SUPPLEMENT TO THE FIDELITY ASSET MANAGER FUNDS' NOVEMBER 27, 1996
PROSPECTUS
   The following information replaces similar information found in "The
Funds in Detail" beginning on page 11.
Charles Morrison is manager of each fund's fixed-income investments, which
he has managed since February 1997. He also manages several other Fidelity
funds. Since joining Fidelity in 1987, Mr. Morrison has worked as an
analyst and manager.    
The following information replaces similar information found in "Key Facts"
beginning on page 3.
STRATEGY: The funds diversify across stocks, bonds and short-term and money
market instruments, both here and abroad, to pursue specific goals. Each
fund has a neutral mix which represents the way the fund's investments will
generally be allocated over the long term. This mix will vary over
short-term periods as fund management gradually adjusts the fund's holdings
- - within defined ranges - based on the current outlook for the different
markets.
The following information replaces similar information found in "Key Facts"
beginning on page 3.
Asset allocation funds are designed for investors who want to diversify
among domestic and foreign stocks, bonds and short-term and money market
instruments and other types of securities, in one fund. If you are looking
for a fund that can invest in a wide range of security types within defined
ranges, one of the Asset Manager funds may be appropriate for you.
Because each fund owns different types of investments, its performance is
affected by a variety of factors. The value of each fund's investments and
the income they generate will vary from day to day, and generally reflect
interest rates, market conditions, and other company, political and
economic news. Investments in foreign securities may involve risks in
addition to those of U.S. investments, including increased political and
economic risk, as well as exposure to currency fluctuations. Performance
also depends on FMR's skill in allocating assets. When you sell your fund
shares, they may be worth more or less than what you paid for them.
ASSET MANAGER: INCOME 
GOAL: High current income, and capital appreciation when appropriate. 
Neutral Mix
 STOCKS 20%
(can range from 
10-30%)
Row: 1, Col: 1, Value: 30.0
Row: 1, Col: 2, Value: 20.0
Row: 1, Col: 3, Value: 50.0
 BONDS 50%
(can range from 
40-60%)
 SHORT-TERM/MONE
Y MARKET 
30%(can range 
from 10-50%)
With its emphasis on bonds and short-term and money market instruments,
Asset Manager: Income is the most conservative fund in the family.
ASSET MANAGER 
GOAL: High total return with reduced risk over the long term. 
Neutral Mix
 STOCKS 50%
(can range from 
30-70%)
Row: 1, Col: 1, Value: 10.0
Row: 1, Col: 2, Value: 50.0
Row: 1, Col: 3, Value: 40.0
 BONDS 40%
(can range from 
20-60%)
 SHORT-TERM/MON
EY MARKET 10% 
(can range from 
0-50%)
With its more balanced approach, Asset Manager is the middle-of-the-road
member of the family. 
ASSET MANAGER: GROWTH 
GOAL: Maximum total return over the long term. 
Neutral Mix
 STOCKS 70%
(can range from 
50-100%)
Row: 1, Col: 1, Value: 5.0
Row: 1, Col: 2, Value: 65.0
Row: 1, Col: 3, Value: 30.0
 BONDS 25%
(can range from 
0-50%)
 SHORT-TERM/MONE
Y MARKET 5%(can 
range from 
0-50%)
With its emphasis on stocks, Asset Manager: Growth is the most aggressive
fund in the family.
The following information replaces similar information found in "The Funds
in Detail" beginning on page 11.
Each fund seeks to achieve its investment objective by allocating its
assets among stocks, bonds and short-term and money market instruments and
other instruments of U.S. and foreign issuers. Each fund however, has a
different objective and pursues its objective by investing within different
asset allocation ranges.
ASSET MANAGER: INCOME seeks a high level of current income. The fund also
considers the potential for capital appreciation.
ASSET MANAGER seeks high total return with reduced risk over the long term. 
ASSET MANAGER: GROWTH seeks to maximize total return over the long term. 
Each fund allocates its assets among the following classes, or types, of
investments. The STOCK CLASS includes equity securities of all types. The
BOND CLASS includes all varieties of fixed-income securities maturing in
more than one year. The SHORT-TERM/MONEY MARKET CLASS includes all types of
short-term and money market instruments. FMR may use its judgment to place
a security in the most appropriate class based on its investment
characteristics. Fixed-income securities may be classified in the bond or
short-term/money market class according to interest rate sensitivity as
well as maturity. The funds may also make other investments that do not
fall within these classes.
