Fidelity® Small Cap Growth Fund
Class/Ticker
Fidelity® Small Cap Growth Fund/FCPGX
In this summary prospectus, the term "shares" (as it relates to the fund) means the class of shares offered through this summary prospectus.
Summary Prospectus
September 29, 2017
Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus and other information about the fund (including the fund's SAI) online at www.fidelity.com/funddocuments. You can also get this information at no cost by calling 1-800-FIDELITY or by sending an e-mail request to fidfunddocuments@fidelity.com. The fund's prospectus and SAI dated September 29, 2017 are incorporated herein by reference.
245 Summer Street, Boston, MA 02210
Fund Summary
Fund/Class:
Fidelity® Small Cap Growth Fund
/Fidelity® Small Cap Growth 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 and hold shares of the fund.
Shareholder fees
(fees paid directly from your investment)
Redemption fee on shares held less than 90 days (as a % of amount redeemed) | 1.50% |
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
Management fee (fluctuates based on the fund's performance relative to a securities market index) | 0.82% | |
Distribution and/or Service (12b-1) fees | None | |
Other expenses | 0.27% | |
Total annual operating expenses(a) | 1.09% |
(a) Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.
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 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:
1 year | $111 |
3 years | $347 |
5 years | $601 |
10 years | $1,329 |
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 140% of the average value of its portfolio.
Principal Investment Strategies
Principal Investment Risks
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 (before and after taxes) is not an indication of future performance.
Visit www.fidelity.com for more recent performance information.
Year-by-Year Returns
During the periods shown in the chart: | Returns | Quarter ended |
Highest Quarter Return | 23.95% | June 30, 2009 |
Lowest Quarter Return | (27.58)% | December 31, 2008 |
Year-to-Date Return | 12.97% | June 30, 2017 |
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, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan).
For the periods ended December 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Small Cap Growth Fund | |||
Return Before Taxes | 10.97% | 14.78% | 8.46% |
Return After Taxes on Distributions | 10.76% | 12.75% | 7.25% |
Return After Taxes on Distributions and Sale of Fund Shares | 6.37% | 11.43% | 6.58% |
Russell 2000® Growth Index (reflects no deduction for fees, expenses, or taxes) |
11.32% | 13.74% | 7.76% |
Investment Adviser
FMR (the Adviser) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Patrick Venanzi (portfolio manager) has managed the fund since November 2011.
Purchase and Sale of Shares
You may buy or sell shares through a Fidelity® brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:
Internet
www.fidelity.com
Phone
Fidelity Automated Service Telephone (FAST®) 1-800-544-5555
To reach a Fidelity representative 1-800-544-6666
Additional purchases: Fidelity Investments |
Redemptions: Fidelity Investments |
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 your investment is received in proper form.
The price to sell one share is its NAV, minus the short-term redemption fee, if applicable. Shares will be sold at the NAV next calculated after an order is received in proper form, minus the short-term redemption fee, if applicable.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
Initial Purchase Minimum | $2,500 |
For Fidelity® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts | $500 |
Through regular investment plans in Fidelity® Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500) | $200 |
The fund may waive or lower purchase minimums in other circumstances.
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case 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 Corporation (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.
Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity® funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. For certain types of accounts, we will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-800-544-8544. We will begin sending individual copies to you within 30 days of receiving your call.
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, Fidelity Investments & Pyramid Design, and FAST are registered service marks of FMR LLC. © 2017 FMR LLC. All rights reserved.
Any third-party marks that may appear above are the marks of their respective owners.
1.915432.108 | SCP-SUM-0917 |
Fidelity® Small Cap Growth Fund
Class/Ticker
Fidelity Advisor® Small Cap Growth Fund
A/FCAGX M*/FCTGX C/FCCGX I/FCIGX Z/FIDGX
* This class name was formerly known as Class T.
Summary Prospectus
September 29, 2017
Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus and other information about the fund (including the fund's SAI) online at institutional.fidelity.com/fafunddocuments. You can also get this information at no cost by calling 1-866-997-1254 or by sending an e-mail request to funddocuments@fmr.com. The fund's prospectus and SAI dated September 29, 2017 are incorporated herein by reference.
245 Summer Street, Boston, MA 02210
Fund Summary
Fund/Class:
Fidelity® Small Cap Growth Fund
/Fidelity Advisor® Small Cap Growth Fund A, M, C, I, Z
Investment Objective
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.
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 30 of the prospectus.
Shareholder fees
(fees paid directly from your investment)
Class A | Class M | Class C | Class I | Class Z | |
Maximum sales charge (load) on purchases (as a % of offering price) | 5.75% | 3.50% | None | None | None |
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds) | None(a) | None(a) | 1.00%(b) | None | None |
Redemption fee on shares held less than 90 days (as a % of amount redeemed) | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
(a) Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge CDSC of 1.00% or 0.25%, respectively.
