This
example
helps compare the cost of investing in the fund with the cost of investing in
other funds.
Let's say, hypothetically, that the annual return for shares
of the fund is 5% and that the fees and the annual operating expenses for shares
of the fund are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or expected
fees and expenses or returns, all of which may vary. For every $10,000 you
invested, here's how much you would pay in total expenses if you sell all of
your shares at the end of each time period indicated:
|
1
year |
$ |
75 |
|
3
years |
$ |
233 |
|
5
years |
$ |
406 |
|
10
years |
$ |
906 |
Portfolio
Turnover
The
fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when fund
shares are held in a taxable account. These costs, which are not reflected in
annual operating expenses or in the example, affect the fund's performance.
During the most recent fiscal year, the fund's portfolio turnover rate
was 53%
of the average value of its portfolio.
Principal
Investment Strategies
- Normally
investing primarily in common stocks.
- Investing
in companies that Fidelity Management & Research Company LLC (FMR)
believes have above-average growth potential (stocks of these companies are
often called "growth" stocks).
- Investing
in domestic and foreign issuers.
- Using
fundamental analysis of factors such as each issuer's financial condition and
industry position, as well as market and economic conditions, to select
investments.
Principal
Investment Risks
Stock
markets are volatile and can decline significantly in response to adverse
issuer, political, regulatory, market, or economic developments. Different parts
of the market, including different market sectors, and different types of
securities can react differently to these developments.
Foreign
markets can be more volatile than the U.S. market due to increased risks of
adverse issuer, political, regulatory, market, or economic developments and can
perform differently from the U.S. market.
The
value of an individual security or particular type of security can be more
volatile than, and can perform differently from, the market as a
whole.
"Growth"
stocks can perform differently from the market as a whole and other types of
stocks and can be more volatile than other types of stocks.
In
addition, the fund is classified as non-diversified under the Investment Company
Act of 1940 (1940 Act), which means that it has the ability to invest a greater
portion of assets in securities of a smaller number of individual issuers than a
diversified fund. As a result, changes in the market value of a single
investment could cause greater fluctuations in share price than would occur in a
more diversified fund.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates the changes in the performance of the fund's shares from
year to year and compares the performance of the fund's shares to the
performance of a securities market index over various periods of
time.
The index description appears in the "Additional Index Information" section of
the prospectus.
Past performance is not an indication of future
performance.
Visit
www.401k.com and
log in for more recent performance information.
Year-by-Year
Returns
|
|
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
|
|
36.72%
|
11.48%
|
7.29%
|
0.83%
|
34.83%
|
-0.14%
|
33.93%
|
43.61%
|
23.10%
|
-24.35%
|
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
31.45% |
June
30, 2020 |
|
Lowest
Quarter Return |
-17.99% |
June
30, 2022 |
|
Year-to-Date
Return |
22.99% |
June
30, 2023 |
Average
Annual Returns
|
For
the periods ended December 31, 2022 |
Past
1
year |
Past
5
years |
Past
10
years |
|
Class
K |
-24.35% |
12.34% |
14.80% |
|
Russell
3000® Growth Index
(reflects
no deduction for fees, expenses, or taxes) |
-28.97% |
10.45% |
13.75% |
|
|
|
|
|
|
|
Investment
Adviser
FMR
(the Adviser) is the fund's manager. Other investment advisers serve as
sub-advisers for the fund.
Portfolio
Manager(s)
Jason
Weiner (Co-Portfolio Manager) has managed the fund since 2007.
Asher
Anolic (Co-Portfolio Manager) has managed the fund since 2017.
Purchase
and Sale of Shares
Shares
generally are available only to certain employer-sponsored retirement plans and
certain Fidelity health savings accounts that are made available through
employers. For this purpose, employer-sponsored retirement plans generally
include profit sharing, 401(k), 403(b), 457(b), defined benefit, retiree health
savings plans, and similar plans, but generally do not include: retail
retirement or non-retirement accounts; Individual Retirement Accounts (IRAs)
(such as traditional, Roth, SEP, SARSEP, and SIMPLE IRAs); Coverdell Education
Savings Accounts; individual 403(b) accounts that are not part of an employer's
403(b) plan; plans investing through the Fidelity Advisor®
403(b) program; plans covering self-employed individuals and their employees
(formerly Keogh/H.R. 10 plans); health savings accounts; or qualified tuition
programs. Plan participants may purchase shares only if shares are eligible for
sale and available through their plan.
You
may buy or sell shares in various ways:
Internet
www.401k.com
Phone
For
Individual Accounts (investing through a retirement plan sponsor or other
institution), refer to your plan materials or contact that institution
directly.
For
Retirement Plan Level Accounts:
Corporate
Clients 1-800-962-1375
"Not
for Profit" Clients 1-800-343-0860
Mail
|
Redemptions:
Fidelity
Investments
P.O.
Box 770001
Cincinnati,
OH 45277-0035 |
Overnight
Express:
Fidelity
Investments
100
Crosby Parkway
Covington,
KY 41015 |
TDD
- Service
for the Deaf and Hearing Impaired
1-800-544-0118
The
price to buy one share is its net asset value per share (NAV). Shares will be
bought at the NAV next calculated after an order is received in proper
form.
