SUPPLEMENT TO
FIDELITY GROWTH
COMPANY FUND
AND
FIDELITY EMERGING
GROWTH FUND
PROSPECTUS
DATED JANUARY 23, 1995
The following information
replaces the similar
information found in the
"Transaction Details" section
on page 30:
FDC collects the proceeds
from each fund's 3 % sales
charge and may pay a
portion of them to securities
dealers who have sold the
fund's 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 a fund's offering price.
The following information
replaces the similar
information found in the
"Waivers" section on page
32:
6. To shares purchased
through Portfolio Advisory
Services or Fidelity
Charitable Advisory Services.
The following information
replaces similar information
found under the "Waivers"
section beginning on page 32:
9. (Growth Company Only) If
you invest as part of a payroll
deduction program through
an employer who also
maintains a
Fidelity-sponsored employee
benefit plan or is a member
of the Fidelity Retail Advisory
Group, provided the
employer enters into a load
waiver agreement which
specifies certain qualifying
restrictions and operating
provisions.
SUPPLEMENT TO
FIDELITY GROWTH
COMPANY FUND
AND
FIDELITY EMERGING
GROWTH FUND
PROSPECTUS
DATED JANUARY 23, 1995
The following information
replaces the similar
information found in the
"Transaction Details" section
on page 30:
FDC collects the proceeds
from each fund's 3 % sales
charge and may pay a
portion of them to securities
dealers who have sold the
fund's 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 a fund's offering price.
The following information
replaces the similar
information found in the
"Waivers" section on page
32:
6. To shares purchased
through Portfolio Advisory
Services or Fidelity
Charitable Advisory Services.
The following information
replaces similar information
found under the "Waivers"
section beginning on page 32:
9. (Growth Company Only) If
you invest as part of a payroll
deduction program through
an employer who also
maintains a
Fidelity-sponsored employee
benefit plan or is a member
of the Fidelity Retail Advisory
Group, provided the
employer enters into a load
waiver agreement which
specifies certain qualifying
restrictions and operating
provisions.
GCF/FEG-96-1 January 1, 1996
GCF/FEG-96-1 January 1, 1996
FIDELITY GROWTH COMPANY FUND
FIDELITY EMERGING GROWTH FUND
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED JANUARY 23, 1995
The following information replaces that found in the section entitled
"Additional Purchase and Redemption Information" beginning on page 17.
7. to shares purchased through Portfolio Advisory Services or Fidelity
Charitable Advisory Services;
10. (Growth Company only) to shares purchased as part of a payroll
deduction program (including shares purchased in an amount less than $5,000
by participants in the program within three months of the commencement of
their participation in the program from sources other than payroll
deduction) through an employer who has entered into a load waiver agreement
and who (i) maintains an employee benefit plan that either qualifies for
exemption (1) above or is in the CORPORATEplan for Retirement Program and
has at least some of its plan assets in Fidelity-managed products, or (ii)
is a member of the Fidelity Retail Advisory Group and has more than 500
employees.
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 found on page 23.
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
3 90 - 426 .2700
42 6 - 46 2 .2650
462 - 4 98 .2600
49 8 - 5 34 .2550
Ov er 53 4 .2500
GCF/FEGB-96-1
January 1, 1996
FIDELITY NEW MILLENNIUM(trademark) FUND
A FUND OF MT. VERNON STREET TRUST
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED JANUARY 23, 1995
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;
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 found on page 19.
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
NMFB-96-1
January 1, 1996