FMR has the ability to allocate each fund's assets within specified ranges.
Each fund's NEUTRAL MIX represents the benchmark for its combination of
investments in each asset class over time. FMR may change the neutral mix
from time to time. The range and approximate neutral mix for each asset
class are shown below.
       ASSET MANAGER: INCOME 
 Range Neutral mix 
STOCK CLASS 10 - 30% 20%
BOND CLASS 40 - 60% 50%
SHORT-TERM/MONEY MARKET CLASS 10 - 50% 30%
Asset Manager: Income's approach focuses on short-term and money market
instruments and bonds for current income. However, its ability to invest a
portion of its assets in stocks offers the opportunity for capital
appreciation, and potentially more volatility, than other income-oriented
funds.
       ASSET MANAGER 
 Range Neutral mix 
STOCK CLASS 30 - 70% 50%
BOND CLASS 20 - 60% 40%
SHORT-TERM/MONEY MARKET CLASS 0 - 50% 10%
Asset Manager's approach spreads the fund's assets among all three classes,
moderating both the risk and return potential of stocks, bonds and
short-term and money market instruments.
       ASSET MANAGER: GROWTH 
 Range Neutral mix 
STOCK CLASS 50 - 100% 70%
BOND CLASS 0 -  50% 25%
SHORT-TERM/MONEY MARKET CLASS 0 -  50% 5%
Asset Manager: Growth's more aggressive approach focuses on stocks for high
potential returns. However, because the fund can invest in bonds and
short-term and money market instruments, its return may not be as high as a
fund that invests only in stocks.
The following information supplements similar information found in "The
Funds in Detail" beginning on page 11.
John Todd is vice president of each fund and manager of each fund's
short-term and money market investments, which he has managed since
December 1996. He also manages several other Fidelity funds. Mr. Todd
joined Fidelity in 1981.
The following information replaces similar information found in "How to Buy
Shares" on page 19.
       MINIMUM INVESTMENTS 
TO OPEN AN ACCOUNT  $2,500
For Fidelity IRA, Rollover IRA, SEP-IRA and Keogh accounts $500
TO ADD TO AN ACCOUNT  $250
For Fidelity IRA, Rollover IRA, SEP-IRA and Keogh accounts $250
Through regular investment plans* $100
MINIMUM BALANCE $2,000
For Fidelity IRA, Rollover IRA, SEP-IRA and Keogh accounts $500
* FOR MORE INFORMATION ABOUT REGULAR INVESTMENT PLANS, PLEASE REFER TO
INVESTOR SERVICES, PAGE 21.
These minimums may vary for investments through Fidelity Portfolio Advisory
Services or a Fidelity Payroll Deduction Program account in a fund. For
Asset Manager, the minimums may also vary for a Fidelity Investor Card
account or a Fidelity College Savings Plan account in the fund. There is no
minimum account balance or initial or subsequent investment minimums for
certain retirement accounts funded through salary reduction, or accounts
opened with the proceeds of distributions from such Fidelity retirement
accounts. Refer to the program materials for details.
 
The following information replaces similar information found in "How to
Sell Shares" on page 20.
IF YOU ARE SELLING SOME BUT NOT ALL OF YOUR SHARES, leave at least $2,000
worth of shares in the account to keep it open ($500 for retirement
accounts). 
 
The following information replaces similar information found in
"Transaction Details" beginning on page 23.
FIDELITY RESERVES THE RIGHT TO DEDUCT AN ANNUAL MAINTENANCE FEE of $12.00
from accounts with a value of less than $2,500, subject to an annual
maximum charge of $24.00 per shareholder. It is expected that accounts will
be valued on the second Friday in November of each year. Accounts opened
after September 30 will not be subject to the fee for that year. The fee,
which is payable to the transfer agent, is designed to offset in part the
relatively higher costs of servicing smaller accounts. This fee will not be
deducted from Fidelity brokerage accounts, retirement accounts (except
non-prototype retirement accounts), accounts using regular investment
plans, or if total assets in Fidelity exceed $30,000. Eligibility for the
$30,000 waiver is determined by aggregating Fidelity accounts maintained by
FSC or FBSI which are registered under the same social security number or
which list the same social security number for the custodian of a Uniform
Gifts/Transfers to Minors Act account.
