F U N D P R O F I L E
EDGAR Submission type: 497K1
Filed pursuant to Rule 497(k)(1)(i)
FIDELITY TAX MANAGED STOCK FUND
FIDELITY TAX MANAGED STOCK FUND
TAX-profile-TMG
This Profile summarizes key information about the fund that is
included in the fund's prospectus. The fund's prospectus includes
additional information about the fund, including a more detailed
description of the risks associated with investing in the fund that
you may want to consider before you invest. You may obtain the
prospectus and other information about the fund at no cost by calling
Fidelity(registered trademark) at 1-800-544-8888 or visiting
Fidelity's Web site at www.fidelity.com.
(Fidelity Logo Graphic)
(registered trademark)
82 Devonshire Street, Boston, MA 02109
Investment Strategy
INVESTMENT OBJECTIVE. Tax Managed Stock Fund seeks long-term growth
of capital.
PRINCIPAL INVESTMENT STRATEGIES. Fidelity Management & Research
Company (FMR)'s principal investment strategies include:
(small solid bullet) Investing at least 65% of total assets in common
stocks.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Considering the potential impact of federal
income tax on shareholders' investment returns.
(small solid bullet) Investing in either "growth" stocks or "value"
stocks or both.
(small solid bullet) Using both fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions and statistical models to evaluate growth potential,
valuation, liquidity and investment risk.
PRINCIPAL INVESTMENT RISKS. The fund is subject to the following
principal investment risks:
(small solid bullet) 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 can react differently to these developments.
(small solid bullet) 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 than the U.S. market.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole.
(small solid bullet) TAX-SENSITIVE INVESTING. Tax-sensitive investing
may not provide as high a return before consideration of federal
income tax consequences as other funds. Tax-sensitive investing can
result in realized capital gains.
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.
When you sell your shares of the fund, they may be worth more or less
than what you paid for them.
Performance
Because the fund was new when this prospectus was printed, its
performance history is not included. Performance history will be
available for the fund after the fund has been in operation for one
calendar year.
Fee Table
The following table describes the fees and expenses that are incurred
when you buy, hold or sell shares of the fund. The annual fund
operating expenses provided below are based on estimates expenses.
SHAREHOLDER FEES (PAID BY THE INVESTOR)
SALES CHARGE (LOAD) ON PURCHASES NONE
AND REINVESTED DISTRIBUTIONS
DEFERRED SALES CHARGE (LOAD) ON REDEMPTIONS NONE
REDEMPTION FEE (TRADING FEE) 1.00%
ON SHARES HELD LESS THAN TWO YEARS
(AS A % OF AMOUNT REDEEMED)
ANNUAL ACCOUNT MAINTENANCE FEE (FOR ACCOUNTS UNDER $2,500) $12.00
FUND OPERATING EXPENSES (PAID BY THE FUND)
MANAGEMENT FEE %
DISTRIBUTION (12B-1) FEE NONE
OTHER EXPENSES %
TOTAL ANNUAL FUND OPERATING EXPENSES A %
A Effective October 5, 1998, FMR has voluntarily agreed to reimburse
the fund to the extent that the management fee, other expenses and
total operating expenses (excluding interest, taxes, brokerage
commissions and extraordinary expenses), as a percentage of its
average net assets, exceed 1.50%. This arrangement can be terminated
by FMR at any time.
This EXAMPLE helps you compare the cost of investing in the fund with
the cost of investing in other mutual funds.
Let's say, hypothetically, that the fund's annual return is 5% and
that your shareholder fees and the fund's annual operating expenses
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 close your account after the number of years indicated
and if you leave your account open:
ACCOUNT ACCOUNT
OPEN CLOSED
1 YEAR $ $
3 YEARS $ $
Buying Shares
The fund's shares are sold without a sales charge.
