FIDELITY
TAX MANAGED STOCK
FUND
SEMIANNUAL REPORT
APRIL 30, 1999
CONTENTS
PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.
PERFORMANCE 4 How the fund has done over
time.
FUND TALK 5 The manager's review of fund
performance, strategy and
outlook.
INVESTMENT SUMMARY 8 A summary of the fund's
investments.
INVESTMENTS 9 A complete list of the fund's
investments with their
market values.
FINANCIAL STATEMENTS 18 Statements of assets and
liabilities, operations, and
changes in net assets, as
well as financial highlights.
NOTES 22 Notes to the financial
statements.
Standard & Poor's, S&P and S&P 500 are registered service marks of The
McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity
Distributors Corporation.
Other third party marks appearing herein are the property of their
respective owners.
All other marks appearing herein are registered or unregistered
trademarks or service marks of FMR Corp. or an affiliated company.
(RECYCLE LOGO)This report is printed on recycled paper using soy-based
inks.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE FUND.
THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE
INVESTORS IN THE FUND UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE
PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC,
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT
INVESTED.
NEITHER THE FUND NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND
EXPENSES, CALL 1-800-544-8888 FOR A FREE PROSPECTUS. READ IT CAREFULLY
BEFORE YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE
(photo_of_Edward_C_Johnson_3d)
DEAR SHAREHOLDER:
With 13 record-high closings, the Dow Jones Industrial Average surged
nearly 1,000 points in April. What's particularly noteworthy about
this performance is that, in some cases, gains were fueled by a
rotation out of growth stocks and into issues more sensitive to
economic swings. The strength in blue chips, combined with heavy
global, corporate and agency bond issuance, contributed to the
downward pressure on government security prices.
While it's impossible to predict the future direction of the markets
with any degree of certainty, there are certain basic principles that
can help investors plan for their future needs.
First, investors are encouraged to take a long-term view of their
portfolios. If you can afford to leave your money invested through the
inevitable up and down cycles of the financial markets, you will
greatly reduce your vulnerability to any single decline. We know from
experience, for example, that stock prices have gone up over longer
periods of time, have significantly outperformed other types of
investments and have stayed ahead of inflation.
Second, you can further manage your investing risk through
diversification. A stock mutual fund, for instance, is already
diversified, because it invests in many different companies. You can
increase your diversification further by investing in a number of
different stock funds, or in such other investment categories as
bonds. If you have a short investment time horizon, you might want to
consider moving some of your investment into a money market fund,
which seeks income and a stable share price by investing in
high-quality, short-term investments. Of course, it's important to
remember that an investment in a money market fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Although money market funds seek to preserve the
value of your investment at $1.00 per share, it is possible to lose
money by investing in these types of funds.
Finally, no matter what your time horizon or portfolio diversity, it
makes good sense to follow a regular investment plan, investing a
certain amount of money in a fund at the same time each month or
quarter and periodically reviewing your overall portfolio. By doing
so, you won't get caught up in the excitement of a rapidly rising
market, nor will you buy all your shares at market highs. While this
strategy - known as dollar cost averaging - won't assure a profit or
protect you from a loss in a declining market, it should help you
lower the average cost of your purchases. Of course, you should
consider your financial ability to continue your purchases through
periods of low price levels before undertaking such a strategy.
If you have questions, please call us at 1-800-544-8888, or visit our
web site at www.fidelity.com. We are available 24 hours a day, seven
days a week to provide you the information you need to make the
investments that are right for you.
Best regards,
Edward C. Johnson 3d
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate a fund's historical performance.
You can look at the total percentage change in value, the average
annual percentage change or the growth of a hypothetical $10,000
investment. Total return reflects the change in the value of an
investment, assuming reinvestment of the fund's dividend income and
capital gains (the profits earned upon the sale of securities that
have grown in value).
CUMULATIVE TOTAL RETURNS
PERIOD ENDED APRIL 30, 1999 LIFE OF FUND
FIDELITY TAX MANAGED STOCK 18.30%
FIDELITY TAX MANAGED STOCK 17.12%
(INCL. 1.00% TRADING FEE)
S&P 500 (registered trademark) 20.89%
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, since the fund started on
November 2, 1998. For example, if you had invested $1,000 in a fund
that had a 5% return over the past year, the value of your investment
would be $1,050. Because the fund did not pay any taxable dividends or
capital gain distributions during the period, your total return after
taxes would have been the same as the total return shown above if you
had continued to hold your shares at the end of the period. If you had
sold your shares at the end of the period, and the current 1.00%
trading fee was paid, you would have realized a short-term capital
gain and your after-tax return after paying federal income tax (in the
39.6% tax bracket) from the proceeds of such sale would have been
10.34%. You can compare the fund's returns to the performance of the
Standard & Poor's 500 Index - a market capitalization-weighted index
of common stocks. This benchmark includes reinvested dividends and
capital gains, if any, and excludes the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and
show you what would have happened if the fund had performed at a
constant rate each year. These numbers will be reported once the fund
is a year old. In addition, the growth of a hypothetical $10,000
investment in the fund will appear in the fund's next report six
months from now.
FUND TALK: THE MANAGER'S OVERVIEW
MARKET RECAP
Powerful momentum in stock prices
and overwhelming investor
confidence provided the backdrop
for the surge in large-cap stock
prices during the six-month period
that ended April 30, 1999. Investor
confidence was further bolstered
by a near-perfect economic
environment of strong domestic
growth, low interest rates, benign
inflation and improving overseas
markets. The hype surrounding
equities was greatest in the
technology sector, most notably
Internet stocks. Pharmaceutical,
finance and telecommunications
shares also performed well. Late in
the period, economically sensitive
cyclical stocks outperformed other
sectors as investors worried about
the potential threat of inflation due to
strong economic indicators in the
U.S. and signs that global markets
were beginning to turn around.