IF YOUR ACCOUNT BALANCE FALLS BELOW $2,000, you will be given 30 days'
notice to reestablish the minimum balance. If you do not increase your
balance, Fidelity reserves the right to close your account and send the
proceeds to you. Your shares will be redeemed at the NAV on the day your
account is closed. 
SUPPLEMENT TO THE FIDELITY ASSET MANAGER: GROWTH NOVEMBER 27, 1996
PROSPECTUS
   The following information replaces the similar information under the
heading "FMR and Affiliates" in the "Charter" section beginning on page 9.
Charles Morrison is manager of Asset Manager: Growth's fixed-income
investments, which he has managed since February 1997. He also manages
other Fidelity funds.  Since joining Fidelity in 1987, Mr. Morrison has
worked as an analyst and manager.    
The following information replaces similar information found in "How to Buy
Shares" on page 20.
       MINIMUM INVESTMENTS 
TO OPEN AN ACCOUNT  $2,500
For Fidelity IRA, Rollover IRA, SEP-IRA
and Keogh accounts  $500
TO ADD TO AN ACCOUNT  $250
For Fidelity IRA, Rollover IRA, SEP-IRA
and Keogh accounts $250
Through regular investment plans* $100
MINIMUM BALANCE $2,000
For Fidelity IRA, Rollover IRA, SEP-IRA
and Keogh accounts $500
* FOR MORE INFORMATION ABOUT REGULAR INVESTMENT PLANS, PLEASE REFER TO
"INVESTOR SERVICES," PAGE 24.
These minimums may vary for investments through Fidelity Portfolio Advisory
Services or a Fidelity Payroll Deduction Program account in the fund. There
is no minimum account balance or initial or subsequent investment minimums
for certain retirement accounts funded through salary reduction, or
accounts opened with the proceeds of distributions from such Fidelity
retirement accounts. Refer to the program materials for details.
The following information replaces similar information found in "How to
Sell Shares" on page 22.
IF YOU ARE SELLING SOME BUT NOT ALL OF YOUR SHARES, leave at least $2,000
worth of shares in the account to keep it open ($500 for retirement
accounts). 
The following information replaces similar information found in
"Transaction Details" on page 29.
FIDELITY RESERVES THE RIGHT TO DEDUCT AN ANNUAL MAINTENANCE FEE of $12.00
from accounts with a value of less than $2,500, subject to an annual
maximum charge of $24.00 per shareholder. It is expected that accounts will
be valued on the second Friday in November of each year. Accounts opened
after September 30 will not be subject to the fee for that year. The fee,
which is payable to the transfer agent, is designed to offset in part the
relatively higher costs of servicing smaller accounts. This fee will not be
deducted from Fidelity brokerage accounts, retirement accounts (except
non-prototype retirement accounts), accounts using regular investment
plans, or if total assets in Fidelity exceed $30,000. Eligibility for the
$30,000 waiver is determined by aggregating Fidelity accounts maintained by
FSC or FBSI which are registered under the same social security number or
which list the same social security number for the custodian of a Uniform
Gifts/Transfers to Minors Act account.
IF YOUR ACCOUNT BALANCE FALLS BELOW $2,000, you will be given 30 days'
notice to reestablish the minimum balance. If you do not increase your
balance, Fidelity reserves the right to close your account and send the
proceeds to you. Your shares will be redeemed at the NAV on the day your
account is closed. 
Beginning on December 1, 1996, the fund will transition to the investment
policies outlined below. The new policies will be effective January 1,
1997.
The following information replaces similar information found under the
heading "The Fund at a Glance" in the Key Facts section beginning on page
3.
STRATEGY: The fund diversifies across stocks, bonds and short-term and
money market instruments, both here and abroad, to pursue its goal. The
fund has a neutral mix which represents the way the fund's investments will
generally be allocated over the long term. This mix will vary over
short-term periods as fund management gradually adjusts the fund's holdings
- - within defined ranges - based on the current outlook for the different
markets. 