The
price to sell one share is its NAV. Shares will be sold at the NAV next
calculated after an order is received in proper form.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
There
is no purchase minimum for fund shares.
Tax
Information
Distributions
by the fund to tax-advantaged retirement plan accounts are not taxable currently
(but you may be taxed later, upon withdrawal of your investment from such
account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated with the Adviser or FDC), for the sale of fund shares and related
services. These payments may create a conflict of interest by influencing your
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Basics
Investment
Objective
Fidelity®
Growth Discovery Fund seeks capital appreciation.
Principal
Investment Strategies
The
Adviser normally invests the fund's assets primarily in common stocks.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
The
Adviser invests the fund's assets in companies it believes have above-average
growth potential. Growth may be measured by factors such as earnings or
revenue.
Companies
with high growth potential tend to be companies with higher than average
price/earnings (P/E) or price/book (P/B) ratios. Companies with strong growth
potential often have new products, technologies, distribution channels, or other
opportunities, or have a strong industry or market position. The stocks of these
companies are often called "growth" stocks.
Because
the fund is classified as non-diversified, the Adviser may invest a significant
percentage of the fund's assets in a single issuer.
In
buying and selling securities for the fund, the Adviser relies on fundamental
analysis, which involves a bottom-up assessment of a company's potential for
success in light of factors including its financial condition, earnings outlook,
strategy, management, industry position, and economic and market
conditions.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Description
of Principal Security Types
Equity
securities
represent an ownership interest, or the right to acquire an ownership interest,
in an issuer. Different types of equity securities provide different voting and
dividend rights and priority in the event of the bankruptcy of the
issuer. Equity securities include common stocks, preferred stocks,
convertible securities, and warrants.
Principal
Investment Risks
Many
factors affect the fund's performance. Developments that disrupt global
economies and financial markets, such as pandemics and epidemics, may magnify
factors that affect a fund's performance. The fund's share price changes daily
based on changes in market conditions and interest rates and in response to
other economic, political, or financial developments. The fund's reaction to
these developments will be affected by the types of securities in which the fund
invests, the financial condition, industry and economic sector, and geographic
location of an issuer, and the fund's level of investment in the securities of
that issuer. In addition, because the fund may invest a significant percentage
of assets in a single issuer, the fund's performance could be closely tied to
that one issuer and could be more volatile than the performance of more
diversified funds. When you sell your shares they may be worth more or less than
what you paid for them, which means that you could lose money by investing in
the fund.
The
following factors can significantly affect the fund's performance:
Stock
Market Volatility.
The value of equity securities fluctuates in response to issuer, political,
market, and economic developments. Fluctuations, especially in foreign markets,
can be dramatic over the short as well as long term, and different parts of the
market, including different market sectors, and different types of equity
securities can react differently to these developments. For example, stocks of
companies in one sector can react differently from those in another, large cap
stocks can react differently from small cap stocks, and "growth" stocks can
react differently from "value" stocks. Issuer, political, or economic
developments can affect a single issuer, issuers within an industry or economic
sector or geographic region, or the market as a whole. Changes in the financial
condition of a single issuer can impact the market as a whole. Terrorism and
related geo-political risks have led, and may in the future lead, to increased
short-term market volatility and may have adverse long-term effects on world
economies and markets generally.
Foreign
Exposure.
Foreign securities, foreign currencies, and securities issued by U.S. entities
with substantial foreign operations can involve additional risks relating to
political, economic, or regulatory conditions in foreign countries. These risks
include fluctuations in foreign exchange rates; withholding or other taxes;
trading, settlement, custodial, and other operational risks; and the less
stringent investor protection and disclosure standards of some foreign markets.
All of these factors can make foreign investments, especially those in emerging
markets, more volatile and potentially less liquid than U.S. investments. In
addition, foreign markets can perform differently from the U.S.
market.
Global
economies and financial markets are becoming increasingly interconnected, which
increases the possibilities that conditions in one country or region might
adversely impact issuers or providers in, or foreign exchange rates with, a
different country or region.
Issuer-Specific
Changes. Changes
in the financial condition of an issuer or counterparty, changes in specific
economic or political conditions that affect a particular type of security or
issuer, and changes in general economic or political conditions can increase the
risk of default by an issuer or counterparty, which can affect a security's or
instrument's value. The value of securities of smaller, less well-known issuers
can be more volatile than that of larger issuers.
"Growth"
Investing.
"Growth" stocks can react differently to issuer, political, market, and economic
developments than the market as a whole and other types of stocks. "Growth"
stocks tend to be more expensive relative to their earnings or assets compared
to other types of stocks. As a result, "growth" stocks tend to be sensitive to
changes in their earnings and more volatile than other types of
stocks.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy for defensive purposes. If the
fund does so, different factors could affect its performance and the fund may
not achieve its investment objective.
Other
Investment Strategies
In
addition to the principal investment strategies discussed above, the Adviser may
lend the fund's securities to broker-dealers or other institutions to earn
income for the fund.
The
Adviser may also use various techniques, such as buying and selling futures
contracts and exchange traded funds, to increase or decrease the fund's exposure
to changing security prices or other factors that affect security
values.
