SUPPLEMENT TO THE
FIDELITY GROWTH &
INCOME PORTFOLIO
PROSPECTUS
DATED SEPTEMBER 25, 1993
The following information
replaces the last two sentences
in the "Minimum Investments"
table on page 10:
These minimums may vary for
a Fidelity College Savings Plan
account or a Fidelity Payroll
Deduction Program account in
the fund. Refer to the
appropriate program materials
for details.
The following information
supplements the last paragraph
on page 19.
Effective February 1, 1994, the
sales charge paid to qualified
recipients will be 2.25% of the
fund's offering price.
The following information
replaces that found under the
"Reductions" heading in the
"Sales Charge Reductions and
Waivers" section on page 21.
REDUCTIONS. The fund's sales
charge may be reduced if you
invest directly with Fidelity or
through prototype or
prototype-like retirement plans
sponsored by FMR or FMR
Corp. Purchases made with
assistance or intervention from
a financial intermediary are not
eligible. The amount you invest,
plus the value of your account,
must fall within the ranges
shown below. Call Fidelity to
see if your purchase qualifies.
Net
amount
Ranges Sales charge invested
$0 - 249,000 3% 3.09
%
$250,000 - 499,999 2% 2.04
%
$500,000 - 999,999 1% 1.01
%
$1,000,000 or more none none
The sales charge will also be
reduced by the percentage of
any sales charge you
previously paid on investments
in other Fidelity funds (not
including Fidelity's Foreign
Currency Funds). Similarly,
your shares carry credit for any
sales charge you would have
paid if the reductions in the
table above had not been
available. These sales charge
credits only apply if you
continuously owned Fidelity
fund shares or a Fidelity
brokerage core account, or
participated in The
CORPORATEplan for
Retirement Program, and only
to purchases made in one of
the following ways:
1. By exchange from another
Fidelity fund.
2. With proceeds of a
transaction within a Fidelity
brokerage core account,
including any free credit
balance, core money market
fund, or margin availability, to
the extent such proceeds were
derived from redemption
proceeds from another Fidelity
fund.
SUPPLEMENT TO THE
FIDELITY GROWTH &
INCOME PORTFOLIO
PROSPECTUS
DATED SEPTEMBER 25, 1993
The following information
replaces the last two sentences
in the "Minimum Investments"
table on page 10:
These minimums may vary for
a Fidelity College Savings Plan
account or a Fidelity Payroll
Deduction Program account in
the fund. Refer to the
appropriate program materials
for details.
The following information
supplements the last paragraph
on page 19.
Effective February 1, 1994, the
sales charge paid to qualified
recipients will be 2.25% of the
fund's offering price.
The following information
replaces that found under the
"Reductions" heading in the
"Sales Charge Reductions and
Waivers" section on page 21.
REDUCTIONS. The fund's sales
charge may be reduced if you
invest directly with Fidelity or
through prototype or
prototype-like retirement plans
sponsored by FMR or FMR
Corp. Purchases made with
assistance or intervention from
a financial intermediary are not
eligible. The amount you invest,
plus the value of your account,
must fall within the ranges
shown below. Call Fidelity to
see if your purchase qualifies.
Net
amount
Ranges Sales charge invested
$0 - 249,000 3% 3.09
%
$250,000 - 499,999 2% 2.04
%
$500,000 - 999,999 1% 1.01
%
$1,000,000 or more none none
The sales charge will also be
reduced by the percentage of
any sales charge you
previously paid on investments
in other Fidelity funds (not
including Fidelity's Foreign
Currency Funds). Similarly,
your shares carry credit for any
sales charge you would have
paid if the reductions in the
table above had not been
available. These sales charge
credits only apply if you
continuously owned Fidelity
fund shares or a Fidelity
brokerage core account, or
participated in The
CORPORATEplan for
Retirement Program, and only
to purchases made in one of
the following ways:
1. By exchange from another
Fidelity fund.
2. With proceeds of a
transaction within a Fidelity
brokerage core account,
including any free credit
balance, core money market
fund, or margin availability, to
the extent such proceeds were
derived from redemption
proceeds from another Fidelity
fund.
GAI - 94 - 2 (Page 1 of 2) June 1, 1994
GAI - 94 - 2 (Page 1 of 2) June 1, 1994
3. With redemption proceeds
from one of Fidelity's Foreign
Currency Funds, if the Foreign
Currency Fund shares were
originally purchased with
redemption proceeds from a
Fidelity fund.
4. Through the Directed
Dividends Option (see page
16).
5. By participants in The
CORPORATEplan for
Retirement Program when
shares are purchased through
plan-qualified loan repayments,
and for exchanges into and out
of the Managed Income
Portfolio.