Neutral Mix
 Stocks 70%
(can range 
from 
50-100%)
Row: 1, Col: 1, Value: 5.0
Row: 1, Col: 2, Value: 70.0
Row: 1, Col: 3, Value: 25.0
 Bonds 25%
(can range 
from 0-50%)
 Short-Term/
Money Market 
 
5%(can range 
from 0-50%)
 
The following information replaces similar information found under the
heading "The Fund's Investment Approach" in The Fund in Detail section
beginning on page 9.
THE FUND'S INVESTMENT APPROACH
The fund seeks to maximize total return over the long term by allocating
its assets among stocks, bonds and short-term and money market instruments,
and other instruments of U.S. and foreign issuers.
The fund allocates its assets among the following classes, or types, of
investments. The STOCK CLASS includes equity securities of all types. The
BOND CLASS includes all varieties of fixed-income securities maturing in
more than one year. The SHORT-TERM/MONEY MARKET CLASS includes all types of
short-term and money market instruments. FMR may use its judgment to place
a security in the most appropriate class based on its investment
characteristics. Fixed-income securities may be classified in the bond or
short-term/money market class according to interest rate sensitivity as
well as maturity. The fund may also make other investments that do not fall
within these classes.
FMR has the ability to allocate the fund's assets within specified ranges.
The fund's NEUTRAL MIX represents the benchmark for its combination of
investments in each asset class over time. FMR may change the neutral mix
from time to time. The range and approximate neutral mix for each asset
class are shown below. 
 Range Neutral     Mix
STOCK CLASS  50 - 100% 70%
BOND CLASS 0 - 50% 25%
SHORT-TERM/
MONEY MARKET CLASS 0 - 50% 5%
Asset Manager: Growth's aggressive approach focuses on stocks for high
potential returns. However, because the fund can invest in bonds and
short-term and money market instruments, its return may not be as high as a
fund that invests only in stocks.
Effective December 1, 1996, the following information supplements the
similar information found under the heading "FMR and Its Affiliates" in The
Fund in Detail section beginning on page 9.
John Todd is vice president of Asset Manager: Growth and manager of its
short-term and money market investments, which he has managed since
December 1996. He also manages several other Fidelity funds. Mr. Todd
joined Fidelity in 1981.
 
 
 
SUPPLEMENT TO THE FIDELITY ASSET MANAGER: INCOME NOVEMBER 27, 1996
PROSPECTUS
   The following information replaces the similar information under the
heading "FMR and Affiliates" in the "Charter" section beginning on page 8.
Charles Morrison is manager of Asset Manager: Income's fixed-income
investments, which he has managed since February 1997. He also manages
other Fidelity funds. Since joining Fidelity in 1987, Mr. Morrison has
worked as an analyst and manager.    
The following information replaces similar information found in "How to Buy
Shares" on page 18.
       MINIMUM INVESTMENTS 
TO OPEN AN ACCOUNT  $2,500
For Fidelity IRA, Rollover IRA, SEP-IRA
and Keogh accounts  $500
TO ADD TO AN ACCOUNT  $250
For Fidelity IRA, Rollover IRA, SEP-IRA
and Keogh accounts $250
Through regular investment plans* $100
MINIMUM BALANCE $2,000
For Fidelity IRA, Rollover IRA, SEP-IRA
and Keogh accounts $500
* FOR MORE INFORMATION ABOUT REGULAR INVESTMENT PLANS, PLEASE REFER TO
"INVESTOR SERVICES," PAGE 22.
These minimums may vary for investments through Fidelity Portfolio Advisory
Services or a Fidelity Payroll Deduction Program account in the fund. There
is no minimum account balance or initial or subsequent investment minimums
for certain retirement accounts funded through salary reduction, or
accounts opened with the proceeds of distributions from such Fidelity
retirement accounts. Refer to the program materials for details.
The following information replaces similar information found in "How to
Sell Shares" on page 20.
IF YOU ARE SELLING SOME BUT NOT ALL OF YOUR SHARES, leave at least $2,000
worth of shares in the account to keep it open ($500 for retirement
accounts).
The following information replaces similar information found in
"Transaction Details" on page 27.