Non-Fundamental
Investment Policies
The
fund's investment objective is non-fundamental and may be changed without
shareholder approval.
The
fund is open for business each day the NYSE is open.
The
NAV is the value of a single share. Fidelity normally calculates NAV as of the
close of business of the NYSE, normally 4:00 p.m. Eastern time. The fund's
assets normally are valued as of this time for the purpose of computing NAV.
Fidelity calculates NAV separately for each class of shares of a multiple class
fund.
NAV
is not calculated and the fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the Securities and Exchange Commission
(SEC).
To
the extent that the fund's assets are traded in other markets on days when the
fund is not open for business, the value of the fund's assets may be affected on
those days. In addition, trading in some of the fund's assets may not occur on
days when the fund is open for business.
NAV
is calculated using the values of other open-end funds, if any, in which the
fund invests (referred to as underlying funds). Shares of underlying funds are
valued at their respective NAVs. Other assets are valued primarily on the basis
of market quotations, official closing prices, or information furnished by a
pricing service. Certain short-term securities are valued on the basis of
amortized cost. If market quotations, official closing prices, or information
furnished by a pricing service are not readily available or, in the Adviser's
opinion, are deemed unreliable for a security, then that security will be fair
valued in good faith by the Adviser in accordance with applicable fair value
pricing policies. For example, if, in the Adviser's opinion, a security's value
has been materially affected by events occurring before a fund's pricing time
but after the close of the exchange or market on which the security is
principally traded, then that security will be fair valued in good faith by the
Adviser in accordance with applicable fair value pricing policies. Fair value
pricing will be used for high yield debt securities when available pricing
information is determined to be stale or for other reasons not to accurately
reflect fair value.
Arbitrage
opportunities may exist when trading in a portfolio security or securities is
halted and does not resume before a fund calculates its NAV. These arbitrage
opportunities may enable short-term traders to dilute the NAV of long-term
investors. Securities trading in overseas markets, if applicable, present
time zone arbitrage opportunities when events affecting portfolio security
values occur after the close of the overseas markets but prior to the close of
the U.S. market. Fair valuation of a fund's portfolio securities can serve to
reduce arbitrage opportunities available to short-term traders, but there is no
assurance that fair value pricing policies will prevent dilution of NAV by
short-term traders.
Policies
regarding excessive trading may not be effective to prevent short-term NAV
arbitrage trading, particularly in regard to omnibus accounts.
Fair
value pricing is based on subjective judgments and it is possible that the fair
value of a security may differ materially from the value that would be realized
if the security were sold.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
General
Information
Certain
methods of contacting Fidelity may be unavailable or delayed (for example,
during periods of unusual market activity). In addition, the level and type of
service available may be restricted.
Frequent
Purchases and Redemptions
The
fund may reject for any reason, or cancel as permitted or required by law, any
purchase or exchange, including transactions deemed to represent excessive
trading, at any time.
Excessive
trading of fund shares can harm shareholders in various ways, including reducing
the returns to long-term shareholders by increasing costs to the fund (such as
brokerage commissions or spreads paid to dealers who sell money market
instruments), disrupting portfolio management strategies, and diluting the value
of the shares in cases in which fluctuations in markets are not fully priced
into the fund's NAV.
The
fund reserves the right at any time to restrict purchases or exchanges or impose
conditions that are more restrictive on excessive trading than those stated in
this prospectus.
Excessive
Trading Policy
The
Board of Trustees has adopted policies designed to discourage excessive trading
of fund shares. Excessive trading activity in a fund is measured by the number
of roundtrip transactions in a shareholder's account and each class of a
multiple class fund is treated separately. A roundtrip transaction occurs when a
shareholder sells fund shares (including exchanges) within 30 days of the
purchase date.
Shareholders
with two or more roundtrip transactions in a single fund within a rolling 90-day
period will be blocked from making additional purchases or exchange purchases of
the fund for 85 days. Shareholders with four or more roundtrip transactions
across all Fidelity®
funds within any rolling 12-month period will be blocked for at least 85 days
from additional purchases or exchange purchases across all Fidelity®
funds. Any roundtrip within 12 months of the expiration of a multi-fund block
will initiate another multi-fund block. Repeat offenders may be subject to
long-term or permanent blocks on purchase or exchange purchase transactions in
any account under the shareholder's control at any time. In addition to
enforcing these roundtrip limitations, the fund may in its discretion restrict,
reject, or cancel any purchases or exchanges that, in the Adviser's opinion, may
be disruptive to the management of the fund or otherwise not be in the fund's
interests.
Exceptions
The
following transactions are exempt from the fund's excessive trading policy
described above: (i) systematic withdrawal and/or contribution programs, (ii)
mandatory retirement distributions, (iii) transactions initiated by a plan
sponsor or sponsors of certain employee benefit plans or other related accounts,
(iv) transactions within a qualified advisory program, and (v) transactions
initiated by the trustee or adviser to a donor-advised charitable gift fund,
qualified fund of funds, or other strategy funds.
A
qualified advisory program is one that demonstrates to Fidelity that the program
has investment strategies and trading policies designed to protect the interests
of long-term investors and meets specific criteria outlined by
Fidelity.