Approximately one month after
surpassing the 10,000 level in late
March, the Dow Jones Industrial
Average was flirting with 11,000. As
market leadership broadened into
cyclicals and value-oriented sectors,
the surge in stock prices continued to
drive the Dow Jones Industrials,
Standard & Poor's 500 and
NASDAQ indexes, which returned
26.58%, 22.32% and 43.55%,
respectively, for the six-month
period. The phenomenal
performance of a narrow group of
large-cap growth stocks, however,
masked the weak returns of the
overall market as the average stock
on the New York Stock Exchange
declined during the period.
(PHOTOGRAPH OF TIME HEFFERNAN)
An interview with Tim Heffernan, Portfolio Manager of Fidelity
Tax Managed Stock Fund
Q. HOW DID THE FUND PERFORM, TIM?
A. Since the fund's inception on November 2, 1998, through April 30,
1999, the fund posted a total return of 18.30%. In comparison, the
Standard & Poor's 500 Index returned 20.89% during the same period.
Q. WHAT FACTORS CAUSED THE FUND TO UNDERPERFORM THE S&P 500?
A. The fund's slightly overweighted positions in energy and financial
stocks relative to the index hurt performance. While these sectors
rallied late in the period, absolute returns suffered due to concerns
about weakness in the global economy during the fourth quarter of
1998. Underperformance relative to the index also can be attributed to
the fund's underweighted positions in top-performing cyclical stocks
and its exposure to weak-performing consumer nondurables, such as
beverages, tobacco and household products. Due to the fund's
investment horizon and objectives, my strategy is not to react to or
time the market's shifts into different sectors.
Q. HOW WOULD YOU CHARACTERIZE THE INVESTMENT ENVIRONMENT DURING THE
PAST SIX MONTHS?
A. With the exception of the rotation into cyclical stocks and a
broadening of market leadership at the end of the period, market
characteristics remained pretty much the same as we experienced last
year, as the major market averages continued to move higher with the
help of a narrow group of large, blue-chip stocks. The strong
performance of the S&P 500, Dow Jones Industrial Average and NASDAQ
indexes, however, shrouded the lackluster performance of the overall
market as most stocks, including small-cap and value stocks, lagged
large-cap companies.
Q. HOW WOULD YOU DESCRIBE YOUR INVESTMENT APPROACH OR STYLE?
A. I take a long-term approach to managing the fund with an eye toward
diversification, focusing on growth and income opportunities combined
with close attention to stock valuations. The result is a
concentration in stocks that represent long-term earnings growth and
above-average return potential. In addition, the fund is designed to
lead to lower distributions of realized capital gains compared to
funds managed without regard to federal income tax consequences.
Accordingly, I anticipate the fund will typically hold investments for
three to five years before selling. I will discuss the fund's
tax-sensitive strategies in greater detail in the callout box at the
end of this report.
Q. WHAT STOCKS PROVIDED THE BEST PERFORMANCE FOR THE FUND?
A. Microsoft continued to provide strong performance results as the
company reported solid earnings growth. It also benefited from the
general positive investor sentiment surrounding large-cap technology
companies. Cyclical and basic industry companies such as Alcoa, and
energy holdings such as Elf Aquitaine, rallied significantly late in
the period, providing a strong boost to the fund's return.
Q. WHAT STOCKS DETRACTED FROM TOTAL RETURN?
A. A handful of stocks across a range of industries suffered from poor
performance. Shares in companies such as Compaq Computer, Compuware,
Royal Dutch Petroleum and Philip Morris detracted from performance as
these companies suffered from weak investor sentiment or disappointing
earnings.
Q. WHAT'S YOUR OUTLOOK?
A. It's very difficult to predict the direction of the overall market
or whether the bull market for the large-cap growth stocks will
continue in the months ahead. Despite moments of uncertainty,
large-cap companies have dominated the spotlight for an extended
period of time because many have produced stellar earnings results.
Nevertheless, the huge run-up this small number of stocks has
experienced makes it increasingly difficult for these companies to
produce earnings gains that support their stock valuations. With this
in mind, it becomes increasingly important to position the fund's
investments in a well-diversified range of companies with strong
earnings prospects, solid business fundamentals and reasonable stock
valuations. Companies with these characteristics should outperform
their industry peers no matter what the overall direction of the
market.
(CHECKMARK)
FUND FACTS
GOAL: seeks long-term growth
of capital by investing mainly
in equity securities and
attempting to reduce the
impact of federal taxes on
shareholder investment returns
START DATE: November 2,
1998
FUND NUMBER: 343
TRADING SYMBOL: FTXMX
SIZE: as of April 30, 1999,
more than $53 million
MANAGER: Tim Heffernan,
since inception; manager,
Fidelity Congress Street and
Exchange funds, since 1997;
manager, various institutional
funds for Fidelity
Management Trust Company,
1992-1996; joined Fidelity
in 1984
TIM HEFFERNAN ON HIS
STRATEGY FOR MINIMIZING THE
IMPACT OF FEDERAL
INCOME TAXES ON THE FUND:
"When I invest, I look for
long-term growth
opportunities, and, when I sell, I
carefully consider the federal tax
implications. For example,
before I sell a security and realize
a gain, I will consider the federal
tax impact on the return of the fund.
I will even capitalize on
opportunities to realize losses in the
fund to offset realized gains. At the
end of the day, my overriding goal is
to help our shareholders keep
more of what their
investments earn and defer the
actual federal tax payment as long
as possible.