FIDELITY RESERVES THE RIGHT TO DEDUCT AN ANNUAL MAINTENANCE FEE of $12.00
from accounts with a value of less than $2,500, subject to an annual
maximum charge of $24.00 per shareholder. It is expected that accounts will
be valued on the second Friday in November of each year. Accounts opened
after September 30 will not be subject to the fee for that year. The fee,
which is payable to the transfer agent, is designed to offset in part the
relatively higher costs of servicing smaller accounts. This fee will not be
deducted from Fidelity brokerage accounts, retirement accounts (except
non-prototype retirement accounts), accounts using regular investment
plans, or if total assets in Fidelity exceed $30,000. Eligibility for the
$30,000 waiver is determined by aggregating Fidelity accounts maintained by
FSC or FBSI which are registered under the same social security number or
which list the same social security number for the custodian of a Uniform
Gifts/Transfers to Minors Act account.
IF YOUR ACCOUNT BALANCE FALLS BELOW $2,000, you will be given 30 days'
notice to reestablish the minimum balance. If you do not increase your
balance, Fidelity reserves the right to close your account and send the
proceeds to you. Your shares will be redeemed at the NAV on the day your
account is closed. 
Beginning on December 1, 1996, the fund will transition to the investment
policies outlined below. The new policies will be effective January 1,
1997.
The following information replaces similar information found under the
heading "The Fund at a Glance" in the Key Facts section beginning on page
3.
STRATEGY: The fund diversifies across stocks, bonds and short-term and
money market instruments, both here and abroad, to pursue its goal. The
fund has a neutral mix which represents the way the fund's investments will
generally be allocated over the long term. This mix will vary over
short-term periods as fund management gradually adjusts the fund's holdings
- - within defined ranges - based on the current outlook for the different
markets. 
Neutral Mix
 Stocks 20%
(can range 
from 10-30%)
Row: 1, Col: 1, Value: 30.0
Row: 1, Col: 2, Value: 20.0
Row: 1, Col: 3, Value: 50.0
 Bonds 50%
(can range 
from 40-60%)
 Short-Term/
Money Market 
 
30%(can 
range 
from 10-50%)
The following information replaces similar information found under the
heading "Performance" in the Key Facts section beginning on page 3.
 
UNDERSTANDING
PERFORMANCE
As economic conditions 
change, different types of 
investments do better than 
others. While Asset Manager: 
Income usually invests in 
stocks, bonds and short-term 
and money market 
instruments, its emphasis is in 
bonds and short-term and 
money market instruments. 
The fund's performance tends 
to be related to changes in 
short-term interest rates, but 
will also reflect the 
performance of the other 
investments in its mix during 
the time period.
(checkmark)
The following information replaces similar information found under the
heading "The Fund's Investment Approach" in The Fund in Detail section
beginning on page 8.
THE FUND'S INVESTMENT APPROACH
The fund seeks a high level of current income by allocating its assets
among stocks, bonds and short-term and money market instruments, and other
instruments of U.S. and foreign issuers. The fund also considers the
potential for capital appreciation.
The fund allocates its assets among the following classes, or types, of
investments. The STOCK CLASS includes equity securities of all types. The
BOND CLASS includes all varieties of fixed-income securities maturing in
more than one year. The SHORT-TERM/MONEY MARKET CLASS includes all types of
short-term and money market instruments. FMR may use its judgment to place
a security in the most appropriate class based on its investment
characteristics. Fixed-income securities may be classified in the bond or
short-term/money market class according to interest rate sensitivity as
well as maturity. The fund may also make other investments that do not fall
within these classes.
FMR has the ability to allocate the fund's assets within specified ranges.
The fund's NEUTRAL MIX represents the benchmark for its combination of
investments in each asset class over time. FMR may change the neutral mix
from time to time. The range and approximate neutral mix for each asset
class are shown below. 
 Range Neutral     Mix
STOCK CLASS  10 - 30% 20%
BOND CLASS 40 - 60% 50%
SHORT-TERM/
MONEY MARKET CLASS 10 - 50% 30%
Asset Manager: Income's approach focuses on bonds and short-term and money
market instruments for current income. However, its ability to invest a
portion of its assets in stocks offers the opportunity for capital
appreciation, and potentially more volatility, than other income-oriented
funds.
Effective December 1, 1996, the following information supplements the
similar information found under the heading "FMR and Its Affiliates" in The
Fund in Detail section beginning on page 8.
John Todd is vice president of Asset Manager: Income and manager of its
short-term and money market investments, which he has managed since
December 1996. He also manages several other Fidelity funds. Mr. Todd
joined Fidelity in 1981.
