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SUPPLEMENT TO THE

FIDELITY^® AGGRESSIVE GROWTH FUND,
FIDELITY CONVERTIBLE SECURITIES FUND,
FIDELITY EQUITY-INCOME II FUND,
FIDELITY GROWTH COMPANY FUND,
FIDELITY INDEPENDENCE FUND, AND
FIDELITY NEW MILLENNIUM FUND^®

Funds of Fidelity Financial Trust and Fidelity Mt. Vernon Street Trust

STATEMENT OF ADDITIONAL INFORMATION

January 29, 2005

<R>During the period from July 1, 2004 through March 15, 2005, Mr. Dirks served as a Member of the Advisory Board of Fidelity Financial Trust. Effective March 16, 2005, Mr. Dirks serves as a Member of the Board of Trustees. The following information replaces the similar information found in the "Trustees and Officers" section on page 19.</R>

<R>Dennis J. Dirks (56)</R>

<R>Year of Election or Appointment: 2005</R>

<R>Mr. Dirks also serves as a Trustee (2005) or Member of the Advisory Board (2004) of other investment companies advised by FMR. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003).</R>

<R>Effective March 16, 2005, Mr. Dirks serves as a Member of the Board of Trustees. The following information has been removed from the "Trustees and Officers" section on page 21.</R>

<R>Dennis J. Dirks (56)</R>

<R>Year of Election or Appointment: 2004</R>

<R>Member of the Advisory Board of Fidelity Financial Trust (2004). Mr. Dirks also serves as a Trustee (2005) or Member of the Advisory Board (2004) of other investment companies advised by FMR. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003).</R>

<R>During the period from October 1, 2004 through March 15, 2005, Mr. Wolfe served as a Member of the Advisory Board of Fidelity Financial Trust. Effective March 16, 2005, Mr. Wolfe serves as a Member of the Board of Trustees. The following information replaces the similar information found in the "Trustees and Officers" section on page 21.</R>

<R>Kenneth L. Wolfe (66)</R>

<R>Year of Election or Appointment: 2005</R>

<R>Mr. Wolfe also serves as a Trustee (2005) or Member of the Advisory Board (2004) of other investment companies advised by FMR. Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003), Bausch & Lomb, Inc., and Revlon Inc. (2004).</R>

<R>FFVSB-05-02 March 25, 2005
1.800200.103</R>

<R>Effective March 16, 2005, Mr. Wolfe serves as a Member of the Board of Trustees. The following information has been removed from the "Trustees and Officers" section on page 22.</R>

<R>Kenneth L. Wolfe (65)</R>

<R>Year of Election or Appointment: 2004</R>

<R>Member of the Advisory Board of Fidelity Financial Trust (2004). Mr. Wolfe also serves as a Trustee (2005) or Member of the Advisory Board (2004) of other investment companies advised by FMR. Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003), Bausch & Lomb, Inc., and Revlon Inc. (2004).</R>

<R>The following information supplements similar information found in the "Trustees and Officers" section beginning on page 18.</R>

<R>Bryan A. Mehrmann (43)</R>

<R>Year of Election or Appointment: 2005</R>

<R>Deputy Treasurer of Aggressive Growth, Convertible Securities, Equity-Income II, Growth Company, Independence, and New Millennium. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).</R>

<R>The following information has been removed from the "Trustees and Officers" section on page 24.</R>

<R>Thomas J. Simpson (46)</R>

<R>Year of Election or Appointment: 2000</R>

<R>Assistant Treasurer of Aggressive Growth, Convertible Securities, Equity-Income II, Growth Company, Independence, and New Millennium. Mr. Simpson is Assistant Treasurer of other Fidelity funds (2000) and an employee of FMR (1996). Prior to joining FMR, Mr. Simpson was Vice President and Fund Controller of Liberty Investment Services (1987-1995).</R>

<R>The following information replaces the last paragraph of the "Distribution Services" section on page 44.</R>

FDC or an affiliate may compensate intermediaries that distribute and/or service investors in the fund, or, at the direction of a retirement plan's named fiduciary, make payments to intermediaries for certain plan expenses or otherwise for the benefit of plan participants and beneficiaries. A number of factors are considered in determining whether to pay these additional amounts. In certain situations, such factors may include, without limitation, the level or type of services provided by the intermediary, the level or expected level of assets or sales of shares, the placing of the funds on a preferred or recommended fund list, access to an intermediary's personnel, and other factors. In addition to such payments, FDC or an affiliate may offer other incentives in the form of sponsorship of educational or client seminars relating to current products and issues, assistance in training and educating the intermediaries' personnel, and/or payments of costs and expenses associated with attendance at seminars, including travel, lodging, entertainment and meals. FDC anticipates that payments will be made to hundreds of intermediaries, including some of the largest broker-dealers and other financial firms, and these payments may be significant. As permitted by SEC and the National Association of Securities Dealers rules and other applicable laws and regulations, FDC may pay or allow other incentives or payments to intermediaries.

