SUPPLEMENT TO THE FIDELITY EXPORT FUND OCTOBER 18, 1996
PROSPECTUS
Effective May 1, 1997, the name of Fidelity Export Fund will be changed
to Fidelity Export and Multinational Fund and the investment policies of
the fund will be changed as described below. The investment objective of
the Fund will remain the same.
The following information replaces similar information found on the cover
page:
Export and Multinational Fund is a growth fund. It seeks to increase the
value of your investment over the long term by investing mainly in equity
securities of U.S. companies that are expected to benefit from exporting or
selling their goods or services outside the U.S.
The following information replaces similar information found in "The Fund
at a Glance" on page 3:
STRATEGY: Invests mainly in equity securities of U.S. companies that
are expected to benefit from exporting or selling their goods or services
outside the U.S.
The following information replaces similar information found in "Who May
Want to Invest" on page 3:
This non-diversified fund may be appropriate for investors who are willing
to ride out stock market fluctuations in pursuit of potentially high
long-term returns. The fund is designed for those who believe that
companies which are expected to benefit from exporting or selling their
goods or services outside the U.S. have greater growth potential than other
companies. This strategy can lead to investments in smaller, less
well-known companies and industry focused companies that may be sensitive
to foreign economic and political conditions.
The following information replaces similar information found in "The Fund's
Investment Approach" on page 9:
The fund seeks long-term growth of capital by investing mainly in equity
securities of U.S. companies that are expected to benefit from exporting or
selling their goods or services outside the U.S. (export and multinational
companies). FMR normally invests at least 65% of the fund's total assets in
these securities.
FMR defines export companies to include companies that:
(small solid bullet) derive, or FMR anticipates will derive, 10% or more of
their annual revenues from sales of exported goods or services; or
(small solid bullet) engage in export-related businesses, such as export
trading or export management companies.
FMR defines multinational companies to include companies that:
(small solid bullet) derive a substantial portion of their revenues or
profits from foreign operations, or that have a substantial portion of
their assets abroad.
U.S. export and multinational companies may be well positioned for growth
because they often offer products or services that are unique, of higher
quality, or less expensive than comparable products or services. Export
companies tend to have smaller capitalizations than the average S&P 500
company. Although the stocks of these smaller capitalization companies may
lead to greater growth opportunities, they involve greater risk and are
generally more volatile than investments in large capitalization companies.
Multinational companies include larger companies that conduct their foreign
operations through local affiliates or subsidiaries.
The strength and stability of the export companies' and multinational
companies' foreign markets are a significant factor for the fund. Foreign
political, economic, and currency changes may dramatically affect demand
for products, and hence affect the fund's performance.
The Board of Trustees of Fidelity Export Fund has authorized the adoption
of a redemption fee of 0.75% of the amount redeemed on shares held less
than 90 days. The fee is applicable to those shares purchased on or after
February 1, 1997.
The following information replaces the corresponding section under
"Expenses" on page 4:
SHAREHOLDER TRANSACTION EXPENSES are charges you may pay when you buy or
sell shares of a fund. In addition, you may be charged an annual account
maintenance fee if your account balance falls below $2,500. Lower sales
charges may be available for accounts over $250,000. See "Transaction
Details," pages 23 to 26, for an explanation of how and when these charges
apply.
Maximum sales charge on purchases 3.00
(as a % of offering price) %
Maximum sales charge on reinvested distributions None
Deferred sales charge on redemptions None
Exchange fee None
Redemption fee on shares held less than 90 days for shares 0.75
purchased on or after February 1, 1997 %
Annual account maintenance fee (for accounts under $2,500) $12.0
0
The following information replaces that found in the section entitled "FMR
and Its Affiliates" on page 8:
Jason Weiner is manager of Export, which he has managed since January 1997.
Previously, he managed other Fidelity funds. Since joining Fidelity in
1991, Mr. Weiner has worked as an analyst and manager.
The following information replaces similar information found in "How to Buy
Shares" on page 16:
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 20.
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 in "How to
Sell Shares" on page 18:
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 supplements information in the section entitled
"Transaction Details" beginning on page 23:
THE REDEMPTION FEE, if applicable, will be deducted from the amount of your
redemption. This fee is paid to the fund rather than FMR, and it does not
apply to shares that were acquired through reinvestment of distributions.
If shares you are redeeming were not all held for the same length of time,
those shares you held longest will be redeemed first for purposes of
determining whether the fee applies.
The following information replaces similar information found in
"Transaction Details" on page 25:
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 $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.
The following information replaces similar information found on page 28:
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
Fidelity International Limited or their 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.
