FIDELITY GINNIE MAE PORTFOLIO
FIDELITY MORTGAGE SECURITIES PORTFOLIO
SUPPLEMENT TO THE PROSPECTUS DATED SEPTEMBER 18, 1993
SHAREHOLDER MEETING. On July 13, 1994, shareholders of Fidelity
Mortgage Securities Portfolio voted to approve proposals to modify
certain
of the fund's investment policies and limitations.
A proposal was approved that replaced the fund's fundamental investment
policies regarding quality with non-fundamental policies while
increasing
its ability to invest in lower-quality securities. The main purpose of
this is
to give FMR, the fund's manager, greater flexibility in pursuit of the
fund's investment objective by permitting the fund to invest a greater
amount of its total assets in securities that have a lower credit
quality. The
fund previously had a fundamental policy which required the fund's
mortgage-related securities to be substantially high grade and
upper-medium grade securities (equivalent to A or better by Moody's
Investors Service, Inc. (Moody's) or Standard & Poor's Corporation
(S&P)) and limited its investments in lower-quality securities to
20%
of the fund's total assets. The newly approved non-fundamental policy
permits the fund to invest primarily in investment-grade securities
(rated
Baa or above by Moody's or BBB or above by S&P, and unrated
securities judged by FMR to be of equivalent quality) and to invest up
to
35% of its total assets in lower-quality securities.
Shareholders approved proposals that made all of the investment policies
of the fund (except the investment objective) non-fundamental.
Non-fundamental policies can be changed without shareholder approval.
The amended policies became effective immediately upon shareholder
approval on July 13, 1994.
THE FOLLOWING INFORMATION SUPPLEMENTS THAT FOUND IN THE "INVESTMENT
REQUIREMENTS TO REMEMBER" SECTION BEGINNING ON PAGE 14:
The minimum initial or subsequent investment may vary for a Fidelity
Payroll Deduction Program account in Fidelity Ginnie Mae Portfolio.
Refer to the program's materials for details.
FIDELITY GINNIE MAE PORTFOLIO
FIDELITY MORTGAGE SECURITIES PORTFOLIO
SUPPLEMENT TO THE PROSPECTUS DATED SEPTEMBER 18, 1993
SHAREHOLDER MEETING. On July 13, 1994, shareholders of Fidelity
Mortgage Securities Portfolio voted to approve proposals to modify
certain
of the fund's investment policies and limitations.
A proposal was approved that replaced the fund's fundamental investment
policies regarding quality with non-fundamental policies while
increasing
its ability to invest in lower-quality securities. The main purpose of
this is
to give FMR, the fund's manager, greater flexibility in pursuit of the
fund's investment objective by permitting the fund to invest a greater
amount of its total assets in securities that have a lower credit
quality. The
fund previously had a fundamental policy which required the fund's
mortgage-related securities to be substantially high grade and
upper-medium grade securities (equivalent to A or better by Moody's
Investors Service, Inc. (Moody's) or Standard & Poor's Corporation
(S&P)) and limited its investments in lower-quality securities to
20%
of the fund's total assets. The newly approved non-fundamental policy
permits the fund to invest primarily in investment-grade securities
(rated
Baa or above by Moody's or BBB or above by S&P, and unrated
securities judged by FMR to be of equivalent quality) and to invest up
to
35% of its total assets in lower-quality securities.
Shareholders approved proposals that made all of the investment policies
of the fund (except the investment objective) non-fundamental.
Non-fundamental policies can be changed without shareholder approval.
The amended policies became effective immediately upon shareholder
approval on July 13, 1994.
THE FOLLOWING INFORMATION SUPPLEMENTS THAT FOUND IN THE "INVESTMENT
REQUIREMENTS TO REMEMBER" SECTION BEGINNING ON PAGE 14:
The minimum initial or subsequent investment may vary for a Fidelity
Payroll Deduction Program account in Fidelity Ginnie Mae Portfolio.
Refer to the program's materials for details.
MOG/MOR-94-2 July 1994
MOG/MOR-94-2 July 1994