These additional payments, which are sometimes referred to as "revenue sharing," may represent a premium over payments made by other fund families, and investment professionals may have an added incentive to sell or recommend a fund or a share class over others offered by competing fund families.

<R>The following information supplements that found in the "Transfer and Service Agent Agreements" section beginning on page 44.</R>

Many fund shares are owned by certain intermediaries for the benefit of their customers. Since the funds often do not maintain an account for shareholders in those instances, some or all of the recordkeeping services for these accounts may be performed by intermediaries.

FSC or an affiliate may make payments out of its own resources to intermediaries, including those that sell shares of the funds, for recordkeeping services.

Retirement plans may also hold fund shares in the name of the plan, rather than the participant. Plan recordkeepers, who may have affiliated financial intermediaries who sell shares of the funds, may, at the direction of a retirement plan's named fiduciary, be paid for providing services that would otherwise have been performed by FSC or an affiliate. Payments may also be made to plan trustees to defray plan expenses or otherwise for the benefit of plan participants and beneficiaries. For certain types of tax-exempt plans, payments may be made to a plan custodian or other entity which holds plan assets. Payments also may be made to offset charges for certain services, such as plan participant communications, provided by FSC or an affiliate or an unaffiliated third party.

In certain situations where FSC or an affiliate provides recordkeeping services to a retirement plan, credits may be accrued which may be subsequently drawn down to pay for plan expenses. Credits may be accrued based on investments in particular Fidelity funds, or may be awarded for a given period of time. At the direction of a plan sponsor, credits generally may be used to offset certain non-recordkeeping expenses, such as the creation of plan participant communications. Credits also may be used to reimburse plan sponsors, or at the direction of plan sponsors, third parties, for expenses incurred in connection with plan services provided by a third party.

The following information replaces the last two paragraphs found under the "Voting Rights" heading in the "Description of the Trusts" section on page 46.

Each trust or a fund or a class may be terminated upon the sale of its assets to, or merger with, another open-end management investment company, series, or class thereof, or upon liquidation and distribution of its assets. The Trustees may reorganize, terminate, merge, or sell all or a portion of the assets of each trust or a fund or a class without prior shareholder approval. In the event of the dissolution or liquidation of a trust, shareholders of each of its funds are entitled to receive the underlying assets of such fund available for distribution. In the event of the dissolution or liquidation of a fund or a class, shareholders of that fund or that class are entitled to receive the underlying assets of the fund or class available for distribution.

SUPPLEMENT TO THE

FIDELITY ADVISOR STRATEGIC DIVIDEND & INCOME FUND

Class A, Class T, Class B, Class C, and Institutional Class

Classes of Fidelity^®Strategic Dividend & Income^SM Fund

A Fund of Fidelity Financial Trust

STATEMENT OF ADDITIONAL INFORMATION

January 29, 2005

During the period from July 1, 2004 through March 15, 2005, Mr. Dirks served as a Member of the Advisory Board. Effective March 16, 2005, Mr. Dirks serves as a Member of the Board of Trustees. The following information replaces the similar information found in the "Trustees and Officers" section beginning on page 15.

Dennis J. Dirks (56)

Year of Election or Appointment: 2005

Mr. Dirks also serves as a Trustee (2005) or Member of the Advisory Board (2004) of other investment companies advised by FMR. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003).

During the period from October 1, 2004 through March 15, 2005, Mr. Wolfe served as a Member of the Advisory Board. Effective March 16, 2005, Mr. Wolfe serves as a Member of the Board of Trustees. The following information replaces the similar information found in the "Trustees and Officers" section beginning on page 15.

Kenneth L. Wolfe (66)

Year of Election or Appointment: 2005

Mr. Wolfe also serves as a Trustee (2005) or Member of the Advisory Board (2004) of other investment companies advised by FMR. Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003), Bausch & Lomb, Inc., and Revlon Inc. (2004).

