FIDELITY NEW MILLENNIUM(registered trademark) FUND
SUPPLEMENT TO THE PROSPECTUS DATED JANUARY 20, 1994
The following information supplements that found in the "Transaction
Details" section beginning on page 18.
The fund currently intends to suspend sales of its shares when its net
assets reach approximately $500 million. The fund reserves the right to
change this limit in the future, and to re-open the fund to shareholders
and/or new investors after the current size limit has been reached.
Reinvestment of income dividends and capital gain distributions and
contributions made through a 401(k) program or a 403(b) plan may be
permitted during suspensions of sales.
The following information replaces that found under the "Waivers" heading
in the "Sales Charge Reductions and Waivers" section beginning on page 21.
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.
NMF-94-2 August 1994
FIDELITY NEW MILLENNIUM(registered trademark) FUND
SUPPLEMENT TO THE PROSPECTUS DATED JANUARY 20, 1994
The following information supplements that found in the "Transaction
Details" section beginning on page 18.
The fund currently intends to suspend sales of its shares when its net
assets reach approximately $500 million. The fund reserves the right to
change this limit in the future, and to re-open the fund to shareholders
and/or new investors after the current size limit has been reached.
Reinvestment of income dividends and capital gain distributions and
contributions made through a 401(k) program or a 403(b) plan may be
permitted during suspensions of sales.
The following information replaces that found under the "Waivers" heading
in the "Sales Charge Reductions and Waivers" section beginning on page 21.
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.
NMF-94-2 August 1994
FIDELITY NEW MILLENNIUM FUND
A FUND OF MT. VERNON STREET TRUST
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED JANUARY 20, 1994
MANAGEMENT CONTRACT. Effective August 1, 1994, 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 found on page 17.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE
RATES
Average Group Annualized Group Net Effective Annual Fee
Assets Rate Assets Rate
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 . 3249
36 - 42 .340 250 .3219
42 - 48 .335 275 .3190
48 - 66 .325 300 .3163
66 - 84 .320 325 .3137
84 - 102 .315 350 .3113
102 - 138 .310 375 .3090
138 - 174 .305 400 .3067
174 - 210 .300
210 - 246 .295
246 - 282 .290
282 - 318 .285
318 - 354 .280
354 - 390 .275
Over 390 .270
The following information replaces example 8 found in the section entitled
"Additional Purchase and Redemption INformation:" beginning on page 13.
(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;
The following information supplements that found in the section entitled
"Additional Purchase and Redemption Information" beginning on page 13.
(10) 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;
(11) 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 either 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.