T he following information
replaces the corresponding
paragraphs found under the
"Waivers" heading in the "Sales
Charge Reductions and
Waivers" section beginning on
page 21.
7. If you are a current or former
trustee or officer of a Fidelity
fund or a current or retired
officer, director, or regular
employee of FMR Corp. or its
direct or indirect subsidiaries (a
Fidelity Trustee or employee),
the spouse of a Fidelity trustee
or employee, a Fidelity trustee
or employee acting as
custodian for a minor child, or a
person acting as trustee of a
trust for the sole benefit of the
minor child of a Fidelity Trustee
or employee.
11. If you are a registered
investment adviser (RIA)
purchasing for your
discretionary accounts,
provided you execute a Fidelity
RIA load waiver agreement
which specifies certain
aggregate minimum and
operating provisions. Except for
correspondents of National
Financial Services Corporation,
this waiver is available only for
shares purchased directly from
Fidelity, and is unavailable if
the RIA is part of an
organization principally
engaged in the brokerage
business.
The following information
supplements the corresponding
paragraphs found under the
"Waivers" heading in the "Sales
Charge Reductions and
Waivers" section beginning on
page 21.
13. If you invest through a
non-prototype pension or
profit-sharing plan that
maintains all of its mutual fund
assets in Fidelity mutual funds,
provided the plan executes a
Fidelity non-prototype sales
charge waiver request form
confirming its qualification.
14. If you invest as part of a
payroll deduction program
through an employer who is a
member of the Fidelity
Retirement Client Advisory
Group or the Fidelity Retail
Advisory Group, provided the
employer enters into a Fidelity
payroll deduction load waiver
agreement which specifies
certain qualifying restrictions
and operating provisions.
These waivers must be
qualified through FDC in
advance. More detailed
information about waivers (1),
(2), (5), (10), (11), and (14) is
contained in the Statement of
Additional Information. A
representative of your plan or
organization should call Fidelity
for more information.
3. With redemption proceeds
from one of Fidelity's Foreign
Currency Funds, if the Foreign
Currency Fund shares were
originally purchased with
redemption proceeds from a
Fidelity fund.
4. Through the Directed
Dividends Option (see page
16).
5. By participants in The
CORPORATEplan for
Retirement Program when
shares are purchased through
plan-qualified loan repayments,
and for exchanges into and out
of the Managed Income
Portfolio.
T he following information
replaces the corresponding
paragraphs found under the
"Waivers" heading in the "Sales
Charge Reductions and
Waivers" section beginning on
page 21.
7. If you are a current or former
trustee or officer of a Fidelity
fund or a current or retired
officer, director, or regular
employee of FMR Corp. or its
direct or indirect subsidiaries (a
Fidelity Trustee or employee),
the spouse of a Fidelity trustee
or employee, a Fidelity trustee
or employee acting as
custodian for a minor child, or a
person acting as trustee of a
trust for the sole benefit of the
minor child of a Fidelity Trustee
or employee.
11. If you are a registered
investment adviser (RIA)
purchasing for your
discretionary accounts,
provided you execute a Fidelity
RIA load waiver agreement
which specifies certain
aggregate minimum and
operating provisions. Except for
correspondents of National
Financial Services Corporation,
this waiver is available only for
shares purchased directly from
Fidelity, and is unavailable if
the RIA is part of an
organization principally
engaged in the brokerage
business.
The following information
supplements the corresponding
paragraphs found under the
"Waivers" heading in the "Sales
Charge Reductions and
Waivers" section beginning on
page 21.
13. If you invest through a
non-prototype pension or
profit-sharing plan that
maintains all of its mutual fund
assets in Fidelity mutual funds,
provided the plan executes a
Fidelity non-prototype sales
charge waiver request form
confirming its qualification.
14. If you invest as part of a
payroll deduction program
through an employer who is a
member of the Fidelity
Retirement Client Advisory
Group or the Fidelity Retail
Advisory Group, provided the
employer enters into a Fidelity
payroll deduction load waiver
agreement which specifies
certain qualifying restrictions
and operating provisions.
These waivers must be
qualified through FDC in
advance. More detailed
information about waivers (1),
(2), (5), (10), (11), and (14) is
contained in the Statement of
Additional Information. A
representative of your plan or
organization should call Fidelity
for more information.
(Page 2 of 2)
(Page 2 of 2)
FIDELITY GROWTH & INCOME PORTFOLIO
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED SEPTEMBER 25, 1993
The following paragraph replaces the first paragraph under the heading
"Valuation of Portfolio Securities" on page 11.