The following information supplements similar information found in the "Trustees and Officers" section beginning on page 15.

Bryan A. Mehrmann (43)

Year of Election or Appointment: 2005

Deputy Treasurer of the fund. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).

The following information has been removed from the "Trustees and Officers" section on page 20.

Thomas J. Simpson (46)

Year of Election or Appointment: 2003

Assistant Treasurer of the fund other Fidelity funds (2000) and an employee of FMR (1996). Prior to joining FMR, Mr. Simpson was Vice President and Fund Controller of Liberty Investment Services (1987-1995).

<R>ASDI/ASDIIB-05-01 March 25, 2005
1.795998.102</R>

The following information replaces the third paragraph found under the "Voting Rights" heading in the "Description of the Trust" section on page 37.

The trust or a fund or a class may be terminated upon the sale of its assets to, or merger with, another open-end management investment company, series, or class thereof, or upon liquidation and distribution of its assets. The Trustees may reorganize, terminate, merge, or sell all or a portion of the assets of the trust or a fund or a class without prior shareholder approval. In the event of the dissolution or liquidation of the trust, shareholders of each of its funds are entitled to receive the underlying assets of such fund available for distribution. In the event of the dissolution or liquidation of a fund or a class, shareholders of that fund or that class are entitled to receive the underlying assets of the fund or class available for distribution.

SUPPLEMENT TO THE
FIDELITY^® STRATEGIC DIVIDEND & INCOME^SM FUND

A Fund of Fidelity Financial Trust

STATEMENT OF ADDITIONAL INFORMATION

January 29, 2005

<R>During the period from July 1, 2004 through March 15, 2005, Mr. Dirks served as a Member of the Advisory Board. Effective March 16, 2005, Mr. Dirks serves as a Member of the Board of Trustees. The following information replaces the similar information found in the "Trustees and Officers" section beginning on page 15.</R>

<R>Dennis J. Dirks (56)</R>

<R>Year of Election or Appointment: 2005</R>

<R>During the period from October 1, 2004 through March 15, 2005, Mr. Wolfe served as a Member of the Advisory Board. Effective March 16, 2005, Mr. Wolfe serves as a Member of the Board of Trustees. The following information replaces the similar information found in the "Trustees and Officers" section beginning on page 15.</R>

<R>Kenneth L. Wolfe (66)</R>

<R>Year of Election or Appointment: 2005</R>

<R>The following information supplements similar information found in the "Trustees and Officers" section beginning on page 15.</R>

<R>Bryan A. Mehrmann (43)</R>

<R>Year of Election or Appointment: 2005</R>

<R>Deputy Treasurer of Strategic Dividend & Income. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).</R>

<R>The following information has been removed from the "Trustees and Officers" section on page 20.</R>

<R>Thomas J. Simpson (46)</R>

<R>Year of Election or Appointment: 2003</R>

<R>Assistant Treasurer of Strategic Dividend & Income. Mr. Simpson is Assistant Treasurer of other Fidelity funds (2000) and an employee of FMR (1996). Prior to joining FMR, Mr. Simpson was Vice President and Fund Controller of Liberty Investment Services (1987-1995).</R>

The following information replaces the last paragraph of the "Distribution Services" section on page 35.

<R>SDIB-05-02 March 25, 2005
1.796004.103</R>

<R>The following information supplements that found in the "Transfer and Service Agent Agreements" section beginning on page 35.</R>

FSC or an affiliate may make payments out of its own resources to intermediaries, including those that sell shares of the funds, for recordkeeping services.

<R>The following information replaces the third paragraph found under the "Voting Rights" heading in the "Description of the Trust" section on page 36.</R>

<R>The trust or a fund or a class may be terminated upon the sale of its assets to, or merger with, another open-end management investment company, series, or class thereof, or upon liquidation and distribution of its assets. The Trustees may reorganize, terminate, merge, or sell all or a portion of the assets of the trust or a fund or a class without prior shareholder approval. In the event of the dissolution or liquidation of the trust, shareholders of each of its funds are entitled to receive the underlying assets of such fund available for distribution. In the event of the dissolution or liquidation of a fund or a class, shareholders of that fund or that class are entitled to receive the underlying assets of the fund or class available for distribution.</R>