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fmtvst1:AtbcMember fmtvst1:SAndPFiveHundredIndexMember 2012-01-30 2013-01-29 0000707823 fmtvst1:S000020981Member fmtvst1:AtbcMember fmtvst1:ReturnBeforeTaxesMember fmtvst1:C000059584Member 2012-01-30 2013-01-29 0000707823 fmtvst1:S000020981Member fmtvst1:AtbcMember 2012-01-30 2013-01-29 pure iso4217:USD 2013-01-29 485BPOS FIDELITY MT VERNON STREET TRUST 0000707823 2013-01-28 2013-01-29 false Fund Summary Fund/Class: Fidelity® Growth Strategies Fund/Fidelity Growth Strategies Fund Investment Objective The fund seeks capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder 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: 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 165% of the average value of its portfolio. Principal Investment Strategies <ul><li>Normally investing primarily in common stocks. </li> <li>Normally investing in companies Fidelity Management & Research Company (FMR) believes offer the potential for accelerated earnings or revenue growth (stocks of these companies are often called "growth" stocks). </li> <li>Focusing investments in medium-sized companies, but may also invest substantially in larger or smaller companies. </li> <li>Investing in domestic and foreign issuers. </li> <li>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.</li></ul> Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments. </li> <li>Foreign Exposure. 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. </li> <li>Issuer-Specific Changes. 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. The value of securities of smaller issuers can be more volatile than that of larger issuers. </li> <li>"Growth" Investing. "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.</li> </ul>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 Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. Year-by-Year Returns Calendar Years <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">17.41% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-24.51% </div></td><td><div align="left">December 31, 2008</div></td></tr></table> Average Annual Returns After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2012 0.0075 0 0.0021 0.0096 0 98 306 531 1178 Fund Summary Fund/Class: Fidelity® Growth Company Fund/Fidelity Growth Company Fund Investment Objective 0.3731 0.0428 0.101 0.1353 0.1648 The fund seeks capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. -0.4023 0.4024 0.1893 0.0252 0.1566 Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 2012-11-30 0.1566 0.1392 0.1217 0.16 0.034 0.0291 0.0284 0.0166 0.0944 0.0847 0.0818 0.071 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder 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: 0 0.0071 92 0 287 498 -0.015 1108 0.0001 0.0072 0.0038 0 0.001 0.0048 74 230 401 894 49 0.4136 0.1212 154 269 0.135 604 0.0956 0.1989 -0.409 0.4115 0.2055 0.0067 0.1852 0.2081 0.4015 0.0086 0.2589 0.1874 -0.0872 0.1204 0.1874 0.1824 0.1284 0.1521 0.1823 0.1788 0.1589 0.1627 Portfolio Turnover 0.1204 0.0094 0.041 2008-05-09 2008-05-09 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 33% of the average value of its portfolio. 0.33 2009-06-26 2009-06-26 2009-06-26 2009-06-26 Principal Investment Strategies <ul><li>Normally investing primarily in common stocks.</li><li>Investing in companies that Fidelity Management & Research Company (FMR) believes have above-average growth potential (stocks of these companies are often called "growth" stocks).</li><li>Investing in domestic and foreign issuers.</li><li>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.</li></ul> Principal Investment Risks 1.65 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. 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. Past performance (before and after taxes) is not an indication of future performance. 0.1581 www.fidelity.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. 0 -0.015 0.0038 0 0.0035 0.0073 0.0057 0 0.0075 0.012 75 233 406 906 Fund Summary Fund: Fidelity® New Millennium Fund® 0.3342 0.1119 0.0723 0.0893 0.1878 -0.4927 0.3966 255 0.2563 785 1340 -0.0895 2856 0.1178 0.0364 0.097 <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. 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.</li><li>Issuer-Specific Changes. 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.</li><li>"Growth" Investing. "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.</li></ul>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. -0.0377 0.1393 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. 0.1178 0.1171 0.0775 0.1581 Investment Objective The fund seeks capital appreciation. -0.0196 Performance -0.0198 Fee Table -0.0166 The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. 0.0323 Shareholder fees (fees paid directly from your investment) Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder 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: 0.0643 0.0642 0.0566 0.1032 0.1393 0.138 0.0922 0.16 Principal Investment Strategies -0.0444 -0.0451 -0.0373 0.039 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 Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. <ul><li>Normally investing primarily in common stocks.</li><li>Identifying early signs of long-term changes in the marketplace and focusing on those companies that may benefit from opportunities created by these changes by examining technological advances, product innovation, economic plans, demographics, social attitudes, and other factors, which can lead to investments in small and medium-sized companies.</li><li>Investing in domestic and foreign issuers.</li><li>Investing in either "growth" stocks or "value" stocks or both. </li><li>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.</li></ul> Principal Investment Risks 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. Past performance (before and after taxes) is not an indication of future performance. www.fidelity.com <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. 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. </li><li>Issuer-Specific Changes. 