A
qualified fund of funds is a mutual fund, qualified tuition program, or other
strategy fund consisting of qualified plan assets that either applies the fund's
excessive trading policies to shareholders at the fund of funds level, or
demonstrates that the fund of funds has an investment strategy coupled with
policies designed to control frequent trading that are reasonably likely to be
effective as determined by the fund's Treasurer.
Fidelity
may choose not to monitor transactions below certain dollar value
thresholds.
Omnibus
Accounts
Omnibus
accounts, in which shares are held in the name of an intermediary on behalf of
multiple investors, are a common form of holding shares among retirement plans
and financial intermediaries such as brokers, advisers, and third-party
administrators. Individual trades in omnibus accounts are often not disclosed to
the fund, making it difficult to determine whether a particular shareholder is
engaging in excessive trading. Excessive trading in omnibus accounts is likely
to go undetected by the fund and may increase costs to the fund and disrupt its
portfolio management.
Under
policies adopted by the Board of Trustees, intermediaries will be permitted to
apply the fund's excessive trading policy (described above), or their own
excessive trading policy if approved by the Adviser. In these cases, the fund
will typically not request or receive individual account data but will rely on
the intermediary to monitor trading activity in good faith in accordance with
its or the fund's policies. Reliance on intermediaries increases the risk that
excessive trading may go undetected. For other intermediaries, the fund will
generally monitor trading activity at the omnibus account level to attempt to
identify disruptive trades. The fund may request transaction information, as
frequently as daily, from any intermediary at any time, and may apply the fund's
policy to transactions that exceed thresholds established by the Board of
Trustees. The fund may prohibit purchases of fund shares by an intermediary or
by some or all of any intermediary's clients. There is no assurance that the
Adviser will request data with sufficient frequency to detect or deter excessive
trading in omnibus accounts effectively.
If
you purchase or sell fund shares through a financial intermediary, you may wish
to contact the intermediary to determine the policies applicable to your
account.
Retirement
Plans
For
employer-sponsored retirement plans, only participant directed exchanges count
toward the roundtrip limits. Employer-sponsored retirement plan participants
whose activity triggers a purchase or exchange block will be permitted one trade
every calendar quarter. In the event of a block, employer and participant
contributions and loan repayments by the participant may still be invested in
the fund.
Other
Information about the Excessive Trading Policy
The
fund's Treasurer is authorized to suspend the fund's policies during periods of
severe market turbulence or national emergency. The fund reserves the right to
modify its policies at any time without prior notice.
The
fund does not knowingly accommodate frequent purchases and redemptions of fund
shares by investors, except to the extent permitted by the policies described
above.
As
described in "Valuing Shares," the fund also uses fair value pricing to help
reduce arbitrage opportunities available to short-term traders. There is no
assurance that the fund's excessive trading policy will be effective, or will
successfully detect or deter excessive or disruptive trading.
Buying
Shares
Eligibility
Shares
are generally available only to investors residing in the United
States.
Shares
generally are available only to certain employer-sponsored retirement plans, and
certain Fidelity health savings accounts that are made available through
employers. For this purpose, employer-sponsored retirement plans generally
include profit sharing, 401(k), 403(b), 457(b), defined benefit, retiree health
savings plans, and similar plans, but generally do not include: retail
retirement or non-retirement accounts; Individual Retirement Accounts (IRAs)
(such as traditional, Roth, SEP, SARSEP, and SIMPLE IRAs); Coverdell Education
Savings Accounts; individual 403(b) accounts that are not part of an employer's
403(b) plan; plans investing through the Fidelity Advisor®
403(b) program; plans covering self-employed individuals and their employees
(formerly Keogh/H.R. 10 plans); health savings accounts; or qualified tuition
programs. Please contact Fidelity for more information about Class K
shares.
Investors
eligible to purchase Class K shares may also be eligible to purchase Fidelity®
Growth Discovery Fund shares, a class of shares of the fund that is not offered
through this prospectus. However, plan participants may purchase only the
classes of shares that are eligible for sale and available through their plan.
Each class has different expenses and features, as described in its prospectus.
Fidelity® Growth Discovery Fund shares have higher expenses than Class K
shares.
There
is no minimum balance or purchase minimum for fund shares.
Price
to Buy
The
price to buy one share is its NAV. Shares are sold without a sales
charge.
Shares
will be bought at the NAV next calculated after an order is received in proper
form.
The
fund may stop offering shares completely or may offer shares only on a limited
basis, for a period of time or permanently.
Under
applicable anti-money laundering rules and other regulations, purchase orders
may be suspended, restricted, or canceled and the monies may be
withheld.
Selling
Shares
The
price to sell one share is its NAV.
Shares
will be sold at the NAV next calculated after an order is received in proper
form.
Normally,
redemptions will be processed by the next business day, but it may take up to
seven days to pay the redemption proceeds if making immediate payment would
adversely affect the fund.
See
"Policies Concerning the Redemption of Fund Shares" below for additional
redemption information.
A
signature guarantee is designed to protect you and Fidelity from fraud. Fidelity
may require that your request be made in writing and include a signature
guarantee in certain circumstances, such as:
- When
you wish to sell more than $100,000 worth of shares.
