Fidelity
®
Series Growth & Income Fund
Class
/Ticker
Fidelity Series Growth & Income Fund
/FGLGX
(formerly "Fidelity
®
Series Mega Cap Fund")
Shares of the fund are available for purchase only by mutual funds for which FMR or an affiliate serves as investment manager.
In this prospectus, the term "shares" (as it relates to the fund) means the class of shares offered through this prospectus.
Prospectus
December 5, 2012
As Revised August 1, 2013
Contents
Prospectus
Fund Summary
Fund
/Class:
Fidelity
®
Series Growth & Income Fund
/Fidelity Series Growth & Income Fund
The fund seeks high total return through a combination of current income and 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)
|
None
|
Annual class 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)
|
0.56%
|
|
Distribution and/or Service (12b-1) fees
|
None
|
|
Other expenses
A
|
0.27%
|
|
Total annual operating expenses
|
0.83%
|
A
Based on estimated amounts for the current fiscal year.
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:
|
1 year
|
$ 85
|
|
3 years
|
$ 265
|
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.
Prospectus
Fund Summary - continued
Principal Investment Strategies
-
Normally investing a majority of assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation.
-
Potentially investing in bonds, including lower-quality debt securities, as well as stocks that are not currently paying dividends, but offer prospects for future income or capital appreciation.
-
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, including different market sectors, and different types of securities 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, also referred to as high yield debt
securities) 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
Performance history will be available for the fund after the fund has been in operation for one calendar year.
Investment Advisers
Fidelity Management & Research Company (FMR) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund.
Prospectus
Portfolio Manager(s)
Matthew Fruhan (portfolio manager) has managed the fund since December 2012.
Purchase and Sale of Shares
The fund offers its shares only to certain other mutual funds managed by FMR or an affiliate.
The price to buy one share of the fund is its net asset value per share (NAV). Your shares will be bought at the NAV next calculated after your
order is received in proper form.
The price to sell one share of the fund is its NAV. Your shares will be sold at the NAV next calculated after your order is received in proper form.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
The fund has no minimum investment requirement.
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 Financial Intermediaries
The fund, FMR, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, including retirement plan sponsors, administrators, or service-providers (who may be affiliated with FMR 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.
Prospectus
Fund Basics
Investment Objective
The fund
seeks high total return through a combination of current income and capital appreciation.
Principal Investment Strategies
FMR normally invests a majority of the fund's assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation. FMR may also invest the fund's assets in bonds, including lower-quality debt securities, as well as stocks that are not currently
paying dividends, but offer prospects for future income or capital appreciation.
FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any given time, FMR may tend to buy "growth" stocks or "value" stocks, or a combination of both types. In buying and selling securities for the fund, FMR relies on fundamental analysis, which involves a bottom-up assessment
of a company's potential for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and economic and market conditions.
In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to
earn income for the fund.
FMR may also use various techniques, such as buying and selling futures contracts and exchange traded funds, to increase or decrease the
fund's exposure to changing security prices or other factors that affect security values.
If FMR's strategies do not work as intended, the fund may not achieve its objective.
Description of Principal Security Types
Equity securities
represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Different types of equity securities
provide different voting and dividend rights and priority in the event of the bankruptcy of the issuer. Equity securities include common stocks,
preferred stocks, convertible securities, and warrants.
Debt securities
are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the
amount borrowed, usually at the maturity of the security. Some debt securities, such as zero coupon bonds, do not pay current interest but are
sold at a discount from their face values. Debt securities include corporate bonds, government securities, repurchase agreements, mortgage and
other asset-backed securities, and other securities that FMR believes have debt-like characteristics, including hybrids and synthetic securities.
Principal Investment Risks
Many factors affect the fund's performance. The fund's share price changes daily based on changes in market conditions and interest rates and
in response to other economic, political, or financial developments. The fund's reaction to these developments will be affected by the types of
securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer, and the fund's
level of investment in the securities of that issuer. When you sell your shares they may be worth more or less than what you paid for them, which
means that you could lose money by investing in the fund.
Prospectus
Fund Basics - continued
The following factors can significantly affect the fund's performance:
Stock Market Volatility.
The value of equity securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations can be dramatic over the short as well as long term, and different parts of the market, including different market sectors, and different types
of equity securities can react differently to these developments. For example, stocks of companies in one sector can react differently from those in
another, large cap stocks can react differently from small cap stocks, and "growth" stocks can react differently from "value" stocks. Issuer, political,
or economic developments can affect a single issuer, issuers within an industry or economic sector or geographic region, or the market as a whole.
Changes in the financial condition of a single issuer can impact the market as a whole. Terrorism and related geo-political risks have led, and may
in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.
Interest Rate Changes.
Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security
can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities can be more
sensitive to interest rate changes.
Foreign Exposure.
Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve
additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile
and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.
Global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country
or region might adversely impact issuers or providers in, or foreign exchange rates with, a different country or region.
Issuer-Specific Changes.
Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions
that affect a particular type of security or issuer, and changes in general economic or political conditions can increase the risk of default by an
issuer or counterparty, which can affect a security's or instrument's credit quality or value. The value of securities of smaller, less well-known
issuers can be more volatile than that of larger issuers. Lower-quality debt securities (those of less than investment-grade quality, also referred
to as high yield debt securities) and certain types of other securities tend to be particularly sensitive to these changes.
Prospectus
Lower-quality debt securities 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 often fluctuates in response to company, political, or
economic developments and can decline significantly over short as well as long periods of time or during periods of general or regional economic
difficulty.
In response to market, economic, political, or other conditions, FMR may temporarily use a different investment strategy for defensive purposes. If
FMR does so, different factors could affect the fund's performance and the fund may not achieve its investment objective.
Fundamental Investment Policies
The following policy is fundamental, that is, subject to change only by shareholder approval:
The fund
seeks high total return through a combination of current income and capital appreciation.
The fund is open for business each day the NYSE is open.
The fund's NAV is the value of a single share. Fidelity normally calculates the fund's NAV as of the close of business of the NYSE, normally 4:00 p.m.
Eastern time. The fund's assets normally are valued as of this time for the purpose of computing the fund's NAV. Fidelity calculates net asset value
separately for each class of shares of a multiple class fund.
NAV is not calculated and the fund will not process purchase and redemption requests submitted on days when the fund is not open for business. The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as permitted by the
Securities and Exchange Commission (SEC).
To the extent that the fund's assets are traded in other markets on days when the fund is not open for business, the value of the fund's assets
may be affected on those days. In addition, trading in some of the fund's assets may not occur on days when the fund is open for business.
Shares of open-end funds in which the fund may invest (referred to as underlying funds) are valued at their respective NAVs. The fund's NAV is
calculated using the values of any underlying funds in which it invests. Other assets (as well as assets held by an underlying Fidelity non-money
market fund) are valued primarily on the basis of market quotations, official closing prices, or information furnished by a pricing service. Certain short-term securities are valued on the basis of amortized cost. If market quotations, official closing prices, or information furnished by a
pricing service are not readily available or, in FMR's opinion, are deemed unreliable for a security, then that security will be fair valued in good
faith by FMR in accordance with applicable fair value pricing policies. For example, if, in FMR's opinion, a security's value has been materially
affected by events occurring before the fund's pricing time but after the close of the exchange or market on which the security is principally
traded, then that security will be fair valued in good faith by FMR in accordance with applicable fair value pricing policies. Fair value pricing
will be used for high yield debt securities when available pricing information is determined to be stale or for other reasons not to accurately
reflect fair value. Assets held by an underlying Fidelity money market fund are valued on the basis of amortized cost.