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. The value of securities of smaller issuers can be more volatile than that of larger issuers. </li></ul>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. Year-by-Year Returns Calendar Years 2008-03-31 2008-03-31 2008-03-31 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. 2008-03-31 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityGrowthStrategiesFund column period compact * ~</div> <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">21.16% </div></td><td><div align="left">March 31, 2012</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-23.46% </div></td><td><div align="left">December 31, 2008</div></td></tr></table> 0 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. For the periods ended December 31, 2012 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityGrowthStrategiesFund column period compact * ~</div> 0.0071 0 0.0006 0.0077 Fund Summary Fund/Class: Fidelity® Growth Company Fund/F Investment Objective The fund seeks capital appreciation. Fee Table <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityGrowthStrategiesFundBarChart column period compact * ~</div> The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder 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: 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 33% of the average value of its portfolio. Principal Investment Strategies <ul><li>Normally investing primarily in common stocks.</li><li>Investing in companies that Fidelity Management & Research Company (FMR) believes have above-average growth potential (stocks of these companies are often called "growth" stocks).</li><li>Investing in domestic and foreign issuers.</li><li>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.</li></ul> Principal Investment Risks 79 <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. 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. </li><li>Issuer-Specific Changes. 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.</li><li>"Growth" Investing. "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. </li></ul> 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. 246 Performance 428 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 Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.401k.com and log in for updated return information. 954 Year-by-Year Returns Calendar Years After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityGrowthStrategiesFund column period compact * ~</div> Fund Summary Fund/Class: Fidelity® Growth Strategies Fund/K Investment Objective Fund Summary Fund/Class: Fidelity® 130/30 Large Cap Fund/Fidelity 130/30 Large Cap Fund <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">21.21% </div></td><td><div align="left">March 31, 2012</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-15.16% </div></td><td><div align="left">September 30, 2011</div></td></tr></table> Investment Objective Average Annual Returns The fund seeks capital appreciation. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. For the periods ended December 31, 2012 Performance Fee Table 0.4145 0.2075 0.0081 0.33 0.1869 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. Fee Table You could lose money by investing in the fund. Shareholder fees (fees paid directly from your investment) 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. Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Past performance (before and after taxes) is not an indication of future performance. Portfolio Turnover www.401k.com and log in for updated return information Principal Investment Strategies Principal Investment Risks The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. 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 Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. Shareholder fees (fees paid directly from your investment) The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Year-by-Year Returns Calendar Years Average Annual Returns <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">13.93% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-19.36% </div></td><td><div align="left">September 30, 2011</div></td></tr></table> Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 0.1869 0.1521 0.049 0.0447 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. This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder 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: 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 165% of the average value of its portfolio. Past performance (before and after taxes) is not an indication of future performance. www.fidelity.com <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelity130/30LargeCapFund column period compact * ~</div> Principal Investment Strategies <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing in companies Fidelity Management & Research Company (FMR) believes offer the potential for accelerated earnings or revenue growth (stocks of these companies are often called "growth" stocks).</li><li>Focusing investments in medium-sized companies, but may also invest substantially in larger or smaller companies.</li><li>Investing in domestic and foreign issuers.</li><li>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.</li></ul> Highest Quarter Return Year-by-Year Returns Calendar Years 2009-09-30 0.1741 Highest Quarter Return Lowest Quarter Return 2008-12-31 -0.2451 2012-03-31 0.2121 Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. 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.</li><li>Issuer-Specific Changes. 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. The value of securities of smaller issuers can be more volatile than that of larger issuers.</li><li>"Growth" Investing. "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.