- When
the address on your account (record address) has changed within the last 15
days or you are requesting that a check be mailed to an address different than
the record address.
- When
you are requesting that redemption proceeds be paid to someone other than the
account owner.
- In
certain situations when the redemption proceeds are being transferred to a
Fidelity®
brokerage or mutual fund account with a different registration.
You
should be able to obtain a signature guarantee from a bank, broker (including
Fidelity®
Investor Centers), dealer, credit union (if authorized under state law),
securities exchange or association, clearing agency, or savings association. A
notary public cannot provide a signature guarantee.
When
you place an order to sell shares, note the following:
- Redemption
proceeds (other than exchanges) may be delayed until money from prior
purchases sufficient to cover your redemption has been received and
collected.
- Redemptions
may be suspended or payment dates postponed when the NYSE is closed (other
than weekends or holidays), when trading on the NYSE is restricted, or as
permitted by the SEC.
- Redemption
proceeds may be paid in securities or other property rather than in cash if
the Adviser determines it is in the best interests of the fund.
- You
will not receive interest on amounts represented by uncashed redemption
checks.
- Under
applicable anti-money laundering rules and other regulations, redemption
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
Policies
Concerning the Redemption of Fund Shares
If
your account is held directly with a fund,
the length of time that a fund typically expects to pay redemption proceeds
depends on the method you have elected to receive such proceeds. A fund
typically expects to make payment of redemption proceeds by wire, automated
clearing house (ACH) or by issuing a check by the next business day following
receipt of a redemption order in proper form. Proceeds from the periodic and
automatic sale of shares of a Fidelity®
money
market fund that are used to buy shares of another Fidelity®
fund
are settled simultaneously.
If
your account is held through an intermediary,
the length of time that a fund typically expects to pay redemption proceeds
depends, in part, on the terms of the agreement in place between the
intermediary and a fund. For redemption proceeds that are paid either directly
to you from a fund or to your intermediary for transmittal to you, a fund
typically expects to make payments by wire, by ACH or by issuing a check on the
next business day following receipt of a redemption order in proper form from
the intermediary by a fund. Redemption orders that are processed through
investment professionals that utilize the National Securities Clearing
Corporation will generally settle one to three business days following receipt
of a redemption order in proper form.
As
noted elsewhere, payment of redemption proceeds may take longer than the time a
fund typically expects and may take up to seven days from the date of receipt of
the redemption order as permitted by applicable law.
Redemption
Methods Available. Generally
a fund expects to pay redemption proceeds in cash. To do so, a fund typically
expects to satisfy redemption requests either by using available cash (or cash
equivalents) or by selling portfolio securities. On a less regular basis, a fund
may also satisfy redemption requests by utilizing one or more of the following
sources, if permitted: borrowing from another Fidelity®
fund;
drawing on an available line or lines of credit from a bank or banks; or using
reverse repurchase agreements. These methods may be used during both normal and
stressed market conditions.
In
addition to paying redemption proceeds in cash, a fund reserves the right to pay
part or all of your redemption proceeds in readily marketable securities instead
of cash (redemption in-kind). Redemption in-kind proceeds will typically be made
by delivering the selected securities to the redeeming shareholder within seven
days after the receipt of the redemption order in proper form by a
fund.
The
fund will automatically convert your class of shares of the fund that is not
offered through this prospectus to Class K shares if Class K of the fund is
available under your plan.
The
fund may convert your Class K shares to another class of shares of the fund if
your plan is no longer eligible to offer Class K. Information on the other
classes of shares of the fund can be found in that class's prospectus. Investors
will be notified in writing before any such conversion to another class of
shares of the fund.
A
conversion will be based on the respective NAVs of the two classes, without the
imposition of any fees, on the trade date of the conversion. A conversion
between share classes of the same fund is a non-taxable event.
An
exchange involves the redemption of all or a portion of the shares of one fund
and the purchase of shares of another fund.
Shares
may be exchanged into shares of any class of a Fidelity®
fund available through your plan or certain Fidelity health savings accounts
that are made available through employers.
However,
you should note the following policies and restrictions governing
exchanges:
- The
exchange limit may be modified for accounts held by certain institutional
retirement plans to conform to plan exchange limits and Department of Labor
regulations. See your retirement plan materials for further
information.
- The
fund may refuse any exchange purchase for any reason. For example, the fund
may refuse exchange purchases by any person or group if, in the Adviser's
judgment, the fund would be unable to invest the money effectively in
accordance with its investment objective and policies, or would otherwise
potentially be adversely affected.
- Before
any exchange, read the prospectus for the shares you are purchasing, including
any purchase and sale requirements.
- The
shares you are acquiring by exchange must be available for sale in your
state.
- If
you are exchanging between accounts that are not registered in the same name,
address, and taxpayer identification number (TIN), there may be additional
requirements.
- Under
applicable anti-money laundering rules and other regulations, exchange
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
The
fund may terminate or modify exchange privileges in the future.
Other
funds may have different exchange restrictions and minimums. Check each fund's
prospectus for details.
