FIDELITY CONVERTIBLE SECURITIES FUND
SUPPLEMENT TO THE PROSPECTUS
DATED JANUARY 24, 1993
MANAGEMENT CONTRACT. On November 17, 1993, shareholders approved
an amended management contract for the fund, effective December 1, 1993.
A c cordingly, the following information replaces similar disclosure
found in the section entitled "Management, Distribution, and Service
Fees" on page 12 .
Fo r managing its investments and business affairs, the fund pays a
monthl y fee to FMR made up of a basic fee and a performance
adjustments. The a nnual basic fee rate is the sum of two
components:
1. A group fee rate based on the monthly average net assets of all
of the m utual funds advised by FMR. This rate cannot rise above
.52% a nd it drops (to as low as a marginal rate of .30%) as total
assets in a ll of these funds rise. The effective group fee rate for
Novembe r 1992 was .3334%.
2. A n individual fund fee rate of .20%.
O ne -twelfth of the annual basic fee rate is applied to the fund's
net a s sets averaged over the most recent month, giving a dollar
amount w hich is the basic fee for that month.
Th e performance adjustment rate, also calculated monthly, is based
on a comparison of the fund's performance to that of the Merrill
Lyn c h Convertible Securities Index (the Index) over the most
rec e nt 36-month period. The difference is translated into a dollar
a mount that is added to or subtracted from the basic fee. This
adj u stment rewards FMR when the fund outperforms the Index and
r e duces FMR's fee when the fund underperforms the INdex. The
m a ximum annualized performance adjustment rate is (plus or minus)
.15%. The pe r formance adjustment will not take effect until
November 1994.
CVS-93-2 December 1, 1993
