| When Edward C. Johnson 2d became president and director of the small, Boston-based Fidelity Fund in 1943, he instituted an approach to money management that remains the hallmark of Fidelity's investment culture today. Mr. Johnson believed that making money for shareholders was best accomplished through intensive market research and through fund management by individuals, not investment committees. |  |
| More than a half-century later, that same commitment to bottom-up research and active portfolio management is at the heart of Fidelity's money management approach. |
| Today, Fidelity employs the largest staff of portfolio managers, analysts and traders in the mutual fund industry, more than 600 worldwide. And each carefully chosen investment professional shares one common trait with Mr. Johnson: a deep and abiding passion for research. Our team of analysts publishes nearly 25,000 research reports annually and follows more than 4,800 companies, arming our fund managers with every resource available to uncover new investment opportunities in the global marketplace. |
| With this kind of commitment, it's hardly a surprise that we offer a broad array of stock and bond funds rated four stars or higher by Morningstar. |