Class
K shares generally are not available to IRA rollover accounts. Assets from
retirement plans may be invested in other class(es) of shares of the fund
through an IRA rollover, including class(es) of shares not offered in this
prospectus. Each class of the fund has different expenses and features and may
have higher expenses than Class K shares. Information on the other class(es) of
shares of the fund, including any class expenses and features, can be found in
the applicable class's prospectus.
The
following apply to you as a shareholder.
Statements
that Fidelity sends to you, if applicable, include the following:
- Confirmation
statements (after transactions affecting your fund balance except reinvestment
of distributions in the fund).
- Monthly
or quarterly account statements (detailing fund balances and all transactions
completed during the prior month or quarter).
You
may initiate many transactions
by telephone or electronically.
Fidelity will not be responsible for any loss, cost, expense, or other liability
resulting from unauthorized transactions if it follows reasonable security
procedures designed to verify the identity of the investor. Fidelity will
request personalized security codes or other information, and may also record
calls. For transactions conducted through the Internet, Fidelity recommends the
use of an Internet browser with 128-bit encryption. You should verify the
accuracy of your confirmation statements upon receipt and notify Fidelity
immediately of any discrepancies in your account activity. If you do not want
the ability to sell and exchange by telephone, call Fidelity for instructions.
Additional documentation may be required from corporations, associations, and
certain fiduciaries.
You
may be asked to provide additional information in order for Fidelity to verify
your identity in accordance with requirements under anti-money laundering
regulations. Accounts may be restricted and/or closed, and the monies withheld,
pending verification of this information or as otherwise required under these
and other federal regulations. In addition, the fund reserves the right to
involuntarily redeem an account in the case of: (i) actual or suspected
threatening conduct or actual or suspected fraudulent, illegal or suspicious
activity by the account owner or any other individual associated with the
account; or (ii) the failure of the account owner to provide information to the
fund related to opening the accounts. Your shares will be sold at the NAV, minus
any applicable shareholder fees, calculated on the day Fidelity closes your fund
position.
Fidelity
may charge a fee
for certain services,
such as providing historical account documents.
Dividends
and Capital Gain Distributions
The
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. The fund
also realizes capital gains from its investments, and distributes these gains
(less any losses) to shareholders as capital gain distributions.
The
fund normally declares dividends and pays capital gain distributions per the
tables below:
|
Fund
Name |
Dividends
Paid |
|
Fidelity®
Growth Discovery Fund |
August,
December |
|
Fund
Name |
Capital
Gains Paid |
|
Fidelity®
Growth Discovery Fund |
August,
December |
Any
dividends and capital gain distributions paid to retirement plan participants
will be automatically reinvested.
Taxes
on Distributions
Distributions
by the fund to tax-advantaged retirement plan accounts are not taxable currently
(but you may be taxed later, upon withdrawal of your investment from such
account).
Taxes
on Transactions
Exchanges
within a tax-advantaged retirement plan account will not result in a capital
gain or loss for federal tax purposes. Please consult your tax advisor regarding
the tax treatment of distributions from a tax-advantaged retirement plan
account.
Fund
Services
The
fund is a mutual fund, an investment that pools shareholders' money and invests
it toward a specified goal.
Adviser
FMR.
The
Adviser is the fund's manager. The address of the Adviser is 245 Summer Street,
Boston, Massachusetts 02210.
As
of December 31, 2022, the Adviser had approximately $3.1 trillion in
discretionary assets under management, and approximately $3.9 trillion when
combined with all of its affiliates' assets under management.
As
the manager, the Adviser has overall responsibility for directing the fund's
investments and handling its business affairs.
Sub-Adviser(s)
FMR
Investment Management (UK) Limited (FMR UK),
at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a
sub-adviser for the fund. As of December 31, 2022, FMR UK had approximately
$14.7 billion in discretionary assets under management. FMR UK is an affiliate
of the Adviser.
FMR
UK may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Fidelity
Management & Research (Hong Kong) Limited (FMR H.K.),
at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for
the fund. As of December 31, 2022, FMR H.K. had approximately $21.4 billion in
discretionary assets under management. FMR H.K. is an affiliate of the
Adviser.
FMR
H.K. may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Fidelity
Management & Research (Japan) Limited (FMR Japan),
at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
serves as a sub-adviser for the fund. As of March 31, 2023, FMR Japan had
approximately $2.9 billion in discretionary assets under management. FMR Japan
is an affiliate of the Adviser.
FMR
Japan may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Portfolio
Manager(s)
Asher
Anolic is Co-Portfolio Manager of Fidelity®
Growth Discovery Fund, which he has managed since 2017. He also manages other
funds. Since joining Fidelity Investments in 2008, Mr. Anolic has worked as a
research analyst and portfolio manager.
Jason
Weiner is Co-Portfolio Manager of Fidelity®
Growth Discovery Fund, which he has managed since 2007. He also manages other
funds. Since joining Fidelity Investments in 1991, Mr. Weiner has worked as a
research analyst and portfolio manager (other than a 6-month leave of absence in
2018).
The
Statement of Additional Information (SAI) provides additional information about
the compensation of, any other accounts managed by, and any fund shares held by
the portfolio manager(s).
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed and do not necessarily represent the views of Fidelity or any
other person in the Fidelity organization. Any such views are subject to change
at any time based upon market or other conditions and Fidelity disclaims any
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
The
fund pays a management fee to the Adviser.