You may buy shares of the fund after reading this profile or you may
request a prospectus to review before investing. If you buy shares
after reviewing this profile, Fidelity will send you a prospectus with
your confirmation. To buy shares, fill out an application and mail it
with a check to the address listed on the application. You may also
buy shares by exchange from another Fidelity fund. Both accounts must
have the same registration, including name, address and taxpayer ID.
The minimum initial purchase amount is $10,000, the minimum additional
purchase amount is $1,000, and the minimum balance amount is $5,000.
If you invest through an investment professional or through a
retirement account, certain account features and policies may differ.
Selling Shares
You may sell all or a portion of your shares on any business day by
phone, by mail, by wire, or over the internet through Fidelity's Web
site. You may also redeem shares by exchange to another Fidelity fund.
Both accounts must have the same registration, including name, address
and taxpayer ID. A signature guarantee may be required in certain
circumstances. Normally Fidelity will process redemptions by the next
business day, but Fidelity may take up to seven days to process
redemptions if making immediate payment would adversely affect the
fund.
In addition, when you sell your shares, you will pay a 1% TRADING FEE
if you have held your shares for less than two years.
Distributions and Taxes
The fund normally pays dividends and capital gains distributions in
October and December.
You may elect to have your dividends and/or capital gains
distributions automatically reinvested in additional shares of the
fund, paid in cash, or automatically invested in shares of another
identically registered Fidelity fund. If you do not indicate a choice
on your application, your distributions will be automatically
reinvested. Not all distribution options are available for every
account.
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, the fund's dividends and distributions of
short-term capital gains are taxable to you as ORDINARY INCOME. The
fund's distributions of long-term capital gains are taxable to you
generally as CAPITAL GAINS at a rate based on how long the securities
were held.
The fund's tax-sensitive investment strategy is designed to lead to
lower distributions of realized capital gains than funds managed
without regard to federal income tax consequences.
Fund Management
Fidelity Management & Research Company (FMR) is the fund's MANAGER.
As the manager, FMR is responsible for choosing the fund's investments
and handling its business affairs.
Affiliates assist FMR with foreign investments:
(small solid bullet) Fidelity Management & Research (U.K.) Inc. (FMR
U.K.) serves as a sub-adviser for the fund. Currently, FMR U.K.
provides investment research and advice on issuers based outside the
United States and may also provide investment advisory services for
Tax Managed Stock Fund.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for the fund. Currently, FMR Far
East provides investment research and advice on issuers based outside
the United States and may also provide investment advisory services
for Tax Managed Stock Fund.
Tim Heffernan is manager of Tax Managed Stock Fund. He also manages
other Fidelity funds, as well as limited partnerships and structured
equity investments. Mr. Heffernan joined Fidelity in 1984.
Summary of Available Services
Fidelity provides a number of services to its shareholders. Among them
are:
(small solid bullet) 24 hour telephone assistance, 1-800-544-6666;
(small solid bullet) TDD - Service for the Deaf and Hearing-Impaired
(9:00 a.m. - 9:00 p.m. Eastern time), 1-800-544-0118;
(small solid bullet) Fidelity's Web site, www.fidelity.com;
(small solid bullet) TouchTone Xpress(registered trademark) (an
automated service for obtaining account information by phone),
1-800-544-5555;
(small solid bullet) Over 75 walk-in Investor Centers nationwide;
(small solid bullet) Exchange privileges among Fidelity funds; and
(small solid bullet) Regular investment and withdrawal plans.
Fidelity Investments and Pyramid Design, Fidelity, Fidelity
Investments, and TouchTone Xpress, are registered trademarks of FMR
Corp.
====================Front of Application======================
FIDELITY MUTUAL FUND (Fidelity Logo Graphic)
NEW ACCOUNT APPLICATION (registered trademark)
P.O. Box 5000
Cincinnati, OH 45273-8698
You may invest in the fund after reviewing the profile(s) or the
prospectus(es) for the fund(s).
For help with this application, or for an IRA, Keogh or Business
Account application, call us anytime at 1-800-544-8888.