Portfolio securities are valued by various methods depending on the primary
market or exchange on which they trade. Most equity securities for which
the primary market is the U.S. are valued at last sale price or, if no sale
has occurred, at the closing bid price. Most equity securities for which
the primary market is outside the U.S. are valued using the official
closing price or the last sale price in the principal market where they are
traded. If the last sale price (on the local exchange) is unavailable, the
last evaluated quote or last bid price is normally used. Short-term
securities are valued either at amortized cost or at original cost plus
accrued interest, both of which approximate current value. Convertible and
fixed-income securities are valued primarily by a pricing service that uses
a vendor security valuation matrix which incorporates both dealer-supplied
valuations and electronic data processing techniques. This twofold
approach is believed to more accurately reflect fair value because it takes
into account appropriate factors such as institutional trading in similar
groups of securities, yield, quality, coupon rate, maturity, type of issue,
trading characteristics, and other market data, without exclusive reliance
upon quoted, exchange, or over-the counter prices. Use of pricing services
has been approved by the Board of Trustees.
The following paragraph supplements that found in the "Performance"
section, beginning on page 12.
The fund may be compared in advertising to Certificates of Deposit (CDs) or
other investments issued by banks. The fund differs from bank investments
in several respects. The fund may offer greater liquidity or higher
potential returns than CDs; but unlike CDs, the fund does not guarantee
your principal or your return.
The following paragraph supplements the section entitled "Additional
Purchase and Redemption Information" beginning on page 14.
The fund's sales charge may be reduced to reflect sales charges previously
paid, or that would have been paid absent a reduction as noted in the
prospectus, in connection with investments in other Fidelity funds. This
includes reductions for investments in prototype or prototype-like
retirement plans sponsored by FMR or FMR Corp., which are listed on page
14.
The following information replaces instance 8 found in the section entitled
"Additional Purchase and Redemption Information" beginning on page 14.
(8) if you are a current or former Trustee or officer of a Fidelity fund or
a current or retired officer, director, or regular employee of FMR Corp. or
its direct or indirect subsidiaries (a Fidelity Trustee or employee), the
spouse of a Fidelity Trustee or employee, a Fidelity Trustee or employee
acting as custodian for a minor child, or a person acting as trustee of a
trust for the sole benefit of the minor child of a Fidelity Trustee or
employee;
The following information supplements the section entitled "Additional
Purchase and Redemption Information" beginning on page 14.
(12) if you are a registered investment adviser (RIA) purchasing for
your discretionary accounts, provided you execute a Fidelity RIA load
waiver agreement which specifies certain aggregate minimum and operating
provisions. This waiver is available only for shares purchased directly
from Fidelity, without a broker, unless purchased through a brokerage firm
which is a correspondent of National Financial Services Corporation (NFSC).
The waiver is unavailable, however, if the RIA is part of an organization
principally engaged in the brokerage business, unless the brokerage firm in
the organization is an NFSC correspondent;
(13) if you are a trust institution or bank trust department purchasing
for your non-discretionary, non-retirement fiduciary accounts, provided you
execute a Fidelity Trust load waiver agreement which specifies certain
aggregate minimum and operating provisions. This waiver is available only
for shares purchased either directly from Fidelity or through a
bank-affiliated broker, and is unavailable if the trust department or
institution is part of an organization not principally engaged in banking
or trust activities;
(14) to shares purchased as part of a pension or profit-sharing plan as
defined in Section 401(a) of the Internal Revenue Code that maintains all
of its mutual fund assets in Fidelity mutual funds, provided the plan
executes a Fidelity non-prototype sales charge waiver request form
confirming its qualifications; or
GAIB-94-3 (Page 1 of 2) June 1, 1994
(15) to shares purchased as part of a payroll deduction program
(including shares purchased in an amount not greater than $5,000 by
participants in the program within three months of the commencement of
their participation in the program from sources other than payroll
deduction) through an employer who has entered into a Fidelity payroll
deduction load waiver agreement and who (i) is a member of the Fidelity
Retirement Client Advisory Group and maintains an employee benefit plan
that either qualifies for exemption (1) above or is in the CORPORATE plan
for Retirement Program and has at least some of its plan assets in
Fidelity-managed products, or (ii) is a member of the Fidelity Retail
Advisory Group and has more than 500 employees.
The following information supplements the section entitled "Management
Contract" beginning on page 17.
Effective November 1, 1993, 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.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE RATES
Average Group Annualized Group Net Effective Annual
Assets Rate Assets Fee Rate
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 .3253
36 - 42 .340 250 .3223
42 - 48 .335 275 .3198
48 - 66 .325 300 .3175
66 - 84 .320 325 .3153
84 - 102 .315 350 .3133
102 - 138 .310
138 - 174 .305
174 - 228 .300
228 - 282 .295
282 - 336 .290
Over 336 .285
(Page 2 of 2)