The
management fee is calculated and paid to the Adviser every month.
For
Fidelity® Growth Discovery Fund, the fee is determined by calculating a basic
fee and then applying a performance adjustment. The performance adjustment
either increases or decreases the management fee, depending on how well the fund
has performed relative to its index listed below:
|
Fund |
|
Performance
Adjustment Index |
|
Fidelity®
Growth Discovery Fund |
|
Russell
3000® Growth Index |
Management
Fee = Basic Fee +/- Performance Adjustment
The
basic fee is calculated by adding a group fee rate to an individual fund fee
rate, dividing by twelve, and multiplying the result by the fund's average net
assets throughout the month.
The
group fee rate is based on the average net assets of a group of mutual funds
advised by FMR. This rate cannot rise above 0.52%, and it drops as total assets
under management increase.
The
group fee rate(s) for June 2023 and the annual individual fund fee rate(s) are
reflected in the table below:
|
Fund |
|
Group
Fee Rate |
|
Individual
Fund Fee Rate |
|
Fidelity®
Growth Discovery Fund |
|
0.22% |
|
0.30% |
The
basic fee for the fiscal year ended June 30, 2023, as a percentage of the fund's
average net assets, is reflected in the following table:
|
Fund |
Basic
Fee Rate |
|
Fidelity®
Growth Discovery Fund |
0.53% |
The
performance adjustment rate is calculated monthly by comparing over the
performance period the fund's performance to that of the performance adjustment
index.
For
the purposes of calculating the performance adjustment for the fund, the fund's
investment performance will be based on the performance of Fidelity® Growth
Discovery Fund, a class of shares of the fund that is not offered through this
prospectus.
To
the extent that other classes of the fund have higher expenses, this could
result in those classes bearing a larger positive performance adjustment and
smaller negative performance adjustment than would be the case if each class's
own performance were considered.
The
performance period is the most recent 36 month period.
The
maximum annualized performance adjustment rate is ±0.20% of the fund's average
net assets over the performance period. The
performance adjustment rate is divided by twelve and multiplied by the fund's
average net assets over the performance period, and the resulting dollar amount
is then added to or subtracted from the basic fee.
The
total management fee, as a percentage of the fund's average net assets, for the
fiscal year ended June 30, 2023, for the fund is shown in the following table.
Because the fund's management fee rate may fluctuate, the fund's management fee
may be higher or lower in the future.
|
Fund |
Total
Management Fee Rate |
|
Fidelity®
Growth Discovery Fund |
0.65% |
The
Adviser pays FMR Investment Management (UK) Limited, Fidelity Management &
Research (Hong Kong) Limited, and Fidelity Management & Research (Japan)
Limited for providing sub-advisory services.
The
basis for the Board of Trustees approving the management contract and
sub-advisory agreements for the fund is available in the fund's annual report
for the fiscal period ended June 30, 2023.
From
time to time, the Adviser or its affiliates may agree to reimburse or waive
certain fund expenses while retaining the ability to be repaid if expenses fall
below the specified limit prior to the end of the fiscal year.
Reimbursement
or waiver arrangements can decrease expenses and boost performance.
The
fund is composed of multiple classes of shares. All classes of the fund have a
common investment objective and investment portfolio.
FDC distributes
Class K shares.
Intermediaries
may receive from the Adviser, FDC, and/or their affiliates compensation for
providing recordkeeping and administrative services, as well as other retirement
plan expenses, and compensation for services intended to result in the sale of
Class K shares.
These
payments are described in more detail in this section and in the
SAI.
Distribution
and Service Plan(s)
Class
K of the fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1
under the 1940 Act that recognizes that the Adviser may use its management fee
revenues, as well as its past profits or its resources from any other source, to
pay FDC for expenses incurred in connection with providing services intended to
result in the sale of Class K shares and/or shareholder support services. The
Adviser, directly or through FDC, may pay significant amounts to intermediaries
that provide those services. Currently, the Board of Trustees of the fund has
authorized such payments for Class K.
If
payments made by the Adviser to FDC or to intermediaries under the Distribution
and Service Plan were considered to be paid out of the class's assets on an
ongoing basis, they might increase the cost of your investment and might cost
you more than paying other types of sales charges.
From
time to time, FDC may offer special promotional programs to investors who
purchase shares of Fidelity® funds. For example, FDC may offer merchandise,
discounts, vouchers, or similar items to investors who purchase shares of
certain Fidelity® funds during certain periods. To determine if you qualify for
any such programs, contact Fidelity or visit our web site at
www.fidelity.com.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the fund or FDC. This
prospectus and the related SAI do not constitute an offer by the fund or by FDC
to sell shares of the fund to, or to buy shares of the fund from, any person to
whom it is unlawful to make such offer.
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations). Certain
information reflects financial results for a single share. The total returns in
the table represent the rate that an investor would have earned (or lost) on an
investment in shares (assuming reinvestment of all dividends and distributions).
