0000278001-13-000009.txt : 20130118 0000278001-13-000009.hdr.sgml : 20130118 20130118120843 ACCESSION NUMBER: 0000278001-13-000009 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130118 DATE AS OF CHANGE: 20130118 EFFECTIVENESS DATE: 20130118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY BEACON STREET TRUST CENTRAL INDEX KEY: 0000311884 IRS NUMBER: 000000000 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-64791 FILM NUMBER: 13536650 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY TAX EXEMPT MONEY MARKET TRUST DATE OF NAME CHANGE: 19900626 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY TAX EXEMPT MONEY MARKET TRUST FUND DATE OF NAME CHANGE: 19881220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY BEACON STREET TRUST CENTRAL INDEX KEY: 0000311884 IRS NUMBER: 000000000 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02933 FILM NUMBER: 13536651 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY TAX EXEMPT MONEY MARKET TRUST DATE OF NAME CHANGE: 19900626 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY TAX EXEMPT MONEY MARKET TRUST FUND DATE OF NAME CHANGE: 19881220

0000311884 S000005445 Fidelity Tax Managed Stock Fund

C000014842 Fidelity Tax Managed Stock Fund FTXMX

C000075852 Fidelity Advisor Tax Managed Stock Fund: Class A FTXAX

C000075853 Fidelity Advisor Tax Managed Stock Fund: Class B FTXBX

C000075854 Fidelity Advisor Tax Managed Stock Fund: Class C FTXCX

C000075855 Fidelity Advisor Tax Managed Stock Fund: Class T FTXTX

C000075856 Fidelity Advisor Tax Managed Stock Fund: Institutional Class FTXIX

485BPOS 1 main.htm

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A

REGISTRATION STATEMENT (No. 002-64791)
		UNDER THE SECURITIES ACT OF 1933	[X]
		Pre-Effective Amendment No. ____	[ ]
		Post-Effective Amendment No. 71	[X]
and
REGISTRATION STATEMENT (No. 811-02933)
		UNDER THE INVESTMENT COMPANY ACT OF 1940	[X]
		Amendment No. 71	[X]

Fidelity Beacon Street Trust
(Exact Name of Registrant as Specified in Charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address Of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number: 617-563-7000

Scott C. Goebel, Secretary
82 Devonshire Street
Boston, Massachusetts 02109
(Name and Address of Agent for Service)

It is proposed that this filing will become effective
	( X )	immediately upon filing pursuant to paragraph (b).
	( )	on ( ) pursuant to paragraph (b) at 5:30 p.m. Eastern Time.
	( )	60 days after filing pursuant to paragraph (a)(1) at 5:30 p.m. Eastern Time.
	( )	on ( ) pursuant to paragraph (a)(1) of Rule 485 at 5:30 p.m. Eastern Time.
	( )	75 days after filing pursuant to paragraph (a)(2) at 5:30 p.m. Eastern Time.
	( )	on ( ) pursuant to paragraph (a)(2) of Rule 485 at 5:30 p.m. Eastern Time.

If appropriate, check the following box:
	( )	this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

EXHIBIT INDEX

Exhibit	Exhibit No.
XBRL Instance Document	EX-101.INS
XBRL Taxonomy Extension Schema Document	EX-101.SCH
XBRL Taxonomy Extension Calculation Linkbase Document	EX-101.CAL
XBRL Taxonomy Extension Definition Linkbase Document	EX-101.DEF
XBRL Taxonomy Extension Labels Linkbase Document	EX-101.LAB
XBRL Taxonomy Extension Presentation Linkbase Document	EX-101.PRE

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for the effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 71 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston, and Commonwealth of Massachusetts, on the 18th day of January 2013.

	Fidelity Beacon Street Trust
	By	/s/Kenneth B. Robins
\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|		Kenneth B. Robins, President

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

(Signature)		(Title)	(Date)

/s/Kenneth B. Robins		President and Treasurer	January 18, 2013
Kenneth B. Robins		(Principal Executive Officer)

/s/Christine Reynolds		Chief Financial Officer	January 18, 2013
Christine Reynolds		(Principal Financial Officer)