Prospectus
Fund Basics - continued
Arbitrage opportunities may exist when trading in a portfolio security or securities is halted and does not resume before a fund calculates its
NAV. These arbitrage opportunities may enable short-term traders to dilute the NAV of long-term investors. Securities trading in overseas
markets present time zone arbitrage opportunities when events affecting portfolio security values occur after the close of the overseas markets but prior to the close of the U.S. market. Fair valuation of a fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of a fund's NAV by short-term
traders.
Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that
would be realized if the security were sold.
Prospectus
Shareholder Information
The fund may reject for any reason, or cancel as permitted or required by law, any purchase orders, including transactions deemed to represent
excessive trading, at any time.
Excessive trading of fund shares can harm shareholders in various ways, including reducing the returns to long-term shareholders by increasing
costs to the fund (such as brokerage commissions), disrupting portfolio management strategies, and diluting the value of the shares in cases in
which fluctuations in markets are not fully priced into the fund's NAV.
Because the fund is offered for investment only to certain other mutual funds managed by FMR or an affiliate, the potential for excessive or
short-term disruptive purchases and sales is reduced. Accordingly, the Board of Trustees has not adopted policies and procedures designed to
discourage excessive trading of fund shares and the fund accommodates frequent trading.
The fund may in its discretion restrict, reject, or cancel any purchases that, in FMR's opinion, may be disruptive to the management of the fund
or otherwise not be in the fund's interests.
The fund has no exchange privilege with any other fund. The fund has no limit on purchase transactions, but is offered for investment only to
certain other mutual funds managed by FMR or an affiliate, which in turn have in place FMR's policies and procedures concerning frequent
trading. The fund reserves the right at any time to restrict purchases or impose conditions that are more restrictive on excessive or disruptive
trading than those stated in this prospectus.
Buying Shares
The
price to buy
one share of the fund is its NAV. The fund's shares are sold without a sales charge.
Your shares will be bought at the NAV next calculated after your order is received in proper form.
Orders by funds of funds for which FMR or an affiliate serves as investment manager will be treated as received by the fund at the same time that
the corresponding orders are received in proper form by the funds of funds.
The fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.
When you place an order to buy shares, note the following:
-
All wires must be received in proper form by Fidelity at the fund's designated wire bank before the close of the Federal Reserve Wire System on
the day of purchase or you could be liable for any losses or fees the fund or Fidelity has incurred or for interest and penalties.
-
Under applicable anti-money laundering regulations and other federal regulations, purchase orders may be suspended, restricted, or canceled
and the monies may be withheld.
Prospectus
Shareholder Information - continued
Selling Shares
The price to sell one share of the fund is its NAV.
Your shares will be sold at the NAV next calculated after your order is received in proper form. Normally, redemptions will be processed by the
next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect the
fund.
Orders by funds of funds for which FMR or an affiliate serves as investment manager will be treated as received by the fund at the same time that
the corresponding orders are received in proper form by the funds of funds.
When you place an order to sell shares, note the following:
-
Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the
NYSE is restricted, or as permitted by the SEC.
-
Redemption proceeds may be paid in securities or other property rather than in cash if FMR determines it is in the best interests of the fund.
-
Under applicable anti-money laundering regulations and other federal regulations, redemption requests may be suspended, restricted,
canceled, or processed and the proceeds may be withheld.
Fidelity will send monthly account statements detailing fund balances and all transactions completed during the prior month.
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.
Dividends
and
Capital Gain Distributions
The fund earns dividends, interest, and other income from its investments, and distributes this income (less expenses) to shareholders as dividends. The fund also realizes capital gains from its investments, and distributes these gains (less any losses) to shareholders as capital gain
distributions.
The fund normally pays dividends in April, July, October, and December and pays capital gain distributions in August and December.
Your dividends and capital gain distributions will be automatically reinvested in additional shares of the fund.
As with any investment, your investment in the fund could have tax consequences for you. If you are not investing through a tax-advantaged
retirement account, you should consider these tax consequences.
Taxes on distributions.
Distributions you receive from the fund are subject to federal income tax, and may also be subject to state or local
taxes.
Prospectus
For federal tax purposes, certain of the fund's distributions, including dividends and distributions of short-term capital gains, are taxable to you as
ordinary income, while certain of the fund's distributions, including distributions of long-term capital gains, are taxable to you generally as capital
gains. A percentage of certain distributions of dividends may qualify for taxation at long-term capital gains rates (provided certain holding period
requirements are met).
If you buy shares when a fund has realized but not yet distributed income or capital gains, you will be "buying a dividend" by paying the full
price for the shares and then receiving a portion of the price back in the form of a taxable distribution.
Any taxable distributions you receive from the fund will normally be taxable to you when you receive them.
Taxes on transactions.
Your redemptions may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment
in the fund generally is the difference between the cost of your shares and the price you receive when you sell them.
Prospectus
Fund Services
The fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.
FMR is the fund's manager. The address of FMR and its affiliates, unless otherwise indicated below, is 245 Summer Street, Boston, Massachusetts 02210.
As of December 31, 2011, FMR had approximately $1.0 billion in discretionary assets under management.
As the manager, FMR has overall responsibility for directing the fund's investments and handling its business affairs.
FMRC serves as a sub-adviser for the fund. FMRC has day-to-day responsibility for choosing investments for the fund.
FMRC is an affiliate of FMR. As of December 31, 2011, FMRC had approximately $606.9 billion in discretionary assets under management.
Other investment advisers assist FMR with foreign investments:
-
Fidelity Management & Research (U.K.) Inc. (FMR U.K.), at 10 Paternoster Square, 4th Floor, London, EC4M 7LS, United Kingdom, serves as a
sub-adviser for the fund. As of December 31, 2011, FMR U.K. had approximately $13.4 billion in discretionary assets under management. FMR
U.K. may provide investment research and advice on issuers based outside the United States
and may also provide investment advisory services
for the fund. FMR U.K. is an affiliate of FMR.
-
Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for the fund. As of December 31, 2011, FMR H.K. had approximately $7.1 billion in discretionary assets under management. FMR H.K.
may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services
for the fund. FMR H.K. is an affiliate of FMR.
-
Fidelity Management & Research (Japan) Inc. (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
serves as a sub-adviser for the fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the
United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR Japan is an affiliate of FMR.
Matthew Fruhan is portfolio manager of the fund, which he has managed since December 2012. He also manages other funds. Since joining Fidelity
Investments in 1995, Mr. Fruhan has worked as a research analyst and portfolio manager.
The statement of additional information (SAI) provides additional information about the compensation of, any other accounts managed by, and
any fund shares held by Mr. Fruhan.
From time to time a manager, analyst, or other Fidelity employee may express views regarding a particular company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market
or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and,
because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf
of any Fidelity fund.
Prospectus
The fund pays a management fee to FMR. The management fee is calculated and paid to FMR every month. The fee is determined by calculating
a basic fee and then applying a performance adjustment. The performance adjustment either increases or decreases the management fee, depending on how well the fund has performed relative to the Russell Top 200 Index.
|
Management
fee
|
=
|
Basic
fee
|
+/-
|
Performance
adjustment
|
The basic fee is calculated by adding a group fee rate to an individual fund fee rate, dividing by twelve, and multiplying the result by the fund's
average net assets throughout the month.
