SUPPLEMENT TO THE FIDELITY GROWTH COMPANY FUND AND FIDELITY EMERGING
GROWTH FUND JANUARY 28, 1998 PROSPECTUS
SHAREHOLDER MEETING. On or about January 13, 1999, a meeting of the
shareholders of Fidelity Growth Company Fund and Fidelity Emerging
Growth Fund will be held to approve various proposals, including
modifications to the funds' management contracts. Shareholders of
record on November 16, 1998 are entitled to vote at the meeting.
Included in the modifications are proposals to revise the management
fee calculation for each fund to provide for lower fees when FMR's
assets under management exceed a certain level, to prospectively
change the comparative securities index used to calculate Fidelity
Growth Company Fund's performance adjustment from the Standard &
Poor's 500 Index to the Russell 3000 Growth Index, to prospectively
change the comparative securities index used to calculate Fidelity
Emerging Growth Fund's performance adjustment from the Russell 2000
Index to the Russell Midcap Growth Index, to revise the performance
adjustment calculations by rounding the investment performance of both
the funds and the comparative indices to the nearest .01%, rather than
the nearest 1.00%, and to allow FMR and the trust, on behalf of the
funds, to modify their management contracts subject to the
requirements of the Investment Company Act of 1940.
For more detailed information concerning the proposals under
consideration, please contact Fidelity at 1-800-544-8888 to request a
free copy of the proxy statement.
On September 17, 1998 the Board of Trustees of Fidelity Emerging
Growth Fund authorized elimination of the fund's 3% front-end sales
charge. Beginning September 30, 1998, purchases of shares of the fund
will not be subject to a sales charge.
The following information replaces similar information found in the
"Expenses" section beginning on page 4.
SHAREHOLDER TRANSACTION EXPENSES are charges you may pay when you buy
or sell shares of a fund. In addition, you may be charged an annual
account maintenance fee if your account balance falls below $2,500.
See "Transaction Details," page 27, for an explanation of how and when
these charges apply.
SALES CHARGE ON PURCHASES NONE
AND REINVESTED DISTRIBUTIONS
DEFERRED SALES CHARGE ON REDEMPTIONS NONE
REDEMPTION FEE (SHORT-TERM TRADING FEE)
ON SHARES HELD LESS THAN 90 DAYS
(AS A % OF AMOUNT REDEEMED)
FOR EMERGING GROWTH ONLY 0.75%
ANNUAL ACCOUNT MAINTENANCE FEE (FOR ACCOUNTS UNDER $2,500) $12.00
EXAMPLES: Let's say, hypothetically, that each fund's annual return is
5% and that your shareholder transaction expenses and each fund's
annual operating expenses are exactly as just described. For every
$1,000 you invested, here's how much you would pay in total expenses
if you close your account after the number of years indicated:
EMERGING GROWTH
1 YEAR $ 11
3 YEARS $ 35
5 YEARS $ 60
10 YEARS $ 133
These examples illustrate the effect of expenses, but are not meant to
suggest actual or expected expenses or returns, all of which may vary.
The following information replaces similar information found in the
"How to Buy Shares" section on page 20.
THE PRICE TO BUY ONE SHARE of each fund is the fund's net asset value
per share (NAV). Each fund's shares are sold without a sales charge.
Your shares will be purchased at the next NAV calculated after your
investment is received in proper form. Each fund's NAV is normally
calculated each business day at 4:00 p.m. Eastern time.
The following information found in the "Transaction Details" section
on page 28 is no longer applicable.
THE OFFERING PRICE of Emerging Growth is the fund's NAV divided by the
difference between one and the applicable sales charge percentage. The
maximum sales charge is 3.00% of the offering price.
The following information replaces similar information found in the
"Transaction Details" section on page 30.
FIDELITY MAY CHARGE A FEE FOR SPECIAL SERVICES, such as providing
historical account documents, that are beyond the normal scope of its
services.
FDC may, at its own expense, provide promotional incentives to
qualified recipients who support the sale of shares of the funds
without reimbursement from the funds. Qualified recipients are
securities dealers who have sold fund shares or others, including
banks and other financial institutions, under special arrangements in
connection with FDC's sales activities. In some instances, these
incentives may be offered only to certain institutions whose
representatives provide services in connection with the sale or
expected sale of significant amounts of shares.
Due to the elimination of the sales charge the section entitled "Sales
Charge Reductions and Waivers" beginning on page 31 is no longer
applicable.