/s/James C. Curvey	*	Trustee	January 18, 2013
James C. Curvey

/s/Dennis J. Dirks	*	Trustee	January 18, 2013
Dennis J. Dirks

/s/Alan J. Lacy	*	Trustee	January 18, 2013
Alan J. Lacy

/s/Ned C. Lautenbach	*	Trustee	January 18, 2013
Ned C. Lautenbach

/s/Joseph Mauriello	*	Trustee	January 18, 2013
Joseph Mauriello

/s/Ronald P. O'Hanley	*	Trustee	January 18, 2013
Ronald P. O'Hanley

/s/Robert W. Selander	*	Trustee	January 18, 2013
Robert W. Selander

/s/Cornelia M. Small	*	Trustee	January 18, 2013
Cornelia M. Small

/s/William S. Stavropoulos	*	Trustee	January 18, 2013
William S. Stavropoulos

/s/David M. Thomas	*	Trustee	January 18, 2013
David M. Thomas

/s/Michael E. Wiley	*	Trustee	January 18, 2013
Michael E. Wiley

*	By:	/s/Joseph R. Fleming
		Joseph R. Fleming, pursuant to a power of attorney dated December 1, 2011 and filed herewith.

POWER OF ATTORNEY

We, the undersigned Directors or Trustees, as the case may be, of the following investment companies:

Fidelity Advisor Series I

Fidelity Advisor Series VII

Fidelity Advisor Series VIII

Fidelity Beacon Street Trust

Fidelity Capital Trust

Fidelity Central Investment Portfolios LLC

Fidelity Commonwealth Trust

Fidelity Concord Street Trust

Fidelity Congress Street Fund

Fidelity Contrafund

Fidelity Covington Trust

Fidelity Destiny Portfolios

Fidelity Devonshire Trust

Fidelity Exchange Fund

Fidelity Financial Trust

Fidelity Hanover Street Trust

Fidelity Hastings Street Trust

Fidelity Investment Trust

Fidelity Magellan Fund

Fidelity Mt. Vernon Street Trust

Fidelity Puritan Trust

Fidelity Securities Fund

Fidelity Select Portfolios

Fidelity Summer Street Trust

Fidelity Trend Fund

Variable Insurance Products Fund

Variable Insurance Products Fund II

Variable Insurance Products Fund III

Variable Insurance Products Fund IV

in addition to any other investment company for which Fidelity Management & Research Company ("FMR") or an affiliate acts as investment adviser and for which the undersigned individuals serve as Directors or Trustees (collectively, the "Funds"), hereby revoke all previous powers of attorney we have given to sign and otherwise act in our names and behalf in matters involving any investment company for which FMR or an affiliate acts as investment adviser and hereby constitute and appoint Thomas C. Bogle, Joseph R. Fleming, John V. O'Hanlon, Robert W. Helm and Anthony H. Zacharski, each of them singly, our true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for us and in our names in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, or any successors thereto, any and all subsequent Amendments, Pre-Effective Amendments, or Post-Effective Amendments to said Registration Statements or any successors thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in our names and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission. We hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof. This power of attorney is effective for all documents filed on or after December 1, 2011.

WITNESS our hands on this first day of December 1, 2011.

/s/James C. Curvey	/s/Robert W. Selander
James C. Curvey	Robert W. Selander
/s/Ronald P. O'Hanley	/s/Cornelia M. Small
Ronald P. O'Hanley	Cornelia M. Small
/s/Dennis J. Dirks	/s/William S. Stavropoulos
Dennis J. Dirks	William S. Stavropoulos
/s/Alan J. Lacy	/s/David M. Thomas
Alan J. Lacy	David M. Thomas
/s/Ned C. Lautenbach	/s/Michael E. Wiley
Ned C. Lautenbach	Michael E. Wiley
/s/Joseph Mauriello
Joseph Mauriello