</li></ul>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 Lowest Quarter Return 2011-09-30 -0.1516 <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">20.92% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-23.08% </div></td><td><div align="left">December 31, 2008</div></td></tr></table> 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 Information about the Index section of the prospectus. Past performance is not an indication of future performance. Visit www.401k.com and log in for updated return information. Year-by-Year Returns Calendar Years Highest Quarter Return 0.2116 Fidelity Growth Strategies Fund Fidelity Growth Strategies Fund 2012-03-31 Fidelity Growth Strategies Fund Lowest Quarter Return -0.2346 2008-12-31 Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell Midcap® Growth Index Highest Quarter Return 0.2092 2009-06-30 <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">17.48% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-20.99% </div></td><td><div align="left">September 30, 2011</div></td></tr></table> Lowest Quarter Return Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell 3000® Growth Index Average Annual Returns For the periods ended December 31, 2012 -0.2308 2008-12-31 Average Annual Returns Class K Russell Midcap® Growth Index Portfolio Turnover 1.65 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. 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 71% of the average value of its portfolio. You could lose money by investing in the fund. 0.71 Fund Summary Fund/Class: Fidelity® Growth Company Fund/K Investment Objective 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 fund seeks capital appreciation. Fee Table Past performance is not an indication of future performance. Class F Class F The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) www.401k.com and log in for updated return information The fund seeks long-term growth of capital. This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder 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: The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Portfolio Turnover This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder 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: 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 275% of the average value of its portfolio. 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 33% of the average value of its portfolio. <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of companies with large market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 1000® Index or the S&P 500® Index).</li><li>Normally targeting long positions of 130% of its net assets, and short positions of 30% of its net assets.</li><li>Seeking to reduce the impact of industry weightings on the performance of the fund by considering each industry's weighting in the S&P 500® Index when allocating the fund's investments across industries. </li><li>Investing in domestic and foreign issuers. </li><li>Investing in either "growth" stocks or "value" stocks or both.</li><li>Using quantitative analysis to evaluate growth potential, valuation, liquidity, and investment risk, along with fundamental analysis of factors such as each issuer's financial condition, its industry position, and market and economic conditions to select investments.</li></ul> Principal Investment Strategies <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. 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.</li><li>Issuer-Specific Changes. 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.</li><li>Short Sales and Leverage Risk. Short sales pose more risk than long positions. Because a short position loses value as the security's price increases, the loss on a short sale is theoretically unlimited. Regulatory bans on certain short selling activities may prevent a fund from fully implementing its strategy. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li></ul>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. <ul><li>Normally investing primarily in common stocks.</li><li>Investing in companies that Fidelity Management & Research Company (FMR) believes have above-average growth potential (stocks of these companies are often called "growth" stocks).</li><li>Investing in domestic and foreign issuers.</li><li>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.</li></ul> 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 Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2012 Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. 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.</li><li>Issuer-Specific Changes. 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.</li><li>"Growth" Investing. "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.</li></ul>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. Fidelity New Millennium Fund Fidelity New Millennium Fund Fidelity New Millennium Fund Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P 500® Index Performance Class F 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 Information about the Index section of the prospectus. Past performance is not an indication of future performance. Visit www.401k.com and log in for updated return information. Return Before Taxes Year-by-Year Returns Calendar Years <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">21.21% </div></td><td><div align="left">March 31, 2012</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-15.17% </div></td><td><div align="left">September 30, 2011</div></td></tr></table> Average Annual Returns For the periods ended December 31, 2012 2008-05-09 2008-05-09 0 0 0.0071 0 0.0019 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelity130/30LargeCapFundBarChart column period compact * ~</div> 0.009 0.33 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. 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. Past performance is not an indication of future performance. www.401k.com and log in for updated return information 0.1852 0.1806 0.1521 0.1265 0.0371 0.0352 0.0317 0.0315 0.1098 0.1086 0.0984 0.0769 0.0057 0 0.0075 0.012 0.0195 0.0252 2.75 You could lose money by investing in the 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. 