"Management of the fund's federal
tax exposure is complex because
there are many stocks in the fund
with multiple tax lots associated
with each stock position. I must
consider varying expected returns
for the stocks in which I invest,
diversification, transaction costs, tax
impacts, and the fund's net realized
gain and loss position. In order to
effectively deal with all these pieces
and attempt to manage the fund in a
tax-efficient and optimal way, I use
proprietary computer models, which
help me look at these factors
simultaneously. This approach
allows me to choose stocks that have
the potential to generate the best
return and to reduce the impact of
federal income tax on
shareholders' investment return
over the long term."
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER AND DO NOT NECESSARILY REPRESENT THE VIEWS OF FIDELITY OR
ANY OTHER PERSON IN THE FIDELITY ORGANIZATION. ANY SUCH VIEWS ARE
SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER CONDITIONS
AND FIDELITY DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE
VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE
INVESTMENT DECISIONS FOR A FIDELITY FUND ARE BASED ON NUMEROUS
FACTORS, MAY NOT BE RELIED ON AS AN INDICATION OF TRADING INTENT ON
BEHALF OF ANY FIDELITY FUND.
INVESTMENT SUMMARY
TOP TEN STOCKS AS OF APRIL
30, 1999
% OF FUND'S INVESTMENTS
Microsoft Corp. 3.5
General Electric Co. 3.5
Cisco Systems, Inc. 2.7
MCI WorldCom, Inc. 2.3
Chase Manhattan Corp. 2.2
Procter & Gamble Co. 1.9
Citigroup, Inc. 1.8
Textron, Inc. 1.8
Elf Aquitaine SA sponsored ADR 1.7
Merck & Co., Inc. 1.5
TOP FIVE MARKET SECTORS AS OF
APRIL 30, 1999
% OF FUND'S INVESTMENTS
TECHNOLOGY 17.8
FINANCE 16.9
UTILITIES 12.2
HEALTH 11.2
ENERGY 8.0
ASSET ALLOCATION (% OF FUND'S
INVESTMENTS)
AS OF APRIL 30, 1999*
Row: 1, Col: 1, Value: 96.7
Row: 1, Col: 2, Value: 2.3
Stocks 97.7%
Short-term investments 2.3%
*FOREIGN INVESTMENTS 5.3%
INVESTMENTS APRIL 30, 1999 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
COMMON STOCKS - 97.7%
SHARES VALUE (NOTE 1)
AEROSPACE & DEFENSE - 3.7%
AEROSPACE & DEFENSE - 2.7%
Cordant Technologies, Inc. 2,100 $ 96,863
Textron, Inc. 10,400 958,100
United Technologies Corp. 2,800 405,650
1,460,613
DEFENSE ELECTRONICS - 0.7%
Litton Industries, Inc. (a) 1,400 87,675
Raytheon Co. Class B 3,800 266,950
354,625
SHIP BUILDING & REPAIR - 0.3%
General Dynamics Corp. 2,500 175,625
TOTAL AEROSPACE & DEFENSE 1,990,863
BASIC INDUSTRIES - 2.9%
CHEMICALS & PLASTICS - 0.5%
IMC Global, Inc. 6,000 150,000
Minerals Technologies, Inc. 1,900 102,600
252,600
METALS & MINING - 1.3%
Alcoa, Inc. 11,500 715,875
PACKAGING & CONTAINERS - 0.3%
Corning, Inc. 2,700 154,575
PAPER & FOREST PRODUCTS - 0.8%
Kimberly-Clark Corp. 6,000 367,875
Sealed Air Corp. (a) 1,100 66,894
434,769
TOTAL BASIC INDUSTRIES 1,557,819
CONSTRUCTION & REAL ESTATE -
1.1%
BUILDING MATERIALS - 1.1%
Fortune Brands, Inc. 11,500 454,250
Southdown, Inc. 2,000 128,125
582,375
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
CONSTRUCTION & REAL ESTATE -
CONTINUED
REAL ESTATE INVESTMENT TRUSTS
- - 0.0%
Meditrust Corp. unit 2,700 $ 33,581
TOTAL CONSTRUCTION & REAL 615,956
ESTATE
DURABLES - 0.7%
AUTOS, TIRES, & ACCESSORIES -
0.7%
Federal-Mogul Corp. 1,300 57,038
Navistar International Corp. 2,200 115,088
(a)
TRW, Inc. 4,500 188,719
360,845
ENERGY - 8.0%
ENERGY SERVICES - 0.3%
Schlumberger Ltd. 2,400 153,300
OIL & GAS - 7.7%
Amerada Hess Corp. 6,100 347,700
Anadarko Petroleum Corp. 4,600 174,513
BP Amoco PLC sponsored ADR 1,265 143,182
Chevron Corp. 3,400 339,150
Coastal Corp. (The) 3,100 118,575
Elf Aquitaine SA sponsored ADR 12,000 937,500
Exxon Corp. 8,400 697,725
Mobil Corp. 2,200 230,450
Royal Dutch Petroleum Co. (NY 1,500 88,031
Registry Gilder 1.25)
Total SA sponsored ADR 8,000 544,000
USX-Marathon Group 4,000 125,000
Vastar Resources, Inc. 7,700 422,538
4,168,364
TOTAL ENERGY 4,321,664
FINANCE - 16.9%
BANKS - 5.8%
Bank of America Corp. 10,700 770,400
Bank of New York Co., Inc. 3,400 136,000
Bank One Corp. 9,700 572,300
Chase Manhattan Corp. 14,700 1,216,425
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - CONTINUED
BANKS - CONTINUED
U.S. Bancorp 2,800 $ 103,775
Wells Fargo & Co. 8,400 362,775
3,161,675
CREDIT & OTHER FINANCE - 3.4%
American Express Co. 3,300 431,269
Associates First Capital 2,200 97,488
Corp. Class A
Citigroup, Inc. 13,000 978,250
Fleet Financial Group, Inc. 4,100 176,556
Greenpoint Financial Corp. 2,300 80,500
Household International, Inc. 1,600 80,500
1,844,563
FEDERAL SPONSORED CREDIT - 1.2%
Fannie Mae 5,500 390,156
Freddie Mac 3,900 244,725
634,881
INSURANCE - 3.9%
Ambac Financial Group, Inc. 6,200 374,325
American International Group, 5,300 622,419
Inc.