The group fee rate is based on the average net assets of all the mutual funds advised by FMR. For this purpose, the average net assets of any
mutual funds previously advised by FMR that currently are advised by Fidelity SelectCo, LLC are included. This rate cannot rise above 0.52%,
and it drops as total assets under management increase.
For October 2012, the group fee rate was 0.26%. The individual fund fee rate is 0.30%.
The performance adjustment rate is calculated monthly by comparing over the performance period the fund's performance to that of the Russell
Top 200 Index.
For the purposes of calculating the performance adjustment for the fund, the fund's investment performance will be based on the performance
of the class of shares of the fund offered through this prospectus.
The performance period will begin on January 1, 2013, and will eventually include 36 months. The performance adjustment will not take effect
until December 1, 2013.
The maximum annualized performance adjustment rate is ±0.20% of the fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the fund's average net assets over the performance period, and the resulting dollar
amount is then added to or subtracted from the basic fee.
Effective August 1, 2013, the fund's management contract will no longer include a performance adjustment component and the individual fund
fee rate charged thereunder will be reduced to 0.20%. The fund will also begin comparing its performance to the S&P 500
®
Index rather than
the Russell Top 200 Index because the S&P 500
®
Index conforms more closely to the fund's investment policy changes.
Prospectus
Fund Services - continued
FMR pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services.
The basis for the Board of Trustees approving the management contract and sub-advisory agreements for the fund will be included in the
fund's semi-annual report for the fiscal period ending December 31, 2012, when available.
FMR may, from time to time, agree to reimburse a class for, or waive, management fees and other expenses above a specified limit. FMR retains the
ability to be repaid by a class if expenses fall below the specified limit prior to the end of the fiscal year.
Reimbursement or waiver arrangements can decrease expenses and boost performance.
The fund is composed of multiple classes of shares. All classes of the fund have a common investment objective and investment portfolio.
The fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) with respect to its shares that recognizes that FMR may use its management fee revenues, as well as its past profits or its resources from any other
source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of shares of the fund and/or shareholder support services. FMR, directly or through FDC, may pay significant amounts to intermediaries, including retirement plan sponsors,
service-providers, and administrators, that provide those services. Currently, the Board of Trustees of the fund has authorized such payments for
shares of the fund.
If payments made by FMR to FDC or to intermediaries under the Distribution and Service Plan were considered to be paid out of a class's assets
on an ongoing basis, they might increase the cost of your investment and might cost you more than paying other types of sales charges.
No dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than
those contained in this prospectus and in the related SAI, in connection with the offer contained in this prospectus. If given or made, such other
information or representations must not be relied upon as having been authorized by the fund or FDC. This prospectus and the related SAI do
not constitute an offer by the fund or by FDC to sell shares of the fund to or to buy shares of the fund from any person to whom it is unlawful to
make such offer.
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 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 taxpayer identification number (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 drivers' licenses, articles of incorporation, trust instruments or partnership agreements and other information that will help Fidelity identify the entity.
|
You can obtain additional information about the fund. A description of the fund's policies and procedures for disclosing its holdings is available in its SAI and on Fidelity's web sites. The SAI
also includes more detailed information about the fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). A financial report will be
available once the fund has completed its first annual or semi-annual period. The fund's annual and semi-annual reports also include additional information. The fund's annual report includes
a discussion of the fund's holdings and recent market conditions and the fund's investment strategies that affected performance.
For a free copy of any of these documents or to request other information or ask questions about the fund, call Fidelity at 1-800-544-8544. In addition, you may visit Fidelity's web site at
www.fidelity.com for a free copy of a prospectus, SAI, or annual or semi-annual report or to request other information.
|
The SAI, the fund's annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the SEC's web
site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the Public Reference
Section of the SEC, Washington, D.C. 20549-1520. You can also review and copy information about the fund, including the fund's SAI, at the SEC's Public Reference Room in Washington, D.C.
Call 1-202-551-8090 for information on the operation of the SEC's Public Reference Room.
Investment Company Act of 1940, File Number, 811-00215
|
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 and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2012 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.951028.102 MHT-PRO-1212-01
Fidelity
®
Series Growth & Income Fund
Class
/Ticker
F
/FTBTX
(formerly "Fidelity
®
Series Mega Cap Fund")
Class F shares of the fund are available for purchase only by mutual funds for which FMR or an affiliate serves as investment
manager.
Prospectus
December 5, 2012
As Revised August 1, 2013
Contents
Prospectus
Fund Summary
Fund
/Class:
Fidelity
®
Series Growth & Income Fund
/F
The fund seeks high total return through a combination of current income and 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)
|
None
|
Annual class 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)
|
0.56%
|
|
Distribution and/or Service (12b-1) fees
|
None
|
|
Other expenses
A
|
0.06%
|
|
Total annual operating expenses
|
0.62%
|
A
Based on estimated amounts for the current fiscal year.
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:
|
1 year
|
$ 63
|
|
3 years
|
$ 199
|
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.
Prospectus
Fund Summary - continued
Principal Investment Strategies
-
Normally investing a majority of assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation.
-
Potentially investing in bonds, including lower-quality debt securities, as well as stocks that are not currently paying dividends, but offer prospects for future income or capital appreciation.
-
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, including different market sectors, and different types of securities 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, also referred to as high yield debt
securities) 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
Performance history will be available for the fund after the fund has been in operation for one calendar year.
Investment Advisers
Fidelity Management & Research Company (FMR) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund.
Prospectus
Portfolio Manager(s)
Matthew Fruhan (portfolio manager) has managed the fund since December 2012.
Purchase and Sale of Shares
The fund offers Class F shares only to certain other mutual funds managed by FMR or an affiliate.
The price to buy one share of Class F is its net asset value per share (NAV). Your shares will be bought at the NAV next calculated after your order
is received in proper form.
The price to sell one share of Class F is its NAV. Your shares will be sold at the NAV next calculated after your order is received in proper form.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
There is no purchase minimum for Class F shares.
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 Financial Intermediaries
The fund, FMR, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, including retirement plan sponsors, administrators, or service-providers (who may be affiliated with FMR 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.
Prospectus
Fund Basics
Investment Objective
The fund
seeks high total return through a combination of current income and capital appreciation.
Principal Investment Strategies
FMR normally invests a majority of the fund's assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation. FMR may also invest the fund's assets in bonds, including lower-quality debt securities, as well as stocks that are not currently
paying dividends, but offer prospects for future income or capital appreciation.
FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any given time, FMR may tend to buy "growth" stocks or "value" stocks, or a combination of both types. In buying and selling securities for the fund, FMR relies on fundamental analysis, which involves a bottom-up assessment
of a company's potential for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and economic and market conditions.
In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to
earn income for the fund.
FMR may also use various techniques, such as buying and selling futures contracts and exchange traded funds, to increase or decrease the
fund's exposure to changing security prices or other factors that affect security values.
If FMR's strategies do not work as intended, the fund may not achieve its objective.
Description of Principal Security Types
Equity securities
represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Different types of equity securities
provide different voting and dividend rights and priority in the event of the bankruptcy of the issuer. Equity securities include common stocks,
preferred stocks, convertible securities, and warrants.
Debt securities
are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the
amount borrowed, usually at the maturity of the security. Some debt securities, such as zero coupon bonds, do not pay current interest but are
sold at a discount from their face values. Debt securities include corporate bonds, government securities, repurchase agreements, mortgage and
other asset-backed securities, and other securities that FMR believes have debt-like characteristics, including hybrids and synthetic securities.
