FIDELITY FIFTY
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED AUGUST 31, 1993
   The unaudited Financial Statements and Financial Highlights included in
the fund's Semi-Annual Report for the period September 17, 1993
(commencement of operations) to December 31, 1993 are incorporated herein
by reference.    
MANAGEMENT CONTRACT.  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 Fee Rate   
 Assets               Rate         Assets                                  
 
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                              
 
                                                     
 
ADDITIONAL PURCHASE AND REDEMPTION INFORMATION.  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 beginning on page 12.
The following language replaces that found in item number (8) in the second
paragraph in the section entitled "Additional Purchase and Redemption
Information"  beginning on page 12.
(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;
   
    
FIFB-94-2
(continued)
June 1 1994
The following language supplements that found in the second paragraph in
the section entitled "Additional Purchase and Redemption Information" 
beginning on page 12. 
The sales charge will not apply... (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. 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 corresponden    t; (12) 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;    or
(13) 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 qualification.