vice president of Asset Manager: Income and manager of its
fixed-income investments, which he has managed since March 1996. He also
manages Investment Grade Bond, Spartan Investment Grade Bond, and VIP II:
Investment Grade Bond. In addition, he manages the fixed-income investments
of Balanced, Asset Manager, Asset Manager: Growth, VIP II: Asset Manager,
and VIP II: Asset Manager Growth. Mr. Gray joined Fidelity in 1982.
George Vanderheiden is vice president of Asset Manager: Income and manager
of its equity investments, which he has managed since March 1996. He also
manages Destiny I, Destiny II, Advisor Growth Opportunities, and Advisor
Annuity Growth Opportunities. In addition, he manages the equity
investments of Asset Manager, Asset Manager: Growth, VIP II: Asset Manager,
and VIP II: Asset Manager Growth. Mr. Vanderheiden joined Fidelity in 1971.
SUPPLEMENT TO THE FIDELITY ASSET MANAGERTM PROSPECTUS
DATED NOVEMBER 20, 1995
Effective August 1, 1996, FMR has voluntarily agreed to reduce Fidelity
Asset Manager's individual fund fee rate from .40% to .25%.
The following information replaces the similar information found in the
Expenses section beginning on page 4.
The following are projections based on historical expenses, adjusted to
reflect current fees, and are calculated as a percentage of average net
assets.
Management fee .56%
12b-1 fee None
Other expenses .25%
Total fund operating .81%
expenses
EXAMPLES: Let's say, hypothetically, that the 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:
After 1 year $ 8
After 3 years $ 26
After 5 years $ 45
After 10 years $ 10
0
The following information replaces the third paragraph under the heading
"Management Fee" in the Breakdown of Expenses section beginning on page 14.
For September 1995, the group fee rate was .3112%. Effective August 1,
1996, the individual fund fee rate is .25%. The total management fee rate
for fiscal 1995 was .72%.
The following information replaces the similar information found in the
Charter section beginning on page 8.
Richard Habermann is vice president and lead manager of Asset Manager,
which he has managed since March1996. He also manages Asset Manager:
Growth, Asset Manager: Income, VIP II: Asset Manager, and VIP II: Asset
Manager Growth. Mr. Habermann also serves as managing director and senior
vice president of Fidelity Management & Research Company. Previously, he
served as director of international research and chief investment officer
of Fidelity International, Limited. Mr. Habermann joined Fidelity in 1968.
Michael Gray is vice president of Asset Manager and manager of its
fixed-income investments, which he has managed since March 1996. He also
manages Investment Grade Bond, Spartan Investment Grade Bond, and VIP II:
Investment Grade Bond. In addition, he manages the fixed-income investments
of Balanced, Asset Manager: Growth, Asset Manager: Income, VIP II: Asset
Manager, and VIP II: Asset Manager Growth. Mr. Gray joined Fidelity in
1982.
George Vanderheiden is vice president of Asset Manager and manager of its
equity investments, which he has managed since March 1996. He also manages
Destiny I, Destiny II, Advisor Growth Opportunities, and Advisor Annuity
Growth Opportunities. In addition, he manages the equity investments of
Asset Manager: Growth, Asset Manager: Income, VIP II: Asset Manager, and
VIP II: Asset Manager Growth. Mr. Vanderheiden joined Fidelity in 1971.
SUPPLEMENT TO THE FIDELITY ASSET MANAGER FUNDS PROSPECTUS
DATED NOVEMBER 20, 1995
Effective August 1, 1996, FMR has voluntarily agreed to reduce the
individual fund fee rates of Fidelity Asset Manager: Income, Fidelity Asset
Manager, and Fidelity Asset Manager: Growth from .35%, .40%, and .40% to
.30%, .25%, and .30%, respectively.
The following information replaces the similar information found in the
Expenses section beginning on page 4.
The following are projections based on historical expenses, adjusted to
reflect current fees, and are calculated as a percentage of average net
assets. A portion of the brokerage commissions that Asset Manager: Growth
paid was used to reduce fund expenses. Including this reduction, the total
operating expenses presented in the table would have been .91%.
ASSET MANAGER: INCOME
Management fee .45%
12b-1 fee None
Other expenses .29%
Total fund operating expenses .74%
ASSET MANAGER
Management fee .56%
12b-1 fee None
Other expenses .25%
Total fund operating expenses .81%
ASSET MANAGER: GROWTH
Management fee .61%
12b-1 fee None
Other expenses .31%
Total fund operating expenses .92%
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:
After 1 After 3 After 5 After 10
year years years years
Asset Manager: $ 8 $ 24 $ 41 $ 92
Income
Asset Manager $ 8 $ 26 $ 45 $ 100
Asset Manager: $ 9 $ 29 $ 51 $ 113
Growth
The following information replaces the third paragraph under the heading
"Management Fee" in the Breakdown of Expenses section beginning on page 16.
For September 1995, the group fee rate was .1493% for Asset Manager:
Income and .3112% for Asset Manager and Asset Manager: Growth. Effective
August 1, 1996, the individual fund fee rate is .30% for Fidelity Asset
Manager: Income, .25% for Fidelity Asset Manager, and .30% for Fidelity
Asset Manager: Growth. The total management fee rate for fiscal 1995 was
.50% for Fidelity Asset Manager: Income, .72% for Fidelity Asset Manager,
and .72% for Fidelity Asset Manager: Growth.
The following information replaces the similar information found in the
Charter section on page 11.
Richard Habermann is vice president and lead manager of the Asset Manager
Funds, which he has managed since March 1996. He also manages VIP II: Asset
Manager and VIP II: Asset Manager Growth. Mr. Habermann also serves as
managing director and senior vice president of Fidelity Management &
Research Company. Previously, he served as director of international
research and chief investment officer of Fidelity International, Limited.
Mr. Habermann joined Fidelity in 1968.
Michael Gray is vice president of the Asset Manager Funds and manager of
their fixed-income investments, which he has managed since March 1996. He
also manages Investment Grade Bond, Spartan Investment Grade Bond, and VIP
II: Investment Grade Bond. In addition, he manages the fixed-income
investments of Balanced, VIP II: Asset Manager, and VIP II: Asset Manager
Growth. Mr. Gray joined Fidelity in 1982.
George Vanderheiden is vice president of the Asset Manager Funds and
manager of their equity investments, which he has managed since March 1996.
He also manages Destiny I, Destiny II, Advisor Growth Opportunities, and
Advisor Annuity Growth Opportunities. In addition, he manages the equity
investments of VIP II: Asset Manager and VIP II: Asset Manager Growth. Mr.
Vanderheiden joined Fidelity in 1971.