 
 
 
SUPPLEMENT TO THE FIDELITY ASSET MANAGERTM FUND'S 
NOVEMBER 27, 1996 PROSPECTUS
   The following information replaces similar information found in "The
Fund in Detail" beginning on page 9.
Charles Morrison is manager of Asset Manager's fixed-income investments,
which he has managed since February 1997. He also manages several other
Fidelity funds. Since joining Fidelity in 1987, Mr. Morrison has worked as
an analyst and manager.    
The following information replaces similar information found in "Key Facts"
beginning on page 4.
STRATEGY: The fund diversifies across stocks, bonds and short-term and
money market instruments, both here and abroad, to pursue its goal. The
fund has a neutral mix which represents the way the fund's investments will
generally be allocated over the long term. This mix will vary over
short-term periods as fund management gradually adjusts the fund's holdings
- - within defined ranges - based on the current outlook for the different
markets. 
Neutral Mix
 STOCKS 50%
(can range 
from 30-70%)
Row: 1, Col: 1, Value: 10.0
Row: 1, Col: 2, Value: 50.0
Row: 1, Col: 3, Value: 40.0
 BONDS 40%
(can range 
from
20-60%)
 SHORT-TERM/M
ONEY MARKET 
10%(can 
range
 from 0-50%)
The following information replaces similar information found in "The Fund
in Detail" beginning on page 9.
THE FUND'S INVESTMENT APPROACH
The fund seeks high total return with reduced risk over the long term by
allocating its assets among stocks, bonds and short-term and money market
instruments, and other instruments of U.S. and foreign issuers.
The fund allocates its assets among the following classes, or types, of
investments. The STOCK CLASS includes equity securities of all types. The
BOND CLASS includes all varieties of fixed-income securities maturing in
more than one year. The SHORT-TERM/MONEY MARKET CLASS includes all types of
short-term and money market instruments. FMR may use its judgment to place
a security in the most appropriate class based on its investment
characteristics. Fixed-income securities may be classified in the bond or
short-term/money market class according to interest rate sensitivity as
well as maturity. The fund may also make other investments that do not fall
within these classes.
FMR has the ability to allocate the fund's assets within specified ranges.
The fund's NEUTRAL MIX represents the benchmark for its combination of
investments in each asset class over time. FMR may change the neutral mix
from time to time. The range and approximate neutral mix for each asset
class are shown below. 
 Range Neutral Mix
STOCK CLASS  30 - 70% 50%
BOND CLASS 20 - 60% 40%
SHORT-TERM/
MONEY MARKET CLASS 0 - 50% 10%
Asset Manager's approach spreads the fund's assets among all three classes,
moderating both the risk and return potential of stocks, bonds and
short-term and money market instruments.
The following information supplements similar information found in "The
Fund in Detail" beginning on page 9.
John Todd is vice president of Asset Manager and manager of its short-term
and money market investments, which he has managed since December 1996. He
also manages several other Fidelity funds. Mr. Todd joined Fidelity in
1981.
The following information replaces similar information found in "How to Buy
Shares" on page 20.
       MINIMUM INVESTMENTS 
TO OPEN AN ACCOUNT  $2,500
For Fidelity IRA, Rollover IRA, SEP-IRA and Keogh accounts $500
TO ADD TO AN ACCOUNT  $250
For Fidelity IRA, Rollover IRA, SEP-IRA and Keogh accounts $250
Through regular investment plans* $100
MINIMUM BALANCE $2,000
For Fidelity IRA, Rollover IRA, SEP-IRA and Keogh accounts $500
* FOR MORE INFORMATION ABOUT REGULAR INVESTMENT PLANS, PLEASE REFER TO
INVESTOR SERVICES, PAGE 24.
These minimums may vary for investments through Fidelity Portfolio Advisory
Services, a Fidelity Investor Card account, a Fidelity College Savings Plan
account, or a Fidelity Payroll Deduction Program account in the fund. There
is no minimum account balance or initial or subsequent investment minimums
for certain retirement accounts funded through salary reduction, or
accounts opened with the proceeds of distributions from such Fidelity
retirement accounts. Refer to the program materials for details.
The following information replaces similar information found in "How to
Sell Shares" on page 22.