CMAC Investments Corp. 3,800 174,325
Enhance Financial Services 6,000 124,125
Group, Inc.
MBIA, Inc. 9,000 605,250
MGIC Investment Corp. 1,800 87,413
PMI Group, Inc. 2,000 111,625
2,099,482
SAVINGS & LOANS - 1.9%
Astoria Financial Corp. 7,900 395,988
Dime Bancorp, Inc. 1,300 29,981
Washington Mutual, Inc. 14,100 579,863
1,005,832
SECURITIES INDUSTRY - 0.7%
Morgan Stanley, Dean Witter & 3,900 386,831
Co.
TOTAL FINANCE 9,133,264
HEALTH - 11.2%
DRUGS & PHARMACEUTICALS - 6.4%
American Home Products Corp. 1,700 103,700
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HEALTH - CONTINUED
DRUGS & PHARMACEUTICALS -
CONTINUED
Amgen, Inc. (a) 2,700 $ 165,881
Bausch & Lomb, Inc. 400 30,000
Bristol-Myers Squibb Co. 9,600 610,200
Lilly (Eli) & Co. 5,500 404,938
Merck & Co., Inc. 11,800 828,950
Pfizer, Inc. 3,900 448,744
Quintiles Transnational Corp. 2,300 93,294
(a)
Rhone-Poulenc SA sponsored 1,100 51,838
ADR Class A
Schering-Plough Corp. 7,500 362,344
Warner-Lambert Co. 5,200 353,275
3,453,164
MEDICAL EQUIPMENT & SUPPLIES
- - 4.3%
Abbott Laboratories 9,000 435,938
Baxter International, Inc. 12,400 781,200
Guidant Corp. 2,400 128,850
Johnson & Johnson 7,800 760,500
Medtronic, Inc. 2,860 205,741
2,312,229
MEDICAL FACILITIES MANAGEMENT
- - 0.5%
Lincare Holdings, Inc. (a) 3,400 100,725
Trigon Healthcare, Inc. (a) 3,300 104,775
Universal Health Services, 1,800 93,263
Inc. Class B (a)
298,763
TOTAL HEALTH 6,064,156
INDUSTRIAL MACHINERY &
EQUIPMENT - 4.9%
ELECTRICAL EQUIPMENT - 3.5%
General Electric Co. 17,900 1,888,450
INDUSTRIAL MACHINERY &
EQUIPMENT - 0.6%
Coltec Industries, Inc. (a) 1,900 41,088
Tyco International Ltd. 3,700 300,625
341,713
POLLUTION CONTROL - 0.8%
Waste Management, Inc. 7,400 418,100
TOTAL INDUSTRIAL MACHINERY & 2,648,263
EQUIPMENT
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - 4.8%
BROADCASTING - 2.0%
AT&T Corp. (Liberty Media 3,744 $ 239,148
Group) Class A (a)
CBS Corp. (a) 10,600 482,963
MediaOne Group, Inc. 500 40,781
Time Warner, Inc. 5,000 350,000
1,112,892
ENTERTAINMENT - 0.8%
Disney (Walt) Co. 13,300 422,275
PUBLISHING - 0.8%
McGraw-Hill Companies, Inc. 4,400 243,100
Meredith Corp. 2,300 84,381
Reader's Digest Association, 3,500 124,469
Inc. Class A (non-vtg.)
451,950
RESTAURANTS - 1.2%
McDonald's Corp. 7,800 330,525
Tricon Global Restaurants, 4,700 302,563
Inc. (a)
633,088
TOTAL MEDIA & LEISURE 2,620,205
NONDURABLES - 7.1%
BEVERAGES - 1.3%
Anheuser-Busch Companies, 3,700 270,563
Inc.
Coca-Cola Co. (The) 1,400 95,200
PepsiCo, Inc. 9,200 339,825
705,588
FOODS - 1.1%
Bestfoods 1,800 90,338
ConAgra, Inc. 2,200 54,725
Corn Products International, 1,800 51,975
Inc.
Heinz (H.J.) Co. 3,900 182,081
Nabisco Holdings Corp. Class A 6,000 226,875
605,994
HOUSEHOLD PRODUCTS - 3.2%
Clorox Co. 507 58,495
Gillette Co. 5,700 297,469
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
NONDURABLES - CONTINUED
HOUSEHOLD PRODUCTS - CONTINUED
Procter & Gamble Co. 11,200 $ 1,050,700
Unilever NV (NY shares) 5,300 344,169
1,750,833
TOBACCO - 1.5%
Philip Morris Companies, Inc. 22,300 781,894
TOTAL NONDURABLES 3,844,309
RETAIL & WHOLESALE - 4.9%
APPAREL STORES - 0.8%
Abercrombie & Fitch Co. Class 2,000 190,250
A (a)
Gap, Inc. 450 29,953
Limited, Inc. (The) 1,700 74,375
TJX Companies, Inc. 3,300 109,931
404,509
DRUG STORES - 0.5%
CVS Corp. 2,100 100,013
Walgreen Co. 5,600 150,500
250,513
GENERAL MERCHANDISE STORES -
2.3%
Costco Companies, Inc. (a) 1,300 105,219
Dayton Hudson Corp. 3,900 262,519
Federated Department Stores, 1,900 88,706
Inc. (a)
Saks, Inc. (a) 1,100 31,144
Wal-Mart Stores, Inc. 17,000 782,000
1,269,588
GROCERY STORES - 0.8%
Albertson's, Inc. 4,600 236,900
Kroger Co. (a) 3,100 168,369
Safeway, Inc. (a) 700 37,756
443,025
RETAIL & WHOLESALE,
MISCELLANEOUS - 0.5%
Home Depot, Inc. 3,900 233,756
Lowe's Companies, Inc. 900 47,475
281,231
TOTAL RETAIL & WHOLESALE 2,648,866
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
SERVICES - 0.4%
ADVERTISING - 0.3%
Interpublic Group of 1,900 $ 147,369
Companies, Inc.