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. www.fidelity.com Past performance (before and after taxes) is not an indication of future performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityGrowthCompanyFundClassF column period compact * ~</div> Highest Quarter Return 2012-03-31 0.2121 Lowest Quarter Return Highest Quarter Return 255 2009-09-30 Highest Quarter Return 785 2009-09-30 0.1393 0.1748 1340 Lowest Quarter Return Lowest Quarter Return 2856 2011-09-30 2011-09-30 -0.2099 -0.1936 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelity130/30LargeCapFund column period compact * ~</div> 0.0375 0.0973 -0.0343 0.1395 2011-09-30 -0.1517 0 0 0.05 0.01 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityGrowthCompanyFundClassFBarChart column period compact * ~</div> 0.1395 0.1382 0.0924 0.16 -0.0434 -0.0444 -0.0366 0.039 2008-03-31 2008-03-31 2008-03-31 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityGrowthCompanyFundClassF column period compact * ~</div> 2008-03-31 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityGrowthStrategiesFundClassK column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityGrowthCompanyFundClassKBarChart column period compact * ~</div> 0.0057 0.0057 0.0057 0.0057 0.0025 0.005 0.01 0.01 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityNewMillenniumFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityGrowthCompanyFundClassK column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityGrowthStrategiesFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesFidelityNewMillenniumFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityGrowthStrategiesFundClassK column period compact * ~</div> Return Before Taxes 0.0075 0.0075 0.0075 0.0075 0.0119 0.0121 0.012 0.0117 0.0194 0.0196 0.0195 0.0192 Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P 500 Index 0.0276 0.0303 0.0352 0.0349 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityNewMillenniumFundBarChart column period compact * ~</div> 838 645 855 452 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityNewMillenniumFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityGrowthCompanyFundClassK column period compact * ~</div> 1382 1253 1380 1071 1950 1886 2026 1812 3487 3579 3544 3765 Fidelity Growth Company Fund Fidelity Growth Company Fund Fidelity Growth Company Fund Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell 3000® Growth Index <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityNewMillenniumFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityGrowthCompanyFundClassF column period compact * ~</div> 838 645 355 352 1382 1253 1080 1071 1950 1886 1826 1812 3487 3579 3544 3765 0.0345 0.0938 -0.0387 0.1351 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelity130/30LargeCapFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityGrowthStrategiesFundClassK column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityGrowthCompanyFundClassF column period compact * ~</div> 0.0691 0.0465 0.0699 0.0936 0.0776 0.16 0.1176 -0.0586 -0.059 -0.049 -0.0561 -0.0578 -0.0538 0.039 2008-03-31 2008-03-31 2008-03-31 2008-03-31 2008-03-31 2008-03-31 2008-03-31 0.0195 0.0252 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelity130/30LargeCapFundClassInstitutionalBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelity130/30LargeCapFundClassInstitutional column period compact * ~</div> Fidelity 130/30 Large Cap Fund Fidelity 130/30 Large Cap Fund Fidelity 130/30 Large Cap Fund Class A - Return Before Taxes Class A - Return After Taxes on Distributions Class A - Return After Taxes on Distributions and Sale of Fund Shares Class T - Return Before Taxes Class B - Return Before Taxes Class C - Return Before Taxes S&P 500 Index <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. 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.</li><li>Issuer-Specific Changes. 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. </li><li>Short Sales and Leverage Risk. Short sales pose more risk than long positions. Because a short position loses value as the security's price increases, the loss on a short sale is theoretically unlimited. Regulatory bans on certain short selling activities may prevent a fund from fully implementing its strategy. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. </li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li></ul>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. <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of companies with large market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 1000® Index or the S&P 500® Index). </li><li>Normally targeting long positions of 130% of its net assets, and short positions of 30% of its net assets. </li><li>Seeking to reduce the impact of industry weightings on the performance of the fund by considering each industry's weighting in the S&P 500® Index when allocating the fund's investments across industries. </li><li>Investing in domestic and foreign issuers.</li><li>Investing in either "growth" stocks or "value" stocks or both.</li><li>Using quantitative analysis to evaluate growth potential, valuation, liquidity, and investment risk, along with fundamental analysis of factors such as each issuer's financial condition, its industry position, and market and economic conditions to select investments.</li></ul> Investment Objective The fund seeks long-term growth of capital. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Portfolio Turnover Principal Investment Strategies Principal Investment Risks 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 275% of the average value of its portfolio. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Declines over 6 years from 5.00% to 0%. On Class C shares redeemed less than one year after purchase. 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. Past performance (before and after taxes) is not an indication of future performance. You could lose money by 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. www.advisor.fidelity.com The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown. Calendar Years <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityGrowthCompanyFund column period compact * ~</div> Highest Quarter Return 2009-09-30 0.1377 Lowest Quarter Return 2011-09-30 -0.1941 Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityGrowthCompanyFund column period compact * ~</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Institutional Class Institutional Class S&P 500 Index <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityGrowthCompanyFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityGrowthCompanyFund column period compact * ~</div> 2.75 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 Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. Year-by-Year Returns Calendar Years <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">13.93% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-19.15% </div></td><td><div align="left">September 30, 2011</div></td></tr></table> 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. Past performance (before and after taxes) is not an indication of future performance. www.advisor.fidelity.com Average Annual Returns After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2012 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. 