Principal Investment Risks
Many factors affect the fund's performance. The fund's share price changes daily based on changes in market conditions and interest rates and
in response to other economic, political, or financial developments. The fund's reaction to these developments will be affected by the types of
securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer, and the fund's
level of investment in the securities of that issuer. When you sell your shares they may be worth more or less than what you paid for them, which
means that you could lose money by investing in the fund.
Prospectus
Fund Basics - continued
The following factors can significantly affect the fund's performance:
Stock Market Volatility.
The value of equity securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations can be dramatic over the short as well as long term, and different parts of the market, including different market sectors, and different
types of equity securities can react differently to these developments. For example, stocks of companies in one sector can react differently from
those in another, large cap stocks can react differently from small cap stocks, and "growth" stocks can react differently from "value" stocks. Issuer, political, or economic developments can affect a single issuer, issuers within an industry or economic sector or geographic region, or the market as a whole. Changes in the financial condition of a single issuer can impact the market as a whole. Terrorism and related geo-political risks
have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and
markets generally.
Interest Rate Changes.
Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security
can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities can be more
sensitive to interest rate changes.
Foreign Exposure.
Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve
additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile
and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.
Global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country
or region might adversely impact issuers or providers in, or foreign exchange rates with, a different country or region.
Issuer-Specific Changes.
Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions
that affect a particular type of security or issuer, and changes in general economic or political conditions can increase the risk of default by an
issuer or counterparty, which can affect a security's or instrument's credit quality or value. The value of securities of smaller, less well-known
issuers can be more volatile than that of larger issuers. Lower-quality debt securities (those of less than investment-grade quality, also referred
to as high yield debt securities) and certain types of other securities tend to be particularly sensitive to these changes.
Prospectus
Lower-quality debt securities 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 often fluctuates in response to company, political, or
economic developments and can decline significantly over short as well as long periods of time or during periods of general or regional economic
difficulty.
In response to market, economic, political, or other conditions, FMR may temporarily use a different investment strategy for defensive purposes.
If FMR does so, different factors could affect the fund's performance and the fund may not achieve its investment objective.
Fundamental Investment Policies
The following policy is fundamental, that is, subject to change only by shareholder approval:
The fund
seeks high total return through a combination of current income and capital appreciation.
The fund is open for business each day the NYSE is open.
A class's NAV is the value of a single share. Fidelity normally calculates the class's NAV as of the close of business of the NYSE, normally 4:00
p.m. Eastern time. The fund's assets normally are valued as of this time for the purpose of computing the class's NAV.
NAV is not calculated and the fund will not process purchase and redemption requests submitted on days when the fund is not open for business.
The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as permitted by the Securities
and Exchange Commission (SEC).
To the extent that the fund's assets are traded in other markets on days when the fund is not open for business, the value of the fund's assets
may be affected on those days. In addition, trading in some of the fund's assets may not occur on days when the fund is open for business.
Shares of open-end funds in which the fund may invest (referred to as underlying funds) are valued at their respective NAVs. The fund's NAV
is calculated using the values of any underlying funds in which it invests. Other assets (as well as assets held by an underlying Fidelity non-money market fund) are valued primarily on the basis of market quotations, official closing prices, or information furnished by a pricing service. Certain short-term securities are valued on the basis of amortized cost. If market quotations, official closing prices, or information
furnished by a pricing service are not readily available or, in FMR's opinion, are deemed unreliable for a security, then that security will be fair valued in good faith by FMR in accordance with applicable fair value pricing policies. For example, if, in FMR's opinion, a security's value has been
materially affected by events occurring before the fund's pricing time but after the close of the exchange or market on which the security is principally traded, then that security will be fair valued in good faith by FMR in accordance with applicable fair value pricing policies. Fair value pricing
will be used for high yield debt securities when available pricing information is determined to be stale or for other reasons not to accurately reflect
fair value. Assets held by an underlying Fidelity money market fund are valued on the basis of amortized cost.
Prospectus
Fund Basics - continued
Arbitrage opportunities may exist when trading in a portfolio security or securities is halted and does not resume before a fund calculates its NAV.
These arbitrage opportunities may enable short-term traders to dilute the NAV of long-term investors. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio security values occur after the close of the overseas markets but prior to the
close of the U.S. market. Fair valuation of a fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders,
but there is no assurance that fair value pricing policies will prevent dilution of a fund's NAV by short-term traders.
Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that
would be realized if the security were sold.
Prospectus
Shareholder Information
The fund may reject for any reason, or cancel as permitted or required by law, any purchase orders, including transactions deemed to represent
excessive trading, at any time.
Excessive trading of fund shares can harm shareholders in various ways, including reducing the returns to long-term shareholders by increasing
costs to the fund (such as brokerage commissions), disrupting portfolio management strategies, and diluting the value of the shares in cases in
which fluctuations in markets are not fully priced into the fund's NAV.
Because the fund is offered for investment only to certain other mutual funds managed by FMR or an affiliate, the potential for excessive or
short-term disruptive purchases and sales is reduced. Accordingly, the Board of Trustees has not adopted policies and procedures designed to
discourage excessive trading of fund shares and the fund accommodates frequent trading.
The fund may in its discretion restrict, reject, or cancel any purchases that, in FMR's opinion, may be disruptive to the management of the fund
or otherwise not be in the fund's interests.
The fund has no exchange privilege with any other fund. The fund has no limit on purchase transactions, but is offered for investment only to
certain other mutual funds managed by FMR or an affiliate, which in turn have in place FMR's policies and procedures concerning frequent trading. The fund reserves the right at any time to restrict purchases or impose conditions that are more restrictive on excessive or disruptive trading
than those stated in this prospectus.
Buying Shares
The price to buy one share of Class F is its NAV. Class F shares are sold without a sales charge.
Your shares will be bought at the NAV next calculated after your order is received in proper form.
Orders by funds of funds for which FMR or an affiliate serves as investment manager will be treated as received by the fund at the same time that
the corresponding orders are received in proper form by the funds of funds.
The fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.
When you place an order to buy shares, note the following:
-
All wires must be received in proper form by Fidelity at the fund's designated wire bank before the close of the Federal Reserve Wire System
on the day of purchase or you could be liable for any losses or fees the fund or Fidelity has incurred or for interest and penalties.
-
Under applicable anti-money laundering regulations and other federal regulations, purchase orders may be suspended, restricted, or canceled
and the monies may be withheld.
Prospectus
Shareholder Information - continued
Selling Shares
The price to sell one share of Class F is its NAV.
Your shares will be sold at the NAV next calculated after your order is received in proper form. Normally, redemptions will be processed by the
next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect the
fund.
Orders by funds of funds for which FMR or an affiliate serves as investment manager will be treated as received by the fund at the same time that
the corresponding orders are received in proper form by the funds of funds.
When you place an order to sell shares, note the following:
-
Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the
NYSE is restricted, or as permitted by the SEC.
-
Redemption proceeds may be paid in securities or other property rather than in cash if FMR determines it is in the best interests of the fund.
-
Under applicable anti-money laundering regulations and other federal regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.
Fidelity will send monthly account statements detailing fund balances and all transactions completed during the prior month.
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.