IF YOU ARE SELLING SOME BUT NOT ALL OF YOUR SHARES, leave at least $2,000
worth of shares in the account to keep it open ($500 for retirement
accounts). 
The following information replaces similar information found in
"Transaction Details" beginning on page 27.
FIDELITY RESERVES THE RIGHT TO DEDUCT AN ANNUAL MAINTENANCE FEE of $12.00
from accounts with a value of less than $2,500, subject to an annual
maximum charge of $24.00 per shareholder. It is expected that accounts will
be valued on the second Friday in November of each year. Accounts opened
after September 30 will not be subject to the fee for that year. The fee,
which is payable to the transfer agent, is designed to offset in part the
relatively higher costs of servicing smaller accounts. This fee will not be
deducted from Fidelity brokerage accounts, retirement accounts (except
non-prototype retirement accounts), accounts using regular investment
plans, or if total assets in Fidelity funds exceed $30,000. Eligibility for
the $30,000 waiver is determined by aggregating Fidelity accounts
maintained by FSC or FBSI which are registered under the same social
security number or which list the same social security number for the
custodian of a Uniform Gifts/Transfers to Minors Act account.
IF YOUR ACCOUNT BALANCE FALLS BELOW $2,000, you will be given 30 days'
notice to reestablish the minimum balance. If you do not increase your
balance, Fidelity reserves the right to close your account and send the
proceeds to you. Your shares will be redeemed at the NAV on the day your
account is closed. 
 
SUPPLEMENT TO THE SPARTAN(registered trademark) SHORT-TERM BOND FUND AND
SPARTAN(registered trademark)
INVESTMENT GRADE BOND FUND NOVEMBER 21, 1996 PROSPECTUS
The following information replaces the similar information found in the
"Charter" section on page 11.
   Andrew Dudley is manager of Spartan Short-Term Bond, which he has
managed since February 1997. Mr. Dudley joined Fidelity as a manager in
1996. Previously, he was a portfolio manager with Putnam Investments from
1991 to 1996.
Kevin Grant is Vice President and manager of Spartan Investment Grade Bond,
which he has managed since February 1997. He also manages several other
Fidelity funds. Prior to joining Fidelity in 1993, Mr. Grant was a vice
president and chief mortgage strategist at Morgan Stanley for three
years.    
The  following information replaces similar information found in "How to
Buy Shares"on page 20.
       MINIMUM INVESTMENTS 
TO OPEN AN ACCOUNT  $10,000
For Fidelity IRA, Rollover IRA, SEP-IRA
and Keogh accounts   $10,000
TO ADD TO AN ACCOUNT  $1,000
For Fidelity IRA, Rollover IRA, SEP-IRA
and Keogh accounts $1,000
Through regular investment plans* $500
MINIMUM BALANCE $5,000
For Fidelity IRA, Rollover IRA, SEP-IRA
and Keogh accounts $5,000
* FOR MORE INFORMATION ABOUT REGULAR INVESTMENT PLANS, PLEASE REFER TO
"INVESTOR SERVICES," PAGE 24. 
These minimums may vary for investments through Fidelity Portfolio Advisory
Services. There is no minimum account balance or initial or subsequent
investment minimums for certain retirement accounts funded through salary
reduction, or accounts opened with the proceeds of distributions from such
Fidelity retirement accounts. Refer to the program materials for details.
The  following information replaces similar information found  on page 29.
FIDELITY RESERVES THE RIGHT TO DEDUCT AN ANNUAL MAINTENANCE FEE of $12.00
from accounts with a value of less than $2,500, subject to an annual
maximum charge of $24.00 per shareholder. It is expected that accounts will
be valued on the second Friday in November of each year. Accounts opened
after September 30 will not be subject to the fee for that year. The fee,
which is payable to the transfer agent, is designed to offset in part the
relatively higher costs of servicing smaller accounts. This fee will not be
deducted from Fidelity brokerage accounts, retirement accounts (except
non-prototype retirement accounts), accounts using regular investment
plans, or if total assets in Fidelity exceed $30,000. Eligibility for the
$30,000 waiver is determined by aggregating Fidelity accounts maintained by
FSC or FBSI which are registered under the same social security number or
which list the same social security number for the custodian of a Uniform
Gifts/Transfers to Minors Act account.