SERVICES - 0.1%
Dun & Bradstreet Corp. 1,400 51,450
TOTAL SERVICES 198,819
TECHNOLOGY - 17.8%
COMMUNICATIONS EQUIPMENT - 5.0%
ADC Telecommunications, Inc. 2,200 105,188
(a)
Cisco Systems, Inc. (a) 13,000 1,482,813
Lucent Technologies, Inc. 8,800 529,100
OY Nokia AB sponsored ADR 8,200 608,338
2,725,439
COMPUTER SERVICES & SOFTWARE
- - 7.3%
America Online, Inc. 4,100 585,275
Citrix Systems, Inc. (a) 1,800 76,500
Compuware Corp. (a) 1,700 41,438
DST Systems, Inc. (a) 5,300 308,725
Electronics for Imaging, Inc. 2,600 123,013
(a)
First Data Corp. 2,600 110,338
International Business 2,900 606,644
Machines Corp.
Microsoft Corp. (a) 23,500 1,910,827
Oracle Corp. (a) 6,750 182,672
3,945,432
COMPUTERS & OFFICE EQUIPMENT
- - 1.9%
Compaq Computer Corp. 5,900 131,644
Dell Computer Corp. (a) 10,000 411,875
EMC Corp. (a) 2,400 261,450
Gateway 2000, Inc. (a) 1,700 112,519
SCI Systems, Inc. (a) 2,800 106,575
Xerox Corp. 600 35,250
1,059,313
ELECTRONIC INSTRUMENTS - 0.5%
Applied Materials, Inc. (a) 2,300 123,338
KLA-Tencor Corp. (a) 1,000 49,625
Perkin-Elmer Corp. 800 86,500
259,463
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
ELECTRONICS - 3.1%
Intel Corp. 12,000 $ 734,250
Linear Technology Corp. 1,300 73,938
Motorola, Inc. 6,700 536,838
Texas Instruments, Inc. 3,100 316,588
1,661,614
TOTAL TECHNOLOGY 9,651,261
TRANSPORTATION - 1.1%
RAILROADS - 0.5%
Burlington Northern Santa Fe 2,800 102,550
Corp.
CSX Corp. 1,200 59,100
Union Pacific Corp. 1,800 108,000
269,650
TRUCKING & FREIGHT - 0.6%
CNF Transportation, Inc. 2,700 117,956
Hunt (J.B.) Transport 3,700 77,006
Services, Inc.
USFreightways Corp. 3,500 131,250
326,212
TOTAL TRANSPORTATION 595,862
UTILITIES - 12.2%
CELLULAR - 1.3%
AirTouch Communications, Inc. 2,400 224,100
(a)
ALLTEL Corp. 6,800 458,575
682,675
ELECTRIC UTILITY - 2.5%
AES Corp. (a) 2,100 105,000
CMS Energy Corp. 1,000 44,000
Duke Energy Corp. 3,800 212,800
Entergy Corp. 7,100 221,875
PG&E Corp. 25,100 779,669
1,363,344
TELEPHONE SERVICES - 8.4%
Ameritech Corp. 5,400 369,563
AT&T Corp. 15,115 763,308
Bell Atlantic Corp. 6,400 368,800
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
UTILITIES - CONTINUED
TELEPHONE SERVICES - CONTINUED
BellSouth Corp. 5,400 $ 241,650
COMSAT Corp. Series 1 3,600 117,000
Global TeleSystems Group, 500 33,063
Inc. (a)
GTE Corp. 3,900 261,056
MCI WorldCom, Inc. (a) 15,400 1,265,688
McLeodUSA, Inc. Class A (a) 5,800 325,163
Metromedia Fiber Network, 1,200 101,100
Inc. Class A (a)
SBC Communications, Inc. 5,400 302,400
Sprint Corp. (FON Group) 4,000 410,250
4,559,041
TOTAL UTILITIES 6,605,060
TOTAL COMMON STOCKS 52,857,212
(Cost $48,329,073)
CASH EQUIVALENTS - 2.3%
Taxable Central Cash Fund (b) 1,225,335 1,225,335
(Cost $1,225,335)
TOTAL INVESTMENT IN $ 54,082,547
SECURITIES - 100%
(Cost $49,554,408)
LEGEND
(a) Non-income producing
(b) At period end, the seven-day yield on the Taxable Central Cash
Fund was 4.79%. The yield refers to the income earned by investing in
the fund over the seven-day period, expressed as an annual percentage.