(b) On Class C shares redeemed less than one year after purchase.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
Class A | Class M | Class C | Class I | Class Z | |
Management fee (fluctuates based on the fund's performance relative to a securities market index) | 0.82% | 0.82% | 0.82% | 0.82% | 0.82% |
Distribution and/or Service (12b-1) fees | 0.25% | 0.50% | 1.00% | None | None |
Other expenses | 0.29% | 0.31% | 0.30% | 0.25% | 0.09% |
Total annual operating expenses | 1.36%(a) | 1.63%(a) | 2.12%(a) | 1.07%(a) | 0.91%(a) |
(a) Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.
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 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:
Class A | Class M | Class C | Class I | Class Z | ||||||
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
|
1 year | $706 | $706 | $510 | $510 | $315 | $215 | $109 | $109 | $93 | $93 |
3 years | $981 | $981 | $846 | $846 | $664 | $664 | $340 | $340 | $290 | $290 |
5 years | $1,277 | $1,277 | $1,205 | $1,205 | $1,139 | $1,139 | $590 | $590 | $504 | $504 |
10 years | $2,116 | $2,116 | $2,215 | $2,215 | $2,452 | $2,452 | $1,306 | $1,306 | $1,120 | $1,120 |
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 140% of the average value of its portfolio.
Principal Investment Strategies
Principal Investment Risks
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 (before and after taxes) is not an indication of future performance.
Visit institutional.fidelity.com for more recent performance information.
Performance history will be available for Class Z after Class Z has been in operation for one calendar year.
Year-by-Year Returns
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.
During the periods shown in the chart for Class A: | Returns | Quarter ended |
Highest Quarter Return | 23.91% | June 30, 2009 |
Lowest Quarter Return | (27.68)% | December 31, 2008 |
Year-to-Date Return | 12.82% | June 30, 2017 |
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, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan).
For the periods ended December 31, 2016 | Past 1 year | Past 5 years | Past 10 years |
Class A - Return Before Taxes | 4.29% | 13.07% | 7.50% |
Return After Taxes on Distributions | 4.09% | 11.06% | 6.31% |
Return After Taxes on Distributions and Sale of Fund Shares | 2.59% | 10.03% | 5.78% |
Class M - Return Before Taxes | 6.48% | 13.31% | 7.47% |
Class C - Return Before Taxes | 8.86% | 13.55% | 7.32% |
Class I - Return Before Taxes | 11.00% | 14.77% | 8.48% |
Russell 2000® Growth Index (reflects no deduction for fees, expenses, or taxes) |
11.32% | 13.74% | 7.76% |
Investment Adviser
FMR (the Adviser) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Patrick Venanzi (portfolio manager) has managed the fund since November 2011.
Purchase and Sale of Shares
You may buy or sell Class A, Class M, Class C, Class I, and Class Z shares through a retirement account or through an investment professional. You may buy or sell shares in various ways:
Internet
institutional.fidelity.com
Phone
To reach a Fidelity representative 1-877-208-0098
Fidelity Investments P.O. Box 770002 Cincinnati, OH 45277-0081 |
Overnight Express: Fidelity Investments 100 Crosby Parkway Covington, KY 41015 |
Class Z shares are offered to (i) employee benefit plans investing through an intermediary, (ii) employee benefit plans not recordkept by Fidelity, and (iii) certain managed account programs. For this purpose, employee benefit plans generally include profit sharing, 401(k), and 403(b) plans, but do not include: IRAs; SIMPLE, SEP, or SARSEP plans; plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans); health savings accounts; or plans investing through the Fidelity Advisor® 403(b) program. Plan participants may purchase Class Z shares of the fund only if Class Z shares are eligible for sale and available through their plan. You may buy or sell shares by contacting your employee benefit plan.
Class I and Class Z eligibility requirements are listed in the "Additional Information about the Purchase and Sale of Shares" section of the prospectus.
The price to buy one share of Class A or Class M is its offering price, if you pay a front-end sales charge, or its net asset value per share (NAV), if you qualify for a front-end sales charge waiver. The price to buy one share of Class C, Class I, or Class Z is its NAV. Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.
The price to sell one share of Class A, Class M or Class C is its NAV, minus the short-term redemption fee, if applicable, and any applicable contingent deferred sales charge (CDSC). The price to sell one share of Class I or Class Z is its NAV, minus the short-term redemption fee, if applicable. Shares will be sold at the NAV next calculated after an order is received in proper form, minus the short-term redemption fee, if applicable, and any applicable CDSC.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
Class A, Class M, Class C, and Class I:
Initial Purchase Minimum | $2,500 |
Fidelity Advisor® Traditional IRA, Roth IRA, Rollover IRA, and Simplified Employee Pension-IRA for which Fidelity Management Trust Company or an affiliate serves as custodian | $500 |
Through a regular investment plan established at the time the fund position is opened | $100 |
There is no purchase minimum for Class Z shares.
The fund may waive or lower purchase minimums in other circumstances.
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case 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 Corporation (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.
Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity® funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. For certain types of accounts, we will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-877-208-0098. We will begin sending individual copies to you within 30 days of receiving your call.
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, Fidelity Advisor, and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2017 FMR LLC. All rights reserved.
Any third-party marks that may appear above are the marks of their respective owners.
1.915401.109 | ASCP-SUM-0917 |
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