Dividends
and
Capital Gain Distributions
The fund earns dividends, interest, and other income from its investments, and distributes this income (less expenses) to shareholders as dividends. The fund also realizes capital gains from its investments, and distributes these gains (less any losses) to shareholders as capital gain
distributions.
The fund normally pays dividends in April, July, October, and December and pays capital gain distributions in August and December.
Your dividends and capital gain distributions will be automatically reinvested in additional Class F shares of the fund.
As with any investment, your investment in the fund could have tax consequences for you. If you are not investing through a tax-advantaged
retirement account, you should consider these tax consequences.
Prospectus
Taxes on distributions.
Distributions you receive from the fund are subject to federal income tax, and may also be subject to state or local
taxes.
For federal tax purposes, certain of the fund's distributions, including dividends and distributions of short-term capital gains, are taxable to you as
ordinary income, while certain of the fund's distributions, including distributions of long-term capital gains, are taxable to you generally as capital
gains. A percentage of certain distributions of dividends may qualify for taxation at long-term capital gains rates (provided certain holding period
requirements are met).
If you buy shares when a fund has realized but not yet distributed income or capital gains, you will be "buying a dividend" by paying the full
price for the shares and then receiving a portion of the price back in the form of a taxable distribution.
Any taxable distributions you receive from the fund will normally be taxable to you when you receive them.
Taxes on transactions.
Your redemptions may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment
in the fund generally is the difference between the cost of your shares and the price you receive when you sell them.
Prospectus
Fund Services
The fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.
FMR is the fund's manager. The address of FMR and its affiliates, unless otherwise indicated below, is 245 Summer Street, Boston, Massachusetts 02210.
As of December 31, 2011, FMR had approximately $1.0 billion in discretionary assets under management.
As the manager, FMR has overall responsibility for directing the fund's investments and handling its business affairs.
FMRC serves as a sub-adviser for the fund. FMRC has day-to-day responsibility for choosing investments for the fund.
FMRC is an affiliate of FMR. As of December 31, 2011, FMRC had approximately $606.9 billion in discretionary assets under management.
Other investment advisers assist FMR with foreign investments:
-
Fidelity Management & Research (U.K.) Inc. (FMR U.K.), at 10 Paternoster Square, 4th Floor, London, EC4M 7LS, United Kingdom, serves as a
sub-adviser for the fund. As of December 31, 2011, FMR U.K. had approximately $13.4 billion in discretionary assets under management. FMR
U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services
for the fund. FMR U.K. is an affiliate of FMR.
-
Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for the fund. As of December 31, 2011, FMR H.K. had approximately $7.1 billion in discretionary assets under management. FMR H.K.
may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services
for the fund. FMR H.K. is an affiliate of FMR.
-
Fidelity Management & Research (Japan) Inc. (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
serves as a sub-adviser for the fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the
United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR Japan is an affiliate of FMR.
Matthew Fruhan is portfolio manager of the fund, which he has managed since December 2012. He also manages other funds. Since joining Fidelity
Investments in 1995, Mr. Fruhan has worked as a research analyst and portfolio manager.
The statement of additional information (SAI) provides additional information about the compensation of, any other accounts managed by, and
any fund shares held by Mr. Fruhan.
From time to time a manager, analyst, or other Fidelity employee may express views regarding a particular company, security, industry, or market
sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the
views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other
conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any
Fidelity fund.
Prospectus
The fund pays a management fee to FMR. The management fee is calculated and paid to FMR every month. The fee is determined by calculating
a basic fee and then applying a performance adjustment. The performance adjustment either increases or decreases the management fee, depending on how well the fund has performed relative to the Russell Top 200 Index.
|
Management
fee
|
=
|
Basic
fee
|
+/-
|
Performance
adjustment
|
The basic fee is calculated by adding a group fee rate to an individual fund fee rate, dividing by twelve, and multiplying the result by the fund's
average net assets throughout the month.
The group fee rate is based on the average net assets of all the mutual funds advised by FMR. For this purpose, the average net assets of any
mutual funds previously advised by FMR that currently are advised by Fidelity SelectCo, LLC are included. This rate cannot rise above 0.52%,
and it drops as total assets under management increase.
For October 2012, the group fee rate was 0.26%. The individual fund fee rate is 0.30%.
The performance adjustment rate is calculated monthly by comparing over the performance period the fund's performance to that of the Russell
Top 200 Index.
For the purposes of calculating the performance adjustment for the fund, the fund's investment performance will be based on the performance
of Fidelity Series Growth & Income Fund, a class of shares of the fund that is not offered through this prospectus.
The performance period will begin on January 1, 2013, and will eventually include 36 months. The performance adjustment will not take effect
until December 1, 2013.
The maximum annualized performance adjustment rate is ±0.20% of the fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the fund's average net assets over the performance period, and the resulting dollar
amount is then added to or subtracted from the basic fee.
Effective August 1, 2013, the fund's management contract will no longer include a performance adjustment component and the individual fund
fee rate charged thereunder will be reduced to 0.20%. The fund will also begin comparing its performance to the S&P 500
®
Index rather than
the Russell Top 200 Index because the S&P 500
®
Index conforms more closely to the fund's investment policy changes.
Prospectus
Fund Services - continued
FMR pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services.
The basis for the Board of Trustees approving the management contract and sub-advisory agreements for the fund will be included in the fund's
semi-annual report for the fiscal period ending December 31, 2012, when available.
FMR may, from time to time, agree to reimburse a class for, or waive, management fees and other expenses above a specified limit. FMR retains the
ability to be repaid by a class if expenses fall below the specified limit prior to the end of the fiscal year.
Reimbursement or waiver arrangements can decrease expenses and boost performance.
The fund is composed of multiple classes of shares. All classes of the fund have a common investment objective and investment portfolio.
Class F has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) that recognizes that FMR may use its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses
incurred in connection with providing services intended to result in the sale of Class F shares and/or shareholder support services. FMR, directly
or through FDC, may pay significant amounts to intermediaries, including retirement plan sponsors, service-providers, and administrators, that
provide those services. Currently, the Board of Trustees of the fund has authorized such payments for Class F shares.
If payments made by FMR to FDC or to intermediaries under the Distribution and Service Plan were considered to be paid out of Class F's assets
on an ongoing basis, they might increase the cost of your investment and might cost you more than paying other types of sales charges.
No dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those
contained in this prospectus and in the related SAI, in connection with the offer contained in this prospectus. If given or made, such other information or representations must not be relied upon as having been authorized by the fund or FDC. This prospectus and the related SAI do not constitute an offer by the fund or by FDC to sell shares of the fund to or to buy shares of the fund from any person to whom it is unlawful to make such
offer.
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 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 taxpayer identification number (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 drivers' licenses, articles of incorporation, trust instruments or partnership agreements and other information that will help Fidelity identify the entity.
|
You can obtain additional information about the fund. A description of the fund's policies and procedures for disclosing its holdings is available in its SAI and on Fidelity's web sites. The SAI
also includes more detailed information about the fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). A financial report will be
available once the fund has completed its first annual or semi-annual period. The fund's annual and semi-annual reports also include additional information. The fund's annual report includes
a discussion of the fund's holdings and recent market conditions and the fund's investment strategies that affected performance.
For a free copy of any of these documents or to request other information or ask questions about the fund, call Fidelity at 1-800-835-5092. In addition, existing investors may visit the
web site at www.401k.com for a free copy of a prospectus, SAI, or annual or semi-annual report or to request other information.
|
The SAI, the fund's annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the SEC's web
site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the Public Reference
Section of the SEC, Washington, D.C. 20549-1520. You can also review and copy information about the fund, including the fund's SAI, at the SEC's Public Reference Room in Washington, D.C.