2.75 Sell All Shares Hold Shares Fund Summary Fund/Class: Fidelity® 130/30 Large Cap Fund/Fidelity Advisor® 130/30 Large Cap Fund A, T, B, C Investment Objective The fund seeks long-term growth of capital. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. More information about these and other discounts is available from your investment professional and in the Fund Distribution section beginning on page (Click Here) of the prospectus. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder 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 and if you hold your shares: 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 275% of the average value of its portfolio. Principal Investment Strategies <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of companies with large market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 1000® Index or the S&P 500® Index).</li><li>Normally targeting long positions of 130% of its net assets, and short positions of 30% of its net assets.</li><li>Seeking to reduce the impact of industry weightings on the performance of the fund by considering each industry's weighting in the S&P 500® Index when allocating the fund's investments across industries.</li><li>Investing in domestic and foreign issuers.</li><li>Investing in either "growth" stocks or "value" stocks or both.</li><li>Using quantitative analysis to evaluate growth potential, valuation, liquidity, and investment risk, along with fundamental analysis of factors such as each issuer's financial condition, its industry position, and market and economic conditions to select investments.</li></ul> This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder 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: Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. 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.</li><li>Issuer-Specific Changes. 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.</li><li>Short Sales and Leverage Risk. Short sales pose more risk than long positions. Because a short position loses value as the security's price increases, the loss on a short sale is theoretically unlimited. Regulatory bans on certain short selling activities may prevent a fund from fully implementing its strategy. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li></ul>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 Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. Year-by-Year Returns <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart for Class A: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">13.77% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-19.41% </div></td><td><div align="left">September 30, 2011</div></td></tr></table> Average Annual Returns Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2012 Fund Summary Fund/Class: Fidelity® 130/30 Large Cap Fund/Fidelity Advisor® 130/30 Large Cap Fund Institutional Highest Quarter Return 2009-09-30 0.1393 Lowest Quarter Return 2011-09-30 -0.1915 Institutional Class <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityGrowthCompanyFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelity130/30LargeCapFundClassATBC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelity130/30LargeCapFundClassATBCBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelity13030LargeCapFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelity130/30LargeCapFundClassATBC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelity13030LargeCapFundClassATBC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleNoRedemptionFidelity13030LargeCapFundClassATBC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelity13030LargeCapFundClassInstitutional column period compact * ~</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. For the periods ended December 31, 2012 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. You could lose money by investing in the fund. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelity13030LargeCapFund column period compact * ~</div> 0 0 0.035 0.0575 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. 50000 Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. Class K Russell 3000® Growth Index <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityGrowthCompanyFundClassK column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelity13030LargeCapFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityGrowthStrategiesFundClassKBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityGrowthStrategiesFundClassK column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityGrowthCompanyFundClassK column period compact * ~</div> Average Annual Returns <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelity13030LargeCapFundClassATBC column period compact * ~</div> From May 9, 2008. From June 26, 2009. Dividend expense on securities sold short refers to paying the value of dividends to the securities' lenders. This expense will be substantially offset by market value gains after the dividends are announced. Interest expense on securities sold short arises from the use of short sale proceeds to invest more than 100% of the fund's net assets in long positions. A significant portion of this expense is offset by stock lending rebates from the prime broker, as reflected in the fee table. From March 31, 2008. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Declines over 6 years from 5.00% to 0%. On Class C shares redeemed less than one year after purchase.