106 Yellow Wood Court

Collegeville, PA  19426

May 11, 2006

 

Edward Johnson

Trustee

Fidelity Investments

82 Devonshire Street
Boston, MA  02109

 

Dear Mr. Johnson:

 

I have an inquiry related to the questions appearing on the proxy cards I recently received for my Fidelity Blue Chip Growth Fund.  I want to make sure I understand the issues. 

 

If I read Proxy Statement correctly, you are recommending that, as a reward for underperforming the Fund’s benchmark, we (the shareholders) should pay the management company higher fees.  At least that’s my interpretation of terms like: “reduced by a negative performance adjustment”.  That’s some very creative language there.

 

The Proxy Statement inspired me to come up with some creative ideas of my own.  I was thinking that maybe I should ask my boss for a raise when I fail to deliver work on time.  I may try preaching the benefits of allowing husbands to engage in extramarital affairs to my wife.  The next time I get caught speeding, perhaps I’ll ask the police officer to send money to me. 

 

According to the other proposal on the Proxy Statement, you want to make future changes to the benchmark without my approval. 

 

So, what’s next?  Maybe you could change the benchmark to General Motors’ stock price.  That way, the Fund would outperform its benchmark by leaps and bounds.  The management company could rack up tons of extra “performance based” fees!  How exciting.

 

I’m so glad to have trustees such as you looking out for my interests.  Seriously though, I suppose I should consider moving the assets to a nice inexpensive Vanguard fund.  If I’m mistaken in any of my interpretations, I would appreciate some clarification.  Feel free to contact me any time at all.

 

Yours truly,

 

 

 

 

Art Edwards