Call 1-202-551-8090 for information on the operation of the SEC's Public Reference Room.
Investment Company Act of 1940, File Number, 811-00215
|
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 and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2012 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.951018.102 MHT-F-PRO-1212-01
Fund
/Ticker
Fidelity Advisor
®
Series Growth & Income Fund
/FMALX
(formerly "Fidelity Advisor
®
Series Mega Cap
Fund")
Shares of the fund are available for purchase only by mutual funds for which FMR or an affiliate serves as investment manager.
Prospectus
December 5, 2012
As Revised August 1, 2013
Contents
Prospectus
Fund Summary
Fund:
Fidelity Advisor
®
Series Growth & Income Fund
The fund seeks high total return through a combination of current income and 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)
|
None
|
Annual fund 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)
|
0.56%
|
|
Distribution and/or Service (12b-1) fees
|
None
|
|
Other expenses
A
|
0.63%
|
|
Total annual fund operating expenses
|
1.19%
|
|
Fee waiver and/or expense reimbursement
B
|
0.29%
|
|
Total annual fund operating expenses after fee waiver and/or expense reimbursement
|
0.90%
|
A
Based on estimated amounts for the current fiscal year.
B
Fidelity Management & Research Company (FMR) has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage
commissions, extraordinary expenses, and acquired fund fees and expenses, if any
)
, as a percentage of its average net assets, exceed 0.90%. This arrangement will remain in effect through February 28, 2014. FMR may
not discontinue or modify this arrangement without the approval of the Board of Trustees.
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:
|
1 year
|
$ 92
|
|
3 years
|
$ 344
|
Prospectus
Fund Summary - continued
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.
Principal Investment Strategies
-
Normally investing a majority of assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation.
-
Potentially investing in bonds, including lower-quality debt securities, as well as stocks that are not currently paying dividends, but offer prospects for future income or capital appreciation.
-
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, including different market sectors, and different types of securities 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, also referred to as high yield debt
securities) 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.
Prospectus
Performance
Performance history will be available for the fund after the fund has been in operation for one calendar year.
Investment Advisers
Fidelity Management & Research Company (FMR) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Matthew Fruhan (portfolio manager) has managed the fund since December 2012.
Purchase and Sale of Shares
The fund offers its shares only to certain other mutual funds managed by FMR or an affiliate.
The price to buy one share of the fund is its net asset value per share (NAV). Your shares will be bought at the NAV next calculated after your order
is received in proper form.
The price to sell one share of the fund is its NAV. Your shares will be sold at the NAV next calculated after your order is received in proper form.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
The fund has no minimum investment requirement.
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 Financial Intermediaries
The fund, FMR, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, including retirement plan sponsors, administrators, or service-providers (who may be affiliated with FMR 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.
Prospectus
Fund Basics
Investment Objective
The fund
seeks high total return through a combination of current income and capital appreciation.
Principal Investment Strategies
FMR normally invests a majority of the fund's assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation. FMR may also invest the fund's assets in bonds, including lower-quality debt securities, as well as stocks that are not currently
paying dividends, but offer prospects for future income or capital appreciation.
FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any given time, FMR may tend to buy "growth" stocks or "value" stocks, or a combination of both types. In buying and selling securities for the fund, FMR relies on fundamental analysis, which involves a bottom-up assessment
of a company's potential for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and economic and market conditions.
In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to
earn income for the fund.
FMR may also use various techniques, such as buying and selling futures contracts and exchange traded funds, to increase or decrease the
fund's exposure to changing security prices or other factors that affect security values.
If FMR's strategies do not work as intended, the fund may not achieve its objective.
Description of Principal Security Types
Equity securities
represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Different types of equity securities
provide different voting and dividend rights and priority in the event of the bankruptcy of the issuer. Equity securities include common stocks,
preferred stocks, convertible securities, and warrants.
Debt securities
are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the
amount borrowed, usually at the maturity of the security. Some debt securities, such as zero coupon bonds, do not pay current interest but are
sold at a discount from their face values. Debt securities include corporate bonds, government securities, repurchase agreements, mortgage and
other asset-backed securities, and other securities that FMR believes have debt-like characteristics, including hybrids and synthetic securities.
Principal Investment Risks
Many factors affect the fund's performance. The fund's share price changes daily based on changes in market conditions and interest rates and
in response to other economic, political, or financial developments. The fund's reaction to these developments will be affected by the types of
securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer, and the fund's
level of investment in the securities of that issuer. When you sell your shares they may be worth more or less than what you paid for them, which
means that you could lose money by investing in the fund.
Prospectus
Fund Basics - continued
The following factors can significantly affect the fund's performance:
Stock Market Volatility.
The value of equity securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations can be dramatic over the short as well as long term, and different parts of the market, including different market sectors, and different
types of equity securities can react differently to these developments. For example, stocks of companies in one sector can react differently from
those in another, large cap stocks can react differently from small cap stocks, and "growth" stocks can react differently from "value" stocks. Issuer, political, or economic developments can affect a single issuer, issuers within an industry or economic sector or geographic region, or the market as a whole. Changes in the financial condition of a single issuer can impact the market as a whole. Terrorism and related geo-political risks
have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and
markets generally.
Interest Rate Changes.
Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can
fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities can be more sensitive to
interest rate changes.
Foreign Exposure.
Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve
additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile
and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.
Global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country
or region might adversely impact issuers or providers in, or foreign exchange rates with, a different country or region.
Issuer-Specific Changes.
Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions
that affect a particular type of security or issuer, and changes in general economic or political conditions can increase the risk of default by an
issuer or counterparty, which can affect a security's or instrument's credit quality or value. The value of securities of smaller, less well-known
issuers can be more volatile than that of larger issuers. Lower-quality debt securities (those of less than investment-grade quality, also referred
to as high yield debt securities) and certain types of other securities tend to be particularly sensitive to these changes.
Prospectus
Lower-quality debt securities 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 often fluctuates in response to company, political, or
economic developments and can decline significantly over short as well as long periods of time or during periods of general or regional economic
difficulty.
In response to market, economic, political, or other conditions, FMR may temporarily use a different investment strategy for defensive purposes.
If FMR does so, different factors could affect the fund's performance and the fund may not achieve its investment objective.
Fundamental Investment Policies
The following policy is fundamental, that is, subject to change only by shareholder approval:
The fund
seeks high total return through a combination of current income and capital appreciation.
The fund is open for business each day the NYSE is open.
The fund's NAV is the value of a single share. Fidelity normally calculates the fund's NAV as of the close of business of the NYSE, normally 4:00
p.m. Eastern time. The fund's assets normally are valued as of this time for the purpose of computing the fund's NAV.
NAV is not calculated and the fund will not process purchase and redemption requests submitted on days when the fund is not open for business. The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as permitted by the
Securities and Exchange Commission (SEC).
To the extent that the fund's assets are traded in other markets on days when the fund is not open for business, the value of the fund's assets may
be affected on those days. In addition, trading in some of the fund's assets may not occur on days when the fund is open for business.
