Mutual Fund Summary Prospectus (497k)
March 27 2014 - 9:43AM
Edgar (US Regulatory)
Fidelity
®
Independence Fund
Class
/Ticker
K
/FDFKX
Summary Prospectus
January 29, 2014
As Revised March 27, 2014
Fund Summary
Fund
/Class:
Fidelity
®
Independence Fund
/K
Investment Objective
The fund seeks capital appreciation.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
Shareholder fees
(fees paid directly from your investment)
|
None
|
Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)
Management fee (fluctuates based on the fund's performance relative to a securities market index)
|
0.43%
|
Distribution and/or Service (12b-1) fees
|
None
|
Other expenses
|
0.08%
|
Total annual operating expenses
|
0.51%
|
This
example
helps compare the cost of investing in the fund with the cost of investing in other funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses
for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in
total expenses if you sell all of your shares at the end of each time period indicated:
1 year
|
$ 52
|
3 years
|
$ 164
|
5 years
|
$ 285
|
10 years
|
$ 640
|
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which
are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's
portfolio turnover rate was 59% of the average value of its portfolio.
Summary Prospectus
Principal Investment Strategies
-
Normally investing primarily in common stocks.
-
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.
-
Realizing capital gains without considering the tax consequences to shareholders.
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.
-
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.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. You could lose money by investing in the fund.
Performance
The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the
performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market
index over various periods of time. The index description appears in the Additional Index Information section of the prospectus. Past performance is not an indication of future performance.
Visit www.401k.com and log in for updated return information.
Summary Prospectus
Fund Summary - continued
Year-by-Year Returns
Calendar Years
|
|
|
|
|
|
2009
|
2010
|
2011
|
2012
|
2013
|
|
|
|
|
|
|
40.14%
|
22.40%
|
-10.71%
|
20.05%
|
40.38%
|
During the periods shown in the chart:
|
Returns
|
Quarter ended
|
Highest Quarter Return
|
21.88%
|
September 30, 2009
|
Lowest Quarter Return
|
-22.36%
|
September 30, 2011
|
Average Annual Returns
For the periods ended
December 31, 2013
|
Past 1
year
|
Past 5
years
|
Life of
class
A
|
Class K
|
40.38%
|
20.88%
|
4.74%
|
S&P 500
®
Index
(reflects no deduction for fees, expenses, or taxes)
|
32.39%
|
17.94%
|
7.56%
|
A
From May 9, 2008.
Investment Adviser
Fidelity Management & Research Company (FMR) (the Adviser) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers
serve as sub-advisers for the fund.
Portfolio Manager(s)
Robert Bertelson (portfolio manager) has managed the fund since November 2006.
Purchase and Sale of Shares
Shares generally are available only to employer-sponsored retirement plans (including profit sharing, 401(k), 403(b), 457(b), and similar
plans) for which Fidelity provides recordkeeping services or that already have a qualifying investment in the fund. Plan participants may
purchase shares only if shares are eligible for sale and available through their plan. You may buy or sell shares in various ways:
Summary Prospectus
Internet
www.401k.com
|
Phone
For Individual Accounts (investing through a retirement plan sponsor or other institution), refer to your plan materials or contact that institution directly.
|
For Retirement Plan Level Accounts:
Corporate Clients 1-800-962-1375
"Not for Profit" Clients 1-800-343-0860
|
Mail
|
Redemptions:
|
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
|
Overnight Express:
Fidelity Investments
100 Crosby Parkway
Covington, KY 41015
|
TDD - Service for the Deaf and Hearing Impaired
1-800-544-0118
|
The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in
proper form.
The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an 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 K shares.
Tax Information
Distributions by the fund to tax-advantaged retirement plan accounts are not taxable currently (but you may be taxed later, upon withdrawal of
your investment from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund
shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional
to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
Summary Prospectus
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. © 2014 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.922427.104 FRE-K-SUM-0114-01
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