If you are opening your account by an exchange from an existing
Fidelity account, call us at 1-800-544-7777.
1: PLEASE TELL US HOW WE SHOULD ESTABLISH YOUR ACCOUNT
______________________________________________________________
Account registration:
______________________________________________________________
__ Individual __ Joint Tenants - __ Custodial
Rights of (UGMA/UTMA)
Survivorship 1 Under the (state)
__ Tenants in Common 1 ____ Uniform
__ Community Property 1 Gifts/Transfer
to Minors Act
______________________________________________________________
/_/ Trust Accounts:
______________________________________________________________
Trustee(s) Name Trust Taxpayer
(first, MI, last): Identification Number:
______________________________________________________________
Name of Trust: for the benefit of: Date of Trust
(Month, day, year):
______________________________________________________________
Name:
______________________________________________________________
Account Owner/ Joint Owner/Custodian Name
Minor Name (first, MI, last): (first, MI, last):
______________________________________________________________
Address and Phone: /_/ Check here if this is
a new address.
______________________________________________________________
Street Address and City State Zip
Apartment or Box Number: 2
______________________________________________________________
Evening Phone (Home): Daytime Phone (Work):
( ) ( )
______________________________________________________________
1 If you are establishing a joint account and do not check a box, the
account will be registered as joint tenants with rights of
survivorship. Types of joint ownership are governed by the laws of
your state of residence. If you need more information about which are
appropriate in your state, please ask your state tax officials or
financial advisor.
2 If you have provided a P.O. Box, please include your residential
address with this application.
2: WE ARE REQUIRED TO REQUEST THE FOLLOWING INFORMATION
______________________________________________________________
Account Owner/Minor Joint Account Owner/
Custodian 1
______________________________________________________________
Social Security ___________________ ___________________
or taxpayer
identification number 1:
Date of Birth
(month/day/year) ______ _____ ______ _______ ____ ______
______________________________________________________________
Citizenship
Country of
citizenship: _U.S. _Other________ _U.S. _Other_______
Country of
tax residence: _U.S. _Other________ _U.S. _Other_______
______________________________________________________________
Occupation: We
are required by the
National Association
of Securities
Dealers (NASD) to
ask for this
information.
______________________________________________________________
Employer's Name
and Address:
______________________________________________________________
Affiliations: _I am affiliated _I am affiliated
with, or work for, with, or work for,
a member firm of a member firm of
the NASD the NASD
______________________________________________________________
1 The Social Security Number or taxpayer identification number for
account owner/minor is used for tax reporting purposes. (The
custodian's Social Security Number will be used to determine
eligibility for maintenance fee waivers.)
3: INVESTMENT INFORMATION
______________________________________________________________
Please make your check payable to the full name of the Fidelity fund
in which you are investing. Note that Fidelity cannot accept foreign
checks or Traveler's checks. Be sure to read the profile(s) or the
prospectus(es) for the fund(s) you choose before your initial
investment and, if you invest based on the profile, be sure to read
the prospectus(es) when [it/they] [is/are] sent to you.
Fund Name: Initial Investment Amount - Fund
minimums vary, see the profile or the
prospectus for additional details.
A.______________________ $____,________,________._______
B.______________________ $____,________,________._______
C.______________________ $____,________,________._______
Dividend & Capital Gain Distributions Check one box: (If no box is
checked, we will reinvest all distributions.)
_ Reinvest all dividends _ Pay all dividends _ Pay all
and capital gains in and capital gains dividends and
my account. directly to my capital gains
bank account via to me by check.
MoneyLine
(registered
trademark). Please
attach a voided
check.
______________________________________________________________
* Note that some funds may charge a sales load and/or a short-term
trading fee. In addition an annual Fidelity mutual fund maintenance
fee of $12 may be deducted from accounts with a balance of less than
$2,500. Minimum initial investments vary by fund. See your profile or
your prospectus for additional details.