EX-101.PRE 3 fbst1-20121227_pre.xml EX-101.INS 4 fbst1-20121227.xml 0000311884 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:InstMember 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:InstMember fbst1:C000075856Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:RetailMember 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:RetailMember fbst1:C000014842Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:AtbcMember 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:AtbcMember fbst1:C000075852Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:AtbcMember fbst1:ReturnBeforeTaxesMember fbst1:C000075852Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:AtbcMember rr:AfterTaxesOnDistributionsMember fbst1:C000075852Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:AtbcMember rr:AfterTaxesOnDistributionsAndSalesMember fbst1:C000075852Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:AtbcMember fbst1:ReturnBeforeTaxesMember fbst1:C000075855Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:AtbcMember fbst1:ReturnBeforeTaxesMember fbst1:C000075853Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:AtbcMember fbst1:ReturnBeforeTaxesMember fbst1:C000075854Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:AtbcMember fbst1:SandpFiveHunderdIndexMember 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:RetailMember fbst1:ReturnBeforeTaxesMember fbst1:C000014842Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:RetailMember rr:AfterTaxesOnDistributionsMember fbst1:C000014842Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:RetailMember rr:AfterTaxesOnDistributionsAndSalesMember fbst1:C000014842Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:RetailMember fbst1:SandpFiveHunderdIndexMember 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:AtbcMember fbst1:C000075855Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:AtbcMember fbst1:C000075853Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:AtbcMember fbst1:C000075854Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:InstMember fbst1:ReturnBeforeTaxesMember fbst1:C000075856Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:InstMember rr:AfterTaxesOnDistributionsMember fbst1:C000075856Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:InstMember rr:AfterTaxesOnDistributionsAndSalesMember fbst1:C000075856Member 2011-12-30 2012-12-29 0000311884 fbst1:S000005445Member fbst1:InstMember fbst1:SandpFiveHunderdIndexMember 2011-12-30 2012-12-29 pure iso4217:USD 485BPOS FIDELITY BEACON STREET TRUST 0000311884 2012-12-29 false 2012-12-27 2012-12-29 2012-10-31 Fund Summary Fund/Class: Fidelity® Tax Managed Stock Fund/Fidelity Advisor® Tax Managed Stock Fund Institutional Investment Objective The fund seeks long-term growth of capital. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) 0 Fund Summary Fund/Class: Fidelity® Tax Managed Stock Fund/Fidelity Tax Managed Stock Fund Investment Objective Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 0.0056 0 0.0039 0.0095 The fund seeks long-term growth of capital. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund 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 sell all of your shares at the end of each time period indicated: 97 303 525 1166 Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund 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 sell all of your shares at the end of each time period indicated: Portfolio Turnover Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 281% of the average value of its portfolio. Principal Investment Strategies <ul><li> Normally investing at least 80% of assets in stocks.</li><li> Normally investing primarily in common stocks.</li><li> Investing in domestic and foreign issuers.</li><li> Considering the potential impact of federal income tax on shareholders' investment returns.</li><li> Investing in either "growth" stocks or "value" stocks or both.</li><li> Using quantitative analysis to evaluate growth potential, valuation, liquidity, and investment risk, along with fundamental analysis of factors such as each issuer's financial condition, its industry position, and market and economic conditions to select investments.</li></ul> Principal Investment Risks <ul><li> 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 and different types of securities can react differently to these developments.</li><li> 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 from the U.S. market.</li><li> Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.</li><li> Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li><li> 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.</li></ul>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. You could lose money by investing in the fund. The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 281% of the average value of its portfolio. 2.81 2.81 Principal Investment Strategies <ul><li>Normally investing at least 80% of assets in stocks.</li><li>Normally investing primarily in common stocks.</li><li>Investing in domestic and foreign issuers.</li><li>Considering the potential impact of federal income tax on shareholders' investment returns.</li><li>Investing in either "growth" stocks or "value" stocks or both.</li><li>Using quantitative analysis to evaluate growth potential, valuation, liquidity, and investment risk, along with fundamental analysis of factors such as each issuer's financial condition, its industry position, and market and economic conditions to select investments.</li></ul> Principal Investment Risks <ul><li>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 and different types of securities can react differently to these developments.</li><li>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 from the U.S. market.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.</li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li><li>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.</li></ul>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. You could lose money by investing in the fund. 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. You could lose money by investing in the fund. 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. You could lose money by investing in the fund. Performance Performance The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Past performance (before and after taxes) is not an indication of future performance. www.fidelity.com Year-by-Year Returns Calendar Years <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">16.87% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-25.73% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">15.51% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Average Annual Returns After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. 0.00 0.0056 0 0.0038 0.0094 96 300 520 1155 -0.2483 0.2758 0.1112 0.1387 0.12 0.1418 -0.4265 0.2069 0.1465 -0.0701 Fund Summary Fund/Class: Fidelity® Tax Managed Stock Fund/Fidelity Advisor® Tax Managed Stock Fund A, T, B, C Investment Objective The fund seeks long-term growth of capital. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. More information about these and other discounts is available from your investment professional and in the Fund Distribution section beginning on page (Click Here) of the prospectus. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund 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 sell all of your shares at the end of each time period indicated and if you hold your shares: Sell All Shares Hold Shares Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 281% of the average value of its portfolio. Principal Investment Strategies <ul><li>Normally investing at least 80% of assets in stocks. </li><li>Normally investing primarily in common stocks. </li><li>Investing in domestic and foreign issuers. </li><li>Considering the potential impact of federal income tax on shareholders' investment returns. </li><li>Investing in either "growth" stocks or "value" stocks or both. </li><li>Using quantitative analysis to evaluate growth potential, valuation, liquidity, and investment risk, along with fundamental analysis of factors such as each issuer's financial condition, its industry position, and market and economic conditions to select investments. </li></ul> Principal Investment Risks <ul><li>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 and different types of securities can react differently to these developments. </li><li>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 from the U.S. market. </li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. </li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends. </li><li>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. </li></ul>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. You could lose money by investing in the fund. Performance The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. Year-by-Year Returns <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart for Class A: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">13.39% </div></td><td><div align="left">December 31, 2010</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-22.58% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">15.22% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Average Annual Returns Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. 50000 2.81 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. You could lose money by investing in the fund. www.advisor.fidelity.com Past performance (before and after taxes) is not an indication of future performance. Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown. Calendar Years Year-to-Date Return 2010-12-31 0.1339 Highest Quarter Return 2011-09-30 -0.2258 Lowest Quarter Return 2012-09-30 0.1522 The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. 0.1422 -0.073 -0.1263 -0.1268 -0.0815 -0.1069 -0.1255 -0.0887 0.0211 0.0969 0.0962 0.0833 0.1038 0.1034 0.113 0.1808 2009-04-21 2009-04-21 2009-04-21 2009-04-21 2009-04-21 2009-04-21 2009-04-21 Class A - Return Before Taxes Class A - Return After Taxes on Distributions Class A - Return After Taxes on Distributions and Sale of Fund Shares Class T - Return Before Taxes Class B - Return Before Taxes Class C - Return Before Taxes S&P 500® Index -0.0701 -0.0706 -0.0448 0.0211 -0.0337 -0.0346 -0.0284 -0.0025 0.0136 0.0128 0.0115 0.0292 The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. Fidelity Tax Managed Stock Fund Fidelity Tax Managed Stock Fund Fidelity Tax Managed Stock Fund The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P 500® Index Past performance (before and after taxes) is not an indication of future performance. www.advisor.fidelity.com Year-by-Year Returns Calendar Years 0 0 0.05 0.01 <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">13.36% </div></td><td><div align="left">December 31, 2010</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-22.47% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">15.42% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Year-to-Date Return 0.1551 2012-09-30 Highest Quarter Return 2009-09-30 0.1687 Lowest Quarter Return 2008-12-31 -0.2573 On Class C shares redeemed less than one year after purchase. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Declines over 6 years from 5.00% to 0%. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. 0.0056 0.0056 0.0056 0.005 0.01 0.01 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityTaxManagedStockFund column period compact * ~</div> 0.0047 0.0047 0.0044 0.0153 0.0203 0.02 Year-to-Date Return 2012-09-30 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityTaxManagedStockFund column period compact * ~</div> 0.1542 Highest Quarter Return 2010-12-31 0.1336 Lowest Quarter Return 2011-09-30 -0.2247 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityTaxManagedStockFund column period compact * ~</div> 0.0056 0.0025 0.0042 0.0123 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityTaxManagedStockFundBarChart column period compact * ~</div> 693 500 706 303 943 816 937 627 1212 1155 1293 1078 1978 2110 2056 2327 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityTaxManagedStockFund column period compact * ~</div> 693 500 206 203 943 816 637 627 1212 1155 1093 1078 1978 2110 2056 2327 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityTaxManagedStockFundClassA,T,B,C column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityTaxManagedStockFundClassA,T,B,CBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityTaxManagedStockFundClassA,T,B,C column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityTaxManagedStockFundClassATBC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleNoRedemptionFidelityTaxManagedStockFundClassATBC column period compact * ~</div> 0.145 -0.0694 Average Annual Returns After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityTaxManagedStockFundClassATBC column period compact * ~</div> Institutional Class Institutional Class Institutional Class Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P 500® Index -0.0694 -0.07 -0.0444 0.0211 0.1246 0.1236 0.1073 0.1808 2009-04-21 2009-04-21 2009-04-21 2009-04-21 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityTaxManagedStockFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityTaxManagedStockFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityTaxManagedStockFundInstitutionalClassBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityTaxManagedStockFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityTaxManagedStockFundInstitutionalClass column period compact * ~</div> Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. 0.0575 0.035 0 0 From April 21, 2009. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Declines over 6 years from 5.00% to 0%. On Class C shares redeemed less than one year after purchase. 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Exhibit

Exhibit No.