OTC PORTFOLIO
SUPPLEMENT TO THE PROSPECTUS DATED SEPTEMBER 25, 1993
The following information replaces the fourth paragraph of the section
entitled "OTC Portfolio and the Fidelity Organization" on page 9.
Abigail Johnson is manager of OTC, which she has managed since April
1994. Previously, she managed Dividend Growth and the Select Industrial
Equipment, Developing Communications, and Telecommunications
Portfolios. Ms. Johnson joined Fidelity in 1988.
The following information replaces the fourth paragraph under the heading
"Share Price" on page 11.
The fund's sales charge may be reduced if you invest directly with Fidelity
or through prototype or prototype-like retirement plans sponsored by FMR
or FMR Corp. Purchases made with assistance or intervention from a
financial intermediary are not eligible. The amount you invest, plus the
value of your account, must fall within the ranges shown below. Call
Fidelity to see if your purchase qualifies.
Ranges Sales charge Net amount invested
$0 - 249,000 3% 3.09%
$250,000 - 499,999 2% 2.04%
$500,000 - 999,999 1% 1.01%
$1,000,000 or more none none
The sales charge will also be reduced by the percentage of any sales charge
you previously paid on investments in other Fidelity funds (not including
Fidelity's Foreign Currency Funds). Similarly, your shares carry credit for
any sales charge you would have paid if the reductions in the table above
had not been available. These sales charge credits only apply if you
continuously owned Fidelity fund shares or a Fidelity brokerage core
account, or participated in The CORPORATEplan for Retirement
Program, and only to purchases made in one of the following ways: (i) by
exchange from another Fidelity fund; (ii) with proceeds of a transaction
within a Fidelity brokerage core account, including any free credit
balance, core money market fund, or margin availability, to the extent such
proceeds were derived from redemption proceeds from another Fidelity
fund; (iii) with redemption proceeds from one of Fidelity's Foreign
Currency Funds, if the Foreign Currency Fund
OTC PORTFOLIO
SUPPLEMENT TO THE PROSPECTUS DATED SEPTEMBER 25, 1993
The following information replaces the fourth paragraph of the section
entitled "OTC Portfolio and the Fidelity Organization" on page 9.
Abigail Johnson is manager of OTC, which she has managed since April
1994. Previously, she managed Dividend Growth and the Select Industrial
Equipment, Developing Communications, and Telecommunications
Portfolios. Ms. Johnson joined Fidelity in 1988.
The following information replaces the fourth paragraph under the heading
"Share Price" on page 11.
The fund's sales charge may be reduced if you invest directly with Fidelity
or through prototype or prototype-like retirement plans sponsored by FMR
or FMR Corp. Purchases made with assistance or intervention from a
financial intermediary are not eligible. The amount you invest, plus the
value of your account, must fall within the ranges shown below. Call
Fidelity to see if your purchase qualifies.
Ranges Sales charge Net amount invested
$0 - 249,000 3% 3.09%
$250,000 - 499,999 2% 2.04%
$500,000 - 999,999 1% 1.01%
$1,000,000 or more none none
The sales charge will also be reduced by the percentage of any sales charge
you previously paid on investments in other Fidelity funds (not including
Fidelity's Foreign Currency Funds). Similarly, your shares carry credit for
any sales charge you would have paid if the reductions in the table above
had not been available. These sales charge credits only apply if you
continuously owned Fidelity fund shares or a Fidelity brokerage core
account, or participated in The CORPORATEplan for Retirement
Program, and only to purchases made in one of the following ways: (i) by
exchange from another Fidelity fund; (ii) with proceeds of a transaction
within a Fidelity brokerage core account, including any free credit
balance, core money market fund, or margin availability, to the extent such
proceeds were derived from redemption proceeds from another Fidelity
fund; (iii) with redemption proceeds from one of Fidelity's Foreign
Currency Funds, if the Foreign Currency Fund
OTC-94-1 Page 1 of 2 April 1994
OTC-94-1 Page 1 of 2 April 1994
shares were originally purchased with redemption proceeds from a Fidelity
fund; (iv) through the Directed Dividends Option (see page 14); or (v) by
participants in The CORPORATEplan for Retirement Program when
shares are purchased through plan-qualified loan repayments, and for
exchanges into and out of the Managed Income Portfolio.