====================Back of Application=======================
4: OPTIONAL ACCOUNT FEATURES
______________________________________________________________
Fidelity Automatic Account Builder (registered trademark)
This service lets you invest automatically (monthly or quarterly) from
your bank account to your Fidelity account. Change or cancel your plan
anytime with a phone call at least one business day before your
scheduled investment. (Automatic Account Builder normally becomes
active 20 days after your application is processed.)
To establish this feature, complete the information below and staple
to the left a voided check from your bank account. One common name
must appear on your Fidelity and bank accounts.
Assign Investment Amount Investment Frequency (month,
to Fund (Spartan minimum: (check one) day,
(from $500; Non-Spartan year)
Section minimum: $100)
3)
__A. $____,______.____ _Monthly _Quarterly beginning _____
__B. $____,______.____ _Monthly _Quarterly beginning _____
__C. $____,______.____ _Monthly _Quarterly beginning _____
Direct Deposit
This service lets you invest directly from your paycheck or your
Social Security check. The minimum investment is $100 per pay period.
To establish this feature, check the appropriate box below. We will
send you an authorization form to complete and give to your employer.
_My check is from the _My check is from someone other than
federal government. the federal government.
Transfers Between Your Bank & Fidelity
This electronic link with your bank account offers flexible access to
your money. Transfers occur only when you initiate them and may be
made through either Bank Wire or Fidelity MoneyLine (Registered
trademark). (See the prospectus for details and minimum amounts.
MoneyLine normally becomes active 20 days after your application is
processed.) Your bank may charge a fee. This feature is not available
with passbook savings accounts.
_ To establish this feature, check the box at left and staple a voided
check from your bank account. One common name must appear on your
Fidelity and bank accounts. [F3]
Telephone Redemptions & Exchanges
You automatically have the ability to make redemptions or exchanges by
telephone. Exchanges can be made only between Fidelity funds that have
the same account ownership. Each fund has rules on the number of
exchanges allowed each year. Some funds have administrative fees (of
up to $7.50) and trading fees (of up to 3.0% on exchanges. (See the
appropriate fund's prospectus for details.) The exchange privilege may
be terminated or modified by Fidelity in the future.
Checkwriting
_Please add this feature to my account. All owners must sign the
Signature Card for checkwriting and the section below at the end of
this application. For custodial accounts, only the custodian may sign
the Signature Card.
Checkwriting is an optional feature and is not available on all funds.
In addition there may be a charge for checkwriting. See prospectus for
details.
______________________________________________________________
STAPLE VOIDED CHECK HERE.
______________________________________________________________
5: SIGNATURE
Each owner must sign this section.
By signing this application, I certify that:
(bullet) I have received and read the profile or the prospectus for
the fund in which I am investing. [I understand that if I am investing
based on the profile, I will be sent a prospectus with my
confirmation.] I agree to the terms of the profile and the prospectus.
I have the authority and legal capacity to purchase mutual fund
shares, am of legal age and believe each investment is suitable for
me. It is my responsibility to read the prospectus of any fund into
which I exchange.
(bullet) I understand that all information provided in sections 1, 2,
4 and 5 will apply to any new fund into which my shares may be
exchanged.
(bullet) I understand that neither this fund nor Fidelity Distributors
Corporation is a bank, and fund shares are not backed or guaranteed by
any bank or insured by the FDIC.
(bullet) I ratify any instructions, including telephone instructions,
given on this account. I agree that neither the fund nor Fidelity
Service Company, Inc. will be liable for any loss, cost or expense for
acting upon any instructions if it follows reasonable procedures
designed to prevent unauthorized transactions. (If you do not want the
ability to redeem and exchange by telephone, call Fidelity for
instructions.) I consent to the use of recorded telephone
conversations.
(bullet) I understand that for joint tenant accounts "I" refers to all
account owners, and each of the account owners agrees that any account
owner has authority to act on the account without notice to the other
account owners. Fidelity Service Company, Inc. in its sole discretion,
and for its protection, may require the written consent of all account
owners prior to acting upon the instructions of any account owner.