Shares of open-end funds in which the fund may invest (referred to as underlying funds) are valued at their respective NAVs. The fund's NAV is
calculated using the values of any underlying funds in which it invests. Other assets (as well as assets held by an underlying Fidelity non-money
market fund) are valued primarily on the basis of market quotations, official closing prices, or information furnished by a pricing service. Certain short-term securities are valued on the basis of amortized cost. If market quotations, official closing prices, or information furnished by a
pricing service are not readily available or, in FMR's opinion, are deemed unreliable for a security, then that security will be fair valued in good
faith by FMR in accordance with applicable fair value pricing policies. For example, if, in FMR's opinion, a security's value has been materially
affected by events occurring before the fund's pricing time but after the close of the exchange or market on which the security is principally
traded, then that security will be fair valued in good faith by FMR in accordance with applicable fair value pricing policies. Fair value pricing
will be used for high yield debt securities when available pricing information is determined to be stale or for other reasons not to accurately
reflect fair value. Assets held by an underlying Fidelity money market fund are valued on the basis of amortized cost.
Prospectus
Fund Basics - continued
Arbitrage opportunities may exist when trading in a portfolio security or securities is halted and does not resume before a fund calculates its NAV.
These arbitrage opportunities may enable short-term traders to dilute the NAV of long-term investors. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio security values occur after the close of the overseas markets but prior to the
close of the U.S. market. Fair valuation of a fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders,
but there is no assurance that fair value pricing policies will prevent dilution of a fund's NAV by short-term traders.
Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that
would be realized if the security were sold.
Prospectus
Shareholder Information
The fund may reject for any reason, or cancel as permitted or required by law, any purchase orders, including transactions deemed to represent
excessive trading, at any time.
Excessive trading of fund shares can harm shareholders in various ways, including reducing the returns to long-term shareholders by increasing
costs to the fund (such as brokerage commissions), disrupting portfolio management strategies, and diluting the value of the shares in cases in
which fluctuations in markets are not fully priced into the fund's NAV.
Because the fund is offered for investment only to certain other mutual funds managed by FMR or an affiliate, the potential for excessive or
short-term disruptive purchases and sales is reduced. Accordingly, the Board of Trustees has not adopted policies and procedures designed to
discourage excessive trading of fund shares and the fund accommodates frequent trading.
The fund may in its discretion restrict, reject, or cancel any purchases that, in FMR's opinion, may be disruptive to the management of the fund
or otherwise not be in the fund's interests.
The fund has no exchange privilege with any other fund. The fund has no limit on purchase transactions, but is offered for investment only to
certain other mutual funds managed by FMR or an affiliate, which in turn have in place FMR's policies and procedures concerning frequent
trading. The fund reserves the right at any time to restrict purchases or impose conditions that are more restrictive on excessive or disruptive
trading than those stated in this prospectus.
Buying Shares
The
price to buy
one share of the fund is its NAV. The fund's shares are sold without a sales charge.
Your shares will be bought at the NAV next calculated after your order is received in proper form.
Orders by funds of funds for which FMR or an affiliate serves as investment manager will be treated as received by the fund at the same time that
the corresponding orders are received in proper form by the funds of funds.
The fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.
When you place an order to buy shares, note the following:
-
All wires must be received in proper form by Fidelity at the fund's designated wire bank before the close of the Federal Reserve Wire System on
the day of purchase or you could be liable for any losses or fees the fund or Fidelity has incurred or for interest and penalties.
-
Under applicable anti-money laundering regulations and other federal regulations, purchase orders may be suspended, restricted, or canceled
and the monies may be withheld.
Prospectus
Shareholder Information - continued
Selling Shares
The price to sell one share of the fund is its NAV.
Your shares will be sold at the NAV next calculated after your order is received in proper form. Normally, redemptions will be processed by the
next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect the
fund.
Orders by funds of funds for which FMR or an affiliate serves as investment manager will be treated as received by the fund at the same time that
the corresponding orders are received in proper form by the funds of funds.
When you place an order to sell shares, note the following:
-
Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the
NYSE is restricted, or as permitted by the SEC.
-
Redemption proceeds may be paid in securities or other property rather than in cash if FMR determines it is in the best interests of the fund.
-
Under applicable anti-money laundering regulations and other federal regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.
Fidelity will send monthly account statements detailing fund balances and all transactions completed during the prior month.
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.
Dividends
and
Capital Gain Distributions
The fund earns dividends, interest, and other income from its investments, and distributes this income (less expenses) to shareholders as dividends. The fund also realizes capital gains from its investments, and distributes these gains (less any losses) to shareholders as capital gain
distributions.
The fund normally pays dividends in April, July, October, and December and pays capital gain distributions in August and December.
Your dividends and capital gain distributions will be automatically reinvested in additional shares of the fund.
As with any investment, your investment in the fund could have tax consequences for you. If you are not investing through a tax-advantaged retirement account, you should consider these tax consequences.
Prospectus
Taxes on distributions.
Distributions you receive from the fund are subject to federal income tax, and may also be subject to state or local
taxes.
For federal tax purposes, certain of the fund's distributions, including dividends and distributions of short-term capital gains, are taxable to you as
ordinary income, while certain of the fund's distributions, including distributions of long-term capital gains, are taxable to you generally as capital
gains. A percentage of certain distributions of dividends may qualify for taxation at long-term capital gains rates (provided certain holding period
requirements are met).
If you buy shares when a fund has realized but not yet distributed income or capital gains, you will be "buying a dividend" by paying the full
price for the shares and then receiving a portion of the price back in the form of a taxable distribution.
Any taxable distributions you receive from the fund will normally be taxable to you when you receive them.
Taxes on transactions.
Your redemptions may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment
in the fund generally is the difference between the cost of your shares and the price you receive when you sell them.
Prospectus
Fund Services
The fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.
FMR is the fund's manager. The address of FMR and its affiliates, unless otherwise indicated below, is 245 Summer Street, Boston, Massachusetts 02210.
As of December 31, 2011, FMR had approximately $1.0 billion in discretionary assets under management.
As the manager, FMR has overall responsibility for directing the fund's investments and handling its business affairs.
FMRC serves as a sub-adviser for the fund. FMRC has day-to-day responsibility for choosing investments for the fund.
FMRC is an affiliate of FMR. As of December 31, 2011, FMRC had approximately $606.9 billion in discretionary assets under management.
Other investment advisers assist FMR with foreign investments:
-
Fidelity Management & Research (U.K.) Inc. (FMR U.K.), at 10 Paternoster Square, 4th Floor, London, EC4M 7LS, United Kingdom, serves as a
sub-adviser for the fund. As of December 31, 2011, FMR U.K. had approximately $13.4 billion in discretionary assets under management. FMR
U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services
for the fund. FMR U.K. is an affiliate of FMR.
-
Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for the fund. As of December 31, 2011, FMR H.K. had approximately $7.1 billion in discretionary assets under management. FMR H.K. may
provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the
fund. FMR H.K. is an affiliate of FMR.
-
Fidelity Management & Research (Japan) Inc. (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
serves as a sub-adviser for the fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the
United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR Japan is an affiliate of FMR.
Matthew Fruhan is portfolio manager of the fund, which he has managed since December 2012. He also manages other funds. Since joining Fidelity
Investments in 1995, Mr. Fruhan has worked as a research analyst and portfolio manager.
The statement of additional information (SAI) provides additional information about the compensation of, any other accounts managed by, and any
fund shares held by Mr. Fruhan.
From time to time a manager, analyst, or other Fidelity employee may express views regarding a particular company, security, industry, or market
sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the
views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other
conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any
Fidelity fund.