INCOME TAX INFORMATION
At April 30, 1999, the aggregate cost of investment securities for
income tax purposes was $49,554,408. Net unrealized appreciation
aggregated $4,528,139, of which $5,895,184 related to appreciated
investment securities and $1,367,045 related to depreciated investment
securities.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1999 (UNAUDITED)
ASSETS
Investment in securities, at $ 54,082,547
value (cost $49,554,408) -
See accompanying schedule
Receivable for fund shares 194,493
sold
Dividends receivable 27,543
Interest receivable 3,604
Prepaid expenses 19,508
TOTAL ASSETS 54,327,695
LIABILITIES
Payable for investments $ 1,248,077
purchased
Payable for fund shares 426
redeemed
Accrued management fee 28,362
Other payables and accrued 32,475
expenses
TOTAL LIABILITIES 1,309,340
NET ASSETS $ 53,018,355
Net Assets consist of:
Paid in capital $ 49,181,777
Accumulated net investment (30,174)
(loss)
Accumulated undistributed net (661,387)
realized gain (loss) on
investments and foreign
currency transactions
Net unrealized appreciation 4,528,139
(depreciation) on investments
NET ASSETS, for 4,479,913 $ 53,018,355
shares outstanding
NET ASSET VALUE, offering $11.83
price and redemption price
per share ($53,018,355
(divided by) 4,479,913
shares)
STATEMENT OF OPERATIONS
NOVEMBER 2, 1998
(COMMENCEMENT OF OPERATIONS)
APRIL 30, 1999 (UNAUDITED)
INVESTMENT INCOME $ 152,913
Dividends
Interest 18,514
TOTAL INCOME 171,427
EXPENSES
Management fee $ 85,744
Transfer agent fees 22,717
Accounting fees and expenses 29,752
Non-interested trustees' 34
compensation
Custodian fees and expenses 4,607
Registration fees 46,100
Audit 10,903
Legal 4,982
Miscellaneous 256
Total expenses before 205,095
reductions
Expense reductions (3,494) 201,601
NET INVESTMENT INCOME (LOSS) (30,174)
REALIZED AND UNREALIZED GAIN
(LOSS)
Net realized gain (loss) on:
Investment securities (661,441)
Foreign currency transactions 54 (661,387)
Change in net unrealized 4,528,139
appreciation (depreciation)
on investment securities
NET GAIN (LOSS) 3,866,752
NET INCREASE (DECREASE) IN $ 3,836,578
NET ASSETS RESULTING FROM
OPERATIONS
STATEMENT OF CHANGES IN NET ASSETS
NOVEMBER 2, 1998
(COMMENCEMENT OF OPERATIONS)
TO APRIL 30, 1999
(UNAUDITED)
INCREASE (DECREASE) IN NET
ASSETS
Operations Net investment $ (30,174)
income (loss)
Net realized gain (loss) (661,387)
Change in net unrealized 4,528,139
appreciation (depreciation)
NET INCREASE (DECREASE) IN 3,836,578
NET ASSETS RESULTING FROM
OPERATIONS
Share transactions Net 50,090,327
proceeds from sales of shares
Cost of shares redeemed (917,619)
NET INCREASE (DECREASE) IN 49,172,708
NET ASSETS RESULTING FROM
SHARE TRANSACTIONS
Redemption fees 9,069
TOTAL INCREASE (DECREASE) 53,018,355
IN NET ASSETS
NET ASSETS
Beginning of period -
End of period (including $ 53,018,355
accumulated net investment
loss of $30,174)
OTHER INFORMATION
Shares
Sold 4,563,699
Redeemed (83,786)
Net increase (decrease) 4,479,913
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED APRIL 30,
1999 D
(UNAUDITED)
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 10.00
period
Income from Investment
Operations
Net investment income (loss) C (.01)
Net realized and unrealized 1.84
gain (loss)
Total from investment 1.83
operations
Redemption fees added to paid .00
in capital
Net asset value, end of period $ 11.83
TOTAL RETURN B 18.30%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 53,018
(000 omitted)
Ratio of expenses to average 1.40% A
net assets
Ratio of expenses to average 1.38% A, E
net assets after expense
reductions
Ratio of net investment (.21)% A
income (loss) to average net
assets
Portfolio turnover rate 40% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
D FOR THE PERIOD NOVEMBER 2, 1998 (COMMENCEMENT OF OPERATIONS) TO
APRIL 30, 1999.
E FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.
NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 1999 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Tax Managed Stock Fund (the fund) is a fund of Fidelity
Beacon Street Trust (the trust) and is authorized to issue an
unlimited number of shares. The trust is registered under the
Investment Company Act of 1940, as amended, as an open-end management
investment company organized as a Delaware business trust. The
financial statements have been prepared in conformity with generally
accepted accounting principles which require management to make
certain estimates and assumptions at the date of the financial
statements. The following summarizes the significant accounting
policies of the fund:
SECURITY VALUATION. Securities for which exchange quotations are
readily available are valued at the last sale price, or if no sale
price, at the closing bid price. Securities for which exchange
quotations are not readily available (and in certain cases debt
securities which trade on an exchange) are valued primarily using
dealer-supplied valuations or at their fair value as determined in
good faith under consistently applied procedures under the general
supervision of the Board of Trustees. Short-term securities with
remaining maturities of sixty days or less for which quotations are
not readily available are valued at amortized cost or original cost
plus accrued interest, both of which approximate current value.
FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the prevailing rates of exchange at period end. Purchases
and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the prevailing exchange rate on the
respective dates of the transactions.
Net realized gains and losses on foreign currency transactions
represent net gains and losses from sales and maturities of foreign
currency contracts, disposition of foreign currencies, the difference
between the amount of net investment income accrued and the U.S.
dollar amount actually received, and gains and losses between trade
and settlement date on purchases and sales of securities. The effects
of changes in foreign currency exchange rates on investments in
securities are included with the net realized and unrealized gain or
loss on investment securities.
INCOME TAXES. The fund intends to qualify as a regulated investment
company under Subchapter M of the Internal Revenue Code. By so
qualifying, the fund will not be subject to income taxes to the extent
that it distributes substantially all of its taxable income for its
fiscal year. The schedule of investments includes information
regarding income taxes under the caption "Income Tax Information."
