Supplement to the
Fidelity® Fund, Fidelity® Growth Discovery Fund and Fidelity® Mega Cap Stock Fund
August 29, 2016
STATEMENT OF ADDITIONAL INFORMATION
John Avery serves as lead portfolio manager of Fidelity® Fund. Jean Park serves as co-manager of Fidelity® Fund.
The following information supplements similar information for Fidelity® Fund found in the "Management Contracts" section.
Jean Park is co-manager of Fidelity® Fund and receives compensation for her services. As of April 30, 2017, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio managers compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.
The portfolio managers base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio managers bonus are based on the pre-tax investment performance of the portfolio managers fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account. The pre-tax investment performance of the portfolio managers fund(s) and account(s) is weighted according to her tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over her tenure. Each component is calculated separately over the portfolio managers tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with her tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. A smaller, subjective component of the portfolio managers bonus is based on the portfolio managers overall contribution to management of FMR. The portion of the portfolio managers bonus that is linked to the investment performance of Fidelity® Fund is based on the pre-tax investment performance of the fund measured against the S&P 500® Index, and the funds pre-tax investment performance (based on the performance of the funds retail class) within the Morningstar® Large Blend Category. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMRs parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.
The portfolio managers compensation plan may give rise to potential conflicts of interest. Although investors in a fund may invest through either tax-deferred accounts or taxable accounts, the portfolio managers compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio managers base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In addition, a funds trade allocation policies and procedures may give rise to conflicts of interest if the funds orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a funds Code of Ethics.
The following table provides information relating to other accounts managed by Ms. Park as of April 30, 2017:
Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
Number of Accounts Managed | 3 | none | none |
Number of Accounts Managed with Performance-Based Advisory Fees | 1 | none | none |
Assets Managed (in millions) | $7,131 | none | none |
Assets Managed with Performance-Based Advisory Fees (in millions) | $2,680 | none | none |
* Includes Fidelity® Fund ($4,450 (in millions) assets managed).
As of April 30, 2017, the dollar range of shares of Fidelity® Fund beneficially owned by Ms. Park was $100,001 - $500,000.
HSTB-17-01 1.798959.118 | June 22, 2017 |
Supplement to the
Fidelity® Fund and Fidelity® Growth Discovery Fund
Class K
August 29, 2016
STATEMENT OF ADDITIONAL INFORMATION
John Avery serves as lead portfolio manager of Fidelity® Fund. Jean Park serves as co-manager of Fidelity® Fund.
The following information supplements similar information for Fidelity® Fund found in the "Management Contracts" section.
Jean Park is co-manager of Fidelity® Fund and receives compensation for her services. As of April 30, 2017, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio managers compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.
The portfolio managers base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio managers bonus are based on the pre-tax investment performance of the portfolio managers fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account. The pre-tax investment performance of the portfolio managers fund(s) and account(s) is weighted according to her tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over her tenure. Each component is calculated separately over the portfolio managers tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with her tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. A smaller, subjective component of the portfolio managers bonus is based on the portfolio managers overall contribution to management of FMR. The portion of the portfolio managers bonus that is linked to the investment performance of Fidelity® Fund is based on the pre-tax investment performance of the fund measured against the S&P 500® Index, and the funds pre-tax investment performance (based on the performance of the funds retail class) within the Morningstar® Large Blend Category. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMRs parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.
The portfolio managers compensation plan may give rise to potential conflicts of interest. Although investors in a fund may invest through either tax-deferred accounts or taxable accounts, the portfolio managers compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio managers base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In addition, a funds trade allocation policies and procedures may give rise to conflicts of interest if the funds orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a funds Code of Ethics.
The following table provides information relating to other accounts managed by Ms. Park as of April 30, 2017:
Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
Number of Accounts Managed | 3 | none | none |
Number of Accounts Managed with Performance-Based Advisory Fees | 1 | none | none |
Assets Managed (in millions) | $7,131 | none | none |
Assets Managed with Performance-Based Advisory Fees (in millions) | $2,680 | none | none |
* Includes Fidelity® Fund ($4,450 (in millions) assets managed).
As of April 30, 2017, the dollar range of shares of Fidelity® Fund beneficially owned by Ms. Park was $100,001 - $500,000.
K-COM6B-17-01 1.918660.104 | June 22, 2017 |