SUPPLEMENT TO THE
FIDELITY OTC PORTFOLIO
PROSPECTUS
DATED SEPTEMBER 19, 1995
The following information replaces the similar information found in the
"Performance" section on page 7.
AVERAGE ANNUAL TOTAL RETURNS
Fiscal periods ended Pas Past Past
July 31, 1995 t 1 5 10
yea year year
r s s
OTC 39.98 17.80 16.62
% % %
OTC 35.78 17.08 16.27
(load adj. A) % % %
NASDAQ Index 40.25 19.46 14.36
% % %
Consumer Price 2.76 3.18 3.53
Index % % %
CUMULATIVE TOTAL RETURNS
Fiscal periods ended Pas Past Past
July 31, 1995 t 1 5 10
yea year year
r s s
OTC 39.98 126.8 365.43
% 3% %
OTC 35.78 120.0 351.47
(load adj. A) % 3% %
NASDAQ Index 40.25 143.2 282.56
% 5% %
Consumer Price 2.76 16.95 41.47
Index % % %
A LOAD-ADJUSTED RETURNS INCLUDE THE EFFECT OF PAYING THE FUND'S 3% SALES
CHARGE.
The following information replaces the similar information found in the
"Transaction Details" section on page 27.
FDC collects the proceeds from the fund's 3% sales charge and may pay a
portion of them to securities dealers who have sold the funds shares, or to
others, including banks and other financial institutions (qualified
recipients), under special arrangements in connection with FDC's sales
activities. The sales charge paid to qualified recipients is 1.50% of the
fund's offering price.
The following information replaces the similar information found in the
"Waivers" section on page 29.
6. To shares purchased through Portfolio Advisory Services or Fidelity
Charitable Advisory Services
FIDELITY OTC PORTFOLIO
A FUND OF SECURITIES FUND
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED SEPTEMBER 19, 1995
The following information replaces similar information found in the
"Performance" section on page 13.
FIDELITY OTC PORTFOLIO INDICES
Value of Value of Value of
Year Initial Reinvested Reinvested Cost
Ended $10,000 Dividend Capital Gain Total NASDAQ of
7/31 Investment Distributions Distributions Value Index Living
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
1995 $ 20,432 $ 2,443 $ 22,272 $ 45,147 $ 38,256 $ 14,147
1994 14,734 1,458 16,061 32,253 27,277 13,766
1993 17,021 1,535 13,812 32,368 26,324 13,395
1992 16,200 1,157 10,386 27,743 21,453 13,033
1991 15,956 1,008 7,522 24,486 18,317 12,635
1990 13,420 793 5,690 19,903 15,727 12,096
1989 14,695 377 3,968 19,040 16,032 11,540
1988 11,796 43 3,186 15,025 13,474 10,993
1987 14,320 29 1,609 15,958 14,890 10,557
1986 12,191 9 409 12,609 12,537 10,158
</TABLE>
MANAGEMENT CONTRACT. Effective January 1, 1996, 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.
The following information replaces the "Group Fee Rate" and "Effective
Annual Fee Rate" schedules beginning on page 20.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE RATES
Average Group Annualized Group Net Effective Annual Fee
Assets Rate Assets Rate
0 - $ 3 billion .5200% $ 0.5 billion .5200%
3 - 6 .4900 25 .4238
6 - 9 .4600 50 .3823
9 - 12 .4300 75 .3626
12 - 15 .4000 100 .3512
15 - 18 .3850 125 .3430
18 - 21 .3700 150 .3371
21 - 24 .3600 175 .3325
24 - 30 .3500 200 .3284
30 - 36 .3450 225 .3249
36 - 42 .3400 250 .3219
42 - 48 .3350 275 .3190
48 - 66 .3250 300 .3163
66 - 84 .3200 325 .3137
84 - 102 .3150 350 .3113
102 - 138 .3100 375 .3090
138 - 174 .3050 400 .3067
174 - 210 .3000 425 .3046
210 - 246 .2950 450 .3024
246 - 282 .2900 475 .3003
282 - 318 .2850 500 .2982
318 - 354 .2800 525 .2962
354 - 390 .2750 550 .2942
390 - 426 .2700
426 - 462 .2650
462 - 498 .2600
498 - 534 .2550
Over 534 .2500
The following information replaces the similar information found in the
"Additional Purchase and Redemption Information" section on page 14.
7. to shares purchased through Portfolio Advisory Services or Fidelity
Charitable Advisory Services;