The annual information has been audited by PricewaterhouseCoopers LLP,
independent registered public accounting firm, whose report(s), along with
fund financial statements, is included in the annual report. Annual reports are
available for free upon request.
|
Fidelity®
Growth Discovery Fund Class K |
|
|
|
Years
ended June 30, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
42.71 |
$ |
58.78 |
$ |
45.27 |
$ |
37.78 |
$ |
35.78 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
.22
|
|
(.02)
|
|
(.02)
|
|
.06
|
|
.08
|
|
Net
realized and unrealized gain (loss) |
|
8.87
|
|
(8.50)
|
|
18.56
|
|
9.17
|
|
3.52
|
|
Total
from investment operations |
|
9.09
|
|
(8.52)
|
|
18.54
|
|
9.23
|
|
3.60
|
|
Distributions
from net investment income |
|
(.03)
|
|
(.16)
|
|
(.03)
|
|
(.06)
|
|
(.10)
|
|
Distributions
from net realized gain |
|
(1.48)
|
|
(7.40)
|
|
(5.00)
|
|
(1.68)
|
|
(1.50)
|
|
Total
distributions |
|
(1.51)
|
|
(7.55)
C |
|
(5.03)
|
|
(1.74)
|
|
(1.60)
|
|
Net
asset value, end of period |
$ |
50.29 |
$ |
42.71 |
$ |
58.78 |
$ |
45.27 |
$ |
37.78 |
|
Total
Return D |
|
21.61%
|
|
(17.04)%
|
|
43.25%
|
|
25.46%
|
|
10.47%
|
|
Ratios
to Average Net Assets B,E,F |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.73%
|
|
.68%
|
|
.69%
|
|
.69%
|
|
.66%
|
|
Expenses
net of fee waivers, if any |
|
.72%
|
|
.68%
|
|
.69%
|
|
.69%
|
|
.66%
|
|
Expenses
net of all reductions |
|
.72%
|
|
.68%
|
|
.69%
|
|
.68%
|
|
.66%
|
|
Net
investment income (loss) |
|
.50%
|
|
(.05)%
|
|
(.03)%
|
|
.17%
|
|
.22%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in millions) |
$ |
380
|
$ |
430
|
$ |
430
|
$ |
316
|
$ |
366
|
|
Portfolio
turnover rate G |
|
53%
|
|
45%
|
|
51%
|
|
54%
|
|
49%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CTotal
distributions per share do not sum due to rounding.
DTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
EFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
FExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
GAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Additional
Index Information
Russell
3000® Growth
Index is
a market capitalization-weighted index designed to measure the performance of
the broad growth segment of the U.S. equity market. It includes those Russell
3000® Index
companies with higher price-to-book ratios and higher forecasted growth
rates.
|
IMPORTANT
INFORMATION ABOUT OPENING A NEW ACCOUNT
To
help the government fight the funding of terrorism and money laundering
activities, the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT ACT), requires all financial institutions to obtain, verify, and
record information that identifies each person or entity that opens an
account.
For
individual investors opening an account: When
you open an account, you will be asked for your name, address, date of
birth, and other information that will allow Fidelity to identify you. You
may also be asked to provide documents that may help to establish your
identity, such as your driver's license.
For
investors other than individuals: When
you open an account, you will be asked for the name of the entity, its
principal place of business and taxpayer identification number (TIN). You
will be asked to provide information about the entity's control person and
beneficial owners, and person(s) with authority over the account,
including name, address, date of birth and social security number. You may
also be asked to provide documents, such as drivers' licenses, articles of
incorporation, trust instruments or partnership agreements and other
information that will help Fidelity identify the
entity. |
You
can obtain additional information about the fund. A description of the fund's
policies and procedures for disclosing its holdings is available in its
Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI
also includes more detailed information about the fund and its investments. The
SAI is incorporated herein by reference (legally forms a part of the
prospectus). The fund's annual and semi-annual reports also include additional
information. The fund's annual report includes a discussion of the fund's
holdings and recent market conditions and the fund's investment strategies that
affected performance.
For
a free copy of any of these documents or to request other information or ask
questions about the fund, call Fidelity at 1-800-835-5092. In addition, existing
investors may visit the web site at www.401k.com for a free copy of a
prospectus, SAI, or annual or semi-annual report or to request other
information.
The
SAI, the fund's annual and semi-annual reports and other related materials
are available from the Electronic Data Gathering, Analysis, and Retrieval
(EDGAR) Database on the SEC's web site (http://www.sec.gov). You can
obtain copies of this information, after paying a duplicating fee, by
sending a request by e-mail to [email protected] or by writing the Public
Reference Section of the SEC, Washington, D.C. 20549-1520. You can also
review and copy information about the fund, including the fund's SAI, at
the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090
for information on the operation of the SEC's Public Reference
Room. |
|
Investment
Company Act of 1940, File Number(s), 811-00215 |
Fidelity
Distributors Company LLC (FDC) is a member of the Securities Investor Protection
Corporation (SIPC). You may obtain information about SIPC, including the SIPC
brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity,
the Fidelity Investments Logo and all other Fidelity trademarks or service marks
used herein are trademarks or service marks of FMR LLC. Any third-party marks
that are used herein are trademarks or service marks of their respective owners.
© 2023 FMR LLC. All rights reserved.
|
1.863266.117 |
CII-K-PRO-0823 |