The following information replaces the corresponding section of the
fifth
paragraph under the heading "Share Price" on page 12.
The fund's sales charge will not apply...(7) 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 its 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;
The following information supplements the seventh paragraph under the
heading "Share Price" on page 12.
Effective February 1, 1994, the sales charge paid to qualified recipients
will be 2.25% of the fund's offering price.
shares were originally purchased with redemption proceeds from a Fidelity
fund; (iv) through the Directed Dividends Option (see page 14); or (v) by
participants in The CORPORATEplan for Retirement Program when
shares are purchased through plan-qualified loan repayments, and for
exchanges into and out of the Managed Income Portfolio.
The following information replaces the corresponding section of the
fifth
paragraph under the heading "Share Price" on page 12.
The fund's sales charge will not apply...(7) 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 its 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;
The following information supplements the seventh paragraph under the
heading "Share Price" on page 12.
Effective February 1, 1994, the sales charge paid to qualified recipients
will be 2.25% of the fund's offering price.
Page 2 of 2
Page 2 of 2
OTC PORTFOLIO
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED SEPTEMBER 25, 1993
MANAGEMENT CONTRACT. Effective November 1, 1993, FMR agreed to voluntarily
adopt the revised group fee rate schedule shown below for purposes of
calculating the group fee component of the management fee. The revised
schedule provides for lower management fees as total assets under
management increase, and it will be presented to shareholders for approval
at the next shareholder meeting.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL
FEE RATES
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Average Group Annualized Group Net Effective Annual Fee
Assets Rate Assets Rate
</TABLE>
0-$3 billion .520% $ 0.5 billion .5200%
3-6 .490 25 .4238
6-9 .460 50 .3823
9-12 .430 75 .3626
12-15 .400 100 .3512
15-18 .385 125 .3430
18-21 .370 150 .3371
21-24 .360 175 .3325
24-30 .350 200 .3284
30-36 .345 225 .3253
36-42 .340 250 .3223
42-48 .335 275 .3198
48-66 .325 300 .3175
66-84 .320 325 .3153
84-102 .315 350 .3133
102-138 .310
138-174 .305
174-228 .300
228-282 .295
282-336 .290
Over 336 .285
ADDITIONAL PURCHASE AND REDEMPTION INFORMATION. The fund's sales charge
may be reduced to reflect sales charges previously paid, or that would have
been paid absent a reduction as noted in the prospectus, in connection with
investments in other Fidelity funds. This includes reductions for
investments in prototype or prototype-like retirement plans sponsored by
FMR or FMR Corp., which are listed on page 13.
The following replaces the corresponding section under the heading
"Additional Purchase and Redemption Information" on page 13.
In addition, the fund's sales charge will not apply...(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 its 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;
OTCB-94-1 Page 1 of 2 May 5, 1994
The following supplements the information found under the heading
"Additional Purchase and Redemption Information" on page 13.
In addition, the fund's sales charge will not apply.....(11) if you are
a registered investment adviser (RIA) purchasing for your discretionary
accounts, provided you execute a Fidelity RIA load waiver agreement which
specifies certain aggregate minimum and operating provisions. This waiver
is available only for shares purchased directly from Fidelity, without a
broker, and is unavailable if the RIA is part of an organization
principally engaged in the brokerage business; or (12) if you are a trust
institution or bank trust department purchasing for your non-discretionary,
non-retirement fiduciary accounts, provided you execute a Fidelity Trust
load waiver agreement which specifies certain aggregate minimum and
operating provisions. This waiver is available only for shares purchased
directly from Fidelity or through a bank-affiliated broker, and is
unavailable if the trust department or institution is part of an
organization not principally engaged in banking or trust activities.
Page 2 of 2
