SUPPLEMENT TO THE
FIDELITY GROWTH COMPANY FUND AND FIDELITY EMERGING GROWTH FUND JANUARY 20,
1997 PROSPECTUS
The following information replaces the similar information found in the
section entitled "FMR and Its Affiliates," beginning on page 11.
Erin Sullivan is manager of Emerging Growth, which she has managed since
April 1997. She also manages another Fidelity fund. Ms. Sullivan joined
Fidelity as a reserach associate in 1991, after receiving a bachelor of
arts degree from Harvard University. Since then, she has worked as an
analyst, manager and sector leader.
