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Retail | Fidelity Fund
Fund Summary
Fund/Class:
Fidelity® Fund/Fidelity Fund
Investment Objective
The fund seeks long-term capital growth.
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)
Shareholder Fees (USD $)
Retail
Fidelity Fund
Class: Fidelity Fund
Shareholder fees (fees paid directly from your investment) none
Annual class operating expenses (expenses that you pay each year as a % of the value of your investment)
Annual Class Operating Expenses
Retail
Fidelity Fund
Class: Fidelity Fund
Management fee 0.35%
Distribution and/or Service (12b-1) fees none
Other expenses 0.24%
Total annual operating expenses 0.59%

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:
Expense Example (USD $)
Retail
Fidelity Fund
Class: Fidelity Fund
1 year 60
3 years 189
5 years 329
10 years 738
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 88% of the average value of its portfolio.
Principal Investment Strategies
  • Normally investing primarily in common stocks.
  • Potentially investing a portion of assets in bonds, including lower-quality debt securities.
  • Investing in domestic and foreign issuers.
  • Investing in either "growth" stocks or "value" stocks or both.
  • Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions to select investments.
Principal Investment Risks
  • Stock 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 can react differently to these developments.
  • Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
  • 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.
  • 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. Lower-quality debt securities (those of less than investment-grade quality) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

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
Bar Chart
During the periods shown in the chart:
Returns
Quarter ended
Highest Quarter Return16.14%June 30, 2009
Lowest Quarter Return -22.64%December 31, 2008
Year-to-Date Return6.88%June 30, 2011
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, 2010
Average Annual Total Returns Retail Fidelity Fund
Past 1 year
Past 5 years
Past 10 years
Return Before Taxes Class: Fidelity Fund
 14.55% 2.84% 1.60%
Return After Taxes on Distributions Class: Fidelity Fund
 14.39% 2.44% 1.29%
Return After Taxes on Distributions and Sale of Fund Shares Class: Fidelity Fund
 9.66% 2.43% 1.31%
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)
 15.06% 2.29% 1.41%