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Mutual Fund Families

All mutual fund organizations, with one exception, are set up such that the funds offered by the organization are primarily controlled by an external management company. The company, in turn, can be privately owned, a partnership, or publicly owned by investors who buy and sell the shares outstanding. Almost all mutual fund organizations offer several different funds, and each is a mutual fund family. A fund complex is a group of funds that are under common management—it typically comprises one family, but can include more than one family of funds.

Fidelity is the largest investment company in the United States. FMR Corporation is the ultimate parent company of various affiliates in the Fidelity organization. Under the Investment Company Act of 1940, if one individual or group of individuals (such as a family) owns more than 25 percent of the voting stock of the company, it constitutes a controlling group. The Johnson family is the predominant owner of approximately 49 percent of the stock and is deemed to form a controlling group for FMR Corporation.


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