SUPPLEMENT TO THE 
FIDELITY OTC PORTFOLIO
PROSPECTUS
DATED SEPTEMBER 19, 1995
   Effective June 1996, the following information replaces the similar
information found in the "FMR and Its Affiliates" section on page 9.
Charles Mangum is manager of OTC, which he has managed since June 1996. He
also manages several portfolios for Fidelity Management Trust Company.
Previously, Mr. Mangum managed other Fidelity funds. He joined Fidelity in
1990.    
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