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date
, except certain dividends from foreign securities where the
ex-dividend date may have passed, are recorded as soon as the fund is
informed of the ex-dividend date. Non-cash dividends included in
dividend income, if any, are recorded at the fair market value of the
securities received. Interest income is accrued as earned. Investment
income is recorded net of foreign taxes withheld where recovery of
such taxes is uncertain.
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
PREPAID EXPENSES. Fidelity Management & Research Company (FMR) bears
all organizational expenses of the fund except for the cost of
registering and qualifying shares of the fund for distribution under
federal and state securities law. These registration expenses are
borne by the fund and amortized over one year.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date.
Income and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted
accounting principles. These differences may result in distribution
reclassifications.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
Accumulated net investment loss and accumulated undistributed net
realized gain (loss) on investments and foreign currency transactions
may include temporary book and tax basis differences that will reverse
in a subsequent period.
TRADING (REDEMPTION) FEES. Shares held in the fund less than 2 years
are subject to a trading fee equal to 1.0% of the proceeds of the
redeemed shares. The fee, which is retained by the fund, is accounted
for as an addition to paid in capital.
SECURITY TRANSACTIONS. Security transactions are accounted for as of
trade date. Gains and losses on securities sold are determined on the
basis of identified cost.
2. OPERATING POLICIES.
FOREIGN CURRENCY CONTRACTS. The fund generally uses foreign currency
contracts to facilitate transactions in foreign-denominated
securities. Losses may arise from changes in the value of the foreign
currency or if the counterparties do not perform under the contracts'
terms. The U.S. dollar value of foreign currency contracts is
determined using contractual currency exchange rates established at
the time of each trade.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), the fund, along with
other affiliated entities of FMR, may transfer uninvested cash
balances into one or more joint trading accounts. These balances are
invested in one or more repurchase agreements for U.S. Treasury or
Federal Agency obligations.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are
marked-to-market daily and maintained at a value at least equal to the
principal amount of the repurchase agreement (including accrued
interest). FMR, the fund's investment adviser, is responsible for
determining that the value of the underlying securities remains in
accordance with the market value requirements stated above.
2. OPERATING POLICIES - CONTINUED
TAXABLE CENTRAL CASH FUND. Pursuant to an Exemptive Order issued by
the SEC, the fund may invest in the Taxable Central Cash Fund (the
Cash Fund) managed by Fidelity Investments Money Management, Inc., an
affiliate of FMR. The Cash Fund is an open-end money market fund
available only to investment companies and other accounts managed by
FMR and its affiliates. The Cash Fund seeks preservation of capital,
liquidity, and current income by investing in U.S. Treasury securities
and repurchase agreements for these securities. Income distributions
from the Cash Fund are declared daily and paid monthly from net
interest income. Income distributions earned by the fund are recorded
as interest income in the accompanying financial statements.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $54,592,372 and $5,601,858, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a
monthly fee that is calculated on the basis of a group fee rate plus a
fixed individual fund fee rate applied to the average net assets of
the fund. The group fee rate is the weighted average of a series of
rates and is based on the monthly average net assets of all the mutual
funds advised by FMR. The rates ranged from .2500% to .5200% for the
period. The annual individual fund fee rate is .30%. In the event that
these rates were lower than the contractual rates in effect during the
period, FMR voluntarily implemented the above rates, as they resulted
in the same or a lower management fee. For the period, the management
fee was equivalent to an annualized rate of .59% of average net
assets.
TRANSFER AGENT FEES. Fidelity Service Company, Inc. (FSC), an
affiliate of FMR, is the fund's transfer, dividend disbursing and
shareholder servicing agent. FSC receives account fees and asset-based
fees that vary according to account size and type of account. FSC pays
for typesetting, printing and mailing of all shareholder reports,
except proxy statements. For the period, the transfer agent fees were
equivalent to an annualized rate of .16% of average net assets.
ACCOUNTING FEES. FSC maintains the fund's accounting records. The fee
is based on the level of average net assets for the month plus
out-of-pocket expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $3,284 for the period.
5. EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a
portion of the fund's expenses. For the period, the fund's expenses
were reduced by $599 under this arrangement.
In addition, the fund has entered into an arrangement with its
custodian whereby credits realized as a result of uninvested
5. EXPENSE REDUCTIONS - CONTINUED
cash balances were used to reduce a portion of the fund's expenses.
During the period, the fund's custodian fees were reduced by $2,895
under this arrangements.
6. BENEFICIAL INTEREST.
At the end of the period, FMR and its affiliates were record owners of
approximately 9% of the total outstanding shares of the fund.
MANAGING YOUR INVESTMENTS
Fidelity offers several ways to conveniently manage your personal
investments via your telephone or PC. You can access your account
information, conduct trades and research your investments 24 hours a
day.
BY PHONE
Fidelity TouchTone Xpress(registered trademark) provides a single
toll-free number to access account balances, positions, quotes and
trading. It's easy to navigate the service, and on your first call,
the system will help you create a personal identification number (PIN)
for security.
(PHONE_GRAPHIC)TOUCHTONE XPRESS
1-800-544-5555
PRESS
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
BY PC
Fidelity's Web site on the Internet provides a wide range of
information, including daily financial news, fund performance,
interactive planning tools and news about Fidelity products and
services.
(COMPUTER_GRAPHIC)FIDELITY'S WEB SITE
WWW.FIDELITY.COM
If you are not currently on the Internet, call EarthLink Sprint at
1-800-288-2967, and be sure to ask for registration number SMD004 to
receive a special Fidelity package that includes 30 days of free
Internet access. EarthLink is North America's #1 independent Internet
access provider.
(COMPUTER_GRAPHIC)
FIDELITY ON-LINE XPRESS+(registered trademark)
Fidelity On-line Xpress+ software for Windows combines comprehensive
portfolio management capabilities, securities trading and access to
research and analysis tools . . . all on your desktop. Call Fidelity
at 1-800-544-7272 or visit our Web site for more information on how to
manage your investments via your PC.