(bullet) If I am a U.S. Citizen or Resident Alien, as I have indicated
above, I certify under penalties of perjury that (1) the Social
Security or taxpayer identification number provided above is correct
(or I am waiting for a number to be issued to me), and (2) I am not
subject to backup withholding because (a) I am exempt from backup
withholding, or (b) I have not been notified by the Internal Revenue
Service (IRS) that I am subject to backup withholding for failure to
report all dividend and interest income, or (c) I have been notified
by the IRS that I am no longer subject to backup withholding. (Please
cross out item 2 if it does not apply to you.)
(bullet) If I am a Non-Resident Alien, as I have indicated above, I
certify under penalties of perjury that I am not a U.S. Citizen or
Resident Alien, that the information entered above is correct, that if
a reduced rate of tax or exemption from tax applies, I have complied
with all requirements to qualify for the reduced tax, and I am an
exempt foreign person under IRS regulations.
The Internal Revenue Service does not require your consent to any
provision of this document other than the certifications required to
avoid backup withholding.
Signature of Owner Signature of Joint Owner
Date (month,day,year) Date (month,day,year)
X____________________________ X______________________________
For trusts, all trustees must sign. Only the custodian should sign the
application for custodial accounts.
Not authorized for distribution unless preceded or accompanied by a
current profile or prospectus.
61605.001 Fidelity distributors Corporation MFFK-APP-0998
1.706324.101
===================Front of Signature Card====================
SIGNATURE CARD FOR CHECKWRITING ________________________
Please do not detach this card.
Checkwriting is available only for money market funds and certain bond
funds. Checkwriting minimums vary and fees may apply. See prospectus
for more information.
Please sign within the boxes
below using BLACK BALLPOINT INK.
Please use a pen and print
clearly in CAPITAL LETTERS.
Owner's Name
(first,MI,last):
____________________________ X________________________________
Joint Owner's Name
(first,MI,last):
____________________________ X________________________________
__Check here if more than one
signature will be required
on checks. If this box is
not checked, only one
signature will be required
on checks. 8324100
==================Back of Signature Card======================
By signing this signature card on the reverse side, the signatory(ies)
agree(s) to be subject to the terms and conditions, guidelines, and
rules applicable to your account as now in effect and as amended from
time to time, of the fund(s) and of UMB Bank, n.a.. ("the Bank"), as
they pertain to the use of redemption checks; therefore, all
registered owners must sign this signature card. All checks will
require only one signature unless otherwise indicated on the face of
this card. Each signatory guarantees the genuineness of the other's
signature on this card.
The Bank is hereby appointed agent by the shareholders signing this
card and, as such agent, is directed to request redemption of shares
of such Fidelity fund(s) as designated by the shareholders from time
to time, and as recorded on Fidelity's records, upon receipt of, and
to the amount of, checks drawn upon this account(s). In so acting, the
Bank shall be liable only for its own negligence. Shareholders will be
subject the the Bank's rules, regulations and associated laws
governing check collection, including the Uniform Commercial Code as
enacted in the State of Missouri.
It is further agreed as follows:
1. All items, with exception of those drawn on Spartan (registered
trademark) money market funds, Fidelity Daily Income Trust ("FDIT"),
and Fidelity Municipal Money Market Fund, must be for a minimum of
$500 (or such other minimum amounts as may from time to time be
established upon prior written notice to the shareholders, including
the accounts of Spartan money market funds, FDIT and Fidelity
Municipal Money Market Fund), or they may be returned to shareholders
marked "Refer to Maker."
2 This card supersedes any card already on file for the same T Master
Account or fund or account number.
3. Refer to the fund prospectus for minimum check amounts and any
applicable fees.
4. You may obtain a copy of the "Statement of Terms and Conditions"
applicable to your account by calling Fidelity.
