SUPPLEMENT TO THE
FIDELITY FUND
AUGUST 22, 1997
PROSPECTUS
The following information replaces similar information found in the
"Breakdown of Expenses" section on page 16 .
The fund has adopted a DISTRIBUTION AND SERVICE PLAN. This plan
recognizes that FMR may use its management fee revenues, as well as
its past profits or its resources from any other source, to pay FDC
for expenses incurred in connection with the distribution of fund
shares. FMR directly, or through FDC, may make payments to third
parties, such as banks or broker-dealers, that engage in the sale of,
or provide shareholder support services for, the fund's shares.
Currently, the Board of Trustees has authorized such payments.
The following information replaces similar information found in the
"How to Buy Shares" sectio n on page 19.
These minimums may be lower for investments through a Fidelity
College Savings Plan or Fidelity GoalPlannerSM account. There is no
minimum account balance or initial or subsequent investment minimum
for investments through Fidelity Portfolio Advisory Services, a
qualified state tuition program, certain Fidelity retirement accounts
funded through salary deduction, or accounts opened with the proceeds
of distributions from such retirement accounts. Refer to the program
materials for details. In addition, the fund reserves the right to
waive or lower investment minimums in other circumstances.
The following information replaces similar information found in the
"Dividends, Capital Gains, and Taxes" section on page 26 .
For federal tax purposes, the fund's income and short-term capital
gains are distributed as dividends and taxed as ordinary income;
capital gain distributions are taxed as long-term capital gains. Every
January, Fidelity will send you and the IRS a statement showing the
tax characterization of distributions paid to you in the previous
year.
EFFECT OF FOREIGN TAXES. Foreign governments may impose taxes on the
fund and its investments, and these taxes generally will reduce the
fund's distributions. However, if you meet certain holding period
requirements with respect to your fund shares, an offsetting tax
credit may be available to you. If you do not meet such holding period
requirements, you may still be entitled to a deduction for certain
foreign taxes. In either case, your tax statement will show more
taxable income or capital gains than were actually distributed by the
fund, but will also show the amount of the available offsetting credit
or deduction.