* WHEN YOU CALL THE QUOTES LINE, PLEASE REMEMBER THAT A FUND'S YIELD
AND RETURN WILL VARY AND, EXCEPT FOR MONEY MARKET FUNDS, SHARE PRICE
WILL ALSO VARY. THIS MEANS THAT YOU MAY HAVE A GAIN OR LOSS WHEN YOU
SELL YOUR SHARES. THERE IS NO ASSURANCE THAT MONEY MARKET FUNDS WILL
BE ABLE TO MAINTAIN A STABLE $1 SHARE PRICE; AN INVESTMENT IN A MONEY
MARKET FUND IS NOT INSURED OR GUARANTEED BY THE U.S. GOVERNMENT. TOTAL
RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN SHARE PRICE,
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS, AND THE EFFECTS OF ANY
SALES CHARGES.
TO VISIT FIDELITY
For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
815 East Birch Street
Brea, CA
851 East Hamilton Avenue
Campbell, CA
527 North Brand Boulevard
Glendale, CA
19200 Von Karman Avenue
Irvine, CA
10100 Santa Monica Blvd.
Los Angeles, CA
251 University Avenue
Palo Alto, CA
1760 Challenge Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
455 Market Street
San Francisco, CA
950 Northgate Drive
San Rafael, CA
1400 Civic Drive
Walnut Creek, CA
6300 Canoga Avenue
Woodland Hills, CA
COLORADO
1625 Broadway
Denver, CO
CONNECTICUT
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
DELAWARE
222 Delaware Avenue
Wilmington, DE
FLORIDA
4400 N. Federal Highway
Boca Raton, FL
90 Alhambra Plaza
Coral Gables, FL
4090 N. Ocean Boulevard
Ft. Lauderdale, FL
1907 West State Road 434
Longwood, FL
8880 Tamiami Trail, North
Naples, FL
2401 PGA Boulevard
Palm Beach Gardens, FL
8065 Beneva Road
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
GEORGIA
3445 Peachtree Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
ILLINOIS
One North Franklin Street
Chicago, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
3232 Lake Avenue
Wilmette, IL
INDIANA
4729 East 82nd Street
Indianapolis, IN
MAINE
3 Canal Plaza
Portland, ME
MARYLAND
7401 Wisconsin Avenue
Bethesda, MD
1 West Pennsylvania Ave.
Towson, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
29155 Northwestern Hwy.
Southfield, MI
MINNESOTA
7600 France Avenue South
Edina, MN
MISSOURI
700 West 47th Street
Kansas City, MO
8885 Ladue Road
Ladue, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
150 Essex Street
Millburn, NJ
56 South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
NEW YORK
1055 Franklin Avenue
Garden City, NY
999 Walt Whitman Road
Melville, L.I., NY
1271 Avenue of the Americas
New York, NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
NORTH CAROLINA
4611 Sharon Road
Charlotte, NC
OHIO
600 Vine Street
Cincinnati, OH
28699 Chagrin Boulevard
Woodmere Village, OH
OREGON
16850 SW 72 Avenue
Tigard, OR
PENNSYLVANIA
1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
6150 Poplar Road
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
4017 Northwest Parkway
Dallas, TX
1155 Dairy Ashford Street
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
19740 IH 45 North
Spring, TX
UTAH
215 South State Street
Salt Lake City, UT
VIRGINIA
8180 Greensboro Drive
McLean, VA
WASHINGTON
411 108th Avenue, N.E.
Bellevue, WA
511 Pine Street
Seattle, WA
WASHINGTON, DC
1900 K Street, N.W.
Washington, DC
WISCONSIN
595 North Barker Road
Brookfield, WI
TO WRITE FIDELITY
If more than one address is listed, please locate the address that is
closest to you. We'll give your correspondence immediate attention and
send you written confirmation upon completion of your request.
(LETTER_GRAPHIC)MAKING CHANGES
TO YOUR ACCOUNT
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(LETTER_GRAPHIC)FOR NON-RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
OVERNIGHT EXPRESS
Fidelity Investments
2300 Litton Lane - KH1A
Hebron, KY 41048
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions - CP6I
400 East Las Colinas Blvd.
Irving, TX 75039-5517
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions - CP6R
400 East Las Colinas Blvd.
Irving, TX 75039-5517
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management & Research
(U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
Matthew N. Karstetter, Deputy Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
ADVISORY BOARD
J. Gary Burkhead
Abigail P. Johnson
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Company, Inc.
Boston, MA
* INDEPENDENT TRUSTEES
CUSTODIAN
State Street Bank and Trust Company
Quincy, MA
FIDELITY'S GROWTH FUNDS
Aggressive Growth Fund
Blue Chip Growth Fund
Capital Appreciation Fund
Contrafund SM
Contrafund II SM
Disciplined Equity Fund
Dividend Growth Fund
Export and Multinational Fund
Fidelity Fifty
Growth Company Fund
Large Cap Stock Fund
Low-Priced Stock Fund
Magellan(registered trademark) Fund
Mid-Cap Stock Fund
New Millennium Fund(registered trademark)
OTC Portfolio
Retirement Growth Fund
Small Cap Selector
Small Cap Stock Fund
Stock Selector
Tax Managed Stock Fund
TechnoQuantGrowth Fund SM
Trend Fund
Value Fund
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Exchanges/Redemptions 1-800-544-7777
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
TouchTone Xpress(registered trademark)(AUTOMATED GRAPHIC)
1-800-544-5555
(AUTOMATED GRAPHIC) AUTOMATED LINE FOR QUICKEST SERVICE
