Supplement to the
Fidelity^® Structured Large Cap Value,
Structured Mid Cap Value, Structured Large Cap Growth, and Structured Mid Cap Growth Fund
March 29, 2003
Prospectus

The following information supplements the information found on the back cover of the prospectus.

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 us 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 TIN and may be requested to provide information on persons with authority or control over the account such as name, residential address, date of birth and social security number. You may also be asked to provide documents, such as driver's licenses, articles of incorporation, trust instruments or partnership agreements and other information that will help us identify the entity.

The following information supplements the information found in the "Buying Shares" section beginning on page 21.

Under applicable anti-money laundering regulations and other federal regulations, orders to purchase shares may be suspended, restricted or cancelled and the proceeds may be withheld.

The following information supplements the information found in the "Selling Shares" section beginning on page 22.

• Under applicable anti-money laundering regulations and other federal regulations, redemption requests may be suspended, restricted, cancelled or processed and the proceeds may be withheld.

<R>LMC-04-02 February 24, 2004
1.766529.107</R>

The following information supplements the information found in the "Exchanging Shares" section beginning on page 23.

• Under applicable anti-money laundering regulations and other federal regulations, exchange requests may be suspended, restricted, cancelled or processed and the proceeds may be withheld.

The following information supplements the information found in the "Features and Policies" section beginning on page 24.

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.

Effective February 1, 2004, the following information replaces biographical information for Robert Macdonald found in the "Fund Management" section on page 27.

Ciaran O'Neill is manager of Structured Large Cap Value Fund and Structured Mid Cap Value Fund, both of which he has managed since February 2004. Since joining Fidelity Investments in 1995, Mr. O'Neill has worked as a research analyst and manager.

<R>The following information replaces biographical information for Jeff Kerrigan found in the "Fund Management" section on page 27.</R>

<R>Bahaa Fam is vice president and manager of Structured Large Cap Growth Fund and Structured Mid Cap Growth Fund, both of which he has managed since February 2004. Since joining Fidelity Investments in 1994, Mr. Fam has worked as a senior quantitative analyst and manager. </R>