Prospectus
The fund pays a management fee to FMR. The management fee is calculated and paid to FMR every month. The fee is determined by calculating a
basic fee and then applying a performance adjustment. The performance adjustment either increases or decreases the management fee, depending
on how well the fund has performed relative to the Russell Top 200 Index.
|
Management
fee
|
=
|
Basic
fee
|
+/-
|
Performance
adjustment
|
The basic fee is calculated by adding a group fee rate to an individual fund fee rate, dividing by twelve, and multiplying the result by the fund's
average net assets throughout the month.
The group fee rate is based on the average net assets of all the mutual funds advised by FMR. For this purpose, the average net assets of any
mutual funds previously advised by FMR that currently are advised by Fidelity SelectCo, LLC are included. This rate cannot rise above 0.52%,
and it drops as total assets under management increase.
For October 2012, the group fee rate was 0.26%. The individual fund fee rate is 0.30%.
The performance adjustment rate is calculated monthly by comparing over the performance period the fund's performance to that of the Russell
Top 200 Index.
The performance period will begin on January 1, 2013, and will eventually include 36 months. The performance adjustment will not take effect
until December 1, 2013.
The maximum annualized performance adjustment rate is ±0.20% of the fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the fund's average net assets over the performance period, and the resulting dollar
amount is then added to or subtracted from the basic fee.
Effective August 1, 2013, the fund's management contract will no longer include a performance adjustment component and the individual fund
fee rate charged thereunder will be reduced to 0.20%. The fund will also begin comparing its performance to the S&P 500
®
Index rather than
the Russell Top 200 Index because the S&P 500
®
Index conforms more closely to the fund's investment policy changes.
FMR pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services.
The basis for the Board of Trustees approving the management contract and sub-advisory agreements for the fund will be included in the fund's
semi-annual report for the fiscal period ending December 31, 2012, when available.
Prospectus
Fund Services - continued
FMR may, from time to time, agree to reimburse the fund for, or waive, management fees and other expenses above a specified limit. FMR retains
the ability to be repaid by the fund if expenses fall below the specified limit prior to the end of the fiscal year.
Reimbursement or waiver arrangements can decrease expenses and boost performance.
The fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) with respect
to its shares that recognizes that FMR may use its management fee revenues, as well as its past profits or its resources from any other source, to
pay FDC for expenses incurred in connection with providing services intended to result in the sale of shares of the fund and/or shareholder support
services. FMR, directly or through FDC, may pay significant amounts to intermediaries, including retirement plan sponsors, service-providers, and
administrators, that provide those services. Currently, the Board of Trustees of the fund has authorized such payments for shares of the fund.
If payments made by FMR to FDC or to intermediaries under the Distribution and Service Plan were considered to be paid out of the fund's assets on an ongoing basis, they might increase the cost of your investment and might cost you more than paying other types of sales charges.
No dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those
contained in this prospectus and in the related SAI, in connection with the offer contained in this prospectus. If given or made, such other information or representations must not be relied upon as having been authorized by the fund or FDC. This prospectus and the related SAI do not constitute an offer by the fund or by FDC to sell shares of the fund to or to buy shares of the fund from any person to whom it is unlawful to make such
offer.
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 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 taxpayer identification number (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 drivers' licenses, articles of incorporation, trust instruments or partnership agreements and other information that will help Fidelity identify the entity.
|
You can obtain additional information about the fund. A description of the fund's policies and procedures for disclosing its holdings is available in its SAI and on Fidelity's web sites. The SAI
also includes more detailed information about the fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). A financial report will be
available once the fund has completed its first annual or semi-annual period. The fund's annual and semi-annual reports also include additional information. The fund's annual report includes
a discussion of the fund's holdings and recent market conditions and the fund's investment strategies that affected performance.
For a free copy of any of these documents or to request other information or ask questions about the fund, call Fidelity at 1-877-208-0098. In addition, you may visit Fidelity's web site at
www.advisor.fidelity.com for a free copy of a prospectus, SAI, or annual or semi-annual report or to request other information.
|
The SAI, the fund's annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the SEC's web
site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the Public Reference
Section of the SEC, Washington, D.C. 20549-1520. You can also review and copy information about the fund, including the fund's SAI, at the SEC's Public Reference Room in Washington, D.C.
Call 1-202-551-8090 for information on the operation of the SEC's Public Reference Room.
Investment Company Act of 1940, File Number, 811-00215
|
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 Advisor and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2012 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.950936.102 AMHTI-PRO-1212-01
Supplement to the
Fidelity
®
Series Mega Cap Fund (FGLGX)
A Class of shares of Fidelity Series Mega Cap Fund
A Fund of Fidelity Hastings Street Trust
STATEMENT OF ADDITIONAL INFORMATION
December 5, 2012
Effective August 1, 2013, Fidelity Series Mega Cap Fund will revise its investment objective to seek a high total return through a combination of current income and capital appreciation and will eliminate its current policy to invest at least 80% of its assets in common
stocks of companies with mega market capitalizations. In addition to other related policy changes, the fund will also change its name to
"Fidelity Series Growth & Income Fund." In addition the fund's management contract will no longer include a performance adjustment component and the individual fund fee rate charged thereunder will be reduced to 0.20%. Further, the fund will compare its performance to the S&P 500 Index rather than the Russell Top 200 Index because the S&P 500 Index conforms more closely to the fund's
investment policy changes.
MHTB-13-01 August 1, 2013
1.967331.100
Supplement to the
Fidelity
®
Series Mega Cap Fund
Class F (FTBTX)
A Fund of Fidelity Hastings Street Trust
STATEMENT OF ADDITIONAL INFORMATION
December 5, 2012
Effective August 1, 2013, Fidelity Series Mega Cap Fund will revise its investment objective to seek a high total return through a combination of current income and capital appreciation and will eliminate its current policy to invest at least 80% of its assets in common
stocks of companies with mega market capitalizations. In addition to other related policy changes, the fund will also change its name to
"Fidelity Series Growth & Income Fund." In addition the fund's management contract will no longer include a performance adjustment component and the individual fund fee rate charged thereunder will be reduced to 0.20%. Further, the fund will compare its performance to the S&P 500 Index rather than the Russell Top 200 Index because the S&P 500 Index conforms more closely to the fund's
investment policy changes.
MHTB-F-13-01 August 1, 2013
1.967332.100
Supplement to the
Fidelity Advisor
®
Series Mega Cap Fund (FMALX)
A Fund of Fidelity Hastings Street Trust
STATEMENT OF ADDITIONAL INFORMATION
December 5, 2012
Effective August 1, 2013, Fidelity Advisor Series Mega Cap Fund will revise its investment objective to seek a high total return through
a combination of current income and capital appreciation and will eliminate its current policy to invest at least 80% of its assets in
common stocks of companies with mega market capitalizations. In addition to other related policy changes, the fund will also change its
name to "Fidelity Advisor Series Growth & Income Fund." In addition the fund's management contract will no longer include a performance adjustment component and the individual fund fee rate charged thereunder will be reduced to 0.20%. Further, the fund will
compare its performance to the S&P 500 Index rather than the Russell Top 200 Index because the S&P 500 Index conforms more closely
to the fund's investment policy changes.
AMHTIB-13-01 August 1, 2013
1.967333.100
Consumer Automotive Fina... (PK) (USOTC:CAFI)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Consumer Automotive Fina... (PK) (USOTC:CAFI)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
