SUPPLEMENT TO THE
FIDELITY EXPORT FUND
PROSPECTUS
DATED SEPTEMBER 14, 1994
The following information
replaces the similar
information found in the
section entitled "Expenses"
beginning on page 4.
SHAREHOLDER TRANSACTION
EXPENSES are charges you
pay when you buy, sell, or
hold shares of a fund. See
pages 14 and 20 through 26
for an explanation of how and
when these charges apply.
Lower sales charges may be
available for accounts over
$250,000.
Maximum sales charge on
purchases,
after December 31, 1995
(as a % of offering price) 3.00%
Maximum sales charge on
reinvested distributions None
Deferred sales charge on
redemptions None
Exchange fee None
Annual account maintenance fee
(for accounts under $2,500) $12.
00
The following information
supplements the information
found in the section entitled
"Transaction Details"
beginning on page 21.
FIDELITY RESERVES THE RIGHT
TO DEDUCT AN ANNUAL
MAINTENANCE FEE of $12.00
from accounts with a value of
less than $2,500 (including
any amount paid as a sales
charge), subject to an annual
maximum charge of $60.00
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.
The fee will not be deducted
from retirement accounts,
accounts using regular
investment plans, or if total
assets in Fidelity funds
exceed $50,000. Eligibility for
the $50,000 waiver is
determined by aggregating
Fidelity mutual fund 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.
SUPPLEMENT TO THE
FIDELITY EXPORT FUND
PROSPECTUS
DATED SEPTEMBER 14, 1994
The following information
replaces the similar
information found in the
section entitled "Expenses"
beginning on page 4.
SHAREHOLDER TRANSACTION
EXPENSES are charges you
pay when you buy, sell, or
hold shares of a fund. See
pages 14 and 20 through 26
for an explanation of how and
when these charges apply.
Lower sales charges may be
available for accounts over
$250,000.
Maximum sales charge on
purchases,
after December 31, 1995
(as a % of offering price) 3.00%
Maximum sales charge on
reinvested distributions None
Deferred sales charge on
redemptions None
Exchange fee None
Annual account maintenance fee
(for accounts under $2,500) $12.
00
The following information
supplements the information
found in the section entitled
"Transaction Details"
beginning on page 21.
FIDELITY RESERVES THE RIGHT
TO DEDUCT AN ANNUAL
MAINTENANCE FEE of $12.00
from accounts with a value of
less than $2,500 (including
any amount paid as a sales
charge), subject to an annual
maximum charge of $60.00
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.
The fee will not be deducted
from retirement accounts,
accounts using regular
investment plans, or if total
assets in Fidelity funds
exceed $50,000. Eligibility for
the $50,000 waiver is
determined by aggregating
Fidelity mutual fund 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.
EXF-95-2 (PAGE 1 OF 2) April 12, 1995
EXF-95-2 (PAGE 1 OF 2) April 12, 1995
FINANCIAL HIGHLIGHTS
The following information supplements the information set forth
in the Prospectus. The tables report selected data for a share
outstanding throughout the period from October 4, 1994
(commencement of operations) to February 28, 1995:
FINANCIAL HIGHLIGHTS
The following information supplements the information set forth
in the Prospectus. The tables report selected data for a share
outstanding throughout the period from October 4, 1994
(commencement of operations) to February 28, 1995:
EXF- 95-2 (PAGE 2 OF 2) April 12, 1995
EXF- 95-2 (PAGE 2 OF 2) April 12, 1995
FINANCIAL HIGHLIGHTS
1995 D
(UNAUDITED)
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 10.00
Income from Investment Operations
Net investment income (.01)C
Net realized and unrealized gain (loss) .51
Total from investment operations .50
Less Distributions from net investment income (.01)
Net asset value, end of period $ 10.49
TOTAL RETURN B 5.01%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 117,122
Ratio of expenses to average net assets 1.65% A
Ratio of net investment income to average net assets (.28)% A
Portfolio turnover rate 467% A
A ANNUALIZED
B TOTAL RETURN DO NOT INCLUDE THE ONE TIME SALES CHARGE (WAIVED THROUGH
DECEMBER 31, 1995) AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED.
C NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
D FROM OCTOBER 4, 1994 (COMMENCEMENT OF OPERATIONS) TO FEBRUARY 28, 1995.
FINANCIAL HIGHLIGHTS
1995 D
(UNAUDITED)
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 10.00
Income from Investment Operations
Net investment income (.01)C
Net realized and unrealized gain (loss) .51
Total from investment operations .50
Less Distributions from net investment income (.01)
Net asset value, end of period $ 10.49
TOTAL RETURN B 5.01%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 117,122
Ratio of expenses to average net assets 1.65% A
Ratio of net investment income to average net assets (.28)% A
Portfolio turnover rate 467% A
A ANNUALIZED
B TOTAL RETURN DO NOT INCLUDE THE ONE TIME SALES CHARGE (WAIVED THROUGH
DECEMBER 31, 1995) AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED.
C NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
D FROM OCTOBER 4, 1994 (COMMENCEMENT OF OPERATIONS) TO FEBRUARY 28, 1995.
FIDELITY EXPORT FUND
A FUND OF FIDELITY UNION STREET TRUST
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED SEPTEMBER 14, 1994
The u naudited Financial Statements and Financial Highlights included in
the fund's Semi-Annual Report for the period October 4, 1994 (commencement
of operations) to February 28, 1995 are incorporated herein by
reference.
EXFB-95-1 April 12, 1995
